Pacific Oak Strategic Opportunity REIT (PCOK) 10-Q 15 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 10, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		93,896,447
Entity Central Index Key	0001452936
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Real estate held for investment, net	$ 1,219,531	$ 1,272,784
Real estate held for sale, net	0	140,239
Real estate equity securities	96,403	97,903
Total real estate and real estate-related investments, net	1,315,934	1,510,926
Cash and cash equivalents	138,037	60,335
Restricted cash	28,201	13,984
Investments in unconsolidated entities	83,854	79,666
Rents and other receivables, net	24,730	22,212
Above-market leases, net	2,735	3,157
Prepaid expenses and other assets	22,103	19,363
Goodwill	13,534	16,342
Assets related to real estate held for sale, net	0	5,680
Total assets	1,629,128	1,731,665
Notes and bonds payable, net
Notes and bonds payable related to real estate held for investment, net	1,023,778	1,004,971
Note payable related to real estate held for sale, net	0	94,097
Notes and bonds payable, net	1,023,778	1,099,068
Accounts payable and accrued liabilities	22,054	24,169
Due to affiliate	2,152	2,842
Below-market leases, net	4,436	5,797
Other liabilities	43,994	34,734
Redeemable common stock payable	3,385	864
Restricted stock payable	574	14,600
Liabilities related to real estate held for sale, net	0	669
Total liabilities	1,100,373	1,182,743
Commitments and contingencies (Note 15)
Mezzanine equity
Restricted stock	0	11,009
Noncontrolling cumulative convertible redeemable preferred stock	15,233	15,233
Redeemable noncontrolling interest	2,855	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, 94,264,402 and 98,054,582 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	942	979
Additional paid-in capital	820,382	831,295
Cumulative distributions and net income	(322,049)	(325,720)
Total Pacific Oak Strategic Opportunity REIT, Inc. stockholders’ equity	499,275	506,554
Noncontrolling interests	11,392	13,158
Total equity	510,667	519,712
Total liabilities, mezzanine equity and equity	$ 1,629,128	$ 1,731,665

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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)	94,264,402	98,054,582
Common stock, shares outstanding (in shares)	94,264,402	98,054,582

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Rental income	$ 29,504	$ 23,871	$ 94,812	$ 67,808
Dividend income from real estate equity securities	3,189	2,986	6,693	5,339
Total revenues	45,769	27,745	129,201	75,869
Expenses:
Operating, maintenance, and management costs	10,668	7,888	31,444	22,258
Real estate taxes and insurance	5,262	3,791	15,949	10,570
Hotel expenses	6,483	0	15,715	0
Asset management fees to affiliate	3,422	2,426	10,802	6,867
General and administrative expenses	2,365	1,960	7,120	6,302
Foreign currency transaction loss (gain), net	2,271	445	(568)	(12,338)
Depreciation and amortization	13,895	9,470	45,969	27,417
Interest expense	10,092	6,274	30,713	19,055
Impairment charges on real estate	10,971	0	10,971	0
Impairment charges on goodwill	2,808	0	2,808	0
Total expenses	68,237	32,254	170,923	80,131
Other income (loss):
Gain from remeasurement of prior equity interest	0	2,009	0	2,009
Equity in (loss) income of unconsolidated entities	(569)	519	(144)	1,564
Casualty-related gain	27	0	27	51
Other interest income	55	19	148	297
(Loss) gain on real estate equity securities	(2,614)	(6,527)	12,939	(21,620)
Change in subordinated performance fee due upon termination to affiliate	(1,545)	1,121	(1,745)	814
Gain on sale of real estate	216	0	31,385	0
Gain on extinguishment of debt	1,352	0	1,365	0
Total other (loss) income, net	(3,078)	(2,859)	43,975	(16,885)
Net (loss) income	(25,546)	(7,368)	2,253	(21,147)
Net loss attributable to noncontrolling interests	1,188	43	1,949	115
Net loss attributable to redeemable noncontrolling interest	33	23	113	23
Preferred stock dividends	(191)	(191)	(644)	(788)
Net (loss) income attributable to common stockholders	$ (24,516)	$ (7,493)	$ 3,671	$ (21,797)
Net (loss) income per common share, basic (in dollars per share)	$ (0.25)	$ (0.11)	$ 0.04	$ (0.32)
Net (loss) income per common share, diluted (in dollars per share)	$ (0.25)	$ (0.11)	$ 0.04	$ (0.32)
Weighted-average number of common shares outstanding, basic (in shares)	97,659,731	69,225,212	97,879,983	68,179,046
Weighted-average number of common shares outstanding, diluted (in shares)	97,659,731	69,225,212	97,879,983	68,179,046
Hotel
Revenues:
Other operating income	$ 12,153	$ 0	$ 24,578	$ 0
Other operating income
Revenues:
Other operating income	$ 923	$ 888	$ 3,118	$ 2,722

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 (loss) income	(21,912)	(21,797)			(21,797)	(115)
Issuance of common stock (in shares)			24,645
Issuance of common stock	262	262		262
Transfers to redeemable common stock	567	567		567
Redemptions of common stock (in shares)			(78,131)
Redemptions of common stock	(830)	(830)		(830)
Distributions declared	(596)	(596)			(596)
Other offering costs	(6)	(6)		(6)
Issuance of restricted stock (in shares)			3,411,737
Issuance of restricted stock	0	0	$ 34	(34)
Noncontrolling interest contribution	112	0				112
Distribution of noncontrolling interest	(28)	0				(28)
Balance (in shares) at Sep. 30, 2020			69,225,016
Balance at Sep. 30, 2020	254,957	254,233	$ 693	553,129	(299,589)	724
Balance (in shares) at Jun. 30, 2020			69,225,617
Balance at Jun. 30, 2020	262,521	261,726	$ 693	553,129	(292,096)	795
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(7,536)	(7,493)			(7,493)	(43)
Transfers to redeemable common stock	6	6		6
Redemptions of common stock (in shares)			(601)
Redemptions of common stock	(6)	(6)		(6)
Distribution of noncontrolling interest	(28)	0				(28)
Balance (in shares) at Sep. 30, 2020			69,225,016
Balance at Sep. 30, 2020	$ 254,957	254,233	$ 693	553,129	(299,589)	724
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 (loss) income	1,722	3,671			3,671	(1,949)
Transfers to redeemable common stock	(2,521)	(2,521)		(2,521)
Redemptions of common stock (in shares)			(3,790,180)
Redemptions of common stock	(29,552)	(29,552)	$ (37)	(29,515)
Change in classification of restricted stock	21,123	21,123		21,123
Noncontrolling interest contribution	$ 183	0				183
Balance (in shares) at Sep. 30, 2021	94,264,402		94,264,402
Balance at Sep. 30, 2021	$ 510,667	499,275	$ 942	820,382	(322,049)	11,392
Balance (in shares) at Jun. 30, 2021			97,906,268
Balance at Jun. 30, 2021	545,300	532,740	$ 979	829,294	(297,533)	12,560
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(25,704)	(24,516)			(24,516)	(1,188)
Transfers to redeemable common stock	(1,955)	(1,955)		(1,955)
Redemptions of common stock (in shares)			(3,641,866)
Redemptions of common stock	(28,117)	(28,117)	$ (37)	(28,080)
Change in classification of restricted stock	21,123	21,123		21,123
Noncontrolling interest contribution	$ 20	0				20
Balance (in shares) at Sep. 30, 2021	94,264,402		94,264,402
Balance at Sep. 30, 2021	$ 510,667	$ 499,275	$ 942	$ 820,382	$ (322,049)	$ 11,392

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cash Flows from Operating Activities:
Net income (loss)	$ (25,546)	$ (7,368)	$ 2,253	$ (21,147)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Change in subordinated performance fee due upon termination to affiliate	1,545	(1,121)	1,745	(814)
Impairment charges on real estate	10,971	0	10,971	0
Impairment charges on goodwill	2,808	0	2,808	0
Gain from remeasurement of prior equity interest			0	(2,009)
Equity in loss (income) of unconsolidated entities			144	(1,151)
Depreciation and amortization	13,895	9,470	45,969	27,417
(Gain) loss on real estate equity securities	2,614	6,527	(12,939)	21,620
Gain on sale of real estate	(216)	0	(31,385)	0
Unrealized loss on interest rate caps			17	10
Deferred rent			(1,529)	(2,559)
Gain on extinguishment of debt	(1,352)	0	(1,365)	0
Amortization of above- and below-market leases, net			(1,015)	(435)
Amortization of deferred financing costs	800	800	2,470	2,481
Amortization of discount on bond and notes payable	500	64	1,906	14
Foreign currency transaction gain, net	2,271	445	(568)	(12,338)
Changes in assets and liabilities:
Rents and other receivables			(1,898)	(566)
Prepaid expenses and other assets			(4,371)	(2,286)
Accounts payable and accrued liabilities			(984)	(3,471)
Due to affiliates			(726)	182
Other liabilities			(190)	(142)
Net cash provided by operating activities			11,313	4,806
Cash Flows from Investing Activities:
Acquisitions of real estate, net of cash acquired			(4,107)	(19,034)
Improvements to real estate			(12,923)	(15,946)
Proceeds from sales of real estate, net			194,528	0
Contributions to unconsolidated entities			(4,769)	(1,708)
Distributions of capital from unconsolidated entities			0	1,225
Purchase of interest rate cap			(18)	(6)
Investment in real estate equity securities			0	(35,510)
Proceeds from the sale of real estate equity securities			14,439	10,964
Proceeds for future development obligations			6,203	0
Proceeds from disposition of foreign currency collars			0	14,125
Net cash provided by (used in) investing activities			193,353	(45,890)
Cash Flows from Financing Activities:
Proceeds from notes and bonds payable			157,246	104,143
Principal payments on notes and bonds payable			(233,964)	(57,611)
Payments of deferred financing costs			(2,745)	(2,438)
Payments to redeem common stock			(29,552)	(830)
Payment to redeem restricted stock			(5,656)	0
Payment of prepaid other offering costs			(164)	(606)
Distributions paid			0	(334)
Preferred dividends paid			(644)	(563)
Noncontrolling interests contributions			183	112
Distributions to noncontrolling interests			0	(28)
Other financing proceeds, net			2,367	0
Net cash (used in) provided by financing activities			(112,929)	41,845
Effect of exchange rate changes on cash, cash equivalents and restricted cash			182	83
Net increase in cash, cash equivalents and restricted cash			91,919	844
Cash, cash equivalents and restricted cash, beginning of period			74,319	88,494	$ 88,494
Cash, cash equivalents and restricted cash, end of period	$ 166,238	$ 89,338	$ 166,238	$ 89,338	$ 74,319

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 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 “Advisory Agreement”) which is currently effective through November 1, 2022; 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 September 30, 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 September 30, 2021, the Company had redeemed 27,247,458 shares for $317.3 million. As of September 30, 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 September 1, 2021, the Company repurchased 584,267 shares of the Restricted Stock for $5.7 million and 2,254,289 shares of Restricted Stock were transferred to GKP Holding LLC (“GKP”), a company owned by Keith D. Hall and Peter McMillan III. See Note 10 for further details. 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 September 30, 2021, the Company consolidated eight 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 1,806 single-family homes, three investments in undeveloped land with approximately 800 developable acres, and owned four investments in unconsolidated entities and three investments in real estate equity securities. Additionally, as of September 30, 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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-recourse secured mortgages with maturities of approximately three 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 nine months ended September 30, 2021, the Company had redeemed $29.6 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 September 2021 redemption date, except for 13,913,664 shares totaling $128.0 million due to the limitations under the share redemption program. The Company recorded $3.4 million and $0.9 million of redeemable common stock payable on the Company’s balance sheet as of September 30, 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 has $3.2 million 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. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of the prior period. During the nine months ended September 30, 2021, the Company sold one office property. As a result, certain assets and liabilities were reclassified as held for sale on the consolidated balance sheets for the prior period. 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 Pacific Oak Residential Trust, Inc. (“PORT”) Series A convertible redeemable preferred shares are not included as the preferred shares are convertible contingent on the common stock of PORT being publicly traded. If PORT common stock becomes publicly traded, the per-share earnings of PORT will be included in the Company’s EPS computations based on the consolidated holdings of PORT. The Company’s unvested Restricted Stock have been included in the calculation of basic and diluted earnings per share for both of the three and nine months ended September 30, 2021 and 2020, as the restriction is not contingent on any conditions except the passage of time. There were no distributions declared for both of the three and nine months ended September 30, 2021 and 2020, with the exception of distributions declared per share of $0.0086 during the three months ended March 31, 2020. Square Footage, Occupancy and Other Measures Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. Recently Issued Accounting Standards Updates In 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 nine months ended September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
REAL ESTATE HELD FOR INVESTMENT	REAL ESTATE HELD FOR INVESTMENT As of September 30, 2021, the Company owned eight office properties, one office portfolio consisting of four office buildings and 14 acres of undeveloped land, encompassing, in the aggregate, approximately 3.3 million rentable square feet. As of September 30, 2021, these properties were 73% occupied. In addition, the Company owned one residential home portfolio consisting of 1,806 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 96% occupied, respectively as of September 30, 2021. As of September 30, 2021, the Company also owned two hotel properties with an aggregate of 649 rooms and three investments in undeveloped land with approximately 800 developable acres. Additionally, as of September 30, 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 September 30, 2021 and December 31, 2020, respectively (in thousands): September 30, 2021 December 31, 2020 Land $ 275,419 $ 288,514 Buildings and improvements 1,018,850 1,019,329 Tenant origination and absorption costs 44,527 50,881 Total real estate, cost 1,338,796 1,358,724 Accumulated depreciation and amortization (119,265) (85,940) Total real estate, net $ 1,219,531 $ 1,272,784 Operating Leases Certain of the Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of September 30, 2021, the leases, excluding options to extend and apartment leases and single-family homes, which have terms that are generally one year or less, had remaining terms of up to 15.5 years with a weighted-average remaining term of 4.5 years. Some of the leases have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires a security deposit from tenants in the form of a cash deposit and/or a letter of credit. The amount required as a security deposit varies depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash and assumed in real estate acquisitions related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets totaled $6.0 million and $5.7 million as of September 30, 2021 and December 31, 2020, respectively. During the three and nine months ended September 30, 2021, the Company recognized deferred rent from tenants of $0.4 million and $1.5 million, respectively, net of lease incentive amortization. During the three and nine months ended September 30, 2020, the Company recognized deferred rent from tenants of $0.9 million and $2.6 million, respectively, net of lease incentive amortization. As of September 30, 2021 and December 31, 2020, the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, were $15.7 million and $15.5 million, respectively and is included in rents and other receivables on the accompanying consolidated balance sheets. The cumulative deferred rent balance included $3.1 million and $4.2 million of unamortized lease incentives as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021, the future minimum rental income from the Company’s properties, excluding apartment leases and single-family homes, under non-cancelable operating leases was as follows (in thousands): October 1, 2021 through December 31, 2021 $ 16,095 2022 61,448 2023 53,140 2024 45,750 2025 35,726 Thereafter 86,512 $ 298,671 As of September 30, 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 Computer Systems Design 30 $ 7,080 10.9 % Professional, Scientific, and Technical Services 42 7,078 10.9 % Public Administration 11 6,959 10.7 % Insurance Carriers and Related Activities 16 6,801 10.5 % Health Care and Social Assistance 25 6,799 10.5 % $ 34,717 53.5 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of September 30, 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 and nine months ended September 30, 2021, the Company recorded adjustments to rental income of $0.8 million and $2.5 million, respectively, for lease payments, including apartments and single-family homes that were deemed not probable of collection. During the three and nine months ended September 30, 2020, the Company recorded adjustments to rental income of $0.4 million and $1.1 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 and nine months ended September 30, 2021 (in thousands): Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Hotel revenues: Room $ 9,396 $ 18,508 Food, beverage and convention services 1,452 2,830 Campground 280 792 Other 1,025 2,448 Hotel revenues $ 12,153 $ 24,578 Hotel expenses: Room $ 1,681 $ 3,992 Food, beverage and convention services 946 2,063 General and administrative 752 1,955 Sales and marketing 1,018 2,230 Repairs and maintenance 557 1,551 Utilities 333 824 Property taxes and insurance 566 1,600 Other 630 1,500 Hotel expenses $ 6,483 $ 15,715 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 (discussed below) 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 September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Contract liability $ 6,551 $ 3,369 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 142 $ — Geographic Concentration Risk As of September 30, 2021, the Company’s real estate investments in California represented 21.9% 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. Impairment of Real Estate During the three and nine months ended September 30, 2021, the Company recorded impairment charges on real estate in the aggregate of $11.0 million, to write down the carrying value of 210 West 31st Street by $6.6 million, a development property located in New York, New York and Lincoln Court by $4.4 million, an office property located in Campbell, California, to their estimated fair value due to a change in the projected hold period and related decrease in projected cash flows. Recent Real Estate Land Sale On June 3, 2021, the Company sold approximately 193 developable acres of Park Highlands undeveloped land for an aggregate sales price, net of closing credits, of $50.4 million, excluding closing costs. The purchaser is not affiliated with the Company or the Advisor. The Company recognized a gain on sale of $31.1 million related to the land sale, which is net of deferred profit of $2.6 million related to proceeds received from the purchaser for the value of land that was contributed to a master association which is consolidated by the Company. Recent Real Estate Sale On July 27, 2021, the Company, through an indirect wholly owned subsidiary, sold an office building containing 435,177 rentable square feet located on approximately 4.92 acres of land in Orange, California (“City Tower”) to a purchaser unaffiliated with the Company or the Advisor, for $150.5 million, before closing costs and credits. The carrying value of City Tower as of the disposition date was $145.1 million, which was net of $20.5 million of accumulated depreciation and amortization. In connection with the sale of City Tower, t he Company repaid $98.1 million of the outstanding principal balance due under the mortgage loan secured by City Tower. The Company recognized a gain on sale of $0.1 million related to the disposition of City Tower. Recent Real Estate Asset Acquisitions 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 $2.1 million.

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Cost $ 44,527 $ 50,881 $ 4,138 $ 4,159 $ (6,718) $ (7,679) Accumulated Amortization (19,107) (13,491) (1,403) (1,002) 2,282 1,882 Net Amount $ 25,420 $ 37,390 $ 2,735 $ 3,157 $ (4,436) $ (5,797) Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Three Months Ended September 30, For the Three Months Ended September 30, For the Three Months Ended September 30, 2021 2020 2021 2020 2021 2020 Amortization $ (3,253) $ (1,625) $ (94) $ (74) $ 388 $ 194 Tenant Origination and Above-Market Below-Market For the Nine Months Ended September 30, For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 Amortization $ (12,397) $ (4,965) $ (421) $ (241) $ 1,436 $ 676 As of September 30, 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 September 30, 2021, the housing subsidy intangible asset has a remaining amortization period of 27.1 years. During the three and nine months ended September 30, 2021, the Company recorded amortization expense of $18,000 and $54,000, respectively, related to the housing subsidy intangible asset. Additionally, as of September 30, 2021 and December 31, 2020, the Company had recorded tax abatement intangible assets, net of amortization, which are included in prepaid expenses and other assets in the accompanying balance sheets, of $0.8 million and $1.6 million, respectively. During the three and nine months ended September 30, 2021, the Company recorded amortization expense of $0.2 million and $0.8 million, respectively, related to tax abatement intangible assets. During the three and nine months ended September 30, 2020, the Company recorded amortization expense of $0.1 million and $0.5 million, respectively, related to tax abatement intangible assets. As of September 30, 2021, the tax abatement intangible assets had a remaining amortization period of 1.6 years.

REAL ESTATE EQUITY SECURITIES

REAL ESTATE EQUITY SECURITIES	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE EQUITY SECURITIES	REAL ESTATE EQUITY SECURITIES As of September 30, 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 September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 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 $ 50,370 64,165,352 $ 44,274 Franklin Street Properties Corp. 6,915,089 32,086 6,915,089 30,219 Plymouth Industrial REIT, Inc. 613,085 13,947 1,560,660 23,410 71,693,526 $ 96,403 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 and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net (loss) gain recognized during the period on real estate equity securities $ (2,614) $ (6,527) $ 12,939 $ (21,620) Less net gain recognized during the period on real estate equity securities sold during the period — — (225) (711) Unrealized (loss) gain recognized during the reporting period on real estate equity securities held at the end of the period $ (2,614) $ (6,527) $ 12,714 $ (22,331) During the three and nine months ended September 30, 2021, the Company recognized $3.2 million and $6.7 million, respectively, of dividend income from real estate equity securities. During the three and nine months ended September 30, 2020, the Company recognized $2.8 million and $4.4 million, respectively, of dividend income from real estate equity securities.

REAL ESTATE HELD FOR SALE

REAL ESTATE HELD FOR SALE	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
REAL ESTATE HELD FOR SALE	REAL ESTATE HELD FOR SALE During the nine months ended September 30, 2021, the Company disposed of one office property. There were no material dispositions during the year ended December 31, 2020. On July 27, 2021, the Company, through an indirect wholly owned subsidiary, sold an office building containing 435,177 rentable square feet located on approximately 4.92 acres of land in Orange, California (“City Tower”) to a purchaser unaffiliated with the Company or the Advisor, for $150.5 million, before closing costs and credits. The carrying value of City Tower as of the disposition date was $145.1 million, which was net of $20.5 million of accumulated depreciation and amortization. In connection with the sale of City Tower, the Company repaid $98.1 million of the outstanding principal balance due under the mortgage loan secured by City Tower. The Company recognized a gain on sale of $0.1 million related to disposition of City Tower. The following summary presents the major components of assets and liabilities related to real estate held for sale as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Assets related to real estate held for sale Real estate, cost $ — $ 158,711 Accumulated depreciation and amortization — (18,472) Real estate, net — 140,239 Other assets — 5,680 Total assets related to real estate held for sale $ — $ 145,919 Liabilities related to real estate held for sale Note payable, net — 94,097 Other liabilities — 669 Total liabilities related to real estate held for sale $ — $ 94,766 The operations and gain on sale of City Tower is included in continuing operations on the accompanying statements of operations. The following table summarizes certain revenue and expenses related to these properties for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues Rental income $ 1,085 $ 3,318 $ 8,660 $ 9,998 Other operating income 51 265 520 792 Total revenues $ 1,136 $ 3,583 $ 9,180 $ 10,790 Expenses Operating, maintenance, and management $ 363 $ 1,004 $ 2,096 $ 2,855 Real estate taxes and insurance 95 389 979 1,258 Asset management fees to affiliate 194 305 807 907 Depreciation and amortization 14 1,769 2,436 5,342 Interest expense 152 518 1,146 1,953 Total expenses $ 818 $ 3,985 $ 7,464 $ 12,315

NOTES AND BONDS PAYABLE

NOTES AND BONDS PAYABLE	9 Months Ended
	Sep. 30, 2021
Notes and Bonds Payable [Abstract]
NOTES AND BONDS PAYABLE	NOTES AND BONDS PAYABLE As of September 30, 2021 and December 31, 2020, the Company’s notes and bonds payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands): Book Value as of Book Value as of Contractual Interest Rate as of September 30, 2021 Effective Interest Rate at September 30, 2021 (1) Payment Type (2) Maturity Date (3) Richardson Portfolio Mortgage Loan $ 28,685 $ 35,832 One-Month LIBOR + 2.50% 2.58% Principal & Interest 11/01/2021 (4) Park Centre Mortgage Loan 26,185 26,185 One-Month LIBOR + 1.75% 1.83% Interest Only 06/27/2022 1180 Raymond Mortgage Loan (5) 29,548 29,848 One-Month LIBOR + 2.50% (6) 3.50% Principal & Interest 12/01/2021 1180 Raymond Bond Payable 5,705 5,870 6.50% 6.50% Principal & Interest 09/01/2036 Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures (7) 197,901 181,198 4.25% 4.25% (7) 03/01/2023 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures (7) 78,794 79,078 3.93% 3.93% (7) 01/31/2026 Crown Pointe Mortgage Loan (5) 52,508 53,072 One-Month LIBOR + 2.60% 2.70% Principal & Interest 02/13/2022 City Tower Mortgage Loan — 94,167 (8) (8) (8) (8) The Marq Mortgage Loan 62,066 62,257 One-Month LIBOR + 1.55% 1.63% Interest Only 06/06/2022 Eight & Nine Corporate Centre Mortgage Loan 48,695 47,066 One-Month LIBOR + 1.60% 1.68% Principal & Interest 06/08/2022 Georgia 400 Center Mortgage Loan 61,154 59,690 One-Month LIBOR + 1.55% 1.63% Interest Only 05/22/2023 PORT Mortgage Loan 1 51,302 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 (9) — 12,000 (9) (8) (8) (8) Battery Point Trust Mortgage Loan (9) — 38,608 (8) (8) (8) (8) MetLife Loan (9) 60,000 — 3.90% 3.90% Interest Only 04/10/2026 Springmaid Beach Resort Mortgage Loan 55,839 57,015 One-month LIBOR + 2.25% (10) 5.75% Principal & Interest 08/12/2022 Q&C Hotel Mortgage Loan 25,000 25,000 One-month LIBOR + 2.50% (11) 4.50% Principal & Interest 12/23/2022 Lincoln Court Mortgage Loan (5) 34,723 34,416 One-month LIBOR + 1.75% 1.83% Principal & Interest 12/01/2021 Lofts at NoHo Commons Mortgage Loan 74,536 74,536 One-month LIBOR + 2.18% (12) 3.93% Interest Only 09/09/2022 210 West 31st Street Mortgage Loan (5) 10,275 15,050 One-month LIBOR + 3.00% 3.08% Principal & Interest 06/16/2022 Oakland City Center Mortgage Loan 96,404 96,782 One-month LIBOR + 1.75% 1.83% Principal & Interest 09/01/2022 Madison Square Mortgage Loan (13) 20,891 16,822 One-month LIBOR + 4.05% 5.05% Interest Only 10/09/2021 Total Notes and Bonds Payable principal outstanding 1,030,734 1,106,377 Discount on Notes and Bonds Payable, net (14) (2,249) (2,851) Deferred financing costs, net (4,707) (4,458) Total Notes and Bonds Payable, net $ 1,023,778 $ 1,099,068 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2021. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2021 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at September 30, 2021, where applicable. (2) Represents the payment type required under the loan as of September 30, 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 September 30, 2021; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. (4) Subsequent to September 30, 2021, the Company extended the maturity of the Richardson Portfolio Mortgage Loan to November 1, 2022. (5) 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 September 30, 2021, the guaranteed amount in the aggregate was $39.5 million. (6) This mortgage loan has a LIBOR floor of 1%. (7) See “ – Israeli Bond Financings” below. (8) On July 27, 2021, in connection with the disposition of City Tower, the Company repaid the $98.1 million outstanding principal balance due under the City Tower Mortgage Loan. (9) On April 6, 2021, the Company refinanced the PORT Mortgage Loan 3 and the Battery Point Trust Mortgage Loan with a mortgage loan from MetLife for borrowings up to $60.0 million. (10) The interest rate is variable at the higher of one-month LIBOR + 2.25% or 5.77%. (11) 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. (12) The LIBOR rate is variable at the higher of one-month LIBOR or 1.75%. (13) On October 7, 2021, the Company refinanced the Madison Square Mortgage Loan with a mortgage loan from an unaffiliated lender for borrowings up to $27.0 million. The new loan matures on October 7, 2024 and has a fixed interest rate of 4.625%. See Note 17, “Subsequent Events” for a further discussion. (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 and nine months ended September 30, 2021, the Company incurred $10.1 million and $30.7 million, respectively, of interest expense. Included in interest expense for the three and nine months ended September 30, 2021 was $0.8 million and $2.5 million, respectively, of amortization of deferred financing costs. Included in interest expense for the three and nine months ended September 30, 2021 was $0.5 million and $1.9 million, respectively, of amortization on discount on notes and bonds payable, net. Additionally, during the three and nine months ended September 30, 2021, the Company capitalized $0.5 million and $1.6 million, respectively of interest related to its investments in undeveloped land. During the three and nine months ended September 30, 2020, the Company incurred $6.3 million and $19.1 million, respectively, of interest expense. Included in interest expense for the three and nine months ended September 30, 2020 was $0.8 million and $2.5 million, respectively, of amortization of deferred financing costs. Included in interest expense for the three and nine months ended September 30, 2020 was $64,000 and $14,000, respectively, of amortization of discount on notes and bonds payable, net. Additionally, during the three and nine months ended September 30, 2020, the Company capitalized $0.7 million and $2.4 million, respectively of interest related to its investments in undeveloped land. As of September 30, 2021 and December 31, 2020, the Company’s interest payable was $3.3 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 September 30, 2021 (in thousands): October 1, 2021 through December 31, 2021 $ 116,538 2022 548,061 2023 160,359 2024 26,535 2025 77,858 Thereafter 101,383 $ 1,030,734 As of November 12, 2021, the Company had a total of $518.0 million of debt obligations scheduled to mature over the next 12 months. The Company has extension options with respect to $239.8 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. Subsequent to September 30, 2021, the Company issued additional Series B Debentures, with the intent of using the proceeds and available cash on hand to payoff the outstanding Series A Debentures. See Note 17, “Subsequent Events” for a further discussion on the Series B Debentures issuance. 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 September 30, 2021, the Company was in compliance with all of these debt covenants except that the Madison Square Mortgage Loan was 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 Richardson Portfolio Mortgage Loan and Georgia 400 Center Mortgage Loan. As a result of such non-compliance, the Company is required to partially paydown the loan in the case of the Richardson Portfolio Mortgage Loan and provide a cash sweep in the case of the Georgia 400 Center Mortgage Loan. 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 govern the Series A Debentures and Series B Debentures contain various financial covenants. As of September 30, 2021, the Company was in compliance with all of these financial debt covenants.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates and foreign currency exchange rate movements. The primary goal of the Company’s risk management practices related to interest rate risk is to prevent changes in interest rates from adversely impacting the Company’s ability to achieve its investment return objectives. The Company does not enter into derivatives for speculative purposes. The Company enters into foreign currency collars to mitigate its exposure to foreign currency exchange rate movements on its bonds payable outstanding denominated in Israeli new Shekels. A foreign currency collar consists of a purchased call option to buy and a sold put option to sell Israeli new Shekels. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. The following table summarizes the notional amount and other information related to the Company’s foreign currency collars as of September 30, 2021 and December 31, 2020. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (currency in thousands): September 30, 2021 December 31, 2020 Strike Price Trade Date Maturity Date Derivative Instruments Number of Instruments Notional Amount Number of Instruments Notional Amount Derivative instruments not designated as hedging instruments Foreign currency collar 1 194,045 ILS — — 3.16 - 3.29 ILS - USD 06/14/2021 11/22/2021 The Company enters into interest rate caps to mitigate its exposure to rising interest rates on its variable rate notes payable. The values of interest rate caps are primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of interest rate caps. As the remaining life of an interest rate cap decreases, the value of the instrument will generally decrease towards zero. As of September 30, 2021, the Company had entered into four 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 September 30, 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 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 09/15/2021 09/15/2022 $ 75,950 One-month LIBOR at 3.50% 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 September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 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 4 $ 2 7 $ 1 Foreign currency collar Other liabilities 1 $ (44) — $ — The change in fair value of foreign currency collars that are not designated as cash flow hedges are recorded as foreign currency transaction gains or losses in the accompanying consolidated statements of operations. During the three months ended September 30, 2021, the Company recognized a $0.3 million gain related to the foreign currency collar, which is shown combined with $2.6 million of foreign currency transaction loss in the accompanying consolidated statements of operations as foreign currency transaction loss. During the nine months ended September 30, 2021, the Company recognized a $44,000 loss related to the foreign currency collar, which is shown combined with $0.6 million of foreign currency transaction gain in the accompanying consolidated statements of operations as foreign currency transaction gain, net. During the three months ended September 30, 2020, the Company recognized a $2.2 million gain related to the foreign currency collars, which is shown combined with $2.6 million of foreign currency transaction loss in the accompanying consolidated statements of operations as foreign currency transaction loss, net. During the nine months ended September 30, 2020, the Company recognized a $14.3 million gain related to the foreign currency collars, which is shown combined with $2.0 million of foreign currency transaction loss in the accompanying consolidated statements of operations as foreign currency transaction gain, net. On July 29, 2020, the Company terminated the foreign currency collars and as a result received $14.1 million.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020, which carrying amounts do not approximate the fair values (in thousands): September 30, 2021 December 31, 2020 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes and bond payable $ 754,039 $ 751,064 $ 752,417 $ 846,101 $ 842,112 $ 846,608 Financial liabilities (Level 1): Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures $ 197,901 $ 195,428 $ 197,437 $ 181,198 $ 179,786 $ 178,450 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures $ 78,794 $ 77,286 $ 76,899 $ 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 September 30, 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 $ 96,403 $ 96,403 $ — $ — Asset derivative - interest rate caps $ 2 $ — $ 2 $ — Liability derivative - foreign currency collar $ (44) $ — $ (44) $ — 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 $ 96,403 $ 96,403 $ — $ — Asset derivative - interest rate caps $ 2 $ — $ 2 $ — As of September 30, 2021, the Company measured the following assets at fair value on a nonrecurring basis (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Nonrecurring Basis: Impaired real estate $ 97,600 $ — $ — $ 97,600 Impaired goodwill $ 13,534 $ — $ — $ 13,534 As of September 30, 2021, two of the Company’s real estate properties were measured at their estimated fair value. 210 West 31st Street was based on a sales comparison approach as of September 30, 2021. Lincoln Court was based on an income approach with the significant unobservable inputs used in measuring the estimated fair value of this property include a discount rate of 7.75% and a terminal cap rate of 6.75%. During the three and nine months ended September 30, 2021, the Company recorded impairment charges on real estate in the aggregate of $11.0 million, to write down the carrying value of 210 West 31st Street and Lincoln Court. The Company recorded goodwill in connection with the Merger with Pacific Oak Strategic Opportunity REIT II, Inc. ("POSOR II"). Due to a decline in projected cash flows for real estate held in certain reporting units, the Company determined that the carrying value of certain reporting units exceeded the estimated fair value and recognized impairment charges of $2.8 million. The fair value of the Company's reporting units were measured using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2021, which included discounted cash flows, terminal capitalization rates and discount rates. Balance as of December 31, 2020 $ 16,342 Impairment loss (2,808) Balance as of September 30, 2021 $ 13,534

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 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, 2022; 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. Refer to paragraph below for further discussion. Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2021 and 2020, respectively, and any related amounts payable as of September 30, 2021 and December 31, 2020 (in thousands): Incurred Payable as of Three Months Ended September 30, Nine Months Ended September 30, September 30, 2021 December 31, 2020 Expensed 2021 2020 2021 2020 Asset management fees $ 3,422 $ 2,426 $ 10,802 $ 6,867 $ 2,132 $ 2,837 Property management fees (1) 119 114 362 114 — — Reimbursable operating expenses (2) — 56 — 148 — — Disposition fees (3) 692 — 1,196 — — — Change in subordinated performance fee due upon termination to affiliate (4) 1,545 (1,121) 1,745 (814) (3) (3) Capitalized Acquisition fees on real estate equity securities — — — 122 — 5 Acquisition fees on real estate (5) — — 20 171 20 — Acquisition fee on investment in unconsolidated entities — — 45 — — — $ 5,778 $ 1,475 $ 14,170 $ 6,608 $ 2,152 $ 2,842 _____________________ (1) Property management fees are for single-family homes under PORT 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 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) Disposition fees with respect to real estate sold are included in the gain on sale of real estate in the accompanying consolidated statements of operations. (4) Change in the fair value of the Restricted Stock related 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. (5) Acquisition fees associated with asset acquisitions are capitalized, while costs associated with business combinations expensed as incurred. Pacific Oak Opportunity Zone Fund I As of September 30, 2021, the Company owned 124 Class A Units in the Pacific Oak Opportunity Zone Fund I, LLC (“Pacific Oak Opportunity Zone Fund I”), which are included in investments in unconsolidated entities on the consolidated balance sheets. 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 and nine months ended September 30, 2021, the Company recorded $0.2 million and $0.5 million, respectively, of waived asset management fees recorded as equity in income of unconsolidated entities, of which $0.7 million was a receivable as of September 30, 2021. PORT II As of September 30, 2021, the Company has contributed $5.5 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. At that time, GKP Holding LLC, a Delaware limited liability company (“GKP”), was a manager of KBS Capital Advisors and of KBS Holdings LLC (“KBS Holdings”), which wholly owns KBS Capital Advisors. At that time, GKP owned 1/3 of KBS Holdings. Keith D. Hall, the Company’s Chief Executive Officer and a director, and Peter McMillan III, the Company’s President and Chairman of the Board, are the managers of GKP and each own 50% of GKP. The number of shares 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. On September 1, 2021, GKP ceased to be a manager of KBS Capital Advisors and KBS Holdings and ceased to own an interest in KBS Holdings. Also on September 1, 2021, GKP and KBS Capital Advisors entered into Amendment No. 1 (the “Amendment”) to the Restricted Stock Agreement and the Unvested Share Transfer Agreement (the “Unvested Share Agreement”). Pursuant to the Amendment, on September 1, 2021, the Company repurchased 584,267 of the shares of Restricted Stock from KBS Capital Advisors for consideration of $5,655,705 in cash, or $9.68 per share. Pursuant to the terms of the Amendment and the Unvested Share Agreement, on September 1, 2021, KBS Capital Advisors transferred 2,254,289 of the shares of Restricted Stock to GKP (the “GKP Restricted Shares”). KBS Capital Advisors transferred the GKP Restricted Shares as partial consideration for and to effectuate the conclusion of the acquisition of GKP’s 1/3 ownership interest in KBS Holdings by its other owners. On September 1, 2021, upon the transfer of GKP’s 1/3 ownership interest in KBS Holdings, GKP ceased to be a manager of KBS Capital Advisors and KBS Holdings and ceased to have an ownership interest in KBS Holdings. Under the Amendment, the GKP Restricted Shares are nonvested and forfeitable until the earliest of: (i) July 1, 2026 or (ii) immediately before and contingent upon the occurrence of a Change in Control (as defined in the Restricted Stock Agreement) of the Company. Notwithstanding the foregoing, and at the option of either Keith Hall’s estate or Peter McMillan’s estate, in the event of the death of either Keith Hall or Peter McMillan, such event can trigger the vesting of that number of GKP Restricted Shares corresponding to 100% of the deceased party’s proportional economic interest in GKP Restricted Shares. In addition, unvested GKP Restricted Shares will be forfeited in certain instances if GKP fails to comply with certain requirements set forth in the Amendment, which forfeiture may be waived by the Company’s Conflict Committee in certain cases. Non-vested GKP Restricted Shares are not eligible for redemption by the Company under any circumstances unless approved by the Company’s board of directors.

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITIES	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED ENTITIES	INVESTMENT IN UNCONSOLIDATED ENTITIES As of September 30, 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 September 30, 2021 Investment Balance at Joint Venture Location Ownership % September 30, 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% 50,769 49,665 Pacific Oak Opportunity Zone Fund I 3 Various N/A 27,638 24,996 PORT II OP LP 117 Various 89.7% 5,447 5,005 $ 83,854 $ 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 September 30, 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 and nine months ended September 30, 2021 and September 30, 2020, the Company did not record equity in income from the 110 William Joint venture. Summarized financial information for the 110 William Joint Venture follows (in thousands): September 30, 2021 December 31, 2020 Assets: Real estate assets, net of accumulated depreciation and amortization $ 232,201 $ 246,166 Other assets 34,200 44,004 Total assets $ 266,401 $ 290,170 Liabilities and equity: Notes payable, net $ 318,280 $ 316,421 Other liabilities 3,003 5,532 Partners’ deficit (54,882) (31,783) Total liabilities and equity $ 266,401 $ 290,170 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues $ 5,729 $ 10,005 $ 18,721 $ 26,604 Expenses: Operating, maintenance, and management 2,359 2,096 6,212 5,994 Real estate taxes and insurance 1,698 1,935 5,588 5,580 Depreciation and amortization 2,962 3,139 19,071 8,721 Interest expense 3,548 4,125 10,986 12,093 Total expenses 10,567 11,295 41,857 32,388 Total other income 11 12 35 50 Net loss $ (4,827) $ (1,278) $ (23,101) $ (5,734) Company’s share of net loss (1) $ (2,896) $ (767) $ (13,861) $ (3,440) _____________________ (1) The Company suspended the equity method of accounting and did not record the Company's share of losses for both of the three and nine months ended September 30, 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 nine months ended September 30, 2021, the Company contributed an additional $1.1 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): September 30, 2021 December 31, 2020 Assets: Real estate assets, net of accumulated depreciation and amortization $ 178,874 $ 182,318 Other assets 27,539 19,810 Total assets $ 206,413 $ 202,128 Liabilities and equity: Notes payable, net $ 110,000 $ 109,783 Other liabilities 6,335 7,639 Partners’ capital 90,078 84,706 Total liabilities and equity $ 206,413 $ 202,128 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues $ 3,373 $ 5,520 $ 13,252 $ 15,771 Expenses: Operating, maintenance, and management 862 932 2,490 2,450 Real estate taxes and insurance 848 755 2,768 2,235 Depreciation and amortization 1,850 1,894 5,574 5,135 Interest expense 960 948 2,700 3,290 Total expenses 4,520 4,529 13,532 13,110 Net income $ (1,147) $ 991 (280) $ 2,661 Company’s equity in (loss) income of unconsolidated joint venture $ (592) $ 583 $ (40) $ 1,576 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. During the nine months ended September 30, 2021, the Company acquired additional 13 Class A Units for $3.1 million. As of September 30, 2021, the book value of the Company’s investment in Pacific Oak Opportunity Zone Fund I was $27.6 million, which includes $0.2 million of acquisition fees. As of September 30, 2021, Pacific Oak Opportunity Zone Fund I consolidated three joint ventures with real estate under development. As of September 30, 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 and nine months ended September 30, 2021, the Company recognized $0.1 million and $0.5 million, respectively, of losses 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 $27.6 million as of September 30, 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 September 30, 2021, the Company owns 600 shares of common stock of PORT II, of which the Company exercises significant influence over the operations, financial policies and decision making with respect to PORT II, but does not control. In addition, as of September 30, 2021, the Company had contributed $5.5 million in capital to PORT II OP, of which the Company owns 89.7%. The remaining ownership percentage is owned by PORT II. As of September 30, 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. During the three and nine months ended September 30, 2021, the Company recognized $47,000 and $0.1 million of losses related to this investment, respectively.

SUPPLEMENTAL CASH FLOW AND SIGN

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES	9 Months Ended
	Sep. 30, 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): Nine Months Ended September 30, 2021 2020 Supplemental Disclosure of Cash Flow Information: Interest paid, net of capitalized interest of $1,579 and $2,368 for the nine months ended September 30, 2021 and 2020, respectively $ 29,220 $ 18,945 Supplemental Disclosure of Significant Noncash Transactions: Accrued improvements to real estate 1,721 2,393 Redeemable common stock payable 3,385 262 Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan — 262 Accrued preferred dividends 225 226 PPP notes forgiveness 1,500 — Assets and liabilities assumed in connection with Battery Point acquisition: Real estate — 56,148 Notes payable — 36,003 Other assets — 21 Other liabilities — 355 Redeemable non-controlling interest — 3,024 Series A-3 preferred units payable — 16,000

REPORTING SEGMENTS

REPORTING SEGMENTS	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
REPORTING SEGMENTS	REPORTING SEGMENTS The Company recognizes three reporting segments for the three and nine months ended September 30, 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 and nine months ended September 30, 2020. The selected financial information for reporting segments for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands): Three Months Ended September 30, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 28,050 $ 5,566 $ 12,153 $ 45,769 Total expenses (52,891) (6,398) (8,948) (68,237) Total other (loss) income (4,435) 81 1,276 (3,078) Net (loss) income $ (29,276) $ (751) $ 4,481 $ (25,546) Nine Months Ended September 30, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 88,187 $ 16,436 $ 24,578 $ 129,201 Total expenses (128,418) (19,581) (22,924) (170,923) Total other income 42,527 159 1,289 43,975 Net income (loss) $ 2,296 $ (2,986) $ 2,943 $ 2,253 Three Months Ended September 30, 2020 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 22,548 $ 5,197 $ — $ 27,745 Total expenses (26,285) (5,969) — (32,254) Total other (loss) income (2,863) 4 — (2,859) Net loss $ (6,600) $ (768) $ — $ (7,368) Nine Months Ended September 30, 2020 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 64,752 $ 11,117 $ — $ 75,869 Total expenses (66,928) (13,203) — (80,131) Total other (loss) income (16,939) 54 — (16,885) Net loss $ (19,115) $ (2,032) $ — $ (21,147) Total assets and goodwill related to the reporting segments as of September 30, 2021 and December 31, 2020 are as follows (in thousands): September 30, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total assets $ 1,274,093 $ 202,349 $ 152,686 $ 1,629,128 Goodwill (1) 9,489 — 4,045 13,534 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 _____________________ (1) During the three and nine months ended September 30, 2021, the Company recorded impairment charges on goodwill of $2.8 million related to the Strategic Opportunistic Properties segment.

PORT MEZZANINE EQUITY

PORT MEZZANINE EQUITY	9 Months Ended
	Sep. 30, 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 September 30, 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 PORT’s noncontrolling cumulative convertible redeemable preferred stock for the nine months ended September 30, 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 — 636 — 8 Dividends Paid — (636) — (8) Balance, September 30, 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 — 781 — 7 Dividends Paid — (556) — (7) Balance, September 30, 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. 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 nine months ended September 30, 2021 (in thousands): December 31, 2020 $ 2,968 Net loss attributable to redeemable noncontrolling interest (113) September 30, 2021 $ 2,855

RESTRICTED STOCK

RESTRICTED STOCK	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	RESTRICTED STOCKOn March 27, 2020, the Company issued 3,411,737 restricted shares to KBS Capital Advisors in connection with the subordinated performance fee due upon termination (the “Restricted Stock”), which were expected to vest on November 1, 2021. These shares are subject to non-compete provisions, which are treated as clawback contingent features and will be accounted for if and when the Restricted Stock is required to be returned. On September 1, 2021, the Company, KBS Capital Advisors, and GKP entered into amendment no. 1 to the Restricted Stock Agreement (the "Amendment"). Pursuant to the Amendment, 1,157,448 shares of Restricted Stock ("Released Shares") were immediately vested and fully released from all restrictions and requirements of the Restricted Stock Agreement. Of the Released Shares, the Company repurchased 584,267 shares from KBS Capital Advisors for consideration of $5,655,705 in cash, or $9.68 per share. After a one year period, 513,467 of the Released Shares are eligible for redemption under the Company's share redemption program. Within a 60 day period following November 1, 2024, 59,714 of the Released Shares are to be redeemed by the Company, though prior to this date, the shares are eligible for redemption under the Company's share redemption program if all outstanding redemption requests from other stockholders have been satisfied. Additionally, KBS Capital Advisors transferred 2,254,289 shares of Restricted Stock to GKP ("GKP Restricted Shares"). The GKP Restricted Shares vest on the earlier of the following: (i) July 1, 2026 or (ii) a change of control. Upon vesting, 50% of the GKP Restricted Shares are eligible for redemption based on the most recent board approved NAV per share, but requires approval of the Company's conflicts committee of the board of directors. The remaining 50% of the GKP Restricted Shares are eligible for redemption under the Company's share redemption program if all outstanding redemption requests from other stockholders have been satisfied. The 59,714 of the Released Shares are classified as a liability instrument, accounted for as restricted stock payable on the accompanying consolidated balance sheets, and are recorded at the fair value of the shares at each reporting period until settled. The remaining Released Shares and GKP Restricted Shares are classified as an equity instrument and recorded in additional paid-in-capital on the accompanying balance sheet. For the three and nine months ended September 30, 2021, the Company recorded $1.5 million subordinated performance fee due upon termination to affiliate expense to record the Restricted Stock at fair value. The fair value of the Restricted Stock was estimated based on the Company's NAV, adjusted for a lack of marketability discount. As of September 1, 2021, the Company measured the Restricted Stock at its fair value of $9.61 per share.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021, the Company incurred $0.3 million and $0.6 million, respectively, 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 both of the three and nine months ended September 30, 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 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 and nine months ended September 30, 2021, the Company incurred $0.1 million and $0.3 million, respectively, 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 September 30, 2021, the Company’s lease and rights to a leasehold interest with respect to 210 West 31st Street, an office/retail building in New York, NY, 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) (1) $ 8,074 Lease obligation (included in other liabilities) 9,339 Remaining lease term 92.5 Discount rate 4.8 % The components of lease expense were as follows: Interest on lease obligation for the nine months ended September 30, 2021 441 _____________________ (1) During the three and nine months ended September 30, 2021, the Company wrote down its right-of-use asset and recorded an impairment charge of $1.2 million on 210 West 31st Street. As of September 30, 2021, the Company had a leasehold interest expiring on 2114. Future minimum lease payments owed by the Company under the finance lease as of September 30, 2021 are as follows (in thousands): October 1, 2021 through December 31, 2021 $ 90 2022 360 2023 360 2024 360 2025 393 Thereafter 52,563 Total expected minimum lease obligations 54,126 Less: Amount representing interest (1) (44,787) Present value of net minimum lease payments (2) $ 9,339 _____________________ (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. On July 6, 2021, the SBA approved the Company’s application for forgiveness of the Springmaid Beach Resort PPP note of $1.3 million. As of September 30, 2021 and December 31, 2020, the PPP notes balance was $2.4 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 September 30, 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 and collectability assessments on operating lease receivables. While our current analyses did not result in any material adjustments to amounts as of and during the nine months ended September 30, 2021, circumstances related to the COVID-19 pandemic may result in recording impairments, lease modifications and changes to collectability assessments in future periods. Legal Matters

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Richardson Acquisition On November 22, 2011, the Company, through an indirect wholly owned subsidiary, and JP-Richardson, LLC, an affiliate of JP Realty Partners, LTD., entered into an agreement to form a joint venture (the “Richardson Joint Venture”), and on November 23, 2011, the Richardson Joint Venture acquired a portfolio of office buildings and undeveloped land in Richardson, Texas (the “Richardson Portfolio”). On October 18, 2021, the Company purchased the 10% minority interest in the Richardson Joint Venture, for $4.0 million from JP-Richardson, LLC. As of the date of purchase, the Richardson Portfolio consisted of four office buildings and 14 acres of undeveloped land. Subsequent to the purchase, the Company owned 100% of the Richardson Joint Venture. Bond Offerings Subsequent to September 30, 2021, the Company issued additional Series B Debentures in the amount of 536.4 million Israeli new Shekels par value through a public offering. The public offering Series B Debentures were issued at a 2.6% discount resulting in a total consideration of 522.4 million Israeli new Shekels ($166.8 million as of November 1, 2021). Additionally, the Company also issued 53.6 million Israeli new Shekels par value through a private offering. The private offering Series B Debentures were issued at a 3.1% discount resulting in a total consideration of 52.0 million Israeli new Shekels ($16.6 million as of November 1, 2021). The additional Series B Debentures have an equal level of security, pari passu, amongst themselves and between them and the initial Series B Debentures, which were initially issued, without any right of precedence or preference between any of them. The Series B Debentures were issued with the intent of using the proceeds and available cash on hand to payoff the outstanding Series A Debentures. Notes Payable Refinancing On October 7, 2021, the Company refinanced the Madison Square Mortgage Loan with a mortgage loan from an unaffiliated lender (the “Refinancing”) for borrowings up to $27.0 million. At closing, $17.5 million of the loan was funded and the remaining $9.5 million was available for future disbursements, subject to certain terms and conditions contained in the loan documents. The Refinancing is interest only with a fixed interest rate of 4.625% and has a maturity date of October 7, 2024. In connection with the execution of the Refinancing, Pacific Oak SOR Properties, LLC, a wholly owned subsidiary, is providing an unconditional guarantee and will be held liable, as a primary obligor for our obligations under the Refinancing.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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. Liquidity The Company generally finances its real estate investments using notes payable that are typically structured as non-recourse secured mortgages with maturities of approximately three
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 nine months ended September 30, 2021, the Company had redeemed $29.6 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 September 2021 redemption date, except for 13,913,664 shares totaling $128.0 million due to the limitations under the share redemption program. The Company recorded $3.4 million and $0.9 million of redeemable common stock payable on the Company’s balance sheet as of September 30, 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 has $3.2 million 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.
Reclassifications	Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of the prior period. During the nine months ended September 30, 2021, the Company sold one office property. As a result, certain assets and liabilities were reclassified as held for sale on the consolidated balance sheets for the prior period.
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 Pacific Oak Residential Trust, Inc. (“PORT”) Series A convertible redeemable preferred shares are not included as the preferred shares are convertible contingent on the common stock of PORT being publicly traded. If PORT common stock becomes publicly traded, the per-share earnings of PORT will be included in the Company’s EPS computations based on the consolidated holdings of PORT. The Company’s unvested Restricted Stock have been included in the calculation of basic and diluted earnings per share for both of the three and nine months ended September 30, 2021 and 2020, as the restriction is not contingent on any conditions except the passage of time.
Square Footage, Occupancy and Other Measures	Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Recently Issued Accounting Standards Updates	In 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 nine months ended September 30, 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 September 30, 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)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of Real Estate Investments	The following table summarizes the Company’s real estate held for investment as of September 30, 2021 and December 31, 2020, respectively (in thousands): September 30, 2021 December 31, 2020 Land $ 275,419 $ 288,514 Buildings and improvements 1,018,850 1,019,329 Tenant origination and absorption costs 44,527 50,881 Total real estate, cost 1,338,796 1,358,724 Accumulated depreciation and amortization (119,265) (85,940) Total real estate, net $ 1,219,531 $ 1,272,784
Schedule of Future Minimum Rental Income for Company's Properties	As of September 30, 2021, the future minimum rental income from the Company’s properties, excluding apartment leases and single-family homes, under non-cancelable operating leases was as follows (in thousands): October 1, 2021 through December 31, 2021 $ 16,095 2022 61,448 2023 53,140 2024 45,750 2025 35,726 Thereafter 86,512 $ 298,671
Schedule of Real Estate by Industry	The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Computer Systems Design 30 $ 7,080 10.9 % Professional, Scientific, and Technical Services 42 7,078 10.9 % Public Administration 11 6,959 10.7 % Insurance Carriers and Related Activities 16 6,801 10.5 % Health Care and Social Assistance 25 6,799 10.5 % $ 34,717 53.5 %
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 and nine months ended September 30, 2021 (in thousands): Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Hotel revenues: Room $ 9,396 $ 18,508 Food, beverage and convention services 1,452 2,830 Campground 280 792 Other 1,025 2,448 Hotel revenues $ 12,153 $ 24,578 Hotel expenses: Room $ 1,681 $ 3,992 Food, beverage and convention services 946 2,063 General and administrative 752 1,955 Sales and marketing 1,018 2,230 Repairs and maintenance 557 1,551 Utilities 333 824 Property taxes and insurance 566 1,600 Other 630 1,500 Hotel expenses $ 6,483 $ 15,715
Schedule of Contract Liability	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 (discussed below) 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 September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Contract liability $ 6,551 $ 3,369 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 142 $ —

TENANT ORIGINATION AND ABSORP_2

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Cost $ 44,527 $ 50,881 $ 4,138 $ 4,159 $ (6,718) $ (7,679) Accumulated Amortization (19,107) (13,491) (1,403) (1,002) 2,282 1,882 Net Amount $ 25,420 $ 37,390 $ 2,735 $ 3,157 $ (4,436) $ (5,797)
Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities	Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Three Months Ended September 30, For the Three Months Ended September 30, For the Three Months Ended September 30, 2021 2020 2021 2020 2021 2020 Amortization $ (3,253) $ (1,625) $ (94) $ (74) $ 388 $ 194 Tenant Origination and Above-Market Below-Market For the Nine Months Ended September 30, For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 Amortization $ (12,397) $ (4,965) $ (421) $ (241) $ 1,436 $ 676

REAL ESTATE EQUITY SECURITIES (

REAL ESTATE EQUITY SECURITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 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 $ 50,370 64,165,352 $ 44,274 Franklin Street Properties Corp. 6,915,089 32,086 6,915,089 30,219 Plymouth Industrial REIT, Inc. 613,085 13,947 1,560,660 23,410 71,693,526 $ 96,403 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 and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net (loss) gain recognized during the period on real estate equity securities $ (2,614) $ (6,527) $ 12,939 $ (21,620) Less net gain recognized during the period on real estate equity securities sold during the period — — (225) (711) Unrealized (loss) gain recognized during the reporting period on real estate equity securities held at the end of the period $ (2,614) $ (6,527) $ 12,714 $ (22,331)

REAL ESTATE HELD FOR SALE (Tabl

REAL ESTATE HELD FOR SALE (Tables)	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets and Liabilities of Real Estate Held-for-Sale	The following summary presents the major components of assets and liabilities related to real estate held for sale as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Assets related to real estate held for sale Real estate, cost $ — $ 158,711 Accumulated depreciation and amortization — (18,472) Real estate, net — 140,239 Other assets — 5,680 Total assets related to real estate held for sale $ — $ 145,919 Liabilities related to real estate held for sale Note payable, net — 94,097 Other liabilities — 669 Total liabilities related to real estate held for sale $ — $ 94,766
Schedule of Revenue and Expenses of Real Estate Held-for-Sale	The following table summarizes certain revenue and expenses related to these properties for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues Rental income $ 1,085 $ 3,318 $ 8,660 $ 9,998 Other operating income 51 265 520 792 Total revenues $ 1,136 $ 3,583 $ 9,180 $ 10,790 Expenses Operating, maintenance, and management $ 363 $ 1,004 $ 2,096 $ 2,855 Real estate taxes and insurance 95 389 979 1,258 Asset management fees to affiliate 194 305 807 907 Depreciation and amortization 14 1,769 2,436 5,342 Interest expense 152 518 1,146 1,953 Total expenses $ 818 $ 3,985 $ 7,464 $ 12,315

NOTES AND BONDS PAYABLE (Tables

NOTES AND BONDS PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2021
Notes and Bonds Payable [Abstract]
Schedule of Long-term Debt Instruments	As of September 30, 2021 and December 31, 2020, the Company’s notes and bonds payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands): Book Value as of Book Value as of Contractual Interest Rate as of September 30, 2021 Effective Interest Rate at September 30, 2021 (1) Payment Type (2) Maturity Date (3) Richardson Portfolio Mortgage Loan $ 28,685 $ 35,832 One-Month LIBOR + 2.50% 2.58% Principal & Interest 11/01/2021 (4) Park Centre Mortgage Loan 26,185 26,185 One-Month LIBOR + 1.75% 1.83% Interest Only 06/27/2022 1180 Raymond Mortgage Loan (5) 29,548 29,848 One-Month LIBOR + 2.50% (6) 3.50% Principal & Interest 12/01/2021 1180 Raymond Bond Payable 5,705 5,870 6.50% 6.50% Principal & Interest 09/01/2036 Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures (7) 197,901 181,198 4.25% 4.25% (7) 03/01/2023 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures (7) 78,794 79,078 3.93% 3.93% (7) 01/31/2026 Crown Pointe Mortgage Loan (5) 52,508 53,072 One-Month LIBOR + 2.60% 2.70% Principal & Interest 02/13/2022 City Tower Mortgage Loan — 94,167 (8) (8) (8) (8) The Marq Mortgage Loan 62,066 62,257 One-Month LIBOR + 1.55% 1.63% Interest Only 06/06/2022 Eight & Nine Corporate Centre Mortgage Loan 48,695 47,066 One-Month LIBOR + 1.60% 1.68% Principal & Interest 06/08/2022 Georgia 400 Center Mortgage Loan 61,154 59,690 One-Month LIBOR + 1.55% 1.63% Interest Only 05/22/2023 PORT Mortgage Loan 1 51,302 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 (9) — 12,000 (9) (8) (8) (8) Battery Point Trust Mortgage Loan (9) — 38,608 (8) (8) (8) (8) MetLife Loan (9) 60,000 — 3.90% 3.90% Interest Only 04/10/2026 Springmaid Beach Resort Mortgage Loan 55,839 57,015 One-month LIBOR + 2.25% (10) 5.75% Principal & Interest 08/12/2022 Q&C Hotel Mortgage Loan 25,000 25,000 One-month LIBOR + 2.50% (11) 4.50% Principal & Interest 12/23/2022 Lincoln Court Mortgage Loan (5) 34,723 34,416 One-month LIBOR + 1.75% 1.83% Principal & Interest 12/01/2021 Lofts at NoHo Commons Mortgage Loan 74,536 74,536 One-month LIBOR + 2.18% (12) 3.93% Interest Only 09/09/2022 210 West 31st Street Mortgage Loan (5) 10,275 15,050 One-month LIBOR + 3.00% 3.08% Principal & Interest 06/16/2022 Oakland City Center Mortgage Loan 96,404 96,782 One-month LIBOR + 1.75% 1.83% Principal & Interest 09/01/2022 Madison Square Mortgage Loan (13) 20,891 16,822 One-month LIBOR + 4.05% 5.05% Interest Only 10/09/2021 Total Notes and Bonds Payable principal outstanding 1,030,734 1,106,377 Discount on Notes and Bonds Payable, net (14) (2,249) (2,851) Deferred financing costs, net (4,707) (4,458) Total Notes and Bonds Payable, net $ 1,023,778 $ 1,099,068 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2021. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2021 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at September 30, 2021, where applicable. (2) Represents the payment type required under the loan as of September 30, 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 September 30, 2021; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. (4) Subsequent to September 30, 2021, the Company extended the maturity of the Richardson Portfolio Mortgage Loan to November 1, 2022. (5) 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 September 30, 2021, the guaranteed amount in the aggregate was $39.5 million. (6) This mortgage loan has a LIBOR floor of 1%. (7) See “ – Israeli Bond Financings” below. (8) On July 27, 2021, in connection with the disposition of City Tower, the Company repaid the $98.1 million outstanding principal balance due under the City Tower Mortgage Loan. (9) On April 6, 2021, the Company refinanced the PORT Mortgage Loan 3 and the Battery Point Trust Mortgage Loan with a mortgage loan from MetLife for borrowings up to $60.0 million. (10) The interest rate is variable at the higher of one-month LIBOR + 2.25% or 5.77%. (11) 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. (12) The LIBOR rate is variable at the higher of one-month LIBOR or 1.75%. (13) On October 7, 2021, the Company refinanced the Madison Square Mortgage Loan with a mortgage loan from an unaffiliated lender for borrowings up to $27.0 million. The new loan matures on October 7, 2024 and has a fixed interest rate of 4.625%. See Note 17, “Subsequent Events” for a further discussion. (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 September 30, 2021 (in thousands): October 1, 2021 through December 31, 2021 $ 116,538 2022 548,061 2023 160,359 2024 26,535 2025 77,858 Thereafter 101,383 $ 1,030,734

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table summarizes the notional amount and other information related to the Company’s foreign currency collars as of September 30, 2021 and December 31, 2020. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (currency in thousands): September 30, 2021 December 31, 2020 Strike Price Trade Date Maturity Date Derivative Instruments Number of Instruments Notional Amount Number of Instruments Notional Amount Derivative instruments not designated as hedging instruments Foreign currency collar 1 194,045 ILS — — 3.16 - 3.29 ILS - USD 06/14/2021 11/22/2021 Derivative Instrument Effective Date Maturity Date Notional Value Reference Rate 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 09/15/2021 09/15/2022 $ 75,950 One-month LIBOR at 3.50% 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 September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 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 4 $ 2 7 $ 1 Foreign currency collar Other liabilities 1 $ (44) — $ —

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020, which carrying amounts do not approximate the fair values (in thousands): September 30, 2021 December 31, 2020 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes and bond payable $ 754,039 $ 751,064 $ 752,417 $ 846,101 $ 842,112 $ 846,608 Financial liabilities (Level 1): Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures $ 197,901 $ 195,428 $ 197,437 $ 181,198 $ 179,786 $ 178,450 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures $ 78,794 $ 77,286 $ 76,899 $ 79,078 $ 77,170 $ 69,433
Fair Value, Assets Measured on Recurring Basis	As of September 30, 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 $ 96,403 $ 96,403 $ — $ — Asset derivative - interest rate caps $ 2 $ — $ 2 $ — Liability derivative - foreign currency collar $ (44) $ — $ (44) $ — 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 $ 96,403 $ 96,403 $ — $ — Asset derivative - interest rate caps $ 2 $ — $ 2 $ — As of September 30, 2021, the Company measured the following assets at fair value on a nonrecurring basis (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Nonrecurring Basis: Impaired real estate $ 97,600 $ — $ — $ 97,600 Impaired goodwill $ 13,534 $ — $ — $ 13,534
Schedule of Goodwill	Balance as of December 31, 2020 $ 16,342 Impairment loss (2,808) Balance as of September 30, 2021 $ 13,534

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2021 and 2020, respectively, and any related amounts payable as of September 30, 2021 and December 31, 2020 (in thousands): Incurred Payable as of Three Months Ended September 30, Nine Months Ended September 30, September 30, 2021 December 31, 2020 Expensed 2021 2020 2021 2020 Asset management fees $ 3,422 $ 2,426 $ 10,802 $ 6,867 $ 2,132 $ 2,837 Property management fees (1) 119 114 362 114 — — Reimbursable operating expenses (2) — 56 — 148 — — Disposition fees (3) 692 — 1,196 — — — Change in subordinated performance fee due upon termination to affiliate (4) 1,545 (1,121) 1,745 (814) (3) (3) Capitalized Acquisition fees on real estate equity securities — — — 122 — 5 Acquisition fees on real estate (5) — — 20 171 20 — Acquisition fee on investment in unconsolidated entities — — 45 — — — $ 5,778 $ 1,475 $ 14,170 $ 6,608 $ 2,152 $ 2,842 _____________________ (1) Property management fees are for single-family homes under PORT 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 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) Disposition fees with respect to real estate sold are included in the gain on sale of real estate in the accompanying consolidated statements of operations. (4) Change in the fair value of the Restricted Stock related 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. (5) 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)	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Joint Ventures	As of September 30, 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 September 30, 2021 Investment Balance at Joint Venture Location Ownership % September 30, 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% 50,769 49,665 Pacific Oak Opportunity Zone Fund I 3 Various N/A 27,638 24,996 PORT II OP LP 117 Various 89.7% 5,447 5,005 $ 83,854 $ 79,666 Summarized financial information for the 110 William Joint Venture follows (in thousands): September 30, 2021 December 31, 2020 Assets: Real estate assets, net of accumulated depreciation and amortization $ 232,201 $ 246,166 Other assets 34,200 44,004 Total assets $ 266,401 $ 290,170 Liabilities and equity: Notes payable, net $ 318,280 $ 316,421 Other liabilities 3,003 5,532 Partners’ deficit (54,882) (31,783) Total liabilities and equity $ 266,401 $ 290,170 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues $ 5,729 $ 10,005 $ 18,721 $ 26,604 Expenses: Operating, maintenance, and management 2,359 2,096 6,212 5,994 Real estate taxes and insurance 1,698 1,935 5,588 5,580 Depreciation and amortization 2,962 3,139 19,071 8,721 Interest expense 3,548 4,125 10,986 12,093 Total expenses 10,567 11,295 41,857 32,388 Total other income 11 12 35 50 Net loss $ (4,827) $ (1,278) $ (23,101) $ (5,734) Company’s share of net loss (1) $ (2,896) $ (767) $ (13,861) $ (3,440) _____________________ (1) The Company suspended the equity method of accounting and did not record the Company's share of losses for both of the three and nine months ended September 30, 2021 and 2020. Summarized financial information for the 353 Sacramento Joint Venture follows (in thousands): September 30, 2021 December 31, 2020 Assets: Real estate assets, net of accumulated depreciation and amortization $ 178,874 $ 182,318 Other assets 27,539 19,810 Total assets $ 206,413 $ 202,128 Liabilities and equity: Notes payable, net $ 110,000 $ 109,783 Other liabilities 6,335 7,639 Partners’ capital 90,078 84,706 Total liabilities and equity $ 206,413 $ 202,128 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues $ 3,373 $ 5,520 $ 13,252 $ 15,771 Expenses: Operating, maintenance, and management 862 932 2,490 2,450 Real estate taxes and insurance 848 755 2,768 2,235 Depreciation and amortization 1,850 1,894 5,574 5,135 Interest expense 960 948 2,700 3,290 Total expenses 4,520 4,529 13,532 13,110 Net income $ (1,147) $ 991 (280) $ 2,661 Company’s equity in (loss) income of unconsolidated joint venture $ (592) $ 583 $ (40) $ 1,576

SUPPLEMENTAL CASH FLOW AND SI_2

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 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): Nine Months Ended September 30, 2021 2020 Supplemental Disclosure of Cash Flow Information: Interest paid, net of capitalized interest of $1,579 and $2,368 for the nine months ended September 30, 2021 and 2020, respectively $ 29,220 $ 18,945 Supplemental Disclosure of Significant Noncash Transactions: Accrued improvements to real estate 1,721 2,393 Redeemable common stock payable 3,385 262 Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan — 262 Accrued preferred dividends 225 226 PPP notes forgiveness 1,500 — Assets and liabilities assumed in connection with Battery Point acquisition: Real estate — 56,148 Notes payable — 36,003 Other assets — 21 Other liabilities — 355 Redeemable non-controlling interest — 3,024 Series A-3 preferred units payable — 16,000

REPORTING SEGMENTS (Tables)

REPORTING SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The selected financial information for reporting segments for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands): Three Months Ended September 30, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 28,050 $ 5,566 $ 12,153 $ 45,769 Total expenses (52,891) (6,398) (8,948) (68,237) Total other (loss) income (4,435) 81 1,276 (3,078) Net (loss) income $ (29,276) $ (751) $ 4,481 $ (25,546) Nine Months Ended September 30, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 88,187 $ 16,436 $ 24,578 $ 129,201 Total expenses (128,418) (19,581) (22,924) (170,923) Total other income 42,527 159 1,289 43,975 Net income (loss) $ 2,296 $ (2,986) $ 2,943 $ 2,253 Three Months Ended September 30, 2020 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 22,548 $ 5,197 $ — $ 27,745 Total expenses (26,285) (5,969) — (32,254) Total other (loss) income (2,863) 4 — (2,859) Net loss $ (6,600) $ (768) $ — $ (7,368) Nine Months Ended September 30, 2020 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 64,752 $ 11,117 $ — $ 75,869 Total expenses (66,928) (13,203) — (80,131) Total other (loss) income (16,939) 54 — (16,885) Net loss $ (19,115) $ (2,032) $ — $ (21,147) Total assets and goodwill related to the reporting segments as of September 30, 2021 and December 31, 2020 are as follows (in thousands): September 30, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total assets $ 1,274,093 $ 202,349 $ 152,686 $ 1,629,128 Goodwill (1) 9,489 — 4,045 13,534 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 _____________________ (1) During the three and nine months ended September 30, 2021, the Company recorded impairment charges on goodwill of $2.8 million related to the Strategic Opportunistic Properties segment.

PORT MEZZANINE EQUITY (Tables)

PORT MEZZANINE EQUITY (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Stock by Class	The following is a reconciliation of PORT’s noncontrolling cumulative convertible redeemable preferred stock for the nine months ended September 30, 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 — 636 — 8 Dividends Paid — (636) — (8) Balance, September 30, 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 — 781 — 7 Dividends Paid — (556) — (7) Balance, September 30, 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 nine months ended September 30, 2021 (in thousands): December 31, 2020 $ 2,968 Net loss attributable to redeemable noncontrolling interest (113) September 30, 2021 $ 2,855

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Cost	As of September 30, 2021, the Company’s lease and rights to a leasehold interest with respect to 210 West 31st Street, an office/retail building in New York, NY, 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) (1) $ 8,074 Lease obligation (included in other liabilities) 9,339 Remaining lease term 92.5 Discount rate 4.8 % The components of lease expense were as follows: Interest on lease obligation for the nine months ended September 30, 2021 441 _____________________ (1) During the three and nine months ended September 30, 2021, the Company wrote down its right-of-use asset and recorded an impairment charge of $1.2 million on 210 West 31st Street.
Schedule of Finance Lease, Liability, Fiscal Year Maturity	As of September 30, 2021, the Company had a leasehold interest expiring on 2114. Future minimum lease payments owed by the Company under the finance lease as of September 30, 2021 are as follows (in thousands): October 1, 2021 through December 31, 2021 $ 90 2022 360 2023 360 2024 360 2025 393 Thereafter 52,563 Total expected minimum lease obligations 54,126 Less: Amount representing interest (1) (44,787) Present value of net minimum lease payments (2) $ 9,339 _____________________ (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)	Sep. 01, 2021USD ($)shares	Mar. 04, 2021USD ($)	Mar. 04, 2021ILS (₪)	Oct. 05, 2020$ / sharesshares	Mar. 27, 2020shares	Feb. 16, 2020USD ($)	Jan. 22, 2020USD ($)	Nov. 01, 2019	Mar. 08, 2016ILS (₪)	Mar. 08, 2016USD ($)	Mar. 08, 2016ILS (₪)	Mar. 07, 2016ILS (₪)	Mar. 01, 2016ILS (₪)	Sep. 30, 2021USD ($)apropertyinvestmentportfoliounit$ / sharesshares	Sep. 30, 2020USD ($)shares	Sep. 30, 2021USD ($)apropertyinvestmentportfoliounit$ / sharesshares	Sep. 30, 2020USD ($)shares	Nov. 14, 2012USD ($)shares	Sep. 30, 2021USD ($)apropertyinvestmentportfoliounit$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Feb. 19, 2020USD ($)propertyinstrumentinvestment	Feb. 16, 2020ILS (₪)	Mar. 02, 2016ILS (₪)	Dec. 18, 2015shares	Oct. 23, 2012USD ($)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	1,000,000,000
Common stock, shares issued (in shares)														94,264,402		94,264,402			94,264,402	98,054,582					55,249	220,994
Period of termination of advisory agreement without cause or penalty								60 days
Common stock, par value (in dollars per share) | $ / shares														$ 0.01		$ 0.01			$ 0.01	$ 0.01
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 | $														$ 28,117,000	$ 6,000	$ 29,552,000	830,000		317,300,000
Common stock, value, issued | $														$ 942,000		$ 942,000			$ 942,000	$ 979,000					$ 500,000	$ 2,000,000
Preferred stock, shares issued (in shares)														0		0			0	0
Number of investments in unconsolidated joint venture | investment														4		4			4
Number of investments in equity securities | investment														3		3			3
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01										$ 0.01		$ 0.01			$ 0.01	$ 0.01
Conversion of stock, shares issued (in shares)				28,973,905
Real estate loans acquired | $														$ 0	$ 56,148,000	$ 0	$ 56,148,000		$ 0
POSOR II
Organizational Structure [Line Items]
Number of investments in unconsolidated joint venture | instrument																					2
Number of investments in equity securities | investment																					2
Number of investments in consolidated joint venture | instrument																					1
Real estate loans acquired | $																					$ 331,800,000
Office Properties
Organizational Structure [Line Items]
Number of real estate properties consolidated | property														8		8			8
Number of real estate properties | property														8		8			8
Office Properties | POSOR II
Organizational Structure [Line Items]
Number of real estate properties consolidated | property																					3
Office Portfolio
Organizational Structure [Line Items]
Number of real estate properties consolidated | portfolio														1		1			1
Office Buildings, Portfolio
Organizational Structure [Line Items]
Number of real estate properties consolidated | property														4		4			4
Undeveloped Land, Portfolio
Organizational Structure [Line Items]
Real estate area of undeveloped land | a														14		14			14
Apartment Property
Organizational Structure [Line Items]
Number of real estate properties consolidated | property														2		2			2
Apartment Property | POSOR II
Organizational Structure [Line Items]
Number of real estate properties consolidated | property																					1
Undeveloped Land
Organizational Structure [Line Items]
Real estate area of undeveloped land | a														800		800			800
Number of investments in real estate | investment														3		3			3
Residential Home Portfolio
Organizational Structure [Line Items]
Number of real estate properties | portfolio														1		1			1
Number of units in real estate property | unit														1,806		1,806			1,806
Hotel
Organizational Structure [Line Items]
Number of real estate properties | property														2		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			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						₪ 970,200,000	$ 249,200,000	₪ 970,200,000	₪ 127,700,000	₪ 842,500,000
Contractual Interest Rate																							4.25%
Series B Debentures | Bonds Payable
Organizational Structure [Line Items]
Maximum borrowing capacity						$ 74,100,000																₪ 254,100,000
Contractual interest rate, percentage						3.93%																3.93%
Contractual Interest Rate						3.93%																3.93%
Principal of installment payments as percent of face amount						33.33%
Percent of discount at issuance			1.90%
Restricted Stock
Organizational Structure [Line Items]
Number of shares purchased (in shares)	584,267
Stock repurchased during period | $	$ 5,655,705
Special Dividends
Organizational Structure [Line Items]
Common stock, shares issued (in shares)														25,976,746		25,976,746			25,976,746
Maximum | Series A Debentures | Bonds Payable
Organizational Structure [Line Items]
Contractual interest rate, percentage																							4.25%
Contractual Interest Rate																							4.25%
Common Stock
Organizational Structure [Line Items]
Shares registered in primary offering (in shares)																											100,000,000
Shares registered for sale under dividend reinvestment plan (in shares)																											40,000,000
Issuance of common stock (in shares)																	24,645	56,584,976
Shares of common stock sold under dividend reinvestment plan, (in shares)																			6,851,969
Redemptions of common stock (in shares)														3,641,866	601	3,790,180	78,131		27,247,458
Redemptions of common stock | $														$ 37,000		$ 37,000
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 | $							$ 1,000,000,000
POSOR II
Organizational Structure [Line Items]
Merger, common stock conversion ratio				96.43%
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01
KBS Capital Advisors LLC
Organizational Structure [Line Items]
Preferred stock, shares issued (in shares)					3,411,737
KBS Capital Advisors LLC | Restricted Stock
Organizational Structure [Line Items]
Issuance of common stock (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
GKP Holding LLC | Restricted Stock
Organizational Structure [Line Items]
Number of shares transferred (in shares)	2,254,289

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Common Stock and Reclassification (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		142 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock	$ 28,117	$ 6	$ 29,552	$ 830	$ 317,300
Number of shares non-redeemable due to limitation (in shares)			13,913,664
Other liabilities	43,994		$ 43,994		43,994	$ 34,734
Remaining authorized repurchase amount	3,200		3,200		3,200
Unfulfilled Redemption Request
Summary of Significant Accounting Policies [Line Items]
Other liabilities	3,400		3,400		$ 3,400	$ 900
Common Stock
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock	$ 37		37
Number of shares non-redeemable due to limitation			128,000
Common Stock | Share Redemption Program
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock			$ 29,600

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)propertysegment$ / shares	Sep. 30, 2020$ / shares	Mar. 31, 2020$ / shares	Sep. 30, 2021USD ($)property	Sep. 30, 2021USD ($)propertysegment	Sep. 30, 2021USD ($)marketproperty	Sep. 30, 2021USD ($)property$ / shares	Sep. 30, 2020$ / shares	Nov. 12, 2021USD ($)
Segment Reporting Information [Line Items]
Distributions declared per common share (in dollars per share) | $ / shares	$ 0	$ 0	$ 0.0086				$ 0	$ 0
Debt obligations, next twelve months | $	$ 548,061			$ 548,061	$ 548,061	$ 548,061	$ 548,061
Number of reportable segments	3			3	3
Disposed of by Sale
Segment Reporting Information [Line Items]
Number of real estate properties disposed				0
Office Properties
Segment Reporting Information [Line Items]
Number of real estate properties	8			8	8	8	8
Office Properties | Disposed of by Sale
Segment Reporting Information [Line Items]
Number of real estate properties disposed				1
Hotel
Segment Reporting Information [Line Items]
Number of real estate properties	2			2	2	2	2
Subsequent Event
Segment Reporting Information [Line Items]
Debt obligations, next twelve months | $									$ 518,000
Mortgages | Minimum
Segment Reporting Information [Line Items]
Long-term debt, term	3 years			3 years	3 years	3 years	3 years
Mortgages | Maximum
Segment Reporting Information [Line Items]
Long-term debt, term	5 years			5 years	5 years	5 years	5 years
Single-Family Homes
Segment Reporting Information [Line Items]
Number of reportable segments | segment					1
Single family home markets | market						17
Hotels
Segment Reporting Information [Line Items]
Number of reportable segments | segment					1

REAL ESTATE HELD FOR INVESTME_3

REAL ESTATE HELD FOR INVESTMENT - Additional Information (Details) ft² in Millions	Sep. 30, 2021aft²propertyportfolioinvestmentunitroom
Real Estate Properties [Line Items]
Percentage of portfolio occupied	73.00%
Office Properties
Real Estate Properties [Line Items]
Number of real estate properties	8
Number of real estate properties consolidated	8
Office Portfolio
Real Estate Properties [Line Items]
Number of real estate properties consolidated | portfolio	1
Office Buildings, Portfolio
Real Estate Properties [Line Items]
Number of real estate properties consolidated	4
Undeveloped Land, Portfolio
Real Estate Properties [Line Items]
Real estate area of undeveloped land | a	14
Rentable square feet | ft²	3.3
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	1,806
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	96.00%
Number of units in real estate property | unit	609
Hotel
Real Estate Properties [Line Items]
Number of real estate properties	2
Number of rooms | room	649
Undeveloped Land
Real Estate Properties [Line Items]
Real estate area of undeveloped land | a	800
Number of investments in real estate | investment	3
Office/ Retail Property
Real Estate Properties [Line Items]
Number of real estate properties	1

REAL ESTATE HELD FOR INVESTME_4

REAL ESTATE HELD FOR INVESTMENT - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Total real estate, cost	$ 1,338,796	$ 1,358,724
Accumulated depreciation and amortization	(119,265)	(85,940)
Total real estate, net	1,219,531	1,272,784
Land
Real Estate Properties [Line Items]
Total real estate, cost	275,419	288,514
Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost	1,018,850	1,019,329
Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost	$ 44,527	$ 50,881

REAL ESTATE HELD FOR INVESTME_5

REAL ESTATE HELD FOR INVESTMENT - Operating Leases, Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)tenant	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)tenant	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Operating Leased Assets [Line Items]
Recognition of deferred revenue, net of discontinued operations	$ 400	$ 900	$ 1,500	$ 2,600
Deferred rent receivables	15,700		15,700		$ 15,500
Incentive to lessee	$ 3,100		$ 3,100		4,200
Number of tenants | tenant	300		300
Adjustments to rental income	$ 800	$ 400	$ 2,500	$ 1,100
Other liabilities
Operating Leased Assets [Line Items]
Security deposit liability	$ 6,000		$ 6,000		$ 5,700
Maximum
Operating Leased Assets [Line Items]
Operating lease, term	15 years 6 months		15 years 6 months
Weighted Average
Operating Leased Assets [Line Items]
Operating lease, term	4 years 6 months		4 years 6 months
Apartment Building
Operating Leased Assets [Line Items]
Operating lease, term	1 year		1 year

REAL ESTATE HELD FOR INVESTME_6

REAL ESTATE HELD FOR INVESTMENT - Future Minimum Rental Income (Details) $ in Thousands	Sep. 30, 2021USD ($)
Real Estate [Abstract]
October 1, 2021 through December 31, 2021	$ 16,095
2022	61,448
2023	53,140
2024	45,750
2025	35,726
Thereafter	86,512
Future minimum rental income	$ 298,671

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	9 Months Ended
	Sep. 30, 2021USD ($)tenant
Concentration Risk [Line Items]
Number of tenants | tenant	300
Annualized Base Rent | $	$ 34,717
Industry | Industry | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	53.50%
Computer Systems Design
Concentration Risk [Line Items]
Number of tenants | tenant	30
Annualized Base Rent | $	$ 7,080
Computer Systems Design | Industry | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	10.90%
Professional, Scientific, and Technical Services
Concentration Risk [Line Items]
Number of tenants | tenant	42
Annualized Base Rent | $	$ 7,078
Professional, Scientific, and Technical Services | Industry | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	10.90%
Public Administration
Concentration Risk [Line Items]
Number of tenants | tenant	11
Annualized Base Rent | $	$ 6,959
Public Administration | Industry | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	10.70%
Insurance Carriers and Related Activities
Concentration Risk [Line Items]
Number of tenants | tenant	16
Annualized Base Rent | $	$ 6,801
Insurance Carriers and Related Activities | Industry | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	10.50%
Health Care and Social Assistance
Concentration Risk [Line Items]
Number of tenants | tenant	25
Annualized Base Rent | $	$ 6,799
Health Care and Social Assistance | Industry | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	10.50%

REAL ESTATE HELD FOR INVESTME_8

REAL ESTATE HELD FOR INVESTMENT - Hotel Revenue and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Hotel expenses:
General and administrative	$ 2,365	$ 1,960	$ 7,120	$ 6,302
Hotel
Revenues:
Other operating income	12,153		24,578
Hotel expenses:
Expenses	6,483		15,715
General and administrative	752		1,955
Sales and marketing	1,018		2,230
Repairs and maintenance	557		1,551
Property taxes and insurance	566		1,600
Hotel | Room
Revenues:
Other operating income	9,396		18,508
Hotel expenses:
Expenses	1,681		3,992
Hotel | Food, beverage and convention services
Revenues:
Other operating income	1,452		2,830
Hotel expenses:
Expenses	946		2,063
Hotel | Campground
Revenues:
Other operating income	280		792
Hotel | Utilities
Hotel expenses:
Expenses	333		824
Hotel | Other
Revenues:
Other operating income	1,025		2,448
Hotel expenses:
Expenses	$ 630		$ 1,500

REAL ESTATE HELD FOR INVESTME_9

REAL ESTATE HELD FOR INVESTMENT - Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Product Liability Contingency [Line Items]
Amounts included in contract liability at the beginning of the period	$ 1,529	$ 2,559
Other liabilities
Product Liability Contingency [Line Items]
Contract liability	6,551		$ 3,369
Amounts included in contract liability at the beginning of the period	$ 142		$ 0

REAL ESTATE HELD FOR INVESTM_10

REAL ESTATE HELD FOR INVESTMENT - Geographic Concentration Risk (Details)	9 Months Ended
	Sep. 30, 2021
Assets, Total | Geographic Concentration Risk | California
Concentration Risk [Line Items]
Concentration risk, percentage	21.90%

REAL ESTATE HELD FOR INVESTM_11

REAL ESTATE HELD FOR INVESTMENT - Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Real Estate Properties [Line Items]
Impairment charges on real estate	$ 10,971	$ 0	$ 10,971	$ 0
210 West 31st
Real Estate Properties [Line Items]
Impairment charges on real estate	6,600		6,600
Lincoln Court
Real Estate Properties [Line Items]
Impairment charges on real estate	$ 4,400		$ 4,400

REAL ESTATE HELD FOR INVESTM_12

REAL ESTATE HELD FOR INVESTMENT - Recent Real Estate Land Sale (Details) $ in Thousands	Jun. 03, 2021USD ($)a	Sep. 30, 2021USD ($)a	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)a	Sep. 30, 2020USD ($)
Real Estate Properties [Line Items]
Gain on sale of real estate		$ 216	$ 0	$ 31,385	$ 0
Undeveloped Land
Real Estate Properties [Line Items]
Real estate area of undeveloped land | a		800		800
Park Highlands | Undeveloped Land | Disposed of by Sale
Real Estate Properties [Line Items]
Real estate area of undeveloped land | a	193
Sale price	$ 50,400
Gain on sale of real estate	31,100
Deferred profit	$ 2,600

REAL ESTATE HELD FOR INVESTM_13

REAL ESTATE HELD FOR INVESTMENT - Recent Real Estate Sale (Details) $ in Thousands	Jul. 27, 2021USD ($)ft²	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Real Estate Properties [Line Items]
Real estate held for sale, net		$ 0		$ 0		$ 140,239
Accumulated depreciation and amortization		119,265		119,265		$ 85,940
Gain on sale of real estate		216	$ 0	31,385	$ 0
City Tower Mortgage Loan
Real Estate Properties [Line Items]
Extinguishment of debt	$ 98,100
Office Properties | City Tower
Real Estate Properties [Line Items]
Real estate held for sale, net		145,100		145,100
Accumulated depreciation and amortization		$ 20,500		$ 20,500
City Tower | Office Properties | Disposed of by Sale
Real Estate Properties [Line Items]
Net rentable area (in sq feet) | ft²	435,177
Area of land (in acres) | ft²	4.92
Consideration	$ 150,500
Accumulated depreciation and amortization	20,500
Gain on sale of real estate	$ 100

REAL ESTATE HELD FOR INVESTM_14

REAL ESTATE HELD FOR INVESTMENT - Recent Real Estate Acquisitions (Details) - Single-family Home - Single Family Home Portfolio $ in Millions	Apr. 06, 2021USD ($)property	Mar. 17, 2021USD ($)property
Business Acquisition [Line Items]
Number of real estate properties acquired | property	23	21
Purchase price | $	$ 2	$ 2.1

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 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	$ 44,527		$ 44,527		$ 50,881
Tenant Origination and Absorption Costs, Accumulated Amortization	(19,107)		(19,107)		(13,491)
Tenant Origination and Absorption Costs, Net Amount	25,420		25,420		37,390
Tenant Origination and Absorption Costs, Amortization	(3,253)	$ (1,625)	(12,397)	$ (4,965)
Above-Market Lease Assets, Cost	4,138		4,138		4,159
Above-Market Lease Assets, Accumulated Amortization	(1,403)		(1,403)		(1,002)
Above-Market Lease Assets, Net Amount	2,735		2,735		3,157
Above-Market Lease Assets, Amortization	(94)	(74)	(421)	(241)
Below-Market Lease Liabilities, Cost	(6,718)		(6,718)		(7,679)
Below-Market Lease Liabilities, Accumulated Amortization	2,282		2,282		1,882
Below-Market Lease Liabilities, Net Amount	(4,436)		(4,436)		$ (5,797)
Below-Market Lease Liabilities, Amortization	$ 388	$ 194	$ 1,436	$ 676

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Housing subsidy intangible asset	$ 1,900		$ 1,900		$ 2,000
Tax abatement asset	800		800		$ 1,600
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Depreciation and amortization	13,895	$ 9,470	$ 45,969	$ 27,417
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 1 month 6 days
Depreciation and amortization	18		$ 54
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 7 months 6 days
Depreciation and amortization	$ 200	$ 100	$ 800	$ 500

REAL ESTATE EQUITY SECURITIES -

REAL ESTATE EQUITY SECURITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Securities, Available-for-sale [Line Items]
Purchase price			$ 14,439	$ 10,964
Dividend income from real estate equity securities	$ 3,200	$ 2,800	$ 6,700	$ 4,400

REAL ESTATE EQUITY SECURITIES_2

REAL ESTATE EQUITY SECURITIES - Shares Owned (Details) - USD ($) $ in Thousands	Sep. 30, 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	$ 96,403	$ 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	$ 50,370	$ 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	$ 32,086	$ 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	$ 13,947	$ 23,410

REAL ESTATE EQUITY SECURITIES_3

REAL ESTATE EQUITY SECURITIES - Portion of Gain and Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Net (loss) gain recognized during the period on real estate equity securities	$ (2,614)	$ (6,527)	$ 12,939	$ (21,620)
Less net gain recognized during the period on real estate equity securities sold during the period	0	0	(225)	(711)
Unrealized (loss) gain recognized during the reporting period on real estate equity securities held at the end of the period	$ (2,614)	$ (6,527)	$ 12,714	$ (22,331)

REAL ESTATE HELD FOR SALE - Add

REAL ESTATE HELD FOR SALE - Additional Information (Details) $ in Thousands	Jul. 27, 2021USD ($)ft²	Sep. 30, 2021USD ($)property	Dec. 31, 2020USD ($)
Real Estate Properties [Line Items]
Real estate held for investment, net		$ 1,219,531	$ 1,272,784
Accumulated depreciation and amortization		$ 119,265	$ 85,940
City Tower Mortgage Loan
Real Estate Properties [Line Items]
Extinguishment of debt	$ 98,100
Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties disposed | property		0
Office Properties | Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties disposed | property		1
Office Properties | Disposed of by Sale | City Tower
Real Estate Properties [Line Items]
Net rentable area (in sq feet) | ft²	435,177
Area of land (in acres) | ft²	4.92
Consideration	$ 150,500
Real estate held for investment, net	145,100
Accumulated depreciation and amortization	20,500
Gain on disposition	$ 100

REAL ESTATE HELD FOR SALE - Ass

REAL ESTATE HELD FOR SALE - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets related to real estate held for sale
Real estate, cost	$ 0	$ 158,711
Accumulated depreciation and amortization	0	(18,472)
Real estate, net	0	140,239
Other assets	0	5,680
Total assets related to real estate held for sale	0	145,919
Liabilities related to real estate held for sale
Note payable, net	0	94,097
Other liabilities	0	669
Total liabilities related to real estate held for sale	$ 0	$ 94,766

REAL ESTATE HELD FOR SALE - Sch

REAL ESTATE HELD FOR SALE - Schedule of Certain Revenue and Expenses (Details) - Disposed of by Sale - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Rental income	$ 1,085	$ 3,318	$ 8,660	$ 9,998
Other operating income	51	265	520	792
Total revenues	1,136	3,583	9,180	10,790
Expenses
Operating, maintenance, and management	363	1,004	2,096	2,855
Real estate taxes and insurance	95	389	979	1,258
Asset management fees to affiliate	194	305	807	907
Depreciation and amortization	14	1,769	2,436	5,342
Interest expense	152	518	1,146	1,953
Total expenses	$ 818	$ 3,985	$ 7,464	$ 12,315

NOTES AND BONDS PAYABLE - Sched

NOTES AND BONDS PAYABLE - Schedule of Long-term Debt Instruments (Details) - USD ($)	Jul. 27, 2021	Sep. 30, 2021	Oct. 07, 2021	Apr. 06, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total Notes and Bonds Payable principal outstanding		$ 1,030,734,000			$ 1,106,377,000
Discount on Notes and Bonds Payable, net		(2,249,000)			(2,851,000)
Deferred financing costs, net		(4,707,000)			(4,458,000)
Notes and bonds payable, net		1,023,778,000			1,099,068,000
City Tower Mortgage Loan
Debt Instrument [Line Items]
Extinguishment of debt	$ 98,100,000
Mortgages | Richardson Portfolio Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net		$ 28,685,000			35,832,000
Interest rate, effective percentage		2.58%
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		1.83%
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		$ 29,548,000			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
Debt Instrument [Line Items]
Bonds payable		$ 5,705,000			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		$ 197,901,000			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		$ 78,794,000			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		$ 52,508,000			53,072,000
Interest rate, effective percentage		2.70%
Guarantees as percent of outstanding loan balance		25.00%
Amount under guarantees		$ 39,500,000
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		$ 0			94,167,000
Extinguishment of debt	$ 98,100,000
Mortgages | Marquette Plaza Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net		$ 62,066,000			62,257,000
Interest rate, effective percentage		1.63%
Mortgages | Marquette Plaza 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		$ 48,695,000			47,066,000
Interest rate, effective percentage		1.68%
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		1.63%
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		$ 51,302,000			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		$ 0			12,000,000
Mortgages | Battery Point Trust Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net		$ 0			38,608,000
Mortgages | Battery Point Trust Mortgage Loan | One-month LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Mortgages | MetLife Loan
Debt Instrument [Line Items]
Notes payable, net		$ 60,000,000			0
Contractual interest rate, percentage		3.90%
Interest rate, effective percentage		3.90%
Face amount				$ 60,000,000
Mortgages | Springmaid Beach Resort Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net		$ 55,839,000			57,015,000
Contractual interest rate, percentage		5.77%
Interest rate, effective percentage		5.75%
Mortgages | Springmaid Beach Resort Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Mortgages | Q and 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 and 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		$ 34,723,000			34,416,000
Interest rate, effective percentage		1.83%
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 | 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		$ 10,275,000			15,050,000
Interest rate, effective percentage		3.08%
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		$ 96,404,000			96,782,000
Interest rate, effective percentage		1.83%
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 | Subsequent Event
Debt Instrument [Line Items]
Contractual interest rate, percentage			4.625%
Face amount			$ 27,000,000
Mortgages | Madison Square Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		4.05%

NOTES AND BONDS PAYABLE - Addit

NOTES AND BONDS PAYABLE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Nov. 12, 2021	May 07, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interest expense	$ 10,092	$ 6,274	$ 30,713	$ 19,055
Amortization of deferred financing costs	800	800	2,470	2,481
Amortization of discount on bond and notes payable	500	64	1,906	14
Interest capitalized			1,579	2,368
Interest payable	3,300		3,300				$ 6,200
Debt obligations, next twelve months	548,061		548,061
Extension options of debt obligations outstanding that are scheduled to mature over the next 12 months						$ 239,800
Subsequent Event
Debt Instrument [Line Items]
Debt obligations, next twelve months					$ 518,000
Undeveloped Land
Debt Instrument [Line Items]
Interest capitalized	$ 500	$ 700	$ 1,600	$ 2,400

NOTES AND BONDS PAYABLE - Sch_2

NOTES AND BONDS PAYABLE - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Sep. 30, 2021USD ($)
Notes and Bonds Payable [Abstract]
October 1, 2021 through December 31, 2021	$ 116,538
2022	548,061
2023	160,359
2024	26,535
2025	77,858
Thereafter	101,383
Notes and bond payable outstanding	$ 1,030,734

NOTES AND BONDS PAYABLE - Israe

NOTES AND BONDS PAYABLE - Israeli 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)	Jul. 29, 2020USD ($)	Sep. 30, 2021USD ($)instrument	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)instrument	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)instrument
Derivative [Line Items]
Gain on terminated derivatives	$ 14,100,000
Foreign currency collar
Derivative [Line Items]
Gain (loss) recognized on derivatives		$ 300,000	$ 2,200,000	$ (44,000,000)	$ 14,300,000
Foreign currency transaction gain (loss)		(2,600,000)	$ (2,600,000)	600,000	$ (2,000,000)
Interest Rate Cap 1
Derivative [Line Items]
Notional Amount		$ 26,200,000		$ 26,200,000
Interest Rate Cap 1 | One-month LIBOR
Derivative [Line Items]
Reference Rate		3.00%		3.00%
Interest Rate Cap 2
Derivative [Line Items]
Notional Amount		$ 47,715,000		$ 47,715,000
Interest Rate Cap 2 | One-month LIBOR
Derivative [Line Items]
Reference Rate		3.00%		3.00%
Interest Rate Cap 3
Derivative [Line Items]
Notional Amount		$ 75,950,000		$ 75,950,000
Interest Rate Cap 3 | One-month LIBOR
Derivative [Line Items]
Reference Rate		3.50%		3.50%
Interest Rate Cap 4
Derivative [Line Items]
Notional Amount		$ 51,252,000		$ 51,252,000
Interest Rate Cap 4 | One-month LIBOR
Derivative [Line Items]
Reference Rate		4.00%		4.00%
Not Designated as Hedging Instrument | Foreign currency collar
Derivative [Line Items]
Number of Instruments | instrument		1		1		0
Notional Amount		$ 194,045		$ 194,045		$ 0
Not Designated as Hedging Instrument | Foreign currency collar | Other liabilities
Derivative [Line Items]
Number of Instruments | instrument		1		1		0
Derivative Liability, Fair Value		$ (44,000)		$ (44,000)		$ 0
Not Designated as Hedging Instrument | Foreign currency collar | Minimum
Derivative [Line Items]
Exchange rate cap		3.16		3.16
Not Designated as Hedging Instrument | Foreign currency collar | Maximum
Derivative [Line Items]
Exchange rate cap		3.29		3.29
Not Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Number of Instruments | instrument		4		4
Not Designated as Hedging Instrument | Interest rate caps | Prepaid expenses and other assets
Derivative [Line Items]
Number of Instruments | instrument		4		4		7
Derivative Asset, Fair Value		$ 2,000		$ 2,000		$ 1,000

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Face Value, Carrying Amounts and Fair Value (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Face Value	$ 754,039,000	$ 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	197,901,000	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	78,794,000	79,078,000
Carrying Amount | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	751,064,000	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	195,428,000	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	77,286,000	77,170,000
Fair Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	752,417,000	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	197,437,000	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	$ 76,899,000	$ 69,433,000

FAIR VALUE DISCLOSURES - Sche_2

FAIR VALUE DISCLOSURES - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	$ 10,971	$ 0	$ 10,971	$ 0
Impaired goodwill	2,808	$ 0	2,808	$ 0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired goodwill			2,808
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	96,403		96,403		$ 96,403
Asset derivative					2
Recurring Basis | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	2		2
Recurring Basis | Foreign currency collar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivative	(44)		(44)
Recurring Basis | 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	96,403		96,403		96,403
Asset derivative					0
Recurring Basis | 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		0
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign currency collar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivative	0		0
Recurring Basis | 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		0
Asset derivative					2
Recurring Basis | Significant Other Observable Inputs (Level 2) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	2		2
Recurring Basis | Significant Other Observable Inputs (Level 2) | Foreign currency collar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivative	(44)		(44)
Recurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0		0		0
Asset derivative					$ 0
Recurring Basis | Significant Unobservable Inputs (Level 3) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	0		0
Recurring Basis | Significant Unobservable Inputs (Level 3) | Foreign currency collar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivative	$ 0		0
Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate			97,600
Impaired goodwill			13,534
Nonrecurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate			0
Impaired goodwill			0
Nonrecurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate			0
Impaired goodwill			0
Nonrecurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate			97,600
Impaired goodwill			$ 13,534

FAIR VALUE DISCLOSURES - Additi

FAIR VALUE DISCLOSURES - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)
Fair Value Disclosures [Abstract]
Number of real estate investment property with write down carrying value | property	2		2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment charges on real estate	$ 10,971	$ 0	$ 10,971	$ 0
Impairment charges on goodwill	2,808	$ 0	2,808	$ 0
POSOR II
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment charges on goodwill			2,800
Lincoln Court
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment charges on real estate	4,400		4,400
210 West 31st
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment charges on real estate	$ 6,600		$ 6,600
Discount Rate | Lincoln Court
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	7.75%		7.75%
Terminal Cap Rate | Lincoln Court
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	6.75%		6.75%

FAIR VALUE DISCLOSURES - Goodwi

FAIR VALUE DISCLOSURES - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance			$ 16,342
Impairment loss	$ (2,808)	$ 0	(2,808)	$ 0
Ending balance	13,534		13,534
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance			16,342
Impairment loss			(2,808)
Ending balance	$ 13,534		13,534
Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss			(13,534)
Nonrecurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss			$ (13,534)

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - shares	Nov. 01, 2019	Sep. 30, 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 ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Payable as of	$ 2,152		$ 2,152		$ 2,842
Pacific Oak Capital Advisors LLC
Related Party Transaction [Line Items]
Capitalized	5,778	$ 1,475	14,170	$ 6,608
Payable as of	2,152		2,152		2,842
Pacific Oak Capital Advisors LLC | Asset management fees
Related Party Transaction [Line Items]
Expensed	3,422	2,426	10,802	6,867
Payable as of	2,132		2,132		2,837
Pacific Oak Capital Advisors LLC | Property management fee
Related Party Transaction [Line Items]
Expensed	119	114	362	114
Payable as of	0		0		0
Pacific Oak Capital Advisors LLC | Reimbursable operating expenses
Related Party Transaction [Line Items]
Expensed	0	56	0	148
Payable as of	0		0		0
Pacific Oak Capital Advisors LLC | Disposition fees
Related Party Transaction [Line Items]
Expensed	692	0	1,196	0
Payable as of	0		0		0
Pacific Oak Capital Advisors LLC | Subordinated performance fee due upon termination to affiliate
Related Party Transaction [Line Items]
Capitalized	1,545	(1,121)	1,745	(814)
Pacific Oak Capital Advisors LLC | Acquisition fees on real estate equity securities
Related Party Transaction [Line Items]
Capitalized	0	0	0	122
Payable as of	0		0		5
Pacific Oak Capital Advisors LLC | Acquisition fees on real estate
Related Party Transaction [Line Items]
Capitalized	0	0	20	171
Payable as of	20		20		0
Pacific Oak Capital Advisors LLC | Acquisition fee on investment in unconsolidated entities
Related Party Transaction [Line Items]
Capitalized	0	$ 0	45	$ 0
Payable as of	$ 0		$ 0		$ 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	9 Months Ended
	Sep. 30, 2021USD ($)unit	Sep. 30, 2021USD ($)unit	Dec. 31, 2020USD ($)unit	Dec. 31, 2019USD ($)unit	Sep. 30, 2019unit
Schedule of Equity Method Investments [Line Items]
Number of units in real estate property | unit	124	124	7	91	13
Investments				$ 27,600
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%	0.25%
Financing fee as percent of original principal amount of any indebtedness	0.50%	0.50%
Waived asset management fees	$ 200	$ 500
Asset management fees receivable	$ 700	$ 700
POSOR II Merger
Schedule of Equity Method Investments [Line Items]
Number of units in real estate property | unit			13
Investments, fair value			$ 3,000

RELATED PARTY TRANSACTIONS - PO

RELATED PARTY TRANSACTIONS - PORT II (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Sep. 30, 2021	Dec. 31, 2019
PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments		$ 5,500
Insufficient fund fees, percent	50.00%
Application fee collected, percent	100.00%
Ownership %		89.70%
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	$ 50,000
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	$ 75,000
PORT II OP LP | Tier 2 | Minimum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 50,000
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	$ 75,000
PORT II OP LP | PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments		$ 5,500
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments		$ 3,100	$ 20,600
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) - USD ($)	Sep. 01, 2021	Mar. 27, 2020	Dec. 31, 2019
Restricted Stock
Related Party Transaction [Line Items]
Issuance of restricted stock (in shares)		3,411,737
Number of shares purchased (in shares)	584,267
Stock repurchased during period	$ 5,655,705
Stock repurchased during period, price per share (in dollars per share)	$ 9.68
GKP Holding LLC | Restricted Stock
Related Party Transaction [Line Items]
Number of shares transferred (in shares)	2,254,289
Percent of decrease in ownership interest due to death	100.00%
Period of notice for redemption	60 days
Percent of redemption	50.00%
GKP Holding LLC | Restricted Stock | After November 1, 2024
Related Party Transaction [Line Items]
Period of notice for redemption	60 days
GKP Holding LLC | Chief Executive Officer
Related Party Transaction [Line Items]
Percent of ownership			50.00%
GKP Holding LLC | Board of Directors Chairman
Related Party Transaction [Line Items]
Percent of ownership			50.00%
KBS Capital Advisors LLC | GKP Holding LLC | Restricted Stock
Related Party Transaction [Line Items]
Stock repurchased during period, additional shares (in shares)	59,714
KBS Holdings | GKP Holding LLC
Related Party Transaction [Line Items]
Percent of ownership			33.33%
Percent of ownership acquired	33.33%
Percent of ownership transferred	33.33%
Affiliates of KBS Capital Advisors | GKP Holding LLC | Restricted Stock
Related Party Transaction [Line Items]
Stock repurchased during period, additional shares (in shares)	513,467

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED ENTITIES - Investments in Unconsolidated Joint Ventures (Details) $ in Thousands	Sep. 30, 2021USD ($)property	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 83,854	$ 79,666
110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership %	60.00%
Investment Balance	$ 0	0
Number of real estate properties | property	1
353 Sacramento Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership %	55.00%
Investment Balance	$ 50,769	49,665
Number of real estate properties | property	1
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 27,638	24,996
Number of real estate properties | property	3
Pacific Oak Residential Trust II, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership %	89.70%
Investment Balance	$ 5,447	$ 5,005
Number of real estate properties | property	117

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED ENTITIES - Investments - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)unit	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)unit	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)unit	Dec. 31, 2019USD ($)unit	Sep. 30, 2019unit	May 02, 2014ft²
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 83,854,000		$ 83,854,000		$ 79,666,000
Equity in income of unconsolidated joint venture			(144,000)	$ 1,151,000
Equity in (loss) income of unconsolidated entities	(569,000)	$ 519,000	(144,000)	1,564,000
110 William JV Partner
Schedule of Equity Method Investments [Line Items]
Income from unconsolidated joint venture	$ 0	$ 0	$ 0	$ 0
110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage	60.00%		60.00%
Rentable square feet | ft²								928,157
Area of land (in acres) | ft²								0.8
Investments in unconsolidated entities	$ 0		$ 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	$ 27,638,000		$ 27,638,000		$ 24,996,000
Investments						$ 27,600,000
Number of units in real estate property | unit	124		124		7	91	13
Acquisition related costs			$ 200,000

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED ENTITIES - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Real estate assets, net of accumulated depreciation and amortization	$ 1,219,531		$ 1,219,531		$ 1,272,784
Total assets	1,629,128		1,629,128		1,731,665
Other liabilities	43,994		43,994		34,734
Total liabilities, mezzanine equity and equity	1,629,128		1,629,128		1,731,665
Income Statement [Abstract]
Revenues	45,769	$ 27,745	129,201	$ 75,869
Real estate taxes and insurance	5,262	3,791	15,949	10,570
Depreciation and amortization	13,895	9,470	45,969	27,417
Interest expense	10,092	6,274	30,713	19,055
Total expenses	68,237	32,254	170,923	80,131
Net (loss) income attributable to common stockholders	(24,516)	(7,493)	3,671	(21,797)
Equity in (loss) income of unconsolidated entities	(569)	519	(144)	1,564
110 William Joint Venture
Balance Sheet Related Disclosures [Abstract]
Real estate assets, net of accumulated depreciation and amortization	232,201		232,201		246,166
Other assets	34,200		34,200		44,004
Total assets	266,401		266,401		290,170
Notes payable, net	318,280		318,280		316,421
Other liabilities	3,003		3,003		5,532
Partners’ deficit	(54,882)		(54,882)		(31,783)
Total liabilities, mezzanine equity and equity	266,401		266,401		290,170
Income Statement [Abstract]
Revenues	5,729	10,005	18,721	26,604
Real estate taxes and insurance	1,698	1,935	5,588	5,580
Depreciation and amortization	2,962	3,139	19,071	8,721
Interest expense	3,548	4,125	10,986	12,093
Total expenses	10,567	11,295	41,857	32,388
Total other income	11	12	35	50
Net (loss) income attributable to common stockholders	(4,827)	(1,278)	(23,101)	(5,734)
Company’s share of net loss	(2,896)	(767)	(13,861)	(3,440)
110 William Joint Venture | Operating, maintenance, and management costs
Income Statement [Abstract]
Expenses	2,359	2,096	6,212	5,994
353 Sacramento Joint Venture
Balance Sheet Related Disclosures [Abstract]
Real estate assets, net of accumulated depreciation and amortization	178,874		178,874		182,318
Other assets	27,539		27,539		19,810
Total assets	206,413		206,413		202,128
Notes payable, net	110,000		110,000		109,783
Other liabilities	6,335		6,335		7,639
Partners’ deficit	90,078		90,078		84,706
Total liabilities, mezzanine equity and equity	206,413		206,413		$ 202,128
Income Statement [Abstract]
Revenues	3,373	5,520	13,252	15,771
Real estate taxes and insurance	848	755	2,768	2,235
Depreciation and amortization	1,850	1,894	5,574	5,135
Interest expense	960	948	2,700	3,290
Total expenses	4,520	4,529	13,532	13,110
Net (loss) income attributable to common stockholders	(1,147)	991	(280)	2,661
Equity in (loss) income of unconsolidated entities	(592)	583	(40)	1,576
353 Sacramento Joint Venture | Operating, maintenance, and management costs
Income Statement [Abstract]
Expenses	$ 862	$ 932	$ 2,490	$ 2,450

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED ENTITIES - Investment in 353 Sacramento Joint Venture (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)	Jul. 06, 2017aft²
Migdal Members
Schedule of Equity Method Investments [Line Items]
Ownership percentage		45.00%
Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		55.00%
353 Sacramento Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage	55.00%
353 Sacramento Joint Venture | Office Properties | Joint Venture
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments | $	$ 1.1
353 Sacramento Joint Venture | Office Properties | Disposed of by Sale
Schedule of Equity Method Investments [Line Items]
Ownership percentage		45.00%
Net rentable area (in sq feet) | ft²		284,751
Area of land (in acres) | 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	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)unitproperty	Sep. 30, 2021USD ($)unitproperty	Dec. 31, 2019USD ($)unit	Dec. 31, 2020USD ($)unit	Sep. 30, 2019unit
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 83,854	$ 83,854		$ 79,666
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Number of units in real estate property | unit	124	124	91	7	13
Payments to acquire investments		$ 3,100	$ 20,600
Investments, fair value				$ 1,500
Investments			$ 27,600
Acquisition related costs		200
Investments in unconsolidated entities	$ 27,638	$ 27,638		$ 24,996
Number of joint ventures with real estate under development | property	3	3
Gain (loss) on investments	$ (100)	$ (500)
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, fair value				$ 3,000

INVESTMENT IN UNCONSOLIDATED _8

INVESTMENT IN UNCONSOLIDATED ENTITIES - PORT II (Details) - PORT II OP LP $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)shares	Sep. 30, 2021USD ($)shares
Schedule of Equity Method Investments [Line Items]
Investment acquired (in shares) | shares	600	600
Payments to acquire investments		$ 5,500
Ownership %		89.70%
Gain (loss) on investments	$ (47)	$ (100)

SUPPLEMENTAL CASH FLOW AND SI_3

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest of $1,579 and $2,368 for the nine months ended September 30, 2021 and 2020, respectively	$ 29,220	$ 18,945
Interest capitalized	1,579	2,368
Supplemental Disclosure of Significant Noncash Transactions:
Accrued improvements to real estate	1,721	2,393
Redeemable common stock payable	3,385	262
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	0	262
Accrued preferred dividends	225	226
PPP notes forgiveness	1,500	0
Assets and liabilities assumed in connection with Battery Point acquisition:
Real estate	0	56,148
Notes payable	0	36,003
Other assets	0	21
Other liabilities	0	355
Redeemable non-controlling interest	0	3,024
Series A-3 preferred units payable	$ 0	$ 16,000

REPORTING SEGMENTS (Details)

REPORTING SEGMENTS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting [Abstract]
Number of reportable segments	3			3	3
Income Statement [Abstract]
Revenues	$ 45,769	$ 27,745	$ 129,201			$ 75,869
Total expenses	(68,237)	(32,254)	(170,923)			(80,131)
Total other (loss) income	(3,078)	(2,859)	43,975			(16,885)
Net loss	(25,546)	(7,368)	2,253			(21,147)
Assets and Liabilities held for Sale
Assets	1,629,128		1,629,128	$ 1,629,128	$ 1,629,128		$ 1,731,665
Goodwill	13,534		13,534	13,534	13,534		16,342
Impairment charges on real estate	10,971	0	10,971			0
Strategic Opportunistic Properties
Income Statement [Abstract]
Revenues	28,050	22,548	88,187			64,752
Total expenses	(52,891)	(26,285)	(128,418)			(66,928)
Total other (loss) income	(4,435)	(2,863)	42,527			(16,939)
Net loss	(29,276)	(6,600)	2,296			(19,115)
Assets and Liabilities held for Sale
Assets	1,274,093		1,274,093	1,274,093	1,274,093		1,404,509
Goodwill	9,489		9,489	9,489	$ 9,489		12,297
Impairment charges on real estate	2,800		2,800
Single-Family Homes
Segment Reporting [Abstract]
Number of reportable segments | segment					1
Income Statement [Abstract]
Revenues	5,566	5,197	16,436			11,117
Total expenses	(6,398)	(5,969)	(19,581)			(13,203)
Total other (loss) income	81	4	159			54
Net loss	(751)	(768)	(2,986)			(2,032)
Assets and Liabilities held for Sale
Assets	202,349		202,349	202,349	$ 202,349		182,486
Goodwill	0		0	0	$ 0		0
Hotels
Segment Reporting [Abstract]
Number of reportable segments | segment					1
Income Statement [Abstract]
Revenues	12,153	0	24,578			0
Total expenses	(8,948)	0	(22,924)			0
Total other (loss) income	1,276	0	1,289			0
Net loss	4,481	$ 0	2,943			$ 0
Assets and Liabilities held for Sale
Assets	152,686		152,686	152,686	$ 152,686		144,670
Goodwill	$ 4,045		$ 4,045	$ 4,045	$ 4,045		$ 4,045

PORT MEZZANINE EQUITY - Additio

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

Jul. 01, 2020USD ($)propertyshares

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

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

Sep. 30, 2020USD ($)

Nov. 14, 2012USD ($)

Dec. 31, 2022$ / shares

Nov. 04, 2022$ / shares

Dec. 31, 2021$ / shares

Nov. 04, 2021$ / shares

Sep. 30, 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

Class of Stock [Line Items]

Shares acquired during period (in shares) | shares

1,000,000

Single-family Home | Battery Point

Class of Stock [Line Items]

Number of homes | property

559

BPT Holdings, LLC | PORT OP LP | Battery Point

Class of Stock [Line Items]

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

510,816

Percent of outstanding common equity units received in transaction

4.50%

Common equity units received in transaction | $

$ 3,000

Redemption period

1 year

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 - Reconci

PORT MEZZANINE EQUITY - Reconciliation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Amounts
Balance	$ 519,712	$ 277,388
Balance	$ 510,667	254,957
Common stock, shares outstanding (in shares)	94,264,402		98,054,582
Preferred Stock | Preferred Class A
Amounts
Balance	$ 15,134	14,909
Dividends Available Upon Redemption	636	781
Dividends Paid	(636)	(556)
Balance	$ 15,134	$ 15,134
Common stock, shares outstanding (in shares)	15,000	15,000	15,000	15,000
Preferred Stock | Preferred Class B
Amounts
Balance	$ 99	$ 99
Dividends Available Upon Redemption	8	7
Dividends Paid	(8)	(7)
Balance	$ 99	$ 99
Common stock, shares outstanding (in shares)	125	125	125	125

PORT MEZZANINE EQUITY - Redeema

PORT MEZZANINE EQUITY - Redeemable Non-controlling Interest Activities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount [Roll Forward]
Beginning balance	$ 2,968
Ending balance	2,855
PORT OP LP | Battery Point | BPT Holdings, LLC
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount [Roll Forward]
Beginning balance	2,968
Net loss attributable to redeemable noncontrolling interest	(113)
Ending balance	$ 2,855

RESTRICTED STOCK (Details)

RESTRICTED STOCK (Details) - USD ($)	Sep. 01, 2021	Mar. 27, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Change in subordinated performance fee due upon termination to affiliate			$ 1,545,000	$ (1,121,000)	$ 1,745,000	$ (814,000)
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested (in shares)	1,157,448
Number of shares purchased (in shares)	584,267
Stock repurchased during period	$ 5,655,705
Stock repurchased during period, price per share (in dollars per share)	$ 9.68
Change in subordinated performance fee due upon termination to affiliate			$ 1,500,000		$ 1,500,000
Fair value (in dollars per share)			$ 9.61		$ 9.61
Restricted Stock | After a One Year Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for redemption (in shares)	513,467
Restricted Stock | Within a 60 Day Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for redemption (in shares)	59,714
Restricted Stock | KBS Capital Advisors LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock (in shares)		3,411,737
Restricted Stock | GKP Holding LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of shares available for redemption upon vesting	50.00%
Percent of shares available for redemption upon outstanding redemption requests	50.00%
Restricted Stock | GKP Holding LLC | KBS Capital Advisors LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares transferred (in shares)	2,254,289

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2021USD ($)property
Loss Contingencies [Line Items]
Remaining lease term	92 years 6 months	92 years 6 months
Encore Hospitality, LLC | Q and C Hotel
Loss Contingencies [Line Items]
Term agreement, extension period		5 years
Base fee as percentage of gross revenue		4.00%
Management agreement, fees accrued	$ 0.1	$ 0.1
Marriott International | Q and C Hotel
Loss Contingencies [Line Items]
Brand services fee as percent of total room revenue		2.00%
Fees incurred to management agreement	0.1	$ 0.3
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 two		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	$ 0.3	$ 0.6
Hotel
Loss Contingencies [Line Items]
Number of real estate properties | property	2	2

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Lease Cost (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Right-of-use asset (included in real estate held for investment, net)	$ 8,074	$ 8,074
Lease obligation (included in other liabilities)	$ 9,339	$ 9,339
Remaining lease term	92 years 6 months	92 years 6 months
Discount rate	4.80%	4.80%
Interest on lease obligation for the nine months ended September 30, 2021		$ 441
210 West 31st
Real Estate Properties [Line Items]
Right-of-use asset impairment	$ 1,200	$ 1,200

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
October 1, 2021 through December 31, 2021	$ 90
2022	360
2023	360
2024	360
2025	393
Thereafter	52,563
Total expected minimum lease obligations	54,126
Less: Amount representing interest	(44,787)
Present value of net minimum lease payments	$ 9,339

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Paycheck Protection Program (Details) - USD ($) $ in Millions	Mar. 13, 2021	Feb. 10, 2021	Sep. 30, 2021	Jul. 06, 2021	Dec. 31, 2020
Other liabilities
Real Estate [Line Items]
PPP balance			$ 2.4		$ 1.5
Springmaid Beach Resort
Real Estate [Line Items]
PPP note, amount approved for forgiveness				$ 1.3
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 - Acquisition

SUBSEQUENT EVENTS - Acquisition (Details) - Subsequent Event - Richardson Portfolio $ in Millions	Oct. 18, 2021USD ($)ft²
Subsequent Event [Line Items]
Interests acquired	10.00%
Payments to acquire interest | $	$ 4
Area of land (in acres) | ft²	14
Ownership percentage	100.00%

SUBSEQUENT EVENTS - Bond Offeri

SUBSEQUENT EVENTS - Bond Offering (Details) - Series B Debentures - Bonds Payable $ in Millions	1 Months Ended
	Nov. 01, 2021ILS (₪)	Nov. 01, 2021USD ($)	Mar. 04, 2021	Feb. 16, 2020ILS (₪)	Feb. 16, 2020USD ($)
Subsequent Event [Line Items]
Maximum borrowing capacity				₪ 254,100,000	$ 74.1
Percent of discount at issuance			1.90%
Subsequent Event | Public Offering
Subsequent Event [Line Items]
Maximum borrowing capacity	₪ 536,400,000
Percent of discount at issuance	2.60%
Proceeds from issuance of debt	₪ 522,400,000	$ 166.8
Subsequent Event | Private Offering
Subsequent Event [Line Items]
Maximum borrowing capacity	₪ 53,600,000
Percent of discount at issuance	3.10%
Proceeds from issuance of debt	₪ 52,000,000	$ 16.6

SUBSEQUENT EVENTS - Refinancing

SUBSEQUENT EVENTS - Refinancing (Details) - Subsequent Event - Madison Square Mortgage Loan - Mortgages	Oct. 07, 2021USD ($)
Subsequent Event [Line Items]
Face amount	$ 27,000,000
Long-term debt	17,500,000
Unused borrowing capacity, amount	$ 9,500,000
Contractual Interest Rate	4.625%