Pacific Oak Strategic Opportunity REIT (PCOK) 10-K 25 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 23, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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.
Entity Address, Address Line Two	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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		104,518,999
Entity Central Index Key	0001452936
Documents Incorporated by Reference	Registrant incorporates by reference in Part III (Items 10, 11, 12, 13 and 14) of this Form 10-K portions of its Definitive Proxy Statement for its 2022 Annual Meeting of Stockholders.
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 0

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Irvine, California
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Real estate held for investment, net	$ 1,214,799	$ 1,258,118
Real estate held for sale, net	0	154,905
Real estate equity securities	112,096	97,903
Total real estate and real estate-related investments, net	1,326,895	1,510,926
Cash and cash equivalents	84,172	60,335
Restricted cash	21,259	13,984
Investments in unconsolidated entities	88,256	79,666
Rents and other receivables, net	21,795	22,212
Above-market leases, net	2,642	3,157
Due from affiliate	7,039	0
Prepaid expenses and other assets	19,027	19,363
Goodwill	13,534	16,342
Assets related to real estate held for sale, net	0	5,680
Total assets	1,584,619	1,731,665
Liabilities, mezzanine equity and equity
Notes and bonds payable related to real estate held for investment, net	998,949	1,004,971
Note payable related to real estate held for sale, net	0	94,097
Notes and bonds payable, net	998,949	1,099,068
Accounts payable and accrued liabilities	23,852	24,169
Due to affiliate	1,903	2,842
Below-market leases, net	4,080	5,797
Other liabilities	43,513	34,734
Redeemable common stock payable	684	864
Restricted stock payable	508	14,600
Dividends payable	11,016	0
Total liabilities	1,084,505	1,182,743
Liabilities related to real estate held for sale, net	0	669
Commitments and contingencies (Note 16)
Mezzanine equity
Restricted stock	0	11,009
Noncontrolling cumulative convertible redeemable preferred stock	15,233	15,233
Redeemable noncontrolling interest	2,822	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, 94,141,251 and 98,054,582 shares issued and outstanding as of December 31, 2021 and 2020, respectively	941	979
Additional paid-in capital	818,440	831,295
Cumulative distributions and net loss	(347,691)	(325,720)
Total Pacific Oak Strategic Opportunity REIT, Inc. stockholders’ equity	471,690	506,554
Noncontrolling interests	10,369	13,158
Total equity	482,059	519,712
Total liabilities, mezzanine equity and equity	$ 1,584,619	$ 1,731,665

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	94,141,251	98,054,582
Common stock, shares outstanding (in shares)	94,141,251	98,054,582

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Rental income	$ 123,436,000	$ 100,199,000	$ 81,363,000
Interest income from real estate debt securities	0	0	369,000
Dividend income from real estate equity securities	9,658,000	6,273,000	6,099,000
Total revenues	167,927,000	114,025,000	93,158,000
Expenses:
Operating, maintenance, and management	42,519,000	33,882,000	29,294,000
Real estate taxes and insurance	20,768,000	15,702,000	12,631,000
Hotel expenses	20,990,000	3,836,000	0
Asset management fees to affiliate	14,012,000	9,982,000	8,158,000
General and administrative expenses	9,853,000	7,664,000	7,388,000
Foreign currency transaction loss, net	7,445,000	2,912,000	12,498,000
Depreciation and amortization	58,871,000	45,041,000	34,004,000
Interest expense	40,510,000	29,138,000	28,849,000
Impairment charges on real estate and related intangibles	10,971,000	0	0
Impairment charges on goodwill	2,808,000	0	0
Total expenses	228,747,000	148,157,000	132,822,000
Other income (loss):
Gain from remeasurement of prior equity interest	0	2,009,000	0
Income from NIP	0	97,000	0
(Loss) income from unconsolidated entities	(1,373,000)	1,621,000	6,621,000
Casualty-related gain (loss)	27,000	51,000	(506,000)
Other interest income	194,000	348,000	2,120,000
(Gain) loss on real estate equity securities	28,632,000	(14,814,000)	20,379,000
Gain (loss) on sale of real estate	30,261,000	(110,000)	34,077,000
(Loss) gain on extinguishment of debt	(4,757,000)	415,000	(1,106,000)
Transaction and related costs	(2,984,000)	(6,018,000)	(4,462,000)
Subordinated performance fee due upon termination to affiliate	(1,678,000)	1,720,000	(32,640,000)
Total other income (loss), net	48,322,000	(14,681,000)	24,483,000
Net loss	(12,498,000)	(48,813,000)	(15,181,000)
Net loss (income) attributable to noncontrolling interests	2,310,000	738,000	(2,101,000)
Net loss attributable to redeemable noncontrolling interest	146,000	56,000	0
Preferred stock dividends	(913,000)	(989,000)	0
Net loss attributable to common stockholders	$ (10,955,000)	$ (49,008,000)	$ (17,282,000)
Net (loss) income per common share, basic (in dollars per share)	$ (0.11)	$ (0.65)	$ (0.26)
Net (loss) income per common share, diluted (in dollars per share)	$ (0.11)	$ (0.65)	$ (0.26)
Weighted-average number of common shares outstanding, basic (in shares)	96,967,983	75,407,976	66,443,585
Weighted-average number of common shares outstanding, diluted (in shares)	96,967,983	75,407,976	66,443,585
Hotel revenues
Revenues:
Revenue from contract with customer	$ 30,806,000	$ 3,718,000	$ 0
Other operating income
Revenues:
Revenue from contract with customer	$ 4,027,000	$ 3,835,000	$ 5,327,000

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	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2018			66,822,861
Balance at Dec. 31, 2018	$ 293,964	$ 291,454	$ 668	$ 547,770	$ (256,984)	$ 2,510
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(15,181)	(17,282)			(17,282)	2,101
Issuance of common stock (in shares)			84,248
Issuance of common stock	835	835	$ 1	834
Transfers from redeemable common stock	9,171	9,171		9,171
Redemptions of common stock (in shares)			(1,040,344)
Redemptions of common stock	(10,028)	(10,028)	$ (10)	(10,018)
Distributions declared	(1,721)	(1,721)			(1,721)
Other offering costs	(27)	(27)		(27)
Issuance of restricted stock	5,440	5,440		5,440
Adjustments to redemption value of mezzanine equity restricted stock	(1,209)	(1,209)			(1,209)
Noncontrolling interest contribution	13	0				13
Noncontrolling interests buyout	(3,869)	0				(3,869)
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	(49,746)	(49,008)			(49,008)	(738)
Issuance of common stock (in shares)			24,645
Issuance of common stock	262	262	$ 0	262
Transfers to redeemable common stock	(35)	(35)		(35)
Redemptions of common stock (in shares)			(222,470)
Redemptions of common stock	(2,230)	(2,230)	$ (3)	(2,227)
Distributions declared	(596)	(596)			(596)
Other offering costs	(19)	(19)		(19)
Issuance of restricted stock (in shares)			3,411,737
Issuance of restricted stock	0	0	$ 34	(34)
Adjustments to redemption value of mezzanine equity restricted stock	1,080	1,080			1,080
Issuance of common stock in connection with merger, inclusive of acquisition of noncontrolling interests (in shares)			28,973,905
Issuance of common stock in connection with merger, inclusive of acquisition of noncontrolling interests	292,792	280,467	$ 289	280,178		12,325
Noncontrolling interest contribution	844	0				844
Noncontrolling interests buyout	$ (28)	0				(28)
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	(13,265)	(10,955)			(10,955)	(2,310)
Transfers to redeemable common stock	180	180		180
Redemptions of common stock (in shares)			(3,329,064)
Redemptions of common stock	(31,018)	(31,018)	$ (32)	(30,986)
Repurchase and change in classification of restricted stock (Note 15) (in shares)			(584,267)
Repurchase and change in classification of restricted stock (Note 15)	21,117	21,117	$ (6)	21,123
Distributions declared	(11,016)	(11,016)			(11,016)
Other offering costs	(15)	(15)		(15)
Noncontrolling interest contribution	183	0				183
Noncontrolling interests buyout	$ (3,819)	(3,157)		(3,157)		(662)
Balance (in shares) at Dec. 31, 2021	94,141,251		94,141,251
Balance at Dec. 31, 2021	$ 482,059	$ 471,690	$ 941	$ 818,440	$ (347,691)	$ 10,369

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net loss	$ (12,498,000)	$ (48,813,000)	$ (15,181,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Impairment charges on real estate and related intangibles	10,971,000	0	0
Impairment charges on goodwill	2,808,000	0	0
Gain from remeasurement of prior equity interest	0	(2,009,000)	0
Casualty-related loss	(27,000)	0	506,000
Loss (income) from unconsolidated entities	1,373,000	(1,260,000)	(6,621,000)
Depreciation and amortization	58,871,000	45,041,000	34,004,000
(Gain) loss on real estate equity securities	(28,632,000)	14,814,000	(20,379,000)
(Gain) loss on real estate sale	(30,261,000)	110,000	(34,077,000)
Loss (gain) on extinguishment of debt	4,757,000	(415,000)	1,106,000
Subordinated performance fee due upon termination	1,678,000	(1,720,000)	32,640,000
Unrealized loss on interest rate caps	11,000	27,000	50,000
Deferred rent	(1,890,000)	(3,447,000)	(4,078,000)
Amortization of above- and below-market leases, net	(1,278,000)	(852,000)	(1,091,000)
Amortization of deferred financing costs	3,157,000	3,311,000	3,606,000
Interest accretion on real estate debt securities	0	0	(13,000)
Amortization of discount (premium) on bond and notes payable, net	2,721,000	602,000	(99,000)
Foreign currency transaction loss, net	7,445,000	2,912,000	12,498,000
Changes in assets and liabilities:
Rents and other receivables	1,390,000	(3,456,000)	(1,548,000)
Prepaid expenses and other assets	(1,670,000)	(2,465,000)	(5,137,000)
Accounts payable and accrued liabilities	(207,000)	(3,161,000)	(2,334,000)
Due to affiliates	(975,000)	(1,637,000)	1,606,000
Other liabilities	(1,716,000)	641,000	386,000
Net cash provided by (used in) operating activities	16,028,000	(1,777,000)	(4,156,000)
Cash Flows from Investing Activities:
Acquisitions of real estate, net of cash acquired	(4,818,000)	(18,909,000)	(90,266,000)
Cash acquired in connection with the Pacific Oak Strategic Opportunity REIT II merger	0	12,978,000	0
Cash paid to acquire PORT, net of cash acquired	0	0	(46,864,000)
Improvements to real estate	(19,038,000)	(21,807,000)	(32,472,000)
Proceeds from sales of real estate, net	194,711,000	332,000	141,548,000
Insurance proceeds received for property damages	0	0	438,000
Purchase of interest rate caps	(18,000)	(16,000)	(28,000)
Proceeds from disposition of foreign currency collar	1,198,000	14,125,000	0
Contributions to unconsolidated entities	(10,539,000)	(12,620,000)	(31,845,000)
Distribution of capital from unconsolidated entities	0	1,370,000	8,051,000
Investment in real estate equity securities	0	(35,971,000)	(15,224,000)
Advances to affiliate	(7,040,000)	0	0
Proceeds from the sale of real estate equity securities	14,439,000	10,964,000	28,033,000
Proceeds from principal repayment on real estate debt securities	0	0	7,750,000
Proceeds for future development obligations	6,203,000	0	0
Funding of development obligations	0	0	(134,000)
Net cash provided by (used in) investing activities	175,098,000	(49,554,000)	(31,013,000)
Cash Flows from Financing Activities:
Proceeds from notes and bonds payable	358,931,000	112,480,000	84,268,000
Principal and related payments on notes and bonds payable	(473,133,000)	(70,649,000)	(126,603,000)
Payments of deferred financing costs	(8,463,000)	(2,556,000)	(1,123,000)
Payments to redeem common stock	(31,018,000)	(2,230,000)	(10,028,000)
Payments to repurchase restricted stock	(5,656,000)	0	0
Payment of prepaid other offering costs	(227,000)	(811,000)	(157,000)
Distributions paid	0	(334,000)	(886,000)
Preferred dividends paid	(913,000)	(764,000)	0
Acquisition of noncontrolling interests	(3,819,000)	0	0
Noncontrolling interests contributions	183,000	844,000	13,000
Distributions to noncontrolling interests	0	(28,000)	(3,869,000)
Proceeds for noncontrolling preferred stock, net	0	0	15,008,000
Other financing proceeds, net	2,367,000	0	1,822,000
Net cash (used in) provided by financing activities	(161,748,000)	35,952,000	(41,555,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,734,000	1,204,000	2,491,000
Net decrease in cash, cash equivalents and restricted cash	31,112,000	(14,175,000)	(74,233,000)
Cash, cash equivalents and restricted cash, beginning of period	74,319,000	88,494,000	162,727,000
Cash, cash equivalents and restricted cash, end of period	$ 105,431,000	$ 74,319,000	$ 88,494,000

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Pacific Oak Strategic Opportunity REIT, Inc. (the “Company”) was formed on October 8, 2008 as a Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2010. The Company conducts its business primarily through Pacific Oak Strategic Opportunity (BVI) Holdings, Ltd. (“Pacific Oak Strategic Opportunity 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 Strategic Opportunity 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 Securities and Exchange Commission (the “SEC”) to offer a minimum of 250,000 shares and a maximum of 140,000,000 shares of common stock for sale to the public (the “Offering”), of which 100,000,000 shares were registered in a primary offering and 40,000,000 shares were registered to be sold under the Company’s dividend reinvestment plan. The SEC declared the Company’s registration statement effective on November 20, 2009. The Company ceased offering shares of common stock in its primary offering on November 14, 2012 and continues to offer shares under its dividend reinvestment plan. The Company sold 56,584,976 shares of common stock in its primary offering for gross offering proceeds of $561.7 million. As of December 31, 2021, the Company had sold 6,851,969 shares of common stock under its dividend reinvestment plan for gross offering proceeds of $76.5 million. On October 5, 2020, Pacific Oak Strategic Opportunity REIT II ("POSOR II") merged with an indirect subsidiary of the Company (the “Merger”). At the effective time of the Merger, each issued and outstanding share of POSOR II’s common stock converted into 0.9643 shares of the Company’s common stock or 28,973,906 shares. Also, as of December 31, 2021, the Company had redeemed 27,370,609 shares for $318.6 million. As of December 31, 2021, the Company had issued 25,976,746 shares of common stock in connection with special dividends. Additionally, on December 29, 2011 and October 23, 2012, the Company issued 220,994 shares and 55,249 shares of common stock, respectively, for $2.0 million and $0.5 million, respectively, in private transactions exempt from the registration requirements pursuant to Section 4(2) of the Securities Act of 1933. On March 27, 2020, the Company issued 3,411,737 restricted shares of its common stock (the “Restricted Stock”) to its former external advisor, KBS Capital Advisors LLC (“KBS Capital Advisors”) pursuant to a Restricted Stock Agreement, dated as of March 27, 2020 (the “Restricted Stock Agreement”). On 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. As of December 31, 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 1,814 single-family homes, three investments in undeveloped land with approximately 800 developable acres and owned four investments in unconsolidated joint ventures and three investments in real estate equity securities and had entered into a consolidated joint venture to develop one office/retail property.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership, Pacific Oak Strategic Opportunity BVI and their direct and indirect wholly owned subsidiaries, and 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. The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. Liquidity The Company generally finances its real estate investments using notes payable that are typically structured as non-course secured mortgages with maturities of approximately three to five years, with short term extension options available upon the Company meeting certain debt covenants. Each reporting period management evaluates the Company’s ability to continue as a going concern by evaluating conditions and events, including assessing the liquidity needs to satisfy upcoming debt obligations and the ability to satisfy debt covenant requirements. Through the normal course of operations and as further discussed in Note 7, the Company has $456.9 million of debt obligations coming due over the next 12-month period. In order to satisfy obligations as they mature, management will evaluate its options and may seek to utilize extension options available in the respective loan agreements, may make partial loan paydowns to meet debt covenant requirements, may seek to refinance certain debt instruments, may sell real estate equity securities to convert to cash to make principal payments, may market one or more properties for sale or may negotiate a turnover of one or more secured properties back to the related mortgage lender and remit payment for any associated loan guarantee. Historically, the Company has successfully refinanced debt instruments or utilized extension options in order to satisfy debt obligations as they come due and has not negotiated a turnover of a secured property back to a lender, though the Company may utilize such option if necessary. Based upon these plans, management believes it will have sufficient liquidity to satisfy its obligations as they come due and to continue as a going concern. There can be no assurance as to the certainty or timing of any of management’s plans. Refer to Note 7 for further discussion. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for real estate, that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of the prior period. During the year ended December 31, 2021, the Company disposed of one office building. As a result, certain assets and liabilities were reclassified to held for sale on the consolidated balance sheets for all periods presented. Revenue Recognition Lessor Accounting The Company recognizes minimum rent, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectibility is determined to be probable and records amounts expected to be received in later years as deferred rent receivable. In accordance with Topic 842, tenant reimbursements for property taxes and insurance are included in the single lease component of the lease contract (the right of the lessee to use the leased space) and therefore are accounted for as variable lease payments and are recorded as rental income on the Company’s statement of operations. In addition, the Company adopted the practical expedient available under Topic 842 to not separate nonlease components from the associated lease component and instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the revenue recognition standard (Topic 606) and if certain conditions are met, specifically related to tenant reimbursements for common area maintenance which would otherwise be accounted for under the revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements for common area maintenance as (i) the timing and pattern of transfer of the nonlease components and associated lease components are the same and (ii) the lease component would be classified as an operating lease. Accordingly, tenant reimbursements for common area maintenance are also accounted for as variable lease payments and recorded as rental income on the Company’s statement of operations. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance (including amounts that can be taken in the form of cash or a credit against the tenant’s rent) that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. The Company leases apartment units and single-family homes under operating leases with terms generally of one year or less. Generally, credit investigations will be performed for prospective residents and security deposits will be obtained. The Company recognizes rental revenue, net of concessions, on a straight-line basis over the term of the lease, when collectibility is determined to be probable. In accordance with Topic 842, the Company makes a determination of whether the collectibility of the lease payments in an operating lease is probable. If the Company determines the lease payments are not probable of collection, the Company would fully reserve for any contractual lease payments, deferred rent receivable, and variable lease payments and would recognize rental income at the lesser of (1) on a straight-line basis or (2) cash received. These changes to the Company’s collectibility assessment are reflected as an adjustment to rental income. The Company, as a lessor, records costs to negotiate or arrange a lease that would have been incurred regardless of whether the lease was obtained, such as legal costs incurred to negotiate an operating lease, as an expense and classify such costs as operating, maintenance, and management expense on the Company’s consolidated statement of operations. Hotel Revenues The Company recognizes revenue for hotels as hotel revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from the Company’s guests. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is booked by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is booked by the Company on a gross basis. The Company participates in frequent guest programs sponsored by the brand owners of the Company’s hotels and the Company expenses the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated in Note 3 into the categories of rooms revenue, food, beverage and convention services revenue, campground revenue and other revenue to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows. Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for the right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at the Company’s hotels. Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits are recognized as revenue at the time of the guest’s stay. Food, beverage and convention revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or convention services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the convention facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at the Company’s hotels. Advanced deposits for food and beverage revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. Campground revenue is recognized on a straight-line basis over the term of the lease when collectability of the lease payments is probable. Dividend Income from Real Estate Equity Securities Dividend income from real estate equity securities is recognized on an accrual basis based on eligible shares as of the ex-dividend date. Interest Income from Cash and Cash Equivalents The Company recognizes interest income on its cash and cash equivalents as it is earned and records such amounts as other interest income. Real Estate Investments Real Estate Acquisition Valuation The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business. For purposes of this test, land and buildings can be combined along with the intangible assets for any in-place leases and accordingly, most acquisitions of investment properties would not meet the definition of a business and would be accounted for as an asset acquisition. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized. Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. Acquired in-place lease value will be amortized to expense over the average remaining terms of the respective in-place leases, including any below-market renewal periods. The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information and/or replacement cost data. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using a discount that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of above-market in-place leases and for the initial term plus any extended term for any leases with below-market renewal options. The Company amortizes any recorded above-market or below-market lease values as a reduction or increase, respectively, to rental income over the remaining non-cancelable terms of the respective lease, including any below-market renewal periods. The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease up periods, considering current market conditions. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. The Company records the fair value of debt assumed in an acquisition based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. The Company amortizes the value of tenant origination and absorption costs to depreciation and amortization expense over the remaining non-cancelable term of the leases. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates or average daily rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, revenue and expense growth rates, occupancy, and net operating margin. The Company records the fair value of noncontrolling interests based on the estimated noncontrolling interests’ share of fair values of the net assets of the underlying entities, adjusted for lack of marketability and control discount. Direct investments in undeveloped land or properties without leases in place at the time of acquisition are accounted for as an asset acquisition. Acquisition fees and expenses are capitalized into the cost basis of an asset acquisition. Additionally, during the time in which the Company is incurring costs necessary to bring these investments to their intended use, certain costs such as legal fees, real estate taxes and insurance and financing costs are also capitalized. Depreciation and Amortization Real estate costs related to the acquisition and improvement of properties are capitalized and depreciated over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Land N/A Buildings 25-40 years Building improvements 10-40 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related leases, including below-market renewal periods Real estate subsidies & tax abatements Remaining term of agreement Furniture, fixtures & equipment 3-12 years Impairment Charges on Real Estate and Related Intangibles The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangibles may not be recoverable or realized. Such indicators of potential impairment may include an assessment of management's intended hold period and disposition strategy, a significant decrease in market price, expected future undiscounted cash flows, and current industry and market trends and other factors including bona fide purchase offers received from third parties in making this assessment. When indicators of potential impairment suggest that the carrying value of real estate and related intangibles assets and liabilities may not be recoverable, the Company assesses the recoverability by estimating whether the Company will recover the carrying value of the real estate and related intangibles through its undiscounted future cash flows and its eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the real estate and related intangibles, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangibles. The Company recorded an impairment loss of $11.0 million on its real estate and related intangibles during the year ended December 31, 2021. See Note 9 for further discussion. There were no impairment loss on real estate and related intangibles during the years ended December 31, 2020 and 2019. Projecting future cash flows involves estimating expected future operating income and expenses related to the real estate and its related intangibles as well as market and other trends. Using inappropriate assumptions to estimate cash flows could result in incorrect fair values of the real estate and its related intangibles and could result in the overstatement of the carrying values of the Company’s real estate and related intangibles and an overstatement of its net income. Real Estate Held for Sale and Discontinued Operations The Company generally considers real estate to be “held for sale” when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Real estate that is held for sale and its related assets are classified as “real estate held for sale” and “assets related to real estate held for sale,” respectively, for all periods presented in the accompanying consolidated financial statements. Notes payable and other liabilities related to real estate held for sale are classified as “notes payable related to real estate held for sale” and “liabilities related to real estate held for sale,” respectively, for all periods presented in the accompanying consolidated financial statements. Real estate classified as held for sale is no longer depreciated and is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell. Operating results and related gains on sale of properties that were disposed of or classified as held for sale in the ordinary course of business are included in continuing operations on the Company’s consolidated statements of operations. Sale of Real Estate The Company’s sales of real estate would be considered a sale of a nonfinancial asset. The Company determines it does not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, the Company would derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Real Estate Equity Securities These investments are carried at their estimated fair value based on quoted market prices for the security, net of any discounts for restrictions on the sale of the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. The Company records unrealized gains and losses on real estate equity securities are recognized in earnings. Goodwill The Company recorded goodwill during the year ended December 31, 2020 in connection with the Merger, of which $12.3 million were allocated to strategic opportunistic properties reporting segment and $4.0 million to hotels reporting segment. Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of business acquired. The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company performs its annual assessment on October 1st. The Company recorded impairment charges on goodwill of $2.8 million for the year ended December 31, 2021. See Note 9 for further discussion. There were no impairment loss on goodwill during the year December 31, 2020. Investments in Unconsolidated Entities Equity Method The Company accounts for investments in unconsolidated entities in which the Company may exercise significant influence over, but does not control, using the equity method of accounting. Under the equity method, the investment is initially recorded at cost and subsequently adjusted to reflect additional contributions or distributions and the Company’s proportionate share of equity in the joint venture’s income (loss). The Company recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture as equity in income (loss) of unconsolidated joint venture on the consolidated statements of operations. On a quarterly basis, the Company evaluates its investment in an unconsolidated joint venture for other-than-temporary impairments. The Company did not record any other-than-temporary impairment losses related to its unconsolidated real estate entities accounted for under the equity method during the years ended December 31, 2021, 2020 and 2019. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Cash and cash equivalents are stated at cost, which approximates fair value. There were no restrictions on the use of the Company’s cash and cash equivalents as of December 31, 2021 and 2020. The Company’s cash and cash equivalents balance exceeded federally insurable limits as of December 31, 2021. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. 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. Deferred Financing Costs Deferred financing costs represent commitment fees, loan fees, legal fees and other third-party costs associated with obtaining financing and are presented on the balance sheet as a direct deduction from the carrying value of the associated debt liability. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Deferred financing costs incurred before an associated debt liability is recognized are included in prepaid and other assets on the balance sheet. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. Fair Value Measurements Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classifies such items in Level 1 or Level 2. The Company would classify items as Level 3 in instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines that the market for a financial instrument owned by the Company is illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establishes a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. The Company considers the following factors to be indicators of an inactive market: (i) there are few recent transactions, (ii) price quotations are not based on current information, (iii) price quotations vary substantially either over time or among market makers (for example, some brokered markets), (iv) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability, (v) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability, (vi) there is a wide bid-ask spread or significant increase in the bid-ask spread, (vii) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities, and (viii) little information is released publicly (for example, a principal-to-principal market). The Company considers the following factors to be indicators of non-orderly transactions: (i) there was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions, (ii) there was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant, (iii) the seller is in or near bankruptcy or receivership (that is, distressed), or the seller was required to sell to meet regulatory or legal requirements (that is, forced), and (iv) the transaction price is an outlier when compared with other recent transactions for the same or similar assets or liabilities. Dividend Reinvestment Plan The Company has adopted a dividend reinvestment plan (the “DRP”) through which common stockholders may elect to reinvest an amount equal to the distributions declared on their shares in additional shares of the Company’s common stock in lieu of receiving cash distributions. On December 4, 2020, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $9.68 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding as of September 30, 2020, adjusted for the assets acquired and the liabilities assumed in connection with the Merger, the expenses incurred in the Merger and the shares of the Company’s common stock issued as consideration for the Merger. Commencing December 23, 2020, the purchase price per share under the DRP was $9.68. On December 2, 2021, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $10.68 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding as of September 30, 2021. Subsequently, on December 28, 2021, the Company’s board of directors declared a special dividend of $1.17 per share of the Company’s common stock to the stockholders of record as of the close of business on December 30, 2021. On January 26, 2022, the board of directors approved an updated estimated value per share of $9.51, based on the previous estimated value per share of $10.68, less the special dividend of $1.17. After giving effect to the declaration of the special dividend of $1.17 per share, the purchase price per share under the DRP was $9.51 and will commence in the first quarter of 2022. Redeemable Common Stock The Company has adopted a share redemption program that may enable stockholders to sell their shares to the Company in limited circumstances. Pursuant to the share redemption program there are several

REAL ESTATE HELD FOR INVESTMENT

REAL ESTATE HELD FOR INVESTMENT	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE HELD FOR INVESTMENT As of December 31, 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 December 31, 2021, these properties were 72% occupied. In addition, the Company owned one residential home portfolio consisting of 1,814 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 93% and 95% occupied, respectively as of December 31, 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 December 31, 2021, the Company had entered into a consolidated joint venture to develop one office/retail property. The following table summarizes the Company’s real estate held for investment as of December 31, 2021 and 2020, respectively (in thousands): December 31, 2021 December 31, 2020 Land $ 276,946 $ 273,848 Buildings and improvements 1,024,919 1,019,329 Tenant origination and absorption costs 43,375 50,881 Total real estate, cost 1,345,240 1,344,058 Accumulated depreciation and amortization (130,441) (85,940) Total real estate, net $ 1,214,799 $ 1,258,118 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 December 31, 2021, the leases, excluding options to extend apartment leases and single-family home leases, which have terms that are generally one year or less, had remaining terms of up to 15.2 years with a weighted-average remaining term of 3.9 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 and totaled $6.0 million and $5.7 million as of December 31, 2021 and 2020, respectively. During the years ended December 31, 2021, 2020 and 2019, the Company recognized deferred rent from tenants of $1.9 million, $3.4 million and $4.1 million, respectively, net of lease incentive amortization. As of December 31, 2021 and 2020, the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $16.3 million and $19.2 million, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $3.3 million and $4.7 million of unamortized lease incentives as of December 31, 2021 and 2020, respectively. As of December 31, 2021, the future minimum rental income from the Company’s properties, excluding apartment and single-family home leases, under non-cancelable operating leases was as follows (in thousands): 2022 $ 61,920 2023 54,119 2024 46,787 2025 36,486 2026 24,672 Thereafter 62,638 $ 286,622 As of December 31, 2021, the Company’s commercial real estate properties were leased to approximately 300 tenants over a diverse range of industries and geographic areas. The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Professional, Scientific, and Technical Services 43 $ 7,736 11.9 % Public Administration 12 6,959 10.7 % Health Care and Social Assistance 16 6,834 10.5 % Insurance Carriers and Related Activities 25 6,758 10.4 % Computer Systems Design 29 6,679 10.2 % $ 34,966 53.7 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of December 31, 2021, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. No other tenant industries accounted for more than 10% of annualized base rent. No material tenant credit issues have been identified at this time. During the years ended December 31, 2021 and 2020, the Company recorded adjustments to rental income of $3.3 million and $2.2 million, respectively, for lease payments that were deemed not probable of collection. Hotel Properties The following table provides detailed information regarding the Company’s hotel revenues and expenses for its two hotel properties, which were acquired in the Merger on October 5, 2020 through December 31, 2020 and for the year ended December 31, 2021 (in thousands): Year Ended December 31, 2021 October 5, 2020 through December 31, 2020 Hotel revenues: Room $ 22,889 $ 2,545 Food, beverage and convention services 3,752 420 Campground 1,078 270 Other 3,087 483 Hotel revenues $ 30,806 $ 3,718 Hotel expenses: Room $ 5,151 $ 801 Food, beverage and convention services 2,781 376 General and administrative 2,577 563 Sales and marketing 2,862 435 Repairs and maintenance 2,423 537 Utilities 1,082 242 Property taxes and insurance 2,162 608 Other 1,952 274 Hotel expenses $ 20,990 $ 3,836 Contract liabilities The following table summarizes the Company’s contract liabilities, which are comprised of hotel advanced deposits and deferred proceeds received from the buyers of the Park Highlands land sales and another developer for the value of land that was contributed to a master association that is consolidated by the Company, which are included in other liabilities in the accompanying consolidated balance sheets, as of December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 December 31, 2020 Contract liability $ 7,313 $ 3,369 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 159 $ — Geographic Concentration Risk As of December 31, 2021, the Company’s real estate held for investment in California and Georgia represented 22.4% and 10.4%, respectively, of the Company’s total assets. As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the California and Georgia 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 year ended December 31, 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. Such amounts were included in the accompanying consolidated statement of operations within impairment charges on real estate and related intangibles . There were no impairment charges during the years ended December 31, 2020 and 2019. 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. On April 6, 2021, the Company, through a wholly owned subsidiary of PORT OP, acquired a single-family home portfolio consisting of 23 homes in multiple states for $2.0 million. The portfolio was purchased from DayMark Master Trust, an entity affiliated with the Advisor. 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 $30.0 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, 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 the disposition of City Tower. As a result of the sale of City Tower, certain assets and liabilities were reclassified to held for sale on the consolidated balance sheets for the year ended December 31, 2020.

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	12 Months Ended
	Dec. 31, 2021
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES As of December 31, 2021 and 2020, the Company’s tenant origination and absorption costs (included in total real estate and real estate-related investments, net), 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 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Cost $ 43,375 $ 57,594 $ 4,138 $ 4,159 $ (6,719) $ (8,732) Accumulated Amortization (20,738) (17,088) (1,496) (1,002) 2,639 2,270 Net Amount $ 22,637 $ 40,506 $ 2,642 $ 3,157 $ (4,080) $ (6,462) Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, 2021 2020 2019 2021 2020 2019 2021 2020 2019 Amortization $ (15,177) $ (10,453) $ (7,036) $ (514) $ (476) $ (404) $ 1,792 $ 1,328 $ 1,495 The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2021 will be amortized for the years ending December 31 as follows (in thousands): Tenant Origination and Above-Market Below-Market Housing Subsidy Tax Abatements 2022 $ (7,346) $ (367) $ 1,381 $ (71) $ (470) 2023 (5,004) (356) 1,101 (71) (229) 2024 (3,787) (355) 835 (71) (6) 2025 (2,521) (338) 552 (71) — 2026 (1,224) (309) 139 (71) — Thereafter (2,755) (917) 72 (1,536) — $ (22,637) $ (2,642) $ 4,080 $ (1,891) $ (705) Weighted-Average Remaining Amortization Period 4.6 years 8.3 years 3.5 years 26.9 years 1.6 years As of December 31, 2021 and 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 balance sheets, of $1.9 million and $2.0 million, respectively. During the years ended December 31, 2021 and 2020, the Company recorded amortization expense of $71,000 and $17,000, respectively, related to the housing subsidy intangible asset.

REAL ESTATE EQUITY SECURITIES

REAL ESTATE EQUITY SECURITIES	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE EQUITY SECURITIES	REAL ESTATE EQUITY SECURITIES As of December 31, 2021, the Company owned three investments in real estate equity securities. The following table sets forth the number of shares owned by the Company and the related carrying value of the shares as of December 31, 2021 and December 31, 2020 (dollars in thousands): December 31, 2021 December 31, 2020 Real Estate Equity Security Number of Shares Owned Total Carrying Value Number of Shares Owned Total Carrying Value Keppel Pacific Oak US REIT 64,165,352 $ 51,332 64,165,352 $ 44,274 Franklin Street Properties Corp. 6,915,089 41,145 6,915,089 30,219 Plymouth Industrial REIT, Inc. 613,085 19,619 1,560,660 23,410 71,693,526 $ 112,096 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 years ended December 31, 2021 and 2020 (in thousands): For the Years Ended December 31, 2021 2020 Net gain (loss) recognized during the period on real estate equity securities $ 28,632 $ (14,814) Less: Net gain recognized during the period on real estate equity securities sold during the period 3,036 711 Unrealized gain (loss) recognized during the reporting period on real estate equity securities still held at period end $ 25,596 $ (15,525) During the years ended December 31, 2021, 2020 and 2019, the Company recognized $9.7 million, $5.3 million and $5.8 million, respectively, of dividend income from real estate equity securities.

REAL ESTATE DISPOSITIONS

REAL ESTATE DISPOSITIONS	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
REAL ESTATE DISPOSITIONS	REAL ESTATE DISPOSITIONSDuring the year ended December 31, 2021, the Company disposed of one office building and developable acres of undeveloped land. There were no material dispositions during the year ended December 31, 2020. During the year ended December 31, 2019, the Company disposed of one office building, one retail property and one apartment property. 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, as well as a $0.1 million loss on extinguishment of debt related to the disposition of City Tower. As a result of the sale of City Tower, certain assets and liabilities were reclassified to held for sale on the consolidated balance sheets for the year ended December 31, 2020. 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 $30.0 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. On November 1, 2019, the Company, through an indirect wholly owned subsidiary, sold 125 John Carpenter to KORE 125 John Carpenter, LLC, a wholly owned subsidiary of the Keppel Pacific Oak US REIT (the “SREIT”). The sale price, net of closing credits, of 125 John Carpenter was $99.8 million, before third-party closing costs of approximately $0.2 million and excluding any disposition fees payable to the Company’s then-current external advisor. Prior to the sale of 125 John Carpenter, the Company owned 56,979,352 common units of the SREIT, representing a 6.89% ownership interest. On October 29, 2019, the Company purchased 7,186,000 common units of the SREIT for $5.2 million in connection with a private placement to institutional and other investors, maintaining its 6.89% ownership interest. The Company recognized a gain on sale of $16.0 million related to the disposition of 125 John Carpenter. On December 12, 2012, the Company, through an indirect wholly owned subsidiary, and Goldstein Planting Partners, LLC and its affiliate entered into a joint venture agreement (the “Burbank Collection Joint Venture”), and on December 12, 2012, the Burbank Collection Joint Venture acquired a Class A retail property containing 39,428 rentable square feet located in Burbank, California (the “Burbank Collection”). On July 19, 2019, the Burbank Collection Joint Venture sold the Burbank Collection to a purchaser unaffiliated with the Company or the Advisor for $25.9 million before closing costs. The carrying value of the Burbank Collection as of the disposition date was $14.7 million, which was net of $2.6 million of accumulated depreciation and amortization. The Company recognized a gain on sale of $10.5 million related to the disposition of the Burbank Collection. On November 12, 2013, the Company, through an indirect wholly owned subsidiary, and EE 424 Bedford OM, LLC entered into an agreement to form a joint venture (the “424 Bedford Joint Venture”), and on January 31, 2014, the 424 Bedford Joint Venture acquired an apartment building containing 66 units in Brooklyn, New York (“424 Bedford”). On January 11, 2019, the 424 Bedford Joint Venture sold 424 Bedford to a purchaser unaffiliated with the Company or the Advisor, for $43.8 million before closing costs and credits. The carrying value of 424 Bedford as of the disposition date was $34.0 million, which was net of $5.3 million of accumulated depreciation and amortization. The Company recognized a gain on sale of $7.6 million related to the disposition of 424 Bedford. There was no real estate held for sale as of December 31, 2021 and December 31, 2020, except where the Company retrospectively reclassified 2020 real estate as held for sale due to 2021 activity. The operations of real estate properties sold and gain on sales are included in continuing operations on the accompanying statements of operations. The following table summarizes certain revenue and expenses related to these properties for the years ended December 31, 2021, 2020 and 2019 (in thousands): Years Ended December 31, 2021 2020 2019 Revenues Rental income $ 8,622 $ 13,829 $ 24,190 Other operating income 532 1,027 2,080 Total revenues $ 9,154 $ 14,856 $ 26,270 Expenses Operating, maintenance, and management $ 2,099 $ 3,777 $ 6,907 Real estate taxes and insurance 1,019 1,698 3,918 Asset management fees to affiliate 813 1,210 1,886 Depreciation and amortization 2,436 7,116 11,244 Interest expense 1,146 2,471 6,149 Total expenses $ 7,513 $ 16,272 $ 30,104

NOTES AND BONDS PAYABLE

NOTES AND BONDS PAYABLE	12 Months Ended
	Dec. 31, 2021
Notes and Bonds Payable [Abstract]
NOTES AND BONDS PAYABLE	NOTES AND BONDS PAYABLE As of December 31, 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 December 31, 2021 (1) Interest Rate at December 31, 2021 (1) Payment Type (2) Maturity Date (3) Richardson Portfolio Mortgage Loan $ 28,470 $ 35,832 Floating Rate + 2.50% 2.60% Principal & Interest 11/01/2022 Park Centre Mortgage Loan 26,185 26,185 Floating Rate + 1.75% 1.85% Interest Only 06/27/2022 1180 Raymond Mortgage Loan (4) 31,070 29,848 Floating Rate + 2.25% 2.35% Interest Only 12/01/2023 1180 Raymond Bond Payable (5) (5) 5,870 (5) (5) (5) (5) Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures (5) (5) 181,198 (5) (5) (5) (5) Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures (6) 271,978 79,078 3.93% 3.93% (6) 01/31/2026 Crown Pointe Mortgage Loan (4) 52,315 53,072 Floating Rate + 2.60% 2.70% Principal & Interest 02/13/2022 (7) City Tower Mortgage Loan (4) (5) 94,167 (5) (5) (5) (5) The Marq Mortgage Loan 61,874 62,257 Floating Rate + 1.55% 1.65% Principal & Interest 06/06/2022 Eight & Nine Corporate Centre Mortgage Loan 48,545 47,066 Floating Rate + 1.60% 1.70% Principal & Interest 06/08/2022 Georgia 400 Center Mortgage Loan 61,154 59,690 Floating Rate + 1.55% 1.65% 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 (5) (5) 12,000 (5) (5) (5) (5) Battery Point Trust Mortgage Loan (5) (5) 38,608 (5) (5) (5) (5) MetLife Loan 60,000 — 3.90% 3.90% Interest Only 04/10/2026 Springmaid Beach Resort Mortgage Loan 55,491 57,015 Floating Rate + 2.25% (8) 5.75% Principal & Interest 08/12/2022 Q&C Hotel Mortgage Loan 25,000 25,000 Floating Rate + 2.50% (9) 4.50% Principal & Interest 12/23/2022 Lincoln Court Mortgage Loan (4) 34,623 34,416 Floating Rate + 1.75% 1.85% Principal & Interest 03/01/2022 (10) Lofts at NoHo Commons Mortgage Loan 74,536 74,536 Floating Rate + 2.18% (11) 3.93% Interest Only 09/09/2022 210 West 31st Street Mortgage Loan (4) 8,850 15,050 Floating Rate + 3.00% 3.10% Principal & Interest 06/16/2022 Oakland City Center Mortgage Loan 96,075 96,782 Floating Rate + 1.75% 1.85% Principal & Interest 09/01/2022 Madison Square Mortgage Loan 17,500 16,822 4.63% 4.63% Interest Only 10/07/2024 Total Notes and Bonds Payable principal outstanding 1,015,491 1,106,377 Net (Discount) / Premium on Notes and Bonds Payable (12) (8,146) (2,851) Deferred financing costs, net (8,396) (4,458) Total Notes and Bonds Payable, net $ 998,949 $ 1,099,068 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2021. The interest rate is calculated as the actual interest rate in effect as of December 31, 2021 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices including one-month LIBOR and BSBY at December 31, 2021, where applicable. (2) Represents the payment type required under the loan as of December 31, 2021. Certain future monthly payments due under this loan also include amortizing principal payments. For more information of the Company’s contractual obligations under its notes and bonds payable, see five-year maturity table below. (3) Represents the initial maturity date or the maturity date as extended as of December 31, 2021; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. (4) The Company’s notes and bond’s payable are generally non-recourse. These mortgage loans have guarantees over certain balances whereby the Company would be required to make guaranteed payments in the event that the Company turned the property over to the lender. The guarantees are typically 25% of the outstanding loan balance. As of December 31, 2021, the guaranteed amount in the aggregate was $98.4 million. (5) These loans have been paid off during the year ended December 31, 2021. (6) See “Israeli Bond Financing” below. (7) Subsequent to December 31, 2021, the Company refinanced the Crown Pointe Mortgage Loan with Wells Fargo Bank for $53.8 million with a contractual rate of 2.30% plus a floating rate and an initial maturity date of April 1, 2025. (8) The interest rate is variable at the higher of one-month LIBOR + 2.25% or 5.75%. (9) The interest rate is variable at the higher of one-month LIBOR + 2.5% or 4.5%. (10) Subsequent to December 31, 2021, the Company extended the maturity of the Lincoln Court Mortgage Loan to April 1, 2022. (11) The floating rate is variable at the higher of one-month LIBOR or 1.75%. (12) 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 years ended December 31, 2021, 2020 and 2019, the Company incurred $40.5 million, $29.1 million and $28.8 million of interest expense, respectively. Included in interest expense for the years ended December 31, 2021, 2020 and 2019, was $3.2 million, $3.3 million and $3.6 million of amortization of deferred financing costs, respectively and $2.7 million, $0.6 million and $0.1 million of amortization of the debt discount / premium for the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, during the years ended December 31, 2021, 2020 and 2019, the Company capitalized $2.1 million, $2.9 million and $2.7 million of interest, respectively, to its investments in undeveloped land. As of December 31, 2021 and 2020, the Company’s interest payable was $6.6 million and $6.2 million, respectively. The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of December 31, 2021 (in thousands): 2022 $ 511,964 2023 92,224 2024 108,159 2025 141,963 2026 161,181 Thereafter — $ 1,015,491 As of March 25, 2022, the Company had a total of $456.9 million of debt obligations scheduled to mature over the next 12 months. The Company has extension options with respect to $319.2 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 B Debentures (as defined below). 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 and bonds payable contain various financial debt covenants, including minimum equity requirements and liquidity ratios. As of December 31, 2021, the Company was in compliance with all of these debt covenants with the exception that the Georgia 400 Center Mortgage Loan was not in compliance with the debt service coverage requirement. As a result of such non-compliance, the Company is required to provide a cash sweep. Israeli Bond Financings On March 2, 2016, Pacific Oak Strategic Opportunity 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 the Series A debentures (“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. During the year ended December 31, 2021, Pacific Oak Strategic Opportunity BVI completed the early pay off of all Series A Debentures.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 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 options and 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. A foreign currency option consists of a call option to buy Israeli new Shekels. During the year ended December 31, 2021, the Company terminated the foreign currency collar and received $1.2 million. There were no foreign currency collars outstanding as of December 31, 2021 and 2020. 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 December 31, 2021, the Company had entered into two interest rate caps, which were not designated as hedging instruments. The following table summarizes the notional amounts and other information related to the Company’s derivative instruments as of December 31, 2021. The notional amount is an indication of the extent of the Company’s involvement in the instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands): Derivative Instrument Effective Date Maturity Date Notional Value Reference Rate Interest rate cap 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 December 31, 2021 and 2020 (dollars in thousands): December 31, 2021 December 31, 2020 Derivative Instruments Balance Sheet Location Number of Instruments Fair Value Number of Instruments Fair Value Derivative instruments not designated as hedging instruments Interest rate caps Prepaid expenses and other assets 2 $ 8 7 $ 1

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES The following were the face values, carrying amounts and fair values of the Company’s financial instruments as of December 31, 2021 and 2020, which carrying amounts do not approximate the fair values (in thousands): December 31, 2021 December 31, 2020 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes and bond payable $ 743,513 $ 740,176 $ 740,347 $ 846,101 $ 842,112 $ 846,608 Financial liabilities (Level 1): Pacific Oak Strategic Opportunity (BVI) Holdings, Ltd. Series A Debentures $ — $ — $ — $ 181,198 $ 179,786 $ 178,450 Pacific Oak Strategic Opportunity (BVI) Holdings, Ltd. Series B Debentures $ 271,978 $ 258,773 $ 274,697 $ 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 December 31, 2021, the Company measured the following assets at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 112,096 $ 112,096 $ — $ — Asset derivative - interest rate caps $ 8 $ — $ 8 $ — As of December 31, 2020, the Company measured the following assets at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 97,903 $ 97,903 $ — $ — Asset derivative - interest rate caps $ 1 $ — $ 1 $ — As of December 31, 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 (1) $ 97,600 $ — $ — $ 97,600 Impaired goodwill (1) $ 13,534 $ — $ — $ 13,534 _____________________ (1) The fair value of these assets were assessed as of September 30, 2021. During the year ended December 31, 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 and Lincoln Court was based on an income approach with the significant unobservable inputs used in measuring the estimated fair value of this property including a discount rate of 7.75% and a terminal cap rate of 6.75%. During the year ended December 31, 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 to their estimated recoverable amounts. Additionally, assumptions such as discounted cash flows, terminal capitalization rates and discount rates could be impacted by a variety of factors, including but not limited to management’s intended hold period and disposition strategy, a significant decrease in the market price of a real estate investment, a significant decline in expected operating cash flows, current industry and market trends, and other factors including bona fide purchase offers received from third parties. A change in the principal assumptions, which influences the determination of fair value, may result in a need to perform additional impairment reviews. During the year ended December 31, 2020, the Company recorded goodwill in connection with the Merger. During the year ended December 31, 2021, 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 determination of fair value includes numerous estimates and assumptions that are subject to risks and uncertainties. The change in the projected hold period and related decrease in projected cash flows have created additional uncertainty in forecasting the operating results and future cash flows used in our impairment analysis. The Company has made reasonable estimates and judgements. The fair value of the Company's reporting units were measured using significant unobservable inputs (Level 3), which included discounted cash flows, terminal capitalization rates and discount rates. Balance as of December 31, 2020 $ 16,342 Goodwill impairment loss (2,808) Balance as of December 31, 2021 $ 13,534

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS As described further below, the Company has entered into agreements with certain affiliates pursuant to which they provide services to the Company. Keith D. Hall and Peter McMillan III control and indirectly own Pacific Oak Holding Group, LLC (“Pacific Oak Holding”), the Company’s sponsor since November 1, 2019. Pacific Oak Holding is the sole owner of the Advisor. The Advisory Agreement has a one one 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., through September 1, 2021, Keith D. Hall and Peter McMillan III controlled and indirectly owned 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. 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. Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the years ended December 31, 2021, 2020 and 2019, respectively, and any related amounts payable as of December 31, 2021 and December 31, 2020 (in thousands): Incurred Payable as of 2021 2020 2019 2021 2020 Expensed Asset management fees $ 14,012 $ 9,982 $ 8,158 $ 1,903 $ 2,837 Property management fees (1) 479 229 — — — Acquisition fees on business combination (2) — — 1,185 — — Reimbursable operating expenses (3) — 148 236 — — Disposition fees (4) 1,196 — 1,570 (4) (4) Subordinated performance fee due upon termination to affiliate (5) 1,678 (1,720) 32,640 — — Capitalized Acquisition fees on real estate (2) 20 171 897 — — Acquisition fees on real estate equity securities — 143 — — 5 Acquisition fee on investment in unconsolidated entities 46 — 207 — — $ 17,431 $ 8,953 $ 44,893 $ 1,903 $ 2,842 _____________________ (1) Property management fees are for single-family homes under the Battery Point portfolio and paid to DayMark. These fees are included in the line item “Operating, maintenance, and management cost” in the consolidated statement of operations. (2) Acquisition fees associated with asset acquisitions are capitalized, while costs associated with business combinations expensed as incurred. (3) The relevant advisor may seek reimbursement for certain employee costs under the relevant advisory agreement. The Company has reimbursed the relevant advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $0.2 million for the year ended December 31, 2019, respectively, and were the only employee costs reimbursed under the relevant advisory agreement during these periods. There were no employee cost reimbursements during the year ended December 31, 2021 and 2020. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition, origination or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the relevant advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the relevant advisor on behalf of the Company. (4) Disposition fees with respect to real estate sold are included in the gain (loss) on sale of real estate in the accompanying consolidated statements of operations. (5) Change in estimate of fees payable to KBS Capital Advisors due to the termination of the former advisory agreement with KBS Capital Advisors. See Note 15 for more details. During the year ended December 31, 2021, the Company funded $7.0 million to the 353 Sacramento Joint Venture for the mortgage loan refinancing fees and recognized a due from affiliate of $7.0 million. Subordinated Participation in Net Cash Flows (payable only if the Company is not listed on a national exchange) After investors in the Company’s offerings have received, together as a collective group, aggregate distributions (including distributions that may constitute a return of capital for federal income tax purposes) sufficient to provide (i) a return of their net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to the Company’s share redemption program, (ii) a 7.0% per year cumulative, noncompounded return on such net invested capital, and (iii) $36.3 million, which is the grant date value of the restricted stock issued to the Company’s former advisor, KBS Capital Advisors, LLC, in connection with its termination on October 31, 2019 (the “KBS Termination Fee Payout”), the Advisor is entitled to receive 15.0% of the Company’s net cash flows, whether from continuing operations, net sale proceeds or otherwise. Net sales proceeds means the net cash proceeds realized by the Company after deduction of all expenses incurred in connection with a sale, including disposition fees paid to the Advisor. The 7.0% per year cumulative, noncompounded return on net invested capital is calculated on a daily basis. In making this calculation, the net invested capital is reduced to the extent distributions in excess of a cumulative, noncompounded, annual return of 7.0% are paid (from whatever source), except to the extent such distributions would be required to supplement prior distributions paid in order to achieve a cumulative, noncompounded, annual return of 7.0% (invested capital is only reduced as described in this sentence; it is not reduced simply because a distribution constitutes a return of capital for federal income tax purposes). The 7.0% per year cumulative, noncompounded return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of the Company’s stockholders to have received any minimum return in order for the Advisor to participate in the Company’s net cash flows. In fact, if the Advisor is entitled to participate in the Company’s net cash flows, the returns of the Company’s stockholders will differ, and some may be less than a 7.0% per year cumulative, noncompounded return. This fee is payable only if the Company is not listed on an exchange. Subordinated Incentive Listing Fee (payable only if the Company is listed on a national exchange) Upon listing the Company’s common stock on a national securities exchange, the Advisor is entitled to a fee equal to 15.0% of the amount by which the market value of the Company’s outstanding stock plus distributions paid by the Company (including distributions that may constitute a return of capital for federal income tax purposes) prior to listing exceeds the aggregate of (i) the sum of the Company’s stockholders’ net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to the Company’s share redemption program, and the amount of cash flow necessary to generate a 7.0% per year cumulative, noncompounded return on such amount and (ii) the KBS Termination Fee Payout. The 7.0% per year cumulative, noncompounded return on net invested capital is calculated on a daily basis. In making this calculation, the net invested capital is reduced to the extent distributions in excess of a cumulative, noncompounded, annual return of 7.0% are paid (from whatever source), except to the extent such distributions would be required to supplement prior distributions paid in order to achieve a cumulative, noncompounded, annual return of 7.0% (invested capital is only reduced as described in this sentence; it is not reduced simply because a distribution constitutes a return of capital for federal income tax purposes). The 7.0% per year cumulative, noncompounded return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of the Company’s stockholders to have received any minimum return in order for the Advisor to receive the listing fee. In fact, if the Advisor is entitled to the listing fee, the returns of the Company’s stockholders will differ, and some may be less than a 7.0% per year cumulative, noncompounded return. Subordinated Performance Fee Due Upon Terminatio n In accordance with the new advisory agreement with the Advisor, if the advisory agreement is terminated or not renewed, other than for cause, the Company’s advisor is entitled to receive a participation fee equal to (A) 15.0% of the Company’s net cash flows, whether from continuing operations, net sale proceeds or otherwise, after the Company’s stockholders have received, together as a collective group, aggregate distributions (including distributions that may constitute a return of capital for federal income tax purposes) sufficient to provide (i) a return of their net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to the Company’s share redemption program, and (ii) a 7.0% per year cumulative, noncompounded return on such net invested capital from the Company’s inception, less (B) the KBS Termination Fee Payout. Net sales proceeds means the net cash proceeds realized by the Company after deduction of all expenses incurred in connection with a sale, including disposition fees paid to the Company’s advisor. The 7.0% per year cumulative, noncompounded return on net invested capital from the Company’s inception is calculated on a daily basis. In making this calculation, the net invested capital is reduced to the extent distributions in excess of a cumulative, noncompounded, annual return of 7.0% are paid (from whatever source), except to the extent such distributions would be required to supplement prior distributions paid in order to achieve a cumulative, noncompounded, annual return of 7.0% (invested capital is only reduced as described in this sentence; it is not reduced simply because a distribution constitutes a return of capital for federal income tax purposes). The 7.0% per year cumulative, noncompounded return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of the Company’s stockholders to have received any minimum return in order for the Company’s advisor to participate in the Company’s net cash flows. In fact, if the Company’s advisor is entitled to participate in the Company’s net cash flows, the returns of the Company’s stockholders will differ, and some may be less than a 7.0% per year cumulative, noncompounded return. This fee is payable only if the Company is not listed on an exchange. Singapore Transactions On November 1, 2019, the Company sold an office property consisting of two buildings containing a total of 445,317 rentable square feet in Irving, Texas (“125 John Carpenter”) to the SREIT. The sale price, net of closing credits, of 125 John Carpenter was $99.8 million, before third-party closing costs of approximately $0.2 million and excluding any disposition fees payable to the Advisor. Prior to the sale of 125 John Carpenter, the Company owned 56,979,352 common units of the SREIT, representing a 6.89% ownership interest. On October 29, 2019, the Company purchased 7,186,000 common units of the SREIT for $5.2 million in connection with a private placement to institutional and other investors, maintaining its 6.89% ownership interest. Battery Point Restructuring On October 28, 2016, the Company, through an indirect wholly owned subsidiary, agreed to invest up to $25,000,000 in Battery Point LLC through the purchase of Series B Preferred Units. On May 12, 2017, the Company and Battery Point LLC agreed to limit the Company’s investment to $17,500,000 worth of Series B Preferred Units. The Company invested the full $17,500,000 in stages. During 2018, $4,500,000 was repaid to the Company. On June 29, 2018, Battery Point LLC was converted into Battery Point and the Company’s Series B Preferred Units were converted into shares of Battery Point Series B Preferred Stock. The Battery Point Series B Preferred Stock was entitled to the same rights and protections as were the Series B Preferred Units. The Battery Point Series B Preferred Stock paid a quarterly dividend of 12% and had an outside maturity date of October 28, 2019. On March 20, 2019, the Company, through an indirect wholly owned subsidiary, entered into a redemption agreement for the Battery Point Series B Preferred Stock. The redemption agreement resulted in the redemption of 13,000 shares of Series B Preferred Stock with a per share price of $1,000. The Company received $8.6 million, of which $0.9 million relates to accrued interest and an exit fee. In addition, the Company received 210,000 shares of Battery Point Series A-3 Preferred Stock with a per share price of $25. On March 20, 2019, Pacific Oak BP, a wholly owned subsidiary of the Advisor, acquired all the common equity interests in Battery Point Holdings. Battery Point Holdings owns (a) the common stock in Battery Point, (b) all the service entities that provide advisory, servicing and property management services to Battery Point Holdings generally named “DayMark”, and (c) 40% of additional DayMark entities that purchase, renovate, lease and sell single-family residential homes to Battery Point. As owner of Battery Point Holdings, the Advisor is responsible for funding the ongoing operations of Battery Point Holdings and its subsidiaries. The affiliated DayMark service entities are paid annual asset management fees equal to 1.5% of the gross asset value of Battery Point, annual property management fees equal to 8% of tenants’ rents received by Battery Point, and acquisition fees of 1% of the gross purchase price of properties acquired. The affiliated DayMark service entities also receive fees from tenants upon execution of leases and a 1% commission from sellers of properties into the program, if it acts as the broker for the seller. During the year ended December 31, 2019, the Company purchased additional 430,000 shares of Battery Point Series A-3 Preferred Stock for an aggregate amount of $10.8 million. As of December 31, 2019, the Company had 640,000 shares of Battery Point Series A-3 Preferred Stock. On July 1, 2020, the Company acquired, through its subsidiaries, Battery Point. The Company acquired Battery Point by acquiring all the 1,000,000 outstanding shares of Battery Point common stock from Battery Point Holdings, a wholly owned subsidiary of the Advisor. In exchange, Battery Point 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. As a result of the Battery Point acquisition, the Company’s 640,000 shares of Battery Point Series A-3 Preferred Stock were eliminated in consolidation. Prior to the acquisition date, the Company accounted for its investment in the Battery Point A-3 Preferred Stock as an equity investment without a readily determinable value. The acquisition-date carrying value of the previous equity interest was $14.0 million and is included in the measurement of the consideration transferred. The Company recognized a gain of $2.0 million as a result of remeasuring its prior equity interest in the Battery Point A-3 Preferred Stock held before the acquisition. The gain is included in the line item “Gain from remeasurement of prior equity interest” in the consolidated statement of operations. On July 29, 2020, the Company, through a wholly owned subsidiary of PORT OP, acquired a single-family home portfolio consisting of 12 homes in Alabama, Arkansas, and Illinois. The portfolio was purchased from DayMark and the purchase price was $1.0 million, which includes $10,000 of capitalized acquisition costs. The Company recorded this acquisition as an asset acquisition and recorded $0.2 million to land and $0.8 million to building and improvements. On April 6, 2021, the Company, through a wholly owned subsidiary of PORT OP, acquired a single-family home portfolio consisting of 23 homes in multiple states. The portfolio was purchased from DayMark and the purchase price was $2.0 million. The Company recorded this acquisition as an asset acquisition and recorded $0.4 million to land and $1.6 million to building and improvements. Pacific Oak Opportunity Zone Fund I As of December 31, 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 both of the years ended December 31, 2021 and 2020, the Company recorded $0.6 million of waived asset management fees recorded as equity in income of unconsolidated entities, of which $0.9 million was a receivable as of December 31, 2021 and included in rents and other receivables, net on the consolidated balance sheet. PORT II As of December 31, 2021, the Company has contributed $11.5 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.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	INVESTMENT IN UNCONSOLIDATED ENTITIES As of December 31, 2021 and 2020, the Company’s investments in unconsolidated entities were composed of the following (dollars in thousands): Number of Properties at December 31, 2021 Investment Balance at Joint Venture Location Ownership % December 31, 2021 December 31, 2020 110 William Joint Venture 1 New York, New York 60.0% — — 353 Sacramento Joint Venture 1 San Francisco, California 55.0% 49,916 49,665 Pacific Oak Opportunity Zone Fund I 3 Various N/A 27,215 24,996 PORT II OP LP 162 Various N/A 11,125 5,005 $ 88,256 $ 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 December 31, 2021 and December 31, 2020, the book value of the Company’s investment in the 110 William Joint Venture was $0. During the year ended December 31, 2019, the 110 William Joint Venture made a $7.8 million distribution to the Company and a $5.2 million distribution to the 110 William JV Partner funded with proceeds from the 110 William refinancing. The distribution exceeded the book value of the Company’s investment in the 110 William Joint Venture, and the Company recorded the $7.8 million distribution as a gain included in equity in income of unconsolidated joint ventures during the year ended December 31, 2019. This gain was recorded because the Company determined that the distribution is not refundable and it does not have an implicit or explicit commitment to fund the 110 William Joint Venture. The Company suspended the equity method of accounting and will not record the Company's share of losses and will not record the Company's share of any subsequent income for the 110 William Joint Venture until the Company’s share of net income exceeds the gain recorded and the Company’s share of the net losses not recognized during the period the equity method was suspended. During the year ended December 31, 2021 and December 31, 2020, the Company did not receive any distributions related to its investment in the 110 William Joint Venture. 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 the 353 Sacramento Joint Venture. On July 6, 2017, the Company sold a 45% equity interest in an entity that owns 353 Sacramento to the Migdal Members. The sale resulted in 353 Sacramento being owned by the 353 Sacramento Joint Venture, in which the Company indirectly owns 55% of the equity interests and the Migdal Members indirectly own 45% in the aggregate of the equity interests. The Company exercises significant influence over the operations, financial policies and decision making with respect to the 353 Sacramento Joint Venture but significant decisions require approval from both members. Accordingly, the Company has accounted for its investment in the 353 Sacramento Joint Venture under the equity method of accounting. Income, losses, contributions and distributions are generally allocated based on the members’ respective equity interests. During the years ended December 31, 2021 and 2020, the Company made contributions of $1.1 million and $5.5 million, respectively, to the 353 Sacramento Joint Venture. During the years ended December 31, 2021 and 2020, the Company recognized a $1.1 million loss and income of $2.0 million , respectively, related to the 353 Sacramento Joint Venture. Investment in Pacific Oak Opportunity Zone Fund I As of December 31, 2021, the book value of the Company’s investment in Pacific Oak Opportunity Zone Fund I was $27.2 million, which includes $0.2 million of acquisition fees. As of December 31, 2021, Pacific Oak Opportunity Zone Fund I consolidated three joint venture with real estate under development. As of December 31, 2021, the Company has concluded that Pacific Oak Opportunity Zone Fund I qualifies as a Variable Interest Entity (“VIE”) because there is insufficient equity at risk to finance the entity’s activities and the entity is structured with non-substantive voting rights. The Company concluded it is not the primary beneficiary of this VIE since it does not have the power to direct the activities that most significantly impact the entity’s economic performance and will account for its investment under the equity method of accounting. During the years ended December 31, 2021 and 2020, the Company recognized $0.9 million and $1.0 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 $27.2 million as of December 31, 2021.

SUPPLEMENTAL CASH FLOW AND SIGN

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow and Significant Noncash Transaction Disclosures [Abstract]
SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES	SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES Supplemental cash flow and significant noncash transaction disclosures were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Supplemental Disclosure of Cash Flow Information: Interest paid, net of capitalized interest of $2,055, $2,923 and $2,565 for the years ended December 31, 2021, 2020 and 2019, respectively $ 34,240 $ 23,765 $ 25,703 Supplemental Disclosure of Significant Noncash Transactions: Assets acquired in the Merger — 635,825 — Liabilities assumed in the Merger — 359,375 — Assets acquired in the Battery Point acquisition — 56,572 — Liabilities assumed in the Battery Point acquisition — 37,548 — Assets acquired in the PORT acquisition — — 121,316 Liabilities assumed in the PORT acquisition — — 64,682 Acquisition fees due to affiliates on investment in unconsolidated entities — — 137 Accrued improvements to real estate 2,660 2,733 5,302 Redeemable common stock payable 684 864 829 Restricted stock payable 508 14,600 16,320 Dividends declared, but not yet paid 11,016 — — PPP notes forgiveness 1,500 — — Mezzanine equity in connection with subordinated performance fee due upon termination — — 10,880 Restricted stock (additional paid in capital) in connection with subordinated performance fee due upon termination — — 5,440 Mortgage loan assumed by buyer in connection with sale of real estate — — 23,663 Redemptions of Series B Preferred Stock in exchange for Series A-3 Preferred Units — — 2,992 Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan — — 829

REPORTING SEGMENTS

REPORTING SEGMENTS	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
REPORTING SEGMENTS	REPORTING SEGMENTS The Company recognizes three reporting segments for the years ended December 31, 2021 and 2020 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 selected financial information for the reporting segments for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands): Year Ended December 31, 2021 Strategic Opportunistic Properties Single-Family Homes Hotel Properties Total Total revenues $ 115,167 $ 21,954 $ 30,806 $ 167,927 Total expenses (172,215) (25,979) (30,553) (228,747) Total other income 46,959 74 1,289 48,322 Net loss $ (10,089) $ (3,951) $ 1,542 (12,498) Year Ended December 31, 2020 Strategic Opportunistic Properties Single-Family Homes Hotel Properties Total Total revenues $ 93,252 $ 17,055 $ 3,718 $ 114,025 Total expenses (122,621) (19,332) (6,204) (148,157) Total other (loss) income (15,045) (51) 415 (14,681) Net loss $ (44,414) $ (2,328) $ (2,071) $ (48,813) Year Ended December 31, 2019 Strategic Opportunistic Properties Single-Family Homes Hotel Properties Total Total revenues $ 91,351 $ 1,807 $ — $ 93,158 Total expenses (130,448) (2,374) — (132,822) Total other income (loss) 28,944 (4,461) — 24,483 Net loss $ (10,153) $ (5,028) $ — $ (15,181) Total assets related to the three reporting segments as of December 31, 2021 and 2020 are as follows (in thousands): December 31, 2021 Strategic Opportunistic Properties Single-Family Homes Hotel Properties Total Total assets (1) $ 1,223,122 $ 211,050 $ 150,447 $ 1,584,619 Goodwill (1) 9,489 — 4,045 13,534 _____________________ (1) During the year ended December 31, 2021, the Company recorded impairment charges on real estate and related intangibles and on goodwill of $11.0 million and $2.8 million, respectively, related to the Strategic Opportunistic Properties segment. December 31, 2020 Strategic Opportunistic Properties Single-Family Homes Hotel Properties Total Total assets $ 1,404,509 $ 182,486 $ 144,670 $ 1,731,665 Goodwill 12,297 — 4,045 16,342

PORT MEZZANINE EQUITY

PORT MEZZANINE EQUITY	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
PORT MEZZANINE EQUITY	PORT MEZZANINE EQUITY The Company has authorized and issued preferred stock from a wholly owned subsidiary. The Company has elected to use the measurement method described under ASC 480-10-S99-3A, paragraph 15(b), resulting in the preferred stock being classified in mezzanine equity and measured based on the estimated future redemption value as of December 31, 2021, 2020 and 2019. On November 6, 2019, PORT issued 15,000 shares out of its available 25,000,000 shares of Series A Cumulative Convertible Redeemable Preferred Stock for gross proceeds of $1,000 per share resulting in net proceeds of $15.0 million before issuance costs. The shares provide for an annual dividend of 6% payable quarterly, which increases to 12% if all shares are not redeemed by the Company immediately following the redemption date. However, the 12% dividend rate does not apply until the aggregate number of shares selected for redemption do not constitute 10% or more of all outstanding shares. The shares may be redeemed by the holders beginning on November 4, 2021 for $1,000 per share plus all accrued but unpaid dividends through the redemption date, or after November 4, 2022 for $1,120 per share plus all accrued but unpaid dividends through the redemption date. In addition, after November 4, 2020, the shares are redeemable at the Company’s option, at any time or from time to time, at a redemption price of $1,120 per share plus unpaid accrued dividends. Additionally, if the common shares of PORT are publicly traded, the holder may elect to convert its preferred shares into PORT common shares based on a value of the preferred shares of $1,120 per share plus unpaid accrued dividends, and a conversion price of the common shares as stated in the agreement. On November 22, 2019, PORT issued 125 shares of its Series B Cumulative Redeemable Preferred Stock for gross proceeds of $1,000 per share resulting in net proceeds of $0.1 million after issuance costs. The shares provide for an annual dividend of 12.5% payable semiannually. The shares may be redeemed by the holders for $1,050 per share until December 31, 2021 and for $1,000 per share thereafter. The following is a reconciliation of the Company’s noncontrolling cumulative convertible redeemable preferred stock for the years ended December 31, 2019, 2020 and 2021: Series A Preferred Stock Series B Preferred Stock Shares Amounts Shares Amounts Issuance of preferred stock 15,000 $ 15,000 125 $ 125 Other offering costs — (91) — (26) Balance, December 31, 2019 15,000 14,909 125 99 Dividends Available Upon Redemption — 973 — 16 Dividends Paid — (748) — (16) Balance, December 31, 2020 15,000 15,134 125 99 Dividends Available Upon Redemption — 897 — 16 Dividends Paid — (897) — (16) Balance, December 31, 2021 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 year ended December 31, 2021 (in thousands): December 31, 2020 $ 2,968 Net loss attributable to redeemable noncontrolling interest (146) December 31, 2021 $ 2,822

RESTRICTED STOCK

RESTRICTED STOCK	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
RESTRICTED STOCK	RESTRICTED STOCK On 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”) pursuant to the Restricted Stock Agreement. The Restricted Stock was to vest on November 1, 2021. 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 year ended December 31, 2021, the Company recorded $1.7 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 December 31, 2021, the Company measured the Restricted Stock at its fair value of $8.51 per share.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESIn connection with the Merger, the Company acquired 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 year ended December 31, 2021, the Company incurred $0.8 million of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. Q&C Hotel A wholly owned subsidiary of the joint venture through which the Company leases the operations of the Q&C Hotel (“Q&C Hotel Operations”) has entered into a management agreement with Encore Hospitality, LLC (“Encore Hospitality”), an affiliate of the joint venture partner, pursuant to which Encore Hospitality will manage and operate the Q&C Hotel. The management agreement expires on December 17, 2035. Subject to certain conditions, Encore Hospitality may extend the term of the agreement for a period of five years. Pursuant to the management agreement Encore Hospitality will receive a base fee, which is 4.0% of gross revenue (as defined in the management agreement). During the year ended December 31, 2021 the Company incurred $0.2 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 year ended December 31, 2021, the Company incurred $0.5 million of fees related to the Marriott franchise agreement, which are included in hotel expenses on the accompanying consolidated statement of operations. In addition, in connection with the execution of the franchise agreement, SOR US Properties II is providing an unconditional guarantee that all Q&C Hotel Operations’ obligations under the franchise agreement will be punctually paid and performed. Finally, certain transfers of the Q&C Hotel or an ownership interest therein are subject to a notice and consent requirement, and the franchise agreement further provides Marriott with a right of first refusal with respect to a sale of the hotel to a competitor of Marriott. Lease Obligations In connection with the Merger, the Company acquired the rights to a leasehold interest with respect to 210 West 31st Street, which was accounted for as a finance lease. As of December 31, 2021 and 2020, the Company's lease included in the consolidated balance sheet as follows: December 31, 2021 2020 Right-of-use asset (included in real estate held for investment, net $ 8,074 $ 9,258 Lease obligation (included in other liabilities 9,360 9,274 Remaining lease term 92.0 years 93.0 years Discount rate 4.8 % 4.8 % The components of lease expense were as follows: Interest on lease obligation 501 107 As of December 31, 2021, the Company had a leasehold interest expiring on 2114. Future minimum lease payments owed by the Company under the finance lease as of December 31, 2021 are as follows (in thousands): 2022 $ 360 2023 360 2024 360 2025 393 2026 396 Thereafter 52,167 Total expected minimum lease obligations 54,036 Less: Amount representing interest (1) (44,676) Present value of net minimum lease payments (2) $ 9,360 _____________________ (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 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 December 31, 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 December 31, 2021. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters From time to time, the Company is a party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company’s results of operations or financial condition, which would require accrual or disclosure of the contingency and the possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote. COVID-19 During the year ended December 31, 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, including those related to impairments of real estate assets and investments in unconsolidated entities and collectability assessments on operating lease receivables. While the Company’s current analyses did not result in any material adjustments to amounts as of and during the year ended December 31, 2021 and 2020, circumstances related to the COVID-19 pandemic may result in recording impairments, lease modifications and changes to collectability assessments in future periods.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Dividends Paid On December 28, 2021, the Company’s board of directors authorized a special distribution in the amount of $1.17 per share on the outstanding shares of the Company’s common stock to the stockholders of record as of the close of business on December 30, 2021. The special dividend was paid in January 2022 to stockholders and consisted of $11.0 million in cash and $99.1 million in common stock. Greenway Disposition On January 24, 2022, the Company, through an indirect wholly owned subsidiary, sold two office buildings related to the Richardson Portfolio and containing 141,950 rentable square feet in Richardson, Texas (“Greenway Buildings”) to a purchaser unaffiliated with the Company or the Advisor, for $11.0 million, before closing costs and credits. The carrying value of the Greenway Buildings as of the disposition date was $6.5 million, which was net of $3.2 million of accumulated depreciation and amortization. In connection with the sale of the Greenway Buildings, the Company repaid $9.1 million of the outstanding principal balance due under the mortgage loan secured by the Greenway Buildings. The Company recognized a gain on sale of $4.0 million related to the disposition of the Greenway Buildings. Park Highlands Land

SCHEDULE III REAL ESTATE ASSETS

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION	SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2021 (dollar amounts in thousands) Initial Cost to Company Gross Amount at which Carried at Close of Period Description Location Ownership Percent Encumbrances Land Building and Improvements (1) Total Cost Capitalized Subsequent to Acquisition (2) Land Building and Improvements (1) Total (3) Accumulated Depreciation and Amortization Original Date of Construction Date Real Estate Investments Richardson Portfolio: Palisades Central I Richardson, TX 100.0% (4) $ 1,037 $ 8,628 $ 9,665 $ 5,218 $ 1,037 $ 13,846 $ 14,883 $ (5,246) 1980 11/23/2011 Palisades Central II Richardson, TX 100.0% (4) 810 17,117 17,927 5,507 810 22,624 23,434 (8,119) 1985 11/23/2011 Greenway I Richardson, TX 100.0% (4) 561 1,170 1,731 2,024 561 3,194 3,755 (1,348) 1983 11/23/2011 Greenway III Richardson, TX 100.0% (4) 702 4,083 4,785 177 702 4,260 4,962 (1,813) 1983 11/23/2011 Undeveloped Land Richardson, TX 100.0% — 1,997 — 1,997 1,137 3,134 — 3,134 — N/A 11/23/2011 Total Richardson Portfolio 28,470 5,107 30,998 36,105 14,063 6,244 43,924 50,168 (16,526) Park Highlands North Las Vegas, NV (5) — 17,066 — 17,066 14,581 31,647 — 31,647 — N/A 12/30/2011 Park Centre Austin, TX 100.0% 26,185 3,251 27,941 31,192 6,950 3,251 34,891 38,142 (10,480) 2000 03/28/2013 1180 Raymond Newark, NJ 100.0% 31,070 8,292 37,651 45,943 1,883 8,292 39,534 47,826 (10,370) 1929 08/20/2013 Park Highlands II North Las Vegas, NV (5) — 20,118 — 20,118 2,515 22,633 — 22,633 — N/A 12/10/2013 Richardson Land II Richardson, TX 90.0% — 3,096 — 3,096 322 3,418 — 3,418 — N/A 09/04/2014 Crown Pointe Dunwoody, GA 100.0% 52,315 22,590 62,610 85,200 11,573 22,590 74,183 96,773 (18,102) 1985/1989 02/14/2017 The Marq Minneapolis, MN 100.0% 61,874 10,387 75,878 86,265 9,866 10,387 85,744 96,131 (13,741) 1972 03/01/2018 Eight & Nine Corporate Centre Franklin, TN 100.0% 48,545 17,401 58,794 76,195 4,588 17,401 63,382 80,783 (10,329) 2007 06/08/2018 Georgia 400 Center Alpharetta, GA 100.0% 61,154 11,400 72,000 83,400 10,642 11,431 82,611 94,042 (11,697) 2001 05/23/2019 Springmaid Beach Resort Myrtle Beach, Sc 90.0% 55,491 30,483 62,417 92,900 197 30,483 62,614 93,097 (2,404) 1948/1980/1992/1995/2001 10/05/2020 Q&C Hotel New Orleans, LA 90.0% 25,000 2,669 41,431 44,100 188 2,669 41,619 44,288 (1,529) 1913 10/05/2020 Lincoln Court Campbell, CA 100.0% 34,623 16,610 43,083 59,693 (7,399) 15,329 36,965 52,294 (197) 1985 10/05/2020 Lofts at NoHo Commons North Hollywood, CA 90.0% 74,536 22,670 93,676 116,346 515 22,670 94,191 116,861 (4,862) 2007 10/05/2020 210 West 31st Street (5) New York, NY 80.0% 8,850 — 51,358 51,358 (6,458) — 44,900 44,900 — (6) 10/05/2020 Oakland City Center Oakland, CA 100.0% 96,075 24,063 180,973 205,036 (1,688) 24,063 179,285 203,348 (13,236) 1985/1990 10/05/2020 Madison Square Phoenix, AZ 90.0% 17,500 11,570 22,544 34,114 55 11,570 22,599 34,169 (3,969) 1911/2003/2007/2008 10/05/2020 PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC. SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED) December 31, 2021 (dollar amounts in thousands) Initial Cost to Company Gross Amount at which Carried at Close of Period Description Number of Homes Ownership Percent Encumbrances Land Building and Improvements (1) Total Cost Capitalized Subsequent to Acquisition (2) Land Building and Improvements (1) Total (3) Accumulated Depreciation and Amortization Original Date of Construction Date Single-Family Homes Portfolio: Alabama Homes 193 96.1% (8) 3,013 11,561 14,574 1,716 3,052 13,238 16,290 (1,093) Various Various Arkansas Homes 24 96.1% (8) 555 2,221 2,776 (24) 541 2,211 2,752 (189) Various Various Delaware Homes 4 96.1% (8) 134 537 671 81 141 611 752 (49) Various Various Florida Homes 256 96.1% (8) 5,500 34,823 40,323 3,273 5,503 38,093 43,596 (2,904) Various Various Georgia Homes 70 96.1% (8) 826 4,669 5,495 785 844 5,436 6,280 (421) Various Various Iowa Homes 11 96.1% (8) 177 705 882 152 163 871 1,034 (56) Various Various Illinois Homes 282 96.1% (8) 5,070 20,124 25,194 849 5,040 21,003 26,043 (1,733) Various Various Indiana Homes 96 96.1% (8) 1,969 7,784 9,753 256 1,941 8,068 10,009 (677) Various Various Michigan Homes 48 96.1% (8) 900 3,601 4,501 468 929 4,040 4,969 (321) Various Various Mississippi Homes 18 96.1% (8) 200 802 1,002 — 200 802 1,002 (25) Various Various Missouri Homes 22 96.1% (8) 447 1,701 2,148 64 409 1,803 2,212 (141) Various Various North Carolina Homes 75 96.1% (8) 1,462 5,851 7,313 315 1,491 6,137 7,628 (517) Various Various Ohio Homes 132 96.1% (8) 2,411 9,644 12,055 381 2,413 10,023 12,436 (841) Various Various Oklahoma Homes 128 96.1% (8) 2,360 13,184 15,544 805 2,360 13,989 16,349 (1,090) Various Various South Carolina Homes 23 96.1% (8) 572 2,289 2,861 119 601 2,379 2,980 (208) Various Various Tennessee Homes 152 96.1% (8) 2,387 10,743 13,130 1,381 2,387 12,124 14,511 (1,009) Various Various Texas Homes 263 96.1% (8) 4,497 17,464 21,961 2,099 4,497 19,563 24,060 (1,604) Various Various Wisconsin Homes 17 96.1% (8) 386 1,527 1,913 (96) 355 1,462 1,817 (121) Various Various Total Single-Family Homes Portfolio 1814 121,825 32,866 149,230 182,096 12,624 32,867 161,853 194,720 (12,999) Total Properties $ 259,639 $ 1,010,584 $ 1,270,223 $ 75,017 $ 276,945 $ 1,068,295 $ 1,345,240 $ (130,441) ____________________ (1) Building and improvements includes tenant origination and absorption costs. (2) Costs capitalized subsequent to acquisition is net of write-offs of fully depreciated/amortized assets. (3) The aggregate cost of real estate for federal income tax purposes was $1.5 billion (unaudited) as of December 31, 2021. (4) As of December 31, 2021, $28.5 million of debt was outstanding secured by the Richardson Portfolio. (5) The Company acquired the rights to a leasehold interest with respect to this property. The leasehold interest expires January 31, 2114. (6) 210 West 31st Street is a development property. (7) The single-family homes portfolio, in aggregate are under encumbrance of $121.8 million. SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED) December 31, 2021 (dollar amounts in thousands) 2021 2020 2019 Real Estate (1) : Balance at the beginning of the year $ 1,517,435 $ 824,860 $ 730,962 Acquisitions 4,838 679,042 200,918 Improvements 18,966 17,103 34,435 Write-off of fully depreciated and fully amortized assets (5,956) (3,114) (1,060) Dispositions (175,691) (456) (140,395) Impairments (14,352) — — Balance at the end of the year $ 1,345,240 $ 1,517,435 $ 824,860 Accumulated depreciation and amortization (1) : Balance at the beginning of the year $ 104,412 $ 65,381 $ 49,842 Depreciation and amortization expense 55,882 42,159 31,961 Write-off of fully depreciated and fully amortized assets (5,956) (3,114) (1,060) Dispositions (20,516) (14) (15,362) Impairments (3,381) — — Balance at the end of the year $ 130,441 $ 104,412 $ 65,381

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership, Pacific Oak Strategic Opportunity BVI and their direct and indirect wholly owned subsidiaries, and 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. The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for real estate, that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Reclassifications	Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of the prior period. During the year ended December 31, 2021, the Company disposed of one office building. As a result, certain assets and liabilities were reclassified to held for sale on the consolidated balance sheets for all periods presented.
Revenue Recognition	Lessor Accounting The Company recognizes minimum rent, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectibility is determined to be probable and records amounts expected to be received in later years as deferred rent receivable. In accordance with Topic 842, tenant reimbursements for property taxes and insurance are included in the single lease component of the lease contract (the right of the lessee to use the leased space) and therefore are accounted for as variable lease payments and are recorded as rental income on the Company’s statement of operations. In addition, the Company adopted the practical expedient available under Topic 842 to not separate nonlease components from the associated lease component and instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the revenue recognition standard (Topic 606) and if certain conditions are met, specifically related to tenant reimbursements for common area maintenance which would otherwise be accounted for under the revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements for common area maintenance as (i) the timing and pattern of transfer of the nonlease components and associated lease components are the same and (ii) the lease component would be classified as an operating lease. Accordingly, tenant reimbursements for common area maintenance are also accounted for as variable lease payments and recorded as rental income on the Company’s statement of operations. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance (including amounts that can be taken in the form of cash or a credit against the tenant’s rent) that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. The Company leases apartment units and single-family homes under operating leases with terms generally of one year or less. Generally, credit investigations will be performed for prospective residents and security deposits will be obtained. The Company recognizes rental revenue, net of concessions, on a straight-line basis over the term of the lease, when collectibility is determined to be probable. In accordance with Topic 842, the Company makes a determination of whether the collectibility of the lease payments in an operating lease is probable. If the Company determines the lease payments are not probable of collection, the Company would fully reserve for any contractual lease payments, deferred rent receivable, and variable lease payments and would recognize rental income at the lesser of (1) on a straight-line basis or (2) cash received. These changes to the Company’s collectibility assessment are reflected as an adjustment to rental income. The Company, as a lessor, records costs to negotiate or arrange a lease that would have been incurred regardless of whether the lease was obtained, such as legal costs incurred to negotiate an operating lease, as an expense and classify such costs as operating, maintenance, and management expense on the Company’s consolidated statement of operations. Hotel Revenues The Company recognizes revenue for hotels as hotel revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from the Company’s guests. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is booked by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is booked by the Company on a gross basis. The Company participates in frequent guest programs sponsored by the brand owners of the Company’s hotels and the Company expenses the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated in Note 3 into the categories of rooms revenue, food, beverage and convention services revenue, campground revenue and other revenue to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows. Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for the right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at the Company’s hotels. Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits are recognized as revenue at the time of the guest’s stay. Food, beverage and convention revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or convention services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the convention facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at the Company’s hotels. Advanced deposits for food and beverage revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. Campground revenue is recognized on a straight-line basis over the term of the lease when collectability of the lease payments is probable.
Dividend Income from Real Estate Equity Securities	Dividend income from real estate equity securities is recognized on an accrual basis based on eligible shares as of the ex-dividend date.
Interest Income from Cash and Cash Equivalents	The Company recognizes interest income on its cash and cash equivalents as it is earned and records such amounts as other interest income.
Real Estate Acquisition Valuation	The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business. For purposes of this test, land and buildings can be combined along with the intangible assets for any in-place leases and accordingly, most acquisitions of investment properties would not meet the definition of a business and would be accounted for as an asset acquisition. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized. Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. Acquired in-place lease value will be amortized to expense over the average remaining terms of the respective in-place leases, including any below-market renewal periods. The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information and/or replacement cost data. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using a discount that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of above-market in-place leases and for the initial term plus any extended term for any leases with below-market renewal options. The Company amortizes any recorded above-market or below-market lease values as a reduction or increase, respectively, to rental income over the remaining non-cancelable terms of the respective lease, including any below-market renewal periods. The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease up periods, considering current market conditions. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. The Company records the fair value of debt assumed in an acquisition based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. The Company amortizes the value of tenant origination and absorption costs to depreciation and amortization expense over the remaining non-cancelable term of the leases. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates or average daily rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, revenue and expense growth rates, occupancy, and net operating margin. The Company records the fair value of noncontrolling interests based on the estimated noncontrolling interests’ share of fair values of the net assets of the underlying entities, adjusted for lack of marketability and control discount.
Depreciation and Amortization	Depreciation and AmortizationReal estate costs related to the acquisition and improvement of properties are capitalized and depreciated over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life.
Impairment Charges on Real Estate and Related Intangibles	The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangibles may not be recoverable or realized. Such indicators of potential impairment may include an assessment of management's intended hold period and disposition strategy, a significant decrease in market price, expected future undiscounted cash flows, and current industry and market trends and other factors including bona fide purchase offers received from third parties in making this assessment. When indicators of potential impairment suggest that the carrying value of real estate and related intangibles assets and liabilities may not be recoverable, the Company assesses the recoverability by estimating whether the Company will recover the carrying value of the real estate and related intangibles through its undiscounted future cash flows and its eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the real estate and related intangibles, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangibles. The Company recorded an impairment loss of $11.0 million on its real estate and related intangibles during the year ended December 31, 2021. See Note 9 for further discussion. There were no impairment loss on real estate and related intangibles during the years ended December 31, 2020 and 2019.Projecting future cash flows involves estimating expected future operating income and expenses related to the real estate and its related intangibles as well as market and other trends. Using inappropriate assumptions to estimate cash flows could result in incorrect fair values of the real estate and its related intangibles and could result in the overstatement of the carrying values of the Company’s real estate and related intangibles and an overstatement of its net income.
Real Estate Held for Sale and Discontinued Operations	The Company generally considers real estate to be “held for sale” when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Real estate that is held for sale and its related assets are classified as “real estate held for sale” and “assets related to real estate held for sale,” respectively, for all periods presented in the accompanying consolidated financial statements. Notes payable and other liabilities related to real estate held for sale are classified as “notes payable related to real estate held for sale” and “liabilities related to real estate held for sale,” respectively, for all periods presented in the accompanying consolidated financial statements. Real estate classified as held for sale is no longer depreciated and is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell. Operating results and related gains on sale of properties that were disposed of or classified as held for sale in the ordinary course of business are included in continuing operations on the Company’s consolidated statements of operations.
Sale of Real Estate	The Company’s sales of real estate would be considered a sale of a nonfinancial asset. The Company determines it does not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, the Company would derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer.
Real Estate Equity Securities	These investments are carried at their estimated fair value based on quoted market prices for the security, net of any discounts for restrictions on the sale of the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. The Company records unrealized gains and losses on real estate equity securities are recognized in earnings.
Goodwill	The Company recorded goodwill during the year ended December 31, 2020 in connection with the Merger, of which $12.3 million were allocated to strategic opportunistic properties reporting segment and $4.0 million to hotels reporting segment. Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of business acquired. The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company performs its annual assessment on October 1st. The Company recorded impairment charges on goodwill of $2.8 million for the year ended December 31, 2021. See Note 9 for further discussion. There were no impairment loss on goodwill during the year December 31, 2020.
Investment in Unconsolidated Entities, Equity Method	The Company accounts for investments in unconsolidated entities in which the Company may exercise significant influence over, but does not control, using the equity method of accounting. Under the equity method, the investment is initially recorded at cost and subsequently adjusted to reflect additional contributions or distributions and the Company’s proportionate share of equity in the joint venture’s income (loss). The Company recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture as equity in income (loss) of unconsolidated joint venture on the consolidated statements of operations. On a quarterly basis, the Company evaluates its investment in an unconsolidated joint venture for other-than-temporary impairments.
Cash and Cash Equivalents	The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Cash and cash equivalents are stated at cost, which approximates fair value. There were no restrictions on the use of the Company’s cash and cash equivalents as of December 31, 2021 and 2020. The Company’s cash and cash equivalents balance exceeded federally insurable limits as of December 31, 2021. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
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.
Deferred Financing Costs	Deferred financing costs represent commitment fees, loan fees, legal fees and other third-party costs associated with obtaining financing and are presented on the balance sheet as a direct deduction from the carrying value of the associated debt liability. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Deferred financing costs incurred before an associated debt liability is recognized are included in prepaid and other assets on the balance sheet. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Fair Value Measurements	Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classifies such items in Level 1 or Level 2. The Company would classify items as Level 3 in instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines that the market for a financial instrument owned by the Company is illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establishes a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. The Company considers the following factors to be indicators of an inactive market: (i) there are few recent transactions, (ii) price quotations are not based on current information, (iii) price quotations vary substantially either over time or among market makers (for example, some brokered markets), (iv) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability, (v) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability, (vi) there is a wide bid-ask spread or significant increase in the bid-ask spread, (vii) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities, and (viii) little information is released publicly (for example, a principal-to-principal market). The Company considers the following factors to be indicators of non-orderly transactions: (i) there was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions, (ii) there was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant, (iii) the seller is in or near bankruptcy or receivership (that is, distressed), or the seller was required to sell to meet regulatory or legal requirements (that is, forced), and (iv) the transaction price is an outlier when compared with other recent transactions for the same or similar assets or liabilities.
Dividend Reinvestment Plan	The Company has adopted a dividend reinvestment plan (the “DRP”) through which common stockholders may elect to reinvest an amount equal to the distributions declared on their shares in additional shares of the Company’s common stock in lieu of receiving cash distributions. On December 4, 2020, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $9.68 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding as of September 30, 2020, adjusted for the assets acquired and the liabilities assumed in connection with the Merger, the expenses incurred in the Merger and the shares of the Company’s common stock issued as consideration for the Merger. Commencing December 23, 2020, the purchase price per share under the DRP was $9.68. On December 2, 2021, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $10.68 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding as of September 30, 2021. Subsequently, on December 28, 2021, the Company’s board of directors declared a special dividend of $1.17 per share of the Company’s common stock to the stockholders of record as of the close of business on December 30, 2021. On January 26, 2022, the board of directors approved an updated estimated value per share of $9.51, based on the previous estimated value per share of $10.68, less the special dividend of $1.17. After giving effect to the declaration of the special dividend of $1.17 per share, the purchase price per share under the DRP was $9.51 and will commence in the first quarter of 2022.
Redeemable Common Stock	The Company has adopted a share redemption program that may enable stockholders to sell their shares to the Company in limited circumstances. Pursuant to the share redemption program there are several limitations on the Company’s ability to redeem shares: • Unless the shares are being redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence” (each as defined under the share redemption program), the Company may not redeem shares until the stockholder has held the shares for one year. • During any calendar year, the Company may redeem no more than 5% of the weighted-average number of shares outstanding during the prior calendar year. • The Company has no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. • During any calendar year, the Company may redeem only the number of shares that the Company can purchase with the amount of net proceeds from the sale of shares under the its dividend reinvestment plan during the prior calendar year; provided, however, that this limit may be increased or decreased by us upon ten • The Company may not redeem more than $3.0 million of shares in a given quarter (excluding shares redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”). To the extent that, in a given fiscal quarter, the Company redeems less than the sum of (a) $3.0 million of shares (excluding shares redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”) and (b) any excess capacity carried over to such fiscal quarter from a prior fiscal quarter as described below, any remaining excess capacity to redeem shares in such fiscal quarter will be added to our capacity to otherwise redeem shares (excluding shares redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”) during succeeding fiscal quarter. The Company may increase or decrease this limit upon ten • In addition to the capacity from the bullet above, during the year ended December 31, 2021, the Company’s board of directors has made available $4.0 million for redemptions in connection with a stockholder's death, “qualifying disability”, or “determination of incompetence” and $30.0 million for ordinary redemptions and are carry forward until depleted. As of December 31, 2021, $0.7 million remained available for redemptions in connection with a stockholder's death, “qualifying disability”, or “determination of incompetence” and ordinary redemptions were fully depleted. Except for redemptions made upon a stockholder’s death, “qualifying disability” or “determination of incompetence”, the price at which the Company will redeem shares is 95% of the Company’s most recent estimated value per share as of the applicable redemption date. Upon the death, “qualifying disability” or “determination of incompetence” of a stockholder, the redemption price continued to be equal to the Company’s most recent estimated value per share. As of December 31, 2021, all funding for ordinary redemptions were exhausted and there were $0.7 million remaining from the $4.0 million of additional funding made available. On March 10, 2022, the Company’s board of directors approved an additional $3.0 million in funding for redemptions in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence.” Therefore, in 2022, the Company may redeem no more than $3.7 million of shares in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence.” To the extent extra capacity is available with respect to redemptions in the last month of 2022, such capacity will be made available for redemption of shares other than in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence.” The Company’s board of directors may amend, suspend or terminate the share redemption program with ten The Company records amounts that are redeemable under the share redemption program as redeemable common stock in its consolidated balance sheets because the shares will be mandatorily redeemable at the option of the holder and therefore their redemption will be outside the control of the Company. However, because the amounts that can be redeemed will be determinable and only contingent on an event that is likely to occur (e.g., the passage of time), the Company presents the net proceeds from the current year and prior year DRP, net of current year redemptions, as redeemable common stock in its consolidated balance sheets. The Company classifies as liabilities financial instruments that represent a mandatory obligation of the Company to redeem shares. The Company’s redeemable common shares are contingently redeemable at the option of the holder. When the Company determines it has a mandatory obligation to repurchase shares under the share redemption program, it will reclassify such obligations from temporary equity to a liability based upon their respective settlement values. The Company limits the dollar value of shares that may be redeemed under the program as described above. During the year ended December 31, 2021, the Company had redeemed $31.0 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 December 2021 redemption date, except for 12,841,269 shares totaling $116.0 million due to the limitations described above. The Company recorded $0.7 million and $0.9 million of redeemable common stock payable on the Company’s balance sheet as of December 31, 2021 and 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 $0.7 million available for redemptions during 2022, including shares that are redeemed in connection with a stockholders’ death, “qualifying disability” or “determination of incompetence,” subject to the limitations described above.
Related Party Transactions	Pursuant to its advisory agreement with the Advisor, the Company is obligated to pay the Advisor specified fees upon the provision of certain services related to the investment of funds in real estate and real estate-related investments, management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). The Company is or was obligated to reimburse the Advisor for acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as detailed in the applicable advisory agreement. See Note 10, “Related Party Transactions.”The Company records all related party fees as incurred, subject to any limitations described in the advisory agreement. The Company had not incurred any subordinated participation in net cash flows or subordinated incentive listing fees payable to the Advisor through December 31, 2021.
Acquisition and Origination Fees	The Company pays the Advisor an acquisition and origination fee equal to 1% of the cost of investments acquired, or the amount funded by the Company to acquire or originate mortgage, mezzanine, bridge or other loans, including any acquisition and origination expenses related to such investments and any debt attributable to such investments.
Asset Management Fee	With respect to investments in loans and any investments other than real estate, the Company pays the Advisor a monthly fee calculated, each month, as one-twelfth of 0.75% of the lesser of (i) the amount paid or allocated to acquire or fund the loan or other investment, inclusive of acquisition and origination fees and expenses related thereto and the amount of any debt associated with or used to acquire or fund such investment and (ii) the outstanding principal amount of such loan or other investment, plus the acquisition and origination fees and expenses related to the acquisition or funding of such investment, as of the time of calculation. With respect to investments in real estate, the Company pays the Advisor a monthly asset management fee equal to one-twelfth of 0.75% of the amount paid or allocated to acquire the investment, including the cost of subsequent capital improvements, inclusive of acquisition fees and expenses related thereto and the amount of any debt associated with or used to acquire such investment. In the case of investments made through joint ventures, the asset management fee is determined based on the Company’s proportionate share of the underlying investment, inclusive of the Company’s proportionate share of any fees and expenses related thereto.
Disposition Fee	For substantial assistance in connection with the sale of properties or other investments, the Company pays the Advisor or its affiliates 1.0% of the contract sales price of each property or other investment sold; provided, however, in no event may the disposition fees paid to the Advisor, its affiliates and unaffiliated third parties exceed 6.0% of the contract sales price.
Incentive Fee	See Note 10, “Related Party Transactions,” for information about incentive and /or termination fees payable to the Advisor.
Foreign Currency Transactions	The U.S. Dollar is the Company’s functional currency. Transactions denominated in currency other than the Company’s functional currency are recorded upon initial recognition at the exchange rate on the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are remeasured at each reporting date into the foreign currency at the exchange rate on that date. Exchange rate differences, other than those accounted for as hedging transactions, are recognized as foreign currency transaction gain or loss included in the Company’s consolidated statements of operations.
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 on its variable rate notes payable and enters into derivative instruments such as cross currency swaps, forward contracts, puts or calls for risk management purposes to hedge its exposure to variability in foreign currency exchange rates of the Israeli new Shekel versus the U.S. Dollar. The Company records these derivative instruments at fair value on the accompanying consolidated balance sheets. The changes in fair value for derivative instruments that are not designated as a hedge or that do not meet the hedge accounting criteria are recorded as gain or loss on derivative instruments and included in earnings in the accompanying consolidated statements of operations.
Income Taxes	The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. The Company conducts certain business activities through taxable REIT subsidiaries. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially and adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company intends to organize and operate in such a manner as to qualify for treatment as a REIT. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. The Company’s evaluations were performed for all open tax years through December 31, 2021. As of December 31, 2021, returns for the calendar year 2017 through 2020 remain subject to examination by major tax jurisdictions.
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 18 markets and are all aggregated into one reportable business segment due to the homes being stabilized, having high occupancy rates and have similar economic characteristics. Additionally, the Company owns two hotels and are aggregated into one reportable business segment due to the nature of the hotel business with short-term stays.
Per Share Data	The Company applies the two-class method when computing its earnings per share. Net income per share for each class of stock is calculated by assuming all of the Company’s net income (loss) is distributed to each class of stock based on their contractual rights. Unvested restricted stock that contains non-forfeitable rights to distributions (whether paid or unpaid) are considered participating securities and are included in the computation of earnings per share. Basic earnings (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted earnings (loss) per share of common stock is computed based on the weighted-average number of shares of common stock outstanding during each period, plus potential common shares considered outstanding during the period, as long as the inclusion of such awards is not anti-dilutive. Potential common shares consist of unvested restricted stock, using the more dilutive of either the two-class method or the treasury stock method. The noncontrolling Series A convertible redeemable preferred shares of Pacific Oak Residential Trust, Inc. (“PORT”) are not included as the preferred shares are convertible contingent on the common stock of PORT being publicly traded. If PORT common stock becomes publicly traded, the per-share earnings of PORT will be included in the Company’s EPS computations based on the consolidated holdings of PORT.
Square Footage, Occupancy and Other Measures	Square footage, occupancy, average revenue per available room, average daily rate, number of tenants and other measures including annualized base rents and annualized base rents per square foot used to describe real estate and real-estate related investments included in these Notes to Consolidated Financial Statements are presented on an unaudited basis.
Recently Issued Accounting Standards Update	In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”). 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 year ended December 31, 2021, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. For the period from January 1, 2020 (the earliest date the Company may elect to apply ASU No. 2020-04) through December 31, 2021, the Company did not have any contract modifications that meet the criteria described above, specifically contract modifications that have been modified from LIBOR to an alternative reference rate. The Company’s loan agreements, derivative instruments, and certain lease agreements use LIBOR as the current reference rate. For eligible contract modifications, the Company expects to adopt the temporary optional expedients described in ASU No. 2020-04. The optional expedients for hedging relationships described in ASU No. 2020-04 did not have an impact to the Company, as the Company has elected to not designate its derivative instruments as a hedge.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Estimated Useful Life	The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Land N/A Buildings 25-40 years Building improvements 10-40 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related leases, including below-market renewal periods Real estate subsidies & tax abatements Remaining term of agreement Furniture, fixtures & equipment 3-12 years

REAL ESTATE HELD FOR INVESTME_2

REAL ESTATE HELD FOR INVESTMENT (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Real Estate Investments	The following table summarizes the Company’s real estate held for investment as of December 31, 2021 and 2020, respectively (in thousands): December 31, 2021 December 31, 2020 Land $ 276,946 $ 273,848 Buildings and improvements 1,024,919 1,019,329 Tenant origination and absorption costs 43,375 50,881 Total real estate, cost 1,345,240 1,344,058 Accumulated depreciation and amortization (130,441) (85,940) Total real estate, net $ 1,214,799 $ 1,258,118
Lessor, Operating Lease, Payments to be Received, Maturity	As of December 31, 2021, the future minimum rental income from the Company’s properties, excluding apartment and single-family home leases, under non-cancelable operating leases was as follows (in thousands): 2022 $ 61,920 2023 54,119 2024 46,787 2025 36,486 2026 24,672 Thereafter 62,638 $ 286,622
Schedules of Concentration of Risk, by Risk Factor	As of December 31, 2021, the Company’s commercial real estate properties were leased to approximately 300 tenants over a diverse range of industries and geographic areas. The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Professional, Scientific, and Technical Services 43 $ 7,736 11.9 % Public Administration 12 6,959 10.7 % Health Care and Social Assistance 16 6,834 10.5 % Insurance Carriers and Related Activities 25 6,758 10.4 % Computer Systems Design 29 6,679 10.2 % $ 34,966 53.7 % _____________________
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, which were acquired in the Merger on October 5, 2020 through December 31, 2020 and for the year ended December 31, 2021 (in thousands): Year Ended December 31, 2021 October 5, 2020 through December 31, 2020 Hotel revenues: Room $ 22,889 $ 2,545 Food, beverage and convention services 3,752 420 Campground 1,078 270 Other 3,087 483 Hotel revenues $ 30,806 $ 3,718 Hotel expenses: Room $ 5,151 $ 801 Food, beverage and convention services 2,781 376 General and administrative 2,577 563 Sales and marketing 2,862 435 Repairs and maintenance 2,423 537 Utilities 1,082 242 Property taxes and insurance 2,162 608 Other 1,952 274 Hotel expenses $ 20,990 $ 3,836
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table summarizes the Company’s contract liabilities, which are comprised of hotel advanced deposits and deferred proceeds received from the buyers of the Park Highlands land sales and another developer for the value of land that was contributed to a master association that is consolidated by the Company, which are included in other liabilities in the accompanying consolidated balance sheets, as of December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 December 31, 2020 Contract liability $ 7,313 $ 3,369 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 159 $ —

TENANT ORIGINATION AND ABSORP_2

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities	As of December 31, 2021 and 2020, the Company’s tenant origination and absorption costs (included in total real estate and real estate-related investments, net), 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 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Cost $ 43,375 $ 57,594 $ 4,138 $ 4,159 $ (6,719) $ (8,732) Accumulated Amortization (20,738) (17,088) (1,496) (1,002) 2,639 2,270 Net Amount $ 22,637 $ 40,506 $ 2,642 $ 3,157 $ (4,080) $ (6,462)
Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities	Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, 2021 2020 2019 2021 2020 2019 2021 2020 2019 Amortization $ (15,177) $ (10,453) $ (7,036) $ (514) $ (476) $ (404) $ 1,792 $ 1,328 $ 1,495
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2021 will be amortized for the years ending December 31 as follows (in thousands): Tenant Origination and Above-Market Below-Market Housing Subsidy Tax Abatements 2022 $ (7,346) $ (367) $ 1,381 $ (71) $ (470) 2023 (5,004) (356) 1,101 (71) (229) 2024 (3,787) (355) 835 (71) (6) 2025 (2,521) (338) 552 (71) — 2026 (1,224) (309) 139 (71) — Thereafter (2,755) (917) 72 (1,536) — $ (22,637) $ (2,642) $ 4,080 $ (1,891) $ (705) Weighted-Average Remaining Amortization Period 4.6 years 8.3 years 3.5 years 26.9 years 1.6 years

REAL ESTATE EQUITY SECURITIES (

REAL ESTATE EQUITY SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Real Estate Equity Securities	The following table sets forth the number of shares owned by the Company and the related carrying value of the shares as of December 31, 2021 and December 31, 2020 (dollars in thousands): December 31, 2021 December 31, 2020 Real Estate Equity Security Number of Shares Owned Total Carrying Value Number of Shares Owned Total Carrying Value Keppel Pacific Oak US REIT 64,165,352 $ 51,332 64,165,352 $ 44,274 Franklin Street Properties Corp. 6,915,089 41,145 6,915,089 30,219 Plymouth Industrial REIT, Inc. 613,085 19,619 1,560,660 23,410 71,693,526 $ 112,096 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 years ended December 31, 2021 and 2020 (in thousands): For the Years Ended December 31, 2021 2020 Net gain (loss) recognized during the period on real estate equity securities $ 28,632 $ (14,814) Less: Net gain recognized during the period on real estate equity securities sold during the period 3,036 711 Unrealized gain (loss) recognized during the reporting period on real estate equity securities still held at period end $ 25,596 $ (15,525)

REAL ESTATE DISPOSITIONS (Table

REAL ESTATE DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Revenue and Expenses of Real Estate Held-for-Sale	The following table summarizes certain revenue and expenses related to these properties for the years ended December 31, 2021, 2020 and 2019 (in thousands): Years Ended December 31, 2021 2020 2019 Revenues Rental income $ 8,622 $ 13,829 $ 24,190 Other operating income 532 1,027 2,080 Total revenues $ 9,154 $ 14,856 $ 26,270 Expenses Operating, maintenance, and management $ 2,099 $ 3,777 $ 6,907 Real estate taxes and insurance 1,019 1,698 3,918 Asset management fees to affiliate 813 1,210 1,886 Depreciation and amortization 2,436 7,116 11,244 Interest expense 1,146 2,471 6,149 Total expenses $ 7,513 $ 16,272 $ 30,104

NOTES AND BONDS PAYABLE (Tables

NOTES AND BONDS PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2021
Notes and Bonds Payable [Abstract]
Schedule of Long-term Debt Instruments	As of December 31, 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 December 31, 2021 (1) Interest Rate at December 31, 2021 (1) Payment Type (2) Maturity Date (3) Richardson Portfolio Mortgage Loan $ 28,470 $ 35,832 Floating Rate + 2.50% 2.60% Principal & Interest 11/01/2022 Park Centre Mortgage Loan 26,185 26,185 Floating Rate + 1.75% 1.85% Interest Only 06/27/2022 1180 Raymond Mortgage Loan (4) 31,070 29,848 Floating Rate + 2.25% 2.35% Interest Only 12/01/2023 1180 Raymond Bond Payable (5) (5) 5,870 (5) (5) (5) (5) Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures (5) (5) 181,198 (5) (5) (5) (5) Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures (6) 271,978 79,078 3.93% 3.93% (6) 01/31/2026 Crown Pointe Mortgage Loan (4) 52,315 53,072 Floating Rate + 2.60% 2.70% Principal & Interest 02/13/2022 (7) City Tower Mortgage Loan (4) (5) 94,167 (5) (5) (5) (5) The Marq Mortgage Loan 61,874 62,257 Floating Rate + 1.55% 1.65% Principal & Interest 06/06/2022 Eight & Nine Corporate Centre Mortgage Loan 48,545 47,066 Floating Rate + 1.60% 1.70% Principal & Interest 06/08/2022 Georgia 400 Center Mortgage Loan 61,154 59,690 Floating Rate + 1.55% 1.65% 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 (5) (5) 12,000 (5) (5) (5) (5) Battery Point Trust Mortgage Loan (5) (5) 38,608 (5) (5) (5) (5) MetLife Loan 60,000 — 3.90% 3.90% Interest Only 04/10/2026 Springmaid Beach Resort Mortgage Loan 55,491 57,015 Floating Rate + 2.25% (8) 5.75% Principal & Interest 08/12/2022 Q&C Hotel Mortgage Loan 25,000 25,000 Floating Rate + 2.50% (9) 4.50% Principal & Interest 12/23/2022 Lincoln Court Mortgage Loan (4) 34,623 34,416 Floating Rate + 1.75% 1.85% Principal & Interest 03/01/2022 (10) Lofts at NoHo Commons Mortgage Loan 74,536 74,536 Floating Rate + 2.18% (11) 3.93% Interest Only 09/09/2022 210 West 31st Street Mortgage Loan (4) 8,850 15,050 Floating Rate + 3.00% 3.10% Principal & Interest 06/16/2022 Oakland City Center Mortgage Loan 96,075 96,782 Floating Rate + 1.75% 1.85% Principal & Interest 09/01/2022 Madison Square Mortgage Loan 17,500 16,822 4.63% 4.63% Interest Only 10/07/2024 Total Notes and Bonds Payable principal outstanding 1,015,491 1,106,377 Net (Discount) / Premium on Notes and Bonds Payable (12) (8,146) (2,851) Deferred financing costs, net (8,396) (4,458) Total Notes and Bonds Payable, net $ 998,949 $ 1,099,068 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2021. The interest rate is calculated as the actual interest rate in effect as of December 31, 2021 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices including one-month LIBOR and BSBY at December 31, 2021, where applicable. (2) Represents the payment type required under the loan as of December 31, 2021. Certain future monthly payments due under this loan also include amortizing principal payments. For more information of the Company’s contractual obligations under its notes and bonds payable, see five-year maturity table below. (3) Represents the initial maturity date or the maturity date as extended as of December 31, 2021; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. (4) The Company’s notes and bond’s payable are generally non-recourse. These mortgage loans have guarantees over certain balances whereby the Company would be required to make guaranteed payments in the event that the Company turned the property over to the lender. The guarantees are typically 25% of the outstanding loan balance. As of December 31, 2021, the guaranteed amount in the aggregate was $98.4 million. (5) These loans have been paid off during the year ended December 31, 2021. (6) See “Israeli Bond Financing” below. (7) Subsequent to December 31, 2021, the Company refinanced the Crown Pointe Mortgage Loan with Wells Fargo Bank for $53.8 million with a contractual rate of 2.30% plus a floating rate and an initial maturity date of April 1, 2025. (8) The interest rate is variable at the higher of one-month LIBOR + 2.25% or 5.75%. (9) The interest rate is variable at the higher of one-month LIBOR + 2.5% or 4.5%. (10) Subsequent to December 31, 2021, the Company extended the maturity of the Lincoln Court Mortgage Loan to April 1, 2022. (11) The floating rate is variable at the higher of one-month LIBOR or 1.75%. (12) 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 December 31, 2021 (in thousands): 2022 $ 511,964 2023 92,224 2024 108,159 2025 141,963 2026 161,181 Thereafter — $ 1,015,491

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional and Fair Value of Interest Rate Swaps Designated as Cash Flow Hedges	The following table summarizes the notional amounts and other information related to the Company’s derivative instruments as of December 31, 2021. The notional amount is an indication of the extent of the Company’s involvement in the instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands): Derivative Instrument Effective Date Maturity Date Notional Value Reference Rate Interest rate cap 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 December 31, 2021 and 2020 (dollars in thousands): December 31, 2021 December 31, 2020 Derivative Instruments Balance Sheet Location Number of Instruments Fair Value Number of Instruments Fair Value Derivative instruments not designated as hedging instruments Interest rate caps Prepaid expenses and other assets 2 $ 8 7 $ 1

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Face Value, Carrying Amounts and Fair Value	The following were the face values, carrying amounts and fair values of the Company’s financial instruments as of December 31, 2021 and 2020, which carrying amounts do not approximate the fair values (in thousands): December 31, 2021 December 31, 2020 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes and bond payable $ 743,513 $ 740,176 $ 740,347 $ 846,101 $ 842,112 $ 846,608 Financial liabilities (Level 1): Pacific Oak Strategic Opportunity (BVI) Holdings, Ltd. Series A Debentures $ — $ — $ — $ 181,198 $ 179,786 $ 178,450 Pacific Oak Strategic Opportunity (BVI) Holdings, Ltd. Series B Debentures $ 271,978 $ 258,773 $ 274,697 $ 79,078 $ 77,170 $ 69,433
Fair Value, Assets Measured on Recurring Basis	As of December 31, 2021, the Company measured the following assets at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 112,096 $ 112,096 $ — $ — Asset derivative - interest rate caps $ 8 $ — $ 8 $ — As of December 31, 2020, the Company measured the following assets at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 97,903 $ 97,903 $ — $ — Asset derivative - interest rate caps $ 1 $ — $ 1 $ — As of December 31, 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 (1) $ 97,600 $ — $ — $ 97,600 Impaired goodwill (1) $ 13,534 $ — $ — $ 13,534 _____________________
Schedule of Goodwill	Balance as of December 31, 2020 $ 16,342 Goodwill impairment loss (2,808) Balance as of December 31, 2021 $ 13,534

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2021, 2020 and 2019, respectively, and any related amounts payable as of December 31, 2021 and December 31, 2020 (in thousands): Incurred Payable as of 2021 2020 2019 2021 2020 Expensed Asset management fees $ 14,012 $ 9,982 $ 8,158 $ 1,903 $ 2,837 Property management fees (1) 479 229 — — — Acquisition fees on business combination (2) — — 1,185 — — Reimbursable operating expenses (3) — 148 236 — — Disposition fees (4) 1,196 — 1,570 (4) (4) Subordinated performance fee due upon termination to affiliate (5) 1,678 (1,720) 32,640 — — Capitalized Acquisition fees on real estate (2) 20 171 897 — — Acquisition fees on real estate equity securities — 143 — — 5 Acquisition fee on investment in unconsolidated entities 46 — 207 — — $ 17,431 $ 8,953 $ 44,893 $ 1,903 $ 2,842 _____________________ (1) Property management fees are for single-family homes under the Battery Point portfolio and paid to DayMark. These fees are included in the line item “Operating, maintenance, and management cost” in the consolidated statement of operations. (2) Acquisition fees associated with asset acquisitions are capitalized, while costs associated with business combinations expensed as incurred. (3) The relevant advisor may seek reimbursement for certain employee costs under the relevant advisory agreement. The Company has reimbursed the relevant advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $0.2 million for the year ended December 31, 2019, respectively, and were the only employee costs reimbursed under the relevant advisory agreement during these periods. There were no employee cost reimbursements during the year ended December 31, 2021 and 2020. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition, origination or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the relevant advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the relevant advisor on behalf of the Company. (4) Disposition fees with respect to real estate sold are included in the gain (loss) on sale of real estate in the accompanying consolidated statements of operations. (5) Change in estimate of fees payable to KBS Capital Advisors due to the termination of the former advisory agreement with KBS Capital Advisors. See Note 15 for more details.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Joint Ventures	As of December 31, 2021 and 2020, the Company’s investments in unconsolidated entities were composed of the following (dollars in thousands): Number of Properties at December 31, 2021 Investment Balance at Joint Venture Location Ownership % December 31, 2021 December 31, 2020 110 William Joint Venture 1 New York, New York 60.0% — — 353 Sacramento Joint Venture 1 San Francisco, California 55.0% 49,916 49,665 Pacific Oak Opportunity Zone Fund I 3 Various N/A 27,215 24,996 PORT II OP LP 162 Various N/A 11,125 5,005 $ 88,256 $ 79,666

SUPPLEMENTAL CASH FLOW AND SI_2

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow and Significant Noncash Transaction Disclosures [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow and significant noncash transaction disclosures were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Supplemental Disclosure of Cash Flow Information: Interest paid, net of capitalized interest of $2,055, $2,923 and $2,565 for the years ended December 31, 2021, 2020 and 2019, respectively $ 34,240 $ 23,765 $ 25,703 Supplemental Disclosure of Significant Noncash Transactions: Assets acquired in the Merger — 635,825 — Liabilities assumed in the Merger — 359,375 — Assets acquired in the Battery Point acquisition — 56,572 — Liabilities assumed in the Battery Point acquisition — 37,548 — Assets acquired in the PORT acquisition — — 121,316 Liabilities assumed in the PORT acquisition — — 64,682 Acquisition fees due to affiliates on investment in unconsolidated entities — — 137 Accrued improvements to real estate 2,660 2,733 5,302 Redeemable common stock payable 684 864 829 Restricted stock payable 508 14,600 16,320 Dividends declared, but not yet paid 11,016 — — PPP notes forgiveness 1,500 — — Mezzanine equity in connection with subordinated performance fee due upon termination — — 10,880 Restricted stock (additional paid in capital) in connection with subordinated performance fee due upon termination — — 5,440 Mortgage loan assumed by buyer in connection with sale of real estate — — 23,663 Redemptions of Series B Preferred Stock in exchange for Series A-3 Preferred Units — — 2,992 Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan — — 829

REPORTING SEGMENTS (Tables)

REPORTING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The selected financial information for the reporting segments for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands): Year Ended December 31, 2021 Strategic Opportunistic Properties Single-Family Homes Hotel Properties Total Total revenues $ 115,167 $ 21,954 $ 30,806 $ 167,927 Total expenses (172,215) (25,979) (30,553) (228,747) Total other income 46,959 74 1,289 48,322 Net loss $ (10,089) $ (3,951) $ 1,542 (12,498) Year Ended December 31, 2020 Strategic Opportunistic Properties Single-Family Homes Hotel Properties Total Total revenues $ 93,252 $ 17,055 $ 3,718 $ 114,025 Total expenses (122,621) (19,332) (6,204) (148,157) Total other (loss) income (15,045) (51) 415 (14,681) Net loss $ (44,414) $ (2,328) $ (2,071) $ (48,813) Year Ended December 31, 2019 Strategic Opportunistic Properties Single-Family Homes Hotel Properties Total Total revenues $ 91,351 $ 1,807 $ — $ 93,158 Total expenses (130,448) (2,374) — (132,822) Total other income (loss) 28,944 (4,461) — 24,483 Net loss $ (10,153) $ (5,028) $ — $ (15,181) Total assets related to the three reporting segments as of December 31, 2021 and 2020 are as follows (in thousands): December 31, 2021 Strategic Opportunistic Properties Single-Family Homes Hotel Properties Total Total assets (1) $ 1,223,122 $ 211,050 $ 150,447 $ 1,584,619 Goodwill (1) 9,489 — 4,045 13,534 _____________________ (1) During the year ended December 31, 2021, the Company recorded impairment charges on real estate and related intangibles and on goodwill of $11.0 million and $2.8 million, respectively, related to the Strategic Opportunistic Properties segment. December 31, 2020 Strategic Opportunistic Properties Single-Family Homes Hotel Properties Total Total assets $ 1,404,509 $ 182,486 $ 144,670 $ 1,731,665 Goodwill 12,297 — 4,045 16,342

PORT MEZZANINE EQUITY (Tables)

PORT MEZZANINE EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Stock by Class	The following is a reconciliation of the Company’s noncontrolling cumulative convertible redeemable preferred stock for the years ended December 31, 2019, 2020 and 2021: Series A Preferred Stock Series B Preferred Stock Shares Amounts Shares Amounts Issuance of preferred stock 15,000 $ 15,000 125 $ 125 Other offering costs — (91) — (26) Balance, December 31, 2019 15,000 14,909 125 99 Dividends Available Upon Redemption — 973 — 16 Dividends Paid — (748) — (16) Balance, December 31, 2020 15,000 15,134 125 99 Dividends Available Upon Redemption — 897 — 16 Dividends Paid — (897) — (16) Balance, December 31, 2021 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 year ended December 31, 2021 (in thousands): December 31, 2020 $ 2,968 Net loss attributable to redeemable noncontrolling interest (146) December 31, 2021 $ 2,822

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Cost	As of December 31, 2021 and 2020, the Company's lease included in the consolidated balance sheet as follows: December 31, 2021 2020 Right-of-use asset (included in real estate held for investment, net $ 8,074 $ 9,258 Lease obligation (included in other liabilities 9,360 9,274 Remaining lease term 92.0 years 93.0 years Discount rate 4.8 % 4.8 % The components of lease expense were as follows: Interest on lease obligation 501 107
Schedule of Finance Lease, Liability, Fiscal Year Maturity	Future minimum lease payments owed by the Company under the finance lease as of December 31, 2021 are as follows (in thousands): 2022 $ 360 2023 360 2024 360 2025 393 2026 396 Thereafter 52,167 Total expected minimum lease obligations 54,036 Less: Amount representing interest (1) (44,676) Present value of net minimum lease payments (2) $ 9,360 _____________________ (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

ORGANIZATION (Details)

ORGANIZATION (Details)	Sep. 01, 2021USD ($)shares	Oct. 05, 2020shares	Mar. 27, 2020shares	Feb. 16, 2020USD ($)	Mar. 20, 2019USD ($)	Mar. 08, 2016USD ($)	Mar. 08, 2016ILS (₪)	Mar. 07, 2016ILS (₪)	Mar. 01, 2016ILS (₪)	Nov. 01, 2021USD ($)	Nov. 01, 2021ILS (₪)	Dec. 31, 2021USD ($)apropertyportfolioinvestmentshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2021USD ($)apropertyportfolioinvestmentshares	Feb. 16, 2020ILS (₪)	Mar. 02, 2016ILS (₪)	Dec. 18, 2015certificateshares	Oct. 23, 2012USD ($)shares	Dec. 29, 2011USD ($)shares	Jan. 08, 2009shares
Organizational Structure [Line Items]
Common stock, shares authorized (in shares)												1,000,000,000	1,000,000,000		1,000,000,000
Common stock, shares issued (in shares)												94,141,251	98,054,582		94,141,251				55,249	220,994
Issuance of common stock | $													$ 262,000	$ 835,000
Shares of common stock sold under dividend reinvestment plan | $															$ 76,500,000
Redemptions of common stock | $					$ 8,600,000							$ 31,018,000	2,230,000	$ 10,028,000	$ 318,600,000
Common stock, special dividends, amount of shares issued												25,976,746			25,976,746
Common stock, value, issued | $												$ 941,000	$ 979,000		$ 941,000				$ 500,000	$ 2,000,000
Preferred stock, shares issued (in shares)												0	0		0
Number of investments in unconsolidated joint venture | investment												4			4
Number of investments in equity securities | investment												3			3
Office Properties
Organizational Structure [Line Items]
Number of real estate properties | property												8			8
Office Portfolio
Organizational Structure [Line Items]
Number of real estate properties | portfolio												1			1
Office Buildings, Portfolio
Organizational Structure [Line Items]
Number of real estate properties | property												4			4
Undeveloped Land, Portfolio
Organizational Structure [Line Items]
Real estate area of undeveloped land | a												14			14
Apartment Properties, Portfolio
Organizational Structure [Line Items]
Number of real estate properties | property												2			2
Hotel Property
Organizational Structure [Line Items]
Number of real estate properties | property												2			2
Undeveloped Land
Organizational Structure [Line Items]
Real estate area of undeveloped land | a												800			800
Number of investments in real estate | investment												3			3
Office/ Retail Property
Organizational Structure [Line Items]
Number of real estate properties | property												1			1
Pacific Oak Strategic Opportunity (BVI) Holdings, Ltd. Series A Debentures | Bonds Payable
Organizational Structure [Line Items]
Maximum borrowing capacity | ₪																	₪ 1,000,000,000
Proceeds from issuance of debt						$ 249,200,000	₪ 970,200,000	₪ 127,700,000	₪ 842,500,000
Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Bonds Payable
Organizational Structure [Line Items]
Maximum borrowing capacity				$ 74,100,000												₪ 254,100,000
Contractual interest rate, percentage				3.93%												3.93%
Principal of installment payments as percent of face amount				33.33%
Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Bonds Payable | Public Offering
Organizational Structure [Line Items]
Maximum borrowing capacity | ₪											₪ 536,400,000
Proceeds from issuance of debt										$ 166,800,000	₪ 522,400,000
Percent of discount at issuance											2.60%
Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Bonds Payable | Private Offering
Organizational Structure [Line Items]
Maximum borrowing capacity | ₪											₪ 53,600,000
Proceeds from issuance of debt										$ 16,700,000	₪ 52,000,000
Percent of discount at issuance											3.10%
Restricted Stock
Organizational Structure [Line Items]
Stock repurchased during period (in shares)	584,267
Stock repurchased during period | $	$ 5,655,705
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	84,248	56,584,976
Issuance of common stock | $													$ 0	$ 1,000	$ 561,700,000
Shares of common stock sold under dividend reinvestment plan (in shares)															6,851,969
Redemptions of common stock (in shares)												3,329,064	222,470	1,040,344	27,370,609
Redemptions of common stock | $												$ 32,000	$ 3,000	$ 10,000
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
POSOR II Merger
Organizational Structure [Line Items]
Issuance of common stock (in shares)		28,973,906
Common stock conversion ratio		96.43%
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
Number of certificates issued | certificate																		1
Pacific Oak Strategic Opportunity BVI | Pacific Oak Strategic Opportunity Limited Partnership
Organizational Structure [Line Items]
Common stock, shares issued (in shares)																		10,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 24, 2020	Dec. 31, 2018
Accounting Policies [Abstract]
Debt obligations coming due over the next 12-month period	$ 511,964,000			$ 456,900,000
Impairment charges on goodwill	2,808,000	$ 0	$ 0
Impairment charges on real estate and related intangibles	10,971,000	0	0
Restricted cash and cash equivalents	0	0
Summary of Significant Accounting Policies [Line Items]
Investments in unconsolidated entities	88,256,000	79,666,000
Equity	482,059,000	519,712,000	277,388,000		$ 293,964,000
Retained Earnings
Summary of Significant Accounting Policies [Line Items]
Equity	(347,691,000)	$ (325,720,000)	$ (277,196,000)		$ (256,984,000)
Pacific Oak Strategic Opportunity REIT II, Inc. | Strategic Opportunistic Properties
Summary of Significant Accounting Policies [Line Items]
Goodwill	12,300,000
Pacific Oak Strategic Opportunity REIT II, Inc. | Hotel Property
Summary of Significant Accounting Policies [Line Items]
Goodwill	$ 4,000,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Useful Life) (Details)	12 Months Ended
	Dec. 31, 2021
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Useful life	25 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Tenant improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	Shorter of lease term or expected useful life
Tenant origination and absorption costs
Property, Plant and Equipment [Line Items]
Estimated useful lives	Remaining term of related leases, including below-market renewal periods
Real estate subsidies & tax abatements
Property, Plant and Equipment [Line Items]
Estimated useful lives	Remaining term of agreement
Furniture, fixtures & equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Furniture, fixtures & equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	12 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Dividend Reinvestment Plan) (Details) - $ / shares	Dec. 30, 2021	Dec. 23, 2020	Jan. 26, 2022	Dec. 28, 2021	Dec. 02, 2021	Dec. 04, 2020
Subsequent Event [Line Items]
Updated primary offering price (in dollars per share)					$ 10.68	$ 9.68
Purchase price (in dollars per share)	$ 9.51	$ 9.68
Special dividends declared (in dollars per share)				$ 1.17
Subsequent Event
Subsequent Event [Line Items]
Updated primary offering price (in dollars per share)			$ 9.51

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Redeemable Common Stock) (Details) - USD ($)	Mar. 10, 2022	Mar. 20, 2019	Dec. 30, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Summary of Significant Accounting Policies [Line Items]
Share holding term					1 year
Maximum percentage of weighted-average shares outstanding available for redemption during any calendar year					5.00%
Share redemption program, termination period			10 days		10 days
Maximum number of shares redeemable per year, value					$ 1,000,000
Maximum number of shares redeemable per quarter, value					3,000,000
Redemption price percentage of most recent estimated value per share			95.00%
Shares of common stock sold under dividend reinvestment plan								$ 76,500,000
Redemptions of common stock		$ 8,600,000			31,018,000	$ 2,230,000	$ 10,028,000	318,600,000
Other liabilities					43,513,000	34,734,000		43,513,000
Common Stock
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock					32,000	3,000	$ 10,000
Subsequent Event
Summary of Significant Accounting Policies [Line Items]
Funds available for redemption of shares	$ 3,000,000
Unfulfilled Redemption Request
Summary of Significant Accounting Policies [Line Items]
Other liabilities					700,000	$ 900,000		700,000
Share Redemption Program | Common Stock
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock					$ 31,000,000
Number of shares non-redeemable do to limitation, shares					12,841,269
Number of shares non-redeemable do to limitation, value					$ 116,000,000
Reserved Exclusively for Stockholder’s Death, “Qualifying Disability" or “Determination of Incompetence”
Summary of Significant Accounting Policies [Line Items]
Funds available for redemption of shares					1,000,000
Stockholder’s Death, Qualifying Disability or Determination of Incompetence
Summary of Significant Accounting Policies [Line Items]
Funds available for redemption of shares					4,000,000
Ordinary redemptions, carry forward until depleted					30,000,000
Funds remained available for redemption of shares					700,000			$ 700,000
For December 2020 Redemption
Summary of Significant Accounting Policies [Line Items]
Funds available for redemption of shares					4,000,000
Twelfth SRP
Summary of Significant Accounting Policies [Line Items]
Funds available for redemption of shares					$ 700,000
Forecast
Summary of Significant Accounting Policies [Line Items]
Remaining authorized repurchase amount				$ 700,000
Forecast | Maximum
Summary of Significant Accounting Policies [Line Items]
Shares of common stock sold under dividend reinvestment plan				$ 3,700,000

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fees and Segments) (Details)	12 Months Ended
	Dec. 31, 2021segmentmarket
Summary of Significant Accounting Policies [Line Items]
Number of reportable segments	3
KBS Capital Advisors LLC
Summary of Significant Accounting Policies [Line Items]
Acquisition advisory fee, percent	1.00%
Monthly asset management fee, percent of acquisition expense	0.00063%
KBS Capital Advisors LLC or Affiliates
Summary of Significant Accounting Policies [Line Items]
Selling commissions fees paid, percent of sales price	1.00%
Maximum | KBS Capital Advisors LLC, Affiliates or Unaffiliated Third Parties
Summary of Significant Accounting Policies [Line Items]
Selling commissions fees paid, percent of sales price	6.00%
Single-Family Homes
Summary of Significant Accounting Policies [Line Items]
Number of reportable segments	1
Number of markets in which the Company owns single-family homes | market	18

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (EPS and Accounting Standards) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Distributions declared per common share (in dollars per share)	$ 1.17	$ 0.009	$ 0.03

REAL ESTATE HELD FOR INVESTME_3

REAL ESTATE HELD FOR INVESTMENT (Narrative) (Details) ft² in Millions	Dec. 31, 2021ft²apropertyunitportfolioinvestment
Real Estate Properties [Line Items]
Percentage of portfolio occupied	72.00%
Office Properties
Real Estate Properties [Line Items]
Number of real estate properties	8
Office Portfolio
Real Estate Properties [Line Items]
Number of real estate properties | portfolio	1
Office Buildings, Portfolio
Real Estate Properties [Line Items]
Number of real estate properties	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
Number of units in real estate property | unit	1,814
Apartment Building
Real Estate Properties [Line Items]
Rentable square feet | ft²	0.5
Number of units in real estate property | unit	609
Number of real estate properties consolidated	2
Apartment Building 1
Real Estate Properties [Line Items]
Percentage of portfolio occupied	93.00%
Apartment Building 2
Real Estate Properties [Line Items]
Percentage of portfolio occupied	95.00%
Hotel Property
Real Estate Properties [Line Items]
Number of real estate properties	2
Number of units in real estate property | unit	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	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Total real estate, cost	$ 1,345,240	$ 1,344,058
Accumulated depreciation and amortization	(130,441)	(85,940)
Total real estate, net	1,214,799	1,258,118
Land
Real Estate Properties [Line Items]
Total real estate, cost	276,946	273,848
Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost	1,024,919	1,019,329
Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost	$ 43,375	$ 50,881

REAL ESTATE HELD FOR INVESTME_5

REAL ESTATE HELD FOR INVESTMENT (Operating Leases) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Leased Assets [Line Items]
Deferred rent recognized	$ 1,900	$ 3,400	$ 4,100
Deferred rent receivables	16,300	19,200
Incentive to lessee	3,300	4,700
Adjustments to rental income	3,300	2,200
Other liabilities
Operating Leased Assets [Line Items]
Security deposit liability	$ 6,000	$ 5,700
Maximum
Operating Leased Assets [Line Items]
Operating lease, term	15 years 2 months 12 days
Weighted Average
Operating Leased Assets [Line Items]
Operating lease, term	3 years 10 months 24 days
Apartment Building
Operating Leased Assets [Line Items]
Operating lease, term	1 year

REAL ESTATE HELD FOR INVESTME_6

REAL ESTATE HELD FOR INVESTMENT (Future Minimum Rental Income) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Real Estate [Abstract]
2022	$ 61,920
2023	54,119
2024	46,787
2025	36,486
2026	24,672
Thereafter	62,638
Total	$ 286,622

REAL ESTATE HELD FOR INVESTME_7

REAL ESTATE HELD FOR INVESTMENT (Highest Tenant Industry Concentrations- Grater than 10% of Annual Base Rent) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)tenant
Concentration Risk [Line Items]
Number of Tenants | tenant	300
Annualized Base Rent | $	$ 34,966
Professional, Scientific, and Technical Services
Concentration Risk [Line Items]
Number of Tenants | tenant	43
Annualized Base Rent | $	$ 7,736
Professional, Scientific, and Technical Services | Product Concentration Risk | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	11.90%
Public Administration
Concentration Risk [Line Items]
Number of Tenants | tenant	12
Annualized Base Rent | $	$ 6,959
Public Administration | Product Concentration Risk | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	10.70%
Health Care and Social Assistance
Concentration Risk [Line Items]
Number of Tenants | tenant	16
Annualized Base Rent | $	$ 6,834
Health Care and Social Assistance | Product Concentration Risk | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	10.50%
Insurance Carriers and Related Activities
Concentration Risk [Line Items]
Number of Tenants | tenant	25
Annualized Base Rent | $	$ 6,758
Insurance Carriers and Related Activities | Product Concentration Risk | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	10.40%
Computer Systems Design
Concentration Risk [Line Items]
Number of Tenants | tenant	29
Annualized Base Rent | $	$ 6,679
Computer Systems Design | Product Concentration Risk | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	10.20%
Industry | Product Concentration Risk | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	53.70%

REAL ESTATE HELD FOR INVESTME_8

REAL ESTATE HELD FOR INVESTMENT (Hotel Revenue and Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Hotel expenses:
General and administrative		$ 9,853	$ 7,664	$ 7,388
Hotel Property
Revenues
Revenue from contract with customer	$ 3,718	30,806
Hotel expenses:
Hotel expenses	3,836	20,990
General and administrative	563	2,577
Sales and marketing	435	2,862
Repairs and maintenance	537	2,423
Property taxes and insurance	608	2,162
Hotel Property | Room
Revenues
Revenue from contract with customer	2,545	22,889
Hotel expenses:
Hotel expenses	801	5,151
Hotel Property | Food, beverage and convention services
Revenues
Revenue from contract with customer	420	3,752
Hotel expenses:
Hotel expenses	376	2,781
Hotel Property | Campground
Revenues
Revenue from contract with customer	270	1,078
Hotel Property | Utilities
Hotel expenses:
Hotel expenses	242	1,082
Hotel Property | Other
Revenues
Revenue from contract with customer	483	3,087
Hotel expenses:
Hotel expenses	$ 274	$ 1,952

REAL ESTATE HELD FOR INVESTME_9

REAL ESTATE HELD FOR INVESTMENT (Contract Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Product Liability Contingency [Line Items]
Amounts included in contract liability at the beginning of the period	$ 1,890	$ 3,447	$ 4,078
Other liabilities
Product Liability Contingency [Line Items]
Contract with customer, liability	7,313	3,369
Amounts included in contract liability at the beginning of the period	$ 159	$ 0

REAL ESTATE HELD FOR INVESTM_10

REAL ESTATE HELD FOR INVESTMENT (Geographic Concentration Risk) (Details) - Assets, Total - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2021
California
Concentration Risk [Line Items]
Concentration risk, percentage	22.40%
Georgia
Concentration Risk [Line Items]
Concentration risk, percentage	10.40%

REAL ESTATE HELD FOR INVESTM_11

REAL ESTATE HELD FOR INVESTMENT (Impairment) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Impairment charges on real estate and related intangibles	$ 10,971,000	$ 0	$ 0
210 West 31st
Real Estate Properties [Line Items]
Impairment charges on real estate and related intangibles	6,600,000
Lincoln Court
Real Estate Properties [Line Items]
Impairment charges on real estate and related intangibles	$ 4,400,000

REAL ESTATE HELD FOR INVESTM_12

REAL ESTATE HELD FOR INVESTMENT (Recent Real Estate Asset Acquisitions) (Details) - Single Family - 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
Consideration transferred | $	$ 2	$ 2.1

REAL ESTATE HELD FOR INVESTM_13

REAL ESTATE HELD FOR INVESTMENT (Recent Real Estate Land Sale) (Details) $ in Thousands	Jun. 03, 2021USD ($)a	Dec. 31, 2021USD ($)a	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate		$ 30,261	$ (110)	$ 34,077
Undeveloped Land
Real Estate Properties [Line Items]
Real estate area of undeveloped land | a		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 (loss) on sale of real estate	30,000
Deferred profit	$ 2,600

REAL ESTATE HELD FOR INVESTM_14

REAL ESTATE HELD FOR INVESTMENT (Recent Real Estate Sale) (Details) $ in Thousands	Jul. 27, 2021USD ($)ft²	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Real estate held for sale, net		$ 0	$ 154,905
Accumulated depreciation and amortization		130,441	85,940
Gain (loss) on sale of real estate		$ 30,261	$ (110)	$ 34,077
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
Accumulated depreciation and amortization	$ 20,500
City Tower | Office Properties | Disposed of by Sale
Real Estate Properties [Line Items]
Net rentable area | ft²	435,177
Area of land (in acres) | ft²	4.92
Consideration	$ 150,500
Accumulated depreciation and amortization	20,500
Gain (loss) on sale of real estate	$ 100

TENANT ORIGINATION AND ABSORP_3

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Schedules) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination And Absorption Costs, Cost	$ 43,375	$ 57,594
Tenant Origination and Absorption Costs, Accumulated Amortization	(20,738)	(17,088)
Tenant Origination and Absorption Costs, Net Amount	22,637	40,506
Above-Market Lease Assets, Cost	4,138	4,159
Above-Market Lease Assets, Accumulated Amortization	(1,496)	(1,002)
Above-Market Lease Assets, Net Amount	2,642	3,157
Below-Market Lease Liabilities, Cost	(6,719)	(8,732)
Below-Market Lease Liabilities, Accumulated Amortization	2,639	2,270
Below-Market Lease Liabilities, Net Amount	(4,080)	(6,462)
Tenant Origination And Absorption Costs, Amortization	(15,177)	(10,453)	$ (7,036)
Above-Market Lease Assets, Amortization	(514)	(476)	(404)
Below-Market Lease Liabilities, Amortization	$ 1,792	$ 1,328	$ 1,495

TENANT ORIGINATION AND ABSORP_4

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Remaining Unamortized Balance) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity
2022	$ 1,381
2023	1,101
2024	835
2025	552
2026	139
Thereafter	72
Net Amount	4,080	$ 6,462
Housing subsidy intangible asset
Assets, Expected Amortization
2022	(71)
2023	(71)
2024	(71)
2025	(71)
2026	(71)
Thereafter	(1,536)
Net amount	$ (1,891)
Weighted-Average Remaining Amortization Period	26 years 10 months 24 days
Property tax abatement intangible assets
Assets, Expected Amortization
2022	$ (470)
2023	(229)
2024	(6)
2025	0
2026	0
Thereafter	0
Net amount	$ (705)
Weighted-Average Remaining Amortization Period	1 year 7 months 6 days
Tenant origination and absorption costs
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity
2022	$ (7,346)
2023	(5,004)
2024	(3,787)
2025	(2,521)
2026	(1,224)
Thereafter	(2,755)
Net Amount	$ (22,637)
Assets, Expected Amortization
Weighted-Average Remaining Amortization Period	4 years 7 months 6 days
Above-Market Lease Assets
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity
2022	$ (367)
2023	(356)
2024	(355)
2025	(338)
2026	(309)
Thereafter	(917)
Net Amount	$ (2,642)
Assets, Expected Amortization
Weighted-Average Remaining Amortization Period	8 years 3 months 18 days
Below-Market Lease Liabilities
Assets, Expected Amortization
Weighted-Average Remaining Amortization Period	3 years 6 months

TENANT ORIGINATION AND ABSORP_5

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Housing subsidy intangible asset	$ 1,900	$ 2,000
Amortization expense	$ 58,871	45,041	$ 34,004
Housing subsidy intangible asset
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Remaining amortization period	26 years 10 months 24 days
Amortization expense	$ 71	17
Prepaid expenses and other assets
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Tax abatement intangible assets	$ 700	1,600
Property tax abatement intangible assets
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
Amortization expense	$ 900	$ 700	$ 600

REAL ESTATE EQUITY SECURITIES_2

REAL ESTATE EQUITY SECURITIES (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)investment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Investments, Debt and Equity Securities [Abstract]
Number of investments in equity securities | investment	3
Interest and dividend income | $	$ 9.7	$ 5.3	$ 5.8

REAL ESTATE EQUITY SECURITIES_3

REAL ESTATE EQUITY SECURITIES (Shares Owned) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Number of Shares Owned (in shares)	71,693,526	72,641,101
Real estate equity securities	$ 112,096	$ 97,903
Kepple Pacific Oak US REIT
Schedule of Available-for-sale Securities [Line Items]
Number of Shares Owned (in shares)	64,165,352	64,165,352
Real estate equity securities	$ 51,332	$ 44,274
Franklin Street Properties Corp.
Schedule of Available-for-sale Securities [Line Items]
Number of Shares Owned (in shares)	6,915,089	6,915,089
Real estate equity securities	$ 41,145	$ 30,219
Plymouth Industrial REIT, Inc.
Schedule of Available-for-sale Securities [Line Items]
Number of Shares Owned (in shares)	613,085	1,560,660
Real estate equity securities	$ 19,619	$ 23,410

REAL ESTATE EQUITY SECURITIES_4

REAL ESTATE EQUITY SECURITIES (Portion of Gain and Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Net gain (loss) recognized during the period on real estate equity securities	$ 28,632	$ (14,814)	$ 20,379
Less: Net gain recognized during the period on real estate equity securities sold during the period	3,036	711
Unrealized gain (loss) recognized during the reporting period on real estate equity securities still held at period end	$ 25,596	$ (15,525)

REAL ESTATE DISPOSITIONS (Narra

REAL ESTATE DISPOSITIONS (Narrative) (Details) $ in Thousands	Jul. 27, 2021USD ($)ft²	Jun. 03, 2021USD ($)a	Nov. 01, 2019USD ($)ft²propertyshares	Oct. 29, 2019USD ($)shares	Jul. 19, 2019USD ($)ft²	Jan. 11, 2019USD ($)	Dec. 31, 2021USD ($)aproperty	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate held for investment, net							$ 1,214,799	$ 1,258,118
Accumulated depreciation and amortization							130,441	85,940
(Loss) gain on extinguishment of debt							4,757	(415)	$ 1,106
Gain on sale of real estate, net							30,261	(110)	34,077
Real estate held for sale, net							$ 0	154,905
City Tower Mortgage Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt	$ 98,100
(Loss) gain on extinguishment of debt	$ 100
Office Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property							8
Undeveloped Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate area of undeveloped land | a							800
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Closing costs							$ 7,513	$ 16,272	$ 30,104
Disposed of by Sale | SREIT
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest			6.89%	6.89%
Disposed of by Sale | SREIT
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Issuance of common stock (in shares) | shares			56,979,352
Common stock, shares acquired (in shares) | shares				7,186,000
Common stock, shares acquired				$ 5,200
Disposed of by Sale | 125 John Carpenter
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration			$ 99,800
Gain on sale of real estate, net				$ 16,000
Closing costs			$ 200
Disposed of by Sale | Burbank Collection
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net rentable area | ft²					39,428
Consideration					$ 25,900
Accumulated depreciation and amortization					2,600
Gain on sale of real estate, net					10,500
Real estate held for sale, net					$ 14,700
Disposed of by Sale | 424 Bedford
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration						$ 43,800
Accumulated depreciation and amortization						5,300
Gain on sale of real estate, net						7,600
Real estate held for sale, net						$ 34,000
Disposed of by Sale | Office Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed | property								1
Disposed of by Sale | Office Properties | City Tower
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net rentable area | 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 (loss) on disposition	100
Gain on sale of real estate, net	$ 100
Disposed of by Sale | Office Properties | 125 John Carpenter
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed | property			2
Net rentable area | ft²			445,317
Disposed of by Sale | Retail Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed | property								1
Disposed of by Sale | Apartment Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed | property								1
Disposed of by Sale | Undeveloped Land | Park Highlands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration		$ 50,400
Real estate area of undeveloped land | a		193
Gain on sale of real estate, net		$ 30,000
Deferred profit		$ 2,600
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property							0	0

REAL ESTATE DISPOSITIONS (Reven

REAL ESTATE DISPOSITIONS (Revenue and Expenses for Real Estate Held-for-Sale) (Details) - Disposed of by Sale - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Rental income	$ 8,622	$ 13,829	$ 24,190
Other operating income	532	1,027	2,080
Total revenues	9,154	14,856	26,270
Expenses
Operating, maintenance, and management	2,099	3,777	6,907
Real estate taxes and insurance	1,019	1,698	3,918
Asset management fees to affiliate	813	1,210	1,886
Depreciation and amortization	2,436	7,116	11,244
Interest expense	1,146	2,471	6,149
Total expenses	$ 7,513	$ 16,272	$ 30,104

NOTES AND BONDS PAYABLE (Schedu

NOTES AND BONDS PAYABLE (Schedule of Long-term Debt Instruments) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 25, 2022	Dec. 31, 2020
Debt Instrument [Line Items]
Total Notes and Bond Payable principal outstanding	$ 1,015,491,000		$ 1,106,377,000
Net (Discount) / Premium on Notes and Bonds Payable	(8,146,000)		(2,851,000)
Deferred financing costs, net	(8,396,000)		(4,458,000)
Notes and bonds payable, net	998,949,000		1,099,068,000
Mortgages | Richardson Portfolio Mortgage Loan
Debt Instrument [Line Items]
Notes payable	$ 28,470,000		35,832,000
Interest rate, effective percentage	2.60%
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	$ 26,185,000		26,185,000
Interest rate, effective percentage	1.85%
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	$ 31,070,000		29,848,000
Interest rate, effective percentage	2.35%
Mortgages | 1180 Raymond Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Mortgages | 1180 Raymond Bond Payable
Debt Instrument [Line Items]
Bonds payable			5,870,000
Mortgages | Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures
Debt Instrument [Line Items]
Notes payable			181,198,000
Mortgages | Pacific Oak SOR (BVI) Holdings, Ltd. Series B
Debt Instrument [Line Items]
Notes payable	$ 271,978,000		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	$ 52,315,000		53,072,000
Interest rate, effective percentage	2.70%
Guarantees as percent of outstanding loan balance	25.00%
Amount under guarantees	$ 98,400,000
Mortgages | Crown Pointe Mortgage Loan | Subsequent Event
Debt Instrument [Line Items]
Contractual interest rate, percentage		2.30%
Face amount		$ 53,800,000
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			94,167,000
Mortgages | The Marq Mortgage Loan
Debt Instrument [Line Items]
Notes payable	$ 61,874,000		62,257,000
Interest rate, effective percentage	1.65%
Mortgages | The Marq Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
Mortgages | Eight & Nine Corporate Centre Mortgage Loan
Debt Instrument [Line Items]
Notes payable	$ 48,545,000		47,066,000
Interest rate, effective percentage	1.70%
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	$ 61,154,000		59,690,000
Interest rate, effective percentage	1.65%
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	$ 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	$ 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			12,000,000
Mortgages | Battery Point Trust Mortgage Loan
Debt Instrument [Line Items]
Notes payable			38,608,000
Mortgages | MetLife Loan
Debt Instrument [Line Items]
Notes payable	$ 60,000,000		0
Contractual interest rate, percentage	390.00%
Interest rate, effective percentage	390.00%
Mortgages | Springmaid Beach Resort Mortgage Loan
Debt Instrument [Line Items]
Notes payable	$ 55,491,000		57,015,000
Basis spread on variable rate	2.25%
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	$ 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	$ 34,623,000		34,416,000
Interest rate, effective percentage	1.85%
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	$ 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 | Lofts at NoHo Commons Mortgage Loan | One-month LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Mortgages | 210 West 31st Street Mortgage Loan
Debt Instrument [Line Items]
Notes payable	$ 8,850,000		15,050,000
Interest rate, effective percentage	3.10%
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	$ 96,075,000		96,782,000
Interest rate, effective percentage	1.85%
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	$ 17,500,000		$ 16,822,000
Contractual interest rate, percentage	4.63%
Interest rate, effective percentage	4.63%

NOTES AND BONDS PAYABLE (Narrat

NOTES AND BONDS PAYABLE (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Notes and Bonds Payable [Abstract]
Interest expense	$ 40,510	$ 29,138	$ 28,849
Amortization of deferred financing costs	3,157	3,311	3,606
Amortization of discount (premium) on bond and notes payable, net	2,721	602	(99)
Interest payable	6,600	6,200
Real Estate [Line Items]
Interest costs capitalized	2,055	2,923	2,565
Undeveloped Land
Real Estate [Line Items]
Interest costs capitalized	$ 2,100	$ 2,900	$ 2,700

NOTES AND BONDS PAYABLE (Sche_2

NOTES AND BONDS PAYABLE (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 24, 2020
Notes and Bonds Payable [Abstract]
2022	$ 511,964	$ 456,900
2023	92,224
2024	108,159
2025	141,963
2026	161,181
Thereafter	0
Notes and bond payable outstanding	$ 1,015,491
Maturity with extension options		$ 319,200

NOTES AND BONDS PAYABLE (Israel

NOTES AND BONDS PAYABLE (Israeli Bond Financing) (Details) - Bonds Payable $ in Millions	Feb. 16, 2020ILS (₪)	Mar. 08, 2016ILS (₪)	Mar. 08, 2016USD ($)	Mar. 07, 2016ILS (₪)	Mar. 02, 2016ILS (₪)	Mar. 01, 2016ILS (₪)	Nov. 01, 2021ILS (₪)	Nov. 01, 2021USD ($)	Feb. 16, 2020USD ($)
Pacific Oak Strategic Opportunity (BVI) Holdings, Ltd. Series A Debentures
Debt Instrument [Line Items]
Maximum borrowing capacity					₪ 1,000,000,000
Interest rate during period		4.25%	4.25%
Proceeds from issuance of debt		₪ 970,200,000	$ 249.2	₪ 127,700,000		₪ 842,500,000
Pacific Oak Strategic Opportunity (BVI) Holdings, Ltd. Series A Debentures | Maximum
Debt Instrument [Line Items]
Interest rate during period					4.25%
Pacific Oak SOR (BVI) Holdings, Ltd. 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%
Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Public Offering
Debt Instrument [Line Items]
Maximum borrowing capacity							₪ 536,400,000
Proceeds from issuance of debt							₪ 522,400,000	$ 166.8
Percent of discount at issuance							2.60%
Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Private Offering
Debt Instrument [Line Items]
Maximum borrowing capacity							₪ 53,600,000
Proceeds from issuance of debt							₪ 52,000,000	$ 16.7
Percent of discount at issuance							3.10%

DERIVATIVE INSTRUMENTS (Narrati

DERIVATIVE INSTRUMENTS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Foreign currency collar
Derivative [Line Items]
Gain (loss) recognized on derivatives		$ (8,600)	$ 14,300	$ 4,200
Foreign currency transaction gain (loss), net		1,200	(17,200)	(16,700)
Foreign currency collar | Forecast
Derivative [Line Items]
Gain (loss) recognized on derivatives	$ 1,200
Foreign currency transaction gain (loss), net	$ 0
Interest rate cap
Derivative [Line Items]
Unrealized loss on derivatives		$ 11	$ 27	$ 50

DERIVATIVE INSTRUMENTS (Notiona

DERIVATIVE INSTRUMENTS (Notional Amount) (Details) - Not Designated as Hedging Instrument	Dec. 31, 2021USD ($)instrument
Interest rate cap
Derivative [Line Items]
Number of Instruments | instrument	2
Notional amount	$ 75,950,000
Interest rate cap | One-month LIBOR
Derivative [Line Items]
Variable interest rate	3.50%
Interest rate cap 1
Derivative [Line Items]
Notional amount	$ 51,252,000
Interest rate cap 1 | One-month LIBOR
Derivative [Line Items]
Variable interest rate	4.00%

DERIVATIVE INSTRUMENTS (Balance

DERIVATIVE INSTRUMENTS (Balance Sheets) (Details) - Not Designated as Hedging Instrument - Interest rate cap $ in Thousands	Dec. 31, 2021USD ($)instrument	Dec. 31, 2020USD ($)instrument
Derivative [Line Items]
Number of Instruments	2
Prepaid expenses and other assets
Derivative [Line Items]
Number of Instruments	2	7
Derivative Asset, Fair Value, Gross Asset | $	$ 8	$ 1

FAIR VALUE DISCLOSURES (Schedul

FAIR VALUE DISCLOSURES (Schedule of Face Value, Carrying Amounts and Fair Value) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount	$ 743,513,000	$ 846,101,000
Pacific Oak Strategic Opportunity (BVI) Holdings, Ltd. Series A Debentures | Quoted Prices in Active Markets  for Identical Assets (Level 1) | Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount	0	181,198,000
Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Quoted Prices in Active Markets  for Identical Assets (Level 1) | Pacific Oak SOR (BVI) Holdings, Ltd. Series B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face amount	271,978,000	79,078,000
Carrying Amount | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities, Value	740,176,000	842,112,000
Carrying Amount | Pacific Oak Strategic Opportunity (BVI) Holdings, Ltd. Series A Debentures | Quoted Prices in Active Markets  for Identical Assets (Level 1) | Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities, Value	0	179,786,000
Carrying Amount | Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Quoted Prices in Active Markets  for Identical Assets (Level 1) | Pacific Oak SOR (BVI) Holdings, Ltd. Series B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities, Value	258,773,000	77,170,000
Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities, Value	740,347,000	846,608,000
Fair Value | Pacific Oak Strategic Opportunity (BVI) Holdings, Ltd. Series A Debentures | Quoted Prices in Active Markets  for Identical Assets (Level 1) | Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities, Value	0	178,450,000
Fair Value | Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Quoted Prices in Active Markets  for Identical Assets (Level 1) | Pacific Oak SOR (BVI) Holdings, Ltd. Series B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities, Value	$ 274,697,000	$ 69,433,000

FAIR VALUE DISCLOSURES (Sched_2

FAIR VALUE DISCLOSURES (Schedule of Assets at Fair Value) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges on real estate and related intangibles	$ 10,971,000	$ 0	$ 0
Impairment charges on goodwill	2,808,000	0	$ 0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges on goodwill	2,808,000
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	112,096,000	97,903,000
Asset derivative - interest rate caps		1,000
Recurring Basis | Interest rate cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative - interest rate caps	8,000
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	112,096,000	97,903,000
Asset derivative - interest rate caps		0
Recurring Basis | Quoted Prices in Active Markets  for Identical Assets (Level 1) | Interest rate cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative - interest rate caps	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
Asset derivative - interest rate caps		1,000
Recurring Basis | Significant Other Observable Inputs (Level 2) | Interest rate cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative - interest rate caps	8,000
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
Asset derivative - interest rate caps		0
Recurring Basis | Significant Unobservable Inputs (Level 3) | Interest rate cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative - interest rate caps	$ 0
Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges on real estate and related intangibles		97,600,000
Impairment charges on goodwill		13,534,000
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]
Impairment charges on real estate and related intangibles		0
Impairment charges on goodwill		0
Nonrecurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges on real estate and related intangibles		0
Impairment charges on goodwill		0
Nonrecurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges on real estate and related intangibles		97,600,000
Impairment charges on goodwill		$ 13,534,000

FAIR VALUE DISCLOSURES (Additio

FAIR VALUE DISCLOSURES (Additional Information) (Details)	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Disclosures [Abstract]
Number of real estate investment property with write down carrying value | property	2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment charges on real estate and related intangibles	$ 10,971,000	$ 0	$ 0
Impairment charges on goodwill	2,808,000	$ 0	$ 0
Pacific Oak Strategic Opportunity REIT II, Inc.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment charges on goodwill	2,800,000
Lincoln Court
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment charges on real estate and related intangibles	4,400,000
210 West 31st
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment charges on real estate and related intangibles	$ 6,600,000
Discount Rate | Lincoln Court
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	7.75%
Terminal Cap Rate | Lincoln Court
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	6.75%

FAIR VALUE DISCLOSURES (Goodwil

FAIR VALUE DISCLOSURES (Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 16,342
Impairment loss	(2,808)	$ 0	$ 0
Ending balance	13,534	16,342
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	16,342
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 (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands	Nov. 01, 2019	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Period of termination of advisory agreement without cause or penalty	60 days
Deferred financing costs, net		$ 8,396	$ 4,458
Due from affiliate		7,039	$ 0
353 Sacramento Joint Venture
Related Party Transaction [Line Items]
Investments in unconsolidated entities		7,000
Due from affiliate		$ 7,000
Pacific Oak Capital Advisors LLC
Related Party Transaction [Line Items]
Term of advisory agreement	1 year
Advisory agreement, renewal period	1 year

RELATED PARTY TRANSACTIONS (Cos

RELATED PARTY TRANSACTIONS (Costs) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Payable as of	$ 1,903,000	$ 2,842,000
Payment for administrative fees	0	0	$ 200,000
Pacific Oak Capital Advisors LLC
Related Party Transaction [Line Items]
Incurred	17,431,000	8,953,000	44,893,000
Payable as of	1,903,000	2,842,000
Pacific Oak Capital Advisors LLC | Asset management fees
Related Party Transaction [Line Items]
Expensed	14,012,000	9,982,000	8,158,000
Payable as of	1,903,000	2,837,000
Pacific Oak Capital Advisors LLC | Property management fee
Related Party Transaction [Line Items]
Expensed	479,000	229,000	0
Payable as of	0	0
Pacific Oak Capital Advisors LLC | Acquisition fees on business combination
Related Party Transaction [Line Items]
Expensed	0	0	1,185,000
Payable as of	0	0
Pacific Oak Capital Advisors LLC | Reimbursable operating expenses
Related Party Transaction [Line Items]
Expensed	0	148,000	236,000
Payable as of	0	0
Pacific Oak Capital Advisors LLC | Disposition fees
Related Party Transaction [Line Items]
Expensed	1,196,000	0	1,570,000
Pacific Oak Capital Advisors LLC | Acquisition fee on real estate
Related Party Transaction [Line Items]
Incurred	20,000	171,000	897,000
Payable as of	0	0
Pacific Oak Capital Advisors LLC | Acquisition fees on real estate equity securities
Related Party Transaction [Line Items]
Incurred	0	143,000	0
Payable as of	0	5,000
Pacific Oak Capital Advisors LLC | Acquisition fee on investment in unconsolidated entities
Related Party Transaction [Line Items]
Incurred	46,000	0	207,000
Payable as of	0	0
KBS Capital Advisors LLC | Change in subordinated performance fee due upon termination to affiliate
Related Party Transaction [Line Items]
Expensed	$ 1,678,000	$ (1,720,000)	$ 32,640,000

RELATED PARTY TRANSACTIONS (Sub

RELATED PARTY TRANSACTIONS (Subordinated Performance Fee Due Upon Termination to KBS Capital Advisors) (Details) - USD ($)	Sep. 01, 2021	Dec. 31, 2021	Dec. 31, 2019
Restricted Stock
Related Party Transaction [Line Items]
Stock repurchased during period (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
KBS Capital Advisors LLC | Subordinated Performance Fee Due Upon Termination
Related Party Transaction [Line Items]
Noncompounded return on invested capital as percent per year, percent		7.00%
Distributions paid from operating cash flows, annual return, percent		7.00%
Percent of net cash flows to be received by related party, percent		15.00%
KBS Capital Advisors LLC | Subordinated Incentive Listing Fee
Related Party Transaction [Line Items]
Noncompounded return on invested capital as percent per year, percent		7.00%
Distributions paid from operating cash flows, annual return, percent		7.00%
Percent of net cash flows to be received by related party, percent		15.00%
KBS Capital Advisors LLC | Subordinated Participation in Net Cash Flows
Related Party Transaction [Line Items]
Noncompounded return on invested capital as percent per year, percent		7.00%
Distributions paid from operating cash flows, annual return, percent		7.00%
Percent of net cash flows to be received by related party, percent		15.00%
KBS Capital Advisors LLC | Restricted Stock
Related Party Transaction [Line Items]
Grant date fair value		$ 36,300,000
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%

RELATED PARTY TRANSACTIONS (Sin

RELATED PARTY TRANSACTIONS (Singapore Transaction) (Details) $ in Thousands	Nov. 01, 2019USD ($)ft²propertyshares	Dec. 31, 2020USD ($)property	Dec. 31, 2021USD ($)	Oct. 29, 2019USD ($)shares
Related Party Transaction [Line Items]
Due from affiliate		$ 0	$ 7,039
SREIT
Related Party Transaction [Line Items]
Common units owned (in shares) | shares	56,979,352
Ownership %	6.89%			6.89%
Common units acquired (in shares) | shares				7,186,000
Investments in unconsolidated entities				$ 5,200
Disposed of by Sale | Office Properties
Related Party Transaction [Line Items]
Number of real estate properties disposed | property		1
125 John Carpenter | Disposed of by Sale
Related Party Transaction [Line Items]
Consideration	$ 99,800
Closing costs	$ 200
125 John Carpenter | Disposed of by Sale | Office Properties
Related Party Transaction [Line Items]
Number of real estate properties disposed | property	2
Net rentable area | ft²	445,317

RELATED PARTY TRANSACTIONS (Bat

RELATED PARTY TRANSACTIONS (Battery Point Restructuring) (Details)	Jul. 29, 2020USD ($)property	Jul. 01, 2020USD ($)propertyshares	Oct. 29, 2019	Mar. 20, 2019USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Dec. 31, 2021USD ($)shares	Apr. 06, 2021USD ($)	Dec. 31, 2020USD ($)shares	May 12, 2017USD ($)	Oct. 28, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities						$ 88,256,000		$ 79,666,000
Battery Point
Schedule of Equity Method Investments [Line Items]
Number of securities received (in shares) | shares				210,000
Price per share (in dollars per share) | $ / shares				$ 25
Single Family | Single Family Home Portfolio
Schedule of Equity Method Investments [Line Items]
Land							$ 400,000
Building and improvements							$ 1,600,000
BPT Holdings, LLC | Subsidiaries | Battery Point Trust Inc.
Schedule of Equity Method Investments [Line Items]
Common equity units received in transaction | shares		510,816
Percent of outstanding common equity units received in transaction		4.50%
Common equity units received in transaction		$ 3,000,000
Battery Point Trust Inc.
Schedule of Equity Method Investments [Line Items]
Common stock, shares acquired (in shares) | shares		1,000,000
Battery Point Trust Inc. | Single Family
Schedule of Equity Method Investments [Line Items]
Number of homes | property		559
Single-Family Home 2 | Single Family
Schedule of Equity Method Investments [Line Items]
Number of homes | property	12
Payments to acquire assets	$ 1,000,000
Capitalized acquisition costs	10,000
Land	200,000
Building and improvements	$ 800,000
Battery Point Holdings | DayMark
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest				40.00%
DayMark Service Entities
Schedule of Equity Method Investments [Line Items]
Property management fee, percent of gross asset value fee				1.50%
Annual property management fee, percent of tenants rent received fee				8.00%
Acquisition fee, percent of purchase price fee				1.00%
Commission fee from sales as broker				1.00%
Series B Preferred Units | Battery Point
Schedule of Equity Method Investments [Line Items]
Redemptions of common stock (in shares) | shares				13,000
Stock redeemed (in dollars per share) | $ / shares				$ 1,000
Principal paydown				$ 900,000
Series A-3 Preferred Units | Battery Point
Schedule of Equity Method Investments [Line Items]
Number of securities eliminated in consolidation because of acquisition | shares		640,000
Battery Point | Series B Preferred Units
Schedule of Equity Method Investments [Line Items]
Investments to be made									$ 17,500,000
Investments								$ 4,500,000
Dividend rate, percentage			12.00%
Battery Point | Series B Preferred Units | Maximum
Schedule of Equity Method Investments [Line Items]
Investments to be made										$ 25,000,000
Battery Point | Series A-3 Preferred Units
Schedule of Equity Method Investments [Line Items]
Number of securities received (in shares) | shares								640,000
Stock repurchased during period (in shares) | shares						430,000
Stock repurchased during period						$ 10,800,000
Battery Point Series A-3 Preferred Units | Series A-3 Preferred Units
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities					$ 14,000,000
Gains (losses) on investment of real estate prior to acquisition					$ 2,000,000

RELATED PARTY TRANSACTIONS (Inv

RELATED PARTY TRANSACTIONS (Investment in Pacific Oak Opportunity Zone Fund I) (Details) - Pacific Oak Opportunity Zone Fund I $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)unit	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Number of units in real estate property | unit	124
Acquisition fee, percent of purchase price fee	1.50%
Investment, purchase price, benchmark	$ 25
Acquisition fee of purchase price fee in excess of benchmark purchase price	1.00%
Asset management fee, percent	0.25%
Financing fee as percent of original principal amount of any indebtedness	0.50%
Waived asset management fees	$ 0.6	$ 0.6
Asset management fees receivable	$ 0.9

RELATED PARTY TRANSACTIONS (POR

RELATED PARTY TRANSACTIONS (PORT II) (Details) - USD ($) $ in Millions	Aug. 31, 2020	Dec. 31, 2021
PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments		$ 11.5
Insufficient fund fees, percent	50.00%
Application fee collected, percent	100.00%
Cumulative percentage ownership after all transactions		94.80%
PORT II OP LP | Tier 1
Schedule of Equity Method Investments [Line Items]
Base fee, percent of rent collections per year	8.00%
PORT II OP LP | Tier 1 | Maximum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 50
PORT II OP LP | Tier 2
Schedule of Equity Method Investments [Line Items]
Base fee, percent of rent collections per year	7.00%
PORT II OP LP | Tier 2 | Maximum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 75
PORT II OP LP | Tier 2 | Minimum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 50
PORT II OP LP | Tier 3
Schedule of Equity Method Investments [Line Items]
Base fee, percent of rent collections per year	6.00%
PORT II OP LP | Tier 3 | Minimum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 75
PORT II OP LP | PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments		$ 11.5
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Financing fee as percent of original principal amount of any indebtedness		0.50%

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	May 02, 2014
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 88,256	$ 79,666
110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	1
Ownership %	60.00%		60.00%
Investments in unconsolidated entities	$ 0	0
353 Sacramento Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	1
Ownership %	55.00%
Investments in unconsolidated entities	$ 49,916	49,665
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	3
Investments in unconsolidated entities	$ 27,215	24,996
Pacific Oak Residential Trust II, Inc.
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	162
Investments in unconsolidated entities	$ 11,125	$ 5,005

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Investment in 110 William Joint Venture) (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	May 02, 2014ft²
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 88,256,000	$ 79,666,000
Equity in income of unconsolidated joint venture	(1,373,000)	1,260,000	$ 6,621,000
Income from NIP	0	97,000	0
110 William JV Partner
Schedule of Equity Method Investments [Line Items]
Income from NIP	$ 0	5,200,000	$ 0
110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Rentable square feet | ft²				928,157
Area of land (in acres) | ft²				0.8
Ownership interest	60.00%			60.00%
Investments in unconsolidated joint ventures	$ 0	0
Equity in income of unconsolidated joint venture		7,800,000
Equity in income (loss) of unconsolidated joint venture		$ 7,800,000
110 William Joint Venture | 110 William JV Partner
Schedule of Equity Method Investments [Line Items]
Ownership interest				40.00%

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Investment in 353 Sacramento Joint Venture) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jul. 06, 2017
353 Sacramento Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership %	55.00%
Distributions	$ 1.1	$ 5.5
Gain (loss) on investments	$ 1.1	$ (2)
Migdal Members
Schedule of Equity Method Investments [Line Items]
Ownership %			45.00%
Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership %			55.00%
353 Sacramento | Disposed of by Sale | Office Properties
Schedule of Equity Method Investments [Line Items]
Ownership %			45.00%

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Investment in Pacific Oak Opportunity Zone Fund I) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 88,256	$ 79,666
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	27,215	24,996
Acquisition related costs	$ 200
Number of joint venture with real estate under development | property	3
Loss on investments	$ 900	$ 1,000

INVESTMENT IN UNCONSOLIDATED _7

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (PORT II) (Details) - PORT II OP LP $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)shares
Schedule of Equity Method Investments [Line Items]
Number of securities received (in shares) | shares	600
Payments to acquire investments	$ 11,500
Cumulative percentage ownership after all transactions	94.80%
Loss on investments	$ 100

SUPPLEMENTAL CASH FLOW AND SI_3

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest of $2,055, $2,923 and $2,565 for the years ended December 31, 2021, 2020 and 2019, respectively	$ 34,240	$ 23,765	$ 25,703
Interest costs capitalized	2,055	2,923	2,565
Business Acquisition [Line Items]
Acquisition fees due to affiliates on investment in unconsolidated entities	0	0	137
Accrued improvements to real estate	2,660	2,733	5,302
Redeemable common stock payable	684	864	829
Restricted stock payable	508	14,600	16,320
Dividends declared, but not yet paid	11,016	0	0
PPP notes forgiveness	1,500	0	0
Mezzanine equity in connection with subordinated performance fee due upon termination	0	0	10,880
Restricted stock (additional paid in capital) in connection with subordinated performance fee due upon termination	0	0	5,440
Mortgage loan assumed by buyer in connection with sale of real estate	0	0	23,663
Redemptions of Series B Preferred Units in exchange for Series A-3 Preferred Units	0	0	2,992
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	0	0	829
Pacific Oak Strategic Opportunity REIT II, Inc.
Business Acquisition [Line Items]
Assets acquired	0	635,825	0
Liabilities assumed	0	359,375	0
Battery Point
Business Acquisition [Line Items]
Assets acquired	0	56,572	0
Liabilities assumed	0	37,548	0
PORT
Business Acquisition [Line Items]
Assets acquired	0	0	121,316
Liabilities assumed	$ 0	$ 0	$ 64,682

REPORTING SEGMENTS (Details)

REPORTING SEGMENTS (Details)	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Income Statement
Total revenues	$ 167,927,000	$ 114,025,000	$ 93,158,000
Total expenses	(228,747,000)	(148,157,000)	(132,822,000)
Total other income	48,322,000	(14,681,000)	24,483,000
Net loss	(12,498,000)	(48,813,000)	(15,181,000)
Balance Sheets
Total assets	1,584,619,000	1,731,665,000
Goodwill	13,534,000	16,342,000
Impairment charges on real estate and related intangibles	10,971,000	0	0
Strategic Opportunistic Properties
Income Statement
Total revenues	115,167,000	93,252,000	91,351,000
Total expenses	(172,215,000)	(122,621,000)	(130,448,000)
Total other income	46,959,000	(15,045,000)	28,944,000
Net loss	(10,089,000)	(44,414,000)	(10,153,000)
Balance Sheets
Total assets	1,223,122,000	1,404,509,000
Goodwill	9,489,000	12,297,000
Impairment charges on real estate and related intangibles	$ 2,800,000
Single-Family Homes
Segment Reporting [Abstract]
Number of reportable segments | segment	1
Income Statement
Total revenues	$ 21,954,000	17,055,000	1,807,000
Total expenses	(25,979,000)	(19,332,000)	(2,374,000)
Total other income	74,000	(51,000)	(4,461,000)
Net loss	(3,951,000)	(2,328,000)	(5,028,000)
Balance Sheets
Total assets	211,050,000	182,486,000
Goodwill	0	0
Hotel Properties
Income Statement
Total revenues	30,806,000	3,718,000	0
Total expenses	(30,553,000)	(6,204,000)	0
Total other income	1,289,000	415,000	0
Net loss	1,542,000	(2,071,000)	$ 0
Balance Sheets
Total assets	150,447,000	144,670,000
Goodwill	$ 4,045,000	$ 4,045,000

PORT MEZZANINE EQUITY (Narrativ

PORT MEZZANINE EQUITY (Narrative) (Details) $ / shares in Units, $ in Thousands	Jul. 01, 2020USD ($)propertyshares	Nov. 22, 2019USD ($)$ / sharesshares	Nov. 06, 2019USD ($)$ / sharesshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2024$ / shares	Dec. 31, 2023$ / shares	Nov. 04, 2022$ / shares	Dec. 31, 2021shares	Nov. 04, 2021$ / shares	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	$ 835
Battery Point Trust Inc.
Class of Stock [Line Items]
Common stock, shares acquired (in shares) | shares	1,000,000
Single Family | Battery Point Trust Inc.
Class of Stock [Line Items]
Number of homes | property	559
Pacific Oak Residential Trust, Inc. | Series A Cumulative Convertible Redeemable Preferred Stock
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares			15,000
Preferred stock, shares authorized (in shares) | shares			25,000,000
Price per share (in dollars per share) | $ / shares			$ 1,000							$ 1,000
Issuance of common stock | $			$ 15,000
Dividend rate, percentage			6.00%
Percent of outstanding shares as benchmark for redemption			10.00%
Redemption price (in dollars per share) | $ / shares											$ 1,120
Conversion price of preferred stock into common stock (in dollars pr share) | $ / shares			$ 1,120
Pacific Oak Residential Trust, Inc. | Series A Cumulative Convertible Redeemable Preferred Stock | Forecast
Class of Stock [Line Items]
Price per share (in dollars per share) | $ / shares								$ 1,120
Pacific Oak Residential Trust, Inc. | Series A Cumulative Convertible Redeemable Preferred Stock | If All Shares are Not Redeemed
Class of Stock [Line Items]
Dividend rate, percentage			12.00%
Pacific Oak Residential Trust, Inc. | Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares		125
Price per share (in dollars per share) | $ / shares		$ 1,000
Issuance of common stock | $		$ 100
Dividend rate, percentage		12.50%
Pacific Oak Residential Trust, Inc. | Series B Cumulative Redeemable Preferred Stock | Forecast
Class of Stock [Line Items]
Price per share (in dollars per share) | $ / shares						$ 1,000	$ 1,050
BPT Holdings, LLC | Subsidiaries | Battery Point Trust Inc.
Class of Stock [Line Items]
Common equity units received in transaction | shares	510,816
Percent of outstanding common equity units received in transaction	4.50%
Common equity units received in transaction | $	$ 3,000
Common equity units, redemption period	1 year

PORT MEZZANINE EQUITY (Reconcil

PORT MEZZANINE EQUITY (Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Issuance of common stock		$ 262	$ 835
Other offering costs	$ (15)	$ (19)	(27)
Balance (in shares)	94,141,251	98,054,582
Balance	$ 519,712	$ 277,388	293,964
Balance	$ 482,059	$ 519,712	$ 277,388
Preferred Stock | Series A Preferred Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)			15,000
Issuance of common stock			$ 15,000
Other offering costs			$ (91)
Balance (in shares)	15,000	15,000	15,000
Balance	$ 15,134	$ 14,909
Dividends Available Upon Redemption	897	973
Dividends Paid	(897)	(748)
Balance	$ 15,134	$ 15,134	$ 14,909
Preferred Stock | Series B Preferred Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)			125
Issuance of common stock			$ 125
Other offering costs			$ (26)
Balance (in shares)	125	125	125
Balance	$ 99	$ 99
Dividends Available Upon Redemption	16	16
Dividends Paid	(16)	(16)
Balance	$ 99	$ 99	$ 99

PORT MEZZANINE EQUITY (Redeemab

PORT MEZZANINE EQUITY (Redeemable Non-controlling Interest Activities) (Details) - Subsidiaries - Battery Point Trust Inc. - BPT Holdings, LLC $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount [Roll Forward]
Beginning balance	$ 2,968
Net loss attributable to redeemable noncontrolling interest	(146)
Ending balance	$ 2,822

RESTRICTED STOCK (Details)

RESTRICTED STOCK (Details) - USD ($)	Sep. 01, 2021	Mar. 27, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Subordinated performance fee due upon termination to affiliate			$ 1,678,000	$ (1,720,000)	$ 32,640,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested (in shares)	1,157,448
Stock repurchased during period (in shares)	584,267
Stock repurchased during period	$ 5,655,705
Stock repurchased during period, price per share (in dollars per share)	$ 9.68
Subordinated performance fee due upon termination to affiliate			$ 1,700,000
Fair value (in dollars per share)			$ 8.51
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_2

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020
Loss Contingencies [Line Items]
Remaining lease term	92 years	93 years
Q and C Hotel | Encore Hospitality, LLC
Loss Contingencies [Line Items]
Term agreement, extension period	5 years
Base fee as percentage of gross revenue	4.00%
Q and C Hotel | Marriott International
Loss Contingencies [Line Items]
Brand services fee as percent of total room revenue	2.00%
Brand services fee as percent of total room revenue, after three years	5.00%
Monthly marketing fund contribution fees as percent of gross room sales	1.50%
Doubletree Management LLC | Springmaid Beach Resort
Loss Contingencies [Line Items]
Base fee as percentage of total operating revenue in year one	2.50%
Base fee as percentage of total operating revenue in year wo	2.75%
Base fee as percentage of total operating revenue, thereafter	3.00%
Management fee as percent of any campground revenue	2.00%
Incentive fee as percent of operating cash flow	15.00%
Percent of total investments	12.00%
Brand services fee as percent of total room revenue	4.00%
Fees incurred to management agreement	$ 800
Encore Hospitality, LLC | Q and C Hotel | Direct Costs of Hotels
Loss Contingencies [Line Items]
Management agreement, fees accrued	200
Marriott International | Q and C Hotel
Loss Contingencies [Line Items]
Fees incurred to management agreement	$ 500
Hotel Property
Loss Contingencies [Line Items]
Number of real estate properties acquired | property	2

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Lease Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Real estate held for sale, net	Real estate held for sale, net
Right-of-use asset (included in real estate held for investment, net)	$ 8,074	$ 9,258
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Lease obligation (included in other liabilities)	$ 9,360	$ 9,274
Remaining lease term	92 years	93 years
Discount rate	4.80%	4.80%
Interest on lease obligation	$ 501	$ 107

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
2022	$ 360
2023	360
2024	360
2025	393
2026	396
Thereafter	52,167
Total expected minimum lease obligations	54,036
Less: Amount representing interest	(44,676)
Present value of net minimum lease payments	$ 9,360	$ 9,274
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

COMMITMENTS AND CONTINGENCIES_5

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

SUBSEQUENT EVENTS (Distribution

SUBSEQUENT EVENTS (Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Distributions declared per common share (in dollars per share)		$ 1.17	$ 0.009	$ 0.03
Subsequent Event | Dividend Paid
Subsequent Event [Line Items]
Distributions declared per common share (in dollars per share)	$ 1.17
Dividends, cash	$ 11
Dividends, stock	$ 99.1

SUBSEQUENT EVENTS (Dispositions

SUBSEQUENT EVENTS (Dispositions) (Details) $ in Thousands	Jan. 24, 2022USD ($)ft²property	Dec. 31, 2020USD ($)property	Dec. 31, 2021USD ($)
Subsequent Event [Line Items]
Real estate held for investment, net		$ 1,258,118	$ 1,214,799
Accumulated depreciation and amortization		$ 85,940	$ 130,441
Office Properties | Disposed of by Sale
Subsequent Event [Line Items]
Number of real estate properties disposed | property		1
Subsequent Event | Greenway Buildings Mortgage Loan
Subsequent Event [Line Items]
Extinguishment of debt	$ 9,100
Subsequent Event | Office Properties | Disposed of by Sale | Greenway Buildings
Subsequent Event [Line Items]
Number of real estate properties disposed | property	2
Net rentable area | ft²	141,950
Consideration	$ 11,000
Real estate held for investment, net	6,500
Accumulated depreciation and amortization	3,200
Gain (loss) on disposition	$ 4,000

SUBSEQUENT EVENTS (Park Highlan

SUBSEQUENT EVENTS (Park Highlands Land) (Details) - Undeveloped Land $ in Millions	Feb. 24, 2022USD ($)a	Jun. 03, 2021USD ($)
Disposed of by Sale | Park Highlands
Subsequent Event [Line Items]
Consideration		$ 50.4
Subsequent Event
Subsequent Event [Line Items]
Area of land (in acres) | a	522
Subsequent Event | Disposed of by Sale | Park Highlands
Subsequent Event [Line Items]
Area of land sold (in acres) | a	238
Consideration	$ 123.9
Deposits on real estate sales	$ 13.5

SCHEDULE III REAL ESTATE ASSE_2

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (Schedule) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	1,814
Gross Amount at which Carried at Close of Period, Total	$ 1,345,240	$ 1,517,435	$ 824,860	$ 730,962
Accumulated Depreciation and Amortization	(130,441)	$ (104,412)	$ (65,381)	$ (49,842)
Aggregate cost of real estate for federal income tax purposes	1,500,000
Debt, outstanding amount	1,015,491
Richardson Portfolio Mortgage Loan | Mortgages
Real Estate and Accumulated Depreciation [Line Items]
Debt, outstanding amount	28,500
Real Estate Investments
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	259,639
Initial Cost to Company, Building and Improvements	1,010,584
Initial Cost to Company, Total	1,270,223
Cost Capitalized Subsequent to Acquisition	75,017
Gross Amount at which Carried at Close of Period, Land	276,945
Gross Amount at which Carried at Close of Period, Building and Improvements	1,068,295
Gross Amount at which Carried at Close of Period, Total	1,345,240
Accumulated Depreciation and Amortization	(130,441)
Real Estate Investments | Total Richardson Portfolio
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,470
Initial Cost to Company, Land	5,107
Initial Cost to Company, Building and Improvements	30,998
Initial Cost to Company, Total	36,105
Cost Capitalized Subsequent to Acquisition	14,063
Gross Amount at which Carried at Close of Period, Land	6,244
Gross Amount at which Carried at Close of Period, Building and Improvements	43,924
Gross Amount at which Carried at Close of Period, Total	50,168
Accumulated Depreciation and Amortization	$ (16,526)
Real Estate Investments | Palisades Central I
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Initial Cost to Company, Land	$ 1,037
Initial Cost to Company, Building and Improvements	8,628
Initial Cost to Company, Total	9,665
Cost Capitalized Subsequent to Acquisition	5,218
Gross Amount at which Carried at Close of Period, Land	1,037
Gross Amount at which Carried at Close of Period, Building and Improvements	13,846
Gross Amount at which Carried at Close of Period, Total	14,883
Accumulated Depreciation and Amortization	$ (5,246)
Original Date of Construction	1980
Date Acquired or Foreclosed on	Nov. 23, 2011
Real Estate Investments | Palisades Central II
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Initial Cost to Company, Land	$ 810
Initial Cost to Company, Building and Improvements	17,117
Initial Cost to Company, Total	17,927
Cost Capitalized Subsequent to Acquisition	5,507
Gross Amount at which Carried at Close of Period, Land	810
Gross Amount at which Carried at Close of Period, Building and Improvements	22,624
Gross Amount at which Carried at Close of Period, Total	23,434
Accumulated Depreciation and Amortization	$ (8,119)
Original Date of Construction	1985
Date Acquired or Foreclosed on	Nov. 23, 2011
Real Estate Investments | Greenway I
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Initial Cost to Company, Land	$ 561
Initial Cost to Company, Building and Improvements	1,170
Initial Cost to Company, Total	1,731
Cost Capitalized Subsequent to Acquisition	2,024
Gross Amount at which Carried at Close of Period, Land	561
Gross Amount at which Carried at Close of Period, Building and Improvements	3,194
Gross Amount at which Carried at Close of Period, Total	3,755
Accumulated Depreciation and Amortization	$ (1,348)
Original Date of Construction	1983
Date Acquired or Foreclosed on	Nov. 23, 2011
Real Estate Investments | Greenway III
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Initial Cost to Company, Land	$ 702
Initial Cost to Company, Building and Improvements	4,083
Initial Cost to Company, Total	4,785
Cost Capitalized Subsequent to Acquisition	177
Gross Amount at which Carried at Close of Period, Land	702
Gross Amount at which Carried at Close of Period, Building and Improvements	4,260
Gross Amount at which Carried at Close of Period, Total	4,962
Accumulated Depreciation and Amortization	$ (1,813)
Original Date of Construction	1983
Date Acquired or Foreclosed on	Nov. 23, 2011
Real Estate Investments | Undeveloped Land
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 0
Initial Cost to Company, Land	1,997
Initial Cost to Company, Building and Improvements	0
Initial Cost to Company, Total	1,997
Cost Capitalized Subsequent to Acquisition	1,137
Gross Amount at which Carried at Close of Period, Land	3,134
Gross Amount at which Carried at Close of Period, Building and Improvements	0
Gross Amount at which Carried at Close of Period, Total	3,134
Accumulated Depreciation and Amortization	$ 0
Date Acquired or Foreclosed on	Nov. 23, 2011
Real Estate Investments | Park Highlands
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land	17,066
Initial Cost to Company, Building and Improvements	0
Initial Cost to Company, Total	17,066
Cost Capitalized Subsequent to Acquisition	14,581
Gross Amount at which Carried at Close of Period, Land	31,647
Gross Amount at which Carried at Close of Period, Building and Improvements	0
Gross Amount at which Carried at Close of Period, Total	31,647
Accumulated Depreciation and Amortization	$ 0
Date Acquired or Foreclosed on	Dec. 30, 2011
Real Estate Investments | Park Centre
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 26,185
Initial Cost to Company, Land	3,251
Initial Cost to Company, Building and Improvements	27,941
Initial Cost to Company, Total	31,192
Cost Capitalized Subsequent to Acquisition	6,950
Gross Amount at which Carried at Close of Period, Land	3,251
Gross Amount at which Carried at Close of Period, Building and Improvements	34,891
Gross Amount at which Carried at Close of Period, Total	38,142
Accumulated Depreciation and Amortization	$ (10,480)
Original Date of Construction	2000
Date Acquired or Foreclosed on	Mar. 28, 2013
Real Estate Investments | 1180 Raymond
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 31,070
Initial Cost to Company, Land	8,292
Initial Cost to Company, Building and Improvements	37,651
Initial Cost to Company, Total	45,943
Cost Capitalized Subsequent to Acquisition	1,883
Gross Amount at which Carried at Close of Period, Land	8,292
Gross Amount at which Carried at Close of Period, Building and Improvements	39,534
Gross Amount at which Carried at Close of Period, Total	47,826
Accumulated Depreciation and Amortization	$ (10,370)
Original Date of Construction	1929
Date Acquired or Foreclosed on	Aug. 20, 2013
Real Estate Investments | Park Highlands II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land	20,118
Initial Cost to Company, Building and Improvements	0
Initial Cost to Company, Total	20,118
Cost Capitalized Subsequent to Acquisition	2,515
Gross Amount at which Carried at Close of Period, Land	22,633
Gross Amount at which Carried at Close of Period, Building and Improvements	0
Gross Amount at which Carried at Close of Period, Total	22,633
Accumulated Depreciation and Amortization	$ 0
Date Acquired or Foreclosed on	Dec. 10, 2013
Real Estate Investments | Richardson Land II
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 0
Initial Cost to Company, Land	3,096
Initial Cost to Company, Building and Improvements	0
Initial Cost to Company, Total	3,096
Cost Capitalized Subsequent to Acquisition	322
Gross Amount at which Carried at Close of Period, Land	3,418
Gross Amount at which Carried at Close of Period, Building and Improvements	0
Gross Amount at which Carried at Close of Period, Total	3,418
Accumulated Depreciation and Amortization	$ 0
Date Acquired or Foreclosed on	Sep. 4, 2014
Real Estate Investments | Crown Pointe
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 52,315
Initial Cost to Company, Land	22,590
Initial Cost to Company, Building and Improvements	62,610
Initial Cost to Company, Total	85,200
Cost Capitalized Subsequent to Acquisition	11,573
Gross Amount at which Carried at Close of Period, Land	22,590
Gross Amount at which Carried at Close of Period, Building and Improvements	74,183
Gross Amount at which Carried at Close of Period, Total	96,773
Accumulated Depreciation and Amortization	$ (18,102)
Original Date of Construction	1985/1989
Date Acquired or Foreclosed on	Feb. 14, 2017
Real Estate Investments | Marquette Plaza
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 61,874
Initial Cost to Company, Land	10,387
Initial Cost to Company, Building and Improvements	75,878
Initial Cost to Company, Total	86,265
Cost Capitalized Subsequent to Acquisition	9,866
Gross Amount at which Carried at Close of Period, Land	10,387
Gross Amount at which Carried at Close of Period, Building and Improvements	85,744
Gross Amount at which Carried at Close of Period, Total	96,131
Accumulated Depreciation and Amortization	$ (13,741)
Original Date of Construction	1972
Date Acquired or Foreclosed on	Mar. 1, 2018
Real Estate Investments | Eight and Nine Corporate Centre
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 48,545
Initial Cost to Company, Land	17,401
Initial Cost to Company, Building and Improvements	58,794
Initial Cost to Company, Total	76,195
Cost Capitalized Subsequent to Acquisition	4,588
Gross Amount at which Carried at Close of Period, Land	17,401
Gross Amount at which Carried at Close of Period, Building and Improvements	63,382
Gross Amount at which Carried at Close of Period, Total	80,783
Accumulated Depreciation and Amortization	$ (10,329)
Original Date of Construction	2007
Date Acquired or Foreclosed on	Jun. 8, 2018
Real Estate Investments | Georgia 400 Center
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 61,154
Initial Cost to Company, Land	11,400
Initial Cost to Company, Building and Improvements	72,000
Initial Cost to Company, Total	83,400
Cost Capitalized Subsequent to Acquisition	10,642
Gross Amount at which Carried at Close of Period, Land	11,431
Gross Amount at which Carried at Close of Period, Building and Improvements	82,611
Gross Amount at which Carried at Close of Period, Total	94,042
Accumulated Depreciation and Amortization	$ (11,697)
Original Date of Construction	2001
Date Acquired or Foreclosed on	May 23, 2019
Real Estate Investments | Springmaid Beach Resort
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 55,491
Initial Cost to Company, Land	30,483
Initial Cost to Company, Building and Improvements	62,417
Initial Cost to Company, Total	92,900
Cost Capitalized Subsequent to Acquisition	197
Gross Amount at which Carried at Close of Period, Land	30,483
Gross Amount at which Carried at Close of Period, Building and Improvements	62,614
Gross Amount at which Carried at Close of Period, Total	93,097
Accumulated Depreciation and Amortization	$ (2,404)
Original Date of Construction	1948/1980/1992/1995/2001
Date Acquired or Foreclosed on	Oct. 5, 2020
Real Estate Investments | Q and C Hotel
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 25,000
Initial Cost to Company, Land	2,669
Initial Cost to Company, Building and Improvements	41,431
Initial Cost to Company, Total	44,100
Cost Capitalized Subsequent to Acquisition	188
Gross Amount at which Carried at Close of Period, Land	2,669
Gross Amount at which Carried at Close of Period, Building and Improvements	41,619
Gross Amount at which Carried at Close of Period, Total	44,288
Accumulated Depreciation and Amortization	$ (1,529)
Original Date of Construction	1913
Date Acquired or Foreclosed on	Oct. 5, 2020
Real Estate Investments | Lincoln Court
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 34,623
Initial Cost to Company, Land	16,610
Initial Cost to Company, Building and Improvements	43,083
Initial Cost to Company, Total	59,693
Cost Capitalized Subsequent to Acquisition	(7,399)
Gross Amount at which Carried at Close of Period, Land	15,329
Gross Amount at which Carried at Close of Period, Building and Improvements	36,965
Gross Amount at which Carried at Close of Period, Total	52,294
Accumulated Depreciation and Amortization	$ (197)
Original Date of Construction	1985
Date Acquired or Foreclosed on	Oct. 5, 2020
Real Estate Investments | Lofts at NoHo Commons
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 74,536
Initial Cost to Company, Land	22,670
Initial Cost to Company, Building and Improvements	93,676
Initial Cost to Company, Total	116,346
Cost Capitalized Subsequent to Acquisition	515
Gross Amount at which Carried at Close of Period, Land	22,670
Gross Amount at which Carried at Close of Period, Building and Improvements	94,191
Gross Amount at which Carried at Close of Period, Total	116,861
Accumulated Depreciation and Amortization	$ (4,862)
Original Date of Construction	2007
Date Acquired or Foreclosed on	Oct. 5, 2020
Real Estate Investments | 210 West 31st Street
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	80.00%
Encumbrances	$ 8,850
Initial Cost to Company, Land	0
Initial Cost to Company, Building and Improvements	51,358
Initial Cost to Company, Total	51,358
Cost Capitalized Subsequent to Acquisition	(6,458)
Gross Amount at which Carried at Close of Period, Land	0
Gross Amount at which Carried at Close of Period, Building and Improvements	44,900
Gross Amount at which Carried at Close of Period, Total	44,900
Accumulated Depreciation and Amortization	$ 0
Date Acquired or Foreclosed on	Oct. 5, 2020
Real Estate Investments | Oakland City Center
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 96,075
Initial Cost to Company, Land	24,063
Initial Cost to Company, Building and Improvements	180,973
Initial Cost to Company, Total	205,036
Cost Capitalized Subsequent to Acquisition	(1,688)
Gross Amount at which Carried at Close of Period, Land	24,063
Gross Amount at which Carried at Close of Period, Building and Improvements	179,285
Gross Amount at which Carried at Close of Period, Total	203,348
Accumulated Depreciation and Amortization	$ (13,236)
Original Date of Construction	1985/1990
Date Acquired or Foreclosed on	Oct. 5, 2020
Real Estate Investments | Madison Square
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 17,500
Initial Cost to Company, Land	11,570
Initial Cost to Company, Building and Improvements	22,544
Initial Cost to Company, Total	34,114
Cost Capitalized Subsequent to Acquisition	55
Gross Amount at which Carried at Close of Period, Land	11,570
Gross Amount at which Carried at Close of Period, Building and Improvements	22,599
Gross Amount at which Carried at Close of Period, Total	34,169
Accumulated Depreciation and Amortization	$ (3,969)
Original Date of Construction	1911/2003/2007/2008
Date Acquired or Foreclosed on	Oct. 5, 2020
Real Estate Investments | Single-Family Homes Portfolio
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 121,825
Initial Cost to Company, Land	32,866
Initial Cost to Company, Building and Improvements	149,230
Initial Cost to Company, Total	182,096
Cost Capitalized Subsequent to Acquisition	12,624
Gross Amount at which Carried at Close of Period, Land	32,867
Gross Amount at which Carried at Close of Period, Building and Improvements	161,853
Gross Amount at which Carried at Close of Period, Total	194,720
Accumulated Depreciation and Amortization	$ (12,999)
Real Estate Investments | Alabama Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	193
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 3,013
Initial Cost to Company, Building and Improvements	11,561
Initial Cost to Company, Total	14,574
Cost Capitalized Subsequent to Acquisition	1,716
Gross Amount at which Carried at Close of Period, Land	3,052
Gross Amount at which Carried at Close of Period, Building and Improvements	13,238
Gross Amount at which Carried at Close of Period, Total	16,290
Accumulated Depreciation and Amortization	$ (1,093)
Real Estate Investments | Arkansas Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	24
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 555
Initial Cost to Company, Building and Improvements	2,221
Initial Cost to Company, Total	2,776
Cost Capitalized Subsequent to Acquisition	(24)
Gross Amount at which Carried at Close of Period, Land	541
Gross Amount at which Carried at Close of Period, Building and Improvements	2,211
Gross Amount at which Carried at Close of Period, Total	2,752
Accumulated Depreciation and Amortization	$ (189)
Real Estate Investments | Delaware Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	4
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 134
Initial Cost to Company, Building and Improvements	537
Initial Cost to Company, Total	671
Cost Capitalized Subsequent to Acquisition	81
Gross Amount at which Carried at Close of Period, Land	141
Gross Amount at which Carried at Close of Period, Building and Improvements	611
Gross Amount at which Carried at Close of Period, Total	752
Accumulated Depreciation and Amortization	$ (49)
Real Estate Investments | Florida Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	256
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 5,500
Initial Cost to Company, Building and Improvements	34,823
Initial Cost to Company, Total	40,323
Cost Capitalized Subsequent to Acquisition	3,273
Gross Amount at which Carried at Close of Period, Land	5,503
Gross Amount at which Carried at Close of Period, Building and Improvements	38,093
Gross Amount at which Carried at Close of Period, Total	43,596
Accumulated Depreciation and Amortization	$ (2,904)
Real Estate Investments | Georgia Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	70
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 826
Initial Cost to Company, Building and Improvements	4,669
Initial Cost to Company, Total	5,495
Cost Capitalized Subsequent to Acquisition	785
Gross Amount at which Carried at Close of Period, Land	844
Gross Amount at which Carried at Close of Period, Building and Improvements	5,436
Gross Amount at which Carried at Close of Period, Total	6,280
Accumulated Depreciation and Amortization	$ (421)
Real Estate Investments | Iowa Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	11
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 177
Initial Cost to Company, Building and Improvements	705
Initial Cost to Company, Total	882
Cost Capitalized Subsequent to Acquisition	152
Gross Amount at which Carried at Close of Period, Land	163
Gross Amount at which Carried at Close of Period, Building and Improvements	871
Gross Amount at which Carried at Close of Period, Total	1,034
Accumulated Depreciation and Amortization	$ (56)
Real Estate Investments | Illinois Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	282
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 5,070
Initial Cost to Company, Building and Improvements	20,124
Initial Cost to Company, Total	25,194
Cost Capitalized Subsequent to Acquisition	849
Gross Amount at which Carried at Close of Period, Land	5,040
Gross Amount at which Carried at Close of Period, Building and Improvements	21,003
Gross Amount at which Carried at Close of Period, Total	26,043
Accumulated Depreciation and Amortization	$ (1,733)
Real Estate Investments | Indiana Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	96
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 1,969
Initial Cost to Company, Building and Improvements	7,784
Initial Cost to Company, Total	9,753
Cost Capitalized Subsequent to Acquisition	256
Gross Amount at which Carried at Close of Period, Land	1,941
Gross Amount at which Carried at Close of Period, Building and Improvements	8,068
Gross Amount at which Carried at Close of Period, Total	10,009
Accumulated Depreciation and Amortization	$ (677)
Real Estate Investments | Michigan Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	48
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 900
Initial Cost to Company, Building and Improvements	3,601
Initial Cost to Company, Total	4,501
Cost Capitalized Subsequent to Acquisition	468
Gross Amount at which Carried at Close of Period, Land	929
Gross Amount at which Carried at Close of Period, Building and Improvements	4,040
Gross Amount at which Carried at Close of Period, Total	4,969
Accumulated Depreciation and Amortization	$ (321)
Real Estate Investments | Mississippi Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	18
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 200
Initial Cost to Company, Building and Improvements	802
Initial Cost to Company, Total	1,002
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land	200
Gross Amount at which Carried at Close of Period, Building and Improvements	802
Gross Amount at which Carried at Close of Period, Total	1,002
Accumulated Depreciation and Amortization	$ (25)
Real Estate Investments | Missouri Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	22
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 447
Initial Cost to Company, Building and Improvements	1,701
Initial Cost to Company, Total	2,148
Cost Capitalized Subsequent to Acquisition	64
Gross Amount at which Carried at Close of Period, Land	409
Gross Amount at which Carried at Close of Period, Building and Improvements	1,803
Gross Amount at which Carried at Close of Period, Total	2,212
Accumulated Depreciation and Amortization	$ (141)
Real Estate Investments | North Carolina Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	75
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 1,462
Initial Cost to Company, Building and Improvements	5,851
Initial Cost to Company, Total	7,313
Cost Capitalized Subsequent to Acquisition	315
Gross Amount at which Carried at Close of Period, Land	1,491
Gross Amount at which Carried at Close of Period, Building and Improvements	6,137
Gross Amount at which Carried at Close of Period, Total	7,628
Accumulated Depreciation and Amortization	$ (517)
Real Estate Investments | Ohio Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	132
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 2,411
Initial Cost to Company, Building and Improvements	9,644
Initial Cost to Company, Total	12,055
Cost Capitalized Subsequent to Acquisition	381
Gross Amount at which Carried at Close of Period, Land	2,413
Gross Amount at which Carried at Close of Period, Building and Improvements	10,023
Gross Amount at which Carried at Close of Period, Total	12,436
Accumulated Depreciation and Amortization	$ (841)
Real Estate Investments | Oklahoma Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	128
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 2,360
Initial Cost to Company, Building and Improvements	13,184
Initial Cost to Company, Total	15,544
Cost Capitalized Subsequent to Acquisition	805
Gross Amount at which Carried at Close of Period, Land	2,360
Gross Amount at which Carried at Close of Period, Building and Improvements	13,989
Gross Amount at which Carried at Close of Period, Total	16,349
Accumulated Depreciation and Amortization	$ (1,090)
Real Estate Investments | South Carolina Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	23
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 572
Initial Cost to Company, Building and Improvements	2,289
Initial Cost to Company, Total	2,861
Cost Capitalized Subsequent to Acquisition	119
Gross Amount at which Carried at Close of Period, Land	601
Gross Amount at which Carried at Close of Period, Building and Improvements	2,379
Gross Amount at which Carried at Close of Period, Total	2,980
Accumulated Depreciation and Amortization	$ (208)
Real Estate Investments | Tennessee Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	152
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 2,387
Initial Cost to Company, Building and Improvements	10,743
Initial Cost to Company, Total	13,130
Cost Capitalized Subsequent to Acquisition	1,381
Gross Amount at which Carried at Close of Period, Land	2,387
Gross Amount at which Carried at Close of Period, Building and Improvements	12,124
Gross Amount at which Carried at Close of Period, Total	14,511
Accumulated Depreciation and Amortization	$ (1,009)
Real Estate Investments | Texas Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	263
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 4,497
Initial Cost to Company, Building and Improvements	17,464
Initial Cost to Company, Total	21,961
Cost Capitalized Subsequent to Acquisition	2,099
Gross Amount at which Carried at Close of Period, Land	4,497
Gross Amount at which Carried at Close of Period, Building and Improvements	19,563
Gross Amount at which Carried at Close of Period, Total	24,060
Accumulated Depreciation and Amortization	$ (1,604)
Real Estate Investments | Wisconsin Homes
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Number Of Homes | property	17
Ownership Percent	96.10%
Initial Cost to Company, Land	$ 386
Initial Cost to Company, Building and Improvements	1,527
Initial Cost to Company, Total	1,913
Cost Capitalized Subsequent to Acquisition	(96)
Gross Amount at which Carried at Close of Period, Land	355
Gross Amount at which Carried at Close of Period, Building and Improvements	1,462
Gross Amount at which Carried at Close of Period, Total	1,817
Accumulated Depreciation and Amortization	$ (121)

SCHEDULE III REAL ESTATE ASSE_3

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate
Balance at the beginning of the year	$ 1,517,435	$ 824,860	$ 730,962
Acquisitions	4,838	679,042	200,918
Improvements	18,966	17,103	34,435
Write-off of fully depreciated and fully amortized assets	(5,956)	(3,114)	(1,060)
Dispositions	(175,691)	(456)	(140,395)
Impairments	(14,352)	0	0
Balance at the end of the year	1,345,240	1,517,435	824,860
Accumulated depreciation and amortization:
Balance at the beginning of the year	104,412	65,381	49,842
Depreciation and amortization expense	55,882	42,159	31,961
Write-off of fully depreciated and fully amortized assets	(5,956)	(3,114)	(1,060)
Dispositions	(20,516)	(14)	(15,362)
Impairments	(3,381)	0	0
Balance at the end of the year	$ 130,441	$ 104,412	$ 65,381