Pacific Oak Strategic Opportunity REIT (PCOK) 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 10, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	000-54382
Entity Registrant Name	PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-3842535
Entity Address, Address Line One	11766 Wilshire Blvd., Suite 1670
Entity Address, City or Town	Los Angeles,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	424
Local Phone Number	208-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		104,140,141
Entity Central Index Key	0001452936
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Real estate held for investment, net	$ 1,194,479	$ 1,209,243
Real estate held for sale, net	0	5,556
Real estate equity securities	84,505	112,096
Total real estate and real estate-related investments, net	1,278,984	1,326,895
Cash and cash equivalents	104,389	84,172
Restricted cash	62,406	21,259
Investments in unconsolidated entities	107,339	88,256
Rents and other receivables, net	23,220	21,795
Above-market leases, net	2,455	2,642
Due from affiliate	1,792	7,039
Prepaid expenses and other assets	19,336	18,108
Goodwill	13,534	13,534
Assets related to real estate held for sale, net	0	919
Total assets	1,613,455	1,584,619
Liabilities, mezzanine equity and equity
Notes and bonds payable related to real estate held for investment, net	1,040,029	989,879
Note payable related to real estate held for sale, net	0	9,070
Notes and bonds payable, net	1,040,029	998,949
Accounts payable and accrued liabilities	24,595	23,852
Due to affiliates	12,343	1,903
Below-market leases, net	3,385	4,080
Other liabilities	54,610	43,513
Redeemable common stock payable	1,379	684
Restricted stock payable	508	508
Dividends payable	0	11,016
Total liabilities	1,136,849	1,084,505
Commitments and contingencies
Mezzanine equity
Noncontrolling cumulative convertible redeemable preferred stock	15,233	15,233
Redeemable noncontrolling interest	0	2,822
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, 104,319,092 and 94,141,251 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	1,043	941
Additional paid-in capital	914,463	818,440
Cumulative distributions and net loss	(464,506)	(347,691)
Total Pacific Oak Strategic Opportunity REIT, Inc. stockholders’ equity	451,000	471,690
Noncontrolling interests	10,373	10,369
Total equity	461,373	482,059
Total liabilities, mezzanine equity and equity	$ 1,613,455	$ 1,584,619

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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)	104,319,092	94,141,251
Common stock, shares outstanding (in shares)	104,319,092	94,141,251

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Rental income	$ 28,979	$ 32,670	$ 58,360	$ 65,378
Dividend income from real estate equity securities	819	751	3,206	3,504
Total revenues	43,539	44,488	82,065	83,430
Expenses:
Operating, maintenance, and management	10,342	10,342	20,218	20,775
Real estate taxes and insurance	5,079	5,399	10,103	10,688
Hotel expenses	6,998	5,841	12,109	9,233
Asset management fees to affiliate	3,189	3,527	6,315	7,380
General and administrative expenses	2,983	2,888	5,977	4,759
Foreign currency transaction (gain) loss, net	(23,833)	5,507	(31,098)	(2,839)
Depreciation and amortization	14,098	15,072	26,662	32,073
Interest expense	10,780	10,680	20,343	20,618
Total expenses	29,636	59,256	70,629	102,687
Other (loss) income:
Equity in (loss) income of unconsolidated entities	(2,075)	256	(2,754)	425
Other interest income	48	48	94	94
(Loss) gain on real estate equity securities	(20,070)	4,800	(27,591)	15,553
Change in subordinated performance fee due upon termination to affiliate	0	261	0	(200)
(Loss) gain on sale of real estate	(175)	31,148	3,348	31,170
Gain on extinguishment of debt	0	13	2,367	13
Total other (loss) income, net	(22,272)	36,526	(24,536)	47,055
Net (loss) income	(8,369)	21,758	(13,100)	27,798
Net (income) loss attributable to noncontrolling interests	(156)	98	(38)	761
Net loss attributable to redeemable noncontrolling interest	34	49	81	81
Preferred stock dividends	$ (528)	(230)	(718)	(453)
Net (loss) income attributable to common stockholders		$ 21,675	$ (13,775)	$ 28,187
Net (loss) income per common share, basic (in dollars per share)	$ (0.09)	$ 0.22	$ (0.13)	$ 0.29
Net (loss) income per common share, diluted (in dollars per share)	$ (0.09)	$ 0.22	$ (0.13)	$ 0.29
Weighted-average number of common shares outstanding, basic (in shares)	104,422,035	97,948,219	102,929,284	97,991,934
Weighted-average number of common shares outstanding, diluted (in shares)	104,422,035	97,948,219	102,929,284	97,991,934
Hotel
Revenues:
Revenue from contract with customer	$ 12,854	$ 9,849	$ 18,771	$ 12,424
Other operating income
Revenues:
Revenue from contract with customer	$ 887	$ 1,218	$ 1,728	$ 2,124

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Cumulative Distributions and Net Income (Loss)	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2020			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	27,426	28,187			28,187	(761)
Transfers to redeemable common stock	(565)	(565)		(565)
Redemptions of common stock (in shares)			(148,314)
Redemptions of common stock	(1,436)	(1,436)		(1,436)
Noncontrolling interests contributions	163					163
Balance (in shares) at Jun. 30, 2021			97,906,268
Balance at Jun. 30, 2021	545,300	532,740	$ 979	829,294	(297,533)	12,560
Balance (in shares) at Mar. 31, 2021			97,966,439
Balance at Mar. 31, 2021	525,581	513,066	$ 979	831,295	(319,208)	12,515
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	21,577	21,675			21,675	(98)
Transfers to redeemable common stock	(1,419)	(1,419)		(1,419)
Redemptions of common stock (in shares)			(60,171)
Redemptions of common stock	(582)	(582)		(582)
Noncontrolling interests contributions	143					143
Balance (in shares) at Jun. 30, 2021			97,906,268
Balance at Jun. 30, 2021	$ 545,300	532,740	$ 979	829,294	(297,533)	12,560
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(13,737)	(13,775)			(13,775)	38
Transfers to redeemable common stock	(695)	(695)		(695)
Redemptions of common stock (in shares)			(242,336)
Redemptions of common stock	(2,274)	(2,274)	$ (2)	(2,272)
Adjustment to value of redeemable noncontrolling interest	(3,946)	(3,946)			(3,946)
Stock distribution issued (in shares)			10,420,177
Stock distribution issued	0	0	$ 104	98,990	(99,094)
Noncontrolling interest distribution	$ (34)					(34)
Balance (in shares) at Jun. 30, 2022	104,319,092		104,319,092
Balance at Jun. 30, 2022	$ 461,373	451,000	$ 1,043	914,463	(464,506)	10,373
Balance (in shares) at Mar. 31, 2022			104,496,165
Balance at Mar. 31, 2022	471,986	461,735	$ 1,045	914,460	(453,770)	10,251
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(8,863)	(9,019)			(9,019)	156
Transfers to redeemable common stock	1,685	1,685		1,685
Redemptions of common stock (in shares)			(177,171)
Redemptions of common stock	(1,685)	(1,685)	$ (2)	(1,683)
Adjustment to value of redeemable noncontrolling interest	(1,716)	(1,716)			(1,716)
Stock distribution issued (in shares)			98
Stock distribution issued	0	0		1	(1)
Noncontrolling interest distribution	$ (34)					(34)
Balance (in shares) at Jun. 30, 2022	104,319,092		104,319,092
Balance at Jun. 30, 2022	$ 461,373	$ 451,000	$ 1,043	$ 914,463	$ (464,506)	$ 10,373

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Cash Flows from Operating Activities:
Net (loss) income	$ (8,369)	$ 21,758	$ (13,100)	$ 27,798
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Change in subordinated performance fee due upon termination to affiliate	0	(261)	0	200
Equity in loss (income) of unconsolidated entities			2,754	(425)
Depreciation and amortization	14,098	15,072	26,662	32,073
Loss (gain) on real estate equity securities	20,070	(4,800)	27,591	(15,553)
Gain on sale of real estate	175	(31,148)	(3,348)	(31,170)
Unrealized (gain) loss on interest rate caps			(270)	16
Deferred rent			(1,427)	(1,113)
Gain on extinguishment of debt	0	(13)	(2,367)	(13)
Amortization of above- and below-market leases, net			(508)	(720)
Amortization of deferred financing costs and discount on bonds and notes payable			3,844	3,023
Foreign currency transaction gain, net	(23,833)	5,507	(31,098)	(2,839)
Changes in assets and liabilities:
Rents and other receivables			(175)	791
Prepaid expenses and other assets			(1,150)	(1,206)
Accounts payable and accrued liabilities			502	(1,400)
Due to affiliates			3,753	(1,601)
Other liabilities			668	749
Net cash provided by operating activities			12,331	8,610
Cash Flows from Investing Activities:
Acquisitions of real estate			0	(4,107)
Improvements to real estate			(10,110)	(7,727)
Proceeds from sales of real estate, net			357	49,662
Contributions to unconsolidated entities			(22,500)	(4,024)
Distributions of capital from unconsolidated entities			569	0
Purchase of interest rate cap			(506)	(18)
Proceeds from the sale of real estate equity securities			0	14,439
Advance to affiliate			(1,201)
Proceeds from advances due from affiliates			6,448	0
Escrow deposits for future real estate sales			17,000	0
Proceeds for future development obligations			0	6,203
Funding for development obligations			(4,025)	0
Net cash (used in) provided by investing activities			(13,968)	54,428
Cash Flows from Financing Activities:
Proceeds from notes and bonds payable			145,104	157,246
Principal payments on notes and bonds payable			(61,613)	(131,672)
Payments of deferred financing costs			(2,829)	(2,133)
Payments to redeem common stock			(2,274)	(1,436)
Payment of prepaid other offering costs			0	(111)
Distributions paid			(11,016)	0
Preferred dividends paid			(718)	(453)
Noncontrolling interests distribution			(34)	0
Noncontrolling interests contributions			0	163
Other financing proceeds			0	2,367
Net cash provided by financing activities			66,620	23,971
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(3,619)	(310)
Net increase in cash, cash equivalents and restricted cash			61,364	86,699
Cash, cash equivalents and restricted cash, beginning of period			105,431	74,319	$ 74,319
Cash, cash equivalents and restricted cash, end of period	$ 166,795	$ 161,018	$ 166,795	$ 161,018	$ 105,431

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATIONPacific Oak Strategic Opportunity REIT, Inc. (the “Company”) was formed on October 8, 2008 as a Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2010. The Company conducts its business primarily through Pacific Oak SOR (BVI) Holdings, Ltd. (“Pacific Oak SOR BVI”), a private company limited by shares according to the British Virgin Islands Business Companies Act, 2004, which was incorporated on December 18, 2015 and is authorized to issue a maximum of 50,000 common shares with no par value. Upon incorporation, Pacific Oak SOR BVI issued one certificate containing 10,000 common shares with no par value to Pacific Oak Strategic Opportunity Limited Partnership (the “Operating Partnership”), a Delaware limited partnership formed on December 10, 2008. The Company is the sole general partner of, and owns a 0.1% partnership interest in, the Operating Partnership. Pacific Oak Strategic Opportunity Holdings LLC (“REIT Holdings”), a Delaware limited liability company formed on December 9, 2008, owns the remaining 99.9% interest in the Operating Partnership and is its sole limited partner. The Company is the sole member and manager of REIT Holdings.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2021. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC. Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the FASB Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership, Pacific Oak SOR BVI and their direct and indirect wholly owned subsidiaries, joint ventures in which the Company has a controlling interest and VIEs in which the Company is the primary beneficiary. All significant intercompany balances and transactions are eliminated in consolidation. Liquidity The Company generally finances its real estate investments using notes payable that are typically structured as non-recourse secured mortgages with maturities of approximately three Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. In that regard, the Company reclassified held for sale activity related to dispositions in its consolidated balance sheets as of December 31, 2021. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Restricted Cash Restricted cash is comprised of escrow deposits for future real estate sales and lender impound reserve accounts on the Company’s borrowings for security deposits, property taxes, insurance, debt service obligations and capital improvements and replacements. 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 them into one reportable business segment. The Company owns single-family homes in 18 markets which 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 which are aggregated into one reportable business segment due to the nature of the hotel business with short-term stays. Per Share Data The Company determines basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and the Company considers any participating securities, including unvested restricted stock, for purposes of applying the two-class method. The Company determines diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The noncontrolling Series A convertible redeemable preferred shares of Pacific Oak Residential Trust, Inc. (“PORT”) were not included as the shares are contingent on PORT being public. Square Footage, Occupancy and Other Measures Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.

REAL ESTATE HELD FOR INVESTMENT

REAL ESTATE HELD FOR INVESTMENT	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
REAL ESTATE HELD FOR INVESTMENT	REAL ESTATE HELD FOR INVESTMENT As of June 30, 2022, the Company owned eight office properties, one office portfolio consisting of two office buildings and 14 acres of undeveloped land, encompassing, in the aggregate, approximately 3.2 million rentable square feet. As of June 30, 2022, these properties were 72% occupied. In addition, the Company owned one residential home portfolio consisting of 1,815 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 were 92% and 92% occupied, respectively, as of June 30, 2022. As of June 30, 2022, the Company also owned two hotel properties with an aggregate of 649 rooms and three investments in undeveloped land with approximately 800 developable acres and one office/retail development property. The following table summarizes the Company’s real estate held for investment as of June 30, 2022 and December 31, 2021, respectively (in thousands): June 30, 2022 December 31, 2021 Land $ 277,513 $ 275,683 Buildings and improvements 1,026,110 1,017,465 Tenant origination and absorption costs 38,935 43,375 Total real estate, cost 1,342,558 1,336,523 Accumulated depreciation and amortization (148,079) (127,280) Total real estate, net $ 1,194,479 $ 1,209,243 Operating Leases Certain of the Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of June 30, 2022, the leases, excluding options to extend, apartment leases and single-family homes, which have terms that are generally one year or less, had remaining terms of up to 13.2 years with a weighted-average remaining term of 3.7 years. Some of the leases have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires a security deposit from tenants in the form of a cash deposit and/or a letter of credit. The amount required as a security deposit varies depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash and assumed in real estate acquisitions related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets totaled $6.1 million and $6.0 million as of June 30, 2022 and December 31, 2021, respectively. During the three and six months ended June 30, 2022, the Company recognized deferred rent from tenants of $0.4 million and $1.4 million, respectively, net of lease incentive amortization. During the three and six months ended June 30, 2021, the Company recognized deferred rent from tenants of $0.03 million and $1.1 million, respectively, net of lease incentive amortization. As of June 30, 2022 and December 31, 2021, the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $17.0 million and $16.3 million, respectively, and is included in rents and other receivables on the accompanying consolidated balance sheets. The cumulative deferred rent balance included $2.8 million and $3.3 million of unamortized lease incentives as of June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022, the future minimum rental income from the Company’s properties, excluding apartment leases and single-family homes, under non-cancelable operating leases was as follows (in thousands): July 1, 2022 through December 31, 2022 $ 30,337 2023 56,342 2024 50,498 2025 39,743 2026 27,742 Thereafter 66,722 $ 271,384 As of June 30, 2022, 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 41 $ 7,837 12.4 % Public Administration 13 7,720 12.3 % Computer Systems Design and Related Services 31 7,567 12.0 % $ 23,124 36.7 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of June 30, 2022, 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. Geographic Concentration Risk As of June 30, 2022, the Company’s real estate investments in California and Georgia represented 21.6% and 10.0%, 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. Hotel Properties The following table provides detailed information regarding the Company’s hotel revenues for its two hotel properties during the three and six months ended June 30, 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Hotel revenues: Room $ 9,905 $ 7,439 $ 14,200 $ 9,112 Food, beverage and convention services 309 1,082 589 1,378 Campground 1,603 269 2,395 512 Other 1,037 1,059 1,587 1,422 Hotel revenues $ 12,854 $ 9,849 $ 18,771 $ 12,424 Contract Liabilities The following table summarizes the Company’s contract liabilities, which are comprised of hotel advanced deposits and deferred proceeds from historical and future land sales received from the buyers of the Park Highlands land sales (discussed below) and another developer for the value of land that was contributed to a master association that is consolidated by the Company, which are included in other liabilities in the accompanying consolidated balance sheets, as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Contract liability $ 24,081 $ 7,313 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 373 $ 159 Recent Real Estate Sale 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 (as defined in Note 7), for $11.0 million, before closing costs and credits. The carrying value of the Greenway Buildings as of the disposition date was $5.6 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 $3.6 million related to the disposition of the Greenway Buildings, net of closing costs and adjustments. As a result of the sale of the Greenway Buildings, certain assets and liabilities were reclassified to held for sale on the consolidated balance sheets as of December 31, 2021. Park Highlands Land Purchase and Sale Contracts The Company enters into land purchase and sale contracts to dispose of Park Highlands developed and undeveloped land. Under these contracts, the Company will receive a stated deposit from the buyer, held in escrow, in consideration for the right, but not the obligation, to purchase the land at a future point in time with predetermined terms. After a contractually specified date, the deposits are not refundable even in the event the contract terminates, at which point the Company records restricted cash and other liabilities on the consolidated balance sheets. On November 11, 2021, the Company, through an indirect wholly owned subsidiary, entered into a purchase and sale agreement, as amended, to sell 234 (previously 238 and amended to reduce by 4 acres) developable acres of undeveloped land located in North Las Vegas, Nevada, (“Park Highlands”) for gross sales proceeds of approximately $124.5 million, before closing costs and credits. The due diligence period expired on February 23, 2022 and the buyer’s deposit of $13.5 million is no longer refundable and is recognized as restricted cash on the consolidated balance sheets. This deposit is held in an escrow account and will become available once the sale is completed. Actions are required by the Company to complete the planned sale. On March 10, 2022, the Company, through an indirect wholly owned subsidiary, entered into a purchase and sale agreement, as amended, to sell 77 developable acres of Park Highlands for gross sales proceeds of approximately $52.9 million, before closing costs and credits. The due diligence period expired on May 31, 2022 and the buyer’s deposit of $3.5 million is no longer refundable and is recognized as restricted cash on the consolidated balance sheets. This deposit is held in an escrow account and will become available once the sale is completed. Actions are required by the Company to complete the planned sale. On June 22, 2022, the Company, through an indirect wholly owned subsidiary, entered into a purchase and sale agreement, to sell 67 developable acres of Park Highlands for gross sales proceeds of approximately $55.0 million, before closing costs and credits. The due diligence period expires on October 20, 2022, after which the buyer’s deposit of $3.0 million will no longer be refundable and will be recognized as restricted cash on the consolidated balance sheets. This deposit is held in an escrow account and will become available once the sale is completed. Actions are required by the Company to complete the planned sale.

REAL ESTATE EQUITY SECURITIES

REAL ESTATE EQUITY SECURITIES	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE EQUITY SECURITIES	REAL ESTATE EQUITY SECURITIES The following summarizes the portion of gain and loss for the period related to real estate equity securities held during the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net (loss) gain recognized during the period on real estate equity securities $ (20,070) $ 4,800 $ (27,591) $ 15,553 Less net gain recognized during the period on real estate equity securities sold during the period — — — (225) Unrealized (loss) gain recognized during the reporting period on real estate equity securities held at the end of the period $ (20,070) $ 4,800 $ (27,591) $ 15,328

NOTES AND BONDS PAYABLE

NOTES AND BONDS PAYABLE	6 Months Ended
	Jun. 30, 2022
Notes and Bonds Payable [Abstract]
NOTES AND BONDS PAYABLE	NOTES AND BONDS PAYABLE As of June 30, 2022 and December 31, 2021, 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 June 30, 2022 Book Value as of December 31, 2021 Contractual Interest Rate as of June 30, 2022 Effective Interest Rate at June 30, 2022 (1) Payment Type (2) Maturity Date (3) Richardson Portfolio Mortgage Loan $ 19,055 $ 28,470 Floating Rate + 2.50% 4.30% Principal & Interest 11/01/2022 Park Centre Mortgage Loan 26,185 26,185 Floating Rate + 1.75% 3.55% Interest Only 06/27/2023 1180 Raymond Mortgage Loan (4) 31,070 31,070 Floating Rate + 2.25% 3.83% Interest Only 12/01/2023 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures (5) 333,356 271,978 3.93% 3.93% (5) 01/31/2026 Crown Pointe Mortgage Loan 53,758 52,315 Floating Rate + 2.30% 3.80% Interest Only 04/01/2025 The Marq Mortgage Loan 61,556 61,874 Floating Rate + 1.55% 3.35% Principal & Interest 06/06/2023 Eight & Nine Corporate Centre Mortgage Loan 48,295 48,545 Floating Rate + 1.60% 3.40% Principal & Interest 06/08/2023 Georgia 400 Center Mortgage Loan 61,154 61,154 Floating Rate + 1.55% 3.35% Interest Only 05/22/2023 PORT Mortgage Loan 1 51,303 51,302 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 MetLife Loan 60,000 60,000 3.90% 3.90% Interest Only 04/10/2026 Springmaid Beach Resort Mortgage Loan 53,054 55,491 Floating Rate + 2.25% (6) 5.75% Principal & Interest 08/12/2022 (7) Q&C Hotel Mortgage Loan 24,904 25,000 Floating Rate + 2.50% (8) 4.50% Principal & Interest 12/23/2022 Lincoln Court Mortgage Loan (4) 32,491 34,623 Floating Rate + 2.25% 4.05% Principal & Interest 08/1/2022 (9) Lofts at NoHo Commons Mortgage Loan 74,536 74,536 Floating Rate + 2.18% (10) 3.98% Interest Only 09/09/2022 210 West 31st Street Mortgage Loan (4) 6,000 8,850 Floating Rate + 3.00% 4.80% Principal & Interest 06/16/2022 (11) Oakland City Center Mortgage Loan 95,415 96,075 Floating Rate + 1.75% 3.55% Principal & Interest 09/01/2022 Madison Square Mortgage Loan 17,649 17,500 4.63% 4.63% Interest Only 10/07/2024 Total Notes and Bonds Payable principal outstanding 1,060,304 1,015,491 Discount on Notes and Bonds Payable, net (12) (9,636) (8,146) Deferred financing costs, net (10,639) (8,396) Total Notes and Bonds Payable, net $ 1,040,029 $ 998,949 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2022. Effective interest rate is calculated as the actual interest rate in effect as of June 30, 2022 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at June 30, 2022, where applicable. (2) Represents the payment type required under the loan as of June 30, 2022. 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 June 30, 2022; 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 June 30, 2022, the guaranteed amount in the aggregate was $21.9 million. (5) See “Israeli Bond Financings” below. (6) The interest rate is variable at the higher of one-month LIBOR + 2.25% or 5.77%. (7) Subsequent to June 30, 2022, the Company extended the Springmaid Beach Resort Mortgage Loan to October 10, 2022. (8) The interest rate is variable at the higher of one-month LIBOR + 2.5% or 4.5%. (9) On July 29, 2022, the Company refinanced the Lincoln Court Mortgage Loan with a new lender for an amount up to $39.4 million, of which $35.3 million was funded at the time of closing. The loan is an interest only with an annual variable rate of 3.25% plus the floating rate (SOFR). Additionally, the loan has an initial maturity date of August 7, 2025 with an available three-year extension. (10) The LIBOR rate is variable at the higher of one-month LIBOR or 1.75%, plus 2.18%. (11) Subsequent to June 30, 2022, the Company extended the maturity of the 210 West 31st Street Mortgage Loan to December 16, 2022. Monthly principal payments of $1.0 million beginning on July 10, 2022. (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 three and six months ended June 30, 2022, the Company incurred $10.8 million and $20.3 million, respectively, of interest expense. Included in interest expense for the three and six months ended June 30, 2022 was $0.8 million and $1.6 million, respectively, of amortization of deferred financing costs. Included in interest expense for the three and six months ended June 30, 2022 was $1.2 million and $2.3 million, respectively, of amortization on discount on notes and bonds payable, net. Additionally, during the three and six months ended June 30, 2022, the Company capitalized $0.5 million and $1.0 million, respectively, of interest related to its investments in undeveloped land. During the three and six months ended June 30, 2021, the Company incurred $10.7 million and $20.6 million, respectively, of interest expense. Included in interest expense for the three and six months ended June 30, 2021 was $0.8 million and $1.6 million, respectively, of amortization of deferred financing costs. Included in interest expense for the three and six months ended June 30, 2021 was $1.0 million and $1.4 million, respectively, of amortization of discount on notes and bonds payable, net. Additionally, during the three and six months ended June 30, 2021, the Company capitalized $0.5 million and $1.1 million, respectively of interest related to its investments in undeveloped land. As of June 30, 2022 and December 31, 2021, the Company’s interest payable was $7.9 million and $6.6 million, respectively. The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of June 30, 2022 (in thousands): July 1, 2022 through December 31, 2022 $ 306,320 2023 227,395 2024 128,767 2025 216,180 2026 181,642 Thereafter — $ 1,060,304 As of August 12, 2022, the Company had a total of $467.5 million of debt obligations scheduled to mature over the next 12 months. The Company has extension options with respect to $258.8 million of the debt obligations outstanding that are scheduled to mature over the next 12 months; however, the Company cannot exercise these options if not then in compliance with certain financial covenants in the loans without making a cash payment and there is no assurance that the Company 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. The Company plans to utilize available extension options or refinance the notes payable. The Company may also choose to market the properties for sale or may negotiate a turnover of the secured properties back to the related mortgage lender. The Company’s notes payable contain financial debt covenants, including minimum equity requirements and liquidity ratios. As of June 30, 2022, the Company was in compliance with all of these debt covenants with the exception that the Oakland City Center Mortgage Loan and Georgia 400 Center Mortgage Loan which were not in compliance with the debt service coverage requirement and the Lofts at Noho Commons Mortgage Loan which was not in compliance with the debt yield requirement. As a result of such non-compliance, the Company is required to provide a cash sweep for the Lofts at NoHo Commons Mortgage Loan and the Georgia 400 Center Mortgage Loan, as well as a deposit for the Georgia 400 Center Mortgage Loan. On April 4, 2022, the Company paid a deposit of $20.4 million to the lender of the Georgia 400 Center Mortgage Loan and recorded as restricted cash on the consolidated balance sheets. Additionally, the Company may be required to partially pay down the Oakland City Center Mortgage Loan if the non-compliance continues. Israeli Bond Financings On February 16, 2020, Pacific Oak SOR BVI issued 254.1 million Israeli new Shekels (approximately $74.1 million as of February 16, 2020) of Series B Debentures to Israeli investors pursuant to a public offering registered with the Israel Securities Authority. The Series B Debentures will bear interest at the rate of 3.93% per year. The Series B Debentures have principal installment payments equal to 33.33% of the face amount of the Series B Debentures on January 31st of each year from 2024 to 2026. On November 1, 2021, Pacific Oak SOR BVI issued additional Series B Debentures in the amount of 536.4 million Israeli new Shekels par value through a public offering. The public offering Series B Debentures were issued at a 2.6% discount resulting in a total consideration of 522.4 million Israeli new Shekels ($166.8 million as of November 1, 2021). On November 8, 2021, Pacific Oak SOR BVI also issued Series B Debentures in the amount of 53.6 million Israeli new Shekels par value through a private offering. The private offering Series B Debentures were issued at a 3.1% discount resulting in a total consideration of 52.0 million Israeli new Shekels ($16.7 million as of November 8, 2021). Additionally, on May 2, 2022, Pacific Oak SOR BVI issued Series B Debentures in the amount of 320.4 million Israeli new Shekels par value through a private offering. The private offering Series B Debentures were issued at a 4.0% discount, resulting in a total consideration of 307.6 million Israeli new Shekels ($95.3 million as of May 2, 2022). The additional Series B Debentures have an equal level of security, pari passu, amongst themselves and between them and the initial Series B Debentures, without any right of precedence or preference between any of them. The deed of trust that governs the Series B Debentures contain various financial covenants. As of June 30, 2022, the Company was in compliance with all of these financial debt covenants.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES The following were the face values, carrying amounts and fair values of the Company’s financial instruments as of June 30, 2022 and December 31, 2021, which carrying amounts do not approximate the fair values (in thousands): June 30, 2022 December 31, 2021 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes and bond payable $ 726,948 $ 724,395 $ 718,214 $ 743,513 $ 740,176 $ 740,347 Financial liabilities (Level 1): Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures $ 333,356 $ 315,634 $ 314,530 $ 271,978 $ 258,773 $ 274,697 Disclosure of the fair value of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different. As of June 30, 2022, the Company measured the following assets at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 84,505 $ 84,505 $ — $ — Asset derivative - interest rate caps $ 784 $ — $ 784 $ — As of December 31, 2021, the Company measured the following assets and liabilities at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Basis: Real estate equity securities $ 112,096 $ 112,096 $ — $ — Asset derivative - interest rate caps $ 8 $ — $ 8 $ —

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
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 Pacific Oak Capital Advisors, LLC (the “Advisor”), the Company’s advisor since November 1, 2019. Messrs. Hall and McMillan are also two of the Company’s executive officers and directors. Subject to certain restrictions and limitations, the business of the Company is externally managed by the Advisor pursuant to an advisory agreement (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. Pursuant to the terms of the Advisory Agreement, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2022 and 2021, respectively, and any related amounts payable as of June 30, 2022 and December 31, 2021 (in thousands): Incurred Payable as of Three Months Ended June 30, Six Months Ended June 30, June 30, 2022 December 31, 2021 Expensed 2022 2021 2022 2021 Asset management fees $ 3,189 $ 3,527 $ 6,315 $ 7,380 $ 5,656 $ 1,903 Property management fees (1) 133 123 258 243 — — Disposition fees (2) — 504 107 504 — — Change in subordinated performance fee due upon termination to affiliate (3) — (261) — 200 (3) (3) Capitalized Acquisition fees on real estate (4) — — — 20 — — Acquisition fee on investment in unconsolidated entities — 16 — 45 — — $ 3,322 $ 3,909 $ 6,680 $ 8,392 $ 5,656 $ 1,903 _____________________ (1) Property management fees are for single-family homes and paid to an affiliate of the Advisor. These fees are included in the line item “Operating, maintenance, and management cost” in the consolidated statement of operations. (2) 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. (3) Change in estimate of fees payable to the Company’s previous advisor, KBS Capital Advisors LLC (“KBS Capital Advisors) due to the termination of the former advisory agreement with KBS Capital Advisors. (4) Acquisition fees associated with asset acquisitions are capitalized, while costs associated with business combinations expensed as incurred. During the six months ended June 30, 2022, the Company provided $1.2 million of funding to the 110 William Joint Venture, an unconsolidated entity, for mortgage loan refinancing fees. In the prior year, the Company provided $7.0 million of funding to the 353 Sacramento Joint Venture, an unconsolidated entity, for mortgage loan refinancing fees and was partially repaid during the six months ended June 30, 2022. As of June 30, 2022 and December 31, 2021, the Company recognized a due from affiliate of $1.8 million and $7.0 million, respectively. On June 24, 2022, the Company’s board of directors authorized and approved the redemption of the 510,816 Special Common Units of PORT OP LP, a consolidated subsidiary of the Company (“PORT OP”), representing approximately 3.20% interest, held by BPT Holdings, LLC (“BPT Holdings”), a subsidiary of the Advisor, for a price of $13.09 per unit. The Special Common Units are included as due to affiliates on the consolidated balance sheets. In July 2022, the Company redeemed the special common units of PORT OP for $6.7 million. Following the redemption, the Company owned 100% of PORT OP. Pacific Oak Opportunity Zone Fund I As of June 30, 2022, the Company contributed $27.4 million to the Pacific Oak Opportunity Zone Fund I, LLC (“Pacific Oak Opportunity Zone Fund I”), which is 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 incurred (reduced by any financing fee previously paid with respect to indebtedness being refinanced). In the case of investments made through joint ventures, the fees above will be determined based on the Company’s proportionate share of the investment. The Advisor is also entitled to certain distributions paid by the Pacific Oak Opportunity Zone Fund I after the Class A Members have received their preferred return. These fees and distributions have been waived for the Company’s investment. In addition, side letter agreements between the Advisor and Pacific Oak Opportunity Zone Fund I were executed on February 28, 2020 and stipulate that any asset management fees allocable to the Company and waived by Pacific Oak Capital Advisors for Pacific Oak Opportunity Zone Fund I will distributed to the Company. During the three and six months ended June 30, 2022, the Company recorded $0.1 million and $0.2 million, respectively, of waived asset management fees recorded as equity in income of unconsolidated entities, of which $0 was a receivable as of June 30, 2022. During the three and six months ended June 30, 2021, the Company recorded $0.2 million and $0.3 million, respectively, of waived asset management fees recorded as equity in income of unconsolidated entities. PORT II As of June 30, 2022, the Company contributed $34.0 million in PORT II OP LP (“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. On July 1, 2022, the Company determined that it became the primary beneficiary of PORT II as a result of events that occurred, including a tender offer arrangement to return equity to unrelated investors. As such, in July 2022, the Company consolidated PORT II into the Company’s consolidated financial statements. See Note 13 for further details. 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.

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED ENTITIES	INVESTMENT IN UNCONSOLIDATED ENTITIES As of June 30, 2022 and December 31, 2021, the Company’s investments in unconsolidated entities were composed of the following (dollars in thousands): Number of Properties as of June 30, 2022 Investment Balance at Joint Venture Location Ownership % June 30, 2022 December 31, 2021 110 William Joint Venture 1 New York, New York 60.0% $ — $ — 353 Sacramento Joint Venture 1 San Francisco, California 55.0% 47,377 49,916 Pacific Oak Opportunity Zone Fund I 3 Various 46.0% 27,356 27,215 PORT II OP LP 588 Various 94.2% 32,606 11,125 $ 107,339 $ 88,256 PORT II PORT II is a Maryland corporation formed and sponsored by the Advisor to acquire, own and operate single family homes as rental properties as well as to acquire and own other interests, including mortgages on or securities related to single family homes. As of June 30, 2022, the Company owns 600 shares of common stock of PORT II. The Company exercises significant influence over the operations, financial policies and decision making with respect to PORT II, but does not control it. The Company made its investment through PORT OP, of which the Company owns 94.2% of PORT II OP as of June 30, 2022. During the six months ended June 30, 2022, the Company contributed an additional $22.5 million to PORT II OP. As of June 30, 2022, the Company has concluded that PORT II OP qualifies as a VIE because there is insufficient equity at risk to finance the entity’s activities and the entity is structured with non-substantive voting rights. The Company concluded it is not the primary beneficiary of this VIE since it does not have the power to direct the activities that most significantly impact the entity’s economic performance and will account for its investment under the equity method of accounting. During the three and six months ended June 30, 2022, the Company recognized losses of $0.4 million and $0.5 million, respectively, related to this investment. During both of the three and six months ended June 30, 2021, the Company recognized losses of $12,000 related to this investment. On July 1, 2022, the Company determined that it became the primary beneficiary of PORT II as a result of events that occurred, including a tender offer arrangement to return equity to unrelated investors. As such, in July 2022, the Company consolidated PORT II into the Company’s consolidated financial statements. See Note 13 for further details.

SUPPLEMENTAL CASH FLOW AND SIGN

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow and Significant Noncash Transaction Disclosures [Abstract]
SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES	SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES Supplemental cash flow and significant noncash transaction disclosures were as follows (in thousands): Six Months Ended June 30, 2022 2021 Supplemental Disclosure of Cash Flow Information: Interest paid, net of capitalized interest of $1,026 and $1,104 for the six months ended June 30, 2022 and 2021, respectively $ 15,446 $ 17,571 Supplemental Disclosure of Significant Noncash Transactions: Accrued improvements to real estate 3,262 6,075 Redeemable common stock payable 1,379 1,429 Distributions paid to common stockholders through common stock issuances 99,094 —

REPORTING SEGMENTS

REPORTING SEGMENTS	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
REPORTING SEGMENTS	REPORTING SEGMENTS The Company recognizes three reporting segments for the three and six months ended June 30, 2022 and 2021: 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 reporting segments for the three and six months ended June 30, 2022 and 2021 are as follows (in thousands): Three Months Ended June 30, 2022 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 24,884 $ 5,801 $ 12,854 $ 43,539 Total expenses (13,699) (6,505) (9,432) (29,636) Total other (loss) income (21,797) (479) 4 (22,272) Net (loss) income $ (10,612) $ (1,183) $ 3,426 $ (8,369) Six Months Ended June 30, 2022 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 51,750 $ 11,544 $ 18,771 $ 82,065 Total expenses (40,776) (13,009) (16,844) (70,629) Total other (loss) income (26,387) (521) 2,372 (24,536) Net (loss) income $ (15,413) $ (1,986) $ 4,299 $ (13,100) Three Months Ended June 30, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 29,075 $ 5,564 $ 9,849 $ 44,488 Total expenses (43,932) (6,999) (8,325) (59,256) Total other income 36,459 54 13 36,526 Net income (loss) $ 21,602 $ (1,381) $ 1,537 $ 21,758 Six Months Ended June 30, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 60,136 $ 10,870 $ 12,424 $ 83,430 Total expenses (75,528) (13,183) $ (13,976) (102,687) Total other income 46,964 78 $ 13 47,055 Net income (loss) $ 31,572 $ (2,235) $ (1,539) $ 27,798 Total assets and goodwill related to the reporting segments as of June 30, 2022 and December 31, 2021 are as follows (in thousands): June 30, 2022 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total assets $ 1,234,238 $ 227,704 $ 151,513 $ 1,613,455 Goodwill 9,489 — 4,045 13,534 December 31, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total assets $ 1,223,122 $ 211,050 $ 150,447 $ 1,584,619 Goodwill 9,489 — 4,045 13,534

PORT MEZZANINE EQUITY

PORT MEZZANINE EQUITY	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
PORT MEZZANINE EQUITY	PORT MEZZANINE EQUITY The following is a reconciliation of PORT’s noncontrolling cumulative convertible redeemable preferred stock for the six months ended June 30, 2022 and 2021 (dollars in thousands): Series A Preferred Stock Series B Preferred Stock Shares Amounts Shares Amounts Balance, December 31, 2021 15,000 $ 15,134 125 $ 99 Dividends Available Upon Redemption — 672 — 8 Dividends Paid — (672) — (8) Balance, June 30, 2022 15,000 $ 15,134 125 $ 99 Series A Preferred Stock Series B Preferred Stock Shares Amounts Shares Amounts Balance, December 31, 2020 15,000 $ 15,134 125 $ 99 Dividends Available Upon Redemption — 453 — — Dividends Paid — (453) — — Balance, June 30, 2021 15,000 $ 15,134 125 $ 99 On July 1, 2020, the Company acquired, through its subsidiaries, Battery Point Trust Inc. (“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. 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 Special Common 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 six months ended June 30, 2022 and 2021 (in thousands): December 31, 2021 $ 2,822 Net loss attributable to redeemable noncontrolling interest (81) Adjustment to value of redeemable noncontrolling interest (1) 3,946 June 30, 2022 $ 6,687 December 31, 2020 $ 2,968 Net loss attributable to redeemable noncontrolling interest (81) June 30, 2021 $ 2,887 _____________________ (1) On June 24, 2022, the Company’s board of directors approved the redemption of the 510,816 PORT OP Special Common Units held by BPT Holdings for a price of $13.09 per unit. As the Company determined that the redemption of the units was certain of occurrence, as of June 30, 2022, the Company reclassified the redeemable noncontrolling interests to due to affiliates on the consolidated balance sheets and recorded at its fair value. The Company redeemed the noncontrolling interest in PORT OP in July 2022. See Note 7 for further details.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company owns two hotels, Springmaid Beach Resort and Q&C Hotel. The operation for both hotels are externally managed by third-party hotel operators, in which the Company have contractual obligations under the management agreements. Management Agreement Springmaid Beach Resort The consolidated joint venture entity through which the Company leases the operations for Springmaid Beach Resort has entered into a management agreement with Doubletree Management LLC, an independent third-party hotel operator (the “Operator”) pursuant to which the Operator will manage and operate the Springmaid Beach Resort. The hotel was branded a DoubleTree by Hilton in September 2016 (the “Brand Commencement Date”). The management agreement expires on December 31 of the 20th full year following the Brand Commencement Date. Upon mutual agreement, the parties may extend the term of the agreement for two successive periods of five years each. If an event of default occurs and continues beyond any applicable notice and cure periods set forth in the management agreement, the non-defaulting party generally has, among other remedies, the option of terminating the management agreement upon written notice to the defaulting party with no termination fee payable to the Operator. In addition, the Company has the right to terminate the management agreement without the payment of a termination fee if the Operator 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 the Operator 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 at any time so long as the buyer is approved for, and enters into the Operator’s 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 of the Springmaid Beach Resort unless the transferee is approved by the Operator to assume the management agreement. Pursuant to the management agreement the Operator receives the following fees: • a base fee, which is a percentage of total operating revenue that starts at 2.5% and increases to 2.75% in the second year following the Brand Commencement Date and further increases in the third year following the Brand Commencement Date and thereafter to 3.0%; • a campground area management fee, which is 2% of any campground revenue; • an incentive fee, which is 15% of operating cash flow (after deduction for capital renewals reserve and the joint venture owner’s priority, which is 12% of the joint venture owner’s total investment); • an additional services fee in the amount reasonably determined by the Operator from time to time; and • a brand services fee in the amount of 4% of total rooms revenue, and an other brand services fee in an amount determined by the Operator from time to time. The management agreement contains specific standards for the operation and maintenance of the hotel, which allows the Operator to maintain uniformity in the system created by the Operator’s franchise. Such standards generally regulate the appearance of the hotel, quality and type of goods and services offered, signage and protection of trademarks. Compliance with the management agreement will require the Company to make significant expenditures for capital improvements. During the three and six months ended June 30, 2022, the Company incurred $0.3 million and $0.4 million, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. During the three and six months ended June 30, 2021, the Company incurred $0.2 million and $0.3 million, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. Q&C Hotel A wholly owned subsidiary of the joint venture through which the Company leases the operations of the Q&C Hotel (“Q&C Hotel Operations”) has entered into a management agreement with Encore Hospitality, LLC (“Encore Hospitality”), an affiliate of the joint venture partner, pursuant to which Encore Hospitality will manage and operate the Q&C Hotel. The management agreement expires on December 17, 2035. Subject to certain conditions, Encore Hospitality may extend the term of the agreement for a period of five years. Pursuant to the management agreement Encore Hospitality will receive a base fee, which is 4.0% of gross revenue (as defined in the management agreement). During the three and six months ended June 30, 2022, the Company incurred $0.1 million and $0.2 million, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. During the three and six months ended June 30, 2021, the Company incurred $0.05 million and $0.1 million, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. Q&C Hotel 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. The hotel was branded as a Marriott Autograph Collection hotel on May 25, 2016. The franchise agreement will expire on May 25, 2041. Pursuant to the franchise agreement, Q&C Hotel Operations pays Marriott a monthly franchise fee equal to a percent of gross room sales on a sliding scale that is initially 2% and increases to 5% on May 25, 2019 and a monthly marketing fund contribution fee equal to 1.5% of the Q&C Hotel’s gross room sales. In addition, the franchise agreement requires the maintenance of a reserve account to fund all renovations at the hotel based on a percentage of gross revenues which starts at 2% of gross revenues and increases to 5% of gross revenues on May 25, 2019. Q&C Hotel Operations is also responsible for the payment of certain other fees, charges and costs as set forth in the agreement. During the three and six months ended June 30, 2022, the Company incurred $0.3 million and $0.5 million, respectively, of fees related to the Marriott franchise agreement, which are included in hotel expenses on the accompanying consolidated statement of operations. During the three and six months ended June 30, 2021, the Company incurred $0.1 million and $0.2 million, respectively, of fees related to the Marriott franchise agreement, which are included in hotel expenses on the accompanying consolidated statement of operations. In addition, in connection with the execution of the franchise agreement, SOR US Properties II, a wholly owned subsidiary of the Company, is providing an unconditional guarantee that all Q&C Hotel Operations’ obligations under the franchise agreement will be punctually paid and performed. Finally, certain transfers of the Q&C Hotel or an ownership interest therein are subject to a notice and consent requirement, and the franchise agreement further provides Marriott with a right of first refusal with respect to a sale of the hotel to a competitor of Marriott. Lease Obligations As of June 30, 2022, the Company’s lease and rights to a leasehold interest with respect to 210 West 31st, an office/retail building in New York, NY, which was accounted for as a finance lease, are included in the consolidated balance sheet as follows: Right-of-use asset (included in real estate held for investment, net) $ 8,074 Lease obligation (included in other liabilities) 9,403 Remaining lease term 91.5 years Discount rate 4.8 % The components of lease expense were as follows: Interest on lease obligation for the three months ended June 30, 2022 111 Interest on lease obligation for the six months ended June 30, 2022 223 As of June 30, 2022, the Company had a leasehold interest expiring in 2114. Future minimum lease payments owed by the Company under the finance lease as of June 30, 2022 are as follows (in thousands): July 1, 2021 through December 31, 2021 $ 180 2022 360 2023 360 2024 393 2025 396 Thereafter 52,167 Total expected minimum lease obligations 53,856 Less: Amount representing interest (1) (44,453) Present value of net minimum lease payments (2) $ 9,403 _____________________ (1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition. (2) The present value of net minimum lease payments are presented in other liabilities in the accompanying consolidated balance sheets. Economic Dependency The Company is dependent on the Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that the Advisor is unable to provide these services, the Company will be required to obtain such services from other sources. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations as of June 30, 2022. 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

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. PORT II Reconsideration On July 1, 2022, the Company, through PORT OP, made a tender offer to purchase 76,735 shares of PORT II common stock held by unrelated parties for a price of $14.66 per share. As a result, the Company determined that it became the primary beneficiary of PORT II, which resulted in the consolidation of PORT II into the Company’s consolidated financial statements. On July 29, 2022, the Company consummated the transactions with the unrelated parties and owned 100% of PORT II. The Company is in the process of assessing the fair value of the assets and liabilities to be consolidated. The Company’s preliminary fair values are: $135.1 million of 588 single-family homes and $82.6 million to the notes payable. There are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to PORT II. The Company and the aforementioned unrelated parties did not guarantee any debt in connection with the transaction. Please refer to Notes 8 and 9 for additional details. Springmaid Beach Resort Purchase and Sale Contract On July 14, 2022, the Company’s board of directors committed to a plan to sell the Springmaid Beach Resort to an unrelated party. On July 15, 2022, the Company, through an indirect wholly owned subsidiary, entered into an amended purchase and sale agreement, to sell the Springmaid Beach Resort for $91.0 million, before closing costs and credits. The mortgage loan secured by the property had an outstanding principal balance of $53.1 million as of July 15, 2022. The due diligence period has expired and the buyer’s deposit of $2.0 million is no longer refundable. The Company expects to close the transaction in the third quarter of 2022, but can give no assurances that the sale will be completed.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the FASB Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
Principles of Consolidation	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership, Pacific Oak SOR BVI and their direct and indirect wholly owned subsidiaries, joint ventures in which the Company has a controlling interest and VIEs in which the Company is the primary beneficiary. All significant intercompany balances and transactions are eliminated in consolidation.
Reclassifications	Certain prior period amounts have been reclassified to conform to the current period presentation. In that regard, the Company reclassified held for sale activity related to dispositions in its consolidated balance sheets as of December 31, 2021.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Restricted Cash	Restricted cash is comprised of escrow deposits for future real estate sales and lender impound reserve accounts on the Company’s borrowings for security deposits, property taxes, insurance, debt service obligations and capital improvements and replacements.
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 them into one reportable business segment. The Company owns single-family homes in 18 markets which 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 which are aggregated into one reportable business segment due to the nature of the hotel business with short-term stays.
Per Share Data	The Company determines basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and the Company considers any participating securities, including unvested restricted stock, for purposes of applying the two-class method. The Company determines diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The noncontrolling Series A convertible redeemable preferred shares of Pacific Oak Residential Trust, Inc. (“PORT”) were not included as the shares are contingent on PORT being public.
Square Footage, Occupancy and Other Measures	Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Fair Value Measurement	Disclosure of the fair value of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different.

REAL ESTATE HELD FOR INVESTME_2

REAL ESTATE HELD FOR INVESTMENT (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Schedule of Real Estate Investments	The following table summarizes the Company’s real estate held for investment as of June 30, 2022 and December 31, 2021, respectively (in thousands): June 30, 2022 December 31, 2021 Land $ 277,513 $ 275,683 Buildings and improvements 1,026,110 1,017,465 Tenant origination and absorption costs 38,935 43,375 Total real estate, cost 1,342,558 1,336,523 Accumulated depreciation and amortization (148,079) (127,280) Total real estate, net $ 1,194,479 $ 1,209,243
Schedule of Future Minimum Rental Income for Company's Properties	As of June 30, 2022, the future minimum rental income from the Company’s properties, excluding apartment leases and single-family homes, under non-cancelable operating leases was as follows (in thousands): July 1, 2022 through December 31, 2022 $ 30,337 2023 56,342 2024 50,498 2025 39,743 2026 27,742 Thereafter 66,722 $ 271,384
Schedule of Real Estate by Industry	The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Professional, Scientific, and Technical Services 41 $ 7,837 12.4 % Public Administration 13 7,720 12.3 % Computer Systems Design and Related Services 31 7,567 12.0 % $ 23,124 36.7 %
Schedule of Hotel Revenue	The following table provides detailed information regarding the Company’s hotel revenues for its two hotel properties during the three and six months ended June 30, 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Hotel revenues: Room $ 9,905 $ 7,439 $ 14,200 $ 9,112 Food, beverage and convention services 309 1,082 589 1,378 Campground 1,603 269 2,395 512 Other 1,037 1,059 1,587 1,422 Hotel revenues $ 12,854 $ 9,849 $ 18,771 $ 12,424
Schedule of Contract Liability	The following table summarizes the Company’s contract liabilities, which are comprised of hotel advanced deposits and deferred proceeds from historical and future land sales received from the buyers of the Park Highlands land sales (discussed below) and another developer for the value of land that was contributed to a master association that is consolidated by the Company, which are included in other liabilities in the accompanying consolidated balance sheets, as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Contract liability $ 24,081 $ 7,313 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 373 $ 159

REAL ESTATE EQUITY SECURITIES (

REAL ESTATE EQUITY SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Gain (Loss) on Investments	The following summarizes the portion of gain and loss for the period related to real estate equity securities held during the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net (loss) gain recognized during the period on real estate equity securities $ (20,070) $ 4,800 $ (27,591) $ 15,553 Less net gain recognized during the period on real estate equity securities sold during the period — — — (225) Unrealized (loss) gain recognized during the reporting period on real estate equity securities held at the end of the period $ (20,070) $ 4,800 $ (27,591) $ 15,328

NOTES AND BONDS PAYABLE (Tables

NOTES AND BONDS PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2022
Notes and Bonds Payable [Abstract]
Schedule of Long-term Debt Instruments	As of June 30, 2022 and December 31, 2021, 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 June 30, 2022 Book Value as of December 31, 2021 Contractual Interest Rate as of June 30, 2022 Effective Interest Rate at June 30, 2022 (1) Payment Type (2) Maturity Date (3) Richardson Portfolio Mortgage Loan $ 19,055 $ 28,470 Floating Rate + 2.50% 4.30% Principal & Interest 11/01/2022 Park Centre Mortgage Loan 26,185 26,185 Floating Rate + 1.75% 3.55% Interest Only 06/27/2023 1180 Raymond Mortgage Loan (4) 31,070 31,070 Floating Rate + 2.25% 3.83% Interest Only 12/01/2023 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures (5) 333,356 271,978 3.93% 3.93% (5) 01/31/2026 Crown Pointe Mortgage Loan 53,758 52,315 Floating Rate + 2.30% 3.80% Interest Only 04/01/2025 The Marq Mortgage Loan 61,556 61,874 Floating Rate + 1.55% 3.35% Principal & Interest 06/06/2023 Eight & Nine Corporate Centre Mortgage Loan 48,295 48,545 Floating Rate + 1.60% 3.40% Principal & Interest 06/08/2023 Georgia 400 Center Mortgage Loan 61,154 61,154 Floating Rate + 1.55% 3.35% Interest Only 05/22/2023 PORT Mortgage Loan 1 51,303 51,302 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 MetLife Loan 60,000 60,000 3.90% 3.90% Interest Only 04/10/2026 Springmaid Beach Resort Mortgage Loan 53,054 55,491 Floating Rate + 2.25% (6) 5.75% Principal & Interest 08/12/2022 (7) Q&C Hotel Mortgage Loan 24,904 25,000 Floating Rate + 2.50% (8) 4.50% Principal & Interest 12/23/2022 Lincoln Court Mortgage Loan (4) 32,491 34,623 Floating Rate + 2.25% 4.05% Principal & Interest 08/1/2022 (9) Lofts at NoHo Commons Mortgage Loan 74,536 74,536 Floating Rate + 2.18% (10) 3.98% Interest Only 09/09/2022 210 West 31st Street Mortgage Loan (4) 6,000 8,850 Floating Rate + 3.00% 4.80% Principal & Interest 06/16/2022 (11) Oakland City Center Mortgage Loan 95,415 96,075 Floating Rate + 1.75% 3.55% Principal & Interest 09/01/2022 Madison Square Mortgage Loan 17,649 17,500 4.63% 4.63% Interest Only 10/07/2024 Total Notes and Bonds Payable principal outstanding 1,060,304 1,015,491 Discount on Notes and Bonds Payable, net (12) (9,636) (8,146) Deferred financing costs, net (10,639) (8,396) Total Notes and Bonds Payable, net $ 1,040,029 $ 998,949 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2022. Effective interest rate is calculated as the actual interest rate in effect as of June 30, 2022 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at June 30, 2022, where applicable. (2) Represents the payment type required under the loan as of June 30, 2022. 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 June 30, 2022; 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 June 30, 2022, the guaranteed amount in the aggregate was $21.9 million. (5) See “Israeli Bond Financings” below. (6) The interest rate is variable at the higher of one-month LIBOR + 2.25% or 5.77%. (7) Subsequent to June 30, 2022, the Company extended the Springmaid Beach Resort Mortgage Loan to October 10, 2022. (8) The interest rate is variable at the higher of one-month LIBOR + 2.5% or 4.5%. (9) On July 29, 2022, the Company refinanced the Lincoln Court Mortgage Loan with a new lender for an amount up to $39.4 million, of which $35.3 million was funded at the time of closing. The loan is an interest only with an annual variable rate of 3.25% plus the floating rate (SOFR). Additionally, the loan has an initial maturity date of August 7, 2025 with an available three-year extension. (10) The LIBOR rate is variable at the higher of one-month LIBOR or 1.75%, plus 2.18%. (11) Subsequent to June 30, 2022, the Company extended the maturity of the 210 West 31st Street Mortgage Loan to December 16, 2022. Monthly principal payments of $1.0 million beginning on July 10, 2022. (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 June 30, 2022 (in thousands): July 1, 2022 through December 31, 2022 $ 306,320 2023 227,395 2024 128,767 2025 216,180 2026 181,642 Thereafter — $ 1,060,304

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Face Value, Carrying Amounts and Fair Value	The following were the face values, carrying amounts and fair values of the Company’s financial instruments as of June 30, 2022 and December 31, 2021, which carrying amounts do not approximate the fair values (in thousands): June 30, 2022 December 31, 2021 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes and bond payable $ 726,948 $ 724,395 $ 718,214 $ 743,513 $ 740,176 $ 740,347 Financial liabilities (Level 1): Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures $ 333,356 $ 315,634 $ 314,530 $ 271,978 $ 258,773 $ 274,697
Fair Value, Assets Measured on Recurring Basis	As of June 30, 2022, the Company measured the following assets at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 84,505 $ 84,505 $ — $ — Asset derivative - interest rate caps $ 784 $ — $ 784 $ — As of December 31, 2021, the Company measured the following assets and liabilities at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Basis: Real estate equity securities $ 112,096 $ 112,096 $ — $ — Asset derivative - interest rate caps $ 8 $ — $ 8 $ —

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of the Advisory Agreement, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2022 and 2021, respectively, and any related amounts payable as of June 30, 2022 and December 31, 2021 (in thousands): Incurred Payable as of Three Months Ended June 30, Six Months Ended June 30, June 30, 2022 December 31, 2021 Expensed 2022 2021 2022 2021 Asset management fees $ 3,189 $ 3,527 $ 6,315 $ 7,380 $ 5,656 $ 1,903 Property management fees (1) 133 123 258 243 — — Disposition fees (2) — 504 107 504 — — Change in subordinated performance fee due upon termination to affiliate (3) — (261) — 200 (3) (3) Capitalized Acquisition fees on real estate (4) — — — 20 — — Acquisition fee on investment in unconsolidated entities — 16 — 45 — — $ 3,322 $ 3,909 $ 6,680 $ 8,392 $ 5,656 $ 1,903 _____________________ (1) Property management fees are for single-family homes and paid to an affiliate of the Advisor. These fees are included in the line item “Operating, maintenance, and management cost” in the consolidated statement of operations. (2) 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. (3) Change in estimate of fees payable to the Company’s previous advisor, KBS Capital Advisors LLC (“KBS Capital Advisors) due to the termination of the former advisory agreement with KBS Capital Advisors. (4) Acquisition fees associated with asset acquisitions are capitalized, while costs associated with business combinations expensed as incurred.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Joint Ventures	As of June 30, 2022 and December 31, 2021, the Company’s investments in unconsolidated entities were composed of the following (dollars in thousands): Number of Properties as of June 30, 2022 Investment Balance at Joint Venture Location Ownership % June 30, 2022 December 31, 2021 110 William Joint Venture 1 New York, New York 60.0% $ — $ — 353 Sacramento Joint Venture 1 San Francisco, California 55.0% 47,377 49,916 Pacific Oak Opportunity Zone Fund I 3 Various 46.0% 27,356 27,215 PORT II OP LP 588 Various 94.2% 32,606 11,125 $ 107,339 $ 88,256

SUPPLEMENTAL CASH FLOW AND SI_2

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow and Significant Noncash Transaction Disclosures [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow and significant noncash transaction disclosures were as follows (in thousands): Six Months Ended June 30, 2022 2021 Supplemental Disclosure of Cash Flow Information: Interest paid, net of capitalized interest of $1,026 and $1,104 for the six months ended June 30, 2022 and 2021, respectively $ 15,446 $ 17,571 Supplemental Disclosure of Significant Noncash Transactions: Accrued improvements to real estate 3,262 6,075 Redeemable common stock payable 1,379 1,429 Distributions paid to common stockholders through common stock issuances 99,094 —

REPORTING SEGMENTS (Tables)

REPORTING SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The selected financial information for reporting segments for the three and six months ended June 30, 2022 and 2021 are as follows (in thousands): Three Months Ended June 30, 2022 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 24,884 $ 5,801 $ 12,854 $ 43,539 Total expenses (13,699) (6,505) (9,432) (29,636) Total other (loss) income (21,797) (479) 4 (22,272) Net (loss) income $ (10,612) $ (1,183) $ 3,426 $ (8,369) Six Months Ended June 30, 2022 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 51,750 $ 11,544 $ 18,771 $ 82,065 Total expenses (40,776) (13,009) (16,844) (70,629) Total other (loss) income (26,387) (521) 2,372 (24,536) Net (loss) income $ (15,413) $ (1,986) $ 4,299 $ (13,100) Three Months Ended June 30, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 29,075 $ 5,564 $ 9,849 $ 44,488 Total expenses (43,932) (6,999) (8,325) (59,256) Total other income 36,459 54 13 36,526 Net income (loss) $ 21,602 $ (1,381) $ 1,537 $ 21,758 Six Months Ended June 30, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 60,136 $ 10,870 $ 12,424 $ 83,430 Total expenses (75,528) (13,183) $ (13,976) (102,687) Total other income 46,964 78 $ 13 47,055 Net income (loss) $ 31,572 $ (2,235) $ (1,539) $ 27,798 Total assets and goodwill related to the reporting segments as of June 30, 2022 and December 31, 2021 are as follows (in thousands): June 30, 2022 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total assets $ 1,234,238 $ 227,704 $ 151,513 $ 1,613,455 Goodwill 9,489 — 4,045 13,534 December 31, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total assets $ 1,223,122 $ 211,050 $ 150,447 $ 1,584,619 Goodwill 9,489 — 4,045 13,534

PORT MEZZANINE EQUITY (Tables)

PORT MEZZANINE EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Stock by Class	The following is a reconciliation of PORT’s noncontrolling cumulative convertible redeemable preferred stock for the six months ended June 30, 2022 and 2021 (dollars in thousands): Series A Preferred Stock Series B Preferred Stock Shares Amounts Shares Amounts Balance, December 31, 2021 15,000 $ 15,134 125 $ 99 Dividends Available Upon Redemption — 672 — 8 Dividends Paid — (672) — (8) Balance, June 30, 2022 15,000 $ 15,134 125 $ 99 Series A Preferred Stock Series B Preferred Stock Shares Amounts Shares Amounts Balance, December 31, 2020 15,000 $ 15,134 125 $ 99 Dividends Available Upon Redemption — 453 — — Dividends Paid — (453) — — Balance, June 30, 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 six months ended June 30, 2022 and 2021 (in thousands): December 31, 2021 $ 2,822 Net loss attributable to redeemable noncontrolling interest (81) Adjustment to value of redeemable noncontrolling interest (1) 3,946 June 30, 2022 $ 6,687 December 31, 2020 $ 2,968 Net loss attributable to redeemable noncontrolling interest (81) June 30, 2021 $ 2,887 _____________________ (1) On June 24, 2022, the Company’s board of directors approved the redemption of the 510,816 PORT OP Special Common Units held by BPT Holdings for a price of $13.09 per unit. As the Company determined that the redemption of the units was certain of occurrence, as of June 30, 2022, the Company reclassified the redeemable noncontrolling interests to due to affiliates on the consolidated balance sheets and recorded at its fair value. The Company redeemed the noncontrolling interest in PORT OP in July 2022. See Note 7 for further details.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Cost	As of June 30, 2022, the Company’s lease and rights to a leasehold interest with respect to 210 West 31st, an office/retail building in New York, NY, which was accounted for as a finance lease, are included in the consolidated balance sheet as follows: Right-of-use asset (included in real estate held for investment, net) $ 8,074 Lease obligation (included in other liabilities) 9,403 Remaining lease term 91.5 years Discount rate 4.8 % The components of lease expense were as follows: Interest on lease obligation for the three months ended June 30, 2022 111 Interest on lease obligation for the six months ended June 30, 2022 223
Schedule of Finance Lease, Liability, Fiscal Year Maturity	As of June 30, 2022, the Company had a leasehold interest expiring in 2114. Future minimum lease payments owed by the Company under the finance lease as of June 30, 2022 are as follows (in thousands): July 1, 2021 through December 31, 2021 $ 180 2022 360 2023 360 2024 393 2025 396 Thereafter 52,167 Total expected minimum lease obligations 53,856 Less: Amount representing interest (1) (44,453) Present value of net minimum lease payments (2) $ 9,403 _____________________ (1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition. (2) The present value of net minimum lease payments are presented in other liabilities in the accompanying consolidated balance sheets.

ORGANIZATION (Details)

ORGANIZATION (Details) - shares	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 18, 2015
Organizational Structure [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	104,319,092	94,141,251
Operating Partnership
Organizational Structure [Line Items]
Partnership interest in Operating Partnership	0.10%
Partnership interest in the Operating Partnership and is its sole limited partner	99.90%
Pacific Oak Strategic Opportunity BVI
Organizational Structure [Line Items]
Common stock, shares authorized (in shares)			50,000
Pacific Oak Strategic Opportunity BVI | Operating Partnership
Organizational Structure [Line Items]
Common stock, shares issued (in shares)			10,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) property segment	Jun. 30, 2021 segment	Jun. 30, 2022 USD ($) property	Jun. 30, 2022 USD ($) property market	Jun. 30, 2022 USD ($) property segment	Jun. 30, 2021 segment
Segment Reporting Information [Line Items]
Debt obligations, next twelve months | $	$ 227,395		$ 227,395	$ 227,395	$ 227,395
Number of reportable segments	3	3	3		3	3
Office Properties
Segment Reporting Information [Line Items]
Number of real estate properties | property	8		8	8	8
Hotel
Segment Reporting Information [Line Items]
Number of real estate properties | property	2		2	2	2
Mortgages | Minimum
Segment Reporting Information [Line Items]
Long-term debt, term	3 years		3 years	3 years	3 years
Mortgages | Maximum
Segment Reporting Information [Line Items]
Long-term debt, term	5 years		5 years	5 years	5 years
Single-Family Homes
Segment Reporting Information [Line Items]
Number of reportable segments | segment					1
Single family home markets | market				18
Hotels
Segment Reporting Information [Line Items]
Number of reportable segments | segment					1

REAL ESTATE HELD FOR INVESTME_3

REAL ESTATE HELD FOR INVESTMENT - Additional Information (Details) ft² in Millions	Jun. 30, 2022 a ft² property room unit portfolio
Real Estate Properties [Line Items]
Percentage of portfolio occupied	72%
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 consolidated | portfolio	1
Office Buildings, Portfolio
Real Estate Properties [Line Items]
Number of real estate properties consolidated	2
Undeveloped Land, Portfolio
Real Estate Properties [Line Items]
Real estate area of undeveloped land | a	14
Rentable square feet | ft²	3.2
Residential Home Portfolio
Real Estate Properties [Line Items]
Number of real estate properties | portfolio	1
Rentable square feet | ft²	2.5
Percentage of portfolio occupied	92%
Number of units in real estate property | unit	1,815
Apartment Building
Real Estate Properties [Line Items]
Number of real estate properties consolidated	2
Rentable square feet | ft²	0.5
Percentage of portfolio occupied	92%
Number of units in real estate property | unit	609
Hotel
Real Estate Properties [Line Items]
Number of real estate properties	2
Number of Rooms | room	649
Undeveloped Land
Real Estate Properties [Line Items]
Real estate area of undeveloped land | a	800
Number of investments in real estate	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	Jun. 30, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Total real estate, cost	$ 1,342,558	$ 1,336,523
Accumulated depreciation and amortization	(148,079)	(127,280)
Total real estate, net	1,194,479	1,209,243
Land
Real Estate Properties [Line Items]
Total real estate, cost	277,513	275,683
Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost	1,026,110	1,017,465
Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost	$ 38,935	$ 43,375

REAL ESTATE HELD FOR INVESTME_5

REAL ESTATE HELD FOR INVESTMENT - Operating Leases, Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) tenant	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) tenant	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Operating Leased Assets [Line Items]
Security deposit liability	$ 6,100,000		$ 6,100,000		$ 6,000,000
Recognition of deferred revenue, net of discontinued operations	400,000	$ 30,000	1,400,000	$ 1,100,000
Deferred rent receivables	17,000,000		17,000,000		16,300,000
Incentive to lessee	$ 2,800,000		$ 2,800,000		$ 3,300,000
Number of Tenants | tenant	300		300
Maximum
Operating Leased Assets [Line Items]
Operating lease, term	13 years 2 months 12 days		13 years 2 months 12 days
Weighted Average
Operating Leased Assets [Line Items]
Operating lease, term	3 years 8 months 12 days		3 years 8 months 12 days
Apartment Building
Operating Leased Assets [Line Items]
Operating lease, term	1 year		1 year

REAL ESTATE HELD FOR INVESTME_6

REAL ESTATE HELD FOR INVESTMENT - Future Minimum Rental Income (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Real Estate [Abstract]
July 1, 2022 through December 31, 2022	$ 30,337
2023	56,342
2024	50,498
2025	39,743
2026	27,742
Thereafter	66,722
Future minimum rental income	$ 271,384

REAL ESTATE HELD FOR INVESTME_7

REAL ESTATE HELD FOR INVESTMENT - Highest Tenant Industry Concentrations - Greater than 10% of Annual Base Rent (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) tenant
Concentration Risk [Line Items]
Number of Tenants | tenant	300
Annualized Base Rent | $	$ 23,124
Professional, Scientific, and Technical Services
Concentration Risk [Line Items]
Number of Tenants | tenant	41
Annualized Base Rent | $	$ 7,837
Professional, Scientific, and Technical Services | Industry | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	12.40%
Public Administration
Concentration Risk [Line Items]
Number of Tenants | tenant	13
Annualized Base Rent | $	$ 7,720
Public Administration | Industry | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	12.30%
Computer Systems Design and Related Services
Concentration Risk [Line Items]
Number of Tenants | tenant	31
Annualized Base Rent | $	$ 7,567
Computer Systems Design and Related Services | Industry | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	12%
Industry | Industry | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	36.70%

REAL ESTATE HELD FOR INVESTME_8

REAL ESTATE HELD FOR INVESTMENT - Geographic Concentration Risk (Details) - Assets, Total - Geographic Concentration Risk	6 Months Ended
	Jun. 30, 2022
California
Concentration Risk [Line Items]
Concentration risk, percentage	21.60%
Georgia
Concentration Risk [Line Items]
Concentration risk, percentage	10%

REAL ESTATE HELD FOR INVESTME_9

REAL ESTATE HELD FOR INVESTMENT - Hotel Revenue and Expenses (Details) - Hotel - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Revenue from contract with customer	$ 12,854	$ 9,849	$ 18,771	$ 12,424
Room
Revenues:
Revenue from contract with customer	9,905	7,439	14,200	9,112
Food, beverage and convention services
Revenues:
Revenue from contract with customer	309	1,082	589	1,378
Campground
Revenues:
Revenue from contract with customer	1,603	269	2,395	512
Other
Revenues:
Revenue from contract with customer	$ 1,037	$ 1,059	$ 1,587	$ 1,422

REAL ESTATE HELD FOR INVESTM_10

REAL ESTATE HELD FOR INVESTMENT - Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Product Liability Contingency [Line Items]
Amounts included in contract liability at the beginning of the period	$ 1,427	$ 1,113
Other liabilities
Product Liability Contingency [Line Items]
Contract liability	24,081		$ 7,313
Amounts included in contract liability at the beginning of the period	$ 373		$ 159

REAL ESTATE HELD FOR INVESTM_11

REAL ESTATE HELD FOR INVESTMENT - Recent Real Estate Sale (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 24, 2022 USD ($) ft² property	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Real estate held for sale, net		$ 0		$ 0		$ 5,556
Accumulated depreciation and amortization		148,079		148,079		$ 127,280
Gain on sale of real estate		$ (175)	$ 31,148	$ 3,348	$ 31,170
Greenway Buildings Mortgage Loan
Real Estate Properties [Line Items]
Extinguishment of debt	$ 9,100
Greenway Buildings | Office Properties
Real Estate Properties [Line Items]
Real estate held for sale, net	5,600
Accumulated depreciation and amortization	3,200
Greenway Buildings | Disposed of by Sale | Office Properties
Real Estate Properties [Line Items]
Sale price	$ 11,000
Number of real estate properties disposed | property	2
Net rentable area (in sq feet) | ft²	141,950
Gain on sale of real estate	$ 3,600

REAL ESTATE HELD FOR INVESTM_12

REAL ESTATE HELD FOR INVESTMENT - Park Highland Purchase and Sale Contracts (Details) - Park Highlands - Disposed of by Sale $ in Millions	Jun. 22, 2022 USD ($) a	May 31, 2022 USD ($)	Feb. 23, 2022 USD ($)	Mar. 10, 2022 USD ($) a	Nov. 11, 2021 USD ($) a
Real Estate Properties [Line Items]
Area of land (in acres) | a	67			77
Sale price | $	$ 55			$ 52.9
Deposits on real estate sales | $	$ 3	$ 3.5
Undeveloped Land
Real Estate Properties [Line Items]
Area of land (in acres) | a					234
Area of land to be sold, original (in acres) | a					238
Area of land to be sold, amendment (in acres) | a					4
Sale price | $					$ 124.5
Deposits on real estate sales | $			$ 13.5

REAL ESTATE EQUITY SECURITIES_2

REAL ESTATE EQUITY SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Net (loss) gain recognized during the period on real estate equity securities	$ (20,070)	$ 4,800	$ (27,591)	$ 15,553
Less net gain recognized during the period on real estate equity securities sold during the period	0	0	0	(225)
Unrealized (loss) gain recognized during the reporting period on real estate equity securities held at the end of the period	$ (20,070)	$ 4,800	$ (27,591)	$ 15,328

NOTES AND BONDS PAYABLE - Sched

NOTES AND BONDS PAYABLE - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands			6 Months Ended
	Jul. 29, 2022	Jul. 01, 2022	Jun. 30, 2022	Jul. 15, 2022	Dec. 31, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Total Notes and Bonds Payable principal outstanding			$ 1,060,304		$ 1,015,491
Discount on Notes and Bonds Payable, net			(9,636)		(8,146)
Deferred financing costs, net			(10,639)		(8,396)
Notes and bonds payable, net			1,040,029		998,949
Funded amount			$ 1,060,304
Oakland City Center Mortgage Loan
Debt Instrument [Line Items]
Interest rate, effective percentage			2.18%
Mortgages | Richardson Portfolio Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 19,055		28,470
Interest rate, effective percentage			4.30%
Mortgages | Richardson Portfolio Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual interest rate, percentage			2.50%
Mortgages | Park Centre Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 26,185		26,185
Interest rate, effective percentage			3.55%
Mortgages | Park Centre Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual interest rate, percentage			1.75%
Mortgages | 1180 Raymond Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 31,070		31,070
Interest rate, effective percentage			3.83%
Mortgages | 1180 Raymond Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual interest rate, percentage						2.25%
Mortgages | Crown Pointe Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 53,758		52,315
Interest rate, effective percentage			3.80%
Guarantees as percent of outstanding loan balance			25%
Amount under guarantees			$ 21,900
Mortgages | Crown Pointe Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual interest rate, percentage						2.30%
Mortgages | Marquette Plaza Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 61,556		61,874
Interest rate, effective percentage			3.35%
Mortgages | Marquette Plaza Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual interest rate, percentage			1.55%
Mortgages | Eight & Nine Corporate Centre Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 48,295		48,545
Interest rate, effective percentage			3.40%
Mortgages | Eight & Nine Corporate Centre Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual interest rate, percentage			1.60%
Mortgages | Georgia 400 Center Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 61,154		61,154
Interest rate, effective percentage			3.35%
Mortgages | Georgia 400 Center Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual interest rate, percentage			1.55%
Mortgages | PORT Mortgage Loan 1
Debt Instrument [Line Items]
Notes payable, net			$ 51,303		51,302
Contractual interest rate, percentage			4.74%
Interest rate, effective percentage			4.74%
Mortgages | PORT Mortgage Loan 2
Debt Instrument [Line Items]
Notes payable, net			$ 10,523		10,523
Contractual interest rate, percentage			4.72%
Interest rate, effective percentage			4.72%
Mortgages | MetLife Loan
Debt Instrument [Line Items]
Notes payable, net			$ 60,000		60,000
Contractual interest rate, percentage			3.90%
Interest rate, effective percentage			3.90%
Mortgages | Springmaid Beach Resort Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 53,054		55,491
Contractual interest rate, percentage			5.77%
Interest rate, effective percentage			5.75%
Mortgages | Springmaid Beach Resort Mortgage Loan | Subsequent Event
Debt Instrument [Line Items]
Funded amount				$ 53,100
Mortgages | Springmaid Beach Resort Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Contractual interest rate, percentage			2.25%
Mortgages | Q and C Hotel Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 24,904		25,000
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%
Contractual interest rate, percentage			2.50%
Mortgages | Lincoln Court Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 32,491		34,623
Interest rate, effective percentage			4.05%
Mortgages | Lincoln Court Mortgage Loan | Subsequent Event
Debt Instrument [Line Items]
Face amount	$ 39,400
Funded amount	$ 35,300
Mortgages | Lincoln Court Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual interest rate, percentage			2.25%
Mortgages | Lincoln Court Mortgage Loan | SOFR | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Mortgages | Lofts at NoHo Commons Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 74,536		74,536
Interest rate, effective percentage			3.98%
Mortgages | Lofts at NoHo Commons Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual interest rate, percentage			2.18%
Mortgages | 210 West 31st Street Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 6,000		8,850
Interest rate, effective percentage			4.80%
Mortgages | 210 West 31st Street Mortgage Loan | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, periodic payment		$ 1,000
Mortgages | 210 West 31st Street Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual interest rate, percentage			3%
Mortgages | Oakland City Center Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 95,415		96,075
Interest rate, effective percentage			3.55%
Mortgages | Oakland City Center Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
Contractual interest rate, percentage			1.75%
Mortgages | Madison Square Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net			$ 17,649		17,500
Contractual interest rate, percentage			4.63%
Interest rate, effective percentage			4.63%
Bonds Payable | Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures
Debt Instrument [Line Items]
Notes payable, net			$ 333,356		$ 271,978
Contractual interest rate, percentage			3.93%
Interest rate, effective percentage			3.93%

NOTES AND BONDS PAYABLE - Addit

NOTES AND BONDS PAYABLE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Aug. 12, 2022	Apr. 04, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Interest expense	$ 10,780	$ 10,680	$ 20,343	$ 20,618
Amortization of Debt Issuance Costs	800	800	1,600	1,600
Amortization of discount on bond and notes payable	1,200	1,000	2,300	1,400
Interest payable	7,900		7,900				$ 6,600
Debt obligations, next twelve months	227,395		227,395
Georgia 400 Center Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Deposits paid						$ 20,400
Forecast
Debt Instrument [Line Items]
Debt obligations, next twelve months					$ 467,500
Extension options of debt obligations outstanding that are scheduled to mature over the next 12 months					$ 258,800
Undeveloped Land
Debt Instrument [Line Items]
Interest capitalized	$ 500	$ 500	$ 1,026	$ 1,104

NOTES AND BONDS PAYABLE - Sch_2

NOTES AND BONDS PAYABLE - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Notes and Bonds Payable [Abstract]
July 1, 2022 through December 31, 2022	$ 306,320
2023	227,395
2024	128,767
2025	216,180
2026	181,642
Thereafter	0
Notes and bond payable outstanding	$ 1,060,304

NOTES AND BONDS PAYABLE - Israe

NOTES AND BONDS PAYABLE - Israeli Bond Financing (Details) - Bonds Payable - Series B Debentures ₪ in Millions, $ in Millions	May 02, 2022 ILS (₪)	May 02, 2022 USD ($)	Nov. 01, 2021 ILS (₪)	Nov. 01, 2021 USD ($)	Feb. 16, 2020 ILS (₪)	Feb. 16, 2020 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity					₪ 254.1	$ 74.1
Contractual Interest Rate					3.93%	3.93%
Principal of installment payments as percent of face amount					33.33%
Public Offering
Debt Instrument [Line Items]
Maximum borrowing capacity			₪ 536.4
Debt Instrument, Percent of Discount at Issuance			2.60%
Proceeds from issuance of debt			₪ 522.4	$ 166.8
Private Offering
Debt Instrument [Line Items]
Maximum borrowing capacity	₪ 320.4		₪ 53.6
Debt Instrument, Percent of Discount at Issuance	4%		3.10%
Proceeds from issuance of debt	₪ 307.6	$ 95.3	₪ 52	$ 16.7

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Face Value, Carrying Amounts and Fair Value (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Face Value	$ 726,948,000	$ 743,513,000
Series B Debentures | Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Face Value	333,356,000	271,978,000
Carrying Amount | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	724,395,000	740,176,000
Carrying Amount | Series B Debentures | Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	315,634,000	258,773,000
Fair Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	718,214,000	740,347,000
Fair Value | Series B Debentures | Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	$ 314,530,000	$ 274,697,000

FAIR VALUE DISCLOSURES - Sche_2

FAIR VALUE DISCLOSURES - Schedule of Assets and Liabilities at Fair Value (Details) - Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	$ 84,505	$ 112,096
Asset derivative		8
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	784
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	84,505	112,096
Asset derivative		0
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	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0	0
Asset derivative		8
Significant Other Observable Inputs (Level 2) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	784
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0	0
Asset derivative		$ 0
Significant Unobservable Inputs (Level 3) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	$ 0

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 24, 2022	Nov. 01, 2019	Jul. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Period of termination of advisory agreement without cause or penalty		60 days
Contributions to joint venture						$ 22,500	$ 4,024
Due from affiliates				$ 1,800		1,800		$ 7,000
Redemptions of common stock				$ 1,685	$ 582	2,274	$ 1,436
PORT OP LP | BPT Holdings, LLC
Related Party Transaction [Line Items]
Common equity units received in transaction (in units)	510,816
Share price (in dollars per share)	$ 13.09
PORT OP LP | BPT Holdings, LLC | Subsequent Event
Related Party Transaction [Line Items]
Redemptions of common stock			$ 6,700
PORT OP LP | BPT Holdings, LLC | PORT OP
Related Party Transaction [Line Items]
Ownership interest	3.20%
PORT OP LP | BPT Holdings, LLC | PORT OP | Subsequent Event
Related Party Transaction [Line Items]
Ownership percentage			100%
William Joint Venture
Related Party Transaction [Line Items]
Contributions to joint venture						$ 1,200

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Payable as of	$ 12,343		$ 12,343		$ 1,903
Pacific Oak Capital Advisors LLC
Related Party Transaction [Line Items]
Capitalized	3,322	$ 3,909	6,680	$ 8,392
Payable as of	5,656		5,656		1,903
Pacific Oak Capital Advisors LLC | Asset management fees
Related Party Transaction [Line Items]
Expensed	3,189	3,527	6,315	7,380
Payable as of	5,656		5,656		1,903
Pacific Oak Capital Advisors LLC | Property management fee
Related Party Transaction [Line Items]
Expensed	133	123	258	243
Payable as of	0		0		0
Pacific Oak Capital Advisors LLC | Disposition fees
Related Party Transaction [Line Items]
Expensed	0	504	107	504
Payable as of	0		0		0
Pacific Oak Capital Advisors LLC | Change in subordinated performance fee due upon termination to affiliate
Related Party Transaction [Line Items]
Expensed	0	(261)	0	200
Pacific Oak Capital Advisors LLC | Acquisition fees on real estate
Related Party Transaction [Line Items]
Capitalized	0	0	0	20
Payable as of	0		0		0
Pacific Oak Capital Advisors LLC | Acquisition fee on investment in unconsolidated entities
Related Party Transaction [Line Items]
Capitalized	0	$ 16	0	$ 45
Payable as of	$ 0		$ 0		$ 0

RELATED PARTY TRANSACTIONS - In

RELATED PARTY TRANSACTIONS - Investment in Pacific Oak Opportunity Zone Fund I (Details) - Pacific Oak Opportunity Zone Fund I - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Investments, fair value	$ 27.4		$ 27.4
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%
Asset management fee, percent	0.25%		0.25%
Financing fee as percent of original principal amount of any indebtedness	0.50%		0.50%
Waived asset management fees	$ 0.1	$ 0.2	$ 0.2	$ 0.3
Asset management fees receivable	$ 0		$ 0

RELATED PARTY TRANSACTIONS - PO

RELATED PARTY TRANSACTIONS - PORT II (Details) - PORT II OP LP - USD ($) $ in Millions		6 Months Ended
	Aug. 31, 2020	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments		$ 22.5
Application fee collected, percent	100%
Insufficient fund fees, percent	50%
Tier 1
Schedule of Equity Method Investments [Line Items]
Base fee, percent of rent collections per year	8%
Tier 1 | Maximum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 50
Tier 2
Schedule of Equity Method Investments [Line Items]
Base fee, percent of rent collections per year	7%
Tier 2 | Maximum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 75
Tier 2 | Minimum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 50
Tier 3
Schedule of Equity Method Investments [Line Items]
Base fee, percent of rent collections per year	6%
Tier 3 | Minimum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 75
PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments		$ 34

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED ENTITIES - Investments in Unconsolidated Joint Ventures (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 107,339	$ 88,256
110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	1
Ownership %	60%
Investment Balance	$ 0	0
353 Sacramento Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	1
Ownership %	55%
Investment Balance	$ 47,377	49,916
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	3
Investment Balance	$ 27,356	27,215
Ownership %	46%
PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	588
Investment Balance	$ 32,606	$ 11,125
Ownership %	94.20%

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED ENTITIES - PORT II (Details) - PORT II OP LP $ in Thousands		3 Months Ended		6 Months Ended
	May 12, 2022 USD ($) property	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment acquired (in shares) | shares		600		600
Cumulative percentage ownership after all transactions				94.20%
Payments to acquire investments				$ 22,500
Gain (loss) on investments		$ (400)	$ (12)	$ (500)	$ (12)
Michigan | Single-family Home
Schedule of Equity Method Investments [Line Items]
Home portfolio, number of homes | property	283
Purchase price	$ 80,300

SUPPLEMENTAL CASH FLOW AND SI_3

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest of $1,026 and $1,104 for the six months ended June 30, 2022 and 2021, respectively	$ 15,446	$ 17,571
Supplemental Disclosure of Significant Noncash Transactions:
Accrued improvements to real estate	3,262	6,075
Redeemable common stock payable		1,429
Distributions paid to common stockholders through common stock issuances	$ 99,094	$ 0

REPORTING SEGMENTS (Details)

REPORTING SEGMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($) segment	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments	3	3		3	3	3
Income Statement [Abstract]
Total revenues	$ 43,539	$ 44,488	$ 82,065			$ 83,430
Total expenses	(29,636)	(59,256)	(70,629)			(102,687)
Total other (loss) income	(22,272)	36,526	(24,536)			47,055
Net (loss) income	(8,369)	21,758	(13,100)			27,798
Assets and Liabilities held for Sale
Total assets	1,613,455		1,613,455	$ 1,613,455	$ 1,613,455		$ 1,584,619
Goodwill	13,534		13,534	13,534	13,534		13,534
Strategic Opportunistic Properties
Income Statement [Abstract]
Total revenues	24,884	29,075	51,750			60,136
Total expenses	(13,699)	(43,932)	(40,776)			(75,528)
Total other (loss) income	(21,797)	36,459	(26,387)			46,964
Net (loss) income	(10,612)	21,602	(15,413)			31,572
Assets and Liabilities held for Sale
Total assets	1,234,238		1,234,238	1,234,238	1,234,238		1,223,122
Goodwill	9,489		9,489	9,489	$ 9,489		9,489
Single-Family Homes
Segment Reporting [Abstract]
Number of reportable segments | segment					1
Income Statement [Abstract]
Total revenues	5,801	5,564	11,544			10,870
Total expenses	(6,505)	(6,999)	(13,009)			(13,183)
Total other (loss) income	(479)	54	(521)			78
Net (loss) income	(1,183)	(1,381)	(1,986)			(2,235)
Assets and Liabilities held for Sale
Total assets	227,704		227,704	227,704	$ 227,704		211,050
Goodwill	0		0	0	$ 0		0
Hotels
Segment Reporting [Abstract]
Number of reportable segments | segment					1
Income Statement [Abstract]
Total revenues	12,854	9,849	18,771			12,424
Total expenses	(9,432)	(8,325)	(16,844)			(13,976)
Total other (loss) income	4	13	2,372			13
Net (loss) income	3,426	$ 1,537	4,299			$ (1,539)
Assets and Liabilities held for Sale
Total assets	151,513		151,513	151,513	$ 151,513		150,447
Goodwill	$ 4,045		$ 4,045	$ 4,045	$ 4,045		$ 4,045

PORT MEZZANINE EQUITY - Reconci

PORT MEZZANINE EQUITY - Reconciliation (Details) $ in Thousands		6 Months Ended
	Jul. 01, 2020 USD ($) property shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($) shares
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Roll Forward]
Balance (in shares) | shares		94,141,251
Balance		$ 482,059	$ 519,712
Balance		$ 461,373	$ 545,300
Balance (in shares) | shares		104,319,092
PORT OP LP | Battery Point | BPT Holdings, LLC
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Roll Forward]
Common equity units received in transaction (in units) | shares	510,816
Percent of outstanding common equity units received in transaction	4.50%
Common equity units received in transaction	$ 3,000
Redemption period	1 year
Battery Point
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Roll Forward]
Shares acquired during period (in shares) | shares	1,000,000
Single-family Home | Battery Point
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Roll Forward]
Number of homes | property	559
Preferred Stock | Preferred Class A
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Roll Forward]
Balance (in shares) | shares		15,000	15,000
Balance		$ 15,134	$ 15,134
Dividends Available Upon Redemption		672	453
Dividends Paid		(672)	(453)
Balance		$ 15,134	$ 15,134
Balance (in shares) | shares		15,000	15,000
Preferred Stock | Preferred Class B
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Roll Forward]
Balance (in shares) | shares		125	125
Balance		$ 99	$ 99
Dividends Available Upon Redemption		8	0
Dividends Paid		(8)	0
Balance		$ 99	$ 99
Balance (in shares) | shares		125	125

PORT MEZZANINE EQUITY - Redeema

PORT MEZZANINE EQUITY - Redeemable Non-controlling Interest Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jul. 01, 2020
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount [Roll Forward]
Beginning balance	$ 2,822
Adjustment to value of redeemable noncontrolling interest	3,946
Ending balance	0
PORT OP LP | Battery Point | BPT Holdings, LLC
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount [Roll Forward]
Beginning balance	2,822	$ 2,968
Net loss attributable to redeemable noncontrolling interest	(81)	(81)
Ending balance	$ 6,687	$ 2,887
Common equity units received in transaction (in units)			510,816

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Thousands			3 Months Ended		6 Months Ended
	May 25, 2019	May 25, 2016	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)
Loss Contingencies [Line Items]
Remaining lease term			91 years 6 months		91 years 6 months
Encore Hospitality, LLC | Q and C Hotel
Loss Contingencies [Line Items]
Term agreement, extension period					5 years
Base fee as percentage of gross revenue					4%
Management agreement, fees accrued			$ 100	$ 50	$ 200	$ 100
Marriott International | Q and C Hotel
Loss Contingencies [Line Items]
Brand services fee as percent of total room revenue		2%
Fees incurred to management agreement			300	100	$ 500	200
Brand services fee as percent of total room revenue, after three years	5%
Monthly marketing fund contribution fees as percent of gross room sales	1.50%
Doubletree Management LLC | Springmaid Beach Resort
Loss Contingencies [Line Items]
Base fee as percentage of total operating revenue in year one					2.50%
Base fee as percentage of total operating revenue in year two					2.75%
Base fee as percentage of total operating revenue, thereafter					3%
Management fee as percent of any campground revenue					2%
Incentive fee as percent of operating cash flow					15%
Percent of total investments					12%
Brand services fee as percent of total room revenue					4%
Fees incurred to management agreement			$ 300	$ 200	$ 400	$ 300
Hotel
Loss Contingencies [Line Items]
Number of real estate properties | property			2		2

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Lease Cost (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Right-of-use asset (included in real estate held for investment, net)	$ 8,074	$ 8,074
Lease obligation (included in other liabilities)	$ 9,403	$ 9,403
Remaining lease term	91 years 6 months	91 years 6 months
Discount rate	4.80%	4.80%
Interest on lease obligation for the period ended June 30, 2022	$ 111	$ 223

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
July 1, 2021 through December 31, 2021	$ 180
2022	360
2023	360
2024	393
2025	396
Thereafter	52,167
Total expected minimum lease obligations	53,856
Less: Amount representing interest	(44,453)
Present value of net minimum lease payments	$ 9,403

SUBSEQUENT EVENTS - PORT II Rec

SUBSEQUENT EVENTS - PORT II Reconsideration (Details) $ / shares in Units, $ in Thousands	Jul. 01, 2022 USD ($) property $ / shares shares	Jul. 29, 2022	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Subsequent Event [Line Items]
Real estate held for investment, net			$ 1,194,479	$ 1,209,243
Subsequent Event | PORT II OP LP
Subsequent Event [Line Items]
Number of shares purchased (in shares) | shares	76,735
Stock repurchased during period (in dollars per share) | $ / shares	$ 14.66
Notes payable, net	$ 82,600
Subsequent Event | PORT II OP LP | Single-Family Homes
Subsequent Event [Line Items]
Real estate held for investment, net	$ 135,100
Number of units in real estate property | property	588
Subsequent Event | PORT II OP LP | PORT II OP LP
Subsequent Event [Line Items]
Ownership percentage		100%

SUBSEQUENT EVENTS - Springmaid

SUBSEQUENT EVENTS - Springmaid Beach Resort Purchase and Sale Contract (Details) - USD ($) $ in Thousands	Jul. 15, 2022	Jun. 30, 2022
Business Acquisition [Line Items]
Outstanding amount		$ 1,060,304
Subsequent Event | Mortgages | Springmaid Beach Resort Mortgage Loan
Business Acquisition [Line Items]
Outstanding amount	$ 53,100
Subsequent Event | Hotel | Springmaid Beach Resort | Disposed of by Sale
Business Acquisition [Line Items]
Consideration	91,000
Nonrefundable buyer's deposit	$ 2,000