Pacific Oak Strategic Opportunity REIT (PCOK) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	866
Local Phone Number	722-6257
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		102,951,952
Entity Central Index Key	0001452936
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Real estate held for investment, net	$ 1,028,007	$ 1,091,881
Real estate held for sale, net	0	2,873
Real estate equity securities	8,598	41,609
Total real estate and real estate-related investments, net	1,036,605	1,136,363
Cash and cash equivalents	40,467	99,160
Restricted cash	39,014	56,049
Investments in unconsolidated entities	66,136	45,901
Rents and other receivables, net	23,234	22,500
Prepaid expenses and other assets	23,778	28,170
Total assets	1,229,234	1,388,143
Liabilities and equity
Notes and bonds payable related to real estate held for investment, net	999,442	1,026,714
Notes payable related to real estate held for sale, net	0	1,969
Notes and bonds payable, net	999,442	1,028,683
Accounts payable and accrued liabilities	27,963	30,409
Total liabilities	1,090,396	1,124,779
Commitments, contingencies and guarantees (Note 9)
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, 103,016,968 and 103,310,648 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	1,030	1,033
Additional paid-in capital	899,052	901,049
Cumulative distributions and net loss	(760,627)	(639,933)
Total stockholders’ equity	139,455	262,149
Noncontrolling (deficit) interests	(617)	1,215
Total equity	138,838	263,364
Total liabilities and equity	1,229,234	1,388,143
Due to affiliates
Liabilities and equity
Payable as of	10,976	7,902
Other liabilities
Liabilities and equity
Payable as of	$ 52,015	$ 57,785

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	103,016,968	103,310,648
Common stock, shares outstanding (in shares)	103,016,968	103,310,648

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Rental income	$ 30,612	$ 32,152	$ 61,822	$ 64,229
Dividend income from real estate equity securities	3	113	81	2,110
Total revenues	33,809	35,896	68,811	74,021
Expenses:
Operating, maintenance, and management	11,183	11,107	22,086	22,275
Real estate taxes and insurance	6,556	5,843	13,031	12,260
Hotel expenses	1,784	1,984	3,652	3,945
Asset management fees to affiliates	3,872	3,710	7,974	7,684
General and administrative expenses	4,541	3,222	7,793	6,220
Foreign currency transaction (gain) loss, net	(7,368)	6,272	(11,280)	3,553
Depreciation and amortization	10,380	12,110	21,129	24,158
Interest expense, net	18,008	15,788	34,782	31,819
Impairment charges on real estate and related intangibles	21,026	18,926	60,291	36,589
Total expenses	69,982	78,962	159,458	148,503
Other (loss) income:
Loss from unconsolidated entities, net	(8,653)	(14,630)	(16,730)	(16,962)
Other interest income	283	1,012	738	1,216
Loss on real estate equity securities, net	(1,282)	(4,089)	(16,632)	(16,122)
Gain on sale of real estate	167	3,292	619	32,761
Total other (loss) income, net	(9,485)	(14,415)	(32,005)	893
Net loss before income taxes	(45,658)	(57,481)	(122,652)	(73,589)
Income tax provision	0	0	0	(3,662)
Net loss	(45,658)	(57,481)	(122,652)	(77,251)
Net loss attributable to noncontrolling interests	1,437	6	1,958	195
Net loss attributable to common stockholders	$ (44,221)	$ (57,475)	$ (120,694)	$ (77,056)
Net loss per common share, basic (in dollars per share)	$ (0.43)	$ (0.55)	$ (1.17)	$ (0.74)
Net loss per common share, diluted (in dollars per share)	$ (0.43)	$ (0.55)	$ (1.17)	$ (0.74)
Weighted-average number of common shares outstanding, basic (in shares)	103,134,992	103,737,734	103,208,689	103,804,676
Weighted-average number of common shares outstanding, diluted (in shares)	103,134,992	103,737,734	103,208,689	103,804,676
Hotel revenues
Revenues:
Revenue	$ 2,235	$ 2,565	$ 5,039	$ 5,478
Other operating income
Revenues:
Revenue	$ 959	$ 1,066	$ 1,869	$ 2,204

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 Loss	Noncontrolling Interests (Deficit)
Beginning balance (in shares) at Dec. 31, 2022			103,932,083
Beginning balance at Dec. 31, 2022	$ 416,393	$ 412,301	$ 1,039	$ 907,044	$ (495,782)	$ 4,092
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(77,251)	(77,056)			(77,056)	(195)
Transfers to redeemable common stock payable, net	1,213	1,213		1,213
Noncontrolling interest distribution	(613)					(613)
Redemptions of common stock (in shares)			(305,987)
Redemptions of common stock	(3,214)	(3,214)	$ (3)	(3,211)
Ending balance (in shares) at Jun. 30, 2023			103,626,096
Ending balance at Jun. 30, 2023	336,528	333,244	$ 1,036	905,046	(572,838)	3,284
Beginning balance (in shares) at Mar. 31, 2023			103,788,298
Beginning balance at Mar. 31, 2023	396,623	392,720	$ 1,038	907,045	(515,363)	3,903
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(57,481)	(57,475)			(57,475)	(6)
Transfers to redeemable common stock payable, net	(297)	(297)		(297)
Noncontrolling interest distribution	(613)					(613)
Redemptions of common stock (in shares)			(162,202)
Redemptions of common stock	(1,704)	(1,704)	$ (2)	(1,702)
Ending balance (in shares) at Jun. 30, 2023			103,626,096
Ending balance at Jun. 30, 2023	$ 336,528	333,244	$ 1,036	905,046	(572,838)	3,284
Beginning balance (in shares) at Dec. 31, 2023	103,310,648		103,310,648
Beginning balance at Dec. 31, 2023	$ 263,364	262,149	$ 1,033	901,049	(639,933)	1,215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(122,652)	(120,694)			(120,694)	(1,958)
Transfers to redeemable common stock payable, net	357	357		357
Noncontrolling interest contribution	397					397
Noncontrolling interest distribution	(271)					(271)
Redemptions of common stock (in shares)			(293,680)
Redemptions of common stock	$ (2,357)	(2,357)	$ (3)	(2,354)		0
Ending balance (in shares) at Jun. 30, 2024	103,016,968		103,016,968
Ending balance at Jun. 30, 2024	$ 138,838	139,455	$ 1,030	899,052	(760,627)	(617)
Beginning balance (in shares) at Mar. 31, 2024			103,214,807
Beginning balance at Mar. 31, 2024	186,720	185,676	$ 1,032	901,050	(716,406)	1,044
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(45,658)	(44,221)			(44,221)	(1,437)
Transfers to redeemable common stock payable, net	(399)	(399)		(399)
Noncontrolling interest contribution	47					47
Noncontrolling interest distribution	(271)					(271)
Redemptions of common stock (in shares)			(197,839)
Redemptions of common stock	$ (1,601)	(1,601)	$ (2)	(1,599)		0
Ending balance (in shares) at Jun. 30, 2024	103,016,968		103,016,968
Ending balance at Jun. 30, 2024	$ 138,838	$ 139,455	$ 1,030	$ 899,052	$ (760,627)	$ (617)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities:
Net loss	$ (122,652)	$ (77,251)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment charges on real estate and related intangibles	60,291	36,589
Loss from unconsolidated entities, net	16,730	16,962
Depreciation and amortization	21,129	24,158
Loss on real estate equity securities, net	16,632	16,122
Gain on sale of real estate	(619)	(32,761)
Deferred rent	(325)	(1,508)
Amortization of deferred financing costs and debt discount and premium, net	4,781	4,567
Foreign currency transaction (gain) loss, net	(11,280)	3,553
Changes in assets and liabilities:
Rents and other receivables, net	(370)	(560)
Prepaid expenses and other assets	(1,802)	(3,448)
Accounts payable and accrued liabilities	(2,243)	(3,068)
Net cash used in operating activities	(15,760)	(9,406)
Cash Flows from Investing Activities:
Improvements to real estate	(17,512)	(10,349)
Proceed from sales of real estate, net	3,126	40,795
Purchase of interest rate caps	(1,447)	(347)
Proceeds from interest rate caps	1,687	0
Contributions to an unconsolidated entity	(38,689)	0
Distributions of capital from an unconsolidated entity	1,497	1,144
Payments on foreign currency derivatives, net	(478)	(17,964)
Proceeds from the sale of real estate equity securities	16,379	13,557
Proceeds for development obligations	5	1,855
Payments on development obligations	(3,905)	(1,421)
Net cash (used in) provided by investing activities	(39,337)	27,270
Cash Flows from Financing Activities:
Proceeds from notes and bonds payable	98,850	980
Principal payments on notes and bonds payable	(115,169)	(56,922)
Payments of deferred financing costs	(3,890)	(409)
Redemptions of common stock	(2,357)	(3,214)
Noncontrolling interest contributions	397	0
Noncontrolling interest distributions	(271)	(613)
Net cash used in financing activities	(22,440)	(60,178)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,809	(1,225)
Net decrease in cash, cash equivalents and restricted cash	(75,728)	(43,539)
Cash, cash equivalents and restricted cash, beginning of period	155,209	159,044
Cash, cash equivalents and restricted cash, end of period	79,481	115,505
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest of $2,186 and $1,743 for the six months ended June 30, 2024 and 2023, respectively	30,490	27,379
Supplemental Disclosure of Significant Noncash Transaction:
Accrued improvements to real estate	2,814	1,915
Accrued development obligations	7,313	8,982
Due to affiliates
Changes in assets and liabilities:
Other liabilities	3,074	3,884
Other liabilities
Changes in assets and liabilities:
Other liabilities	$ 894	$ 3,355

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Interest capitalized	$ 2,186	$ 1,743

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Pacific Oak Strategic Opportunity REIT, Inc. (the “Company”) was formed on October 8, 2008 as a Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”). 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, 2024
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, 2023. 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, 2023, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“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 Financial Accounting Standards Board’s Accounting Standards Codification 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, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, and joint ventures in which the Company has a controlling interest and variable interest entities 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 and operations using notes and bonds payable that are typically structured as non-recourse secured mortgages with maturities of approximately three Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Segments The Company operates in three reportable business segments: strategic opportunistic real estate and real estate-related investments (“strategic opportunistic properties”), residential homes, and hotel, which is how the Company’s management manages the business. In general, the Company intends to hold its investments in strategic opportunistic properties for capital appreciation. Traditional performance metrics of strategic opportunistic properties 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 strategic opportunistic properties as similar investments and aggregates them into one reportable business segment. The Company owns residential homes in 18 markets which are all aggregated into one reportable business segment due to the homes being stabilized, having high occupancy rates and having similar economic characteristics. Additionally, as of June 30, 2024, the Company owns one hotel, which is a separate reportable business segment due to the nature of the hotel business with short-term stays. Real Estate Equity Securities These investments are carried at their estimated fair value based on quoted market prices for the security, net of any discounts for restrictions on the sale of the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. For the three and six months ended June 30, 2024, the Company recognized realized losses on real estate equity securities of $4.9 million and $31.6 million, respectively, and unrealized gains on real estate equity securities of $3.6 million and $15.0 million, respectively. For both of the three and six months ended June 30, 2023, the Company recognized realized gains on real estate equity securities of $5.8 million, respectively, and unrealized losses on real estate equity securities of $9.9 million and $21.9 million, respectively. Reclassifications Certain amounts in the prior year period have been reclassified to conform to the current period presentation. Goodwill and redeemable common stock payable, which were previously reported separately on the accompanying consolidated balance sheets, are now included in prepaid expenses and other assets and other liabilities, respectively, for all periods presented. Additionally, the Company sold residential homes during the six months ended June 30, 2024 and as a result, certain assets and liabilities were reclassified to held for sale in the accompanying consolidated balance sheets for all periods presented. These reclassifications have not changed the results of operations of the prior period. Square Footage, Occupancy and Other Measures Any references to square footage, acreage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. Recently Issued Accounting Standards Updates There have been no recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance during the six months ended June 30, 2024, that are of significance or potential significance to the Company.

REAL ESTATE HELD FOR INVESTMENT

REAL ESTATE HELD FOR INVESTMENT	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
REAL ESTATE HELD FOR INVESTMENT	REAL ESTATE HELD FOR INVESTMENT As of June 30, 2024, the Company consolidated nine office complexes, encompassing, in the aggregate, approximately 3.2 million rentable square feet and these properties were 68% occupied. In addition, the Company owned one residential home portfolio consisting of 2,155 residential homes, and two apartment properties, containing 609 units, which were 95% and 91% occupied, respectively. The Company also owned one hotel property with 196 rooms, four investments in undeveloped land with approximately 581 developable acres and one office/retail development property. The following table summarizes the Company’s real estate held for investment as of June 30, 2024 and December 31, 2023, respectively (in thousands): June 30, 2024 December 31, 2023 Land $ 246,745 $ 253,075 Buildings and improvements 917,448 988,883 Tenant origination and absorption costs 13,608 17,080 Total real estate, cost 1,177,801 1,259,038 Accumulated depreciation and amortization (149,794) (167,157) Total real estate held for investment, net $ 1,028,007 $ 1,091,881 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, 2024, the leases, excluding options to extend, apartment leases and residential home leases, which have terms that are generally one year or less, had remaining terms of up to 16.2 years with a weighted-average remaining term of 3.4 years. Some of the leases have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires a security deposit from tenants in the form of a cash deposit and/or a letter of credit. The amount required as a security deposit varies depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash and assumed in real estate acquisitions related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets totaled $5.8 million and $5.9 million as of June 30, 2024 and December 31, 2023, respectively. During the three and six months ended June 30, 2024, the Company recognized deferred rent from tenants of $0.3 million and $0.4 million, net of lease incentive amortization, respectively. During the three and six months ended June 30, 2023, the Company recognized deferred rent from tenants of $0.7 million and $1.5 million, net of lease incentive amortization, respectively. As of June 30, 2024 and December 31, 2023, the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $20.1 million and $19.1 million, respectively, and is included in rents and other receivables in the accompanying consolidated balance sheets. The cumulative deferred rent balance included $3.0 million and $2.5 million of unamortized lease incentives as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, the future minimum rental income from the Company’s office complexes, under non-cancelable operating leases was as follows (in thousands): July 1, 2024 through December 31, 2024 $ 29,761 2025 56,600 2026 44,974 2027 36,444 2028 29,428 Thereafter 69,286 $ 266,493 Geographic Concentration Risk As of June 30, 2024, the Company’s real estate investments in California and Georgia represented 20.2% and 10.5%, 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 Property The following table provides detailed information regarding the Company’s hotel revenues during the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Hotel revenues: Room $ 1,947 $ 2,240 $ 4,413 $ 4,805 Other 288 325 626 673 Hotel revenues $ 2,235 $ 2,565 $ 5,039 $ 5,478 Contract Liabilities The Company’s contract liabilities are comprised of: hotel advanced deposits, deferred proceeds received from the buyers of the Park Highlands land sales, and value of Park Highlands land that was contributed to a master association. As of June 30, 2024 and December 31, 2023, contract liabilities were $19.8 million and $23.8 million, respectively, which are included in other liabilities on the accompanying consolidated balance sheets. During the three and six months ended June 30, 2024, the Company recognized $1.5 million and $4.0 million, respectively, of income related to the contract liabilities. During the three and six months ended June 30, 2023, the Company recognized $0.8 million and $1.5 million, respectively, of income related to the contract liabilities. Impairment of Real Estate During the three and six months ended June 30, 2024, the Company recorded impairment charges on real estate of $21.0 million and $60.3 million, respectively, to write down the carrying value of three of the Company’s strategic opportunistic properties and one hotel due to declines in market conditions and projected cash flows. During the three and six months ended June 30, 2023, the Company recorded impairment charges on real estate in the aggregate of $18.9 million and $36.6 million, respectively, to write down the carrying values of two of the Company’s strategic opportunistic properties to their estimated fair values due to increases in the discount and cap rate assumptions and decrease in projected cash flows. Pending Real Estate Sales In March 2024, the Company, through indirect wholly owned subsidiaries, entered into a purchase and sale agreement for the sale of approximately 454 developable acres of Park Highlands undeveloped land, from the Company’s strategic opportunistic properties segment for gross sale proceeds of approximately $195.0 million, before closing costs, credits and taxes. The sale is expected to be completed in two phases. In Phase 1, 212.14 gross acres are anticipated to be sold to the buyer for approximately $91.0 million by the Phase 1 planned closing in September 2024. In Phase 2, 242.17 gross acres are anticipated to be sold to the buyer for approximately $104.0 million by the Phase 2 planned closing in November 2025. Note that each of the foregoing anticipated closing dates may be extended in certain circumstances. In addition, the land parcels are held through the Company’s taxable REIT subsidiaries (“TRS”) for certain tax planning purposes and to ensure preservation of the Company’s REIT status. A portion of the acres to be sold are pledged as collateral for the Series C bonds. There can be no assurance that the Company will complete the sale. The purchaser is not affiliated with the Company or with the Company’s external advisor, Pacific Oak Capital Advisors, LLC (“Pacific Oak Capital Advisors”).

NOTES AND BONDS PAYABLE

NOTES AND BONDS PAYABLE	6 Months Ended
	Jun. 30, 2024
Notes and Bonds Payable [Abstract]
NOTES AND BONDS PAYABLE	NOTES AND BONDS PAYABLE As of June 30, 2024 and December 31, 2023, the Company’s notes and bonds payable consisted of the following (dollars in thousands): Book Value as of June 30, 2024 Book Value as of December 31, 2023 Contractual Interest Rate as of June 30, 2024 Effective Interest Rate at June 30, 2024 (1) Payment Type (2) Maturity Date (3) Series B Bonds (4) $ 205,685 $ 321,724 3.93% 3.93% (4) 01/31/2026 Series C Bonds (4) 95,377 99,461 9.00% 9.00% Interest Only 06/30/2026 Series D Bonds (4) 76,329 — 9.50% 9.50% (4) 02/28/2029 Crown Pointe Mortgage Loan 54,738 54,738 SOFR + 2.30% 7.64% Interest Only 04/01/2025 Georgia 400 Center Mortgage Loan (5) 39,966 40,184 SOFR + 2.75% 8.09% Principal & Interest 10/22/2024 PORT Mortgage Loan 1 34,967 34,967 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 1 (5) 57,267 59,091 3.90% 3.90% Interest Only 04/10/2026 PORT MetLife Loan 2 (5) 93,564 93,388 3.99% 3.99% Interest Only 04/10/2026 Lincoln Court Mortgage Loan (5) 33,110 33,310 SOFR + 3.25% 8.59% Interest Only 08/07/2025 Lofts at NoHo Commons Mortgage Loan 68,451 68,451 SOFR + 2.18% (6) 7.52% Interest Only 09/09/2024 Madison Square Mortgage Loan (5) 20,493 17,962 4.63% 3.99% Interest Only 10/07/2024 Bank of America Mortgage Loan (7) 171,036 175,234 BSBY + 2.75% 8.16% Principal & Interest 09/01/2026 NexBank Mortgage Loan (8) 34,182 — SOFR + 3.50% (8) 8.84% Principal & Interest 04/30/2025 Eight & Nine Corporate Centre Mortgage Loan 20,000 — SOFR + 4.90% (9) 10.24% Interest Only 02/09/2026 Richardson Office Mortgage Loan (8) — 12,209 (8) (8) (8) (8) Q&C Hotel Mortgage Loan (8) — 24,579 (8) (8) (8) (8) Total notes and bonds payable principal outstanding 1,015,688 1,045,821 Deferred financing costs and debt discount and premium, net (10) (16,246) (17,138) Total notes and bonds payable, net $ 999,442 $ 1,028,683 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2024. Effective interest rate was calculated as the actual interest rate in effect as of June 30, 2024 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices such as Secured Overnight Financing Rate (“SOFR”) or Bloomberg Short Term Bank Yield (“BSBY”) as of June 30, 2024, where applicable. (2) Represents the payment type required under these loans as of June 30, 2024. Certain future monthly payments due under these loans also include amortizing principal payments. (3) Represents the initial maturity date or the maturity date as extended as of June 30, 2024; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. For more information of the Company’s contractual obligations under its notes and bonds payable, see five-year maturity table, below. (4) As of June 30, 2024, the Company had bonds outstanding of 1.4 billion Israeli new shekels (approximately $377.4 million as of June 30, 2024) (“Series Bonds”), of which 360.0 million Israeli new shekels (approximately $95.4 million as of June 30, 2024) are collateralized by real estate (specified lands in Park Highlands and Richardson). The Series Bonds have principal maturities ranging from January 2025 to February 2029. (5) The Company’s notes and bonds payable are generally non-recourse. These mortgage loans have guarantees over certain balances whereby the Company would be required to make the remaining payments in the event that the Company turned the property over to the lender. As of June 30, 2024, the guaranteed amount in the aggregate was $193.9 million. (6) The effective interest rate is at the higher of one-month SOFR or 1.75%, plus 2.18%. (7) This loan is cross-collateralized by the associated properties: Park Centre, 1180 Raymond, The Marq, and Oakland City Center. (8) During the six months ended June 30, 2024, the Company refinanced and consolidated two of its mortgage loans into one NexBank Mortgage Loan and is cross-collateralized by the Richardson Office and Q&C Hotel properties. The effective interest rate is at the higher of one-month SOFR plus 3.50% or 7.50%. (9) The effective interest rate is at the higher of one-month SOFR plus 4.90% or 8.90%. (10) 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, 2024, the Company incurred $18.0 million and $34.8 million, respectively, of interest expense. Included in interest expense during the three and six months ended June 30, 2024 was $2.5 million and $4.8 million, respectively, of amortization of deferred financing costs and debt discount and premium. Additionally, during the three and six months ended June 30, 2024, the Company capitalized $1.1 million and $2.2 million, respectively, of interest related to its investments in undeveloped land. During the three and six months ended June 30, 2023, the Company incurred $15.8 million and $31.8 million, respectively, of interest expense. Included in interest expense during the three and six months ended June 30, 2023 was $2.2 million and $4.6 million, respectively of amortization of deferred financing costs and debt discount and premium. Additionally, during the three and six months ended June 30, 2023, the Company capitalized $0.9 million and $1.7 million, respectively, of interest related to its investments in undeveloped land. As of June 30, 2024 and December 31, 2023, the Company’s interest payable was $8.5 million and $9.0 million, respectively. The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of June 30, 2024 (in thousands): July 1, 2024 through December 31, 2024 $ 143,293 2025 268,058 2026 528,009 2027 25,443 2028 25,443 Thereafter 25,442 $ 1,015,688 All 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 Bonds. The Company plans to utilize available extension options or refinance the notes payable. The Company may also choose to market the properties for sale or may negotiate a turnover of the secured properties back to the related mortgage lender. The Company’s notes and bonds payable contain financial debt covenants, including minimum equity requirements and liquidity ratios. As of June 30, 2024, the Company was in compliance with all of these debt covenants with the exception that the Lofts at NoHo Commons Mortgage Loan and Lincoln Court Mortgage Loan were not in compliance with the debt service coverage requirement. As a result of such non-compliance, the Company is required to provide a cash sweep for the Lofts at NoHo Commons Mortgage Loan and Lincoln Court Mortgage Loan.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES As of June 30, 2024 and December 31, 2023, the carrying amounts and fair values of the Company’s financial instruments are as follows (in thousands): June 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes payable $ 631,472 $ 627,950 $ 620,262 $ 611,725 Financial liabilities (Level 1): Pacific Oak SOR BVI Series B Bonds $ 198,900 $ 196,764 $ 312,458 $ 296,380 Pacific Oak SOR BVI Series C Bonds $ 92,741 $ 99,173 $ 95,963 $ 102,664 Pacific Oak SOR BVI Series D Bonds $ 76,329 $ 77,520 $ — $ — 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. As of June 30, 2024, 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 $ 8,598 $ 8,598 $ — $ — Asset derivative - interest rate caps (1) $ 1,446 $ — $ 1,446 $ — Nonrecurring Basis: Impaired real estate (2) $ 276,875 $ — $ — $ 276,875 _____________________ (1) Interest rate caps are included in prepaid expenses and other assets in the consolidated balance sheets. (2) Amount represents the fair value for a real estate asset impacted by impairment charges during the six months ended June 30, 2024, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date. During the six months ended June 30, 2024, three of the Company’s real estate properties and one hotel were impaired and written down to their estimated fair values due to declines in market conditions and projected cash flows. Three of the Company’s real estate properties were measured based on an income approach with the significant unobservable inputs used in evaluating the estimated fair value of the properties, with discount rates between 8.25% to 8.75% and terminal cap rates between 7.0% to 8.0%. One of the Company’s real estate properties was measured based on a recently quoted transaction price. During the six months ended June 30, 2023, two of the Company’s real estate properties were impaired and written down to their estimated fair values. The two real estate properties were measured based on an income approach with the significant unobservable inputs used in evaluating the estimated fair value of these properties, including discount rates between 7.5 to 9.0% and terminal cap rates of 7.0 to 8.25%. One investment in unconsolidated entity was measured at the estimated value of the Company’s ownership calculated based on a hypothetical liquidation of the net assets, discounted for lack of marketability and control. The Company used a discount rate of 8.75% and a cap rate of 7.0% to estimate the fair value of the real estate, an interest rate adjustment of 0.15% to estimate the fair value of the debt, a discount rate of 20% for lack of marketability, and a discount rate of 20% for lack of control. As of December 31, 2023, the Company measured the following assets 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 $ 41,609 $ 41,609 $ — $ — Asset derivative - interest rate caps (1) $ 1,236 $ — $ 1,236 $ — Asset derivative - foreign currency collar (1) $ 3,655 $ — $ 3,655 $ — Nonrecurring Basis: Impaired real estate (2) $ 193,529 $ — $ — $ 193,529 _____________________ (1) Interest rate caps and foreign currency collars are included in prepaid expenses and other assets on the accompanying consolidated balance sheets. (2) Amount represents the fair value for a real estate asset impacted by impairment charges during the year ended December 31, 2023, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has entered into agreements with certain affiliates pursuant to which they provide services to the Company. Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2024 and 2023, respectively, and any related amounts payable as of June 30, 2024 and December 31, 2023 (in thousands): Incurred during the three months ended June 30, Incurred during the six months ended June 30, Payable as of 2024 2023 2024 2023 June 30, 2024 December 31, 2023 Expensed Asset management fees $ 3,872 $ 3,710 $ 7,974 $ 7,684 $ 10,097 $ 6,855 Property management fees (1) 647 859 1,324 1,523 135 153 Disposition fees (2) 21 58 36 420 — — Reimbursable offering costs (3) — 894 — 894 744 894 $ 4,540 $ 5,521 $ 9,334 $ 10,521 $ 10,976 $ 7,902 _____________________ (1) Property management fees paid to DMH Realty, LLC (“DMH Realty”), an affiliate of Pacific Oak Capital Advisors and the advisor of the Company’s wholly-owned subsidiary, Pacific Oak Residential Trust, Inc. (“PORT”), pursuant to the property management agreement between DMH Realty and PORT, are recorded as operating, maintenance, and management expenses in the accompanying consolidated statements of operations. (2) Disposition fees with respect to real estate properties sold are recorded as a component of the gain or loss on sale of real estate in the accompanying consolidated statements of operations. (3) Reimbursable offering costs to Pacific Oak Capital Advisors related to the terminated PORT private offering. Pacific Oak Opportunity Zone Fund I During the three and six months ended June 30, 2024, the Company received a distribution of capital of $1.5 million from Pacific Oak Opportunity Zone Fund I, and there were no distributions during the three and six months ended June 30, 2023.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	INVESTMENTS IN UNCONSOLIDATED ENTITIES As of June 30, 2024 and December 31, 2023, the Company’s investments in unconsolidated entities were composed of the following (in thousands): Number of Properties as of June 30, 2024 Investment Balance as of Joint Venture Location Ownership % June 30, 2024 December 31, 2023 110 William Joint Venture 1 New York, New York (1) $ 44,812 (1) $ 22,314 Pacific Oak Opportunity Zone Fund I 4 Various 47.0% 21,324 (2) 23,587 353 Sacramento Joint Venture 1 San Francisco, California 55.0% — (3) — $ 66,136 $ 45,901 _____________________ (1) The Company committed to funding up to $105.0 million (the “Capital Commitments”) to the 110 William Joint Venture in exchange for 77.5% of preferred interest in the joint venture. As of June 30, 2024, the Company owned 100% of the common interest in the joint venture. Refer to Note 9 for additional details. (2) The maximum exposure to loss as a result of the Company’s investment in the Pacific Oak Opportunity Zone Fund I is limited to the carrying amount of the investment. (3) The Company suspended the equity method of accounting for the 353 Sacramento Joint Venture. The following summarizes financial information for investment in unconsolidated entities (in thousands): June 30, 2024 December 31, 2023 Assets: Real estate, net $ 412,474 $ 411,028 Total assets 499,207 468,002 Liabilities: Notes payable, net (1) 418,016 410,563 Total liabilities 437,601 427,794 Total equity $ 61,606 $ 40,207 _____________________ (1) The Company guaranteed all debt servicing costs and timely debt payments by the 110 William Joint Venture. As of both June 30, 2024 and December 31, 2023, the 110 William Joint Venture had $248.7 million of variable rate debt outstanding that was subject to the Company’s guarantee and additionally, subject to meeting certain future conditions, the 110 William Joint Venture has a facility to draw an additional $56.7 million of debt. The debt was collateralized by the underlying real estate and has an initial maturity date of July 5, 2026, although the maturity date may be extended under certain circumstances. Debt and interest payments were current as of June 30, 2024. Refer to Note 9 for additional details. For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Total revenues $ 13,703 $ 10,673 $ 22,979 $ 21,793 Operating loss (18,144) (13,718) (28,374) (27,753) Net loss $ (18,120) $ (13,771) $ (28,350) $ (27,719)

REPORTING SEGMENTS

REPORTING SEGMENTS	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
REPORTING SEGMENTS	REPORTING SEGMENTS The Company recognizes three reporting segments for the three and six months ended June 30, 2024 and 2023, which consist of: strategic opportunistic properties, residential homes, and hotel. All corporate related costs are included in the strategic opportunistic properties segment to align with how financial information is presented to the Company's Chief Executive Officer and President, who are jointly the chief operating decision maker (the “CODM”). The CODM makes key operating decisions, evaluates financial results and manages the Company’s business based on the selected financial information. The selected financial information for reporting segments for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands): Three Months Ended June 30, 2024 Strategic Opportunistic Properties Residential Homes Hotel Total Total revenues $ 22,921 $ 8,653 $ 2,235 $ 33,809 Total expenses (55,397) (11,103) (3,482) (69,982) Total other (loss) income (9,677) 177 15 (9,485) Net loss before income taxes $ (42,153) $ (2,273) $ (1,232) $ (45,658) Six Months Ended June 30, 2024 Strategic Opportunistic Properties Residential Homes Hotel Total Total revenues $ 46,054 $ 17,718 $ 5,039 $ 68,811 Total expenses (127,523) (22,037) (9,898) (159,458) Total other (loss) income (32,333) 284 44 (32,005) Net loss before income taxes $ (113,802) $ (4,035) $ (4,815) $ (122,652) Three Months Ended June 30, 2023 Strategic Opportunistic Properties Residential Homes Hotel Total Total revenues $ 23,874 $ 9,457 $ 2,565 $ 35,896 Total expenses (64,298) (11,403) (3,261) (78,962) Total other (loss) income (14,482) 21 46 (14,415) Net loss before income taxes $ (54,906) $ (1,925) $ (650) $ (57,481) Six Months Ended June 30, 2023 Strategic Opportunistic Properties Residential Homes Hotel Total Total revenues $ 49,761 $ 18,782 $ 5,478 $ 74,021 Total expenses (119,673) (22,668) (6,162) (148,503) Total other income 797 21 75 893 Net loss before income taxes $ (69,115) $ (3,865) $ (609) $ (73,589) Total assets related to the reporting segments as of June 30, 2024 and December 31, 2023 are as follows (in thousands): Strategic Opportunistic Properties Residential Homes Hotel Total Total assets as of June 30, 2024 $ 898,458 $ 292,220 $ 38,556 $ 1,229,234 Total assets as of December 31, 2023 $ 1,024,555 $ 315,957 $ 47,631 $ 1,388,143

COMMITMENTS, CONTINGENCIES AND

COMMITMENTS, CONTINGENCIES AND GUARANTEES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES AND GUARANTEES	COMMITMENTS, CONTINGENCIES AND GUARANTEES Lease Obligations As of June 30, 2024 and December 31, 2023, the Company’s lease and rights to a leasehold interest with respect to 210 West 31st, which was accounted as a finance lease, are included in the consolidated balance sheet as follows: June 30, 2024 December 31, 2023 Right-of-use asset (included in real estate held for investment, net, in thousands) $ 6,391 $ 6,391 Lease obligation (included in other liabilities, in thousands) 9,584 9,537 Remaining lease term 89.5 years 90.0 years Discount rate 4.8 % 4.8 % As of June 30, 2024, the Company had a leasehold interest expiring in 2114. Future minimum lease payments under the Company’s finance lease as of June 30, 2024 are as follows (in thousands): July 1, 2024 through December 31, 2024 $ 180 2025 393 2026 396 2027 396 2028 396 Thereafter 51,375 Total expected minimum lease obligations 53,136 Less: Amount representing interest (1) (43,552) Present value of net minimum lease payments (2) $ 9,584 _____________________ (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 is included in other liabilities in the accompanying consolidated balance sheets. Capital Commitments As of June 30, 2024, the Company had a future funding commitment of $38.0 million related to the Capital Commitments. The Capital Commitments fund the building expenditures and tenant improvements. Such amounts are payable as incurred and therefore, no accrual is recognized as of June 30, 2024. Guarantee Agreements As of June 30, 2024, and as part of the previous 110 William Joint Venture debt and restructuring agreements, the Company guaranteed the completion of the construction and the development of the building expenditures and tenant improvements. The Company also guaranteed all debt servicing costs and timely debt payments by the 110 William Joint Venture. Refer to Note 7 for additional details. The guaranteed amounts are due upon occurrence of a triggering event, such as default for nonpayment or failure to perform based on the conditions defined in the agreement. As of June 30, 2024, the maximum potential amount of future payments under the Company’s guarantees is not estimable as it is dependent on various factors including the 110 William Joint Venture’s future operating performance level, potential completion cost overages, future levels of variable rate debt and related interest, and the amount of future contributions by the Company. Due to uncertainties surrounding these factors, the Company was unable to estimate the maximum amounts payable under the guarantees. As of June 30, 2024, no triggering events had occurred, the likelihood of loss was determined to be remote, and no liability related to the guarantees was recognized. Economic Dependency The Company is dependent on Pacific Oak Capital Advisors and its affiliates 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 Pacific Oak Capital Advisors and its affiliates 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, 2024. Legal Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. As of June 30, 2024, there are no material legal or regulatory proceedings pending or known to be contemplated against the Company or its properties.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (44,221)	$ (57,475)	$ (120,694)	$ (77,056)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
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 Financial Accounting Standards Board’s Accounting Standards Codification 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, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
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, and joint ventures in which the Company has a controlling interest and variable interest entities in which the Company is the primary beneficiary. All significant intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Segments	The Company operates in three reportable business segments: strategic opportunistic real estate and real estate-related investments (“strategic opportunistic properties”), residential homes, and hotel, which is how the Company’s management manages the business. In general, the Company intends to hold its investments in strategic opportunistic properties for capital appreciation. Traditional performance metrics of strategic opportunistic properties 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 strategic opportunistic properties as similar investments and aggregates them into one reportable business segment. The Company owns residential homes in 18 markets which are all aggregated into one reportable business segment due to the homes being stabilized, having high occupancy rates and having similar economic characteristics. Additionally, as of June 30, 2024, the Company owns one hotel, which is a separate reportable business segment due to the nature of the hotel business with short-term stays.
Real Estate Equity Securities	These investments are carried at their estimated fair value based on quoted market prices for the security, net of any discounts for restrictions on the sale of the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. For the three and six months ended June 30, 2024, the Company recognized realized losses on real estate equity securities of $4.9 million and $31.6 million, respectively, and unrealized gains on real estate equity securities of $3.6 million and $15.0 million, respectively. For both of the three and six months ended June 30, 2023, the Company recognized realized gains on real estate equity securities of $5.8 million, respectively, and unrealized losses on real estate equity securities of $9.9 million and $21.9 million, respectively.
Reclassifications	Certain amounts in the prior year period have been reclassified to conform to the current period presentation. Goodwill and redeemable common stock payable, which were previously reported separately on the accompanying consolidated balance sheets, are now included in prepaid expenses and other assets and other liabilities, respectively, for all periods presented. Additionally, the Company sold residential homes during the six months ended June 30, 2024 and as a result, certain assets and liabilities were reclassified to held for sale in the accompanying consolidated balance sheets for all periods presented. These reclassifications have not changed the results of operations of the prior period.
Square Footage, Occupancy and Other Measures	Any references to square footage, acreage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Recently Issued Accounting Standards Updates	There have been no recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance during the six months ended June 30, 2024, that are of significance or potential significance to the Company.
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.

REAL ESTATE HELD FOR INVESTME_2

REAL ESTATE HELD FOR INVESTMENT (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Schedule of Real Estate Investments	The following table summarizes the Company’s real estate held for investment as of June 30, 2024 and December 31, 2023, respectively (in thousands): June 30, 2024 December 31, 2023 Land $ 246,745 $ 253,075 Buildings and improvements 917,448 988,883 Tenant origination and absorption costs 13,608 17,080 Total real estate, cost 1,177,801 1,259,038 Accumulated depreciation and amortization (149,794) (167,157) Total real estate held for investment, net $ 1,028,007 $ 1,091,881
Schedule of Future Minimum Rental Income for Company's Properties	As of June 30, 2024, the future minimum rental income from the Company’s office complexes, under non-cancelable operating leases was as follows (in thousands): July 1, 2024 through December 31, 2024 $ 29,761 2025 56,600 2026 44,974 2027 36,444 2028 29,428 Thereafter 69,286 $ 266,493
Schedule of Hotel Revenue	The following table provides detailed information regarding the Company’s hotel revenues during the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Hotel revenues: Room $ 1,947 $ 2,240 $ 4,413 $ 4,805 Other 288 325 626 673 Hotel revenues $ 2,235 $ 2,565 $ 5,039 $ 5,478

NOTES AND BONDS PAYABLE (Tables

NOTES AND BONDS PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2024
Notes and Bonds Payable [Abstract]
Schedule of Long-term Debt Instruments	As of June 30, 2024 and December 31, 2023, the Company’s notes and bonds payable consisted of the following (dollars in thousands): Book Value as of June 30, 2024 Book Value as of December 31, 2023 Contractual Interest Rate as of June 30, 2024 Effective Interest Rate at June 30, 2024 (1) Payment Type (2) Maturity Date (3) Series B Bonds (4) $ 205,685 $ 321,724 3.93% 3.93% (4) 01/31/2026 Series C Bonds (4) 95,377 99,461 9.00% 9.00% Interest Only 06/30/2026 Series D Bonds (4) 76,329 — 9.50% 9.50% (4) 02/28/2029 Crown Pointe Mortgage Loan 54,738 54,738 SOFR + 2.30% 7.64% Interest Only 04/01/2025 Georgia 400 Center Mortgage Loan (5) 39,966 40,184 SOFR + 2.75% 8.09% Principal & Interest 10/22/2024 PORT Mortgage Loan 1 34,967 34,967 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 1 (5) 57,267 59,091 3.90% 3.90% Interest Only 04/10/2026 PORT MetLife Loan 2 (5) 93,564 93,388 3.99% 3.99% Interest Only 04/10/2026 Lincoln Court Mortgage Loan (5) 33,110 33,310 SOFR + 3.25% 8.59% Interest Only 08/07/2025 Lofts at NoHo Commons Mortgage Loan 68,451 68,451 SOFR + 2.18% (6) 7.52% Interest Only 09/09/2024 Madison Square Mortgage Loan (5) 20,493 17,962 4.63% 3.99% Interest Only 10/07/2024 Bank of America Mortgage Loan (7) 171,036 175,234 BSBY + 2.75% 8.16% Principal & Interest 09/01/2026 NexBank Mortgage Loan (8) 34,182 — SOFR + 3.50% (8) 8.84% Principal & Interest 04/30/2025 Eight & Nine Corporate Centre Mortgage Loan 20,000 — SOFR + 4.90% (9) 10.24% Interest Only 02/09/2026 Richardson Office Mortgage Loan (8) — 12,209 (8) (8) (8) (8) Q&C Hotel Mortgage Loan (8) — 24,579 (8) (8) (8) (8) Total notes and bonds payable principal outstanding 1,015,688 1,045,821 Deferred financing costs and debt discount and premium, net (10) (16,246) (17,138) Total notes and bonds payable, net $ 999,442 $ 1,028,683 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2024. Effective interest rate was calculated as the actual interest rate in effect as of June 30, 2024 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices such as Secured Overnight Financing Rate (“SOFR”) or Bloomberg Short Term Bank Yield (“BSBY”) as of June 30, 2024, where applicable. (2) Represents the payment type required under these loans as of June 30, 2024. Certain future monthly payments due under these loans also include amortizing principal payments. (3) Represents the initial maturity date or the maturity date as extended as of June 30, 2024; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. For more information of the Company’s contractual obligations under its notes and bonds payable, see five-year maturity table, below. (4) As of June 30, 2024, the Company had bonds outstanding of 1.4 billion Israeli new shekels (approximately $377.4 million as of June 30, 2024) (“Series Bonds”), of which 360.0 million Israeli new shekels (approximately $95.4 million as of June 30, 2024) are collateralized by real estate (specified lands in Park Highlands and Richardson). The Series Bonds have principal maturities ranging from January 2025 to February 2029. (5) The Company’s notes and bonds payable are generally non-recourse. These mortgage loans have guarantees over certain balances whereby the Company would be required to make the remaining payments in the event that the Company turned the property over to the lender. As of June 30, 2024, the guaranteed amount in the aggregate was $193.9 million. (6) The effective interest rate is at the higher of one-month SOFR or 1.75%, plus 2.18%. (7) This loan is cross-collateralized by the associated properties: Park Centre, 1180 Raymond, The Marq, and Oakland City Center. (8) During the six months ended June 30, 2024, the Company refinanced and consolidated two of its mortgage loans into one NexBank Mortgage Loan and is cross-collateralized by the Richardson Office and Q&C Hotel properties. The effective interest rate is at the higher of one-month SOFR plus 3.50% or 7.50%. (9) The effective interest rate is at the higher of one-month SOFR plus 4.90% or 8.90%. (10) 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, 2024 (in thousands): July 1, 2024 through December 31, 2024 $ 143,293 2025 268,058 2026 528,009 2027 25,443 2028 25,443 Thereafter 25,442 $ 1,015,688

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Face Value, Carrying Amounts and Fair Value	As of June 30, 2024 and December 31, 2023, the carrying amounts and fair values of the Company’s financial instruments are as follows (in thousands): June 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes payable $ 631,472 $ 627,950 $ 620,262 $ 611,725 Financial liabilities (Level 1): Pacific Oak SOR BVI Series B Bonds $ 198,900 $ 196,764 $ 312,458 $ 296,380 Pacific Oak SOR BVI Series C Bonds $ 92,741 $ 99,173 $ 95,963 $ 102,664 Pacific Oak SOR BVI Series D Bonds $ 76,329 $ 77,520 $ — $ —
Fair Value, Assets Measured on Recurring Basis	As of June 30, 2024, 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 $ 8,598 $ 8,598 $ — $ — Asset derivative - interest rate caps (1) $ 1,446 $ — $ 1,446 $ — Nonrecurring Basis: Impaired real estate (2) $ 276,875 $ — $ — $ 276,875 _____________________ (1) Interest rate caps are included in prepaid expenses and other assets in the consolidated balance sheets. (2) Amount represents the fair value for a real estate asset impacted by impairment charges during the six months ended June 30, 2024, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date. As of December 31, 2023, the Company measured the following assets 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 $ 41,609 $ 41,609 $ — $ — Asset derivative - interest rate caps (1) $ 1,236 $ — $ 1,236 $ — Asset derivative - foreign currency collar (1) $ 3,655 $ — $ 3,655 $ — Nonrecurring Basis: Impaired real estate (2) $ 193,529 $ — $ — $ 193,529 _____________________ (1) Interest rate caps and foreign currency collars are included in prepaid expenses and other assets on the accompanying consolidated balance sheets. (2) Amount represents the fair value for a real estate asset impacted by impairment charges during the year ended December 31, 2023, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2024 and 2023, respectively, and any related amounts payable as of June 30, 2024 and December 31, 2023 (in thousands): Incurred during the three months ended June 30, Incurred during the six months ended June 30, Payable as of 2024 2023 2024 2023 June 30, 2024 December 31, 2023 Expensed Asset management fees $ 3,872 $ 3,710 $ 7,974 $ 7,684 $ 10,097 $ 6,855 Property management fees (1) 647 859 1,324 1,523 135 153 Disposition fees (2) 21 58 36 420 — — Reimbursable offering costs (3) — 894 — 894 744 894 $ 4,540 $ 5,521 $ 9,334 $ 10,521 $ 10,976 $ 7,902 _____________________ (1) Property management fees paid to DMH Realty, LLC (“DMH Realty”), an affiliate of Pacific Oak Capital Advisors and the advisor of the Company’s wholly-owned subsidiary, Pacific Oak Residential Trust, Inc. (“PORT”), pursuant to the property management agreement between DMH Realty and PORT, are recorded as operating, maintenance, and management expenses in the accompanying consolidated statements of operations. (2) Disposition fees with respect to real estate properties sold are recorded as a component of the gain or loss on sale of real estate in the accompanying consolidated statements of operations. (3) Reimbursable offering costs to Pacific Oak Capital Advisors related to the terminated PORT private offering.

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Joint Ventures	As of June 30, 2024 and December 31, 2023, the Company’s investments in unconsolidated entities were composed of the following (in thousands): Number of Properties as of June 30, 2024 Investment Balance as of Joint Venture Location Ownership % June 30, 2024 December 31, 2023 110 William Joint Venture 1 New York, New York (1) $ 44,812 (1) $ 22,314 Pacific Oak Opportunity Zone Fund I 4 Various 47.0% 21,324 (2) 23,587 353 Sacramento Joint Venture 1 San Francisco, California 55.0% — (3) — $ 66,136 $ 45,901 _____________________ (1) The Company committed to funding up to $105.0 million (the “Capital Commitments”) to the 110 William Joint Venture in exchange for 77.5% of preferred interest in the joint venture. As of June 30, 2024, the Company owned 100% of the common interest in the joint venture. Refer to Note 9 for additional details. (2) The maximum exposure to loss as a result of the Company’s investment in the Pacific Oak Opportunity Zone Fund I is limited to the carrying amount of the investment. (3) The Company suspended the equity method of accounting for the 353 Sacramento Joint Venture. The following summarizes financial information for investment in unconsolidated entities (in thousands): June 30, 2024 December 31, 2023 Assets: Real estate, net $ 412,474 $ 411,028 Total assets 499,207 468,002 Liabilities: Notes payable, net (1) 418,016 410,563 Total liabilities 437,601 427,794 Total equity $ 61,606 $ 40,207 _____________________ (1) The Company guaranteed all debt servicing costs and timely debt payments by the 110 William Joint Venture. As of both June 30, 2024 and December 31, 2023, the 110 William Joint Venture had $248.7 million of variable rate debt outstanding that was subject to the Company’s guarantee and additionally, subject to meeting certain future conditions, the 110 William Joint Venture has a facility to draw an additional $56.7 million of debt. The debt was collateralized by the underlying real estate and has an initial maturity date of July 5, 2026, although the maturity date may be extended under certain circumstances. Debt and interest payments were current as of June 30, 2024. Refer to Note 9 for additional details. For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Total revenues $ 13,703 $ 10,673 $ 22,979 $ 21,793 Operating loss (18,144) (13,718) (28,374) (27,753) Net loss $ (18,120) $ (13,771) $ (28,350) $ (27,719)

REPORTING SEGMENTS (Tables)

REPORTING SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 are as follows (in thousands): Three Months Ended June 30, 2024 Strategic Opportunistic Properties Residential Homes Hotel Total Total revenues $ 22,921 $ 8,653 $ 2,235 $ 33,809 Total expenses (55,397) (11,103) (3,482) (69,982) Total other (loss) income (9,677) 177 15 (9,485) Net loss before income taxes $ (42,153) $ (2,273) $ (1,232) $ (45,658) Six Months Ended June 30, 2024 Strategic Opportunistic Properties Residential Homes Hotel Total Total revenues $ 46,054 $ 17,718 $ 5,039 $ 68,811 Total expenses (127,523) (22,037) (9,898) (159,458) Total other (loss) income (32,333) 284 44 (32,005) Net loss before income taxes $ (113,802) $ (4,035) $ (4,815) $ (122,652) Three Months Ended June 30, 2023 Strategic Opportunistic Properties Residential Homes Hotel Total Total revenues $ 23,874 $ 9,457 $ 2,565 $ 35,896 Total expenses (64,298) (11,403) (3,261) (78,962) Total other (loss) income (14,482) 21 46 (14,415) Net loss before income taxes $ (54,906) $ (1,925) $ (650) $ (57,481) Six Months Ended June 30, 2023 Strategic Opportunistic Properties Residential Homes Hotel Total Total revenues $ 49,761 $ 18,782 $ 5,478 $ 74,021 Total expenses (119,673) (22,668) (6,162) (148,503) Total other income 797 21 75 893 Net loss before income taxes $ (69,115) $ (3,865) $ (609) $ (73,589) Total assets related to the reporting segments as of June 30, 2024 and December 31, 2023 are as follows (in thousands): Strategic Opportunistic Properties Residential Homes Hotel Total Total assets as of June 30, 2024 $ 898,458 $ 292,220 $ 38,556 $ 1,229,234 Total assets as of December 31, 2023 $ 1,024,555 $ 315,957 $ 47,631 $ 1,388,143

COMMITMENTS, CONTINGENCIES AN_2

COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Cost	As of June 30, 2024 and December 31, 2023, the Company’s lease and rights to a leasehold interest with respect to 210 West 31st, which was accounted as a finance lease, are included in the consolidated balance sheet as follows: June 30, 2024 December 31, 2023 Right-of-use asset (included in real estate held for investment, net, in thousands) $ 6,391 $ 6,391 Lease obligation (included in other liabilities, in thousands) 9,584 9,537 Remaining lease term 89.5 years 90.0 years Discount rate 4.8 % 4.8 %
Schedule of Finance Lease, Liability, Fiscal Year Maturity	As of June 30, 2024, the Company had a leasehold interest expiring in 2114. Future minimum lease payments under the Company’s finance lease as of June 30, 2024 are as follows (in thousands): July 1, 2024 through December 31, 2024 $ 180 2025 393 2026 396 2027 396 2028 396 Thereafter 51,375 Total expected minimum lease obligations 53,136 Less: Amount representing interest (1) (43,552) Present value of net minimum lease payments (2) $ 9,584 _____________________ (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 is included in other liabilities in the accompanying consolidated balance sheets.

ORGANIZATION (Details)

ORGANIZATION (Details)	6 Months Ended
	Jun. 30, 2024 shares	Dec. 31, 2023 shares	Dec. 18, 2015 certificate shares
Organizational Structure [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	103,016,968	103,310,648
Operating Partnership
Organizational Structure [Line Items]
Partnership interest in operating partnership	0.10%
Partnership interest in the operating partnership and is its sole limited partner	99.90%
Pacific Oak Strategic Opportunity BVI
Organizational Structure [Line Items]
Common stock, shares authorized (in shares)			50,000
Number of certificates issued | certificate			1
Pacific Oak Strategic Opportunity BVI | 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, 2024 USD ($) segment property	Jun. 30, 2023 USD ($) segment	Jun. 30, 2024 USD ($) property market segment	Jun. 30, 2023 USD ($) segment	Aug. 09, 2024 USD ($)
Segment Reporting Information [Line Items]
Periodic payment	$ 268,058		$ 268,058
Number of reportable segments | segment	3	3	3	3
Equity securities, realized losses	$ 4,900		$ 31,600
Unrealized gains on real estate equity securities	$ 3,600		$ 15,000
Equity securities, realized gains		$ 5,800		$ 5,800
Unrealized losses on real estate equity securities		$ 9,900		$ 21,900
Subsequent Event
Segment Reporting Information [Line Items]
Periodic payment					$ 372,200
Hotel
Segment Reporting Information [Line Items]
Number of real estate properties | property	1		1
Residential Homes
Segment Reporting Information [Line Items]
Number of reportable segments | segment			1
Single family home markets | market			18
Minimum | Mortgages
Segment Reporting Information [Line Items]
Long-term debt, term	3 years		3 years
Maximum | Mortgages
Segment Reporting Information [Line Items]
Long-term debt, term	5 years		5 years

REAL ESTATE HELD FOR INVESTME_3

REAL ESTATE HELD FOR INVESTMENT - Narrative (Details) ft² in Millions	Jun. 30, 2024 a ft² investment property unit portfolio room
Office Properties
Real Estate Properties [Line Items]
Number of real estate properties	9
Percentage of portfolio occupied	68%
Undeveloped Land, Portfolio
Real Estate Properties [Line Items]
Rentable square feet | ft²	3.2
Residential Home Portfolio
Real Estate Properties [Line Items]
Number of real estate properties | portfolio	1
Percentage of portfolio occupied	95%
Number of units in real estate property	2,155
Apartment Building
Real Estate Properties [Line Items]
Number of real estate properties	2
Percentage of portfolio occupied	91%
Number of units in real estate property | unit	609
Hotel revenues
Real Estate Properties [Line Items]
Number of real estate properties	1
Number of rooms | room	196
Undeveloped Land
Real Estate Properties [Line Items]
Number of investments in real estate | investment	4
Developable acres | a	581
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 - Real Estate Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Total real estate, cost	$ 1,177,801	$ 1,259,038
Accumulated depreciation and amortization	(149,794)	(167,157)
Total real estate held for investment, net	1,028,007	1,091,881
Land
Real Estate Properties [Line Items]
Total real estate, cost	246,745	253,075
Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost	917,448	988,883
Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost	$ 13,608	$ 17,080

REAL ESTATE HELD FOR INVESTME_5

REAL ESTATE HELD FOR INVESTMENT - Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Operating Leased Assets [Line Items]
Security deposit liability	$ 5.8		$ 5.8		$ 5.9
Recognition of deferred revenue, net of discontinued operations	0.3	$ 0.7	0.4	$ 1.5
Deferred rent receivables	20.1		20.1		19.1
Incentive to lessee	$ 3		$ 3		$ 2.5
Maximum
Operating Leased Assets [Line Items]
Operating lease, term	16 years 2 months 12 days		16 years 2 months 12 days
Weighted Average
Operating Leased Assets [Line Items]
Operating lease, term	3 years 4 months 24 days		3 years 4 months 24 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, 2024 USD ($)
Real Estate [Abstract]
July 1, 2024 through December 31, 2024	$ 29,761
2025	56,600
2026	44,974
2027	36,444
2028	29,428
Thereafter	69,286
Future minimum rental income	$ 266,493

REAL ESTATE HELD FOR INVESTME_7

REAL ESTATE HELD FOR INVESTMENT - Geographic Concentration Risk (Details) - Assets, Total - Geographic Concentration Risk	6 Months Ended
	Jun. 30, 2024
California
Concentration Risk [Line Items]
Concentration risk, percentage	20.20%
Georgia
Concentration Risk [Line Items]
Concentration risk, percentage	10.50%

REAL ESTATE HELD FOR INVESTME_8

REAL ESTATE HELD FOR INVESTMENT - Hotel Revenue and Expenses (Details) - Hotel revenues - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Revenue	$ 2,235	$ 2,565	$ 5,039	$ 5,478
Room
Revenues:
Revenue	1,947	2,240	4,413	4,805
Other
Revenues:
Revenue	$ 288	$ 325	$ 626	$ 673

REAL ESTATE HELD FOR INVESTME_9

REAL ESTATE HELD FOR INVESTMENT - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Product Liability Contingency [Line Items]
Contract with customer, liability, revenue recognized			$ 325	$ 1,508
Other Liabilities
Product Liability Contingency [Line Items]
Contract with customer, liability	$ 19,800		19,800		$ 23,800
Contract with customer, liability, revenue recognized	$ 1,500	$ 800	$ 4,000	$ 1,500

REAL ESTATE HELD FOR INVESTM_10

REAL ESTATE HELD FOR INVESTMENT - Impairment of Real Estate (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property
Real Estate Properties [Line Items]
Impairment charges on real estate and related intangibles | $	$ 21,026	$ 18,926	$ 60,291	$ 36,589
Strategic Opportunistic Properties
Real Estate Properties [Line Items]
Number of properties with write down in carrying value | property		2	3	2

REAL ESTATE HELD FOR INVESTM_11

REAL ESTATE HELD FOR INVESTMENT - Park Highland Purchase and Sale Contracts (Details) - Disposed of by Sale $ in Millions	1 Months Ended
	Jun. 30, 2024 USD ($) property	Mar. 31, 2024 USD ($) a
Park Highlands | Developable Land
Real Estate Properties [Line Items]
Developable land sold | a		454
Proceeds from sale of real estate		$ 195
Park Highlands | Developable Land | Phase One- Closing Date in September 2024
Real Estate Properties [Line Items]
Developable land sold | a		212.14
Proceeds from sale of real estate		$ 91
Park Highlands | Developable Land | Phase Two - Closing Date of July 2025
Real Estate Properties [Line Items]
Developable land sold | a		242.17
Proceeds from sale of real estate		$ 104
Residential Home Portfolio
Real Estate Properties [Line Items]
Proceeds from sale of real estate	$ 9
Number of units in real estate property disposed | property	47

NOTES AND BONDS PAYABLE - Long-

NOTES AND BONDS PAYABLE - Long-term Debt Instruments (Details) $ in Thousands, ₪ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 ILS (₪)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total notes and bonds payable principal outstanding	$ 1,015,688		$ 1,045,821
Deferred financing costs and debt discount and premium, net	(16,246)		(17,138)
Notes and bond payable, net	999,442		1,028,683
Bonds Payable | Series B Bonds
Debt Instrument [Line Items]
Notes payable, net	$ 205,685		321,724
Contractual interest rate, percentage	3.93%	3.93%
Interest rate, effective percentage	3.93%	3.93%
Bonds Payable | Series C Bonds
Debt Instrument [Line Items]
Notes payable, net	$ 95,377		99,461
Contractual interest rate, percentage	9%	9%
Interest rate, effective percentage	9%	9%
Bonds Payable | Series D Bonds
Debt Instrument [Line Items]
Notes payable, net	$ 76,329		0
Contractual interest rate, percentage	9.50%	9.50%
Interest rate, effective percentage	9.50%	9.50%
Bonds Payable | Series Bonds
Debt Instrument [Line Items]
Notes payable, net	$ 377,400	₪ 1,400
Bonds Payable | Series Bonds | Collateralized by Real Estate
Debt Instrument [Line Items]
Notes payable, net	95,400	₪ 360
Mortgages | Crown Pointe Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 54,738		54,738
Interest rate, effective percentage	7.64%	7.64%
Mortgages | Crown Pointe Mortgage Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	2.30%
Mortgages | Georgia 400 Center Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 39,966		40,184
Interest rate, effective percentage	8.09%	8.09%
Mortgages | Georgia 400 Center Mortgage Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Mortgages | PORT Mortgage Loan 1
Debt Instrument [Line Items]
Notes payable, net	$ 34,967		34,967
Contractual interest rate, percentage	4.74%	4.74%
Interest rate, effective percentage	4.74%	4.74%
Mortgages | PORT Mortgage Loan 2
Debt Instrument [Line Items]
Notes payable, net	$ 10,523		10,523
Contractual interest rate, percentage	4.72%	4.72%
Interest rate, effective percentage	4.72%	4.72%
Mortgages | PORT MetLife Loan
Debt Instrument [Line Items]
Notes payable, net	$ 57,267		59,091
Contractual interest rate, percentage	3.90%	3.90%
Interest rate, effective percentage	3.90%	3.90%
Amount under guarantees	$ 193,900
Mortgages | PORT MetLife Loan
Debt Instrument [Line Items]
Notes payable, net	$ 93,564		93,388
Contractual interest rate, percentage	3.99%	3.99%
Interest rate, effective percentage	3.99%	3.99%
Amount under guarantees	$ 193,900
Mortgages | Lincoln Court Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 33,110		33,310
Interest rate, effective percentage	8.59%	8.59%
Amount under guarantees	$ 193,900
Mortgages | Lincoln Court Mortgage Loan | SOFR
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	$ 68,451		68,451
Interest rate, effective percentage	7.52%	7.52%
Mortgages | Lofts at NoHo Commons Mortgage Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	2.18%
Mortgages | Lofts at NoHo Commons Mortgage Loan | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Mortgages | Madison Square Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 20,493		17,962
Contractual interest rate, percentage	4.63%	4.63%
Interest rate, effective percentage	3.99%	3.99%
Amount under guarantees	$ 193,900
Mortgages | Bank of America Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 171,036		175,234
Interest rate, effective percentage	8.16%	8.16%
Mortgages | Bank of America Mortgage Loan | BSBY
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Mortgages | NexBank Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 34,182		0
Interest rate, effective percentage	8.84%	8.84%
Mortgages | NexBank Mortgage Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Mortgages | Eight & Nine Corporate Centre Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 20,000		0
Interest rate, effective percentage	10.24%	10.24%
Mortgages | Eight & Nine Corporate Centre Mortgage Loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	4.90%
Mortgages | Eight & Nine Corporate Centre Mortgage Loan | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	4.90%
Mortgages | Eight & Nine Corporate Centre Mortgage Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	8.90%
Mortgages | Richardson Office Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 0		12,209
Mortgages | Q&C Hotel Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 0		$ 24,579
Mortgages | Q&C Hotel Mortgage Loan | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Mortgages | Q&C Hotel Mortgage Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	7.50%

NOTES AND BONDS PAYABLE - Narra

NOTES AND BONDS PAYABLE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Interest expense, net	$ 18,000	$ 15,800	$ 34,800	$ 31,800
Amortization of deferred financing costs and debt discount and premium, net	2,500	2,200	4,800	4,600
Interest capitalized			2,186	1,743
Interest payable	8,500		8,500		$ 9,000
Undeveloped Land
Debt Instrument [Line Items]
Interest capitalized	$ 1,100	$ 900	$ 2,200	$ 1,700

NOTES AND BONDS PAYABLE - Matur

NOTES AND BONDS PAYABLE - Maturities of Long-term Debt (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Notes and Bonds Payable [Abstract]
July 1, 2024 through December 31, 2024	$ 143,293
2025	268,058
2026	528,009
2027	25,443
2028	25,443
Thereafter	25,442
Notes and bond payable outstanding	$ 1,015,688

FAIR VALUE DISCLOSURES - Face V

FAIR VALUE DISCLOSURES - Face Value, Carrying Amounts and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	$ 631,472	$ 620,262
Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	627,950	611,725
Level 1 | Carrying Amount | Pacific Oak SOR BVI Series B Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	198,900	312,458
Level 1 | Carrying Amount | Pacific Oak SOR BVI Series C Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	92,741	95,963
Level 1 | Carrying Amount | Pacific Oak SOR BVI Series D Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	76,329	0
Level 1 | Fair Value | Pacific Oak SOR BVI Series B Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	196,764	296,380
Level 1 | Fair Value | Pacific Oak SOR BVI Series C Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	99,173	102,664
Level 1 | Fair Value | Pacific Oak SOR BVI Series D Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, value	$ 77,520	$ 0

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	$ 8,598	$ 41,609
Asset derivative - interest rate caps		1,236
Asset derivative - foreign currency collar		3,655
Recurring Basis | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative - interest rate caps	1,446
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	8,598	41,609
Asset derivative - interest rate caps		0
Asset derivative - foreign currency collar		0
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative - interest rate caps	0
Recurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0	0
Asset derivative - interest rate caps		1,236
Asset derivative - foreign currency collar		3,655
Recurring Basis | Significant Other Observable Inputs (Level 2) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative - interest rate caps	1,446
Recurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0	0
Asset derivative - interest rate caps		0
Asset derivative - foreign currency collar		0
Recurring Basis | Significant Unobservable Inputs (Level 3) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative - interest rate caps	0
Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	276,875	193,529
Nonrecurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	0	0
Nonrecurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	0	0
Nonrecurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	$ 276,875	$ 193,529

FAIR VALUE DISCLOSURES - Narrat

FAIR VALUE DISCLOSURES - Narrative (Details) - property	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate properties, measurement input	0.15%
Number of real estate properties	2
Valuation, Income Approach
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of real estate properties	2
Measurement Input, Discount Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate properties, measurement input	8.75%
Measurement Input, Discount Rate | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate properties, measurement input	7.50%	8.25%
Measurement Input, Discount Rate | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate properties, measurement input	9%	8.75%
Measurement Input Terminal Cap Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate properties, measurement input	7%
Measurement Input Terminal Cap Rate | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate properties, measurement input	7%	7%
Measurement Input Terminal Cap Rate | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate properties, measurement input	8.25%	8%
Measurement Input, Discount for Lack of Marketability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate properties, measurement input	20%
Measurement Input, Discount for Lack of Control
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate properties, measurement input	20%

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related Party Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Expensed	$ 1,784	$ 1,984	$ 3,652	$ 3,945
DMH Realty, LLC
Related Party Transaction [Line Items]
Expensed	4,540	5,521	9,334	10,521
Payable as of	10,976		10,976		$ 7,902
DMH Realty, LLC | Asset management fees
Related Party Transaction [Line Items]
Expensed	3,872	3,710	7,974	7,684
Payable as of	10,097		10,097		6,855
DMH Realty, LLC | Property management fee
Related Party Transaction [Line Items]
Expensed	647	859	1,324	1,523
Payable as of	135		135		153
DMH Realty, LLC | Disposition fees
Related Party Transaction [Line Items]
Expensed	21	58	36	420
Payable as of	0		0		0
DMH Realty, LLC | Reimbursable offering costs
Related Party Transaction [Line Items]
Expensed	0	$ 894	0	$ 894
Payable as of	$ 744		$ 744		$ 894

RELATED PARTY TRANSACTIONS - Pa

RELATED PARTY TRANSACTIONS - Pacific Oak Opportunity Zone Fund I (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Distributions of capital from an unconsolidated entity			$ 1,497	$ 1,144
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Distributions of capital from an unconsolidated entity	$ 1,500	$ 0	$ 1,500	$ 0

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment balance	$ 66,136		$ 66,136			$ 45,901
Real estate, net	1,028,007		1,028,007			1,091,881
Total assets	1,229,234		1,229,234			1,388,143
Notes payable, net	0		0			1,969
Total liabilities	1,090,396		1,090,396			1,124,779
Total equity	138,838	$ 336,528	138,838	$ 336,528	$ 186,720	263,364	$ 396,623	$ 416,393
Total revenues	33,809	35,896	68,811	74,021
Operating loss	(9,485)	(14,415)	(32,005)	893
Net loss	(45,658)	(57,481)	(122,652)	(77,251)
110 William Joint Venture | Variable Rate
Schedule of Equity Method Investments [Line Items]
Amount outstanding	248,700		248,700			248,700
Line of credit facility, remaining borrowing capacity	56,700		56,700			56,700
Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Real estate, net	412,474		412,474			411,028
Total assets	499,207		499,207			468,002
Notes payable, net	418,016		418,016			410,563
Total liabilities	437,601		437,601			427,794
Total equity	61,606		61,606			40,207
Total revenues	13,703	10,673	22,979	21,793
Operating loss	(18,144)	(13,718)	(28,374)	(27,753)
Net loss	$ (18,120)	$ (13,771)	$ (28,350)	$ (27,719)
110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	1		1
Ownership %	100%		100%
Investment balance	$ 44,812		$ 44,812			22,314
Ownership percentage acquired			77.50%
110 William Joint Venture | Maximum
Schedule of Equity Method Investments [Line Items]
Other commitment	$ 105,000		$ 105,000
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	4		4
Ownership %	47%		47%
Investment balance	$ 21,324		$ 21,324			23,587
353 Sacramento Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	1		1
Ownership %	55%		55%
Investment balance	$ 0		$ 0			$ 0

REPORTING SEGMENTS (Details)

REPORTING SEGMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($) segment	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	3	3	3	3
Income Statement [Abstract]
Total revenues	$ 33,809	$ 35,896	$ 68,811	$ 74,021
Total expenses	(69,982)	(78,962)	(159,458)	(148,503)
Total other (loss) income	(9,485)	(14,415)	(32,005)	893
Net loss before income taxes	(45,658)	(57,481)	(122,652)	(73,589)
Assets and Liabilities held for Sale
Total assets	1,229,234		1,229,234		$ 1,388,143
Strategic Opportunistic Properties
Income Statement [Abstract]
Total revenues	22,921	23,874	46,054	49,761
Total expenses	(55,397)	(64,298)	(127,523)	(119,673)
Total other (loss) income	(9,677)	(14,482)	(32,333)	797
Net loss before income taxes	(42,153)	(54,906)	(113,802)	(69,115)
Assets and Liabilities held for Sale
Total assets	898,458		$ 898,458		1,024,555
Residential Homes
Segment Reporting [Abstract]
Number of reportable segments | segment			1
Income Statement [Abstract]
Total revenues	8,653	9,457	$ 17,718	18,782
Total expenses	(11,103)	(11,403)	(22,037)	(22,668)
Total other (loss) income	177	21	284	21
Net loss before income taxes	(2,273)	(1,925)	(4,035)	(3,865)
Assets and Liabilities held for Sale
Total assets	292,220		292,220		315,957
Hotel
Income Statement [Abstract]
Total revenues	2,235	2,565	5,039	5,478
Total expenses	(3,482)	(3,261)	(9,898)	(6,162)
Total other (loss) income	15	46	44	75
Net loss before income taxes	(1,232)	$ (650)	(4,815)	$ (609)
Assets and Liabilities held for Sale
Total assets	$ 38,556		$ 38,556		$ 47,631

COMMITMENTS, CONTINGENCIES AN_3

COMMITMENTS, CONTINGENCIES AND GUARANTEES - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Real estate held for investment, net	Real estate held for investment, net
Right-of-use asset (included in real estate held for investment, net)	$ 6,391	$ 6,391
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Lease obligation (included in other liabilities)	$ 9,584	$ 9,537
Remaining lease term	89 years 6 months	90 years
Discount rate	4.80%	4.80%

COMMITMENTS, CONTINGENCIES AN_4

COMMITMENTS, CONTINGENCIES AND GUARANTEES - Finance Lease, Liability, Fiscal Year Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
July 1, 2024 through December 31, 2024	$ 180
2025	393
2026	396
2027	396
2028	396
Thereafter	51,375
Total expected minimum lease obligations	53,136
Less: Amount representing interest	(43,552)
Present value of net minimum lease payments	$ 9,584	$ 9,537

COMMITMENTS, CONTINGENCIES AN_5

COMMITMENTS, CONTINGENCIES AND GUARANTEES - Narrative (Details)	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Liabilities related to guarantee agreements	$ 0
Capital Commitments
Loss Contingencies [Line Items]
Other commitment	$ 38,000,000