KBS Real Estate Investment Trust III (KBSR) 10-Q 16 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 09, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	000-54687
Entity Registrant Name	KBS REAL ESTATE INVESTMENT TRUST III, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1627696
Entity Address, Address Line One	800 Newport Center Drive, Suite 700
Entity Address, City or Town	Newport Beach,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92660
City Area Code	949
Local Phone Number	417-6500
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		184,072,237
Entity Central Index Key	0001482430
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real estate:
Land	$ 306,871	$ 308,920
Buildings and improvements	2,144,959	2,092,928
Tenant origination and absorption costs	84,330	95,808
Total real estate held for investment, cost	2,536,160	2,497,656
Less accumulated depreciation and amortization	(504,815)	(444,299)
Total real estate held for investment, net	2,031,345	2,053,357
Real estate held for sale, net	0	122,264
Total real estate, net	2,031,345	2,175,621
Real estate loan receivable, net (allowance for credit losses of $680)	148,290	0
Total real estate and real estate-related investments, net	2,179,635	2,175,621
Cash and cash equivalents	34,402	43,984
Restricted cash	5,288	5,288
Investment in an unconsolidated entity	232,649	253,371
Rents and other receivables, net	90,522	83,446
Above-market leases, net	475	566
Prepaid expenses and other assets	81,709	76,651
Total assets	2,624,680	2,638,927
Liabilities and equity
Notes payable, net	1,492,125	1,459,879
Accounts payable and accrued liabilities	54,033	71,381
Due to affiliate	8,872	7,886
Distributions payable	9,142	9,392
Below-market leases, net	7,621	9,849
Other liabilities	89,582	43,526
Total liabilities	1,661,375	1,601,913
Commitments and contingencies (Note 12)
Redeemable common stock	78,370	51,704
KBS Real Estate Investment Trust III, Inc. stockholders’ equity
Preferred stock, $.01 par value per share; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.01 par value per share; 1,000,000,000 shares authorized, 183,416,278 and 180,970,743 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	1,834	1,810
Additional paid-in capital	1,600,353	1,600,416
Cumulative distributions in excess of net income	(717,252)	(617,171)
Total KBS Real Estate Investment Trust III, Inc. stockholders’ equity	884,935	985,055
Noncontrolling interest	0	255
Total equity	884,935	985,310
Total liabilities and equity	$ 2,624,680	$ 2,638,927

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 680
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000,000	10,000,000,000
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)	1,000,000,000,000	1,000,000,000,000
Common stock, shares issued (in shares)	183,416,278	180,970,743
Common stock, shares outstanding (in shares)	183,416,278	180,970,743

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental income	$ 69,159	$ 76,348	$ 211,385	$ 285,198
Interest income from real estate loan receivable	2,029	0	3,236	0
Other operating income	4,315	6,633	14,555	23,670
Total revenues	75,503	82,981	229,176	308,868
Expenses:
Operating, maintenance and management	17,198	22,119	52,553	72,132
Real estate taxes and insurance	14,140	13,813	43,052	49,677
Asset management fees to affiliate	5,311	5,541	15,704	19,412
General and administrative expenses	1,560	1,491	4,756	5,433
Depreciation and amortization	27,879	29,862	82,629	112,902
Interest expense	8,918	20,350	71,460	105,701
Impairment charges on real estate	0	0	19,896	8,706
Total expenses	75,006	93,176	290,050	373,963
Other income (loss):
Other income	0	4,068	0	4,090
Other interest income	13	282	60	546
Equity in income (loss) of an unconsolidated entity	588	(2,556)	(1,408)	(2,556)
Loss from extinguishment of debt	0	(2,033)	(188)	(2,229)
Gain on sale of real estate, net	21	327,311	50,959	327,311
Provision for credit loss	0	0	(680)	0
Total other income, net	622	327,072	48,743	327,162
Net income (loss)	1,119	316,877	(12,131)	262,067
Net loss (income) attributable to noncontrolling interest	0	7	(6,145)	24
Net income (loss) attributable to common stockholders	$ 1,119	$ 316,884	$ (18,276)	$ 262,091
Net income (loss) per common share, basic and diluted (in dollars per share)	$ 0.01	$ 1.82	$ (0.10)	$ 1.50
Weighted-average number of common shares outstanding, basic and diluted (in shares)	183,174,688	174,447,810	182,386,530	174,916,229

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Net Income (Loss)	Noncontrolling Interest
Balance (in shares) at Dec. 31, 2018			177,523,853
Balance at Dec. 31, 2018	$ 930,895	$ 930,612	$ 1,775	$ 1,555,380	$ (626,543)	$ 283
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	262,067	262,091			262,091	(24)
Issuance of common stock (in shares)			3,434,259
Issuance of common stock	39,219	39,219	$ 34	39,185
Transfers from redeemable common stock	13,164	13,164		13,164
Redemptions of common stock (in shares)			(8,520,642)
Redemptions of common stock	(97,672)	(97,672)	$ (85)	(97,587)
Distributions declared	(85,285)	(85,285)			(85,285)
Other offering costs	(3)	(3)		(3)
Balance (in shares) at Sep. 30, 2019			172,437,470
Balance at Sep. 30, 2019	1,062,385	1,062,126	$ 1,724	1,510,139	(449,737)	259
Balance (in shares) at Jun. 30, 2019			175,001,561
Balance at Jun. 30, 2019	814,104	813,838	$ 1,750	1,550,351	(738,263)	266
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	316,877	316,884			316,884	(7)
Issuance of common stock (in shares)			1,116,391
Issuance of common stock	12,748	12,748	$ 11	12,737
Transfers to redeemable common stock	(10,864)	(10,864)		(10,864)
Redemptions of common stock (in shares)			(3,680,482)
Redemptions of common stock	(42,122)	(42,122)	$ (37)	(42,085)
Distributions declared	(28,358)	(28,358)			(28,358)
Balance (in shares) at Sep. 30, 2019			172,437,470
Balance at Sep. 30, 2019	$ 1,062,385	1,062,126	$ 1,724	1,510,139	(449,737)	259
Balance (in shares) at Dec. 31, 2019	180,970,743		180,970,743
Balance at Dec. 31, 2019	$ 985,310	985,055	$ 1,810	1,600,416	(617,171)	255
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(12,131)	(18,276)			(18,276)	6,145
Issuance of common stock (in shares)			3,186,782
Issuance of common stock	35,277	35,277	$ 32	35,245
Transfers to redeemable common stock	(26,666)	(26,666)		(26,666)
Redemptions of common stock (in shares)			(741,247)
Redemptions of common stock	(8,635)	(8,635)	$ (8)	(8,627)
Distributions declared	(81,805)	(81,805)			(81,805)
Other offering costs	(15)	(15)		(15)
Distribution to noncontrolling interest	$ (6,400)	0				(6,400)
Balance (in shares) at Sep. 30, 2020	183,416,278		183,416,278
Balance at Sep. 30, 2020	$ 884,935	884,935	$ 1,834	1,600,353	(717,252)	0
Balance (in shares) at Jun. 30, 2020			182,564,608
Balance at Jun. 30, 2020	911,206	911,206	$ 1,826	1,600,363	(690,983)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,119	1,119			1,119	0
Issuance of common stock (in shares)			1,052,825
Issuance of common stock	11,655	11,655	$ 11	11,644
Transfers to redeemable common stock	(9,311)	(9,311)		(9,311)
Redemptions of common stock (in shares)			(201,155)
Redemptions of common stock	(2,343)	(2,343)	$ (3)	(2,340)
Distributions declared	(27,388)	(27,388)			(27,388)
Other offering costs	$ (3)	(3)		(3)
Balance (in shares) at Sep. 30, 2020	183,416,278		183,416,278
Balance at Sep. 30, 2020	$ 884,935	$ 884,935	$ 1,834	$ 1,600,353	$ (717,252)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net (loss) income	$ (12,131)	$ 262,067
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	82,629	112,902
Impairment charges on real estate	19,896	8,706
Noncash interest income on real estate loan receivable	(1,172)	0
Provision for credit loss	680	0
Equity in loss of an unconsolidated entity	1,408	2,556
Distribution of operating cash flow from an unconsolidated entity	19,314	0
Deferred rents	(4,041)	(4,245)
Amortization of above- and below-market leases, net	(2,137)	(2,832)
Amortization of deferred financing costs	3,184	4,346
Unrealized losses on derivative instruments	29,484	41,706
Loss from extinguishment of debt	188	2,229
Gain on sale of real estate	(50,959)	(327,311)
Changes in operating assets and liabilities:
Rents and other receivables	(4,532)	(2,206)
Prepaid expenses and other assets	(11,827)	(33,140)
Accounts payable and accrued liabilities	(4,428)	(2,688)
Other liabilities	5,746	(11,124)
Due to (from) affiliates	2,119	(2,583)
Net cash provided by operating activities	73,421	48,383
Cash Flows from Investing Activities:
Improvements to real estate	(70,835)	(57,738)
Proceeds from sale of real estate, net	26,592	931,589
Proceeds from the sale of equity securities	0	16,186
Payments for construction in progress	(3,277)	(19,818)
Origination costs on real estate loan receivable	(120)	0
Payments of post-closing acquisition costs	0	(1,014)
Escrow deposits for tenant improvements	0	972
Insurance proceeds received for property damage	0	867
Net cash (used in) provided by investing activities	(47,640)	871,044
Cash Flows from Financing Activities:
Proceeds from notes payable	104,510	322,590
Principal payments on notes payable	(74,202)	(1,107,218)
Payments of deferred financing costs	(2,811)	(2,508)
Payments to redeem common stock	(8,635)	(97,672)
Payments of prepaid other offering costs	(1,032)	0
Payments of other offering costs	(15)	(3)
Distribution to noncontrolling interest	(6,400)	0
Distributions paid to common stockholders	(46,778)	(46,525)
Net cash used in financing activities	(35,363)	(931,336)
Net decrease in cash, cash equivalents and restricted cash	(9,582)	(11,909)
Cash, cash equivalents and restricted cash, beginning of period	49,272	76,038
Cash, cash equivalents and restricted cash, end of period	39,690	64,129
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest of $1,711 for the nine months ended September 30, 2019	39,293	62,199
Supplemental Disclosure of Noncash Investing and Financing Activities:
Equity securities received in connection with the portfolio sale	0	271,000
Distributions payable	9,142	9,343
Redeemable common stock payable	0	11,658
Accrued improvements to real estate	14,900	23,553
Construction in progress payable	0	5,011
Acquisition fee related to construction in progress due to affiliate	0	1,091
Real estate loan receivable provided to purchaser of real estate	147,678	0
Accrued prepaid other offering costs	705	58
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	$ 35,277	$ 39,219

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Statement of Cash Flows [Abstract]
Interest capitalized	$ 1,711

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION KBS Real Estate Investment Trust III, Inc. (the “Company”) was formed on December 22, 2009 as a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2011 and it intends to continue to operate in such manner. Substantially all of the Company’s business is conducted through KBS Limited Partnership III (the “Operating Partnership”), a Delaware limited partnership. The Company is the sole general partner of and owns a 0.1% partnership interest in the Operating Partnership. KBS REIT Holdings III LLC (“REIT Holdings III”), the limited partner of the Operating Partnership, 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 III. Subject to certain restrictions and limitations, the business of the Company is externally managed by KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, pursuant to an advisory agreement the Company entered into with the Advisor (the “Advisory Agreement”). On January 26, 2010, the Company issued 20,000 shares of its common stock to the Advisor at a purchase price of $10.00 per share. As of September 30, 2020, the Advisor owned 20,857 shares of the Company’s common stock. The Company owns a diverse portfolio of real estate investments. As of September 30, 2020, the Company owned 18 office properties, one mixed-use office/retail property and an investment in the equity securities of Prime US REIT, a Singapore real estate investment trust (the “SREIT”), which is accounted for as an investment in an unconsolidated entity under the equity method of accounting. In addition, as of September 30, 2020, the Company had originated one real estate loan receivable secured by a deed of trust. The Company commenced its initial public offering (the “Offering”) on October 26, 2010. Upon commencing the Offering, the Company retained KBS Capital Markets Group LLC (the “Dealer Manager”), an affiliate of the Company, to serve as the dealer manager of the Offering pursuant to a dealer manager agreement, as amended and restated (the “Dealer Manager Agreement”). The Company ceased offering shares of common stock in the primary Offering on May 29, 2015 and terminated the primary Offering on July 28, 2015. The Company sold 169,006,162 shares of common stock in the primary Offering for gross proceeds of $1.7 billion. As of September 30, 2020, the Company had also sold 35,640,784 shares of common stock under its dividend reinvestment plan for gross offering proceeds of $367.9 million. Also as of September 30, 2020, the Company had redeemed or repurchased 29,230,344 shares sold in the Offering for $320.1 million. Additionally, on October 3, 2014, the Company issued 258,462 shares of common stock for $2.4 million in private transactions exempt from the registration requirements pursuant to Section 4(a)(2) of the Securities Act of 1933. The Company continues to offer shares of common stock under its dividend reinvestment plan. In some states, the Company will need to renew the registration statement annually or file a new registration statement to continue its dividend reinvestment plan offering. The Company may terminate its dividend reinvestment plan offering at any time. COVID-19 Pandemic One of the most significant risks and uncertainties facing the Company and the real estate industry generally continues to be the effect of the ongoing public health crisis of the novel coronavirus disease (“COVID-19”) pandemic. The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business, including how the pandemic is affecting its tenants and its investments in the SREIT and a real estate loan receivable. During the nine months ended September 30, 2020, the Company did not experience significant disruptions in its operations from the COVID-19 pandemic. The Company did, however, recognize an impairment charge on an office/retail property due to the continued deterioration of retail demand at the property which was further impacted by the COVID-19 pandemic. Many of the Company’s tenants have experienced disruptions in their business, some more severely than others. In general, the Company’s retail and restaurant tenants, which comprise approximately 3% of its annualized base rent, have been more severely impacted by the COVID-19 pandemic than its office tenants. In addition, during the second and third quarters, the Company granted rent relief to a number of tenants as a result of the pandemic, but as the impact of the pandemic continues to be felt, these tenants or additional tenants may request rent relief in future periods or become unable to pay rent and therefore, the Company is unable to predict the ultimate impact the pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties. Further, significant reductions in rental revenue in the future related to the impact of the COVID-19 pandemic may limit the Company’s ability to draw on its revolving credit facilities or exercise extension options due to covenants described in the Company’s loan agreements. The Company is evaluating each tenant rent relief request on an individual basis, considering a number of factors. Not all tenant requests will ultimately result in modified agreements, nor is the Company forgoing its contractual rights under its lease agreements. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants and the Company’s investments in the SREIT and a real estate loan receivable depends on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
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, 2019, except for the addition of accounting policies for the Company’s real estate loan receivable that was originated in May 2020. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The consolidated financial statements include the accounts of the Company, REIT Holdings III, the Operating Partnership, their direct and indirect wholly owned subsidiaries, and through May 7, 2020, a joint venture in which the Company held a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements and condensed notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and condensed notes. Actual results could materially differ from those estimates. Per Share Data Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2020 and 2019, respectively. Distributions declared per common share were $0.1625 and $0.4875 in the aggregate for the three and nine months ended September 30, 2019, respectively. Distributions declared per common share were $0.1495 and $0.4485 in the aggregate for the three and nine months ended September 30, 2020, respectively. Distributions declared per common share assumes each share was issued and outstanding each day that was a record date for distributions and were based on a monthly record date for each month during the periods commencing January 2019 through September 2019 and January 2020 through September 2020. For each monthly record date for distributions during the period from January 1, 2019 through September 30, 2019, distributions were calculated at a rate of $0.05416667 per share. For each monthly record date for distributions during the period from January 1, 2020 through September 30, 2020, distributions were calculated at a rate of $0.04983333 per share. Segments The Company has invested in core real estate properties and real estate-related investments with the goal of acquiring a portfolio of income-producing investments. The Company’s real estate properties exhibit similar long-term financial performance and have similar economic characteristics to each other. In addition, the Company considered both quantitative and qualitative thresholds and determined that its investment in a real estate loan receivable does not constitute a reportable segment. Accordingly, the Company aggregated its investments in real estate properties and a real estate loan receivable into one reportable business segment. Square Footage, Occupancy and Other Measures Square footage, occupancy, number of tenants and other measures, including annualized base rent and annualized base rent per square foot, used to describe real estate investments included in these condensed notes to the consolidated financial statements 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. Revenue Recognition Real Estate Loan Receivable Interest income on the Company’s real estate loan receivable is recognized on an accrual basis over the life of the investment using the interest method. Direct loan origination fees and origination or acquisition costs, as well as premiums or discounts, are amortized over the term of the loan as an adjustment to interest income. The Company places loans on non-accrual status when any portion of principal or interest is 90 days past due, or earlier when concern exists as to the ultimate collection of principal or interest. When a loan is placed on non-accrual status, the Company reserves for any outstanding accrued interest receivable through the provision for credit loss and recognizes income on either a cash basis, where interest income is only recorded when received in cash, or on a cost-recovery basis, where all cash receipts are applied against the carrying value of the loan. The Company considers the collectability of the loan’s principal balance in determining whether to recognize income on a cash basis or a cost-recovery basis. The Company will resume the accrual of interest if it determines the collection of interest, according to the contractual terms of the loan, is probable. Real Estate Loans Receivable The Company records real estate loans receivable at amortized cost, net of an allowance for credit losses (if any). The amortized cost of a real estate loan receivable is the outstanding unpaid principal balance, net of unamortized acquisition premiums or discounts and unamortized costs and fees directly associated with the origination or acquisition of the loan. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of a real estate loan receivable to present the net amount expected to be collected. This allowance is accounted for under the current expected credit loss (CECL) model and is measured and recorded upon the initial recognition of the real estate loan receivable and is re-measured at each balance sheet date based on changes in facts and circumstances. The allowance is adjusted through “Provision for credit loss” on the Company’s consolidated statements of operations and is increased or decreased based on the re-measurement of the allowance for credit loss at each balance sheet date. If the Company determines that all or a portion of the real estate loan receivable is no longer collectible, the portion that is deemed uncollectible will be written off and the allowance for credit losses reduced. Recoveries of real estate loans receivable that were previously written off are recorded when cash is received. The Company applies a probability-of-default method to measure the allowance for credit losses which applies the probability of default within a given timeframe by the percentage of the real estate loan receivable not expected to be collected due to default. Additionally, the Company evaluates the potential for adverse changes in the value of the collateral over the contractual life of the real estate loan receivable, the financial condition of the borrower, the probability that it will grant the borrower a concession through modification of the loan terms and other market conditions in calculating the allowance for credit losses. Failure to properly measure an allowance for credit loss could result in the overstatement of earnings and the carrying value of the real estate loan receivable. Actual losses, if any, could differ significantly from estimated amounts. Recently Issued Accounting Standards Update In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”) to provide temporary optional expedients and exceptions to the guidance in GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). Modified contracts that meet the following criteria are eligible for relief from the modification accounting requirements under GAAP: (1) the contract references LIBOR or another rate that is expected to be discontinued due to reference rate reform, (2) the modified terms directly replace or have the potential to replace the reference rate that is expected to be discontinued due to reference rate reform, and (3) any contemporaneous changes to other terms (i.e., those that do not directly replace or have the potential to replace the reference rate) that change or have the potential to change the amount and timing of contractual cash flows must be related to the replacement of the reference rate. For a contract that meets the criteria, the guidance generally allows an entity to account for and present modifications as an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. That is, the modified contract is accounted for as a continuation of the existing contract. In addition, ASU No. 2020-04 provides various optional expedients for hedging relationships affected by reference rate reform, if certain criteria are met. The amendments in ASU No. 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in ASU No. 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. For the period from January 1, 2020 (the earliest date the Company may elect to apply ASU No. 2020-04) through September 30, 2020, the Company did not have any contract modifications that meet the criteria described above, specifically contract modifications that have been modified from LIBOR to an alternative reference rate. The Company’s loan agreements, derivative instruments, and certain lease agreements use LIBOR as the current reference rate. For eligible contract modifications, the Company expects to adopt the temporary optional expedients described in ASU No. 2020-04. The optional expedients for hedging relationships described in ASU No. 2020-04 are not expected to have an impact to the Company as the Company has elected to not designate its derivative instruments as a hedge. In April 2020, the FASB issued a FASB Staff Q&A related to Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic (the “Topic 842 Q&A”). The Company adopted the lease accounting standards of Topic 842 beginning January 1, 2019. Under Topic 842, subsequent changes to lease payments that are not stipulated in the original lease contract are generally accounted for as lease modifications. Some contracts may contain explicit or implicit enforceable rights and obligations that require lease concessions if certain circumstances arise that are beyond the control of the parties to the contract. If a lease contract provides enforceable rights and obligations for concessions in the contract and no changes are made to that contract, the concessions are not accounted for under the lease modification guidance in Topic 842. If concessions granted by lessors are beyond the enforceable rights and obligations in the contract, entities would generally account for those concessions in accordance with the lease modification guidance in Topic 842. Because of the unprecedented and global nature of the COVID-19 pandemic, the FASB staff is aware that it may be exceedingly challenging for entities to determine whether existing contracts provide enforceable rights and obligations for lease concessions and whether those concessions are consistent with the terms of the contract or are modifications to the contract. As such, the FASB staff believes that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 to those contracts. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. For example, this election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. The FASB staff expects that reasonable judgment will be exercised in making those determinations. Some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. A deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes are more preferable than the others. Two of those methods are: (1) Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period and (2) Account for the deferred payments as variable lease payments. In accordance with the Topic 842 Q&A, the Company made the election to account for lease concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the Company as lessor consistent with how those concessions would be accounted for under Topic 842 as though enforceable rights and obligations for those concessions existed. Accordingly, the Company does not analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and elected not to apply the lease modification guidance in Topic 842. For deferrals, the Company accounts for the concessions as if no changes to the lease contract were made and continues to recognize rental income during the deferral period. The amount of deferred rent is assessed for collectability at the end of each reporting period. For rental abatements, the Company recognizes negative variable lease income for the forgiven rent, thereby reversing the rental income and rent receivable for the abated period. The Company has granted a number of lease concessions related to the effects of the COVID-19 pandemic but these lease concessions did not have a material impact to the Company’s consolidated balance sheets as of September 30, 2020 or consolidated statements of operations for the three and nine months ended September 30, 2020. As of September 30, 2020, the Company had entered into lease amendments related to the effects of the COVID-19 pandemic, granting $2.6 million of rent deferrals for the period from March through September 2020, extending the timing of these rental payments to a later period through 2029, and granting $0.9 million in rental abatements. As of September 30, 2020, the Company had $2.4 million of receivables for lease payments that had been deferred as lease concessions related to the effects of the COVID-19 pandemic, of which $0.8 million was reserved for payments not probable of collection, which were included in rent and other receivables, net on the accompanying consolidated balance sheets. For the three and nine months ended September 30, 2020, the Company recorded $0.3 million and $0.9 million, respectively, of rental abatements granted to tenants as a result of the COVID-19 pandemic. Tenants may request additional lease concessions, in the form of rent deferrals or abatements, for future periods, which may have an impact on the Company’s business, financial condition and results of operations, but the ultimate impact will largely depend on future developments with respect to the continued spread and treatment of the virus, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, which the Company cannot accurately predict.

REAL ESTATE

REAL ESTATE	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE Real Estate Held for Investment As of September 30, 2020, the Company’s real estate portfolio held for investment was composed of 18 office properties and one mixed-use office/retail property encompassing in the aggregate approximately 7.8 million rentable square feet. As of September 30, 2020, the Company’s real estate portfolio held for investment was collectively 88% occupied. The following table summarizes the Company’s investments in real estate as of September 30, 2020 (in thousands): Property Date Acquired City State Property Type Total Real Estate, at Cost (1) Accumulated Depreciation and Amortization (1) Total Real Estate, Net (1) Domain Gateway 09/29/2011 Austin TX Office $ 67,019 $ (11,893) $ 55,126 Town Center 03/27/2012 Plano TX Office 129,410 (36,285) 93,125 McEwen Building 04/30/2012 Franklin TN Office 37,974 (9,971) 28,003 Gateway Tech Center 05/09/2012 Salt Lake City UT Office 29,518 (7,377) 22,141 RBC Plaza 01/31/2013 Minneapolis MN Office 154,513 (49,689) 104,824 Preston Commons 06/19/2013 Dallas TX Office 131,510 (26,431) 105,079 Sterling Plaza 06/19/2013 Dallas TX Office 84,693 (19,586) 65,107 201 Spear Street 12/03/2013 San Francisco CA Office 149,339 (24,359) 124,980 Accenture Tower 12/16/2013 Chicago IL Office 455,677 (97,479) 358,198 Anchor Centre 05/22/2014 Phoenix AZ Office 97,484 (22,011) 75,473 Ten Almaden 12/05/2014 San Jose CA Office 127,227 (25,099) 102,128 Towers at Emeryville 12/23/2014 Emeryville CA Office 209,141 (39,263) 169,878 3003 Washington Boulevard 12/30/2014 Arlington VA Office 151,372 (29,284) 122,088 Park Place Village 06/18/2015 Leawood KS Office/Retail 76,875 (1,766) 75,109 201 17th Street 06/23/2015 Atlanta GA Office 104,003 (22,413) 81,590 515 Congress 08/31/2015 Austin TX Office 125,254 (19,650) 105,604 The Almaden 09/23/2015 San Jose CA Office 185,080 (27,534) 157,546 3001 Washington Boulevard 11/06/2015 Arlington VA Office 60,848 (8,466) 52,382 Carillon 01/15/2016 Charlotte NC Office 159,223 (26,259) 132,964 $ 2,536,160 $ (504,815) $ 2,031,345 _____________________ (1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets. As of September 30, 2020, the following property represented more than 10% of the Company’s total assets: Property Location Rentable Total Real Estate, Net Percentage Annualized Base Rent (in thousands) (1) Average Annualized Base Rent per sq. ft. Occupancy Accenture Tower Chicago, IL 1,457,724 $ 358,198 13.6 % $ 32,832 $ 27.88 80.8 % ___________________ (1) Annualized base rent represents annualized contractual base rental income as of September 30, 2020, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. Operating Leases The Company’s office and office/retail properties are leased to tenants under operating leases for which the terms and expirations vary. As of September 30, 2020, the leases had remaining terms, excluding options to extend, of up to 16.8 years with a weighted-average remaining term of 4.8 years. Some of the leases have provisions to extend the term of the leases, options for early termination for all or a part of the leased premises 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 the tenant 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 lease and the creditworthiness of the tenant, but generally is not a significant amount. 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 related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $8.4 million and $8.8 million as of September 30, 2020 and December 31, 2019, respectively. During the three and nine months ended September 30, 2020, the Company excluded from rental income $2.8 million and $7.2 million, respectively, related to lease payments that were deemed not probable of collection. During the three and nine months ended September 30, 2019, the Company excluded from rental income $0.4 million and $1.8 million, respectively, related to lease payments that were deemed not probable of collection. During the three and nine months ended September 30, 2019, the Company recorded bad debt recovery of $0.1 million and $0.4 million, respectively, which was included in operating, maintenance and management expense in the accompanying consolidated statements of operations. No bad debt expense or recovery was recorded during the three and nine months ended September 30, 2020. During the nine months ended September 30, 2020 and 2019, the Company recognized deferred rent from tenants of $4.0 million and $4.2 million, respectively. As of September 30, 2020 and December 31, 2019, the cumulative deferred rent balance was $84.0 million and $80.0 million, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $20.6 million and $21.0 million of unamortized lease incentives as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020, the future minimum rental income from the Company’s properties held for investment under its non-cancelable operating leases was as follows (in thousands): October 1, 2020 through December 31, 2020 $ 56,378 2021 223,540 2022 199,567 2023 171,690 2024 150,543 Thereafter 629,902 $ 1,431,620 As of September 30, 2020, the Company’s office and office/retail properties were leased to approximately 640 tenants over a diverse range of industries and geographic areas. The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Annualized Base Rent Finance 125 $ 44,816 19.0 % Real Estate 60 27,101 11.5 % $ 71,917 30.5 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of September 30, 2020, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. As of September 30, 2020, no other tenant industries accounted for more than 10% of annualized base rent and no tenant accounted for more than 10% of annualized base rent. Geographic Concentration Risk As of September 30, 2020, the Company’s net investments in real estate in California, Texas and Illinois represented 21.1%, 16.2% and 13.6% of the Company’s total assets, respectively. As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the California, Texas and Illinois 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 pay distributions to stockholders. Impairment of Real Estate During the nine months ended September 30, 2020 and 2019, the Company recorded impairment charges of $19.9 million and $8.7 million, respectively, to write down the carrying value of an office/retail property to its estimated fair value as a result of changes in cash flow estimates, including a change to the anticipated hold period of the property, which triggered the future estimated undiscounted cash flows to be lower than the net carrying value of the property. The decrease in cash flow projections was primarily due to the continued lack of demand for the property’s retail component resulting in longer than estimated lease-up periods and lower projected rental rates, mostly due to the impact of the COVID-19 pandemic with respect to the first quarter of 2020. As a result, many retail tenants have requested rent concessions as their businesses have been severely impacted.

REAL ESTATE SALES

REAL ESTATE SALES	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
REAL ESTATE SALES	REAL ESTATE SALESDuring the nine months ended September 30, 2020, the Company sold a multifamily apartment complex held through a consolidated joint venture. In connection with the sale, the Company, through an indirect wholly owned subsidiary, provided seller financing to the purchaser by originating a real estate loan receivable. See Note 6, “Real Estate Loan Receivable - Recent Origination - Hardware Village First Mortgage.” During the year ended December 31, 2019, the Company, through 12 wholly owned subsidiaries, sold 11 of its properties (the “Singapore Portfolio”) to various subsidiaries of the SREIT, which was listed on the Singapore Stock Exchange (“SGX”) on July 19, 2019 (the “Singapore Transaction”). The Company sold the Singapore Portfolio to the SREIT on July 18, 2019. The sale price of the Singapore Portfolio was $1.2 billion, before third-party closing costs, closing credits and other costs of approximately $20.0 million and excluding disposition fees paid to the Advisor of $9.5 million. The following summary presents the components of real estate held for sale, net as of September 30, 2020 and December 31, 2019 (in thousands). No real estate properties were held for sale as of September 30, 2020: September 30, 2020 December 31, 2019 Real estate held for sale, net: Total real estate, at cost $ — $ 127,346 Accumulated depreciation and amortization — (5,082) Total real estate held for sale, net $ — $ 122,264 The results of operations for the multifamily apartment complex held through a consolidated joint venture and the Singapore Portfolio are included in continuing operations on the Company’s consolidated statements of operations. The following table summarizes certain revenues and expenses related to the Singapore Portfolio and the multifamily apartment complex held through a consolidated joint venture for the three and nine months ended September 30, 2020 and 2019 (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Revenues Rental income $ — $ 6,754 $ 1,483 $ 65,200 Other operating income — 684 297 5,456 Total revenues $ — $ 7,438 $ 1,780 $ 70,656 Expenses Operating, maintenance, and management $ — $ 2,434 $ 1,177 $ 17,124 Real estate taxes and insurance — 616 167 8,884 Asset management fees to affiliate — 602 330 4,858 General and administrative expenses — 5 24 14 Depreciation and amortization — 3,000 — 28,318 Interest expense — 2,598 — 18,110 Total expenses $ — $ 9,255 $ 1,698 $ 77,308

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	9 Months Ended
	Sep. 30, 2020
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW- MARKET LEASE LIABILITIES As of September 30, 2020 and December 31, 2019, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination and Above-Market Below-Market September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Cost $ 84,330 $ 95,808 $ 1,146 $ 2,661 $ (24,572) $ (25,630) Accumulated Amortization (54,044) (56,886) (671) (2,095) 16,951 15,781 Net Amount $ 30,286 $ 38,922 $ 475 $ 566 $ (7,621) $ (9,849) Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Three Months Ended September 30, For the Three Months Ended September 30, For the Three Months Ended September 30, 2020 2019 2020 2019 2020 2019 Amortization $ (2,409) $ (3,766) $ (26) $ (142) $ 726 $ 874 Tenant Origination and Above-Market Below-Market For the Nine Months Ended September 30, For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 2020 2019 Amortization $ (7,702) $ (18,185) $ (91) $ (866) $ 2,228 $ 3,698

REAL ESTATE LOAN RECEIVABLE

REAL ESTATE LOAN RECEIVABLE	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
REAL ESTATE LOAN RECEIVABLE	REAL ESTATE LOAN RECEIVABLE As of September 30, 2020, the Company, through an indirect wholly owned subsidiary, had originated one real estate loan receivable as follows (dollars in thousands): Loan Name Location of Related Property or Collateral Date Originated Property Type Loan Type Outstanding Principal Balance as of September 30, 2020 Book Value as of September 30, 2020 (1) Contractual Interest Annualized Effective Interest Rate (2) Maturity Date Hardware Village First Mortgage (3) Salt Lake City, Utah 05/07/20 Apartment Mortgage $150,213 $148,290 (3) 5.34% 05/06/2021 _____________________ (1) Book value represents outstanding principal balance, adjusted for unamortized origination discounts and origination costs and net of an allowance for credit losses. During the nine months ended September 30, 2020, the Company recorded a provision for credit loss of $0.7 million, applying a probability-of-default method to measure the allowance for credit losses. (2) Annualized effective interest rate is calculated as the actual interest income recognized in 2020, using the interest method, annualized and divided by the average amortized cost basis of the investment during 2020. (3) See “Recent Origination - Hardware Village First Mortgage.” The following summarizes the activity related to the real estate loan receivable for the nine months ended September 30, 2020 (in thousands): Real estate loan receivable, net - December 31, 2019 $ — Face value of real estate loan receivable originated 150,213 Discount on real estate loan receivable originated (2,535) Accretion of discount on real estate loan receivable originated 1,230 Origination costs on real estate loan receivable 120 Amortization of origination costs on real estate loan receivable (58) Provision for credit loss (680) Real estate loan receivable, net - September 30, 2020 $ 148,290 For the three and nine months ended September 30, 2020, interest income from the real estate loan receivable consisted of the following (in thousands): For the Three Months Ended September 30, 2020 For the Nine Months Ended September 30, 2020 Contractual interest income $ 1,387 $ 2,064 Accretion of origination discount 674 1,230 Amortization of origination costs (32) (58) Interest income from real estate loan receivable $ 2,029 $ 3,236 As of September 30, 2020, the Company had $0.5 million of accrued interest receivable included in rents and other receivables, net on the consolidated balance sheet. As of September 30, 2020, the borrower under the Hardware Village First Mortgage was current on its payments. Recent Origination Hardware Village First Mortgage On May 7, 2020, the Company through a consolidated joint venture (the “Hardware Village Joint Venture”) sold a multi-family apartment project (“Hardware Village”) to a buyer unaffiliated with the Hardware Village Joint Venture, the Company or the Advisor for a purchase price of $178.0 million, before third-party closing costs, credits and the disposition fee payable to the Advisor. The purchase price was paid in a combination of approximately $27.8 million in cash and approximately $150.2 million in seller financing provided by an indirect wholly owned subsidiary of the Company (the “Lender”), as described below. The Company’s joint venture partner received a distribution of $6.4 million of the proceeds from the sale, assigned its interest in the Hardware Village Joint Venture to the Company and ceased to be a member of the Hardware Village Joint Venture effective May 7, 2020.

INVESTMENT IN AN UNCONSOLIDATED

INVESTMENT IN AN UNCONSOLIDATED ENTITY	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN AN UNCONSOLIDATED ENTITY	INVESTMENT IN AN UNCONSOLIDATED ENTITY Investment in Prime US REIT In connection with the Singapore Transaction, on July 19, 2019, the Company, through an indirect wholly owned subsidiary (“REIT Properties III”), acquired 307,953,999 units in the SREIT at a price of $271.0 million, or $0.88 per unit, representing a 33.3% ownership interest in the SREIT. On August 21, 2019, REIT Properties III sold 18,392,100 of its units in the SREIT for $16.2 million pursuant to an over-allotment option granted to the underwriters of the SREIT’s offering, reducing REIT Properties III’s ownership in the SREIT to 31.3% of the outstanding units of the SREIT as of that date. As of September 30, 2020, REIT Properties III held 289,561,899 units of the SREIT which represented 27.4% of the outstanding units of the SREIT. As of September 30, 2020, the aggregate value of the Company’s investment in the units of the SREIT was $238.9 million, which was based on the closing price of the SREIT units on the SGX of $0.83 per unit as of September 30, 2020. The Company has concluded that based on its 27.4% ownership interest as of September 30, 2020, it exercises significant influence over the operations, financial policies and decision making with respect to its investment in the SREIT. Accordingly, the Company has accounted for its investment in the SREIT under the equity method of accounting as of September 30, 2020. Income is allocated according to the Company’s ownership interest at each month-end and recorded as equity income (loss) from unconsolidated entity. Any dividends received from the SREIT reduces the carrying amount of the investment. As of September 30, 2020, the carrying value of the Company’s investment in the SREIT was $232.6 million. During the three and nine months ended September 30, 2020, the Company recorded equity in income from an unconsolidated entity of $0.6 million and equity in loss from an unconsolidated entity of $1.4 million, respectively, related to its investment in the SREIT. Equity in loss from an unconsolidated entity for the nine months ended September 30, 2020 included $3.5 million related to the Company’s share of net losses from the SREIT offset by a gain of $2.1 million to reflect the net effect to the Company’s investment as a result of the net proceeds raised by the SREIT in a private offering in February 2020. For the period from July 19, 2019 to September 30, 2019, the Company recorded $2.6 million of equity in loss from an unconsolidated entity related to its investment in the SREIT. During the three and nine months ended September 30, 2020, the Company received $7.4 million and $19.3 million, respectively, of dividends from its investment in the SREIT, which was recorded as a reduction of the Company’s carrying value of the investment. The Company elected to apply the nature of the distribution approach for purposes of presentation of the dividends on the statement of consolidated cash flows and classified the dividends received as operating activities on the statement of consolidated cash flows as of September 30, 2020. The nature of the distribution approach requires the Company to classify distributions from equity method investments on the basis of the nature of the activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow of operating activities) or a return of investment (classified as a cash inflow from investing activities) when such information is available. The SREIT reports its financial statements in accordance with the International Financial Reporting Standards and uses the US dollar as its reporting currency, as such, the Company must make certain adjustments to the SREIT’s financial information to reflect U.S. GAAP before applying the equity method of accounting. Summarized financial information for the SREIT in accordance with U.S. GAAP follows (in thousands): As of September 30, 2020 December 31, 2019 Real estate, net $ 1,333,418 $ 1,201,050 Total assets 1,378,963 1,260,540 Notes payable, net 471,562 432,824 Total liabilities 547,902 473,540 Total equity 831,061 787,000 For the Three Months Ended September 30, 2020 For the Nine Months Ended September 30, 2020 For the Period from July 19, 2019 to September 30, 2019 Total revenues $ 36,623 $ 108,993 $ 27,373 Net income (loss) 2,144 (12,830) (8,153) Company’s share of net income (loss) (1) $ 588 $ (3,504) $ (2,556) _____________________ (1) The Company’s share of net income (loss) for the nine months ended September 30, 2020 excludes the $2.1 million gain recorded to reflect the net effect to the Company’s investment as a result of the net proceeds raised by the SREIT in a private offering in February 2020, which was classified in equity in loss from an unconsolidated entity on the consolidated statement of operations.

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Sep. 30, 2020
Notes Payable [Abstract]
NOTES PAYABLE	NOTES PAYABLE As of September 30, 2020 and December 31, 2019, the Company’s notes payable consisted of the following (dollars in thousands): Book Value as of September 30, 2020 Book Value as of Contractual Interest Rate as of September 30, 2020 (1) Effective Interest Rate as of September 30, 2020 (1) Payment Type Maturity Date (2) Anchor Centre Mortgage Loan (3) $ 48,590 $ 49,043 One-month LIBOR + 1.50% 1.65% Principal & Interest 12/1/2020 201 17th Street Mortgage Loan (4) — 64,750 (4) (4) (4) (4) The Almaden Mortgage Loan 93,000 93,000 4.20% 4.20% Interest Only 01/01/2022 201 Spear Street Mortgage Loan 125,000 125,000 One-month LIBOR + 1.45% 1.60% Interest Only 01/05/2024 Carillon Mortgage Loan 111,000 111,000 One-month LIBOR +1.40% 1.55% Interest Only 04/11/2024 Portfolio Loan Facility (5) 683,225 684,225 One-month LIBOR + 1.80% 1.95% Interest Only 11/03/2020 Modified Portfolio Revolving Loan Facility (6) 292,622 196,113 One-month LIBOR + 1.50% 1.65% Interest Only 03/01/2023 3001 & 3003 Washington Mortgage Loan 143,245 143,245 One-month LIBOR + 1.45% 1.60% Interest Only (7) 06/01/2024 Total notes payable principal outstanding 1,496,682 1,466,376 Deferred financing costs, net (4,557) (6,497) Total Notes Payable, net $ 1,492,125 $ 1,459,879 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2020. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2020, consisting of the contractual interest rate and using interest rate indices as of September 30, 2020, where applicable. For information regarding the Company’s derivative instruments, see Note 9, “Derivative Instruments.” (2) Represents the maturity date as of September 30, 2020; subject to certain conditions, the maturity dates of certain loans may be extended beyond the dates shown. (3) As of September 30, 2020, the Anchor Centre Mortgage Loan has one six (4) On January 23, 2020, the 201 17th Street Mortgage Loan was paid off and the 201 17th Street property was added to the collateral of the Portfolio Revolving Loan Facility. See below, “- Recent Financing Transaction - Modified Portfolio Revolving Loan Facility.” (5) As of September 30, 2020, the Portfolio Loan Facility was secured by RBC Plaza, Preston Commons, Sterling Plaza, Towers at Emeryville, Ten Almaden, Town Center and Accenture Tower. As of September 30, 2020, the face amount of the Portfolio Loan Facility was $911.0 million, of which $683.2 million is term debt and $227.8 million is revolving debt. As of September 30, 2020, the outstanding balance under the loan consisted of $683.2 million of term debt. As of September 30, 2020, an additional $227.8 million of revolving debt remained available for immediate future disbursements, subject to certain conditions set forth in the loan agreement. Subsequent to September 30, 2020, the Company released Accenture Tower as security from the Portfolio Loan Facility and exercised a one one (6) See below, “- Recent Financing Transaction - Modified Portfolio Revolving Loan Facility.” (7) Represents the payment type required as of September 30, 2020. Certain future monthly payments due under the loan also include amortizing principal payments. For more information on the Company’s contractual obligations under its notes payable, see the five-year maturity table below. During the three and nine months ended September 30, 2020, the Company incurred $8.9 million and $71.5 million of interest expense, respectively. During the three and nine months ended September 30, 2019, the Company incurred $20.4 million and $105.7 million of interest expense, respectively. Included in interest expense was: (i) the amortization of deferred financing costs of $1.1 million and $3.2 million for the three and nine months ended September 30, 2020, respectively, and $1.2 million and $4.3 million for the three and nine months ended September 30, 2019, respectively, and (ii) interest expense (including gains and losses) incurred as a result of the Company’s derivative instruments, which increased interest expense by $0.3 million and $38.9 million for the three and nine months ended September 30, 2020, respectively, and $3.3 million and $38.6 million for the three and nine months ended September 30, 2019, respectively. Additionally, the Company capitalized $0.6 million and $1.7 million of interest related to construction in progress during the three and nine months ended September 30, 2019, respectively. No interest was capitalized during the three and nine months ended September 30, 2020. As of September 30, 2020 and December 31, 2019, $4.0 million and $4.5 million of interest expense were payable, respectively. The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of September 30, 2020 (in thousands): October 1, 2020 through December 31, 2020 (1) $ 731,815 2021 — 2022 93,000 2023 292,622 2024 379,245 $ 1,496,682 _____________________ (1) Subsequent to September 30, 2020, the Company released Accenture Tower as security from the Portfolio Loan Facility and exercised a one The Company’s notes payable contain financial debt covenants. As of September 30, 2020, the Company was in compliance with these debt covenants. Recent Financing Transaction Modified Portfolio Revolving Loan Facility On October 17, 2018, the Company, through indirect wholly owned subsidiaries, entered into a three On January 23, 2020, the Company, through indirect wholly owned subsidiaries (collectively, the “Borrower”), entered into a first modification and additional advance agreement (the “Modified Portfolio Revolving Loan Facility”) with the Agent and the Lenders (defined below) to (i) increase the committed amount by $110.0 million to $325.0 million, subject to certain conditions in the loan agreement, (ii) add 201 17th Street as collateral for the Modified Portfolio Revolving Loan Facility, and (iii) reset the loan term. The Modified Portfolio Revolving Loan Facility is composed of $162.5 million of term debt and $162.5 million of revolving debt. The lenders under the Modified Portfolio Revolving Loan Facility are U.S. Bank, N.A., Regions Bank, Citizens Bank, City National Bank and Associated Bank, N.A. (the “Lenders”). On January 23, 2020, the Company drew $66.5 million on the Modified Portfolio Revolving Loan Facility of which $64.9 million was used to pay off the 201 17th Street Mortgage Loan and the remaining amount was used to pay origination fees and accrued interest. As of September 30, 2020, a total of $292.6 million was funded under the Modified Portfolio Revolving Loan Facility, of which $162.5 million was term debt and $130.1 million was revolving debt. As of September 30, 2020, an additional $32.4 million of revolving debt is available upon satisfaction of certain conditions set forth in the loan documents. The Modified Portfolio Revolving Loan Facility may be used for working capital, capital expenditures, real property acquisitions and other corporate purposes. The initial maturity date of the Modified Portfolio Revolving Loan Facility is March 1, 2023, with two 12-month extension options, subject to certain terms, conditions and fees as described in the loan documents. The Modified Portfolio Revolving Loan Facility bears interest at a floating rate of 150 basis points over one-month LIBOR. Monthly payments are interest only with the entire balance and all outstanding interest and fees due at maturity. The Company will have the right to prepay all or a portion of the Modified Portfolio Revolving Loan Facility, subject to certain expenses potentially incurred by the Lender as a result of the prepayment and subject to certain conditions contained in the loan documents. During the term of the Modified Portfolio Revolving Loan Facility, the Company has an option to increase the committed amount of the Modified Portfolio Revolving Loan Facility up to four times with each increase of the committed amount to be at least $15.0 million but no greater than, in the aggregate, an additional $325.0 million so that the committed amount will not exceed $650.0 million, of which 50% would be term debt and 50% would be revolving debt, with the addition of one or more properties to secure the loan, subject to certain terms and conditions contained in the loan documents. In addition, the Modified Portfolio Revolving Loan Facility contains customary representations and warranties, financial and other covenants, events of default and remedies typical for this type of facility. The Modified Portfolio Revolving Loan Facility is secured by 515 Congress, Domain Gateway, the McEwen Building, Gateway Tech Center and 201 17th Street. KBS REIT Properties III, LLC (“REIT Properties III”), the Company’s wholly owned subsidiary, is providing a guaranty of (i) up to 25% of the committed amount under the Modified Portfolio Revolving Loan Facility, as such amount may be adjusted from time to time pursuant to the terms of the loan documents, (ii) payment of, and agrees to protect, defend, indemnify and hold harmless each Lender for, from and against, any liability, obligation, deficiency, loss, damage, costs and expenses (including reasonable attorney’s fees), and any litigation which may at any time be imposed upon, incurred or suffered by any Lender because of (a) certain intentional acts committed by any Borrower, (b) fraud or intentional misrepresentations by Borrower or REIT Properties III in connection with the loan documents as described in the guaranty agreement, and (c) certain bankruptcy or liquidation proceedings under state or federal law, and (iii) payment for liability that is incurred and related to certain environmental matters.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates. The primary goal of the Company’s risk management practices related to interest rate risk is to prevent changes in interest rates from adversely impacting the Company’s ability to achieve its investment return objectives. The Company does not enter into derivatives for speculative purposes. The Company enters into interest rate swaps as a fixed rate payer to mitigate its exposure to rising interest rates on its variable rate notes payable. The value of interest rate swaps is primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of the fixed rate payer position and decrease the value of the variable rate payer position. As the remaining life of the interest rate swap decreases, the value of both positions will generally move towards zero. As of September 30, 2020, the Company has entered into 10 interest rate swaps, which were not designated as hedging instruments. The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of September 30, 2020 and December 31, 2019. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands): September 30, 2020 December 31, 2019 Weighted-Average Weighted-Average Remaining Derivative Instruments Number of Instruments Notional Amount Number of Instruments Notional Amount Reference Rate as of September 30, 2020 Derivative instruments not designated as hedging instruments Interest rate swaps (1) 10 $ 1,140,640 11 $ 960,963 One-month LIBOR/ Fixed at 1.16% - 2.11% 1.9% 2.1 _____________________ (1) Includes one forward interest rate swap in the amount of $65.0 million, which will become effective in November 2020 and matures in 2023. During the three and nine months ended September 30, 2020, one of the Company’s interest rate swaps matured. The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Derivative Instruments Balance Sheet Location Number of Instruments (1) Fair Value Number of Fair Value Derivative instruments not designated as hedging instruments Interest rate swaps Prepaid expenses and other assets, at fair value — $ — 3 $ 1,553 Interest rate swaps Other liabilities, at fair value 10 $ (39,335) 8 $ (11,404) _____________________ (1) During the three and nine months ended September 30, 2020, one of the Company’s interest rate swaps matured. The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Derivatives not designated as hedging instruments Realized loss (gain) recognized on interest rate swaps $ 4,798 $ (491) $ 9,427 $ (3,118) Unrealized (gain) loss on interest rate swaps (4,532) 3,807 29,484 41,706 Increase in interest expense as a result of derivatives $ 266 $ 3,316 $ 38,911 $ 38,588

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value: Cash and cash equivalents, restricted cash, rent and other receivables, and accounts payable and accrued liabilities: These balances approximate their fair values due to the short maturities of these items. Derivative instruments: The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risks to the contracts, are incorporated in the fair values to account for potential nonperformance risk. Real estate loan receivable: The Company’s real estate loan receivable is presented in the accompanying consolidated balance sheets at its amortized cost net of an allowance for credit losses and not at fair value. The fair value of the real estate loan receivable was estimated using an internal valuation model that considered the expected cash flows for the loan, underlying collateral value and estimated yield requirements of institutional investors for loans with similar characteristics, including remaining loan term, loan-to-value, type of collateral and other credit enhancements. The Company classifies these inputs as Level 3 inputs. Notes payable: The fair values of the Company’s notes payable are estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of a liability in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs. The following were the face values, carrying amounts and fair values of the Company’s real estate loan receivable as of September 30, 2020 and of the Company’s notes payable as of September 30, 2020 and December 31, 2019, which carrying amounts generally do not approximate the fair values (in thousands): September 30, 2020 December 31, 2019 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial assets: Real estate loan receivable (1) $ 150,213 $ 148,290 $ 148,290 $ — $ — $ — Financial liabilities: Notes payable $ 1,496,682 $ 1,492,125 $ 1,476,002 $ 1,466,376 $ 1,459,879 $ 1,469,293 _____________________ (1) Carrying amount represents outstanding principal balance, adjusted for unamortized origination discounts and origination costs and net of an allowance for credit losses. Disclosure of the fair values of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. Low levels of transaction volume for certain financial instruments have made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different. As of September 30, 2020, the Company measured the following derivative instruments at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Unobservable Inputs Recurring Basis: Liability derivatives - interest rate swaps $ (39,335) $ — $ (39,335) $ — During the nine months ended September 30, 2020, the Company measured the following asset at fair value on a nonrecurring basis (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Unobservable Inputs Nonrecurring Basis: Impaired real estate (1) $ 80,500 $ — $ — $ 80,500 _____________________ (1) Amount represents the fair value for a real estate asset impacted by an impairment charge during the nine months ended September 30, 2020, as of the date that the fair value measurement was made, which was March 31, 2020. 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. At March 31, 2020, one of the Company’s real estate properties was measured at its estimated fair value based on a discounted cash flow approach. The significant unobservable inputs the Company used in measuring the estimated fair value of this property include a discount rate of 9.00% and a terminal cap rate of 8.25%. See Note 3, “Real Estate – Impairment of Real Estate” for further discussion on the impaired real estate property.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has entered into the Advisory Agreement with the Advisor and the Dealer Manager Agreement with the Dealer Manager. These agreements entitled the Advisor and/or the Dealer Manager to specified fees upon the provision of certain services with regard to the Offering and reimbursement of organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company and entitle the Advisor to specified fees upon the provision of certain services with regard to the investment of funds in real estate investments, the management of those investments, among other services, and the disposition of investments, as well as entitle the Advisor and/or the Dealer Manager to reimbursement of offering costs related to the dividend reinvestment plan incurred by the Advisor and the Dealer Manager on behalf of the Company and certain costs incurred by the Advisor in providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as detailed in the Advisory Agreement. The Company has also entered into a fee reimbursement agreement with the Dealer Manager pursuant to which the Company agreed to reimburse the Dealer Manager for certain fees and expenses it incurs for administering the Company’s participation in the DTCC Alternative Investment Product Platform with respect to certain accounts of the Company’s investors serviced through the platform. The Advisor and Dealer Manager also serve or served as the advisor and dealer manager, respectively, for KBS Real Estate Investment Trust II, Inc. (“KBS REIT II”), Pacific Oak Strategic Opportunity REIT, Inc., formerly KBS Strategic Opportunity REIT, Inc. (“Pacific Oak Strategic Opportunity REIT”) (advisory agreement terminated as of October 31, 2019 and the dealer manager agreement terminated as of December 31, 2019), Pacific Oak Strategic Opportunity REIT II, Inc., formerly KBS Strategic Opportunity REIT II, Inc. (“Pacific Oak Strategic Opportunity REIT II”) (advisory agreement terminated as of October 31, 2019 and the dealer manager agreement terminated as of December 31, 2019) and KBS Growth & Income REIT, Inc. (“KBS Growth & Income REIT”). On November 1, 2019, Pacific Oak Strategic Opportunity REIT and Pacific Oak Strategic Opportunity REIT II each entered into advisory agreements with a new external advisor, Pacific Oak Capital Advisors, LLC. Pacific Oak Capital Advisors, LLC is part of a group of companies formed, owned and managed by Keith D. Hall and Peter McMillan III. Together, through GKP Holding LLC, Messrs. Hall and McMillan continue to indirectly own a 33 1/3% interest in the Advisor and the Dealer Manager. As of January 1, 2019, the Company, together with KBS REIT II, KBS Growth & Income REIT, the Dealer Manager, the Advisor and other KBS-affiliated entities, had entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage were shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each of the various entities covered by the program, and is billed directly to each entity. In June 2020, the Company renewed its participation in the program. The program is effective through June 30, 2021. Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2020 and 2019, respectively, and any related amounts payable as of September 30, 2020 and December 31, 2019 (in thousands): Incurred Payable as of Three Months Ended September 30, Nine Months Ended September 30, September 30, December 31, 2020 2019 2020 2019 2020 2019 Expensed Asset management fees (1) $ 5,311 $ 5,541 $ 15,704 $ 19,412 $ 8,836 $ 6,674 Reimbursement of operating expenses (2) (3) 105 115 348 1,278 36 79 Disposition fees (4) — 9,483 213 9,483 — — Capitalized Acquisition fee on development project — 42 34 175 — 1,133 $ 5,416 $ 15,181 $ 16,299 $ 30,348 $ 8,872 $ 7,886 _____________________ (1) See “Deferral of Asset Management Fees” below. (2) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cybersecurity related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $86,000 and $271,000 for the three and nine months ended September 30, 2020, respectively, and $104,000 and $252,000 for the three and nine months ended September 30, 2019, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the three and nine months ended September 30, 2020 and 2019, respectively. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company's direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. (3) Prior to the Singapore Transaction closing on July 19, 2019, the Company and the Advisor had agreed to evenly divide certain costs and expenses related to the Singapore Transaction. As of September 30, 2019, the Company incurred $4.1 million of costs related to the Singapore Transaction, which were reimbursable by the SREIT upon a successful closing. These costs included legal, audit, tax, printing and other out-of-pocket costs that the Company incurred related to the Singapore Transaction. In October 2019, all of these costs had been reimbursed to the Company from the Advisor upon the Advisor receiving the reimbursement from the SREIT. (4) Disposition fees with respect to real estate sold are included in the gain on sale of real estate, net, in the accompanying consolidated statements of operations. In connection with the Offering, Messrs. Bren, Hall, McMillan and Schreiber agreed to provide additional indemnification to one of the participating broker-dealers. The Company agreed to add supplemental coverage to its directors’ and officers’ insurance coverage to insure Messrs. Bren, Hall, McMillan and Schreiber’s obligations under this indemnification agreement in exchange for reimbursement by Messrs. Bren, Hall, McMillan and Schreiber to the Company for all costs, expenses and premiums related to this supplemental coverage. During the nine months ended September 30, 2020 and 2019, the Advisor incurred $74,000 and $64,000, respectively, for the costs of the supplemental coverage obtained by the Company. Deferral of Asset Management Fees Pursuant to the Advisory Agreement, with respect to asset management fees accruing from March 1, 2014, the Advisor has agreed to defer, without interest, the Company’s obligation to pay asset management fees for any month in which the Company’s modified funds from operations (“MFFO”) for such month, as such term is defined in the practice guideline issued by the Institute for Portfolio Alternatives (formerly known as the Investment Program Association) in November 2010 and interpreted by the Company, excluding asset management fees, does not exceed the amount of distributions declared by the Company for record dates of that month. The Company remains obligated to pay the Advisor an asset management fee in any month in which the Company’s MFFO, excluding asset management fees, for such month exceeds the amount of distributions declared for the record dates of that month (such excess amount, an “MFFO Surplus”); however, any amount of such asset management fee in excess of the MFFO Surplus will also be deferred under the Advisory Agreement. If the MFFO Surplus for any month exceeds the amount of the asset management fee payable for such month, any remaining MFFO Surplus will be applied to pay any asset management fee amounts previously deferred in accordance with the Advisory Agreement. However, notwithstanding the foregoing, any and all deferred asset management fees that are unpaid will become immediately due and payable at such time as the Company’s stockholders have received, together as a collective group, aggregate distributions (including distributions that may constitute a return of capital for federal income tax purposes) sufficient to provide (i) an 8.0% per year cumulative, noncompounded return on such net invested capital (the “Stockholders’ 8% Return”) and (ii) a return of their net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to the Company’s share redemption program. The Stockholders’ 8% Return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of the Company’s stockholders to have received any minimum return in order for the Advisor to receive deferred asset management fees. As of September 30, 2020 and December 31, 2019, the Company had accrued and deferred payment of $8.8 million and $6.7 million of asset management fees under the Advisory Agreement, respectively. Lease to Affiliate On May 29, 2015, the indirect wholly owned subsidiary (the “Lessor”) of the Company that owns 3003 Washington Boulevard entered into a lease with an affiliate of the Advisor (the “Lessee”) for 5,046 rentable square feet, or approximately 2.4% of the total rentable square feet, at 3003 Washington Boulevard. The lease commenced on October 1, 2015 and was to terminate on August 31, 2019. The annualized base rent, which represents annualized contractual base rental income, adjusted to straight-line any contractual tenant concessions (including free rent) and rent increases from the lease’s inception through the balance of the initial lease term, for this lease was approximately $0.2 million, and the average annual rental rate (net of rental abatements) over the lease term was $46.38 per square foot. On March 14, 2019, the Lessor entered into a First Amendment to Deed of Lease with the Lessee to extend the lease period commencing on September 1, 2019 and terminating on August 31, 2024 (the “Amended Lease”) and set the annual base rent during the extension period. The annualized base rent from the commencement of the Amended Lease is approximately $0.3 million, and the average annual rental rate (net of rental abatements) over the term of the Amended Lease through its termination is $62.55 per square foot. During the three and nine months ended September 30, 2020, the Company recognized $80,000 and $241,000 of revenue related to this lease, respectively. During the three and nine months ended September 30, 2019, the Company recognized $66,000 and $189,000 of revenue related to this lease, respectively. Prior to their approval of the lease and the Amended Lease, the Company’s conflicts committee and board of directors determined the lease to be fair and reasonable to the Company. Portfolio Sale On July 18, 2019, the Company sold the Singapore Portfolio to the SREIT, which is affiliated with Charles J. Schreiber, Jr., the Company’s Chief Executive Officer, President, Chairman of the Board and one of the Company’s directors. See Note 7, “Investment in an Unconsolidated Entity” for information related to the investment the Company made in the SREIT in connection with the Singapore Transaction. The SREIT is externally managed by a joint venture (the “Manager”) among KBS Asia Partners Pte. Ltd. (“KAP”), an entity in which Charles J. Schreiber, Jr. currently holds an indirect 50% ownership interest, and other entities unaffiliated with the Company. The SREIT is expected to pay the Manager an annual base fee of 10% of annual distributable income and an annual performance fee of 25% of the increase in distributions per unit of the SREIT from the preceding year; however, there would not be any performance fee for 2019, and in 2020 such fee will be based on an increase over projected distributions per unit. In addition, for acquisitions, the SREIT will pay the Manager an acquisition fee of 1% of the acquisition price of any real estate acquired. No acquisition fee was paid with respect to the SREIT’s acquisition of the Singapore Portfolio. The SREIT will also pay the Manager a divestment fee of 0.5% of the sale price of any real estate sold or divested and a development management fee of 3% of the total project costs incurred for development projects, to the extent the SREIT acquires a development project. A portion of these fees paid to the Manager will be paid to KBS Realty Advisors LLC, an affiliate of the Advisor and an entity controlled by Mr. Schreiber, for sub-advisory services. The Schreiber Trust, a trust whose beneficiaries are Charles J. Schreiber, Jr. and his family members, and the Linda Bren 2017 Trust also acquired units in the SREIT. The Schreiber Trust agreed that for the benefit of the Company it will not sell any portion of its respective units in the SREIT unless and until it has received the Company’s prior written consent, including the consent of the Company’s conflicts committee. The Linda Bren 2017 Trust has agreed for the benefit of the Company that it will not sell $5.0 million of its $10.0 million aggregate investment in the SREIT unless and until it has received the Company’s prior written consent, including the consent of the Company’s conflicts committee. Linda Bren is the spouse of the Company’s former director and president, who passed away in April 2019. In addition, Barbara R. Cambon, one of the Company’s former directors, accepted the positions of Chief Executive Officer and Chief Investment Officer of the Manager and will receive compensation for her services. In connection with her acceptance of these positions, Ms. Cambon resigned from the Company’s board of directors effective June 26, 2019. During the nine months ended September 30, 2020 and 2019, no other business transactions occurred between the Company and KBS REIT II, Pacific Oak Strategic Opportunity REIT, Pacific Oak Strategic Opportunity REIT II, KBS Growth & Income REIT, the Advisor, the Dealer Manager or other KBS-affiliated entities. See Note 12 “Commitments and Contingencies - Participation Fee Liability”.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Economic Dependency The Company is dependent on the Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that the Advisor is unable to provide the respective services, the Company will be required to obtain such services from other sources. Legal Matters From time to time, the Company may be party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company’s results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Compliance with existing environmental laws is not expected to have a material adverse effect on the Company’s financial condition and results of operations as of September 30, 2020. Participation Fee Liability In accordance with the Advisory Agreement with the Advisor, the Advisor is entitled to receive a participation fee equal to 15.0% of the Company’s net cash flows, whether from continuing operations, net sale proceeds or otherwise, after the Company’s stockholders have received, together as a collective group, aggregate distributions (including distributions that may constitute a return of capital for federal income tax purposes) sufficient to provide (i) a return of their net invested capital, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by any amounts to repurchase shares pursuant to the share redemption program, and (ii) an 8.0% per year cumulative, noncompounded return on such net invested capital. Net sales proceeds means the net cash proceeds realized by the Company after deduction of all expenses incurred in connection with a sale, including disposition fees paid to the Advisor. The 8.0% per year cumulative, noncompounded return on net invested capital is calculated on a daily basis. In making this calculation, the net invested capital is reduced to the extent distributions in excess of a cumulative, noncompounded, annual return of 8.0% are paid (from whatever source), except to the extent such distributions would be required to supplement prior distributions paid in order to achieve a cumulative, noncompounded, annual return of 8.0% (invested capital is only reduced as described in this sentence; it is not reduced simply because a distribution constitutes a return of capital for federal income tax purposes). The 8.0% per year cumulative, noncompounded return is not based on the return provided to any individual stockholder. Accordingly, it is not necessary for each of the Company’s stockholders to have received any minimum return in order for the Advisor to participate in the Company’s net cash flows. In fact, if the Advisor is entitled to participate in the Company’s net cash flows, the returns of the Company’s stockholders will differ, and some may be less than an 8.0% per year cumulative, noncompounded return. This fee is payable only if the Company is not listed on an exchange.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Distributions Paid On October 1, 2020, the Company paid distributions of $9.1 million, which related to distributions in the amount of $0.04983333 per share of common stock to stockholders of record as of the close of business on September 21, 2020. On November 2, 2020, the Company paid distributions of $9.2 million, which related to distributions in the amount of $0.04983333 per share of common stock to stockholders of record as of the close of business on October 20, 2020. Distributions Authorized On November 13, 2020, the Company’s board of directors authorized a November 2020 distribution in the amount of $0.04983333 per share of common stock to stockholders of record as of the close of business on November 20, 2020, which the Company expects to pay in December 2020, and a December 2020 distribution in the amount of $0.04983333 per share of common stock to stockholders of record as of the close of business on December 18, 2020, which the Company expects to pay in January 2021. Investors may choose to receive cash distributions or purchase additional shares through the Company’s dividend reinvestment plan. Financings Subsequent to September 30, 2020 Accenture Tower Revolving Loan On November 2, 2020, the Company, through an indirect wholly owned subsidiary (the “Accenture Tower Borrower”), entered into a three The Accenture Tower Revolving Loan matures on November 2, 2023, with two 12-month extension options, subject to certain terms and conditions contained in the loan documents. The Accenture Tower Revolving Loan bears interest at a floating rate of 225 basis points over one-month LIBOR so long as the loan is subject to a lender provided swap. The Accenture Tower Revolving Loan includes provisions for a “LIBOR Successor Rate” in the event LIBOR is unascertainable or ceases to be available. Monthly payments are interest only with the entire balance and all outstanding interest and fees due at maturity. The Company will have the right to repay the loan in part and in whole subject to certain conditions contained in the loan documents. REIT Properties III is providing a guaranty of (i) payment of, and agrees to protect, defend, indemnify and hold harmless each Accenture Tower Lender for, from and against, any liability, obligation, deficiency, loss, damage, costs and expenses (including reasonable attorney’s fees), and any litigation which may at any time be imposed upon, incurred or suffered by the Accenture Tower Lender because of (a) certain intentional acts committed by the Accenture Tower Borrower, (b) fraud or intentional misrepresentations by the Accenture Tower Borrower or REIT Properties III in connection with the loan documents as described in the guaranty agreement, and (c) certain bankruptcy or liquidation proceedings under state or federal law, and (ii) payment for liability that is incurred and related to certain environmental matters. In addition, REIT Properties III is providing a principal guaranty for up to 25% of the outstanding balance of the Accenture Tower Revolving Loan, which will convert to a principal guaranty of up to the funded amount of the revolving portion of the Accenture Tower Revolving Loan upon the Company meeting certain leasing and performance hurdles as set forth in the guaranty agreement. Modified Portfolio Loan Facility On November 3, 2017, the Company, through indirectly wholly owned subsidiaries, entered into a three On November 3, 2020, the Company, through indirect wholly owned subsidiaries, entered into a loan extension and modification agreement (the “Modified Portfolio Loan Facility”) with Bank of America, N.A., as administrative agent for the Portfolio Loan Facility Lenders, to (i) extend the maturity date of the Modified Portfolio Loan Facility to November 3, 2021 and (ii) modify the loan documents to include provisions for a “LIBOR Successor Rate” in the event LIBOR is unascertainable or ceases to be available. As of November 3, 2020, the face amount of the Portfolio Loan Facility was $630.6 million, of which $472.9 million was term debt and $157.7 million was revolving debt. As of November 3, 2020, the outstanding balance under the Portfolio Loan Facility consisted of $472.9 million of term debt. The entire revolving portion of the Portfolio Loan Facility remains available for future disbursements, subject to certain terms and conditions contained in the loan documents. The Modified Portfolio Loan Facility has one additional 12-month extension option, subject to certain terms and conditions as described in the loan documents. The Modified Portfolio Loan Facility is secured by RBC Plaza, Preston Commons, Sterling Plaza, Towers at Emeryville, Ten Almaden and Town Center. Accenture Tower was released as security from the loan in connection with the entry into the Accenture Tower Revolving Loan. Amended and Restated Bylaws Effective November 13, 2020, the Company’s board of directors approved the Company’s Third Amended and Restated Bylaws (the “Amended Bylaws”) to clarify the scope of Article XIV, the exclusive forum provision for certain litigation. The Amended Bylaws revise Article XIV to clarify that the exclusive forum provision in Article XIV does not apply to claims under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or any other claim for which the federal courts have exclusive jurisdiction. The Amended Bylaws are attached to this Quarterly Report on Form 10-Q as Exhibit 3.2.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
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 (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
Principles of Consolidation	The consolidated financial statements include the accounts of the Company, REIT Holdings III, the Operating Partnership, their direct and indirect wholly owned subsidiaries, and through May 7, 2020, a joint venture in which the Company held a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	The preparation of the consolidated financial statements and condensed notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and condensed notes. Actual results could materially differ from those estimates.
Per Share Data	Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2020 and 2019, respectively.
Segments	The Company has invested in core real estate properties and real estate-related investments with the goal of acquiring a portfolio of income-producing investments. The Company’s real estate properties exhibit similar long-term financial performance and have similar economic characteristics to each other. In addition, the Company considered both quantitative and qualitative thresholds and determined that its investment in a real estate loan receivable does not constitute a reportable segment. Accordingly, the Company aggregated its investments in real estate properties and a real estate loan receivable into one reportable business segment.
Square Footage, Occupancy and Other Measures	Square footage, occupancy, number of tenants and other measures, including annualized base rent and annualized base rent per square foot, used to describe real estate investments included in these condensed notes to the consolidated financial statements 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.
Revenue Recognition	Real Estate Loan Receivable Interest income on the Company’s real estate loan receivable is recognized on an accrual basis over the life of the investment using the interest method. Direct loan origination fees and origination or acquisition costs, as well as premiums or discounts, are amortized over the term of the loan as an adjustment to interest income. The Company places loans on non-accrual status when any portion of principal or interest is 90 days past due, or earlier when concern exists as to the ultimate collection of principal or interest. When a loan is placed on non-accrual status, the Company reserves for any outstanding accrued interest receivable through the provision for credit loss and recognizes income on either a cash basis, where interest income is only recorded when received in cash, or on a cost-recovery basis, where all cash receipts are applied against the carrying value of the loan. The Company considers the collectability of the loan’s principal balance in determining whether to recognize income on a cash basis or a cost-recovery basis. The Company will resume the accrual of interest if it determines the collection of interest, according to the contractual terms of the loan, is probable.
Real Estate Loans Receivable	The Company records real estate loans receivable at amortized cost, net of an allowance for credit losses (if any). The amortized cost of a real estate loan receivable is the outstanding unpaid principal balance, net of unamortized acquisition premiums or discounts and unamortized costs and fees directly associated with the origination or acquisition of the loan. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of a real estate loan receivable to present the net amount expected to be collected. This allowance is accounted for under the current expected credit loss (CECL) model and is measured and recorded upon the initial recognition of the real estate loan receivable and is re-measured at each balance sheet date based on changes in facts and circumstances. The allowance is adjusted through “Provision for credit loss” on the Company’s consolidated statements of operations and is increased or decreased based on the re-measurement of the allowance for credit loss at each balance sheet date. If the Company determines that all or a portion of the real estate loan receivable is no longer collectible, the portion that is deemed uncollectible will be written off and the allowance for credit losses reduced. Recoveries of real estate loans receivable that were previously written off are recorded when cash is received. The Company applies a probability-of-default method to measure the allowance for credit losses which applies the probability of default within a given timeframe by the percentage of the real estate loan receivable not expected to be collected due to default. Additionally, the Company evaluates the potential for adverse changes in the value of the collateral over the contractual life of the real estate loan receivable, the financial condition of the borrower, the probability that it will grant the borrower a concession through modification of the loan terms and other market conditions in calculating the allowance for credit losses.
Recently Issued Accounting Standards Update	In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”) to provide temporary optional expedients and exceptions to the guidance in GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). Modified contracts that meet the following criteria are eligible for relief from the modification accounting requirements under GAAP: (1) the contract references LIBOR or another rate that is expected to be discontinued due to reference rate reform, (2) the modified terms directly replace or have the potential to replace the reference rate that is expected to be discontinued due to reference rate reform, and (3) any contemporaneous changes to other terms (i.e., those that do not directly replace or have the potential to replace the reference rate) that change or have the potential to change the amount and timing of contractual cash flows must be related to the replacement of the reference rate. For a contract that meets the criteria, the guidance generally allows an entity to account for and present modifications as an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. That is, the modified contract is accounted for as a continuation of the existing contract. In addition, ASU No. 2020-04 provides various optional expedients for hedging relationships affected by reference rate reform, if certain criteria are met. The amendments in ASU No. 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in ASU No. 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. For the period from January 1, 2020 (the earliest date the Company may elect to apply ASU No. 2020-04) through September 30, 2020, the Company did not have any contract modifications that meet the criteria described above, specifically contract modifications that have been modified from LIBOR to an alternative reference rate. The Company’s loan agreements, derivative instruments, and certain lease agreements use LIBOR as the current reference rate. For eligible contract modifications, the Company expects to adopt the temporary optional expedients described in ASU No. 2020-04. The optional expedients for hedging relationships described in ASU No. 2020-04 are not expected to have an impact to the Company as the Company has elected to not designate its derivative instruments as a hedge. In April 2020, the FASB issued a FASB Staff Q&A related to Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic (the “Topic 842 Q&A”). The Company adopted the lease accounting standards of Topic 842 beginning January 1, 2019. Under Topic 842, subsequent changes to lease payments that are not stipulated in the original lease contract are generally accounted for as lease modifications. Some contracts may contain explicit or implicit enforceable rights and obligations that require lease concessions if certain circumstances arise that are beyond the control of the parties to the contract. If a lease contract provides enforceable rights and obligations for concessions in the contract and no changes are made to that contract, the concessions are not accounted for under the lease modification guidance in Topic 842. If concessions granted by lessors are beyond the enforceable rights and obligations in the contract, entities would generally account for those concessions in accordance with the lease modification guidance in Topic 842. Because of the unprecedented and global nature of the COVID-19 pandemic, the FASB staff is aware that it may be exceedingly challenging for entities to determine whether existing contracts provide enforceable rights and obligations for lease concessions and whether those concessions are consistent with the terms of the contract or are modifications to the contract. As such, the FASB staff believes that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 to those contracts. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. For example, this election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. The FASB staff expects that reasonable judgment will be exercised in making those determinations. Some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. A deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes are more preferable than the others. Two of those methods are: (1) Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period and (2) Account for the deferred payments as variable lease payments. In accordance with the Topic 842 Q&A, the Company made the election to account for lease concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the Company as lessor consistent with how those concessions would be accounted for under Topic 842 as though enforceable rights and obligations for those concessions existed. Accordingly, the Company does not analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and elected not to apply the lease modification guidance in Topic 842. For deferrals, the Company accounts for the concessions as if no changes to the lease contract were made and continues to recognize rental income during the deferral period. The amount of deferred rent is assessed for collectability at the end of each reporting period. For rental abatements, the Company recognizes negative variable lease income for the forgiven rent, thereby reversing the rental income and rent receivable for the abated period.

REAL ESTATE (Tables)

REAL ESTATE (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Real Estate Investments	The following table summarizes the Company’s investments in real estate as of September 30, 2020 (in thousands): Property Date Acquired City State Property Type Total Real Estate, at Cost (1) Accumulated Depreciation and Amortization (1) Total Real Estate, Net (1) Domain Gateway 09/29/2011 Austin TX Office $ 67,019 $ (11,893) $ 55,126 Town Center 03/27/2012 Plano TX Office 129,410 (36,285) 93,125 McEwen Building 04/30/2012 Franklin TN Office 37,974 (9,971) 28,003 Gateway Tech Center 05/09/2012 Salt Lake City UT Office 29,518 (7,377) 22,141 RBC Plaza 01/31/2013 Minneapolis MN Office 154,513 (49,689) 104,824 Preston Commons 06/19/2013 Dallas TX Office 131,510 (26,431) 105,079 Sterling Plaza 06/19/2013 Dallas TX Office 84,693 (19,586) 65,107 201 Spear Street 12/03/2013 San Francisco CA Office 149,339 (24,359) 124,980 Accenture Tower 12/16/2013 Chicago IL Office 455,677 (97,479) 358,198 Anchor Centre 05/22/2014 Phoenix AZ Office 97,484 (22,011) 75,473 Ten Almaden 12/05/2014 San Jose CA Office 127,227 (25,099) 102,128 Towers at Emeryville 12/23/2014 Emeryville CA Office 209,141 (39,263) 169,878 3003 Washington Boulevard 12/30/2014 Arlington VA Office 151,372 (29,284) 122,088 Park Place Village 06/18/2015 Leawood KS Office/Retail 76,875 (1,766) 75,109 201 17th Street 06/23/2015 Atlanta GA Office 104,003 (22,413) 81,590 515 Congress 08/31/2015 Austin TX Office 125,254 (19,650) 105,604 The Almaden 09/23/2015 San Jose CA Office 185,080 (27,534) 157,546 3001 Washington Boulevard 11/06/2015 Arlington VA Office 60,848 (8,466) 52,382 Carillon 01/15/2016 Charlotte NC Office 159,223 (26,259) 132,964 $ 2,536,160 $ (504,815) $ 2,031,345 _____________________ (1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets.
Schedules of Concentration of Risk, by Assets	As of September 30, 2020, the following property represented more than 10% of the Company’s total assets: Property Location Rentable Total Real Estate, Net Percentage Annualized Base Rent (in thousands) (1) Average Annualized Base Rent per sq. ft. Occupancy Accenture Tower Chicago, IL 1,457,724 $ 358,198 13.6 % $ 32,832 $ 27.88 80.8 % ___________________
Schedule of Future Minimum Rental Income for Company's Properties	As of September 30, 2020, the future minimum rental income from the Company’s properties held for investment under its non-cancelable operating leases was as follows (in thousands): October 1, 2020 through December 31, 2020 $ 56,378 2021 223,540 2022 199,567 2023 171,690 2024 150,543 Thereafter 629,902 $ 1,431,620
Schedules of Concentration of Risk, by Risk Factor	As of September 30, 2020, the Company’s office and office/retail properties were leased to approximately 640 tenants over a diverse range of industries and geographic areas. The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Annualized Base Rent Finance 125 $ 44,816 19.0 % Real Estate 60 27,101 11.5 % $ 71,917 30.5 % _____________________

REAL ESTATE SALES (Tables)

REAL ESTATE SALES (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets and Liabilities of Real Estate Held-for-Sale	The following summary presents the components of real estate held for sale, net as of September 30, 2020 and December 31, 2019 (in thousands). No real estate properties were held for sale as of September 30, 2020: September 30, 2020 December 31, 2019 Real estate held for sale, net: Total real estate, at cost $ — $ 127,346 Accumulated depreciation and amortization — (5,082) Total real estate held for sale, net $ — $ 122,264
Schedule of Revenue and Expenses of Real Estate Held-for-Sale	The following table summarizes certain revenues and expenses related to the Singapore Portfolio and the multifamily apartment complex held through a consolidated joint venture for the three and nine months ended September 30, 2020 and 2019 (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Revenues Rental income $ — $ 6,754 $ 1,483 $ 65,200 Other operating income — 684 297 5,456 Total revenues $ — $ 7,438 $ 1,780 $ 70,656 Expenses Operating, maintenance, and management $ — $ 2,434 $ 1,177 $ 17,124 Real estate taxes and insurance — 616 167 8,884 Asset management fees to affiliate — 602 330 4,858 General and administrative expenses — 5 24 14 Depreciation and amortization — 3,000 — 28,318 Interest expense — 2,598 — 18,110 Total expenses $ — $ 9,255 $ 1,698 $ 77,308

TENANT ORIGINATION AND ABSORP_2

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2020
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities	As of September 30, 2020 and December 31, 2019, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination and Above-Market Below-Market September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Cost $ 84,330 $ 95,808 $ 1,146 $ 2,661 $ (24,572) $ (25,630) Accumulated Amortization (54,044) (56,886) (671) (2,095) 16,951 15,781 Net Amount $ 30,286 $ 38,922 $ 475 $ 566 $ (7,621) $ (9,849)
Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities	Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Three Months Ended September 30, For the Three Months Ended September 30, For the Three Months Ended September 30, 2020 2019 2020 2019 2020 2019 Amortization $ (2,409) $ (3,766) $ (26) $ (142) $ 726 $ 874 Tenant Origination and Above-Market Below-Market For the Nine Months Ended September 30, For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 2020 2019 Amortization $ (7,702) $ (18,185) $ (91) $ (866) $ 2,228 $ 3,698

REAL ESTATE LOAN RECEIVABLE (Ta

REAL ESTATE LOAN RECEIVABLE (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of Loans Receivable	As of September 30, 2020, the Company, through an indirect wholly owned subsidiary, had originated one real estate loan receivable as follows (dollars in thousands): Loan Name Location of Related Property or Collateral Date Originated Property Type Loan Type Outstanding Principal Balance as of September 30, 2020 Book Value as of September 30, 2020 (1) Contractual Interest Annualized Effective Interest Rate (2) Maturity Date Hardware Village First Mortgage (3) Salt Lake City, Utah 05/07/20 Apartment Mortgage $150,213 $148,290 (3) 5.34% 05/06/2021 _____________________ (1) Book value represents outstanding principal balance, adjusted for unamortized origination discounts and origination costs and net of an allowance for credit losses. During the nine months ended September 30, 2020, the Company recorded a provision for credit loss of $0.7 million, applying a probability-of-default method to measure the allowance for credit losses. (2) Annualized effective interest rate is calculated as the actual interest income recognized in 2020, using the interest method, annualized and divided by the average amortized cost basis of the investment during 2020. (3) See “Recent Origination - Hardware Village First Mortgage.”
Schedule of Activity Related to Loans Receivable	The following summarizes the activity related to the real estate loan receivable for the nine months ended September 30, 2020 (in thousands): Real estate loan receivable, net - December 31, 2019 $ — Face value of real estate loan receivable originated 150,213 Discount on real estate loan receivable originated (2,535) Accretion of discount on real estate loan receivable originated 1,230 Origination costs on real estate loan receivable 120 Amortization of origination costs on real estate loan receivable (58) Provision for credit loss (680) Real estate loan receivable, net - September 30, 2020 $ 148,290
Schedule of Interest Income from Real Estate Loans Receivable	For the three and nine months ended September 30, 2020, interest income from the real estate loan receivable consisted of the following (in thousands): For the Three Months Ended September 30, 2020 For the Nine Months Ended September 30, 2020 Contractual interest income $ 1,387 $ 2,064 Accretion of origination discount 674 1,230 Amortization of origination costs (32) (58) Interest income from real estate loan receivable $ 2,029 $ 3,236

INVESTMENT IN AN UNCONSOLIDAT_2

INVESTMENT IN AN UNCONSOLIDATED ENTITY (Tables)	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment in Unconsolidated Entity	The SREIT reports its financial statements in accordance with the International Financial Reporting Standards and uses the US dollar as its reporting currency, as such, the Company must make certain adjustments to the SREIT’s financial information to reflect U.S. GAAP before applying the equity method of accounting. Summarized financial information for the SREIT in accordance with U.S. GAAP follows (in thousands): As of September 30, 2020 December 31, 2019 Real estate, net $ 1,333,418 $ 1,201,050 Total assets 1,378,963 1,260,540 Notes payable, net 471,562 432,824 Total liabilities 547,902 473,540 Total equity 831,061 787,000 For the Three Months Ended September 30, 2020 For the Nine Months Ended September 30, 2020 For the Period from July 19, 2019 to September 30, 2019 Total revenues $ 36,623 $ 108,993 $ 27,373 Net income (loss) 2,144 (12,830) (8,153) Company’s share of net income (loss) (1) $ 588 $ (3,504) $ (2,556) _____________________ (1) The Company’s share of net income (loss) for the nine months ended September 30, 2020 excludes the $2.1 million gain recorded to reflect the net effect to the Company’s investment as a result of the net proceeds raised by the SREIT in a private offering in February 2020, which was classified in equity in loss from an unconsolidated entity on the consolidated statement of operations.

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Payable [Abstract]
Schedule of Long-term Debt Instruments	As of September 30, 2020 and December 31, 2019, the Company’s notes payable consisted of the following (dollars in thousands): Book Value as of September 30, 2020 Book Value as of Contractual Interest Rate as of September 30, 2020 (1) Effective Interest Rate as of September 30, 2020 (1) Payment Type Maturity Date (2) Anchor Centre Mortgage Loan (3) $ 48,590 $ 49,043 One-month LIBOR + 1.50% 1.65% Principal & Interest 12/1/2020 201 17th Street Mortgage Loan (4) — 64,750 (4) (4) (4) (4) The Almaden Mortgage Loan 93,000 93,000 4.20% 4.20% Interest Only 01/01/2022 201 Spear Street Mortgage Loan 125,000 125,000 One-month LIBOR + 1.45% 1.60% Interest Only 01/05/2024 Carillon Mortgage Loan 111,000 111,000 One-month LIBOR +1.40% 1.55% Interest Only 04/11/2024 Portfolio Loan Facility (5) 683,225 684,225 One-month LIBOR + 1.80% 1.95% Interest Only 11/03/2020 Modified Portfolio Revolving Loan Facility (6) 292,622 196,113 One-month LIBOR + 1.50% 1.65% Interest Only 03/01/2023 3001 & 3003 Washington Mortgage Loan 143,245 143,245 One-month LIBOR + 1.45% 1.60% Interest Only (7) 06/01/2024 Total notes payable principal outstanding 1,496,682 1,466,376 Deferred financing costs, net (4,557) (6,497) Total Notes Payable, net $ 1,492,125 $ 1,459,879 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2020. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2020, consisting of the contractual interest rate and using interest rate indices as of September 30, 2020, where applicable. For information regarding the Company’s derivative instruments, see Note 9, “Derivative Instruments.” (2) Represents the maturity date as of September 30, 2020; subject to certain conditions, the maturity dates of certain loans may be extended beyond the dates shown. (3) As of September 30, 2020, the Anchor Centre Mortgage Loan has one six (4) On January 23, 2020, the 201 17th Street Mortgage Loan was paid off and the 201 17th Street property was added to the collateral of the Portfolio Revolving Loan Facility. See below, “- Recent Financing Transaction - Modified Portfolio Revolving Loan Facility.” (5) As of September 30, 2020, the Portfolio Loan Facility was secured by RBC Plaza, Preston Commons, Sterling Plaza, Towers at Emeryville, Ten Almaden, Town Center and Accenture Tower. As of September 30, 2020, the face amount of the Portfolio Loan Facility was $911.0 million, of which $683.2 million is term debt and $227.8 million is revolving debt. As of September 30, 2020, the outstanding balance under the loan consisted of $683.2 million of term debt. As of September 30, 2020, an additional $227.8 million of revolving debt remained available for immediate future disbursements, subject to certain conditions set forth in the loan agreement. Subsequent to September 30, 2020, the Company released Accenture Tower as security from the Portfolio Loan Facility and exercised a one one (6) See below, “- Recent Financing Transaction - Modified Portfolio Revolving Loan Facility.” (7)
Schedule of Maturities of Long-term Debt	The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of September 30, 2020 (in thousands): October 1, 2020 through December 31, 2020 (1) $ 731,815 2021 — 2022 93,000 2023 292,622 2024 379,245 $ 1,496,682 _____________________ (1) Subsequent to September 30, 2020, the Company released Accenture Tower as security from the Portfolio Loan Facility and exercised a one

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional and Fair Value of Interest Rate Swaps Designated as Cash Flow Hedges	The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of September 30, 2020 and December 31, 2019. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands): September 30, 2020 December 31, 2019 Weighted-Average Weighted-Average Remaining Derivative Instruments Number of Instruments Notional Amount Number of Instruments Notional Amount Reference Rate as of September 30, 2020 Derivative instruments not designated as hedging instruments Interest rate swaps (1) 10 $ 1,140,640 11 $ 960,963 One-month LIBOR/ Fixed at 1.16% - 2.11% 1.9% 2.1 _____________________ (1) Includes one forward interest rate swap in the amount of $65.0 million, which will become effective in November 2020 and matures in 2023. During the three and nine months ended September 30, 2020, one of the Company’s interest rate swaps matured.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Derivative Instruments Balance Sheet Location Number of Instruments (1) Fair Value Number of Fair Value Derivative instruments not designated as hedging instruments Interest rate swaps Prepaid expenses and other assets, at fair value — $ — 3 $ 1,553 Interest rate swaps Other liabilities, at fair value 10 $ (39,335) 8 $ (11,404) _____________________ (1) During the three and nine months ended September 30, 2020, one of the Company’s interest rate swaps matured.
Schedule of Derivative Instruments in Statement of Operations	The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Derivatives not designated as hedging instruments Realized loss (gain) recognized on interest rate swaps $ 4,798 $ (491) $ 9,427 $ (3,118) Unrealized (gain) loss on interest rate swaps (4,532) 3,807 29,484 41,706 Increase in interest expense as a result of derivatives $ 266 $ 3,316 $ 38,911 $ 38,588

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Face Value, Carrying Amounts and Fair Value	The following were the face values, carrying amounts and fair values of the Company’s real estate loan receivable as of September 30, 2020 and of the Company’s notes payable as of September 30, 2020 and December 31, 2019, which carrying amounts generally do not approximate the fair values (in thousands): September 30, 2020 December 31, 2019 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial assets: Real estate loan receivable (1) $ 150,213 $ 148,290 $ 148,290 $ — $ — $ — Financial liabilities: Notes payable $ 1,496,682 $ 1,492,125 $ 1,476,002 $ 1,466,376 $ 1,459,879 $ 1,469,293 _____________________ (1)
Fair Value, Assets Measured on Recurring Basis	As of September 30, 2020, the Company measured the following derivative instruments at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Unobservable Inputs Recurring Basis: Liability derivatives - interest rate swaps $ (39,335) $ — $ (39,335) $ —
Fair Value, Assets Measured on Nonrecurring Basis	During the nine months ended September 30, 2020, the Company measured the following asset at fair value on a nonrecurring basis (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Unobservable Inputs Nonrecurring Basis: Impaired real estate (1) $ 80,500 $ — $ — $ 80,500 _____________________ (1) Amount represents the fair value for a real estate asset impacted by an impairment charge during the nine months ended September 30, 2020, as of the date that the fair value measurement was made, which was March 31, 2020. 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)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2020 and 2019, respectively, and any related amounts payable as of September 30, 2020 and December 31, 2019 (in thousands): Incurred Payable as of Three Months Ended September 30, Nine Months Ended September 30, September 30, December 31, 2020 2019 2020 2019 2020 2019 Expensed Asset management fees (1) $ 5,311 $ 5,541 $ 15,704 $ 19,412 $ 8,836 $ 6,674 Reimbursement of operating expenses (2) (3) 105 115 348 1,278 36 79 Disposition fees (4) — 9,483 213 9,483 — — Capitalized Acquisition fee on development project — 42 34 175 — 1,133 $ 5,416 $ 15,181 $ 16,299 $ 30,348 $ 8,872 $ 7,886 _____________________ (1) See “Deferral of Asset Management Fees” below. (2) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cybersecurity related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $86,000 and $271,000 for the three and nine months ended September 30, 2020, respectively, and $104,000 and $252,000 for the three and nine months ended September 30, 2019, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the three and nine months ended September 30, 2020 and 2019, respectively. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company's direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. (3) Prior to the Singapore Transaction closing on July 19, 2019, the Company and the Advisor had agreed to evenly divide certain costs and expenses related to the Singapore Transaction. As of September 30, 2019, the Company incurred $4.1 million of costs related to the Singapore Transaction, which were reimbursable by the SREIT upon a successful closing. These costs included legal, audit, tax, printing and other out-of-pocket costs that the Company incurred related to the Singapore Transaction. In October 2019, all of these costs had been reimbursed to the Company from the Advisor upon the Advisor receiving the reimbursement from the SREIT. (4) Disposition fees with respect to real estate sold are included in the gain on sale of real estate, net, in the accompanying consolidated statements of operations.

ORGANIZATION (Details)

ORGANIZATION (Details) $ / shares in Units, $ in Thousands	Oct. 03, 2014USD ($)shares	Sep. 30, 2020USD ($)numberOfPropertiesnumberOfLoansshares	Sep. 30, 2019USD ($)shares	Sep. 30, 2020USD ($)numberOfPropertiesnumberOfLoansshares	Sep. 30, 2019USD ($)shares	May 29, 2016USD ($)shares	Sep. 30, 2020USD ($)numberOfPropertiesnumberOfLoansshares	Dec. 31, 2019shares	Jan. 26, 2010$ / sharesshares
Organizational Structure [Line Items]
Common stock, shares issued (in shares)		183,416,278		183,416,278			183,416,278	180,970,743
Number of real estate loans receivable | numberOfLoans		1		1			1
Issuance of common stock | $		$ 11,655	$ 12,748	$ 35,277	$ 39,219
Redemptions of common stock | $		$ 2,343	$ 42,122	$ 8,635	$ 97,672
Percent of total rental income from retail tenants		3.00%
Private Placement
Organizational Structure [Line Items]
Issuance of common stock (in shares)	258,462
Issuance of common stock | $	$ 2,400
Office Properties
Organizational Structure [Line Items]
Number of real estate properties | numberOfProperties		18		18			18
Mixed-use Office/Retail Property
Organizational Structure [Line Items]
Number of real estate properties | numberOfProperties		1		1			1
Common Stock
Organizational Structure [Line Items]
Issuance of common stock (in shares)		1,052,825	1,116,391	3,186,782	3,434,259	169,006,162
Issuance of common stock | $		$ 11	$ 11	$ 32	$ 34	$ 1,700,000
Shares of common stock sold under dividend reinvestment plan, shares							35,640,784
Shares of common stock sold under dividend reinvestment plan, value | $							$ 367,900
Redemptions of common stock (in shares)		201,155	3,680,482	741,247	8,520,642		29,230,344
Redemptions of common stock | $		$ 3	$ 37	$ 8	$ 85		$ 320,100
KBS Capital Advisors LLC
Organizational Structure [Line Items]
Common stock, shares issued (in shares)									20,000
Common stock, purchase price per share (in dollars per share) | $ / shares									$ 10
KBS Capital Advisors LLC |   Common Stock
Organizational Structure [Line Items]
Shares held by affiliate (in shares)		20,857		20,857			20,857
KBS Limited Partnership III
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%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019$ / sharesshares	Sep. 30, 2020USD ($)numberOfSegments$ / sharesshares	Sep. 30, 2019$ / sharesshares
Accounting Policies [Abstract]
Potentially dilutive securities (in shares) | shares	0	0	0	0
Distributions declared per share (in dollars per share) | $ / shares	$ 0.1495	$ 0.1625	$ 0.4485	$ 0.4875
Common share, distribution rate for share per day, declared | $ / shares			$ 0.04983333	$ 0.05416667
Number of reportable segments | numberOfSegments			1
Grants of rent deferrals, COVID-19	$ 2.6		$ 2.6
Grants of rental abatements, COVID-19	0.9		0.9
Deferred lease concessions, COVID-19	2.4		2.4
Reserve for payments not probable to collect, COVID-19	0.8		0.8
Reversal of rental income for abatements granted to tenants, COVID-19	$ 0.3		$ 0.9

REAL ESTATE - Additional Inform

REAL ESTATE - Additional Information (Details) $ in Thousands, ft² in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)ft²numberOfProperties	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)ft²numberOfProperties	Sep. 30, 2019USD ($)
Real Estate Properties [Line Items]
Rentable square feet | ft²	7.8		7.8
Percentage of portfolio occupied	88.00%		88.00%
Impairment charges on real estate | $	$ 0	$ 0	$ 19,896	$ 8,706
Office Properties
Real Estate Properties [Line Items]
Number of real estate properties	18		18
Mixed-use Office/Retail Property
Real Estate Properties [Line Items]
Number of real estate properties	1		1
Held for Investment | Office Properties
Real Estate Properties [Line Items]
Number of real estate properties	18		18

REAL ESTATE - Schedule of Real

REAL ESTATE - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Total Real Estate at Cost	$ 2,536,160	$ 2,497,656
Accumulated Depreciation and Amortization	(504,815)	$ (444,299)
Real Estate Investment Property, Net, Total	2,031,345
Domain Gateway | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	67,019
Accumulated Depreciation and Amortization	(11,893)
Real Estate Investment Property, Net, Total	55,126
Town Center | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	129,410
Accumulated Depreciation and Amortization	(36,285)
Real Estate Investment Property, Net, Total	93,125
McEwen Building | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	37,974
Accumulated Depreciation and Amortization	(9,971)
Real Estate Investment Property, Net, Total	28,003
Gateway Tech Center | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	29,518
Accumulated Depreciation and Amortization	(7,377)
Real Estate Investment Property, Net, Total	22,141
RBC Plaza | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	154,513
Accumulated Depreciation and Amortization	(49,689)
Real Estate Investment Property, Net, Total	104,824
Preston Commons | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	131,510
Accumulated Depreciation and Amortization	(26,431)
Real Estate Investment Property, Net, Total	105,079
Sterling Plaza | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	84,693
Accumulated Depreciation and Amortization	(19,586)
Real Estate Investment Property, Net, Total	65,107
201 Spear Street | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	149,339
Accumulated Depreciation and Amortization	(24,359)
Real Estate Investment Property, Net, Total	124,980
Accenture Tower | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	455,677
Accumulated Depreciation and Amortization	(97,479)
Real Estate Investment Property, Net, Total	358,198
Anchor Centre | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	97,484
Accumulated Depreciation and Amortization	(22,011)
Real Estate Investment Property, Net, Total	75,473
Ten Almaden | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	127,227
Accumulated Depreciation and Amortization	(25,099)
Real Estate Investment Property, Net, Total	102,128
Towers at Emeryville | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	209,141
Accumulated Depreciation and Amortization	(39,263)
Real Estate Investment Property, Net, Total	169,878
3003 Washington Boulevard | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	151,372
Accumulated Depreciation and Amortization	(29,284)
Real Estate Investment Property, Net, Total	122,088
Park Place Village | Office/Retail
Real Estate Properties [Line Items]
Total Real Estate at Cost	76,875
Accumulated Depreciation and Amortization	(1,766)
Real Estate Investment Property, Net, Total	75,109
201 17th Street | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	104,003
Accumulated Depreciation and Amortization	(22,413)
Real Estate Investment Property, Net, Total	81,590
515 Congress | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	125,254
Accumulated Depreciation and Amortization	(19,650)
Real Estate Investment Property, Net, Total	105,604
The Almaden | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	185,080
Accumulated Depreciation and Amortization	(27,534)
Real Estate Investment Property, Net, Total	157,546
3001 Washington Boulevard | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	60,848
Accumulated Depreciation and Amortization	(8,466)
Real Estate Investment Property, Net, Total	52,382
Carillon | Office Properties
Real Estate Properties [Line Items]
Total Real Estate at Cost	159,223
Accumulated Depreciation and Amortization	(26,259)
Real Estate Investment Property, Net, Total	$ 132,964

REAL ESTATE - Properties Repres

REAL ESTATE - Properties Represented More than 10% of Company’s Total Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)ft²$ / ft²
Real Estate Properties [Line Items]
Rentable Square Feet | ft²	7,800,000
Total Real Estate, Net	$ 2,031,345
Percentage of Total Assets	30.50%
Annualized Base Rent	$ 71,917
Occupancy	88.00%
Accenture Tower | Assets, Total
Real Estate Properties [Line Items]
Rentable Square Feet | ft²	1,457,724
Total Real Estate, Net	$ 358,198
Percentage of Total Assets	13.60%
Annualized Base Rent	$ 32,832
Average Annualized Base Rent per sq. ft. | $ / ft²	27.88
Occupancy	80.80%

REAL ESTATE - Operating Leases,

REAL ESTATE - Operating Leases, Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Operating Leased Assets [Line Items]
Deferred rent recognized			$ 4,041,000	$ 4,245,000
Deferred rent receivables	$ 84,000,000		84,000,000		$ 80,000,000
Incentive to lessee	20,600,000		20,600,000		21,000,000
Lease Revenue
Operating Leased Assets [Line Items]
Bad debt expense (recovery)	2,800,000	$ 400,000	7,200,000	1,800,000
Operating, Maintenance and Management Expense
Operating Leased Assets [Line Items]
Bad debt expense (recovery)	0	$ (100,000)	0	$ (400,000)
Other liabilities, at fair value
Operating Leased Assets [Line Items]
Security deposit liability	$ 8,400,000		$ 8,400,000		$ 8,800,000
Maximum
Operating Leased Assets [Line Items]
Operating leases, term of contract	16 years 9 months 18 days		16 years 9 months 18 days
Weighted Average
Operating Leased Assets [Line Items]
Operating leases, term of contract	4 years 9 months 18 days		4 years 9 months 18 days

REAL ESTATE - Future Minimum Re

REAL ESTATE - Future Minimum Rental Income (Details) $ in Thousands	Sep. 30, 2020USD ($)
Real Estate [Abstract]
October 1, 2020 through December 31, 2020	$ 56,378
2021	223,540
2022	199,567
2023	171,690
2024	150,543
Thereafter	629,902
Future minimum rental income	$ 1,431,620

REAL ESTATE - Highest Tenant In

REAL ESTATE - Highest Tenant Industry Concentrations - Greater than 10% of Annual Base Rent (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)tenant
Concentration Risk [Line Items]
Number of Tenants | tenant	640
Annualized Base Rent | $	$ 71,917
Percentage of Annualized Base Rent	30.50%
Finance
Concentration Risk [Line Items]
Number of Tenants | tenant	125
Annualized Base Rent | $	$ 44,816
Percentage of Annualized Base Rent	19.00%
Real Estate
Concentration Risk [Line Items]
Number of Tenants | tenant	60
Annualized Base Rent | $	$ 27,101
Percentage of Annualized Base Rent	11.50%

REAL ESTATE - Geographic Concen

REAL ESTATE - Geographic Concentration Risk, Additional Information (Details)	9 Months Ended
	Sep. 30, 2020
Concentration Risk [Line Items]
Concentration risk, percentage	30.50%
California | Assets, Total
Concentration Risk [Line Items]
Concentration risk, percentage	21.10%
Texas | Assets, Total
Concentration Risk [Line Items]
Concentration risk, percentage	16.20%
Illinois | Assets, Total
Concentration Risk [Line Items]
Concentration risk, percentage	13.60%

REAL ESTATE SALES - Additional

REAL ESTATE SALES - Additional Information (Details) $ in Thousands	Jul. 18, 2019USD ($)numberOfPropertiessubsidiary	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Disposed of by Sale
Real Estate Properties [Line Items]
Cost and expenses		$ 0	$ 9,255	$ 1,698	$ 77,308
Singapore Portfolio
Real Estate Properties [Line Items]
Number of wholly owned subsidiaries (subsidiary) | subsidiary	12
Singapore Portfolio | Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties disposed | numberOfProperties	11
Disposal group, consideration	$ 1,200,000
Cost and expenses	20,000
Disposition fees to affiliates	$ 9,500

REAL ESTATE SALES - Schedule of

REAL ESTATE SALES - Schedule of Major Components of Real Estate Held for Sale and Liabilities Related to Real Estate Held for Sale (Details) - Held-for-sale - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total real estate, at cost	$ 0	$ 127,346
Accumulated depreciation and amortization	0	(5,082)
Total real estate held for sale, net	$ 0	$ 122,264

REAL ESTATE SALES - Revenue and

REAL ESTATE SALES - Revenue and Expenses of Real Estate Sales (Details) - Disposed of by Sale - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Rental income	$ 0	$ 6,754	$ 1,483	$ 65,200
Other operating income	0	684	297	5,456
Total revenue	0	7,438	1,780	70,656
Expenses
Operating, maintenance, and management	0	2,434	1,177	17,124
Real estate taxes and insurance	0	616	167	8,884
Asset management fees to affiliate	0	602	330	4,858
General and administrative expenses	0	5	24	14
Depreciation and amortization	0	3,000	0	28,318
Interest expense	0	2,598	0	18,110
Total expenses	$ 0	$ 9,255	$ 1,698	$ 77,308

TENANT ORIGINATION AND ABSORP_3

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination and Absorption Costs, Cost	$ 84,330		$ 84,330		$ 95,808
Tenant Origination and Absorption Costs, Accumulated Amortization	(54,044)		(54,044)		(56,886)
Tenant Origination and Absorption Costs, Net Amount	30,286		30,286		38,922
Tenant Origination and Absorption Costs, Amortization expense	(2,409)	$ (3,766)	(7,702)	$ (18,185)
Above-Market Lease Assets, Cost	1,146		1,146		2,661
Above-Market Lease Assets, Accumulated Amortization	(671)		(671)		(2,095)
Above-Market Lease Assets, Net Amount	475		475		566
Above-Market Lease Assets, Amortization expense	(26)	(142)	(91)	(866)
Below-Market Lease Liabilities, Cost	(24,572)		(24,572)		(25,630)
Below-Market Lease Liabilities, Accumulated Amortization	16,951		16,951		15,781
Below-Market Lease Liabilities, Net Amount	(7,621)		(7,621)		$ (9,849)
Below-Market Lease Liabilities, Amortization expense	$ 726	$ 874	$ 2,228	$ 3,698

REAL ESTATE LOAN RECEIVABLE - S

REAL ESTATE LOAN RECEIVABLE - Schedules (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)numberOfLoans
Receivables [Abstract]
Number of real estate loans receivables originated | numberOfLoans					1
Origination of Financing Receivable [Abstract]
Outstanding Principal Balance					$ 150,213
Book Value	$ 148,290		$ 148,290		148,290
Annualized Effective Interest Rate			5.34%
Real Estate Loans Receivable [Roll Forward]
Real estate loan receivable, net - December 31, 2019			$ 0
Face value of real estate loan receivable originated			150,213
Discount on real estate loan receivable originated			(2,535)
Accretion of origination discount	674		1,230
Origination costs on real estate loan receivable			120	$ 0
Amortization of origination costs on real estate loan receivable	32		58
Provision for credit loss	0	$ 0	(680)	$ 0
Real estate loan receivable, net - September 30, 2020	148,290		148,290
Interest Income Components [Abstract]
Contractual interest income	1,387		2,064
Accretion of origination discount	674		1,230
Amortization of origination costs	32		58
Interest income from real estate loan receivable	$ 2,029		$ 3,236
Interest receivable					$ 500

REAL ESTATE LOAN RECEIVABLE - R

REAL ESTATE LOAN RECEIVABLE - Recent Origination (Details) - USD ($) $ in Thousands	Aug. 01, 2020	May 07, 2020	Jul. 31, 2020	Sep. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Distributions to joint venture		$ 6,400
Financing receivable originated				$ 150,213
Financing Receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Financing receivable originated		150,200
Receivable, interest rate	3.95%		2.95%
Financing Receivable | One-month LIBOR
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivables, variable rate	3.50%		2.50%
Hardware Village | Disposed of by Sale | Apartment Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration		178,000
Consideration paid in cash		27,800
Consideration in seller financing		$ 150,200

INVESTMENT IN AN UNCONSOLIDAT_3

INVESTMENT IN AN UNCONSOLIDATED ENTITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 19, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Aug. 21, 2019
Schedule of Equity Method Investments [Line Items]
Investment in an unconsolidated entity		$ 232,649		$ 232,649		$ 232,649		$ 253,371
Equity in income (loss) of an unconsolidated entity		2,600		(588)	$ 2,556	1,408	$ 2,556
SREIT
Schedule of Equity Method Investments [Line Items]
Equity in income (loss) of an unconsolidated entity			$ 2,556	(588)		3,504
Purchase and Sales Agreement | SREIT
Schedule of Equity Method Investments [Line Items]
Investment in an unconsolidated entity		$ 232,600		232,600		232,600
Equity in gain for dilution of an unconsolidated entity						2,100
Investment income, dividends				$ 7,400		$ 19,300
REIT Properties III | Purchase and Sales Agreement
Schedule of Equity Method Investments [Line Items]
Units acquired (in units)	307,953,999
Units acquired	$ 271,000
Units acquired (in dollars per unit)	$ 0.88
Ownership percentage	33.30%	27.40%		27.40%		27.40%			31.30%
Units disposed (in units)									18,392,100
Units disposed									$ 16,200
Units held (in units)		289,561,899		289,561,899		289,561,899
Investment in an unconsolidated entity		$ 238,900		$ 238,900		$ 238,900
Units, closing price (in dollars per unit)		$ 0.83		$ 0.83		$ 0.83

INVESTMENT IN AN UNCONSOLIDAT_4

INVESTMENT IN AN UNCONSOLIDATED ENTITY - Financial Information (Details) - USD ($) $ in Thousands	2 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Balance Sheets [Abstract]
Real estate, net	$ 2,031,345		$ 2,031,345		$ 2,031,345
Total assets	2,624,680		2,624,680		2,624,680			$ 2,638,927
Notes payable, net	1,492,125		1,492,125		1,492,125			1,459,879
Liabilities	1,661,375		1,661,375		1,661,375			1,601,913
Equity	884,935	$ 1,062,385	884,935	$ 1,062,385	884,935	$ 1,062,385	$ 911,206	985,310	$ 814,104	$ 930,895
Income Statement [Abstract]
Total revenues			75,503	82,981	229,176	308,868
Company’s share of net income (loss)	(2,600)		588	$ (2,556)	(1,408)	$ (2,556)
SREIT
Balance Sheets [Abstract]
Real estate, net	1,333,418		1,333,418		1,333,418			1,201,050
Total assets	1,378,963		1,378,963		1,378,963			1,260,540
Notes payable, net	471,562		471,562		471,562			432,824
Liabilities	547,902		547,902		547,902			473,540
Equity	$ 831,061		831,061		831,061			$ 787,000
Income Statement [Abstract]
Total revenues		27,373	36,623		108,993
Net income (loss)		(8,153)	2,144		(12,830)
Company’s share of net income (loss)		$ (2,556)	$ 588		(3,504)
SREIT | Purchase and Sales Agreement
Income Statement [Abstract]
Equity in gain for dilution of an unconsolidated entity					$ 2,100

NOTES PAYABLE - Schedule of Lon

NOTES PAYABLE - Schedule of Long-term Debt Instruments (Details)	Nov. 03, 2017USD ($)extension	Nov. 13, 2020	Sep. 30, 2020USD ($)Investments	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 1,496,682,000	$ 1,466,376,000
Deferred financing costs, net			(4,557,000)	(6,497,000)
Total Notes Payable, net			1,492,125,000	1,459,879,000
Portfolio Loan Facility | Secured Debt
Debt Instrument [Line Items]
Total Notes Payable, net			683,200,000
Mortgages | Anchor Centre Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 48,590,000	49,043,000
Effective Interest Rate			1.65%
Number of extensions | Investments			1
Extension period			6 months
Mortgages | Anchor Centre Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Mortgages | 201 17th Street Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 0	64,750,000
Mortgages | The Almaden Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 93,000,000	93,000,000
Stated percentage			4.20%
Effective Interest Rate			4.20%
Mortgages | 201 Spear Street Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 125,000,000	125,000,000
Effective Interest Rate			1.60%
Mortgages | 201 Spear Street Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.45%
Mortgages | Carillon Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 111,000,000	111,000,000
Effective Interest Rate			1.55%
Mortgages | Carillon Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.40%
Mortgages | Portfolio Loan Facility
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 683,225,000	684,225,000
Effective Interest Rate			1.95%
Mortgages | Portfolio Loan Facility | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.80%
Mortgages | Portfolio Revolving Loan Facility
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 292,622,000	196,113,000
Effective Interest Rate			1.65%
Mortgages | Portfolio Revolving Loan Facility | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Mortgages | 3001 & 3003 Washington Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 143,245,000	$ 143,245,000
Effective Interest Rate			1.60%
Mortgages | 3001 & 3003 Washington Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.45%
Secured Debt | Portfolio Loan Facility
Debt Instrument [Line Items]
Number of extensions | extension	2
Extension period	12 months		1 year
Maximum borrowing capacity	$ 1,010,000,000		$ 911,000,000
Loan, amount outstanding	757,500,000		683,200,000
Secured Debt | Portfolio Loan Facility | Subsequent Event
Debt Instrument [Line Items]
Extension period		1 year
Secured Debt | Portfolio Loan Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			227,800,000
Loan, amount outstanding	$ 252,500,000
Unused borrowing capacity, amount			$ 227,800,000

NOTES PAYABLE - Additional Info

NOTES PAYABLE - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Interest expense	$ 8,918,000	$ 20,350,000	$ 71,460,000	$ 105,701,000
Amortization of deferred financing costs			3,184,000	4,346,000
(Decrease) increase in interest expense incurred as a result of derivative instruments	300,000	3,300,000	38,900,000	38,600,000
Interest capitalized				1,711,000
Interest payable, current	4,000,000		4,000,000		$ 4,500,000
Construction in Progress
Debt Instrument [Line Items]
Interest capitalized	0	600,000	0	1,700,000
Interest Expense
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 1,100,000	$ 1,200,000	$ 3,200,000	$ 4,300,000

NOTES PAYABLE - Schedule of Mat

NOTES PAYABLE - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Nov. 03, 2017	Nov. 13, 2020	Sep. 30, 2020	Dec. 31, 2019
Notes Payable [Abstract]
October 1, 2020 through December 31, 2020			$ 731,815
2021			0
2022			93,000
2023			292,622
2024			379,245
Total notes payable			$ 1,496,682	$ 1,466,376
Secured Debt | Portfolio Loan Facility
Debt Instrument [Line Items]
Extension period	12 months		1 year
Secured Debt | Portfolio Loan Facility | Subsequent Event
Debt Instrument [Line Items]
Extension period		1 year

NOTES PAYABLE - Financing (Deta

NOTES PAYABLE - Financing (Details)	Jan. 23, 2020USD ($)numberOfTimesextension	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 17, 2018USD ($)
Debt Instrument [Line Items]
Amount drawn		$ 1,496,682,000	$ 1,466,376,000
Portfolio Revolving Loan Facility | Secured Debt
Debt Instrument [Line Items]
Long-term debt, term				3 years
Current borrowing capacity				$ 215,000,000
Modified Portfolio Revolving Loan Facility | Secured Debt
Debt Instrument [Line Items]
Current borrowing capacity	$ 325,000,000
Line of credit facility, increase in borrowing capacity	110,000,000
Loan, amount outstanding	162,500,000
Line of credit facility, amount drawn	$ 66,500,000
Amount drawn		292,600,000
Unused borrowing capacity, amount		32,400,000
Number of extensions | extension	2
Extension period	12 months
Basis spread on variable rate	1.50%
Number of options to increase committed amount | numberOfTimes	4
Increments of increase	$ 15,000,000
Additional increase	325,000,000
Maximum borrowing capacity	$ 650,000,000
Percent of outstanding balance under guarantees	25.00%
Modified Portfolio Revolving Loan Facility | Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Loan, amount outstanding	$ 162,500,000
Amount drawn		130,100,000
Maximum borrowing capacity, percentage	50.00%
Modified Portfolio Revolving Loan Facility | Secured Debt | Non-Revolving Credit Facility
Debt Instrument [Line Items]
Amount drawn		$ 162,500,000
Maximum borrowing capacity, percentage	50.00%
201 17th Street Mortgage Loan
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 64,900,000

DERIVATIVE INSTRUMENTS - Notion

DERIVATIVE INSTRUMENTS - Notional Amount (Details) - Derivative instruments not designated as hedging instruments	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)Investmentsinvestment	Sep. 30, 2020USD ($)Investmentsinvestment	Dec. 31, 2019USD ($)investment
Interest Rate Swap
Derivative [Line Items]
Number of Instruments | investment	10	10	11
Notional Amount | $	$ 1,140,640,000	$ 1,140,640,000	$ 960,963,000
Weighted-Average Fix Pay Rate		1.90%
Weighted-Average Remaining Term in Years		2 years 1 month 6 days
Number of instruments expired | Investments	1	1
Interest Rate Swap | Minimum | One-month LIBOR
Derivative [Line Items]
Reference Rate	1.16%	1.16%
Interest Rate Swap | Maximum | One-month LIBOR
Derivative [Line Items]
Reference Rate	2.11%	2.11%
Interest Rate Swap Which Will Become Effective in 2020 and Mature in 2023
Derivative [Line Items]
Number of Instruments | investment	1	1
Notional Amount | $	$ 65,000,000	$ 65,000,000

DERIVATIVE INSTRUMENTS - Balanc

DERIVATIVE INSTRUMENTS - Balance Sheet (Details) - Derivative instruments not designated as hedging instruments - Interest Rate Swap $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)Investmentsinvestment	Sep. 30, 2020USD ($)Investmentsinvestment	Dec. 31, 2019USD ($)Investmentsinvestment
Derivative [Line Items]
Number of Instruments | investment	10	10	11
Number of instruments expired	1	1
Prepaid expenses and other assets, at fair value
Derivative [Line Items]
Number of Instruments	0	0	3
Asset, Fair Value | $	$ 0	$ 0	$ 1,553
Other liabilities, at fair value
Derivative [Line Items]
Number of Instruments	10	10	8
Liability, Fair Value | $	$ (39,335)	$ (39,335)	$ (11,404)

DERIVATIVE INSTRUMENTS - Statem

DERIVATIVE INSTRUMENTS - Statement of Operations (Details) - Derivative instruments not designated as hedging instruments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Increase in interest expense as a result of derivatives	$ 266	$ 3,316	$ 38,911	$ 38,588
Interest Rate Swap
Derivative [Line Items]
Realized loss (gain) recognized on interest rate swaps	4,798	(491)	9,427	(3,118)
Unrealized (gain) loss on interest rate swaps	$ (4,532)	$ 3,807	$ 29,484	$ 41,706

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Face Value, Carrying Amounts and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financial assets:
Real estate loan receivable	$ 150,213	$ 0
Financial liabilities:
Notes payable	1,496,682	1,466,376
Carrying Amount
Financial assets:
Real estate loan receivable	148,290	0
Financial liabilities:
Notes payable	1,492,125	1,459,879
Fair Value
Financial assets:
Real estate loan receivable	148,290	0
Financial liabilities:
Notes payable	$ 1,476,002	$ 1,469,293

FAIR VALUE DISCLOSURES - Assets

FAIR VALUE DISCLOSURES - Assets and Liabilities at Fair value (Details) - Recurring Basis: - Interest Rate Swaps $ in Thousands	Sep. 30, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivatives	$ (39,335)
Quoted Prices in Active Markets  for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivatives	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivatives	(39,335)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivatives	$ 0

FAIR VALUE DISCLOSURES - Nonrec

FAIR VALUE DISCLOSURES - Nonrecurring Basis (Details) - Nonrecurring Basis: $ in Thousands	Sep. 30, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	$ 80,500
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
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	$ 80,500

FAIR VALUE DISCLOSURES - Additi

FAIR VALUE DISCLOSURES - Additional Information (Details)	Mar. 31, 2020
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	9.00%
Terminal Cap Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate properties, measurement input	8.25%

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) $ in Thousands	Mar. 14, 2019USD ($)$ / ft²	May 29, 2015USD ($)ft²$ / ft²	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Nov. 01, 2019
Related Party Transaction [Line Items]
Non-compounded return on net invested capital			8.00%		8.00%
Payable as of			$ 8,872		$ 8,872		$ 7,886
Annualized base rent			71,917		71,917
Affiliated Entity | Subsidiaries
Related Party Transaction [Line Items]
Net rentable area | ft²		5,046
Percent of total rentable square feet		2.40%
Annualized base rent	$ 300	$ 200
Average annualized base rent per square foot | $ / ft²	62.55	46.38
Rental income			80	$ 66	241	$ 189
Asset management fees
Related Party Transaction [Line Items]
Payable as of			8,800		8,800		6,700
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred			5,416	$ 15,181	16,299	30,348
Payable as of			8,872		8,872		7,886
Advisor and Dealer Manager | Asset management fees
Related Party Transaction [Line Items]
Payable as of			$ 8,836		8,836		$ 6,674
Advisor and Dealer Manager | GKP Holding LLC
Related Party Transaction [Line Items]
Ownership percentage								33.33%
KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Incurred					$ 74	$ 64

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Payable as of	$ 8,872		$ 8,872		$ 7,886
Administrative fees, amount paid	86	$ 104	271	$ 252
Asset management fees
Related Party Transaction [Line Items]
Payable as of	8,800		8,800		6,700
Singapore Portfolio
Related Party Transaction [Line Items]
Payable as of		4,100		4,100
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred	5,416	15,181	16,299	30,348
Payable as of	8,872		8,872		7,886
Advisor and Dealer Manager | Asset management fees
Related Party Transaction [Line Items]
Expenses	5,311	5,541	15,704	19,412
Payable as of	8,836		8,836		6,674
Advisor and Dealer Manager | Reimbursement of operating expenses
Related Party Transaction [Line Items]
Expenses	105	115	348	1,278
Payable as of	36		36		79
Advisor and Dealer Manager | Disposition fees
Related Party Transaction [Line Items]
Expenses	0	9,483	213	9,483
Payable as of	0		0		0
Advisor and Dealer Manager | Acquisition fee on development project
Related Party Transaction [Line Items]
Incurred	0	$ 42	34	$ 175
Payable as of	$ 0		$ 0		$ 1,133

RELATED PARTY TRANSACTIONS - Po

RELATED PARTY TRANSACTIONS - Portfolio Sale (Details) - USD ($)	Jul. 18, 2019	Sep. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Investment in an unconsolidated entity		$ 232,649,000	$ 253,371,000
Purchase and Sales Agreement | Manager
Related Party Transaction [Line Items]
Annual base fee as percent of distributable income	10.00%
Annual performance fee as percent of increase of distributions per unit	25.00%
Acquisition fee as percent of acquisition price of real estate	1.00%
Acquisition fee	$ 0
Dividend fee as percent of sale price of real estate	0.50%
Development management fee as percent of total project cost	3.00%
Purchaser | Purchase and Sales Agreement
Related Party Transaction [Line Items]
Ownership percentage	50.00%
SREIT | Linda Bren 2017 Trust
Related Party Transaction [Line Items]
Investment in an unconsolidated entity	$ 10,000,000
SREIT | Linda Bren 2017 Trust | Not to Sell Prior to Written Consent
Related Party Transaction [Line Items]
Investment in an unconsolidated entity	$ 5,000,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - KBS Capital Advisors LLC $ in Millions	Sep. 30, 2020USD ($)
Related Party Transaction [Line Items]
Percent of net cash flows to be received by related party	15.00%
Noncompounded return on invested capital as percent per year	8.00%
Distributions paid from operating cash flow in excess of cumulative, noncompounded, annual return, percent	8.00%
Nonfinancial liabilities	$ 30

SUBSEQUENT EVENTS - Distributio

SUBSEQUENT EVENTS - Distributions (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 13, 2020	Nov. 02, 2020	Oct. 01, 2020	Dec. 31, 2020
Dividend Authorized | Forecast
Subsequent Event [Line Items]
Distribution rate per share per day, declared (in dollars per share)				$ 0.04983333
Subsequent Event | Dividend Paid
Subsequent Event [Line Items]
Dividends, common stock, cash		$ 9.2	$ 9.1
Distribution rate per share per day, declared (in dollars per share)		$ 0.04983333	$ 0.04983333
Subsequent Event | Dividend Authorized
Subsequent Event [Line Items]
Distribution rate per share per day, declared (in dollars per share)	$ 0.04983333

SUBSEQUENT EVENTS - Financings

SUBSEQUENT EVENTS - Financings (Details)	Nov. 03, 2020USD ($)extension	Nov. 02, 2020USD ($)extension	Nov. 03, 2017USD ($)extension	Nov. 13, 2020	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Subsequent Event [Line Items]
Amount drawn					$ 1,496,682,000	$ 1,466,376,000
Portfolio Loan Facility | Secured Debt
Subsequent Event [Line Items]
Long-term debt, term			3 years
Maximum borrowing capacity			$ 1,010,000,000		911,000,000
Loan, amount outstanding			$ 757,500,000		$ 683,200,000
Number of extensions | extension			2
Extension period			12 months		1 year
Portfolio Loan Facility | Secured Debt | Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity					$ 227,800,000
Loan, amount outstanding			$ 252,500,000
Unused borrowing capacity, amount					$ 227,800,000
Subsequent Event | Accenture Tower Revolving Loan | Secured Debt
Subsequent Event [Line Items]
Long-term debt, term		3 years
Maximum borrowing capacity		$ 375,000,000
Loan, amount outstanding		281,300,000
Amount drawn		$ 281,300,000
Number of extensions | extension		2
Extension period		12 months
Basis spread on variable rate		2.25%
Percent of outstanding balance under guarantees		25.00%
Subsequent Event | Accenture Tower Revolving Loan | Secured Debt | Revolving Credit Facility
Subsequent Event [Line Items]
Loan, amount outstanding		$ 93,700,000
Unused borrowing capacity, amount		93,700,000
Amount to be used for tenant improvements and lease commissions		30,000,000
Subsequent Event | Portfolio Loan Facility
Subsequent Event [Line Items]
Extinguishment of debt, amount		$ 210,300,000
Subsequent Event | Portfolio Loan Facility | Secured Debt
Subsequent Event [Line Items]
Extension period				1 year
Subsequent Event | Modified Portfolio Loan Facility | Secured Debt
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 630,600,000
Loan, amount outstanding	$ 472,900,000
Number of extensions | extension	1
Extension period	12 years
Subsequent Event | Modified Portfolio Loan Facility | Secured Debt | Revolving Credit Facility
Subsequent Event [Line Items]
Loan, amount outstanding	$ 157,700,000