KBS Real Estate Investment Trust III (KBSR) 10-K 13 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 08, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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
Entity Address, Address Line Two	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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		148,595,309
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0001482430
Document Fiscal Year Focus	2022
Documents Incorporated by Reference	Portions of the Registrant’s Definitive Proxy Statement with respect to its 2023 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the Registrant’s fiscal year are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14 hereof as noted therein.

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Irvine, California
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate:
Land	$ 290,121	$ 290,121
Buildings and improvements	2,235,676	2,090,983
Tenant origination and absorption costs	42,555	60,162
Total real estate held for investment, cost	2,568,352	2,441,266
Less accumulated depreciation and amortization	(656,401)	(572,968)
Total real estate, net	1,911,951	1,868,298
Real estate equity securities	87,416	180,228
Total real estate and real estate-related investments, net	1,999,367	2,048,526
Cash and cash equivalents	47,767	44,404
Restricted cash	6,070	2,032
Rents and other receivables, net	93,100	88,534
Above-market leases, net	262	348
Due from affiliates	10	343
Prepaid expenses and other assets	112,411	70,014
Total assets	2,258,987	2,254,201
Notes payable, net
Notes payable, net	1,667,288	1,465,398
Accounts payable and accrued liabilities	56,071	58,323
Due to affiliate	10,365	8,126
Distributions payable	7,374	7,735
Below-market leases, net	1,911	3,277
Other liabilities	60,918	48,780
Redeemable common stock payable	711	0
Total liabilities	1,804,638	1,591,639
Commitments and contingencies (Note 11)
Redeemable common stock	32,681	42,369
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, 147,964,954 and 153,150,766 shares issued and outstanding as of December 31, 2022 and 2021, respectively	1,480	1,532
Additional paid-in capital	1,275,833	1,322,613
Cumulative distributions in excess of net income	(855,645)	(703,952)
Total stockholders’ equity	421,668	620,193
Total liabilities and equity	$ 2,258,987	$ 2,254,201

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	147,964,954	153,150,766
Common stock, shares outstanding (in shares)	147,964,954	153,150,766

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental income	$ 275,026,000	$ 280,144,000	$ 282,527,000
Dividend income from real estate equity securities	14,850,000	0	0
Interest income from real estate loan receivable	0	0	5,666,000
Other operating income	18,141,000	16,617,000	18,725,000
Total revenues	308,017,000	296,761,000	306,918,000
Expenses:
Operating, maintenance and management	74,783,000	68,806,000	71,470,000
Real estate taxes and insurance	51,811,000	57,687,000	57,234,000
Asset management fees to affiliate	20,102,000	19,832,000	20,990,000
General and administrative expenses	8,115,000	6,116,000	6,600,000
Depreciation and amortization	111,860,000	110,984,000	110,806,000
Interest expense	60,259,000	34,564,000	42,027,000
Net (gain) loss on derivative instruments	(51,932,000)	(5,263,000)	39,112,000
Impairment charges on real estate	0	0	19,896,000
Total expenses	274,998,000	292,726,000	368,135,000
Other income (loss):
Unrealized (loss) gain on real estate equity securities	(92,812,000)	16,765,000	0
Write-off of prepaid offering costs	(2,728,000)	0	0
Other interest income	63,000	52,000	72,000
Equity in income (loss) of an unconsolidated entity	0	8,698,000	(465,000)
Loss from extinguishment of debt	0	(214,000)	(199,000)
Gain on sale of real estate, net	0	114,321,000	49,457,000
Total other (loss) income, net	(95,477,000)	139,622,000	48,865,000
Net (loss) income	(62,458,000)	143,657,000	(12,352,000)
Net income attributable to noncontrolling interest	0	0	(6,145,000)
Net (loss) income attributable to common stockholders	$ (62,458,000)	$ 143,657,000	$ (18,497,000)
Net (loss) income per common share attributable to common stockholders, basic (in dollars per share)	$ (0.42)	$ 0.83	$ (0.10)
Net (loss) income per common share attributable to common stockholders, diluted (in dollars per share)	$ (0.42)	$ 0.83	$ (0.10)
Weighted-average number of common shares outstanding, basic (in shares)	149,164,231	172,330,821	182,806,753
Weighted-average number of common shares outstanding, diluted (in shares)	149,164,231	172,330,821	182,806,753

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	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2019			180,970,743
Beginning 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 (loss) income	(12,352)	(18,497)			(18,497)	6,145
Issuance of common stock (in shares)			4,220,684
Issuance of common stock	46,722	46,722	$ 42	46,680
Transfers from redeemable common stock	4,981	4,981		4,981
Redemptions of common stock (in shares)			(942,351)
Redemptions of common stock	(10,877)	(10,877)	$ (10)	(10,867)
Distributions declared	(109,322)	(109,322)			(109,322)
Other offering costs	(26)	(26)		(26)
Distribution to noncontrolling interest	(6,400)					(6,400)
Ending balance (in shares) at Dec. 31, 2020			184,249,076
Ending balance at Dec. 31, 2020	898,036	898,036	$ 1,842	1,641,184	(744,990)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	143,657	143,657			143,657	0
Issuance of common stock (in shares)			4,145,065
Issuance of common stock	42,369	42,369	$ 41	42,328
Transfers from redeemable common stock	4,354	4,354		4,354
Redemptions of common stock (in shares)			(35,243,375)
Redemptions of common stock	(365,587)	(365,587)	$ (351)	(365,236)
Distributions declared	(102,619)	(102,619)			(102,619)
Other offering costs	$ (17)	(17)		(17)
Ending balance (in shares) at Dec. 31, 2021	153,150,766		153,150,766
Ending balance at Dec. 31, 2021	$ 620,193	620,193	$ 1,532	1,322,613	(703,952)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(62,458)	(62,458)			(62,458)
Issuance of common stock (in shares)			3,434,632
Issuance of common stock	33,391	33,391	$ 34	33,357
Transfers from redeemable common stock	8,977	8,977		8,977
Redemptions of common stock (in shares)			(8,620,444)
Redemptions of common stock	(89,183)	(89,183)	$ (86)	(89,097)
Distributions declared	(89,235)	(89,235)			(89,235)
Other offering costs	$ (17)	(17)		(17)
Ending balance (in shares) at Dec. 31, 2022	147,964,954		147,964,954
Ending balance at Dec. 31, 2022	$ 421,668	$ 421,668	$ 1,480	$ 1,275,833	$ (855,645)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net (loss) income	$ (62,458,000)	$ 143,657,000	$ (12,352,000)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	111,860,000	110,984,000	110,806,000
Impairment charges on real estate	0	0	19,896,000
Noncash interest income on real estate loan receivable	0	0	(2,415,000)
Unrealized (loss) gain on real estate equity securities	92,812,000	(16,765,000)	0
Equity in (income) loss of unconsolidated entities	0	(8,698,000)	465,000
Distribution of operating cash flow from an unconsolidated entity	0	19,861,000	19,314,000
Deferred rents	(10,896,000)	(2,550,000)	(4,564,000)
Amortization of above- and below-market leases, net	(1,280,000)	(2,754,000)	(2,807,000)
Amortization of deferred financing costs	3,940,000	3,978,000	4,293,000
Unrealized (gains) losses on derivative instruments	(52,189,000)	(23,283,000)	25,165,000
Loss from extinguishment of debt	0	214,000	199,000
Gain on sale of real estate	0	(114,321,000)	(49,457,000)
Write-off of prepaid offering costs	2,728,000	0	0
Interest rate swap settlements for off-market swap instruments	(1,543,000)	3,031,000	476,000
Changes in operating assets and liabilities:
Rents and other receivables	3,044,000	(5,005,000)	(2,698,000)
Due from affiliates	333,000	(343,000)	0
Prepaid expenses and other assets	(16,395,000)	(14,361,000)	(9,015,000)
Accounts payable and accrued liabilities	(2,598,000)	4,141,000	(6,696,000)
Due to affiliates	2,239,000	(500,000)	1,873,000
Other liabilities	6,368,000	3,513,000	9,247,000
Net cash provided by operating activities	75,965,000	100,799,000	101,730,000
Cash Flows from Investing Activities:
Improvements to real estate	(121,568,000)	(70,131,000)	(87,630,000)
Proceeds from sale of real estate, net	0	237,683,000	25,091,000
Proceeds from payoff of real estate loan receivable	0	0	150,213,000
Proceeds from the sale of real estate equity securities	0	58,936,000	0
Payments for construction in progress	0	0	(3,277,000)
Origination costs on real estate loan receivable	0	0	(120,000)
Net cash (used in) provided by investing activities	(121,568,000)	226,488,000	84,277,000
Cash Flows from Financing Activities:
Proceeds from notes payable	282,118,000	806,090,000	421,760,000
Principal payments on notes payable	(83,013,000)	(730,545,000)	(491,391,000)
Payments of deferred financing costs	(1,155,000)	(2,704,000)	(6,339,000)
Interest rate swap settlements for off-market swap instruments	569,000	(3,017,000)	(231,000)
Payments to redeem common stock	(89,183,000)	(365,587,000)	(10,877,000)
Payments of prepaid other offering costs	(110,000)	(1,180,000)	(1,159,000)
Payments of other offering costs	(17,000)	(17,000)	(26,000)
Distribution to noncontrolling interest	0	0	(6,400,000)
Distributions paid to common stockholders	(56,205,000)	(61,702,000)	(62,805,000)
Net cash provided by (used in) financing activities	53,004,000	(358,662,000)	(157,468,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	7,401,000	(31,375,000)	28,539,000
Cash, cash equivalents and restricted cash, beginning of period	46,436,000	77,811,000	49,272,000
Cash, cash equivalents and restricted cash, end of period	53,837,000	46,436,000	77,811,000
Supplemental Disclosure of Cash Flow Information:
Interest paid	55,245,000	45,586,000	51,576,000
Supplemental Disclosure of Noncash Investing and Financing Activities:
Distributions payable	7,374,000	7,735,000	9,187,000
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	33,391,000	42,369,000	46,722,000
Redeemable common stock payable	711,000	0	0
Accrued improvements to real estate	19,324,000	17,985,000	18,589,000
Capital improvements paid by tenant	0	0	16,283,000
Accrued prepaid other offering costs	0	19,000	782,000
Financing of interest rate swap liability through off-market swap instruments	0	0	8,156,000
Accrued interest rate swap settlements related to off-market swap instruments	(974,000)	259,000	245,000
Real estate equity securities reclassed from investment in unconsolidated entity	$ 0	$ 163,463,000	$ 0

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2022
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 December 31, 2022, the Advisor owned 20,857 shares of the Company’s common stock. The Company owns a diverse portfolio of real estate investments. As of December 31, 2022, the Company owned 16 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”). 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 December 31, 2022, the Company had also sold 44,254,383 shares of common stock under its dividend reinvestment plan for gross offering proceeds of $455.1 million. Also as of December 31, 2022, the Company had redeemed or repurchased 73,295,267 shares sold in the Offering for $777.1 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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 accompanying notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. During the year ended December 31, 2022, the Company presented gains and losses on derivative instruments separate from interest expense on the Company’s consolidated statement of operations. Accordingly, the Company’s gains and losses on derivative instruments were reclassified for all periods presented. Comprehensive Income (Loss) Comprehensive income (loss) for each of the years ended December 31, 2022, 2021 and 2020 was equal to net income (loss) for these respective periods. Revenue Recognition - Operating Leases Real Estate The Company recognizes minimum rent, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectibility is probable and records amounts expected to be received in later years as deferred rent receivable. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance (including amounts that can be taken in the form of cash or a credit against the tenant’s rent) that is funded is treated as a lease incentive and amortized as a reduction of rental revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the lessee or lessor supervises the construction and bears the risk of cost overruns; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. In accordance with ASU 2016-02, Leases (Topic 842) (“Topic 842”), tenant reimbursements for property taxes and insurance are included in the single lease component of the lease contract (the right of the lessee to use the leased space) and therefore are accounted for as variable lease payments and are recorded as rental income on the Company’s statement of operations. In addition, the Company adopted the practical expedient available under Topic 842 to not separate nonlease components from the associated lease component and instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue recognition standard (Topic 606) and if certain conditions are met, specifically related to tenant reimbursements for common area maintenance which would otherwise be accounted for under the revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements for common area maintenance as (i) the timing and pattern of transfer of the nonlease components and associated lease components are the same and (ii) the lease component would be classified as an operating lease. Accordingly, tenant reimbursements for common area maintenance are also accounted for as variable lease payments and recorded as rental income on the Company’s statement of operations. In accordance with Topic 842, the Company makes a determination of whether the collectibility of the lease payments in an operating lease is probable. If the Company determines the lease payments are not probable of collection, the Company would fully reserve for any contractual lease payments, deferred rent receivable, and variable lease payments and would recognize rental income only to the extent cash has been received. These changes to the Company’s collectibility assessment are reflected as an adjustment to rental income. The Company, as a lessor, records costs to negotiate or arrange a lease that would have been incurred regardless of whether the lease was obtained, such as legal costs incurred to negotiate an operating lease, as an expense and classifies such costs as operating, maintenance, and management expense on the Company’s consolidated statement of operations, as these costs are no longer capitalizable under the definition of initial direct costs under Topic 842. Sales of Real Estate The Company follows the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets that do not meet the definition of a business. Generally, the Company’s sales of real estate would be considered a sale of a nonfinancial asset as defined by ASC 610-20. ASC 610-20 refers to the revenue recognition principles under ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . Under ASC 610-20, if the Company determines it does not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, the Company would derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Real Estate Loan Receivable Interest income on the Company’s real estate loan receivable was 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, were amortized over the term of the loan as an adjustment to interest income. Real Estate Equity Securities Dividend income from real estate equity securities is recognized on an accrual basis based on eligible units as of the ex-dividend date. Cash and Cash Equivalents The Company recognizes interest income on its cash and cash equivalents as it is earned and classifies such amounts as other interest income. Real Estate Depreciation and Amortization Real estate costs related to the acquisition and improvement of properties are capitalized and depreciated over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Land N/A Buildings 25-40 years Building improvements 10-25 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related leases, including below-market renewal periods Real Estate Acquisition Valuation The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business. For purposes of this test, land and buildings can be combined along with the intangible assets for any in-place leases and accordingly, most acquisitions of investment properties would not meet the definition of a business and would be accounted for as an asset acquisition. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized. The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of above-market in-place leases and for the initial term plus any extended term for any leases with below-market renewal options. The Company amortizes any recorded above-market or below-market lease values as a reduction or increase, respectively, to rental income over the remaining non-cancelable terms of the respective lease, including any below-market renewal periods. The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. The Company amortizes the value of tenant origination and absorption costs to depreciation and amortization expense over the remaining non-cancelable term of the leases. Subsequent to the acquisition of a property, the Company may incur and capitalize costs necessary to get the property ready for its intended use. During that time, certain costs such as legal fees, real estate taxes and insurance and financing costs are also capitalized. Impairment of Real Estate and Related Intangible Assets and Liabilities The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets and liabilities may not be recoverable or realized. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability by estimating whether the Company will recover the carrying value of the real estate and related intangible assets and liabilities through its undiscounted future cash flows and its eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. The Company did not record any impairment loss on its real estate and related intangible assets during the years ended December 31, 2022 and 2021. During the year ended December 31, 2020, the Company recorded impairment losses of $19.9 million on its real estate and related intangible assets. See Note 3, “Real Estate — Impairment of Real Estate.” Real Estate Held for Sale The Company generally considers real estate to be “held for sale” when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Real estate that is held for sale and its related assets are classified as “real estate held for sale” and “assets related to real estate held for sale,” respectively, for all periods presented in the accompanying consolidated financial statements. Notes payable and other liabilities related to real estate held for sale are classified as “notes payable related to real estate held for sale” and “liabilities related to real estate held for sale,” respectively, for all periods presented in the accompanying consolidated financial statements. Real estate classified as held for sale is no longer depreciated and is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell. Operating results of properties and related gains on sale of properties that were disposed of or classified as held for sale in the ordinary course of business are included in continuing operations on the Company’s consolidated statements of operations. Real Estate Equity Securities Real estate equity securities are carried at fair value based on quoted market prices for the security. Unrealized gains and losses on real estate equity securities are recognized in earnings. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short term investments. Cash and cash equivalents are stated at cost, which approximates fair value. There are no restrictions on the use of the Company’s cash and cash equivalents as of December 31, 2022. The Company’s cash and cash equivalents balance exceeds federally insurable limits as of December 31, 2022. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. Restricted Cash Restricted cash is composed of lender impound reserve accounts on the Company’s borrowings. In addition, restricted cash includes asset management fees restricted from payment to the Advisor pursuant to the Renewed Advisory Agreement and held in a separate account for purposes of the Bonus Retention Fund. See below under, “— Related Party Transactions — Asset Management Fee.” Rents and Other Receivables The Company makes a determination of whether the collectibility of the lease payments in its operating leases is probable. If the Company determines the lease payments are not probable of collection, the Company would fully reserve for any outstanding rent receivables related to contractual lease payments and variable leases payments, would write-off any deferred rent receivable and would recognize rental income only to the extent cash has been received. The Company exercises judgment in assessing collectibility and considers payment history, current credit status, the tenant’s financial condition, security deposits, letters of credit, lease guarantees and current market conditions that may impact the tenant’s ability to make payments in accordance with its lease agreements, including the impact of the continued disruptions in the financial markets on the tenant’s business, in making the determination. Derivative Instruments The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates on its variable rate notes payable. The Company records these derivative instruments at fair value on the accompanying consolidated balance sheets. The changes in fair value for derivative instruments that are not designated as a hedge or that do not meet the hedge accounting criteria are recorded as gain or loss on derivative instruments and included in interest expense as presented in the accompanying consolidated statements of operations. Fair Value Election of Hybrid Financial Instruments with Embedded Derivatives When the Company enters into interest rate swaps which include off-market terms, the Company determines if these contracts are hybrid financial instruments with embedded derivatives requiring bifurcation between the host contract and the derivative instrument. The Company elected to initially and subsequently measure these hybrid financial instruments in their entirety at fair value with concurrent documentation of this election. Changes in the fair value of the hybrid financial instrument under this fair value election are recorded in earnings and are included in interest expense in the accompanying consolidated statements of operations. The cash flows for these off-market swap instruments which contain an other-than-insignificant financing element at inception are included in cash flows provided by or used in financing activities on the accompanying consolidated statements of cash flows. Deferred Financing Costs Deferred financing costs represent commitment fees, loan fees, legal fees and other third-party costs associated with obtaining financing and are presented on the balance sheet as a direct deduction from the carrying value of the associated debt liability. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Deferred financing costs incurred before an associated debt liability is recognized are included in prepaid and other assets on the balance sheet. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. Fair Value Measurements 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 fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from independent third-party sources to determine fair value and classifies such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establishes a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. The Company considers the following factors to be indicators of an inactive market: (i) there are few recent transactions, (ii) price quotations are not based on current information, (iii) price quotations vary substantially either over time or among market makers (for example, some brokered markets), (iv) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability, (v) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability, (vi) there is a wide bid-ask spread or significant increase in the bid-ask spread, (vii) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities, and (viii) little information is released publicly (for example, a principal-to-principal market). The Company considers the following factors to be indicators of non-orderly transactions: (i) there was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions, (ii) there was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant, (iii) the seller is in or near bankruptcy or receivership (that is, distressed), or the seller was required to sell to meet regulatory or legal requirements (that is, forced), and (iv) the transaction price is an outlier when compared with other recent transactions for the same or similar assets or liabilities. Dividend Reinvestment Plan The Company has adopted a dividend reinvestment plan pursuant to which common stockholders may elect to have all or a portion of their dividends and other distributions, exclusive of dividends and other distributions that the Company’s board of directors designates as ineligible for reinvestment through the dividend reinvestment plan, reinvested in additional shares of the Company’s common stock in lieu of receiving cash distributions. Participants in the dividend reinvestment plan acquire shares of the Company’s common stock at a price equal to 95% of the estimated value per share of the Company’s common stock, as determined by the Advisor or another firm chosen by the Company’s board of directors for that purpose. On December 4, 2019, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $11.65 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding, all as of September 30, 2019, with the exception of adjustments to the Company’s net asset value to give effect to (i) the October 23, 2019 authorization of a special dividend of $0.80 per share on the outstanding shares of common stock of the Company to the stockholders of record as of the close of business on November 4, 2019 (the “Special Dividend”) and (ii) the change in the estimated value of the Company’s investment in units of the SREIT (SGX-ST Ticker: “OXMU”) as of December 3, 2019. The change in the dividend reinvestment plan purchase price was effective for the January 2, 2020 dividend reinvestment plan purchase date and was effective until the estimated value per share was updated. Commencing with the January 2, 2020 purchase date and until the estimated value per share was updated, the purchase price per share under the dividend reinvestment plan was $11.07. On December 7, 2020, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $10.74 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding, all as of September 30, 2020, with the exception of adjustments to the Company’s net asset value to give effect to the change in the estimated value of the Company’s investment in units of the SREIT (SGX-ST Ticker: “OXMU”) as of December 1, 2020. The change in the dividend reinvestment plan purchase price was effective for the January 4, 2021 dividend reinvestment plan purchase date and was effective until the estimated value per share was updated. Commencing with the January 4, 2021 purchase date and until the estimated value per share was updated, the purchase price per share under the dividend reinvestment plan was $10.21. On May 13, 2021, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $10.77 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding, all as of March 31, 2021, with the exception of adjustments to the Company’s net asset value to give effect to the change in the estimated value of the Company’s investment in units of the SREIT (SGX-ST Ticker: OXMU) as of April 29, 2021. The change in the dividend reinvestment plan purchase price was effective for the June 1, 2021 dividend reinvestment plan purchase date and was effective until the estimated value per share was updated. Commencing with the June 1, 2021 purchase date and until the estimated value per share was updated, the purchase price per share under the dividend reinvestment plan was $10.23. On November 1, 2021, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $10.78 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding, all as of September 30, 2021, with the exception of adjustments to the Company’s net asset value to give effect to (i) the change in the estimated value of the Company’s investment in units of the SREIT (SGX-ST Ticker: “OXMU”) as of October 22, 2021 and (ii) the contractual sales price less estimated disposition costs and fees of one property that was under contract to sell as of November 1, 2021. The change in the dividend reinvestment plan purchase price was effective for the December 1, 2021 dividend reinvestment plan purchase date and was effective until the estimated value per share was updated. Commencing with the December 1, 2021 purchase date and until the estimated value per share was updated, the purchase price per share under the dividend reinvestment plan was $10.24. On September 28, 2022, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $9.00 (unaudited) based on (i) appraisals of the Company’s 17 real estate properties as of July 31, 2022, the estimated value of the Company’s investment in units of the SREIT (SGX-ST Ticker: “OXMU”) as of September 20, 2022 and the estimated value of the Company’s other assets as of June 30, 2022 less (ii) the estimated value of the Company’s liabilities as of June 30, 2022, all divided by the number of shares outstanding as of June 30, 2022. The change in the dividend reinvestment plan purchase price was effective for the October 3, 2022 dividend reinvestment plan purchase date and is effective until the estimated value per share is updated. Commencing with the October 3, 2022 purchase date and until the estimated value per share is updated, the purchase price per share under the dividend reinvestment plan is $8.55. No selling commissions or dealer manager fees will be paid on shares sold under the dividend reinvestment plan. The board of directors of the Company may amend or terminate the dividend reinvestment plan for any reason upon ten days’ notice to participants. Redeemable Common Stock The Company’s board of directors has adopted a share redemption program that may enable stockholders to sell their shares to the Company in limited circumstances. The restrictions of the Company’s share redemption program will limit its stockholders’ ability to sell their shares should they require liquidity and will limit the stockholders’ ability to recover an amount equal to the Company’s estimated value per share. The following is a description of the Company’s share redemption program from January 1, 2020 through June 30, 2021 and the amendments to the program made by (i) the July 2021 amended and restated share redemption program (the “July 2021 Amended Share Redemption Program”), which became effective as of the July 30, 2021 redemption date, (ii) the March 2022 amended and restated share redemption program (the “March 2022 Amended Share Redemption Program”), which became effective as of the March 31, 2022 redemption date, and (iii) the April 2022 amended and restated share redemption program (the “April 2022 Amended Share Redemption Program”), which became effective as of the April 29, 2022 redemption date. In December 2019, the Company’s board of directors determined to temporarily suspend Ordinary Redemptions under the share redemption program, and Ordinary Redemptions remained suspended through June 30, 2021. Ordinary Redemptions are all redemptions other than those that

REAL ESTATE

REAL ESTATE	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE As of December 31, 2022, the Company’s real estate portfolio was composed of 16 office properties and one mixed-use office/retail property encompassing in the aggregate approximately 7.3 million rentable square feet. As of December 31, 2022, the Company’s real estate portfolio was collectively 82% occupied. The following table summarizes the Company’s investments in real estate as of December 31, 2022 (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) Town Center 03/27/2012 Plano TX Office $ 135,867 $ (46,506) $ 89,361 McEwen Building 04/30/2012 Franklin TN Office 38,596 (10,469) 28,127 Gateway Tech Center 05/09/2012 Salt Lake City UT Office 34,914 (10,423) 24,491 60 South Sixth (2) 01/31/2013 Minneapolis MN Office 172,062 (51,059) 121,003 Preston Commons 06/19/2013 Dallas TX Office 142,988 (36,576) 106,412 Sterling Plaza 06/19/2013 Dallas TX Office 91,751 (26,439) 65,312 201 Spear Street 12/03/2013 San Francisco CA Office 153,384 (36,246) 117,138 Accenture Tower 12/16/2013 Chicago IL Office 547,850 (141,298) 406,552 Ten Almaden 12/05/2014 San Jose CA Office 129,483 (35,776) 93,707 Towers at Emeryville 12/23/2014 Emeryville CA Office 221,712 (56,836) 164,876 3003 Washington Boulevard 12/30/2014 Arlington VA Office 154,855 (40,820) 114,035 Park Place Village 06/18/2015 Leawood KS Office/Retail 83,181 (9,844) 73,337 201 17th Street 06/23/2015 Atlanta GA Office 102,560 (29,875) 72,685 515 Congress 08/31/2015 Austin TX Office 134,216 (30,155) 104,061 The Almaden 09/23/2015 San Jose CA Office 194,934 (44,076) 150,858 3001 Washington Boulevard 11/06/2015 Arlington VA Office 60,947 (12,798) 48,149 Carillon 01/15/2016 Charlotte NC Office 169,052 (37,205) 131,847 $ 2,568,352 $ (656,401) $ 1,911,951 _____________________ (1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets. (2) This property was formerly known as RBC Plaza and was re-named 60 South Sixth in connection with the Company’s re-branding strategy for this property. As of December 31, 2022, the following property represented more than 10% of the Company’s total assets: Property Location Rentable Square Feet Total Real Estate, Net Percentage of Total Assets Annualized Base Rent (in thousands) (1) Average Annualized Base Rent per sq. ft. Occupancy Accenture Tower Chicago, IL 1,457,724 $ 406,552 18.0 % $ 35,544 $ 27.99 87.1 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of December 31, 2022, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. 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 December 31, 2022, the leases, including leases that have been executed but not yet commenced, had remaining terms, excluding options to extend, of up to 16.4 years with a weighted-average remaining term of 5.6 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 $9.3 million and $8.7 million as of December 31, 2022 and 2021, respectively. During the years ended December 31, 2022, 2021 and 2020, the Company recognized deferred rent from tenants of $10.9 million, $2.6 million and $4.6 million, respectively. As of December 31, 2022 and 2021, the cumulative deferred rent balance was $89.9 million and $85.2 million, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $17.3 million and $22.8 million of unamortized lease incentives as of December 31, 2022 and 2021, respectively. As of December 31, 2022, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands): 2023 $ 197,341 2024 191,131 2025 173,728 2026 154,790 2027 128,181 Thereafter 494,677 $ 1,339,848 As of December 31, 2022, the Company’s office and office/retail properties were leased to approximately 560 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 114 $ 39,354 18.5 % Real Estate 54 21,822 10.2 % $ 61,176 28.7 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of December 31, 2022, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. As of December 31, 2022, 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 December 31, 2022, the Company’s net investments in real estate in California, Illinois and Texas represented 23.3%, 18.0% and 16.2% 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, Illinois and Texas 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

REAL ESTATE DISPOSITIONS

REAL ESTATE DISPOSITIONS	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
REAL ESTATE DISPOSITIONS	REAL ESTATE DISPOSITIONS During the year ended December 31, 2021, the Company sold two office properties to purchasers unaffiliated with the Company or the Advisor. In November 2021, the Company completed the sale of one office property for $143.0 million, before third-party closing costs, closing credits and disposition fees payable to the Advisor, and in January 2021, the Company sold one office property for $103.5 million, before third-party closing costs, credits and disposition fees payable to the Advisor. The Company recognized a gain on sale of $114.3 million related to these dispositions. As of December 31, 2022, the Company did not have any real estate properties held for sale. During the year ended December 31, 2020, the Company sold Hardware Village to a buyer unaffiliated with the joint venture, the Company or the Advisor for $178.0 million, before third-party closing costs, credits and the disposition fee payable to the Advisor. The Company recognized a gain on sale of $49.5 million related to the disposition of Hardware Village. 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, which was paid off in full in December 2020. The results of operations for the properties sold during the years ended December 31, 2021 and 2020 are included in continuing operations on the Company’s consolidated statements of operations. The following table summarizes certain revenues and expenses related to the Company’s real estate properties that were sold during the years ended December 31, 2021 and 2020, which were included in continuing operations (in thousands): Years Ended December 31, 2022 2021 2020 Revenues Rental income $ — $ 8,262 $ 14,169 Other operating income — 92 1,168 Total revenues $ — $ 8,354 $ 15,337 Expenses Operating, maintenance, and management $ — $ 242 $ 4,091 Real estate taxes and insurance — 137 2,040 Asset management fees to affiliate — 412 1,509 General and administrative expenses — 15 163 Depreciation and amortization — 2,429 6,104 Interest expense — 681 2,463 Total expenses $ — $ 3,916 $ 16,370

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	12 Months Ended
	Dec. 31, 2022
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW MARKET LEASE LIABILITIES As of December 31, 2022 and 2021, 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 December 31, December 31, December 31, December 31, December 31, December 31, Cost $ 42,555 $ 60,162 $ 983 $ 1,112 $ (8,384) $ (15,395) Accumulated Amortization (29,524) (41,387) (721) (764) 6,473 12,118 Net Amount $ 13,031 $ 18,775 $ 262 $ 348 $ (1,911) $ (3,277) Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, 2022 2021 2020 2022 2021 2020 2022 2021 2020 Amortization $ (5,744) $ (8,175) $ (9,971) $ (86) $ (101) $ (117) $ 1,366 $ 2,855 $ 2,924 The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2022 is estimated to be amortized for the years ending December 31 as follows (in thousands): Tenant Origination and Above-Market Below-Market 2023 $ (3,892) $ (73) $ 833 2024 (2,765) (69) 534 2025 (2,311) (68) 314 2026 (1,741) (52) 198 2027 (1,033) — 32 Thereafter (1,289) — — $ (13,031) $ (262) $ 1,911 Weighted-Average Remaining Amortization Period 4.5 years 3.7 years 2.9 years

REAL ESTATE EQUITY SECURITIES

REAL ESTATE EQUITY SECURITIES	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
REAL ESTATE EQUITY SECURITIES	Investment in Prime US REIT In connection with the Company’s sale of 11 properties to the SREIT on July 18, 2019 (the “Singapore Portfolio”), 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 (such transactions, the “Singapore Transaction”). 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. On November 9, 2021, REIT Properties III sold 73,720,000 of its units in the SREIT for $58.9 million, net of fees and costs, reducing REIT Properties III’s ownership in the SREIT to 18.5% of the outstanding units of the SREIT as of that date. As of December 31, 2022, REIT Properties III held 215,841,899 units of the SREIT which represented 18.2% of the outstanding units of the SREIT. As of December 31, 2022, the aggregate book value and fair value of the Company’s investment in the units of the SREIT was $87.4 million, which was based on the closing price of the SREIT units on the SGX-ST of $0.405 per unit as of December 31, 2022. For the period from July 19, 2019 through November 8, 2021, the Company concluded that based on its ownership interest, it exercised significant influence over the operations, financial policies and decision making with respect to the SREIT. Accordingly, the Company accounted for its investment in the SREIT during this period under the equity method of accounting. Income was 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 reduced the carrying amount of the investment. On November 9, 2021, upon the Company’s sale of 73,720,000 units in the SREIT, the Company determined that based on its ownership interest of 18.5% of the outstanding units of the SREIT as of that date, it no longer had significant influence over the operations, financial policies and decision making with respect to the SREIT. Accordingly, effective November 9, 2021, the Company’s investment in the units of the SREIT represent an investment in marketable securities and is therefore presented at fair value at each reporting date based on the closing price of the SREIT units on the SGX-ST on that date and dividend income is recognized as it is declared based on eligible units as of the ex-dividend date. During the period from November 9, 2021 through December 31, 2021, the Company recorded an unrealized gain on real estate equity securities of $16.8 million. During the year ended December 31, 2022, the Company recognized $14.9 million of dividend income from its investment in the SREIT and recorded an unrealized loss on real estate equity securities of $92.8 million. During the period from January 1, 2021 through November 8, 2021, the Company recorded equity in income from an unconsolidated entity of $8.7 million, related to its investment in the SREIT. Equity in income from an unconsolidated entity during the period from January 1, 2021 through November 8, 2021 included a gain of $3.1 million related to the Company’s sale of 73,720,000 units in the SREIT on November 9, 2021 and a gain of $1.1 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 July 2021. During the year ended December 31, 2020, the Company recorded equity in loss from an unconsolidated entity of $0.5 million, related to its investment in the SREIT. Equity in loss from an unconsolidated entity for the year ended December 31, 2020 included $2.6 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.

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE As of December 31, 2022 and 2021, the Company’s notes payable consisted of the following (dollars in thousands): Book Value as of Book Value as of Contractual Interest Rate as of December 31, 2022 (1) Effective Interest Rate as of December 31, 2022 (1) Payment Type Maturity Date (2) The Almaden Mortgage Loan (3) $ 123,000 $ 123,000 3.65% 3.65% Interest Only 12/01/2023 201 Spear Street Mortgage Loan 125,000 125,000 One-month LIBOR + 1.45% 5.85% Interest Only 01/05/2024 Carillon Mortgage Loan (4) 88,800 105,800 One-month LIBOR + 1.40% 5.79% Interest Only 04/11/2024 Modified Portfolio Revolving Loan Facility (5) 249,145 196,595 One-month LIBOR + 1.50% 5.89% Interest Only 03/01/2023 3001 & 3003 Washington Mortgage Loan (6) 142,232 143,245 One-month LIBOR + 1.45% 5.84% Principal & 06/01/2024 Accenture Tower Revolving Loan (7) 281,250 281,250 One-month LIBOR + 2.25% 6.64% Interest Only 11/02/2023 Unsecured Credit Facility (8) 37,500 37,500 One-month LIBOR + 2.10% 6.49% Interest Only 07/30/2023 Amended and Restated Portfolio Loan Facility (9) 559,468 459,900 One-month BSBY (10) + 1.80% 6.16% Interest Only 11/03/2023 Park Place Village Mortgage Loan (11) 65,000 — One-month Term SOFR + 1.95% 6.31% Interest Only 08/31/2025 Total notes payable principal outstanding $ 1,671,395 $ 1,472,290 Deferred financing costs, net (4,107) (6,892) Total Notes Payable, net $ 1,667,288 $ 1,465,398 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2022. Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2022, consisting of the contractual interest rate and using interest rate indices as of December 31, 2022, where applicable. For information regarding the Company’s derivative instruments, see Note 8, “Derivative Instruments.” (2) Represents the maturity date as of December 31, 2022; subject to certain conditions, the maturity dates of certain loans may be extended beyond the dates shown. See below. (3) As of December 31, 2022, The Almaden Mortgage Loan has two 12-month extension options, subject to certain terms, conditions and fees as described in the loan documents. The Almaden Mortgage Loan bears interest at a fixed rate of 3.65% for the initial term of the loan and a floating rate of 350 basis points over one-month LIBOR during the extension options, subject to a minimum interest rate of 3.65%. (4) As of December 31, 2022, the borrowing capacity under the Carillon Mortgage Loan was $111.0 million, of which $88.8 million is term debt and $22.2 million is revolving debt. As of December 31, 2022, the outstanding balance under the loan consisted of $88.8 million of term debt. As of December 31, 2022, $22.2 million of revolving debt remained available for future disbursements, subject to certain terms and conditions set forth in the loan documents. (5) As of December 31, 2022, the Modified Portfolio Revolving Loan Facility was secured by 515 Congress, the McEwen Building, Gateway Tech Center and 201 17th Street. As of December 31, 2022, the borrowing capacity under the Modified Portfolio Revolving Loan Facility was $249.2 million, of which $124.6 million is term debt and $124.6 million is revolving debt. As of December 31, 2022, the outstanding balance under the loan consisted of $124.6 million of term debt and $124.6 million of revolving debt. As of December 31, 2022, the Modified Portfolio Revolving Loan Facility had two 12-month extension options, subject to certain terms, conditions and fees as described in the loan documents. Subsequent to December 31, 2022, the borrower under the Modified Portfolio Revolving Loan Facility entered into a modification agreement with the lender to convert the benchmark interest rate from LIBOR to Term SOFR. Effective March 1, 2023, the Modified Portfolio Revolving Loan Facility bears interest at Term SOFR plus 160 basis points per annum. In addition, the Company exercised one of the 12-month extension options, extending the maturity date of the Modified Portfolio Revolving Loan Facility to March 1, 2024. (6) Subsequent to December 31, 2022, the borrower under the 3001 & 3003 Washington Mortgage Loan entered into an amendment agreement with the lender to convert the benchmark interest rate from LIBOR to Term SOFR. Effective March 1, 2023, the 3001 & 3003 Washington Mortgage Loan bears interest at one-month Term SOFR plus 155 basis points per annum. (7) As of December 31, 2022, the outstanding balance under the Accenture Tower Revolving Loan consisted of $281.3 million of term debt and an additional $93.7 million of revolving debt remained available for future disbursements, subject to certain terms and conditions contained in the loan documents. As of December 31, 2022, the Accenture Tower Revolving Loan has two 12-month extension options, subject to certain terms and conditions contained in the loan documents. Subsequent to December 31, 2022, the borrower under the Accenture Tower Revolving Loan entered into a modification agreement with the lender to convert the benchmark interest rate from LIBOR to Term SOFR. Effective March 1, 2023, the Accenture Tower Revolving Loan bears interest at one-month Term SOFR plus 235 basis points per annum. (8) As of December 31, 2022, the borrowing capacity under the Unsecured Credit Facility was $75.0 million, of which $37.5 million is term debt and $37.5 million is revolving debt. As of December 31, 2022, the outstanding balance under the Unsecured Credit Facility consisted of $37.5 million of term debt and an additional $37.5 million of revolving debt remained available for future disbursements, subject to certain terms and conditions contained in the loan documents. The Unsecured Credit Facility has one 12-month extension option, subject to certain terms and conditions contained in the loan documents. (9) As of December 31, 2022, the Amended and Restated Portfolio Loan Facility was secured by 60 South Sixth, Preston Commons, Sterling Plaza, Towers at Emeryville, Ten Almaden and Town Center. As of December 31, 2022, the borrowing capacity under the Amended and Restated Portfolio Loan Facility was $613.2 million, of which $459.9 million is term debt and $153.3 million is revolving debt. As of December 31, 2022, the outstanding balance under the loan consisted of $459.9 million of term debt and $99.6 million of revolving debt. As of December 31, 2022, an additional $53.7 million of revolving debt remained available for future disbursements, subject to certain terms and conditions contained in the loan documents. The Amended and Restated Portfolio Loan Facility has one 12-month extension option, subject to certain terms and conditions as described in the loan documents. (10) Bloomberg Short-Term Bank Yield Index (“BSBY”). (11) See below, “– Recent Financing Transaction - Park Place Village Loan.” The maturity dates of certain notes payable may be extended beyond their current maturity dates; however, the extension options are subject to certain terms and conditions contained in the loan documents some of which are more stringent than the Company’s current loan compliance tests. As a result, in order to qualify for certain loan extensions, the Company may be required to reduce the loan commitment amount or make paydowns on certain loans, which would reduce the Company’s liquidity. Additionally, continued increases in interest rates, reductions in real estate values and future tenant turnover in the portfolio will have a further impact on the Company’s ability to meet such tests and may further reduce the available liquidity under the Company’s loan agreements. During the years ended December 31, 2022, 2021 and 2020, the Company’s interest expense related to notes payable was $60.3 million, $34.6 million and $42.0 million, respectively. Included in interest expense was the amortization of deferred financing costs of $3.9 million, $4.0 million and $4.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, $8.0 million and $4.0 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 December 31, 2022 (in thousands): 2023 $ 1,252,185 2024 354,210 2025 65,000 2026 — 2027 — Thereafter — $ 1,671,395 The Company’s notes payable contain financial debt covenants. As of December 31, 2022, the Company was in compliance with these debt covenants. Recent Financing Transaction Park Place Village Mortgage Loan On September 1, 2022, the Company, through an indirect wholly owned subsidiary, entered into a three-year loan agreement with a lender unaffiliated with the Company or the Advisor, for a committed amount of $65.0 million (the “Park Place Village Mortgage Loan”). The Park Place Village Mortgage Loan is secured by Park Place Village. The Park Place Village Mortgage Loan matures on August 31, 2025, with two 12-month extension options, subject to certain terms and conditions contained in the loan documents. The Park Place Village Mortgage Loan bears interest at the forward-looking term rate based on the Secured Overnight Financing Rate (“Term SOFR”) plus 195 basis points per annum. Monthly payments are interest only during the initial term and the first extension option, with the remaining principal balance, all accrued and unpaid interest and all other sums due under the loan documents payable at maturity. During the second extension option, certain future monthly payments due under the Park Place Village Mortgage Loan also include amortizing principal payments. The Company has the right to repay the loan in part and in whole, without penalty or premium, at any time, subject to certain terms and conditions contained in the loan documents.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2022
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 December 31, 2022, the Company has entered into 20 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 December 31, 2022 and 2021. 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): December 31, 2022 December 31, 2021 Weighted-Average Fix Pay Rate Weighted-Average Remaining Term in Years Derivative Instruments Number of Instruments Notional Amount Number of Instruments Notional Amount Reference Rate as of December 31, 2022 Derivative instruments not designated as hedging instruments Interest rate swaps (1) 20 $ 1,619,190 12 $ 1,420,390 One-month LIBOR/ Fixed at 0.70% - 1.67% One-month Term SOFR/ Fixed at 2.38% - 3.92% 2.2% 2.0 _____________________ (1) Includes eight forward interest rate swaps: (i) one forward interest rate swap in the amount of $100.0 million will become effective on February 1, 2023 and mature on July 1, 2026, (ii) four forward interest rate swaps in the total amount of $200.0 million will become effective on November 1, 2023 and mature on February 1, 2026, (iii) one forward interest rate swap in the amount of $100.0 million will become effective on November 1, 2023 and mature on May 1, 2026, (iv) one forward interest rate swap in the amount of $100.0 million will become effective on November 1, 2023 and mature on July 1, 2026 and (v) one forward interest rate swap in the amount of $100.0 million will become effective on November 1, 2023 and mature on November 1, 2026. The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of December 31, 2022 and 2021 (dollars in thousands): December 31, 2022 December 31, 2021 Derivative Instruments Balance Sheet Location Number of Fair Value Number of Fair Value Derivative instruments not designated as hedging instruments Interest rate swaps Prepaid expenses and other assets, at fair value (1) 18 $ 40,216 5 $ 757 Interest rate swaps Other liabilities, at fair value (2) 2 $ (75) 7 $ (12,805) _____________________ (1) Includes eight forward interest rate swaps. See footnote (1) to the table immediately above. As of December 31, 2022, prepaid expenses and other assets included a $8.7 million asset related to the fair value of two off-market interest rate swaps determined to be hybrid financial instruments for which the Company elected to apply the fair value option. As of December 31, 2021, prepaid expenses and other assets included a $0.1 million asset related to the fair value of an off-market interest rate swap determined to be a hybrid financial instrument for which the Company elected to apply the fair value option. (2) As of December 31, 2021, other liabilities included a $2.1 million liability related to the fair value of an off-market interest rate swap determined to be a hybrid financial instrument for which the Company elected to apply the fair value option. The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations (in thousands): For the Years Ended December 31, 2022 2021 2020 Derivatives not designated as hedging instruments Realized loss recognized on interest rate swaps $ 7,152 $ 18,020 $ 13,947 Realized gain recognized on interest rate swaps (6,895) — — Unrealized (gain) loss on interest rate swaps (1) (52,189) (23,283) 25,165 Net (gain) loss on derivative instruments $ (51,932) $ (5,263) $ 39,112 _____________________ (1) For the years ended December 31, 2022 and 2021, unrealized (gain) loss on interest rate swaps included a $10.7 million and $5.8 million unrealized gain, respectively, related to the change in fair value of two off-market interest rate swaps determined to be hybrid financial instruments for which the Company elected to apply the fair value option. For the year ended December 31, 2020, unrealized (gain) loss on interest rate swaps included a $7.8 million unrealized loss related to the change in fair value of two off-market interest rate swaps determined to be hybrid financial instruments for which the Company elected to apply the fair value option.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	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. Real estate equity securities: At December 31, 2022, the Company’s investment in the units of the SREIT was presented at fair value on the accompanying consolidated balance sheet. The fair value of the units of the SREIT was based on a quoted price in an active market on a major stock exchange. The Company classifies these inputs as Level 1 inputs. 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. 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 notes payable as of December 31, 2022 and 2021, which carrying amounts generally do not approximate the fair values (in thousands): December 31, 2022 December 31, 2021 Face Value Carrying Fair Value Face Value Carrying Fair Value Financial liabilities: Notes payable $ 1,671,395 $ 1,667,288 $ 1,654,046 $ 1,472,290 $ 1,465,398 $ 1,469,580 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 December 31, 2022, the Company measured the following assets and liabilities at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Recurring Basis: Real estate equity securities $ 87,416 $ 87,416 $ — $ — Asset derivatives - interest rate swaps (1) 40,216 — 40,216 — Liability derivatives - interest rate swaps (75) — (75) — _____________________ (1) Includes eight forward interest rate swaps. See Note 8, “Derivative Instruments.” Also includes a $8.7 million asset related to the fair value of two off-market interest rate swaps determined to be hybrid financial instruments for which the Company elected to apply the fair value option.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSThe 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 REIT II and KBS Growth & Income REIT. As of January 1, 2020, 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 2022, the Company renewed its participation in the program, and the program is effective through June 30, 2023. At renewal on June 30, 2022, due to its liquidation, KBS REIT II elected to cease participation in the program and obtained separate insurance coverage. Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the years ended December 31, 2022, 2021 and 2020, respectively, and any related amounts receivable and payable as of December 31, 2022 and 2021 (in thousands): Incurred Years Ended Receivable as of Payable as of 2022 2021 2020 2022 2021 2022 2021 Expensed Asset management fees (1) $ 20,102 $ 19,832 $ 20,990 $ — $ — $ 10,191 $ 8,065 Reimbursement of operating expenses (2) 325 577 479 10 343 174 61 Disposition fees (3) — 2,426 1,715 — — — — Capitalized Acquisition fee on development project — — 34 — — — — $ 20,427 $ 22,835 $ 23,218 $ 10 $ 343 $ 10,365 $ 8,126 _____________________ (1) See “Asset Management Fees” below and under Note 2, "Summary of Significant Accounting Policies— Related Party Transactions—Asset Management Fee." (2) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software costs 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 $163,000, $428,000 and $338,000 for the years ended December 31, 2022, 2021 and 2020, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the years ended December 31, 2022, 2021 and 2020. The Company currently does 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) and other than future payments pursuant to the Bonus Retention Fund (see Note 2, “Summary of Significant Accounting Policies— Related Party Transactions—Asset Management Fee”), the Company does not reimburse the Advisor for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers and affiliated directors. 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. As of December 31, 2021, the Company was charged $0.8 million by certain vendors for services for which the Company believes it was either overcharged or which were never performed. Additionally, during the year ended December 31, 2022, the Company incurred $1.6 million of legal and accounting costs related to the investigation of this matter. The Advisor agreed to reimburse the Company for any amounts inappropriately charged to the Company for these vendor services, including legal and accounting costs incurred related to the investigation of this matter. As of December 31, 2021, the Company had recorded a receivable of $0.3 million related to the reimbursement of these overpayments and also recorded a credit against the liability for asset management fees that were deferred in prior periods of $0.5 million that would have been due by the Company to the Advisor in those periods as a result of the increase in the Company’s net income and MFFO for such periods, and corresponding decrease in expenses, related to the charges that the Company should not have incurred. As of December 31, 2022, the Advisor had reimbursed the Company $1.9 million in cash for amounts inappropriately charged to the Company and for legal and accounting costs related to the investigation of this matter and the Company recorded an additional receivable of $10,000 from the Advisor as of December 31, 2022 for this matter. (3) 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 each of the years ended December 31, 2022, 2021 and 2020, the Advisor incurred $0.1 million for the costs of the supplemental coverage obtained by the Company. Asset Management Fees As of December 31, 2022 and 2021, the Company had accrued $10.2 million and $8.1 million of asset management fees, respectively, of which $8.5 million and $6.4 million were Deferred Asset Management Fees as of December 31, 2022 and 2021, respectively. In addition, for the year ended December 31, 2022, the Company accrued $1.7 million of asset management fees that were restricted for payment pursuant to the Renewed Advisory Agreement related to the Bonus Retention Fund. For information regarding Deferred Asset Management Fees and the Bonus Retention Fund, see Note 2, “Summary of Significant Accounting Policies— Related Party Transactions—Asset Management Fee.” For the year ended December 31, 2022, the Company and the Advisor agreed to adjust MFFO for the purpose of the calculation above to add back the following non-operating expenses: a one-time write-off of prepaid offering costs of $2.7 million and a $0.5 million fee to the conflicts committee’s financial advisor in connection with the conflicts committee’s review of alternatives available to the Company. 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 amended on March 14, 2019 (the “Amended Lease”) to extend the lease period commencing on September 1, 2019 and terminating on August 31, 2024 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 years ended December 31, 2022, 2021 and 2020, the Company recognized $0.3 million, $0.3 million and $0.3 million 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., a director and executive officer of the Company. See Note 6, “Real Estate Equity Securities” for information related to the Company’s investment in the SREIT. The SREIT is externally managed by an entity (the “Manager”) in which Charles J. Schreiber, Jr. currently holds an indirect ownership interest. Mr. Schreiber is also a former director of the Manager. The SREIT pays 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. For acquisitions other than the Singapore Portfolio, the SREIT pays the Manager an acquisition fee of 1% of the acquisition price. The SREIT will also pay the Manager a divestment fee of 0.5% of the sale price of any real estate sold and a development management fee of 3% of the total project costs incurred for development projects. A portion of the fees paid to the Manager are paid to KBS Realty Advisors LLC, 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 it will not sell any portion of its units in the SREIT unless it has received the consent of the Company’s conflicts committee. The Linda Bren 2017 Trust has agreed it will not sell $5.0 million of its investment in the SREIT unless it has received the consent of the Company’s conflicts committee.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
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

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
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 January 3, 2023, the Company paid distributions of $7.4 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 December 20, 2022. On February 1, 2023, the Company paid distributions of $5.7 million, which related to distributions in the amount of $0.03833333 per share of common stock to stockholders of record as of the close of business on January 20, 2023. On March 1, 2023, the Company paid distributions of $5.7 million, which related to distributions in the amount of $0.03833333 per share of common stock to stockholders of record as of the close of business on February 20, 2023. Distributions Authorized On March 10, 2023, the Company’s board of directors authorized a March 2023 distribution in the amount of $0.03833333 per share of common stock to stockholders of record as of the close of business on March 20, 2023, which the Company expects to pay in April 2023, and an April 2023 distribution in the amount of $0.03833333 per share of common stock to stockholders of record as of the close of business on April 20, 2023, which the Company expects to pay in May 2023. Investors may choose to receive cash distributions or purchase additional shares through the Company’s dividend reinvestment plan. Suspension of Ordinary Redemptions On January 17, 2023, the Company’s board of directors determined to suspend Ordinary Redemptions under the Company’s share redemption program.

SCHEDULE III REAL ESTATE ASSETS

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION	Initial Cost to Company Gross Amount at which Description Location Ownership Encumbrances Land Building and Improvements (1) Total Cost Capitalized Subsequent to Acquisition (2) Land Building and Improvements (1) Total (3) Accumulated Original Date of Date Town Center Plano, TX 100% (4) $ 7,428 $ 108,547 $ 115,975 $ 19,892 $ 7,428 $ 128,439 $ 135,867 $ (46,506) 2001/2002/2006 03/27/2012 McEwen Building Franklin, TN 100% (5) 5,600 34,704 40,304 (1,708) 5,600 32,996 38,596 (10,469) 2009 04/30/2012 Gateway Tech Center Salt Lake City, UT 100% (5) 5,617 20,051 25,668 9,246 5,617 29,297 34,914 (10,423) 1909 05/09/2012 60 South Sixth (6) Minneapolis, MN 100% (4) 16,951 109,191 126,142 45,920 16,951 155,111 172,062 (51,059) 1991 01/31/2013 Preston Commons Dallas, TX 100% (4) 17,188 96,330 113,518 29,470 17,188 125,800 142,988 (36,576) 1958/1986 06/19/2013 Sterling Plaza Dallas, TX 100% (4) 6,800 68,292 75,092 16,659 6,800 84,951 91,751 (26,439) 1984 06/19/2013 201 Spear Street San Francisco, CA 100% $ 125,000 40,279 85,941 126,220 27,164 40,279 113,105 153,384 (36,246) 1984 12/03/2013 Accenture Tower Chicago, IL 100% 281,250 49,306 370,662 419,968 127,882 49,306 498,544 547,850 (141,298) 1987 12/16/2013 Ten Almaden San Jose, CA 100% (4) 7,000 110,292 117,292 12,191 7,000 122,483 129,483 (35,776) 1988 12/05/2014 Towers at Emeryville Emeryville, CA 100% (4) 35,774 147,167 182,941 38,771 35,774 185,938 221,712 (56,836) 1972/1975/1985 12/23/2014 3003 Washington Boulevard Arlington, VA 100% (7) 18,800 129,820 148,620 6,235 18,800 136,055 154,855 (40,820) 2014 12/30/2014 Park Place Village Leawood, KS 100% 65,000 11,009 117,070 128,079 (44,898) 8,101 75,080 83,181 (9,844) 2007 06/18/2015 201 17th Street Atlanta, GA 100% (5) 5,277 86,859 92,136 10,424 5,277 97,283 102,560 (29,875) 2007 06/23/2015 515 Congress Austin, TX 100% (5) 8,000 106,261 114,261 19,955 8,000 126,216 134,216 (30,155) 1975 08/31/2015 The Almaden San Jose, CA 100% 123,000 29,000 130,145 159,145 35,789 29,000 165,934 194,934 (44,076) 1980/1981 09/23/2015 3001 Washington Boulevard Arlington, VA 100% (7) 9,900 41,551 51,451 9,496 9,900 51,047 60,947 (12,798) 2015 11/06/2015 Carillon Charlotte, NC 100% 88,800 19,100 126,979 146,079 22,973 19,100 149,952 169,052 (37,205) 1991 01/15/2016 TOTAL $ 293,029 $ 1,889,862 $ 2,182,891 $ 385,461 $ 290,121 $ 2,278,231 $ 2,568,352 $ (656,401) ____________________ (1) Building and improvements includes tenant origination and absorption costs and construction in progress. (2) Costs capitalized subsequent to acquisition is net of impairment charges, write-offs of fully depreciated/amortized assets and property damage. (3) The aggregate cost of real estate for federal income tax purposes was $2.8 billion (unaudited) as of December 31, 2022. (4) As of December 31, 2022, these properties served as the security for the Amended and Restated Portfolio Loan Facility, which had an outstanding principal balance of $559.5 million. (5) As of December 31, 2022, these properties served as the security for the Modified Portfolio Revolving Loan Facility, which had an outstanding principal balance of $249.1 million. (6) This property was formerly known as RBC Plaza and was re-named 60 South Sixth in connection with the Company’s re-branding strategy for this property. (7) As of December 31, 2022, these properties served as the security for the 3001 & 3003 Washington Mortgage Loan, which had an outstanding principal balance of $142.2 million. 2022 2021 2020 Real Estate: Balance at the beginning of the year $ 2,441,266 $ 2,554,572 $ 2,625,002 Improvements 144,693 69,527 96,191 Write off of fully depreciated and fully amortized assets (17,607) (15,502) (18,832) Impairments — — (19,395) Sale — (167,331) (128,394) Balance at the end of the year $ 2,568,352 $ 2,441,266 $ 2,554,572 Accumulated depreciation and amortization: Balance at the beginning of the year $ (572,968) $ (525,629) $ (449,381) Depreciation and amortization expense (101,040) (100,036) (100,162) Write off of fully depreciated and fully amortized assets 17,607 15,502 18,832 Sale — 37,195 5,082 Balance at the end of the year $ (656,401) $ (572,968) $ (525,629)

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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 accompanying notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Reclassifications	Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. During the year ended December 31, 2022, the Company presented gains and losses on derivative instruments separate from interest expense on the Company’s consolidated statement of operations. Accordingly, the Company’s gains and losses on derivative instruments were reclassified for all periods presented.
Comprehensive Income (Loss)	Comprehensive income (loss) for each of the years ended December 31, 2022, 2021 and 2020 was equal to net income (loss) for these respective periods.
Revenue Recognition, Operating Leases	Real Estate The Company recognizes minimum rent, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectibility is probable and records amounts expected to be received in later years as deferred rent receivable. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance (including amounts that can be taken in the form of cash or a credit against the tenant’s rent) that is funded is treated as a lease incentive and amortized as a reduction of rental revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the lessee or lessor supervises the construction and bears the risk of cost overruns; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. In accordance with ASU 2016-02, Leases (Topic 842) (“Topic 842”), tenant reimbursements for property taxes and insurance are included in the single lease component of the lease contract (the right of the lessee to use the leased space) and therefore are accounted for as variable lease payments and are recorded as rental income on the Company’s statement of operations. In addition, the Company adopted the practical expedient available under Topic 842 to not separate nonlease components from the associated lease component and instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue recognition standard (Topic 606) and if certain conditions are met, specifically related to tenant reimbursements for common area maintenance which would otherwise be accounted for under the revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements for common area maintenance as (i) the timing and pattern of transfer of the nonlease components and associated lease components are the same and (ii) the lease component would be classified as an operating lease. Accordingly, tenant reimbursements for common area maintenance are also accounted for as variable lease payments and recorded as rental income on the Company’s statement of operations. In accordance with Topic 842, the Company makes a determination of whether the collectibility of the lease payments in an operating lease is probable. If the Company determines the lease payments are not probable of collection, the Company would fully reserve for any contractual lease payments, deferred rent receivable, and variable lease payments and would recognize rental income only to the extent cash has been received. These changes to the Company’s collectibility assessment are reflected as an adjustment to rental income.
Revenue Recognition	Sales of Real Estate The Company follows the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets that do not meet the definition of a business. Generally, the Company’s sales of real estate would be considered a sale of a nonfinancial asset as defined by ASC 610-20. ASC 610-20 refers to the revenue recognition principles under ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . Under ASC 610-20, if the Company determines it does not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, the Company would derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Real Estate Loan Receivable
Real Estate Equity Securities	Dividend income from real estate equity securities is recognized on an accrual basis based on eligible units as of the ex-dividend date.Real estate equity securities are carried at fair value based on quoted market prices for the security. Unrealized gains and losses on real estate equity securities are recognized in earnings.
Cash and Cash Equivalents	The Company recognizes interest income on its cash and cash equivalents as it is earned and classifies such amounts as other interest income.The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short term investments. Cash and cash equivalents are stated at cost, which approximates fair value. There are no restrictions on the use of the Company’s cash and cash equivalents as of December 31, 2022. The Company’s cash and cash equivalents balance exceeds federally insurable limits as of December 31, 2022. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Depreciation and Amortization	Real estate costs related to the acquisition and improvement of properties are capitalized and depreciated over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life.
Real Estate Acquisition Valuation	The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business. For purposes of this test, land and buildings can be combined along with the intangible assets for any in-place leases and accordingly, most acquisitions of investment properties would not meet the definition of a business and would be accounted for as an asset acquisition. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized. The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of above-market in-place leases and for the initial term plus any extended term for any leases with below-market renewal options. The Company amortizes any recorded above-market or below-market lease values as a reduction or increase, respectively, to rental income over the remaining non-cancelable terms of the respective lease, including any below-market renewal periods. The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. The Company amortizes the value of tenant origination and absorption costs to depreciation and amortization expense over the remaining non-cancelable term of the leases. Subsequent to the acquisition of a property, the Company may incur and capitalize costs necessary to get the property ready for its intended use. During that time, certain costs such as legal fees, real estate taxes and insurance and financing costs are also capitalized.
Impairment of Real Estate and Related Intangible Assets and Liabilities	The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets and liabilities may not be recoverable or realized. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability by estimating whether the Company will recover the carrying value of the real estate and related intangible assets and liabilities through its undiscounted future cash flows and its eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. The Company did not record any impairment loss on its real estate and related intangible assets during the years ended December 31, 2022 and 2021. During the year ended December 31, 2020, the Company recorded impairment losses of $19.9 million on its real estate and related intangible assets.
Real Estate Held for Sale	The Company generally considers real estate to be “held for sale” when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Real estate that is held for sale and its related assets are classified as “real estate held for sale” and “assets related to real estate held for sale,” respectively, for all periods presented in the accompanying consolidated financial statements. Notes payable and other liabilities related to real estate held for sale are classified as “notes payable related to real estate held for sale” and “liabilities related to real estate held for sale,” respectively, for all periods presented in the accompanying consolidated financial statements. Real estate classified as held for sale is no longer depreciated and is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell. Operating results of properties and related gains on sale of properties that were disposed of or classified as held for sale in the ordinary course of business are included in continuing operations on the Company’s consolidated statements of operations.
Restricted Cash	Restricted cash is composed of lender impound reserve accounts on the Company’s borrowings. In addition, restricted cash includes asset management fees restricted from payment to the Advisor pursuant to the Renewed Advisory Agreement and held in a separate account for purposes of the Bonus Retention Fund. See below under, “— Related Party Transactions — Asset Management Fee.”
Rents and Other Receivables	The Company makes a determination of whether the collectibility of the lease payments in its operating leases is probable. If the Company determines the lease payments are not probable of collection, the Company would fully reserve for any outstanding rent receivables related to contractual lease payments and variable leases payments, would write-off any deferred rent receivable and would recognize rental income only to the extent cash has been received. The Company exercises judgment in assessing collectibility and considers payment history, current credit status, the tenant’s financial condition, security deposits, letters of credit, lease guarantees and current market conditions that may impact the tenant’s ability to make payments in accordance with its lease agreements, including the impact of the continued disruptions in the financial markets on the tenant’s business, in making the determination.
Derivative Instruments	The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates on its variable rate notes payable. The Company records these derivative instruments at fair value on the accompanying consolidated balance sheets. The changes in fair value for derivative instruments that are not designated as a hedge or that do not meet the hedge accounting criteria are recorded as gain or loss on derivative instruments and included in interest expense as presented in the accompanying consolidated statements of operations. Fair Value Election of Hybrid Financial Instruments with Embedded Derivatives
Deferred Financing Costs	Deferred financing costs represent commitment fees, loan fees, legal fees and other third-party costs associated with obtaining financing and are presented on the balance sheet as a direct deduction from the carrying value of the associated debt liability. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Deferred financing costs incurred before an associated debt liability is recognized are included in prepaid and other assets on the balance sheet. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Fair Value Measurements	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 fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from independent third-party sources to determine fair value and classifies such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establishes a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. The Company considers the following factors to be indicators of an inactive market: (i) there are few recent transactions, (ii) price quotations are not based on current information, (iii) price quotations vary substantially either over time or among market makers (for example, some brokered markets), (iv) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability, (v) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability, (vi) there is a wide bid-ask spread or significant increase in the bid-ask spread, (vii) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities, and (viii) little information is released publicly (for example, a principal-to-principal market).
Dividend Reinvestment Plan	The Company has adopted a dividend reinvestment plan pursuant to which common stockholders may elect to have all or a portion of their dividends and other distributions, exclusive of dividends and other distributions that the Company’s board of directors designates as ineligible for reinvestment through the dividend reinvestment plan, reinvested in additional shares of the Company’s common stock in lieu of receiving cash distributions. Participants in the dividend reinvestment plan acquire shares of the Company’s common stock at a price equal to 95% of the estimated value per share of the Company’s common stock, as determined by the Advisor or another firm chosen by the Company’s board of directors for that purpose. On December 4, 2019, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $11.65 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding, all as of September 30, 2019, with the exception of adjustments to the Company’s net asset value to give effect to (i) the October 23, 2019 authorization of a special dividend of $0.80 per share on the outstanding shares of common stock of the Company to the stockholders of record as of the close of business on November 4, 2019 (the “Special Dividend”) and (ii) the change in the estimated value of the Company’s investment in units of the SREIT (SGX-ST Ticker: “OXMU”) as of December 3, 2019. The change in the dividend reinvestment plan purchase price was effective for the January 2, 2020 dividend reinvestment plan purchase date and was effective until the estimated value per share was updated. Commencing with the January 2, 2020 purchase date and until the estimated value per share was updated, the purchase price per share under the dividend reinvestment plan was $11.07. On December 7, 2020, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $10.74 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding, all as of September 30, 2020, with the exception of adjustments to the Company’s net asset value to give effect to the change in the estimated value of the Company’s investment in units of the SREIT (SGX-ST Ticker: “OXMU”) as of December 1, 2020. The change in the dividend reinvestment plan purchase price was effective for the January 4, 2021 dividend reinvestment plan purchase date and was effective until the estimated value per share was updated. Commencing with the January 4, 2021 purchase date and until the estimated value per share was updated, the purchase price per share under the dividend reinvestment plan was $10.21. On May 13, 2021, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $10.77 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding, all as of March 31, 2021, with the exception of adjustments to the Company’s net asset value to give effect to the change in the estimated value of the Company’s investment in units of the SREIT (SGX-ST Ticker: OXMU) as of April 29, 2021. The change in the dividend reinvestment plan purchase price was effective for the June 1, 2021 dividend reinvestment plan purchase date and was effective until the estimated value per share was updated. Commencing with the June 1, 2021 purchase date and until the estimated value per share was updated, the purchase price per share under the dividend reinvestment plan was $10.23. On November 1, 2021, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $10.78 (unaudited) based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding, all as of September 30, 2021, with the exception of adjustments to the Company’s net asset value to give effect to (i) the change in the estimated value of the Company’s investment in units of the SREIT (SGX-ST Ticker: “OXMU”) as of October 22, 2021 and (ii) the contractual sales price less estimated disposition costs and fees of one property that was under contract to sell as of November 1, 2021. The change in the dividend reinvestment plan purchase price was effective for the December 1, 2021 dividend reinvestment plan purchase date and was effective until the estimated value per share was updated. Commencing with the December 1, 2021 purchase date and until the estimated value per share was updated, the purchase price per share under the dividend reinvestment plan was $10.24. On September 28, 2022, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $9.00 (unaudited) based on (i) appraisals of the Company’s 17 real estate properties as of July 31, 2022, the estimated value of the Company’s investment in units of the SREIT (SGX-ST Ticker: “OXMU”) as of September 20, 2022 and the estimated value of the Company’s other assets as of June 30, 2022 less (ii) the estimated value of the Company’s liabilities as of June 30, 2022, all divided by the number of shares outstanding as of June 30, 2022. The change in the dividend reinvestment plan purchase price was effective for the October 3, 2022 dividend reinvestment plan purchase date and is effective until the estimated value per share is updated. Commencing with the October 3, 2022 purchase date and until the estimated value per share is updated, the purchase price per share under the dividend reinvestment plan is $8.55.
Redeemable Common Stock	The Company’s board of directors has adopted a share redemption program that may enable stockholders to sell their shares to the Company in limited circumstances. The restrictions of the Company’s share redemption program will limit its stockholders’ ability to sell their shares should they require liquidity and will limit the stockholders’ ability to recover an amount equal to the Company’s estimated value per share. The following is a description of the Company’s share redemption program from January 1, 2020 through June 30, 2021 and the amendments to the program made by (i) the July 2021 amended and restated share redemption program (the “July 2021 Amended Share Redemption Program”), which became effective as of the July 30, 2021 redemption date, (ii) the March 2022 amended and restated share redemption program (the “March 2022 Amended Share Redemption Program”), which became effective as of the March 31, 2022 redemption date, and (iii) the April 2022 amended and restated share redemption program (the “April 2022 Amended Share Redemption Program”), which became effective as of the April 29, 2022 redemption date. In December 2019, the Company’s board of directors determined to temporarily suspend Ordinary Redemptions under the share redemption program, and Ordinary Redemptions remained suspended through June 30, 2021. Ordinary Redemptions are all redemptions other than those that qualify for the special provisions for redemptions sought in connection with a stockholder’s death, “Qualifying Disability” or “Determination of Incompetence” (each as defined in the share redemption program and, together, “Special Redemptions”). Upon suspension, all Ordinary Redemption requests that had been received were cancelled and no Ordinary Redemption requests were accepted or collected during the suspension of the share redemption program. Further, on June 3, 2021, the Company announced that, in connection with the approval of the Self-Tender (defined below), the Company’s board of directors approved a temporary suspension of all redemptions under the share redemption program, including Special Redemptions. Upon suspension, all outstanding redemption requests under the share redemption program were cancelled, and no requests were accepted or collected under the share redemption program. On July 14, 2021, the Company’s board of directors approved the July 2021 Amended Share Redemption Program and Ordinary Redemptions and Special Redemptions resumed effective for the July 30, 2021 redemption date. In order to provide stockholders with additional liquidity that was in excess of that permitted under the Company’s share redemption program, on June 4, 2021, the Company commenced a self-tender offer (the “Self-Tender”) for up to 33,849,130 shares of common stock at a price of $10.34 per share, or approximately $350.0 million of shares. On July 12, 2021, the Company accepted for purchase 26,375,383 shares properly tendered and not properly withdrawn at a purchase price of $10.34 per share, or approximately $272.7 million of shares, excluding fees and expenses relating to the tender offer. There are several limitations on the Company’s ability to redeem shares under the share redemption program: • Unless the shares are being redeemed in connection with a Special Redemption, the Company may not redeem shares unless the stockholder has held the shares for one year. • Except as provided otherwise for calendar years 2022 and 2021 only, during any calendar year, the share redemption program limits the number of shares the Company may redeem to those that the Company could purchase with the amount of net proceeds from the sale of shares under the dividend reinvestment plan during the prior calendar year, provided that once the Company has received requests for redemptions, whether in connection with Special Redemptions or otherwise, that if honored, and when combined with all prior redemptions made during the calendar year, would result in the amount of remaining funds available for the redemption of additional shares in such calendar year being $10.0 million or less, the last $10.0 million of available funds shall be reserved exclusively for Special Redemptions. Notwithstanding anything contained in the share redemption program to the contrary, the Company may increase or decrease the funding available for the redemption of shares pursuant to the program upon ten • For calendar year 2022 only, ◦ Prior to effectiveness of the March 2022 Amended Share Redemption Program, the Company could redeem only the number of shares that the Company could purchase with the amount of net proceeds from the sale of shares under the Company’s dividend reinvestment plan during the prior calendar year, provided that once the Company had received requests for redemptions, whether in connection with Special Redemptions or otherwise, that if honored, and when combined with all prior redemptions made during the calendar year, would result in the amount of remaining funds available for the redemption of additional shares in such calendar year being $10.0 million or less, the last $10.0 million of available funds was reserved exclusively for Special Redemptions. ◦ Upon effectiveness of the March 2022 Amended Share Redemption Program and prior to effectiveness of the April 2022 Amended Share Redemption Program, the Company could redeem only the number of shares that the Company could purchase with the amount of net proceeds from the sale of shares under the Company’s dividend reinvestment plan during the prior calendar year, provided that once the Company had received requests for redemptions, whether in connection with Special Redemptions or otherwise, that if honored, and when combined with all prior redemptions made during the calendar year, would result in the amount of remaining funds available for the redemption of additional shares in such calendar year being $2.0 million or less, the last $2.0 million of available funds was reserved exclusively for redemptions sought in connection with Special Redemptions. ◦ Upon effectiveness of the April 2022 Amended Share Redemption Program, for calendar year 2022, the Company could redeem up to 5% of the weighted-average number of shares outstanding during the 2021 calendar year, provided that once the Company had received requests for redemptions, whether in connection with Special Redemptions or otherwise, that if honored, and when combined with all prior redemptions made during the 2022 calendar year, would result in the number of remaining shares available for redemption in the 2022 calendar year being 500,000 or less, the last 500,000 shares available for redemption was reserved exclusively for redemptions sought in connection with a Special Redemption. • Pursuant to the July 2021 Amended Share Redemption Program, for calendar year 2021 only, the Company could redeem up to 5% of the weighted-average number of shares outstanding during the 2020 calendar year, provided that if the Company received requests for redemptions, whether in connection with Special Redemptions or otherwise, that if honored, and when combined with all prior redemptions made during the 2021 calendar year, would result in the number of remaining shares available for redemption in the 2021 calendar year being 500,000 or less, the last 500,000 shares available for redemption were reserved exclusively for Special Redemptions. • During any calendar year, the Company may redeem no more than 5% of the weighted-average number of shares outstanding during the prior calendar year. • The Company has no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland General Corporation Law, as amended from time to time, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. Pursuant to the share redemption program, redemptions made in connection with Special Redemptions are made at a price per share equal to the most recent estimated value per share of the Company’s common stock as of the applicable redemption date. From January 1, 2020 through June 30, 2021, Ordinary Redemptions were made at a price per share equal to 95% of the Company’s most recent estimated value per share as of the applicable redemption date. Upon effectiveness of the July 2021 Amended Share Redemption Program and commencing with the July 30, 2021 redemption date, Ordinary Redemptions are made at a price per share equal to 96% of the Company’s most recent estimated value per share as of the applicable redemption date. On December 4, 2019, the Company’s board of directors approved an estimated value per share of its common stock of $11.65 (unaudited) as described above under “— Dividend Reinvestment Plan.” This estimated value per share became effective for the December 2019 redemption date, which was December 31, 2019. On December 7, 2020, the Company’s board of directors approved an estimated value per share of its common stock of $10.74 (unaudited) as described above under “— Dividend Reinvestment Plan.” This estimated value per share became effective for the December 2020 redemption date, which was December 31, 2020. On May 13, 2021, the Company’s board of directors approved an estimated value per share of its common stock of $10.77 (unaudited) as described above under “— Dividend Reinvestment Plan.” This estimated value per share became effective for the May 2021 redemption date, which was May 28, 2021. On November 1, 2021, the Company’s board of directors approved an estimated value per share of its common stock of $10.78 (unaudited) as described above under “— Dividend Reinvestment Plan.” This estimated value per share became effective for the November 2021 redemption date, which was November 30, 2021. On September 28, 2022, the Company’s board of directors approved an estimated value per share of its common stock of $9.00 (unaudited) as described above under “— Dividend Reinvestment Plan.” This estimated value per share became effective for the October 2022 redemption date, which was October 31, 2022. The Company currently expects to utilize an independent valuation firm to update its estimated value per share no later than December 2023. For purposes of determining the time period a redeeming stockholder has held each share, the time period begins as of the date the stockholder acquired the share; provided, that shares purchased by the redeeming stockholder pursuant to the Company’s dividend reinvestment plan or received as a stock dividend will be deemed to have been acquired on the same date as the initial share to which the dividend reinvestment plan shares or stock dividend shares relate. The date of the share’s original issuance by the Company is not determinative. The Company classifies financial instruments that represent a mandatory obligation of the Company to redeem shares as liabilities. The Company’s redeemable common shares are considered redeemable at the option of the holder and, accordingly, the Company separately classifies an amount equal to the current maximum potential redemption obligation under the share redemption program as redeemable common stock on the consolidated balance sheet. When the Company determines it has a mandatory obligation to repurchase shares under the share redemption program, it reclassifies such obligations from temporary equity to a liability based upon their respective settlement values. The Company may (a) amend, suspend or terminate the share redemption program for any reason, or (b) consistent with SEC guidance and interpretations, increase or decrease the funding available for the redemption of shares pursuant to the share redemption program, each upon ten
Offering Costs	Direct and incremental costs related to the issuance of stock such as legal fees, printing costs and bankers’ or underwriters’ fees are accounted for as a reduction in the proceeds from the sale of the stock and accordingly, recorded as a reduction of equity in the Company’s consolidated statements of equity. Prior to the effective date of an equity offering, these costs are deferred and included in prepaid expenses and other assets on the Company’s consolidated balance sheets. The deferred costs of a subsequently aborted offering are expensed. During the year ended December 31, 2022, the Company wrote-off $2.7 million of prepaid offering costs in connection with the withdrawal of the Company’s Registration Statement on Form S-11 to offer additional shares under a proposed offering, which were included as an expense in the Company’s consolidated statements of operations.
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 (the “AIP 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”) and KBS Growth & Income REIT, Inc. (“KBS Growth & Income REIT”). The Company records all related party fees as incurred, subject to any limitations described in the Advisory Agreement, the Dealer Manager Agreement or the AIP Reimbursement Agreement.
Related Party Transactions, Acquisition and Origination Fees	The Company pays the Advisor an acquisition fee equal to 1.0% of the cost of investments acquired, including the sum of the amount actually paid or allocated to the purchase, development, construction or improvement of such investments, acquisition expenses and any debt attributable to such investments. With respect to investments in and originations of loans, the Company pays an origination fee equal to 1.0% of the amount to be funded by the Company to acquire or originate mortgage, mezzanine, bridge or other loans, including any expenses related to such investments and any debt the Company uses to fund the acquisition or origination of these loans. The Company does not pay an acquisition fee with respect to investments in loans.
Related Party Transactions, Operating Expenses	Under the Advisory Agreement, the Advisor has the right to seek reimbursement from the Company for all costs and expenses it incurs in connection with the provision of services to the Company, including the Company’s allocable share of the Advisor’s overhead, such as rent, employee costs, utilities, accounting software and cybersecurity costs. With respect to employee costs, and other than future payments pursuant to the Bonus Retention Fund (defined below), at this time, the Company reimburses the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. The Company currently does not reimburse the Advisor for employee costs in connection with services for which the Advisor earns acquisition, origination or disposition fees (other than reimbursement of travel and communication expenses) and other than further payments pursuant to the Bonus Retention Fund, the Company does not reimburse the Advisor for the salaries and benefits the Advisor or its affiliates may pay to the Company’s executive officers and affiliated directors. In addition, 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.
Related Party Transactions, Asset Management Fee	For asset management services, the Company pays the Advisor a monthly fee. With respect to investments in real property, the asset management fee is a monthly fee equal to one-twelfth of 0.75% of the amount paid or allocated to acquire the investment, plus the cost of any subsequent development, construction or improvements to the property. This amount includes any portion of the investment that was debt financed and is inclusive of acquisition expenses related thereto (but excludes acquisition fees paid or payable to the Advisor). In the case of investments made through joint ventures, the asset management fee is determined based on the Company’s proportionate share of the underlying investment (but excluding acquisition fees paid or payable to the Advisor). With respect to investments in loans and any investments other than real property, the asset management fee is a monthly fee calculated, each month, as one-twelfth of 0.75% of the lesser of (i) the amount actually paid or allocated to acquire or fund the loan or other investment (which amount includes any portion of the investment that was debt financed and is inclusive of acquisition or origination expenses related thereto, but is exclusive of acquisition or origination fees paid or payable to the Advisor) and (ii) the outstanding principal amount of such loan or other investment, plus the acquisition or origination expenses related to the acquisition or funding of such investment (excluding acquisition or origination fees paid or payable to the Advisor), as of the time of calculation. The Company currently does not pay any asset management fees in connection with the Company’s investment in the equity securities of the SREIT. Notwithstanding the foregoing on November 8, 2022, the Company and the Advisor renewed the Advisory Agreement and amended certain provisions related to the payment of asset management fees (the “Renewed Advisory Agreement”), among other provisions.
Related Party Transactions, Disposition Fee	For substantial assistance in connection with the sale of properties or other investments, the Company pays the Advisor or one of its affiliates 1.0% of the contract sales price of each property or other investment sold; provided, however, that if, in connection with such disposition, commissions are paid to third parties unaffiliated with the Advisor or one of its affiliates, the fee paid to the Advisor or one of its affiliates may not exceed the commissions paid to such unaffiliated third parties, and provided further that the disposition fees paid to the Advisor or one of its affiliates and unaffiliated third parties may not exceed 6.0% of the contract sales price. The Company will not pay a disposition fee upon the maturity, prepayment or workout of a loan or other debt-related investment, provided that if the Company takes ownership of a property as a result of a workout or foreclosure of a loan, the Company will pay a disposition fee upon the sale of such property. No disposition fees will be paid with respect to any sales of the Company’s investment in units of the SREIT.
Income Taxes	The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. To continue to qualify as a REIT, the Company must continue to meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that it distributes as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially and adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes that it is organized and operates in such a manner as to qualify for treatment as a REIT. The Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. Neither the Company nor its subsidiaries has been assessed interest or penalties by any major tax jurisdictions. The Company’s evaluations were performed for all open tax years through December 31, 2022. As of December 31, 2022, the returns for calendar years 2018 through 2021 remain subject to examination by major tax jurisdictions.
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 years ended December 31, 2022, 2021 and 2020, respectively. Distributions declared per common share were $0.598, $0.598 and $0.598 during the years ended December 31, 2022, 2021 and 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 period commencing January 2020 through December 2022. For each monthly record date for distributions during the period from January 1, 2020 through December 31, 2022, 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. Accordingly, the Company aggregated its investments in real estate properties 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 notes to the consolidated financial statements are presented on an unaudited basis.
Recently Issued Accounting Standards Update	In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”) 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. In December 2022, the FASB issued ASU No. 2022-06, to extend the temporary accounting relief provided under ASU No. 2020-04 to December 31, 2024. 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 December 31, 2022, 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. Certain of the Company’s loan agreements, derivative instruments, and 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 not to 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 (“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 December 31, 2022 and 2021 or consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020. As of December 31, 2022, the Company had entered into lease amendments related to the effects of the COVID-19 pandemic, granting $3.8 million of rent deferrals for the period from March 2020 through March 2023 and granting $4.8 million in rental abatements. As of December 31, 2022, the Company had $0.6 million of receivables for lease payments that had been deferred as lease concessions related to the effects of the COVID-19 pandemic, of which $0.3 million was reserved for payments not probable of collection, which were included in rent and other receivables, net on the accompanying consolidated balance sheet. For the years ended December 31, 2022, 2021 and 2020, the Company recorded $2.1 million, $1.2 million and $1.5 million, respectively, of rental abatements granted to tenants as a result of the COVID-19 pandemic.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Estimated Useful Life	The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Land N/A Buildings 25-40 years Building improvements 10-25 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related leases, including below-market renewal periods

REAL ESTATE (Tables)

REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Real Estate Investments	The following table summarizes the Company’s investments in real estate as of December 31, 2022 (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) Town Center 03/27/2012 Plano TX Office $ 135,867 $ (46,506) $ 89,361 McEwen Building 04/30/2012 Franklin TN Office 38,596 (10,469) 28,127 Gateway Tech Center 05/09/2012 Salt Lake City UT Office 34,914 (10,423) 24,491 60 South Sixth (2) 01/31/2013 Minneapolis MN Office 172,062 (51,059) 121,003 Preston Commons 06/19/2013 Dallas TX Office 142,988 (36,576) 106,412 Sterling Plaza 06/19/2013 Dallas TX Office 91,751 (26,439) 65,312 201 Spear Street 12/03/2013 San Francisco CA Office 153,384 (36,246) 117,138 Accenture Tower 12/16/2013 Chicago IL Office 547,850 (141,298) 406,552 Ten Almaden 12/05/2014 San Jose CA Office 129,483 (35,776) 93,707 Towers at Emeryville 12/23/2014 Emeryville CA Office 221,712 (56,836) 164,876 3003 Washington Boulevard 12/30/2014 Arlington VA Office 154,855 (40,820) 114,035 Park Place Village 06/18/2015 Leawood KS Office/Retail 83,181 (9,844) 73,337 201 17th Street 06/23/2015 Atlanta GA Office 102,560 (29,875) 72,685 515 Congress 08/31/2015 Austin TX Office 134,216 (30,155) 104,061 The Almaden 09/23/2015 San Jose CA Office 194,934 (44,076) 150,858 3001 Washington Boulevard 11/06/2015 Arlington VA Office 60,947 (12,798) 48,149 Carillon 01/15/2016 Charlotte NC Office 169,052 (37,205) 131,847 $ 2,568,352 $ (656,401) $ 1,911,951 _____________________ (1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets. (2) This property was formerly known as RBC Plaza and was re-named 60 South Sixth in connection with the Company’s re-branding strategy for this property.
Schedules of Concentration of Risk, by Risk Factor	As of December 31, 2022, the following property represented more than 10% of the Company’s total assets: Property Location Rentable Square Feet Total Real Estate, Net Percentage of Total Assets Annualized Base Rent (in thousands) (1) Average Annualized Base Rent per sq. ft. Occupancy Accenture Tower Chicago, IL 1,457,724 $ 406,552 18.0 % $ 35,544 $ 27.99 87.1 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of December 31, 2022, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Annualized Base Rent Finance 114 $ 39,354 18.5 % Real Estate 54 21,822 10.2 % $ 61,176 28.7 % _____________________
Lessor, Operating Lease, Payments to be Received, Maturity	As of December 31, 2022, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands): 2023 $ 197,341 2024 191,131 2025 173,728 2026 154,790 2027 128,181 Thereafter 494,677 $ 1,339,848

REAL ESTATE DISPOSITIONS (Table

REAL ESTATE DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Revenue and Expenses of Real Estate Held-for-Sale	The following table summarizes certain revenues and expenses related to the Company’s real estate properties that were sold during the years ended December 31, 2021 and 2020, which were included in continuing operations (in thousands): Years Ended December 31, 2022 2021 2020 Revenues Rental income $ — $ 8,262 $ 14,169 Other operating income — 92 1,168 Total revenues $ — $ 8,354 $ 15,337 Expenses Operating, maintenance, and management $ — $ 242 $ 4,091 Real estate taxes and insurance — 137 2,040 Asset management fees to affiliate — 412 1,509 General and administrative expenses — 15 163 Depreciation and amortization — 2,429 6,104 Interest expense — 681 2,463 Total expenses $ — $ 3,916 $ 16,370

TENANT ORIGINATION AND ABSORP_2

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities	As of December 31, 2022 and 2021, 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 December 31, December 31, December 31, December 31, December 31, December 31, Cost $ 42,555 $ 60,162 $ 983 $ 1,112 $ (8,384) $ (15,395) Accumulated Amortization (29,524) (41,387) (721) (764) 6,473 12,118 Net Amount $ 13,031 $ 18,775 $ 262 $ 348 $ (1,911) $ (3,277)
Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities	Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, 2022 2021 2020 2022 2021 2020 2022 2021 2020 Amortization $ (5,744) $ (8,175) $ (9,971) $ (86) $ (101) $ (117) $ 1,366 $ 2,855 $ 2,924
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2022 is estimated to be amortized for the years ending December 31 as follows (in thousands): Tenant Origination and Above-Market Below-Market 2023 $ (3,892) $ (73) $ 833 2024 (2,765) (69) 534 2025 (2,311) (68) 314 2026 (1,741) (52) 198 2027 (1,033) — 32 Thereafter (1,289) — — $ (13,031) $ (262) $ 1,911 Weighted-Average Remaining Amortization Period 4.5 years 3.7 years 2.9 years

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of December 31, 2022 and 2021, the Company’s notes payable consisted of the following (dollars in thousands): Book Value as of Book Value as of Contractual Interest Rate as of December 31, 2022 (1) Effective Interest Rate as of December 31, 2022 (1) Payment Type Maturity Date (2) The Almaden Mortgage Loan (3) $ 123,000 $ 123,000 3.65% 3.65% Interest Only 12/01/2023 201 Spear Street Mortgage Loan 125,000 125,000 One-month LIBOR + 1.45% 5.85% Interest Only 01/05/2024 Carillon Mortgage Loan (4) 88,800 105,800 One-month LIBOR + 1.40% 5.79% Interest Only 04/11/2024 Modified Portfolio Revolving Loan Facility (5) 249,145 196,595 One-month LIBOR + 1.50% 5.89% Interest Only 03/01/2023 3001 & 3003 Washington Mortgage Loan (6) 142,232 143,245 One-month LIBOR + 1.45% 5.84% Principal & 06/01/2024 Accenture Tower Revolving Loan (7) 281,250 281,250 One-month LIBOR + 2.25% 6.64% Interest Only 11/02/2023 Unsecured Credit Facility (8) 37,500 37,500 One-month LIBOR + 2.10% 6.49% Interest Only 07/30/2023 Amended and Restated Portfolio Loan Facility (9) 559,468 459,900 One-month BSBY (10) + 1.80% 6.16% Interest Only 11/03/2023 Park Place Village Mortgage Loan (11) 65,000 — One-month Term SOFR + 1.95% 6.31% Interest Only 08/31/2025 Total notes payable principal outstanding $ 1,671,395 $ 1,472,290 Deferred financing costs, net (4,107) (6,892) Total Notes Payable, net $ 1,667,288 $ 1,465,398 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2022. Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2022, consisting of the contractual interest rate and using interest rate indices as of December 31, 2022, where applicable. For information regarding the Company’s derivative instruments, see Note 8, “Derivative Instruments.” (2) Represents the maturity date as of December 31, 2022; subject to certain conditions, the maturity dates of certain loans may be extended beyond the dates shown. See below. (3) As of December 31, 2022, The Almaden Mortgage Loan has two 12-month extension options, subject to certain terms, conditions and fees as described in the loan documents. The Almaden Mortgage Loan bears interest at a fixed rate of 3.65% for the initial term of the loan and a floating rate of 350 basis points over one-month LIBOR during the extension options, subject to a minimum interest rate of 3.65%. (4) As of December 31, 2022, the borrowing capacity under the Carillon Mortgage Loan was $111.0 million, of which $88.8 million is term debt and $22.2 million is revolving debt. As of December 31, 2022, the outstanding balance under the loan consisted of $88.8 million of term debt. As of December 31, 2022, $22.2 million of revolving debt remained available for future disbursements, subject to certain terms and conditions set forth in the loan documents. (5) As of December 31, 2022, the Modified Portfolio Revolving Loan Facility was secured by 515 Congress, the McEwen Building, Gateway Tech Center and 201 17th Street. As of December 31, 2022, the borrowing capacity under the Modified Portfolio Revolving Loan Facility was $249.2 million, of which $124.6 million is term debt and $124.6 million is revolving debt. As of December 31, 2022, the outstanding balance under the loan consisted of $124.6 million of term debt and $124.6 million of revolving debt. As of December 31, 2022, the Modified Portfolio Revolving Loan Facility had two 12-month extension options, subject to certain terms, conditions and fees as described in the loan documents. Subsequent to December 31, 2022, the borrower under the Modified Portfolio Revolving Loan Facility entered into a modification agreement with the lender to convert the benchmark interest rate from LIBOR to Term SOFR. Effective March 1, 2023, the Modified Portfolio Revolving Loan Facility bears interest at Term SOFR plus 160 basis points per annum. In addition, the Company exercised one of the 12-month extension options, extending the maturity date of the Modified Portfolio Revolving Loan Facility to March 1, 2024. (6) Subsequent to December 31, 2022, the borrower under the 3001 & 3003 Washington Mortgage Loan entered into an amendment agreement with the lender to convert the benchmark interest rate from LIBOR to Term SOFR. Effective March 1, 2023, the 3001 & 3003 Washington Mortgage Loan bears interest at one-month Term SOFR plus 155 basis points per annum. (7) As of December 31, 2022, the outstanding balance under the Accenture Tower Revolving Loan consisted of $281.3 million of term debt and an additional $93.7 million of revolving debt remained available for future disbursements, subject to certain terms and conditions contained in the loan documents. As of December 31, 2022, the Accenture Tower Revolving Loan has two 12-month extension options, subject to certain terms and conditions contained in the loan documents. Subsequent to December 31, 2022, the borrower under the Accenture Tower Revolving Loan entered into a modification agreement with the lender to convert the benchmark interest rate from LIBOR to Term SOFR. Effective March 1, 2023, the Accenture Tower Revolving Loan bears interest at one-month Term SOFR plus 235 basis points per annum. (8) As of December 31, 2022, the borrowing capacity under the Unsecured Credit Facility was $75.0 million, of which $37.5 million is term debt and $37.5 million is revolving debt. As of December 31, 2022, the outstanding balance under the Unsecured Credit Facility consisted of $37.5 million of term debt and an additional $37.5 million of revolving debt remained available for future disbursements, subject to certain terms and conditions contained in the loan documents. The Unsecured Credit Facility has one 12-month extension option, subject to certain terms and conditions contained in the loan documents. (9) As of December 31, 2022, the Amended and Restated Portfolio Loan Facility was secured by 60 South Sixth, Preston Commons, Sterling Plaza, Towers at Emeryville, Ten Almaden and Town Center. As of December 31, 2022, the borrowing capacity under the Amended and Restated Portfolio Loan Facility was $613.2 million, of which $459.9 million is term debt and $153.3 million is revolving debt. As of December 31, 2022, the outstanding balance under the loan consisted of $459.9 million of term debt and $99.6 million of revolving debt. As of December 31, 2022, an additional $53.7 million of revolving debt remained available for future disbursements, subject to certain terms and conditions contained in the loan documents. The Amended and Restated Portfolio Loan Facility has one 12-month extension option, subject to certain terms and conditions as described in the loan documents. (10) Bloomberg Short-Term Bank Yield Index (“BSBY”). (11) See below, “– Recent Financing Transaction - Park Place Village Loan.”
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 December 31, 2022 (in thousands): 2023 $ 1,252,185 2024 354,210 2025 65,000 2026 — 2027 — Thereafter — $ 1,671,395

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
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 December 31, 2022 and 2021. 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): December 31, 2022 December 31, 2021 Weighted-Average Fix Pay Rate Weighted-Average Remaining Term in Years Derivative Instruments Number of Instruments Notional Amount Number of Instruments Notional Amount Reference Rate as of December 31, 2022 Derivative instruments not designated as hedging instruments Interest rate swaps (1) 20 $ 1,619,190 12 $ 1,420,390 One-month LIBOR/ Fixed at 0.70% - 1.67% One-month Term SOFR/ Fixed at 2.38% - 3.92% 2.2% 2.0 _____________________ (1) Includes eight forward interest rate swaps: (i) one forward interest rate swap in the amount of $100.0 million will become effective on February 1, 2023 and mature on July 1, 2026, (ii) four forward interest rate swaps in the total amount of $200.0 million will become effective on November 1, 2023 and mature on February 1, 2026, (iii) one forward interest rate swap in the amount of $100.0 million will become effective on November 1, 2023 and mature on May 1, 2026, (iv) one forward interest rate swap in the amount of $100.0 million will become effective on November 1, 2023 and mature on July 1, 2026 and (v) one forward interest rate swap in the amount of $100.0 million will become effective on November 1, 2023 and mature on November 1, 2026.
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 December 31, 2022 and 2021 (dollars in thousands): December 31, 2022 December 31, 2021 Derivative Instruments Balance Sheet Location Number of Fair Value Number of Fair Value Derivative instruments not designated as hedging instruments Interest rate swaps Prepaid expenses and other assets, at fair value (1) 18 $ 40,216 5 $ 757 Interest rate swaps Other liabilities, at fair value (2) 2 $ (75) 7 $ (12,805) _____________________ (1) Includes eight forward interest rate swaps. See footnote (1) to the table immediately above. As of December 31, 2022, prepaid expenses and other assets included a $8.7 million asset related to the fair value of two off-market interest rate swaps determined to be hybrid financial instruments for which the Company elected to apply the fair value option. As of December 31, 2021, prepaid expenses and other assets included a $0.1 million asset related to the fair value of an off-market interest rate swap determined to be a hybrid financial instrument for which the Company elected to apply the fair value option. (2) As of December 31, 2021, other liabilities included a $2.1 million liability related to the fair value of an off-market interest rate swap determined to be a hybrid financial instrument for which the Company elected to apply the fair value option.
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 Years Ended December 31, 2022 2021 2020 Derivatives not designated as hedging instruments Realized loss recognized on interest rate swaps $ 7,152 $ 18,020 $ 13,947 Realized gain recognized on interest rate swaps (6,895) — — Unrealized (gain) loss on interest rate swaps (1) (52,189) (23,283) 25,165 Net (gain) loss on derivative instruments $ (51,932) $ (5,263) $ 39,112 _____________________ (1) For the years ended December 31, 2022 and 2021, unrealized (gain) loss on interest rate swaps included a $10.7 million and $5.8 million unrealized gain, respectively, related to the change in fair value of two off-market interest rate swaps determined to be hybrid financial instruments for which the Company elected to apply the fair value option. For the year ended December 31, 2020, unrealized (gain) loss on interest rate swaps included a $7.8 million unrealized loss related to the change in fair value of two off-market interest rate swaps determined to be hybrid financial instruments for which the Company elected to apply the fair value option.

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Face Value, Carrying Amounts and Fair Value	The following were the face values, carrying amounts and fair values of the Company’s notes payable as of December 31, 2022 and 2021, which carrying amounts generally do not approximate the fair values (in thousands): December 31, 2022 December 31, 2021 Face Value Carrying Fair Value Face Value Carrying Fair Value Financial liabilities: Notes payable $ 1,671,395 $ 1,667,288 $ 1,654,046 $ 1,472,290 $ 1,465,398 $ 1,469,580
Schedule of Assets and Liabilities at Fair Value	As of December 31, 2022, the Company measured the following assets and liabilities at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Recurring Basis: Real estate equity securities $ 87,416 $ 87,416 $ — $ — Asset derivatives - interest rate swaps (1) 40,216 — 40,216 — Liability derivatives - interest rate swaps (75) — (75) — _____________________ (1) Includes eight forward interest rate swaps. See Note 8, “Derivative Instruments.” Also includes a $8.7 million asset related to the fair value of two off-market interest rate swaps determined to be hybrid financial instruments for which the Company elected to apply the fair value option.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the years ended December 31, 2022, 2021 and 2020, respectively, and any related amounts receivable and payable as of December 31, 2022 and 2021 (in thousands): Incurred Years Ended Receivable as of Payable as of 2022 2021 2020 2022 2021 2022 2021 Expensed Asset management fees (1) $ 20,102 $ 19,832 $ 20,990 $ — $ — $ 10,191 $ 8,065 Reimbursement of operating expenses (2) 325 577 479 10 343 174 61 Disposition fees (3) — 2,426 1,715 — — — — Capitalized Acquisition fee on development project — — 34 — — — — $ 20,427 $ 22,835 $ 23,218 $ 10 $ 343 $ 10,365 $ 8,126 _____________________ (1) See “Asset Management Fees” below and under Note 2, "Summary of Significant Accounting Policies— Related Party Transactions—Asset Management Fee." (2) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software costs 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 $163,000, $428,000 and $338,000 for the years ended December 31, 2022, 2021 and 2020, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the years ended December 31, 2022, 2021 and 2020. The Company currently does 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) and other than future payments pursuant to the Bonus Retention Fund (see Note 2, “Summary of Significant Accounting Policies— Related Party Transactions—Asset Management Fee”), the Company does not reimburse the Advisor for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers and affiliated directors. 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. As of December 31, 2021, the Company was charged $0.8 million by certain vendors for services for which the Company believes it was either overcharged or which were never performed. Additionally, during the year ended December 31, 2022, the Company incurred $1.6 million of legal and accounting costs related to the investigation of this matter. The Advisor agreed to reimburse the Company for any amounts inappropriately charged to the Company for these vendor services, including legal and accounting costs incurred related to the investigation of this matter. As of December 31, 2021, the Company had recorded a receivable of $0.3 million related to the reimbursement of these overpayments and also recorded a credit against the liability for asset management fees that were deferred in prior periods of $0.5 million that would have been due by the Company to the Advisor in those periods as a result of the increase in the Company’s net income and MFFO for such periods, and corresponding decrease in expenses, related to the charges that the Company should not have incurred. As of December 31, 2022, the Advisor had reimbursed the Company $1.9 million in cash for amounts inappropriately charged to the Company and for legal and accounting costs related to the investigation of this matter and the Company recorded an additional receivable of $10,000 from the Advisor as of December 31, 2022 for this matter. (3) 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			12 Months Ended			55 Months Ended	141 Months Ended
	Jul. 12, 2021 USD ($) shares	Oct. 03, 2014 USD ($) shares	Dec. 31, 2022 USD ($) property shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	May 29, 2015 USD ($) shares	Dec. 31, 2022 USD ($) property shares	Jul. 31, 2022 property	Jan. 26, 2010 $ / shares shares
Organizational Structure [Line Items]
Common stock, shares issued (in shares)			147,964,954	153,150,766			147,964,954
Number of real estate properties | property								17
Issuance of common stock, value | $			$ 33,391	$ 42,369	$ 46,722
Redemptions of common stock (in shares)	26,375,383
Redemptions of common stock, value | $	$ 272,700		$ 89,183	$ 365,587	$ 10,877
Private Placement
Organizational Structure [Line Items]
Issuance of common stock (in shares)		258,462
Issuance of common stock, value | $		$ 2,400
Office Building
Organizational Structure [Line Items]
Number of real estate properties | property			16				16
Mixed-use Office/Retail Property
Organizational Structure [Line Items]
Number of real estate properties | property			1				1
Common Stock
Organizational Structure [Line Items]
Shares held by affiliate			20,857				20,857
Issuance of common stock (in shares)			3,434,632	4,145,065	4,220,684	169,006,162
Issuance of common stock, value | $			$ 34	$ 41	$ 42	$ 1,700,000
Shares of common stock sold under dividend reinvestment plan, shares							44,254,383
Shares of common stock sold under dividend reinvestment plan, value | $							$ 455,100
Redemptions of common stock (in shares)			8,620,444	35,243,375	942,351		73,295,267
Redemptions of common stock, value | $			$ 86	$ 351	$ 10		$ 777,100
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
Operating Partnership
Organizational Structure [Line Items]
Partnership interest in operating partnership			0.10%
Partnership interest in the operating partnership and is its sole limited partner			99.90%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) segment $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Oct. 03, 2022 $ / shares	Sep. 28, 2022 $ / shares	Jul. 31, 2022 property	Dec. 01, 2021 $ / shares	Nov. 01, 2021 $ / shares	Jun. 01, 2021 $ / shares	May 13, 2021 $ / shares	Jan. 04, 2021 $ / shares	Dec. 07, 2020 $ / shares	Jan. 02, 2020 $ / shares	Dec. 04, 2019 $ / shares	Oct. 23, 2019 $ / shares
Summary of Significant Accounting Policies [Line Items]
Impairment of real estate	$ 0	$ 0	$ 19,896,000
Dividend reinvestment plan, purchase price per share as percent of estimated value	95%
Estimated value per share of company's common stock (in dollars per share) | $ / shares					$ 9			$ 10.78		$ 10.77		$ 10.74		$ 11.65
Special dividends declared (in dollars per share) | $ / shares															$ 0.80
Purchase price per share (in dollars per share) | $ / shares				$ 8.55			$ 10.24		$ 10.23		$ 10.21		$ 11.07
Number of real estate properties | property						17
Period of termination notice	10 days
Earnings Per Share [Abstract]
Antidilutive securities (in shares) | shares	0	0	0
Distributions declared per common share (in dollars per share) | $ / shares	$ 0.598	$ 0.598	$ 0.598
Distribution rate for share per month, declared (in dollars per share) | $ / shares	$ 0.04983333	$ 0.04983333	$ 0.04983333
Write off of prepaid offering costs	$ 2,700,000
Number of reportable segments | segment	1
Grants of rent deferrals	$ 3,800,000
Grants of rental abatements	4,800,000
Deferred lease concessions	600,000
Reserve for payments not probable to collect	300,000
Reversal of rental income for abatements granted to tenants	$ 2,100,000	$ 1,200,000	$ 1,500,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Useful Life (Details)	12 Months Ended
	Dec. 31, 2022
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Useful life	25 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life	25 years
Tenant improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	Shorter of lease term or expected useful life
Tenant origination and absorption costs
Property, Plant and Equipment [Line Items]
Estimated useful lives	Remaining term of related leases, including below-market renewal periods

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Common Stock and Offering Costs (Details) - USD ($)		1 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended			17 Months Ended	18 Months Ended	141 Months Ended
	Jul. 12, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Jun. 30, 2021	Dec. 31, 2022	Sep. 28, 2022	Mar. 31, 2022	Feb. 28, 2022	Nov. 01, 2021	Jun. 04, 2021	May 13, 2021	Dec. 07, 2020	Dec. 04, 2019
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period, price per share	$ 10.34														$ 10.34
Redemptions of common stock (in shares)	26,375,383
Redemptions of common stock	$ (272,700,000)				$ (89,183,000)	$ (365,587,000)	$ (10,877,000)
Period of increase or decrease of funding available for redemption					10 days
Maximum percentage of weighted-average shares outstanding available for redemption during current calendar year			5%	5%
Maximum number of weighted-average shares outstanding available for redemption during current calendar year		500,000	500,000	500,000	500,000	500,000		500,000		500,000
Share redemption program, share limitation for special redemptions		500,000	500,000	500,000	500,000	500,000		500,000		500,000
Maximum percentage of weighted-average shares outstanding available for redemption during any calendar year					5%
Redemption price percentage of most recent estimated value per share								96%	95%
Estimated value per share of company's common stock (in dollars per share)											$ 9			$ 10.78		$ 10.77	$ 10.74	$ 11.65
Share redemption program, termination period					10 days
Share redemption program, limitation for special redemptions, shares		79,063		79,063	79,063			79,063		79,063
Share redemption program, limitation for special redemptions, value		$ 700,000
Redeemable common stock payable		711,000	$ 0	$ 711,000	$ 711,000	$ 0		$ 711,000		$ 711,000
Share redemption program, available for redemption in 2023		33,400,000		33,400,000	$ 33,400,000			33,400,000		$ 33,400,000
Common Stock
Equity, Class of Treasury Stock [Line Items]
Redemptions of common stock (in shares)					8,620,444	35,243,375	942,351			73,295,267
Redemptions of common stock					$ (86,000)	$ (351,000)	$ (10,000)			$ (777,100,000)
Held for One Year
Equity, Class of Treasury Stock [Line Items]
Share holding term					1 year
Maximum
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased															33,849,130
Stock repurchase program, authorized amount															$ 350,000,000
Share redemption program, additional amount		10,000,000		10,000,000	$ 10,000,000			10,000,000		10,000,000		$ 2,000,000	$ 10,000,000
Share redemption program, special redemptions		$ 10,000,000		$ 10,000,000	$ 10,000,000			$ 10,000,000		$ 10,000,000		$ 2,000,000	$ 10,000,000

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Related Party Transactions and Other (Details) - USD ($) $ in Thousands	Nov. 08, 2022	Dec. 31, 2022	Oct. 01, 2022	Sep. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Origination fee, percent		1%
Due to affiliate		$ 10,365			$ 8,126
Return on net invested capital		8%
Asset Management Arrangement
Related Party Transaction [Line Items]
Deferred asset management fees				$ 8,500
Return on net invested capital	8%
Bonus Retention Fund Deposit
Related Party Transaction [Line Items]
Expected deposit amount			$ 8,500
KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Acquisition advisory fee, percent		1%
Monthly asset management fee, percent of acquisition expense, excluding acquisition fees related to thereto		0.0625%
KBS Capital Advisors LLC | Asset Management Arrangement
Related Party Transaction [Line Items]
Due to affiliate			$ 1,150
Renewal period	1 year
Termination period	60 days
KBS Capital Advisors LLC | Bonus Retention Fund Deposit
Related Party Transaction [Line Items]
Due to affiliate		$ 1,700
KBS Capital Advisors LLC or Affiliates
Related Party Transaction [Line Items]
Disposition fees paid, percent of sales price		1%
Maximum | KBS Capital Advisors LLC, Affiliates or Unaffiliated Third Parties
Related Party Transaction [Line Items]
Disposition fees paid, percent of sales price		6%

REAL ESTATE - Additional Inform

REAL ESTATE - Additional Information (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) ft² property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 31, 2022 property
Real Estate [Abstract]
Impairment of real estate | $	$ 0	$ 0	$ 19,896,000
Real Estate Properties [Line Items]
Number of real estate properties				17
Rentable square feet | ft²	7.3
Percentage of portfolio occupied	82%
Office Building
Real Estate Properties [Line Items]
Number of real estate properties	16
Mixed-use Office/Retail Property
Real Estate Properties [Line Items]
Number of real estate properties	1
Held for Investment | Office Building
Real Estate Properties [Line Items]
Number of real estate properties	16

REAL ESTATE - Schedule of Real

REAL ESTATE - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Total real estate held for investment, cost	$ 2,568,352	$ 2,441,266
Accumulated depreciation and amortization	(656,401)	(572,968)
Total real estate, net	1,911,951	$ 1,868,298
Town Center | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	135,867
Accumulated depreciation and amortization	(46,506)
Total real estate, net	89,361
McEwen Building | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	38,596
Accumulated depreciation and amortization	(10,469)
Total real estate, net	28,127
Gateway Tech Center | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	34,914
Accumulated depreciation and amortization	(10,423)
Total real estate, net	24,491
60 South Sixth | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	172,062
Accumulated depreciation and amortization	(51,059)
Total real estate, net	121,003
Preston Commons | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	142,988
Accumulated depreciation and amortization	(36,576)
Total real estate, net	106,412
Sterling Plaza | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	91,751
Accumulated depreciation and amortization	(26,439)
Total real estate, net	65,312
201 Spear Street | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	153,384
Accumulated depreciation and amortization	(36,246)
Total real estate, net	117,138
Accenture Tower | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	547,850
Accumulated depreciation and amortization	(141,298)
Total real estate, net	406,552
Ten Almaden | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	129,483
Accumulated depreciation and amortization	(35,776)
Total real estate, net	93,707
Towers at Emeryville | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	221,712
Accumulated depreciation and amortization	(56,836)
Total real estate, net	164,876
3003 Washington Boulevard | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	154,855
Accumulated depreciation and amortization	(40,820)
Total real estate, net	114,035
Park Place Village | Office/Retail
Real Estate Properties [Line Items]
Total real estate held for investment, cost	83,181
Accumulated depreciation and amortization	(9,844)
Total real estate, net	73,337
201 17th Street | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	102,560
Accumulated depreciation and amortization	(29,875)
Total real estate, net	72,685
515 Congress | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	134,216
Accumulated depreciation and amortization	(30,155)
Total real estate, net	104,061
The Almaden | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	194,934
Accumulated depreciation and amortization	(44,076)
Total real estate, net	150,858
3001 Washington Boulevard | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	60,947
Accumulated depreciation and amortization	(12,798)
Total real estate, net	48,149
Carillon | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	169,052
Accumulated depreciation and amortization	(37,205)
Total real estate, net	$ 131,847

REAL ESTATE - Concentration of

REAL ESTATE - Concentration of Credit Risk, Tenant Lease that Represents More than 10% of Annualized Base Rent (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² $ / ft²	Dec. 31, 2021 USD ($)
Concentration Risk [Line Items]
Rentable square feet | ft²	7,300,000
Total real estate, net	$ 1,911,951	$ 1,868,298
Annualized base rent	$ 61,176
Occupancy	82%
Accenture Tower | Assets, Total
Concentration Risk [Line Items]
Rentable square feet | ft²	1,457,724
Total real estate, net	$ 406,552
Annualized base rent	$ 35,544
Average Annualized Base Rent per sq. ft. | $ / ft²	27.99
Occupancy	87.10%
Accenture Tower | Assets, Total | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of Total Assets	18%

REAL ESTATE - Operating Leases

REAL ESTATE - Operating Leases - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) tenant	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Operating Leased Assets [Line Items]
Deferred rent recognized	$ 10,896	$ 2,550	$ 4,564
Deferred rent receivables	89,900	85,200
Incentive to lessee	$ 17,300	22,800
Office/Retail
Operating Leased Assets [Line Items]
Number of Tenants | tenant	560
Other liabilities, at fair value
Operating Leased Assets [Line Items]
Security deposit liability	$ 9,300	$ 8,700
Maximum
Operating Leased Assets [Line Items]
Operating leases, term of contract	16 years 4 months 24 days
Weighted Average
Operating Leased Assets [Line Items]
Operating leases, term of contract	5 years 7 months 6 days

REAL ESTATE - Future Minimum Re

REAL ESTATE - Future Minimum Rental Income (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
2023	$ 197,341
2024	191,131
2025	173,728
2026	154,790
2027	128,181
Thereafter	494,677
Total	$ 1,339,848

REAL ESTATE - Highest Tenant In

REAL ESTATE - Highest Tenant Industry Concentrations - Grater than 10% of Annual Base Rent (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) tenant
Concentration Risk [Line Items]
Annualized base rent	$ 61,176
Industry | Customer Concentration Risk | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	28.70%
Finance
Concentration Risk [Line Items]
Number of Tenants | tenant	114
Annualized base rent	$ 39,354
Finance | Customer Concentration Risk | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	18.50%
Real Estate
Concentration Risk [Line Items]
Number of Tenants | tenant	54
Annualized base rent	$ 21,822
Real Estate | Customer Concentration Risk | Revenue Benchmark
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	10.20%

REAL ESTATE - Geographic Concen

REAL ESTATE - Geographic Concentration Risk - Additional Information (Details) - Assets, Total - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2022
California
Concentration Risk [Line Items]
Percentage of total assets	23.30%
Illinois
Concentration Risk [Line Items]
Percentage of total assets	18%
Texas
Concentration Risk [Line Items]
Percentage of total assets	16.20%

REAL ESTATE DISPOSITIONS - Addi

REAL ESTATE DISPOSITIONS - Additional Information (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2021 USD ($) property	Jan. 31, 2021 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Jul. 31, 2022 property
Real Estate Properties [Line Items]
Gains (losses) on sales of investment real estate			$ 0	$ 114,321	$ 49,457
Number of real estate properties | property						17
Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties disposed | property	1	1		2
Disposal group, consideration	$ 143,000	$ 103,500
Gains (losses) on sales of investment real estate				$ 114,300
Disposed of by Sale | Apartment Building | Hardware Village
Real Estate Properties [Line Items]
Disposal group, consideration					178,000
Gains (losses) on sales of investment real estate					$ 49,500
Held-for-sale
Real Estate Properties [Line Items]
Number of real estate properties | property			0

REAL ESTATE DISPOSITIONS - Reve

REAL ESTATE DISPOSITIONS - Revenue and Expenses of Real Estate Sales (Details) - Disposed of by Sale - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental income	$ 0	$ 8,262	$ 14,169
Other operating income	0	92	1,168
Total revenues	0	8,354	15,337
Expenses
Operating, maintenance, and management	0	242	4,091
Real estate taxes and insurance	0	137	2,040
Asset management fees to affiliate	0	412	1,509
General and administrative expenses	0	15	163
Depreciation and amortization	0	2,429	6,104
Interest expense	0	681	2,463
Total expenses	$ 0	$ 3,916	$ 16,370

TENANT ORIGINATION AND ABSORP_3

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES - Schedule of Net Amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant origination and absorption costs, cost	$ 42,555	$ 60,162
Tenant origination and absorption costs, accumulated amortization	(29,524)	(41,387)
Tenant origination and absorption costs, net amount	13,031	18,775
Above-market leases, cost	983	1,112
Above-market leases, accumulated amortization	(721)	(764)
Above market leases, net amount	262	348
Below-market lease, cost	(8,384)	(15,395)
Below-market lease, accumulated amortization	6,473	12,118
Below-market lease, net amount	(1,911)	(3,277)
Tenant origination and absorption costs, amortization	(5,744)	(8,175)	$ (9,971)
Above-market lease assets, amortization	(86)	(101)	(117)
Below-market lease liabilities, amortization	$ 1,366	$ 2,855	$ 2,924

TENANT ORIGINATION AND ABSORP_4

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES - Remaining Unamortized Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2023	$ 833
2024	534
2025	314
2026	198
2027	32
Thereafter	0
Net amount	1,911	$ 3,277
Tenant Origination and Absorption Costs
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	(3,892)
2024	(2,765)
2025	(2,311)
2026	(1,741)
2027	(1,033)
Thereafter	(1,289)
Net Amount	$ (13,031)
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
Weighted-Average Remaining Amortization Period	4 years 6 months
Above-Market Lease Assets
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ (73)
2024	(69)
2025	(68)
2026	(52)
2027	0
Thereafter	0
Net Amount	$ (262)
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
Weighted-Average Remaining Amortization Period	3 years 8 months 12 days
Below-Market Lease Liabilities
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
Weighted-Average Remaining Amortization Period	2 years 10 months 24 days

REAL ESTATE EQUITY SECURITIES -

REAL ESTATE EQUITY SECURITIES - Additional Information (Details) $ / shares in Units, $ in Thousands					1 Months Ended		2 Months Ended	10 Months Ended	12 Months Ended
	Nov. 09, 2021 USD ($) shares	Aug. 21, 2019 USD ($) shares	Jul. 19, 2019 USD ($) $ / shares shares	Jul. 18, 2019 property	Nov. 30, 2021 property	Jan. 31, 2021 property	Dec. 31, 2021 USD ($)	Nov. 08, 2021 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Real estate equity securities							$ 180,228		$ 87,416	$ 180,228
Unrealized (loss) gain on real estate equity securities							$ 16,800		(92,812)	16,765	$ 0
Dividend income from real estate equity securities									14,850	0	0
Equity in income (loss) of an unconsolidated entity									$ 0	$ 8,698	(465)
REIT Properties III
Schedule of Equity Method Investments [Line Items]
Ownership percentage after transaction		31.30%
Units disposed (in shares) | shares	73,720,000	18,392,100
Units disposed	$ 58,900	$ 16,200
Units held (in shares) | shares									215,841,899
Real estate equity securities									$ 87,400
Units, closing price (in dollars per share) | $ / shares									$ 0.405
Purchase and Sales Agreement | REIT Properties III
Schedule of Equity Method Investments [Line Items]
Units acquired (in shares) | shares			307,953,999
Units acquired			$ 271,000
Units acquired (in dollars per share) | $ / shares			$ 0.88
Ownership percentage after transaction			33.30%
SREIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage after transaction	18.50%								18.20%
Dividend income from real estate equity securities									$ 14,900
Unrealized loss on equity securities									$ 92,800
Equity in income (loss) of an unconsolidated entity								$ 8,700			(500)
Gain on sale of investments								3,100
Loss from equity method investments											2,600
Investment income, dividend								19,900			19,300
SREIT | Private Offering in July 2021
Schedule of Equity Method Investments [Line Items]
Equity in income (loss) of an unconsolidated entity								$ 1,100
SREIT | Private Offering in February 2020
Schedule of Equity Method Investments [Line Items]
Equity in income (loss) of an unconsolidated entity											$ 2,100
Disposed of by Sale
Schedule of Equity Method Investments [Line Items]
Number of real estate properties disposed | property					1	1				2
SREIT | Disposed of by Sale
Schedule of Equity Method Investments [Line Items]
Number of real estate properties disposed | property				11

NOTES PAYABLE - Schedule of Lon

NOTES PAYABLE - Schedule of Long-term Debt Instruments (Details)		2 Months Ended	12 Months Ended
	Sep. 01, 2022 USD ($) extension_option	Mar. 13, 2023 extension_option	Dec. 31, 2022 USD ($) extension_option	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 1,671,395,000	$ 1,472,290,000
Deferred financing costs, net			(4,107,000)	(6,892,000)
Total Notes Payable, net			1,667,288,000	1,465,398,000
Face amount			1,671,395,000	1,472,290,000
Carillon Mortgage Loan
Debt Instrument [Line Items]
Total Notes Payable, net			88,800,000
Face amount			111,000,000
Carillon Mortgage Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			22,200,000
Unused borrowing capacity, amount			22,200,000
Modified Portfolio Revolving Loan Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Loan, amount outstanding			124,600,000
Modified Portfolio Revolving Loan Facility | Secured Debt
Debt Instrument [Line Items]
Total Notes Payable, net			124,600,000
Face amount			249,200,000
Accenture Tower Revolving Loan | Secured Debt
Debt Instrument [Line Items]
Total Notes Payable, net			281,300,000
Amended and Restated Portfolio Loan Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Loan, amount outstanding			99,600,000
Mortgages | The Almaden Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 123,000,000	123,000,000
Interest rate			3.65%
Effective Interest Rate			3.65%
Number of extensions | extension_option			2
Extension period			12 months
Mortgages | The Almaden Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.50%
Mortgages | 201 Spear Street Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 125,000,000	125,000,000
Effective Interest Rate			5.85%
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			$ 88,800,000	105,800,000
Effective Interest Rate			5.79%
Mortgages | Carillon Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.40%
Mortgages | 3001 & 3003 Washington Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 142,232,000	143,245,000
Effective Interest Rate			5.84%
Mortgages | 3001 & 3003 Washington Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.45%
Mortgages | Park Place Village Mortgage Loan
Debt Instrument [Line Items]
Number of extensions | extension_option	2
Extension period	12 months
Face amount	$ 65,000,000
Mortgages | Park Place Village Mortgage Loan | One-month term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.95%
Secured Debt | Modified Portfolio Revolving Loan Facility
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 249,145,000	196,595,000
Effective Interest Rate			5.89%
Number of extensions | extension_option			2
Extension period			12 months
Secured Debt | Modified Portfolio Revolving Loan Facility | Subsequent Event
Debt Instrument [Line Items]
Number of extensions | extension_option		1
Extension period		12 months
Secured Debt | Modified Portfolio Revolving Loan Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 124,600,000
Secured Debt | Modified Portfolio Revolving Loan Facility | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Secured Debt | Modified Portfolio Revolving Loan Facility | One-month term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.60%
Secured Debt | 3001 & 3003 Washington Mortgage Loan | One-month term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.55%
Secured Debt | Accenture Tower Revolving Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 281,250,000	281,250,000
Effective Interest Rate			6.64%
Secured Debt | Accenture Tower Revolving Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Number of extensions | extension_option			2
Extension period			12 months
Unused borrowing capacity, amount			$ 93,700,000
Secured Debt | Accenture Tower Revolving Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Secured Debt | Accenture Tower Revolving Loan | One-month term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			2.35%
Secured Debt | Amended and Restated Portfolio Loan Facility
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 559,468,000	459,900,000
Effective Interest Rate			6.16%
Number of extensions | extension_option			1
Extension period			12 months
Face amount			$ 613,200,000
Secured Debt | Amended and Restated Portfolio Loan Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 153,300,000
Secured Debt | Amended and Restated Portfolio Loan Facility | One-month BSBY
Debt Instrument [Line Items]
Basis spread on variable rate			1.80%
Secured Debt | Park Place Village Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 65,000,000	0
Effective Interest Rate			6.31%
Secured Debt | Park Place Village Mortgage Loan | One-month term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.95%
Unsecured Debt | Unsecured Credit Facility
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 37,500,000	$ 37,500,000
Effective Interest Rate			6.49%
Number of extensions | extension_option			1
Extension period			12 months
Face amount			$ 75,000,000
Unsecured Debt | Unsecured Credit Facility | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.10%
Line of Credit | Unsecured Credit Facility
Debt Instrument [Line Items]
Total Notes Payable, net			$ 37,500,000
Line of Credit | Unsecured Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			37,500,000
Unused borrowing capacity, amount			37,500,000
Line of Credit | Amended and Restated Portfolio Loan Facility
Debt Instrument [Line Items]
Total Notes Payable, net			459,900,000
Line of Credit | Amended and Restated Portfolio Loan Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Unused borrowing capacity, amount			$ 53,700,000

NOTES PAYABLE - Additional Info

NOTES PAYABLE - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interest expense	$ 60,259	$ 34,564	$ 42,027
Amortization of deferred financing costs	3,940	3,978	4,293
Interest payable, current	8,000	4,000
Interest Expense
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 3,900	$ 4,000	$ 4,300

NOTES PAYABLE - Schedule of Mat

NOTES PAYABLE - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 1,252,185
2024	354,210
2025	65,000
2026	0
2027	0
Thereafter	0
Total notes payable principal outstanding	$ 1,671,395	$ 1,472,290

NOTES PAYABLE - Recent Financin

NOTES PAYABLE - Recent Financing Transaction (Details)	Sep. 01, 2022 USD ($) extension_option	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Face amount		$ 1,671,395,000	$ 1,472,290,000
Mortgages | Park Place Village Mortgage Loan
Debt Instrument [Line Items]
Debt instrument, term	3 years
Face amount	$ 65,000,000
Number of extensions | extension_option	2
Extension period	12 months
Mortgages | Park Place Village Mortgage Loan | Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.95%

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Notional Amounts (Details) - Not Designated as Hedging Instrument $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) investment_instrument property	Dec. 31, 2021 USD ($) investment_instrument
Interest rate swap
Derivative [Line Items]
Number of Instruments | investment_instrument	20	12
Notional Amount	$ 1,619,190	$ 1,420,390
Weighted-Average Fix Pay Rate	2.20%
Weighted-Average Remaining Term in Years	2 years
Interest rate swap | Minimum | One-month LIBOR
Derivative [Line Items]
Reference Rate	0.70%
Interest rate swap | Minimum | One-month term SOFR
Derivative [Line Items]
Reference Rate	2.38%
Interest rate swap | Maximum | One-month LIBOR
Derivative [Line Items]
Reference Rate	1.67%
Interest rate swap | Maximum | One-month term SOFR
Derivative [Line Items]
Reference Rate	3.92%
Interest Rate Swap, Future Maturity
Derivative [Line Items]
Number of Instruments | investment_instrument	8
Interest Rate Swap, Maturity on July 1, 2026
Derivative [Line Items]
Number of Instruments | property	1
Notional Amount	$ 100,000
Interest Rate Swap, Maturity on February1, 2026
Derivative [Line Items]
Number of Instruments | investment_instrument	4
Notional Amount	$ 200,000
Interest Rate Swap, Maturity on May 1, 2026
Derivative [Line Items]
Number of Instruments | investment_instrument	1
Notional Amount	$ 100,000
Interest Rate Swap, Maturity on November 1, 2026
Derivative [Line Items]
Number of Instruments | property	1
Notional Amount	$ 100,000

DERIVATIVE INSTRUMENTS - Balanc

DERIVATIVE INSTRUMENTS - Balance Sheet (Details) $ in Thousands	Dec. 31, 2022 USD ($) investment_instrument	Dec. 31, 2021 USD ($) investment_instrument
Other liabilities, at fair value
Derivative [Line Items]
Hybrid instruments | $		$ 2,100
Other Assets
Derivative [Line Items]
Hybrid instruments | $	$ 8,700	$ 100
Not Designated as Hedging Instrument | Interest rate swap
Derivative [Line Items]
Number of Instruments | investment_instrument	20	12
Not Designated as Hedging Instrument | Interest rate swap | Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Number of Instruments | investment_instrument	18	5
Asset, fair value | $	$ 40,216	$ 757
Not Designated as Hedging Instrument | Interest rate swap | Other liabilities, at fair value
Derivative [Line Items]
Number of Instruments | investment_instrument	2	7
Liability, fair value | $	$ (75)	$ (12,805)
Not Designated as Hedging Instrument | Hybrid Financial Instruments
Derivative [Line Items]
Number of Instruments | investment_instrument	2

DERIVATIVE INSTRUMENTS - Statem

DERIVATIVE INSTRUMENTS - Statement of Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) investment_instrument	Dec. 31, 2021 USD ($) investment_instrument	Dec. 31, 2020 USD ($) investment_instrument
Derivative [Line Items]
Net (gain) loss on derivative instruments	$ (51,932)	$ (5,263)	$ 39,112
Not Designated as Hedging Instrument
Derivative [Line Items]
Net (gain) loss on derivative instruments	(51,932)	(5,263)	39,112
Not Designated as Hedging Instrument | Interest rate swap
Derivative [Line Items]
Realized loss recognized on interest rate swaps	7,152	18,020	13,947
Realized gain recognized on interest rate swaps	(6,895)	0	0
Unrealized (gain) loss on interest rate swaps	$ (52,189)	$ (23,283)	25,165
Number of Instruments | investment_instrument	20	12
Not Designated as Hedging Instrument | Interest Rate Swap at Fair Value
Derivative [Line Items]
Unrealized gain (loss) on hybrid instrument	$ 10,700	$ 5,800	$ (7,800)
Number of Instruments | investment_instrument	2	2	2

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Face Value, Carrying Amounts and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face Value	$ 1,671,395	$ 1,472,290
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	1,667,288	1,465,398
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 1,654,046	$ 1,469,580

FAIR VALUE DISCLOSURES - Sche_2

FAIR VALUE DISCLOSURES - Schedule of Assets and Liabilities at Fair Value (Details) $ in Thousands	Dec. 31, 2022 USD ($) investment_instrument	Dec. 31, 2021 USD ($) investment_instrument	Dec. 31, 2020 investment_instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	$ 87,416	$ 180,228
Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Hybrid instruments	$ 8,700	$ 100
Interest rate swap | Derivative instruments not designated as hedging instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of Instruments | investment_instrument	20	12
Interest Rate Swap at Fair Value | Derivative instruments not designated as hedging instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of Instruments | investment_instrument	2	2	2
Hybrid Financial Instruments | Derivative instruments not designated as hedging instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of Instruments | investment_instrument	2
Recurring Basis:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	$ 87,416
Recurring Basis: | Quoted Prices in Active Markets  for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	87,416
Recurring Basis: | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0
Recurring Basis: | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0
Recurring Basis: | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	40,216
Liability derivative	(75)
Recurring Basis: | Interest rate swap | Quoted Prices in Active Markets  for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	0
Liability derivative	0
Recurring Basis: | Interest rate swap | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	40,216
Liability derivative	(75)
Recurring Basis: | Interest rate swap | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	0
Liability derivative	$ 0

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Receivable as of	$ 10	$ 343
Payable as of	10,365	8,126
Administrative fees, amount paid	163	428	$ 338
Asset management fees
Related Party Transaction [Line Items]
Payable as of	10,200	8,100
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred costs (reimbursement)	20,427	22,835	23,218
Receivable as of	10	343
Payable as of	10,365	8,126
Advisor and Dealer Manager | Legal and Accounting Costs
Related Party Transaction [Line Items]
Incurred costs (reimbursement)	1,600
Advisor and Dealer Manager | Overcharged Fees
Related Party Transaction [Line Items]
Incurred costs (reimbursement)		800
Receivable as of		300
Advisor and Dealer Manager | Overcharged fees, legal and accounting
Related Party Transaction [Line Items]
Receivable as of	10
Advisor and Dealer Manager | Asset management fees
Related Party Transaction [Line Items]
Expenses (reimbursement)	20,102	19,832	20,990
Receivable as of	0	0
Payable as of	10,191	8,065
Advisor and Dealer Manager | Asset management fees | Overcharged Fees
Related Party Transaction [Line Items]
Receivable as of		500
Advisor and Dealer Manager | Reimbursement of operating expenses
Related Party Transaction [Line Items]
Expenses (reimbursement)	325	577	479
Receivable as of	10	343
Payable as of	174	61
Advisor and Dealer Manager | Disposition fees
Related Party Transaction [Line Items]
Expenses (reimbursement)	0	2,426	1,715
Receivable as of	0	0
Payable as of	0	0
Advisor and Dealer Manager | Acquisition fee on development project
Related Party Transaction [Line Items]
Incurred costs (reimbursement)	0	0	$ 34
Receivable as of	0	0
Payable as of	0	$ 0
Advisor and Dealer Manager | Reimbursement of fees | Overcharged fees, legal and accounting
Related Party Transaction [Line Items]
Incurred costs (reimbursement)	$ (1,900)

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) $ in Thousands		12 Months Ended
	Mar. 14, 2019 USD ($) $ / ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2022 USD ($)	May 29, 2015 ft²
Related Party Transaction [Line Items]
Due to affiliate		$ 10,365	$ 8,126
Write off of prepaid offering costs		2,700
Write off of professional fees		500
Annualized base rent		61,176
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
Average annualized base rent per square foot | $ / ft²	62.55
Rental income		300	300	$ 300
KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Expenses (reimbursement)		100	100	$ 100
Asset management fees
Related Party Transaction [Line Items]
Due to affiliate		10,200	8,100
Deferred asset management fees			$ 6,400		$ 8,500
Bonus Retention Fund Deposit | KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Due to affiliate		$ 1,700

RELATED PARTY TRANSACTIONS - Po

RELATED PARTY TRANSACTIONS - Portfolio Sale (Details) $ in Millions	Jul. 18, 2019 USD ($)
Purchase and Sales Agreement | Manager
Related Party Transaction [Line Items]
Annual base fee as percent of distributable income	10%
Annual performance fee as percent of increase of distributions per unit	25%
Acquisition fee as percent of acquisition price of real estate	1%
Dividend fee as percent of sale price of real estate	0.50%
Development management fee as percent of total project cost	3%
SREIT | Linda Bren 2017 Trust | Not to Sell Prior to Written Consent
Related Party Transaction [Line Items]
Investment in an unconsolidated entity	$ 5

SUBSEQUENT EVENTS - Distributio

SUBSEQUENT EVENTS - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Apr. 20, 2023	Mar. 10, 2023	Mar. 01, 2023	Feb. 01, 2023	Jan. 03, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Distributions paid to common stockholders						$ 56,205	$ 61,702	$ 62,805
Distributions declared per common share (in dollars per share)						$ 0.598	$ 0.598	$ 0.598
Forecast
Subsequent Event [Line Items]
Distributions declared per common share (in dollars per share)	$ 0.03833333
Subsequent Event
Subsequent Event [Line Items]
Distributions paid to common stockholders			$ 5,700	$ 5,700	$ 7,400
Distributions paid per share (in dollars per share)			$ 0.03833333	$ 0.03833333	$ 0.04983333
Distributions declared per common share (in dollars per share)		$ 0.03833333

SCHEDULE III REAL ESTATE ASSE_2

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION - Schedule of Assets, Depreciation and Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 293,029
Initial Cost to Company, Building and Improvements	1,889,862
Initial Cost to Company, Total	2,182,891
Cost Capitalized Subsequent to Acquisition	385,461
Gross Amount at which Carried at Close of Period, Land	290,121
Gross Amount at which Carried at Close of Period, Building and Improvements	2,278,231
Gross Amount at which Carried at Close of Period, Total	2,568,352	$ 2,441,266	$ 2,554,572	$ 2,625,002
Accumulated Depreciation and Amortization	(656,401)	$ (572,968)	$ (525,629)	$ (449,381)
Aggregate cost of real estate for federal income tax purposes	2,800,000
Secured Debt | Amended and Restated Portfolio Loan Facility
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	559,500
Secured Debt | Modified Portfolio Revolving Loan Facility
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	249,100
Mortgages | 3001 & 3003 Washington Mortgage Loan
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 142,200
Town Center
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Initial Cost to Company, Land	$ 7,428
Initial Cost to Company, Building and Improvements	108,547
Initial Cost to Company, Total	115,975
Cost Capitalized Subsequent to Acquisition	19,892
Gross Amount at which Carried at Close of Period, Land	7,428
Gross Amount at which Carried at Close of Period, Building and Improvements	128,439
Gross Amount at which Carried at Close of Period, Total	135,867
Accumulated Depreciation and Amortization	$ (46,506)
McEwen Building
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Initial Cost to Company, Land	$ 5,600
Initial Cost to Company, Building and Improvements	34,704
Initial Cost to Company, Total	40,304
Cost Capitalized Subsequent to Acquisition	(1,708)
Gross Amount at which Carried at Close of Period, Land	5,600
Gross Amount at which Carried at Close of Period, Building and Improvements	32,996
Gross Amount at which Carried at Close of Period, Total	38,596
Accumulated Depreciation and Amortization	$ (10,469)
Gateway Tech Center
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Initial Cost to Company, Land	$ 5,617
Initial Cost to Company, Building and Improvements	20,051
Initial Cost to Company, Total	25,668
Cost Capitalized Subsequent to Acquisition	9,246
Gross Amount at which Carried at Close of Period, Land	5,617
Gross Amount at which Carried at Close of Period, Building and Improvements	29,297
Gross Amount at which Carried at Close of Period, Total	34,914
Accumulated Depreciation and Amortization	$ (10,423)
60 South Sixth
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Initial Cost to Company, Land	$ 16,951
Initial Cost to Company, Building and Improvements	109,191
Initial Cost to Company, Total	126,142
Cost Capitalized Subsequent to Acquisition	45,920
Gross Amount at which Carried at Close of Period, Land	16,951
Gross Amount at which Carried at Close of Period, Building and Improvements	155,111
Gross Amount at which Carried at Close of Period, Total	172,062
Accumulated Depreciation and Amortization	$ (51,059)
Preston Commons
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Initial Cost to Company, Land	$ 17,188
Initial Cost to Company, Building and Improvements	96,330
Initial Cost to Company, Total	113,518
Cost Capitalized Subsequent to Acquisition	29,470
Gross Amount at which Carried at Close of Period, Land	17,188
Gross Amount at which Carried at Close of Period, Building and Improvements	125,800
Gross Amount at which Carried at Close of Period, Total	142,988
Accumulated Depreciation and Amortization	$ (36,576)
Sterling Plaza
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Initial Cost to Company, Land	$ 6,800
Initial Cost to Company, Building and Improvements	68,292
Initial Cost to Company, Total	75,092
Cost Capitalized Subsequent to Acquisition	16,659
Gross Amount at which Carried at Close of Period, Land	6,800
Gross Amount at which Carried at Close of Period, Building and Improvements	84,951
Gross Amount at which Carried at Close of Period, Total	91,751
Accumulated Depreciation and Amortization	$ (26,439)
201 Spear Street
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Encumbrances	$ 125,000
Initial Cost to Company, Land	40,279
Initial Cost to Company, Building and Improvements	85,941
Initial Cost to Company, Total	126,220
Cost Capitalized Subsequent to Acquisition	27,164
Gross Amount at which Carried at Close of Period, Land	40,279
Gross Amount at which Carried at Close of Period, Building and Improvements	113,105
Gross Amount at which Carried at Close of Period, Total	153,384
Accumulated Depreciation and Amortization	$ (36,246)
Accenture Tower
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Encumbrances	$ 281,250
Initial Cost to Company, Land	49,306
Initial Cost to Company, Building and Improvements	370,662
Initial Cost to Company, Total	419,968
Cost Capitalized Subsequent to Acquisition	127,882
Gross Amount at which Carried at Close of Period, Land	49,306
Gross Amount at which Carried at Close of Period, Building and Improvements	498,544
Gross Amount at which Carried at Close of Period, Total	547,850
Accumulated Depreciation and Amortization	$ (141,298)
Ten Almaden
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Initial Cost to Company, Land	$ 7,000
Initial Cost to Company, Building and Improvements	110,292
Initial Cost to Company, Total	117,292
Cost Capitalized Subsequent to Acquisition	12,191
Gross Amount at which Carried at Close of Period, Land	7,000
Gross Amount at which Carried at Close of Period, Building and Improvements	122,483
Gross Amount at which Carried at Close of Period, Total	129,483
Accumulated Depreciation and Amortization	$ (35,776)
Towers at Emeryville
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Initial Cost to Company, Land	$ 35,774
Initial Cost to Company, Building and Improvements	147,167
Initial Cost to Company, Total	182,941
Cost Capitalized Subsequent to Acquisition	38,771
Gross Amount at which Carried at Close of Period, Land	35,774
Gross Amount at which Carried at Close of Period, Building and Improvements	185,938
Gross Amount at which Carried at Close of Period, Total	221,712
Accumulated Depreciation and Amortization	$ (56,836)
3003 Washington Boulevard
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Initial Cost to Company, Land	$ 18,800
Initial Cost to Company, Building and Improvements	129,820
Initial Cost to Company, Total	148,620
Cost Capitalized Subsequent to Acquisition	6,235
Gross Amount at which Carried at Close of Period, Land	18,800
Gross Amount at which Carried at Close of Period, Building and Improvements	136,055
Gross Amount at which Carried at Close of Period, Total	154,855
Accumulated Depreciation and Amortization	$ (40,820)
Park Place Village
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Encumbrances	$ 65,000
Initial Cost to Company, Land	11,009
Initial Cost to Company, Building and Improvements	117,070
Initial Cost to Company, Total	128,079
Cost Capitalized Subsequent to Acquisition	(44,898)
Gross Amount at which Carried at Close of Period, Land	8,101
Gross Amount at which Carried at Close of Period, Building and Improvements	75,080
Gross Amount at which Carried at Close of Period, Total	83,181
Accumulated Depreciation and Amortization	$ (9,844)
201 17th Street
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Initial Cost to Company, Land	$ 5,277
Initial Cost to Company, Building and Improvements	86,859
Initial Cost to Company, Total	92,136
Cost Capitalized Subsequent to Acquisition	10,424
Gross Amount at which Carried at Close of Period, Land	5,277
Gross Amount at which Carried at Close of Period, Building and Improvements	97,283
Gross Amount at which Carried at Close of Period, Total	102,560
Accumulated Depreciation and Amortization	$ (29,875)
515 Congress
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Initial Cost to Company, Land	$ 8,000
Initial Cost to Company, Building and Improvements	106,261
Initial Cost to Company, Total	114,261
Cost Capitalized Subsequent to Acquisition	19,955
Gross Amount at which Carried at Close of Period, Land	8,000
Gross Amount at which Carried at Close of Period, Building and Improvements	126,216
Gross Amount at which Carried at Close of Period, Total	134,216
Accumulated Depreciation and Amortization	$ (30,155)
The Almaden
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Encumbrances	$ 123,000
Initial Cost to Company, Land	29,000
Initial Cost to Company, Building and Improvements	130,145
Initial Cost to Company, Total	159,145
Cost Capitalized Subsequent to Acquisition	35,789
Gross Amount at which Carried at Close of Period, Land	29,000
Gross Amount at which Carried at Close of Period, Building and Improvements	165,934
Gross Amount at which Carried at Close of Period, Total	194,934
Accumulated Depreciation and Amortization	$ (44,076)
3001 Washington Boulevard
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Initial Cost to Company, Land	$ 9,900
Initial Cost to Company, Building and Improvements	41,551
Initial Cost to Company, Total	51,451
Cost Capitalized Subsequent to Acquisition	9,496
Gross Amount at which Carried at Close of Period, Land	9,900
Gross Amount at which Carried at Close of Period, Building and Improvements	51,047
Gross Amount at which Carried at Close of Period, Total	60,947
Accumulated Depreciation and Amortization	$ (12,798)
Carillon
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Encumbrances	$ 88,800
Initial Cost to Company, Land	19,100
Initial Cost to Company, Building and Improvements	126,979
Initial Cost to Company, Total	146,079
Cost Capitalized Subsequent to Acquisition	22,973
Gross Amount at which Carried at Close of Period, Land	19,100
Gross Amount at which Carried at Close of Period, Building and Improvements	149,952
Gross Amount at which Carried at Close of Period, Total	169,052
Accumulated Depreciation and Amortization	$ (37,205)

SCHEDULE III REAL ESTATE ASSE_3

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate:
Balance at the beginning of the year	$ 2,441,266	$ 2,554,572	$ 2,625,002
Improvements	144,693	69,527	96,191
Write off of fully depreciated and fully amortized assets	(17,607)	(15,502)	(18,832)
Impairments	0	0	(19,395)
Sale	0	(167,331)	(128,394)
Balance at the end of the year	2,568,352	2,441,266	2,554,572
Accumulated depreciation and amortization:
Balance at the beginning of the year	(572,968)	(525,629)	(449,381)
Depreciation and amortization expense	(101,040)	(100,036)	(100,162)
Write off of fully depreciated and fully amortized assets	17,607	15,502	18,832
Sale	0	37,195	5,082
Balance at the end of the year	$ (656,401)	$ (572,968)	$ (525,629)