KBS Real Estate Investment Trust III (KBSR) 10-K 18 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 15, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		148,517,218
Documents Incorporated by Reference	Portions of the Registrant’s Definitive Proxy Statement with respect to its 2024 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.
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0001482430
Document Fiscal Year Focus	2023

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Irvine, California

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate:
Land	$ 274,315	$ 290,121
Buildings and improvements	2,244,090	2,235,676
Tenant origination and absorption costs	34,574	42,555
Total real estate held for investment, cost	2,552,979	2,568,352
Less accumulated depreciation and amortization	(713,501)	(656,401)
Total real estate, net	1,839,478	1,911,951
Real estate equity securities	51,802	87,416
Total real estate and real estate-related investments, net	1,891,280	1,999,367
Cash and cash equivalents	36,836	47,767
Restricted cash	14,086	6,070
Rents and other receivables, net	99,024	93,100
Above-market leases, net	189	262
Due from affiliates	0	10
Prepaid expenses and other assets	97,970	112,411
Total assets	2,139,385	2,258,987
Liabilities and equity
Notes payable, net	1,735,896	1,667,288
Accounts payable and accrued liabilities	49,646	56,071
Due to affiliate	17,408	10,365
Distributions payable	0	7,374
Below-market leases, net	1,069	1,911
Other liabilities	67,954	60,918
Redeemable common stock payable	0	711
Total liabilities	1,871,973	1,804,638
Commitments and contingencies (Note 12)
Redeemable common stock	0	32,681
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, 148,516,246 and 147,964,954 shares issued and outstanding as of December 31, 2023 and 2022, respectively	1,485	1,480
Additional paid-in capital	1,313,299	1,275,833
Cumulative distributions in excess of net income	(1,047,372)	(855,645)
Total stockholders’ equity	267,412	421,668
Total liabilities and equity	$ 2,139,385	$ 2,258,987

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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)	148,516,246	147,964,954
Common stock, shares outstanding (in shares)	148,516,246	147,964,954

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental income	$ 270,158,000	$ 275,026,000	$ 280,144,000
Dividend income from real estate equity securities	11,850,000	14,850,000	0
Other operating income	18,669,000	18,141,000	16,617,000
Total revenues	300,677,000	308,017,000	296,761,000
Expenses:
Operating, maintenance and management	75,914,000	74,783,000	68,806,000
Real estate taxes and insurance	52,789,000	51,811,000	57,687,000
Asset management fees to affiliate	20,839,000	20,102,000	19,832,000
General and administrative expenses	7,297,000	8,115,000	6,116,000
Depreciation and amortization	115,235,000	111,860,000	110,984,000
Interest expense	120,475,000	60,259,000	34,564,000
Net gain on derivative instruments	(14,907,000)	(51,932,000)	(5,263,000)
Impairment charges on real estate	45,459,000	0	0
Total expenses	423,101,000	274,998,000	292,726,000
Other income (loss):
Unrealized (loss) gain on real estate equity securities	(35,614,000)	(92,812,000)	16,765,000
Write-off of prepaid offering costs	0	(2,728,000)	0
Other interest income	505,000	63,000	52,000
Equity in income of unconsolidated entity	0	0	8,698,000
Loss from extinguishment of debt	0	0	(214,000)
Gain on sale of real estate, net	0	0	114,321,000
Total other (loss) income, net	(35,109,000)	(95,477,000)	139,622,000
Net (loss) income	$ (157,533,000)	$ (62,458,000)	$ 143,657,000
Net (loss) income per common share, basic (in dollars per share)	$ (1.06)	$ (0.42)	$ 0.83
Net (loss) income per common share, diluted (in dollars per share)	$ (1.06)	$ (0.42)	$ 0.83
Weighted-average number of common shares outstanding, basic (in shares)	148,738,748	149,164,231	172,330,821
Weighted-average number of common shares outstanding, diluted (in shares)	148,738,748	149,164,231	172,330,821

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
Beginning balance (in shares) at Dec. 31, 2020			184,249,076
Beginning balance at Dec. 31, 2020		$ 898,036	$ 1,842	$ 1,641,184	$ (744,990)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 143,657	143,657			143,657
Issuance of common stock (in shares)			4,145,065
Issuance of common stock		42,369	$ 41	42,328
Transfers from redeemable common stock		4,354		4,354
Redemptions of common stock (in shares)			(35,243,375)
Redemptions of common stock		(365,587)	$ (351)	(365,236)
Distributions declared		(102,619)			(102,619)
Other offering costs		(17)		(17)
Ending balance (in shares) at Dec. 31, 2021			153,150,766
Ending balance at Dec. 31, 2021		620,193	$ 1,532	1,322,613	(703,952)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (62,458)	(62,458)			(62,458)
Issuance of common stock (in shares)			3,434,632
Issuance of common stock		33,391	$ 34	33,357
Transfers from redeemable common stock		8,977		8,977
Redemptions of common stock (in shares)			(8,620,444)
Redemptions of common stock		(89,183)	$ (86)	(89,097)
Distributions declared		(89,235)			(89,235)
Other offering costs		(17)		(17)
Ending balance (in shares) at Dec. 31, 2022	147,964,954		147,964,954
Ending balance at Dec. 31, 2022		421,668	$ 1,480	1,275,833	(855,645)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (157,533)	(157,533)			(157,533)
Issuance of common stock (in shares)			1,900,374
Issuance of common stock		16,249	$ 19	16,230
Transfers from redeemable common stock		33,392		33,392
Redemptions of common stock (in shares)			(1,349,082)
Redemptions of common stock		(12,142)	$ (14)	(12,128)
Distributions declared		(34,194)			(34,194)
Other offering costs		(28)		(28)
Ending balance (in shares) at Dec. 31, 2023	148,516,246		148,516,246
Ending balance at Dec. 31, 2023		$ 267,412	$ 1,485	$ 1,313,299	$ (1,047,372)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net (loss) income	$ (157,533,000)	$ (62,458,000)	$ 143,657,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	115,235,000	111,860,000	110,984,000
Impairment charges on real estate	45,459,000	0	0
Unrealized (loss) gain on real estate equity securities	35,614,000	92,812,000	(16,765,000)
Equity in income of unconsolidated entity	0	0	(8,698,000)
Distribution of operating cash flow from unconsolidated entity	0	0	19,861,000
Deferred rents	(7,635,000)	(10,896,000)	(2,550,000)
Amortization of above- and below-market leases, net	(769,000)	(1,280,000)	(2,754,000)
Amortization of deferred financing costs	4,243,000	3,940,000	3,978,000
Unrealized losses (gains) on derivative instruments	16,451,000	(52,189,000)	(23,283,000)
Loss from extinguishment of debt	0	0	214,000
Gain on sale of real estate	0	0	(114,321,000)
Write-off of prepaid offering costs	0	2,728,000	0
Interest rate swap settlements for off-market swap instruments	(9,138,000)	(1,543,000)	3,031,000
Changes in operating assets and liabilities:
Rents and other receivables	(3,149,000)	3,044,000	(5,005,000)
Due from affiliates	10,000	333,000	(343,000)
Prepaid expenses and other assets	(14,441,000)	(16,395,000)	(14,361,000)
Accounts payable and accrued liabilities	(1,323,000)	(2,598,000)	4,141,000
Due to affiliates	7,043,000	2,239,000	(500,000)
Other liabilities	11,567,000	6,368,000	3,513,000
Net cash provided by operating activities	41,634,000	75,965,000	100,799,000
Cash Flows from Investing Activities:
Improvements to real estate	(81,219,000)	(121,568,000)	(70,131,000)
Proceeds from sale of real estate, net	0	0	237,683,000
Proceeds from the sale of real estate equity securities	0	0	58,936,000
Purchase of interest rate cap	(25,000)	0	0
Net cash (used in) provided by investing activities	(81,244,000)	(121,568,000)	226,488,000
Cash Flows from Financing Activities:
Proceeds from notes payable	77,170,000	282,118,000	806,090,000
Principal payments on notes payable	(9,952,000)	(83,013,000)	(730,545,000)
Payments of deferred financing costs	(2,887,000)	(1,155,000)	(2,704,000)
Interest rate swap settlements for off-market swap instruments	9,853,000	569,000	(3,017,000)
Payments to redeem common stock	(12,142,000)	(89,183,000)	(365,587,000)
Payments of prepaid other offering costs	0	(110,000)	(1,180,000)
Payments of other offering costs	(28,000)	(17,000)	(17,000)
Distributions paid to common stockholders	(25,319,000)	(56,205,000)	(61,702,000)
Net cash provided by (used in) financing activities	36,695,000	53,004,000	(358,662,000)
Net (decrease) increase in cash, cash equivalents and restricted cash	(2,915,000)	7,401,000	(31,375,000)
Cash, cash equivalents and restricted cash, beginning of period	53,837,000	46,436,000	77,811,000
Cash, cash equivalents and restricted cash, end of period	50,922,000	53,837,000	46,436,000
Supplemental Disclosure of Cash Flow Information:
Interest paid	93,657,000	55,245,000	45,586,000
Supplemental Disclosure of Noncash Investing and Financing Activities:
Distributions payable	0	7,374,000	7,735,000
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	16,249,000	33,391,000	42,369,000
Redeemable common stock payable	0	711,000	0
Accrued improvements to real estate	14,222,000	19,324,000	17,985,000
Accrued prepaid other offering costs	0	0	19,000
Accrued interest rate swap settlements related to off-market swap instruments	0	(974,000)	259,000
Real estate equity securities reclassed from investment in unconsolidated entity	$ 0	$ 0	$ 163,463,000

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2023
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, 2023, 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, 2023, the Company owned 16 office properties (of which one property was held for non-sale disposition), 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, 2023, the Company had also sold 46,154,757 shares of common stock under its dividend reinvestment plan for gross offering proceeds of $471.3 million. Also as of December 31, 2023, the Company had redeemed or repurchased 74,644,349 shares sold in the Offering for $789.2 million. On March 15, 2024, the Company terminated its dividend reinvestment plan and its share redemption program.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	GOING CONCERNThe Company generally finances its real estate investments using notes payable that are typically structured as non-recourse secured mortgages with maturities of approximately three

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
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 and their direct and indirect wholly owned subsidiaries. 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. Commencing with 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, 2023, 2022 and 2021 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 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 is 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, 2023, the Company recorded impairment losses of $45.5 million on its real estate and related intangible assets. See Note 4, “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 Held for Non-Sale Disposition The Company considers real estate assets that do not meet the criteria for held for sale but are expected to be disposed of other than by sale as real estate held for non-sale disposition. The assets and liabilities related to real estate held for non-sale disposition are included in the Company’s consolidated balance sheets and the results of operations are presented as part of continuing operations in the Company’s consolidated statements of operations for all periods presented. Operating results of properties that will be disposed of other than by sale will be included in continuing operations on the Company’s consolidated statements of operations until the ultimate disposition of real estate. 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, 2023. The Company’s cash and cash equivalents balance exceeds federally insurable limits as of December 31, 2023. 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 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 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 recorded as gain or loss on derivative instruments 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 had a dividend reinvestment plan pursuant to which common stockholders could 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 designated 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 acquired 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 March 15, 2024, the Company’s board of directors approved the termination of the Company’s dividend reinvestment plan. 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. 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. 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. Commencing with the October 3, 2022 purchase date and until the estimated value per share was updated, the purchase price per share under the dividend reinvestment plan was $8.55. Commencing December 14, 2023 and until the dividend reinvestment plan was terminated, the purchase price per share under the dividend reinvestment plan was $5.32. No selling commissions or dealer manager fees were paid on shares sold under the dividend reinvestment plan. Redeemable Common Stock Due to certain restrictions and covenants included in one of the Company’s loan agreements, the Company does not expect to redeem any shares of its stock during the term of the loan agreement, which matures on March 1, 2026. See Note 13, “Subsequent Events – Modified Portfolio Revolving Loan Facility.” As a result, the Company terminated its share redemption plan on March 15, 2024. Prior to termination, the Company’s share redemption program enabled stockholders to sell their shares to the Company in limited circumstances. When active, the restrictions of the Company’s share redemption program limited its stockholders’ ability to sell their shares should they require liquidity and limited 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, 2021 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. On January 17, 2023, the Company’s board of directors determined to suspend Ordinary Redemptions under the share redemption program to preserve capital in the current market environment. On December 12, 2023, the Company’s board of directors suspended all redemptions, including Special Redemptions, under the Company’s share redemption program. All redemption requests that had been received were canceled. No redemptions will be accepted or collected during the suspension of the share redemption program. 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 were several limitations on the Company’s ability to redeem shares under the share redemption program: • Unless the shares were being redeemed in connection with a Special Redemption, the Company could not redeem shares unless the stockholder had 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 limited the number of shares the Company could 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 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. Notwithstanding anything contained in the share redemption program to the contrary, the Company could 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, th

REAL ESTATE

REAL ESTATE	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE As of December 31, 2023, 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, 2023, the Company’s real estate portfolio was collectively 83% occupied. Included in the properties discussed in the preceding sentences is one office property encompassing approximately 0.3 million rentable square feet that was held for non-sale disposition as of December 31, 2023, see “– Real Estate Held for Non-Sale Disposition” below. The following table summarizes the Company’s investments in real estate as of December 31, 2023 (in thousands), including real estate held for non-sale disposition: 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 $ 141,420 $ (52,231) $ 89,189 McEwen Building (2) 04/30/2012 Franklin TN Office 40,187 (11,840) 28,347 Gateway Tech Center 05/09/2012 Salt Lake City UT Office 36,527 (12,257) 24,270 60 South Sixth 01/31/2013 Minneapolis MN Office 185,359 (57,793) 127,566 Preston Commons 06/19/2013 Dallas TX Office 145,122 (41,862) 103,260 Sterling Plaza 06/19/2013 Dallas TX Office 95,175 (30,619) 64,556 201 Spear Street (3) 12/03/2013 San Francisco CA Office 70,571 (1,543) 69,028 Accenture Tower 12/16/2013 Chicago IL Office 572,272 (163,795) 408,477 Ten Almaden 12/05/2014 San Jose CA Office 131,462 (40,615) 90,847 Towers at Emeryville 12/23/2014 Emeryville CA Office 223,213 (65,700) 157,513 3003 Washington Boulevard 12/30/2014 Arlington VA Office 154,953 (46,009) 108,944 Park Place Village 06/18/2015 Leawood KS Office/Retail 87,083 (13,743) 73,340 201 17th Street 06/23/2015 Atlanta GA Office 105,231 (33,579) 71,652 515 Congress 08/31/2015 Austin TX Office 136,248 (35,623) 100,625 The Almaden 09/23/2015 San Jose CA Office 193,101 (49,537) 143,564 3001 Washington Boulevard 11/06/2015 Arlington VA Office 60,977 (14,722) 46,255 Carillon 01/15/2016 Charlotte NC Office 174,078 (42,033) 132,045 $ 2,552,979 $ (713,501) $ 1,839,478 _____________________ (1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets. (2) Subsequent to December 31, 2023, the Company completed the sale of the McEwen Building to a purchaser unaffiliated with the Company or the Advisor. See Note 13, “Subsequent Events – Disposition of the McEwen Building.” (3) See below “– Real Estate Held for Non-Sale Disposition.” As of December 31, 2023, 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 $ 408,477 19.1 % $ 38,012 $ 27.63 94.4 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of December 31, 2023, 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, 2023, the leases, including leases that have been executed but not yet commenced, had remaining terms, excluding options to extend and excluding leases at a real estate property held for non-sale disposition, of up to 15.5 years with a weighted-average remaining term of 5.7 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 $10.0 million and $9.3 million as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company recognized deferred rent from tenants of $7.6 million, $10.9 million and $2.6 million, respectively. As of December 31, 2023 and 2022, the cumulative deferred rent balance was $94.8 million and $89.9 million, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $16.6 million and $17.3 million of unamortized lease incentives as of December 31, 2023 and 2022, respectively. As of December 31, 2023, the future minimum rental income from the Company’s properties under its non-cancelable operating leases, excluding leases at a real estate property held for non-sale disposition, was as follows (in thousands): 2024 $ 187,815 2025 180,093 2026 165,716 2027 141,079 2028 121,685 Thereafter 447,313 $ 1,243,701 As of December 31, 2023, excluding tenants at a real estate property held for non-sale disposition, the Company’s office and office/retail properties were leased to approximately 530 tenants over a diverse range of industries and geographic areas. The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent), excluding tenants at a real estate property held for non-sale disposition, were as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Annualized Base Rent Finance 108 $ 37,035 18.7 % Legal Services 52 24,260 12.2 % $ 61,295 30.9 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of December 31, 2023, 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, 2023, 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, 2023, excluding a real estate property held for non-sale disposition, the Company’s net investments in real estate in California, Illinois and Texas represented 18.3%, 19.1% and 16.7% 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. Impairment of Real Estate During the year ended December 31, 2023, the Company recorded impairment charges of $45.5 million to write down the carrying value of 201 Spear Street (located in San Francisco, California) to its estimated fair value as a result of continued market uncertainty due to rising interest rates, increased vacancy rates as a result of slow return to office in San Francisco, additional projected vacancy due to anticipated tenant turnover and further declining values of comparable sales in the market, all of which impacted ongoing cash flow estimates and leasing projections, which resulted in the future estimated undiscounted cash flows to be lower than the net carrying value of the property. On November 14, 2023, the borrower under the 201 Spear Street Mortgage Loan (the “Spear Street Borrower”) defaulted on such loan as a result of failure to pay in full the entire November 2023 monthly interest payment. On December 29, 2023, the Spear Street Borrower and the lender of the 201 Spear Street Mortgage Loan (the “Spear Street Lender”) entered a deed-in-lieu of foreclosure transaction (the “Deed-in-Lieu Transaction”). Subsequent to December 31, 2023, the Spear Street Lender transferred the title of the 201 Spear Street property to a third-party buyer of the 201 Spear Street Mortgage Loan. See Note 13, “Subsequent Events – Deed-in-Lieu of Foreclosure of 201 Spear Street.” The Company did not record any impairment charges on its real estate properties during the years ended December 31, 2022 and 2021. Real Estate Held for Non-Sale Disposition As of December 31, 2023, the Company owned a real estate property, 201 Spear Street, that was held for non-sale disposition. The 201 Spear Street property was security for the 201 Spear Street Mortgage Loan, and as mentioned above, the Spear Street Borrower defaulted on such loan as a result of failure to pay in full the entire November 2023 monthly interest payment, resulting in an event of default on the loan on November 14, 2023. For information with respect to the Deed-in-Lieu Transaction and subsequent developments, see Note 8, “Notes Payable” and Note 13, “Subsequent Events – Deed-in-Lieu of Foreclosure of 201 Spear Street.” The following table summarizes the revenue and expenses related to 201 Spear Street, which was held for non-sale disposition (in thousands): Years Ended December 31, 2023 2022 2021 Revenues related to real estate held for non-sale disposition Total revenues (1) $ 8,437 $ 21,669 $ 19,859 Expenses related to real estate held for non-sale disposition Operating expenses $ 7,376 $ 8,092 $ 7,725 Depreciation and amortization 3,941 5,617 6,121 Interest expense 10,001 4,256 2,222 Impairment charge 45,459 — — Total expenses related to real estate held for non-sale disposition 66,777 17,965 16,068 Net (loss) income related to real estate held for non-sale disposition $ (58,340) $ 3,704 $ 3,791 _____________________ (1) Total revenues for the year ended December 31, 2023 includes a reserve for straight-line rent of $4.4 million for a lease at 201 Spear Street. The following table summarizes the assets and liabilities related to 201 Spear Street, which was held for non-sale disposition as of December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Assets related to real estate held for non-sale disposition Total real estate, at cost and net of impairment charges $ 70,571 $ 153,384 Accumulated depreciation and amortization (1,543) (36,246) Real estate held for non-sale disposition, net 69,028 117,138 Cash and cash equivalents — 1,040 Restricted cash 3,103 — Rent and other receivables, net 1,142 5,669 Prepaid expenses and other assets 1,421 1,602 Total assets $ 74,694 $ 125,449 Liabilities related to real estate held for non-sale disposition Notes payable, net $ 125,000 $ 124,743 Accounts payable and accrued liabilities 3,927 2,042 Due to affiliate 16 — Other liabilities 1,816 2,585 Total liabilities $ 130,759 $ 129,370

REAL ESTATE DISPOSITIONS

REAL ESTATE DISPOSITIONS	12 Months Ended
	Dec. 31, 2023
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, 2023, the Company did not have any real estate properties held for sale. The results of operations for the properties sold during the year ended December 31, 2021 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 year ended December 31, 2021, which were included in continuing operations (in thousands): For the Year Ended Revenues Rental income $ 8,262 Other operating income 92 Total revenues $ 8,354 Expenses Operating, maintenance, and management $ 242 Real estate taxes and insurance 137 Asset management fees to affiliate 412 General and administrative expenses 15 Depreciation and amortization 2,429 Interest expense 681 Total expenses $ 3,916

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022, 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 $ 34,574 $ 42,555 $ 904 $ 983 $ (7,216) $ (8,384) Accumulated Amortization (25,450) (29,524) (715) (721) 6,147 6,473 Net Amount $ 9,124 $ 13,031 $ 189 $ 262 $ (1,069) $ (1,911) 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, 2023, 2022 and 2021 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, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Amortization $ (3,907) $ (5,744) $ (8,175) $ (73) $ (86) $ (101) $ 842 $ 1,366 $ 2,855 The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2023 is estimated to be amortized for the years ending December 31 as follows (in thousands): Tenant Origination and Above-Market Below-Market 2024 $ (2,750) $ (69) $ 525 2025 (2,311) (68) 314 2026 (1,741) (52) 198 2027 (1,033) — 32 2028 (910) — — Thereafter (379) — — $ (9,124) $ (189) $ 1,069 Weighted-Average Remaining Amortization Period 4.1 years 2.8 years 2.4 years

REAL ESTATE EQUITY SECURITIES

REAL ESTATE EQUITY SECURITIES	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
REAL ESTATE EQUITY SECURITIES	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, 2023, 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, 2023, the aggregate book value and fair value of the Company’s investment in the units of the SREIT was $51.8 million, which was based on the closing price of the SREIT units on the SGX-ST of $0.240 per unit as of December 31, 2023. 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 years ended December 31, 2023 and 2022, the Company recorded an unrealized loss on real estate equity securities of $35.6 million and $92.8 million, respectively. During the years ended December 31, 2023 and 2022, the Company recognized $11.9 million and $14.9 million of dividend income from its investment in the SREIT, respectively. During the period from January 1, 2021 through November 8, 2021, the Company recorded equity in income from unconsolidated entity of $8.7 million related to its investment in the SREIT, including 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.

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE As of December 31, 2023 and 2022, 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, 2023 (1) Effective Interest Rate as of December 31, 2023 (1) Payment Type Maturity Date (2) The Almaden Mortgage Loan (3) $ 119,870 $ 123,000 7.45% 7.45% Interest Only 02/01/2026 201 Spear Street Mortgage Loan (4) 125,000 125,000 One-month Term SOFR + 1.45% 13.50% Interest Only 01/05/2024 Carillon Mortgage Loan (5) 94,400 88,800 One-month Term SOFR + 1.50% 6.85% Interest Only 04/11/2024 Modified Portfolio Revolving Loan Facility (6) 249,145 249,145 One-month Term SOFR + 1.60% 6.95% Interest Only 03/01/2024 3001 & 3003 Washington Mortgage Loan 140,410 142,232 One-month Term SOFR + 0.10% + 1.45% 6.90% Principal & 06/01/2024 Accenture Tower Revolving Loan (7) 306,000 281,250 One-month Term SOFR + 2.35% 7.70% Interest Only 11/02/2024 Unsecured Credit Facility (8) 37,500 37,500 One-month Term SOFR + 2.20% 7.55% Interest Only 07/30/2024 Amended and Restated Portfolio Loan Facility (9) 601,288 559,468 One-month BSBY (10) + 1.80% 7.24% Interest Only 02/06/2024 Park Place Village Mortgage Loan (11) 65,000 65,000 One-month Term SOFR + 1.95% 7.30% Interest Only 08/31/2025 Total notes payable principal outstanding $ 1,738,613 $ 1,671,395 Deferred financing costs, net (2,717) (4,107) Total Notes Payable, net $ 1,735,896 $ 1,667,288 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2023. Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2023, consisting of the contractual interest rate and using interest rate indices as of December 31, 2023, where applicable. For information regarding the Company’s derivative instruments, see Note 9, “Derivative Instruments.” (2) Represents the maturity date as of December 31, 2023; subject to certain conditions, the maturity dates of certain loans may be extended beyond the dates shown. See below. (3) See below, “– Recent Financing Transactions - The Almaden Mortgage Loan.” (4) The Spear Street Borrower defaulted on the 201 Spear Street Mortgage Loan as a result of failure to pay in full the entire November 2023 monthly interest payment, resulting in an event of default on the loan on November 14, 2023. During the time the default exists, the interest rate under this loan is calculated at the lesser of (i) the maximum rate allowed by law or (ii) 5.0% plus the greater of (a) one-month term SOFR plus 1.45% or (b) the Prime Rate as determined on the first business day of the month in which the event of default occurred and the first business day of every month thereafter. Additionally, late charges may apply in the amount of the lesser of (i) 4.0% of each late payment or (ii) the maximum amount allowed by law. Subsequent to December 31, 2023, the Spear Street Lender transferred the title of the 201 Spear Street property to a third-party buyer of the 201 Spear Street Mortgage Loan. See Note 13, “Subsequent Events – Deed-in-Lieu of Foreclosure of 201 Spear Street.” (5) As of December 31, 2023, 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, 2023, the outstanding balance under the loan consisted of $88.8 million of term debt and $5.6 million of revolving debt. As of December 31, 2023, $16.6 million of revolving debt remained available for future disbursements, subject to certain terms and conditions set forth in the loan documents. As of December 31, 2023, the Carillon Mortgage Loan has one 24-month extension option, subject to certain terms and conditions contained in the loan documents. (6) As of December 31, 2023, 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, 2023, 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, 2023, 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, 2023, the Modified Portfolio Revolving Loan Facility had one 12-month extension option, subject to certain terms, conditions and fees as described in the loan documents. Subsequent to December 31, 2023, in connection with the disposition of the McEwen Building, the borrowers under the Modified Portfolio Revolving Loan Facility entered into a loan modification with the lenders. See Note 13, “Subsequent Events – Modified Portfolio Revolving Loan Facility.” (7) See below, “– Recent Financing Transactions - Accenture Tower Revolving Loan.” (8) As of December 31, 2023, 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, 2023, 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. (9) See below, “– Recent Financing Transactions - Amended and Restated Portfolio Loan Facility.” (10) Bloomberg Short-Term Bank Yield Index (“BSBY”). (11) As of December 31, 2023, the Park Place Village Mortgage Loan has two 12-month extension options, subject to certain terms, conditions and fees as described in the loan documents. Monthly payments are interest only during the initial term and the first extension option. During the second extension option, certain future monthly payments due under the Park Place Village Mortgage Loan also include amortizing principal payments. Through the normal course of operations, the Company has $1.2 billion of notes payable maturing during the 12-month period from the issuance of these financial statements. Considering the current commercial real estate lending environment, this raises substantial doubt as to the Company’s ability to continue as a going concern for at least a year from the date of the issuance of these financial statements. In order to refinance, restructure or extend the Company’s maturing debt obligations, the Company has been required to reduce the loan commitments and/or make paydowns on certain loans, and the Company anticipates it may be required to make additional reductions to loan commitments and paydowns on the loans maturing during the next 12 months in order to refinance, restructure or extend those loans. As a result of reductions in loan commitments and paydowns and the ongoing liquidity needs in the Company’s real estate portfolio, in addition to raising capital through new equity or debt, the Company may consider selling assets into a challenged real estate market in an effort to manage its liquidity needs. Selling real estate assets in the current market would likely impact the ultimate sale price. The Company also may defer noncontractual expenditures. 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 loan compliance tests and may further reduce the available liquidity under the Company’s loan agreements. See also, Note 2, “Going Concern” and Note 13, “Subsequent Events” During the years ended December 31, 2023, 2022 and 2021, the Company’s interest expense related to notes payable was $120.5 million, $60.3 million and $34.6 million, respectively, which excludes the impact of interest rate swaps and caps put in place to mitigate the Company’s exposure to rising interest rates on its variable rate notes payable. See Note 9, “Derivative Instruments.” Included in interest expense was the amortization of deferred financing costs of $4.2 million, $3.9 million and $4.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, $9.9 million and $8.0 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, 2023 (in thousands): 2024 $ 1,553,743 2025 65,000 2026 119,870 2027 — 2028 — Thereafter — $ 1,738,613 The Company’s notes payable contain financial debt covenants. Except as disclosed with respect to the 201 Spear Street Mortgage Loan, as of December 31, 2023, the Company believes it was in compliance with these debt covenants. See Note 13, “Subsequent Events – Deed-in-Lieu of Foreclosure of 201 Spear Street.” In addition, the Company’s loan agreements contain cross default provisions, including that the failure of one or more of the Company’s subsidiaries to pay debt as it matures under one debt facility may trigger the acceleration of the Company’s indebtedness under other debt facilities. Recent Financing Transactions Accenture Tower Revolving Loan On November 2, 2020, the Company, through an indirect wholly owned subsidiary (the “Accenture Tower Borrower”), entered into a three-year loan facility with U.S. Bank, National Association, as administrative agent, joint lead arranger and co-book runner; Bank of America, N.A., as syndication agent, joint lead arranger and co-book runner; and Deutsche Pfandbriefbank AG (together, with the National Bank of Kuwait S.A.K.P. Grand Caymans Branch (which was subsequently added as a lender), the “Accenture Tower Lenders”), for a committed amount of up to $375.0 million (as amended and modified, the “Accenture Tower Revolving Loan”), of which $281.3 million was term debt and $93.7 million was revolving debt. The Accenture Tower Revolving Loan is secured by Accenture Tower. The Accenture Tower Revolving Loan had a maturity date of November 2, 2023, with two 12-month extension options, subject to certain terms and conditions contained in the loan documents. On November 2, 2023, the Company, through the Accenture Tower Borrower, entered into a second modification agreement with the Accenture Tower Lenders to extend the initial maturity date of the Accenture Tower Revolving Loan to December 4, 2023. The two 12-month extension options pursuant to the loan agreement remained available from the original maturity date of November 2, 2023, in each case subject to certain terms and conditions contained in the loan documents. On December 1, 2023, the Company, through the Accenture Tower Borrower, exercised its first extension option pursuant to the loan agreement and extended the maturity date of the Accenture Tower Revolving Loan to November 2, 2024 (the “First Extension Option”). As of December 31, 2023, one 12-month extension option remains available pursuant to the loan agreement, subject to certain terms and conditions contained in the loan documents. In connection with the First Extension Option, the borrowing capacity under the Accenture Tower Revolving Loan was reduced to $306.0 million, of which $229.5 million was term debt and $76.5 million was revolving debt. As of December 31, 2023, the outstanding principal balance of the Accenture Tower Revolving Loan was $306.0 million, which consisted of $229.5 million of term debt and $76.5 million of revolving debt. The Almaden Mortgage Loan On November 18, 2020, the Company, through an indirect wholly owned subsidiary (“The Almaden Borrower”), entered into a three-year mortgage loan with a lender unaffiliated with the Company or the Advisor (“The Almaden Lender”) for $123.0 million (“The Almaden Mortgage Loan”). The Almaden Mortgage Loan is secured by The Almaden property. The Almaden Mortgage Loan had a maturity date of December 1, 2023 with two 12-month extension options, subject to certain terms, conditions and fees as described in the loan documents. On December 1, 2023, the Company, through The Almaden Borrower, entered into a modification agreement with The Almaden Lender to extend the initial maturity date of The Almaden Mortgage Loan to December 22, 2023. The two 12-month extension options pursuant to The Almaden Mortgage Loan remained available from the original maturity date of December 1, 2023, in each case subject to terms and conditions contained in the loan documents. On December 20, 2023, the Company, through The Almaden Borrower, entered into a second modification agreement with The Almaden Lender (“The Almaden Second Loan Modification”). Pursuant to The Almaden Second Loan Modification, The Almaden Lender agreed to extend the maturity of The Almaden Mortgage Loan to February 1, 2026 with no additional extension options. In addition, The Almaden Second Loan Modification required that The Almaden Borrower make a principal paydown on the loan in the amount of $3.0 million, and the aggregate commitment under The Almaden Mortgage Loan was permanently reduced by that amount. Beginning January 1, 2024, The Almaden Borrower is required to make a monthly principal payment in the amount of $130,000. The Almaden Second Loan Modification provides that excess cash flow (“The Almaden Excess Cash Flow”) from The Almaden property be deposited monthly into an escrow account held by The Almaden Lender (“Cash Flow Escrow”). Funds may not be withdrawn from the Cash Flow Escrow without the prior written consent of The Almaden Lender, and upon certain events, The Almaden Lender has the right to withdraw funds from the Cash Flow Escrow and apply such funds to any due and payable obligations of The Almaden Borrower or to pay or reimburse the Almaden Borrower for approved tenant improvements, leasing commissions and capital improvements and for operating shortfalls related to The Almaden property. The Almaden Excess Cash Flow for any calendar month means an amount equal to all income from The Almaden property and any other income received by The Almaden Borrowers or on behalf of The Almaden Borrowers less (a) operating expenses of The Almaden property paid by The Almaden Borrower as reasonably approved by The Almaden Lender, and (b) payment of debt service and allocated operating costs of the Company. Prior to The Almaden Second Loan Modification, The Almaden Mortgage Loan bore interest at a fixed rate of 3.65% for the initial term of the loan. Pursuant to The Almaden Second Loan Modification, The Almaden Mortgage Loan bears interest at a fixed rate of 7.45%. As of December 31, 2023, the outstanding principal balance of The Almaden Mortgage Loan was $119.9 million after the $3.0 million principal paydown and a monthly principal payment in the amount of $130,000. Amended and Restated Portfolio Loan Facility On November 3, 2021, certain of the Company’s indirect wholly owned subsidiaries (the “Amended and Restated Portfolio Loan Facility Borrowers”), entered into a two-year loan agreement with Bank of America, N.A., as administrative agent (the “Agent”); BofA Securities, Inc., Wells Fargo Securities, LLC and Capital One, National Association as joint lead arrangers and joint book runners; Wells Fargo Bank, N.A., as syndication agent; and each of the financial institutions signatory thereto as lenders (as subsequently modified and amended, the “Amended and Restated Portfolio Loan Facility”). The current lenders under the Amended and Restated Portfolio Loan Facility are Bank of America, N.A.; Wells Fargo Bank, National Association; U.S. Bank, National Association; Capital One, National Association; PNC Bank, National Association; Regions Bank; and Zions Bankcorporation, N.A., DBA California Bank & Trust (together, the “Portfolio Loan Lenders”). The Amended and Restated Portfolio Loan Facility is secured by 60 South Sixth, Preston Commons, Sterling Plaza, Towers at Emeryville, Ten Almaden and Town Center (the “Properties”). On December 22, 2023, the Amended and Restated Portfolio Loan Facility matured without repayment. The aggregate outstanding principal balance of the Amended and Restated Portfolio Loan Facility was approximately $606.3 million as of December 22, 2023. On December 29, 2023, the Company, through the Amended and Restated Portfolio Loan Facility Borrowers, entered into a third loan modification and extension agreement with the Agent and the Portfolio Loan Lenders (the “Third Extension Agreement”) effective as of December 22, 2023. Pursuant to the Third Extension Agreement, the Agent and Portfolio Loan Lenders agreed to extend the maturity of the facility to February 6, 2024, and that any default that may have occurred under the Amended and Restated Portfolio Loan Facility or under any related loan document by virtue of the loan not being repaid on any prior maturity date was waived. The Third Extension Agreement provides that 100% of excess cash flow (“Excess Cash Flow”) from the Properties be deposited monthly into a cash collateral account (the “Cash Sweep Collateral Account”). Funds may not be withdrawn from the Cash Sweep Collateral Account without the prior written consent of the Agent, and upon certain events, the Agent has the right to withdraw funds from the Cash Sweep Collateral Account and apply such funds to any due and payable obligations of the Amended and Restated Portfolio Loan Facility Borrowers or to pay certain costs and expenses related to the Properties. Excess Cash Flow for any calendar month means an amount equal to (a) gross revenues of the Amended and Restated Portfolio Loan Facility Borrowers from the Properties less (b) an amount equal to (i) operating expenses of the Properties paid by the Amended and Restated Portfolio Loan Facility Borrowers as reasonably approved by the Agent, plus (ii) principal and interest paid with respect to the Amended and Restated Portfolio Loan Facility, plus (iii) a limited amount of REIT-level general and administrative expenses allocated to the Properties, plus (iv) asset management fees to the Advisor in an amount not to exceed 0.75% of the cost basis of the Properties per annum, plus (v) any required payments under any permitted interest rate swap protection agreements entered into by the Amended and Restated Portfolio Loan Facility Borrowers. In addition, the Third Extension Agreement required that the Amended and Restated Portfolio Loan Facility Borrowers make a principal paydown on the loan in the amount of $5.0 million, and the aggregate commitment under the Amended and Restated Portfolio Loan Facility was permanently reduced by that amount. As of December 31, 2023, the aggregate outstanding principal balance of the Amended and Restated Portfolio Loan Facility was approximately $601.3 million after the $5.0 million principal paydown. The Amended and Restated Portfolio Loan Facility Borrowers also agreed to pay the Portfolio Loan Lenders a non-refundable fee in the amount of $1.4 million and certain fees, commissions and costs incurred by the Agent and its counsel in connection with the Third Extension Agreement.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2023
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. The Company enters into interest rate caps to mitigate its exposure to rising interest rates on its variable rate notes payable. The values of interest rate caps are primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of interest rate caps. As the remaining life of an interest rate cap decreases, the value of the instrument will generally decrease towards zero. As of December 31, 2023, the Company has entered into 16 interest rate swaps and one interest rate cap, 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 and interest rate cap as of December 31, 2023 and 2022. 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, 2023 December 31, 2022 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, 2023 Derivative instruments not designated as hedging instruments Interest rate swaps (1) 16 $ 1,300,000 20 $ 1,619,190 Fallback SOFR (2) / Fixed at 1.08% - 1.28% One-month Term SOFR/ Fixed at 2.38% - 3.92% 2.8% 2.1 Interest rate cap 1 $ 125,000 — $ — One-month Term SOFR at 6.49% 6.5% 0.1 _____________________ (1) Subsequent to December 31, 2023, the Company terminated two interest rate swap agreements and received aggregate settlement payments of $6.6 million. (2) Upon cessation of one-month LIBOR on June 30, 2023, eight of the Company’s interest rate swaps which bore interest at one-month LIBOR were automatically converted to a fallback rate (“Fallback SOFR”) plus an 11.448 basis point adjustment. As of December 31, 2023, the Company had four interest rate swaps which had been converted to Fallback SOFR, all with a maturity date of January 1, 2025. 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, 2023 and 2022 (dollars in thousands): December 31, 2023 December 31, 2022 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) 15 $ 23,891 18 $ 40,216 Interest rate swaps Other liabilities, at fair value (2) 1 $ (175) 2 $ (75) Interest rate cap Prepaid expenses and other assets, at fair value 1 $ — — $ — _____________________ (1) As of December 31, 2022, prepaid expenses and other assets included an $8.7 million asset related to the fair value of two off-market interest rate swaps (which expired on November 2, 2023) determined to be hybrid financial instruments 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, 2023 2022 2021 Derivatives not designated as hedging instruments Realized loss recognized on interest rate swaps $ — $ 7,152 $ 18,020 Realized gain recognized on interest rate swaps (31,358) (6,895) — Unrealized loss (gain) on interest rate swaps (1) 16,426 (52,189) (23,283) Unrealized loss on interest rate cap 25 — — Net gain on derivative instruments $ (14,907) $ (51,932) $ (5,263) _____________________ (1)

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	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, 2023, 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. The fair value of interest rate caps (floors) are determined using the market standard methodology of discounting the future expected cash payments (receipts) which would occur if variable interest rates rise above (below) the strike rate of the caps (floors). The variable interest rates used in the calculation of projected payments (receipts) on the cap (floors) are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities. 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, 2023 and 2022, which carrying amounts generally do not approximate the fair values (in thousands): December 31, 2023 December 31, 2022 Face Value Carrying Fair Value Face Value Carrying Fair Value Financial liabilities: Notes payable $ 1,738,613 $ 1,735,896 $ 1,679,259 $ 1,671,395 $ 1,667,288 $ 1,654,046 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, 2023, 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 $ 51,802 $ 51,802 $ — $ — Asset derivatives - interest rate swaps 23,891 — 23,891 — Asset derivatives - interest rate caps — — — — Liability derivatives - interest rate swaps (175) — (175) — During the year ended December 31, 2023, the Company measured the following asset at fair value on a nonrecurring basis (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Nonrecurring Basis: Impaired real estate (1) $ 71,918 $ — $ — $ 71,918 _____________________ (1) Amount represents the fair value for a real estate asset impacted by an impairment charge during the year ended December 31, 2023, as of the date that the fair value measurement was made, which was June 30, 2023. The carrying value for the real estate asset measured at a reporting date other than June 30, 2023 may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has entered into the Advisory Agreement with the Advisor and the Dealer Manager Agreement with the Dealer Manager. These agreements entitled the Advisor and/or the Dealer Manager to specified fees upon the provision of certain services with regard to the Offering and reimbursement of organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company and entitle the Advisor to specified fees upon the provision of certain services with regard to the investment of funds in real estate investments, the management of those investments, among other services, and the disposition of investments, as well as entitle the Advisor and/or the Dealer Manager to reimbursement of offering costs related to the dividend reinvestment plan incurred by the Advisor and the Dealer Manager on behalf of the Company and certain costs incurred by the Advisor in providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as detailed in the Advisory Agreement. The Company has also entered into a fee reimbursement agreement with the Dealer Manager pursuant to which the Company agreed to reimburse the Dealer Manager for certain fees and expenses it incurs for administering the Company’s participation in the DTCC Alternative Investment Product Platform with respect to certain accounts of the Company’s investors serviced through the platform. The Advisor and Dealer Manager also serve or served as the advisor and dealer manager, respectively, for KBS REIT II (liquidated May 2023) and KBS Growth & Income REIT. As of January 1, 2021, 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 2023, the Company renewed its participation in the program, and the program is effective through June 30, 2024. 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. At renewal on June 30, 2023, due to its liquidation, KBS Growth & Income REIT 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, 2023, 2022 and 2021, respectively, and any related amounts receivable and payable as of December 31, 2023 and 2022 (in thousands): Incurred Years Ended Receivable as of Payable as of 2023 2022 2021 2023 2022 2023 2022 Expensed Asset management fees (1) $ 20,839 $ 20,102 $ 19,832 $ — $ — $ 16,992 $ 10,191 Reimbursement of operating expenses (2) 420 325 577 — 10 416 174 Disposition fees (3) — — 2,426 — — — — $ 21,259 $ 20,427 $ 22,835 $ — $ 10 $ 17,408 $ 10,365 _____________________ (1) See “Asset Management Fees” below and under Note 3, “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 $111,000, $163,000 and $428,000 for the years ended December 31, 2023, 2022 and 2021, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the years ended December 31, 2023, 2022 and 2021. 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 3, “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, 2023, the Company 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, 2023, 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. (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, 2023, 2022 and 2021, the Advisor incurred $0.1 million for the costs of the supplemental coverage obtained by the Company. Asset Management Fees As of December 31, 2023 and 2022, the Company had accrued $17.0 million and $10.2 million of asset management fees, respectively, of which $8.5 million were Deferred Asset Management Fees as of December 31, 2023 and 2022, and $8.5 million and $1.7 million were related to asset management fees that were restricted for payment and deposited in the Bonus Retention Fund as of December 31, 2023 and 2022, respectively, see Note 3, “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, 2023, 2022 and 2021, 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 7, “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, 2023
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 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, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Deed-in-Lieu of Foreclosure of 201 Spear Street On November 14, 2023, the Spear Street Borrower defaulted on the 201 Spear Street Mortgage Loan as a result of failure to pay in full the entire November 2023 monthly interest payment, resulting in an event of default on the loan on November 14, 2023. On December 29, 2023, the Spear Street Borrower and the Spear Street Lender entered the Deed-in-Lieu Transaction. Pursuant to the Deed-in-Lieu Transaction, the Spear Street Lender has the right to transfer title to the 201 Spear Street property to itself or its designee for up to a six-month period ending June 15, 2024. On January 9, 2024, the Spear Street Lender transferred the title of the 201 Spear Street property to a third-party buyer of the 201 Spear Street Mortgage Loan. Amended and Restated Portfolio Loan Facility On February 6, 2024, the Company, through certain of its indirect wholly owned subsidiaries (the “Amended and Restated Portfolio Loan Facility Borrowers”), entered into a fourth loan modification and extension agreement with the Agent and the Portfolio Loan Lenders (the “Fourth Extension Agreement”). Pursuant to the Fourth Extension Agreement, the Agent and Portfolio Loan Lenders agreed to extend the maturity of the Amended and Restated Portfolio Loan Facility to August 6, 2024. Under the Fourth Extension Agreement, the Agent and the Portfolio Loan Lenders waived the requirement for the properties securing the loan (the “Portfolio Loan Properties”) to satisfy the minimum required ongoing debt service coverage ratio as of the December 31, 2023, March 31, 2024 and June 30, 2024 test dates and waived the requirement for REIT Properties III as guarantor to satisfy a net worth covenant for the period between February 6, 2024 and August 6, 2024. The Fourth Extension Agreement also includes, among other requirements, a requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both on or prior to July 15, 2024. The Fourth Extension Agreement provides that 100% of excess cash flow from the Portfolio Loan Properties continues to be deposited monthly into a cash collateral account (the “Cash Sweep Collateral Account”). Funds may not be withdrawn from the Cash Sweep Collateral Account without the prior written consent of the Agent, and upon certain events, the Agent has the right to withdraw funds from the Cash Sweep Collateral Account. The Fourth Extension Agreement provides that, subject to the requirements contained therein, the Amended and Restated Portfolio Loan Facility Borrowers will be permitted to withdraw funds from the Cash Sweep Collateral Account to pay or reimburse the Amended and Restated Portfolio Loan Facility Borrowers for approved tenant improvements, leasing commissions and capital improvements and for operating shortfalls related to the Portfolio Loan Properties to the extent they occur in any month. Additionally, the Fourth Extension Agreement provides a default will occur under the Amended and Restated Portfolio Loan Facility if a written demand for payment following a default under the following loans is delivered by U.S. Bank, National Association under (a) the Company’s unsecured credit facility, (b) the payment guaranty agreement of the Company’s Modified Portfolio Revolving Loan Facility or (c) any other indebtedness of REIT Properties III where the demand made or amount guaranteed is greater than $5.0 million. The Amended and Restated Portfolio Loan Facility Borrowers also agreed to pay the Portfolio Loan Lenders a non-refundable fee in the amount of $0.9 million, to deposit $5.0 million into the Cash Sweep Collateral Account (which will generally be used to fund capital expenditures and operating cash flow needs of the Portfolio Loan Properties), and to pay the Portfolio Loan Lenders an exit fee in the amount of $1.0 million, which is due on the earliest to occur of the maturity date, the repayment of the loan in full and the occurrence of a default under the loan. Disposition of the McEwen Building On April 30, 2012, the Company, through an indirect wholly owned subsidiary, acquired an office building containing 175,262 rentable square feet located on approximately 10.7 acres of land in Franklin, Tennessee (the “McEwen Building”). On February 21, 2024, the Company completed the sale of the McEwen Building to a purchaser unaffiliated with the Company or the Advisor, for $48.8 million, before third-party closing costs of approximately $1.1 million and excluding disposition fees payable to the Advisor. Modified Portfolio Revolving Loan Facility On October 17, 2018, certain of the Company’s indirect wholly owned subsidiaries (the “Modified Portfolio Revolving Loan Borrowers”) entered into a loan facility (as subsequently modified and amended, the “Modified Portfolio Revolving Loan Facility”) with U.S. Bank National Association, as administrative agent (the “Modified Portfolio Revolving Loan Agent”). The current lenders under the Modified Portfolio Revolving Loan Facility are U.S. Bank National Association, Regions Bank, Citizens Bank, City National Bank and Associated Bank, National Association (the “Modified Portfolio Revolving Loan Lenders”). On February 21, 2024, in connection with the disposition of the McEwen Building and pursuant to the Third Modification Agreement (defined below), the Modified Portfolio Revolving Loan Borrowers paid the Modified Portfolio Revolving Loan Agent the net sales proceeds from the sale of the McEwen Building (“Required McEwen Payment”) of $46.2 million, which amount was applied to reduce the outstanding principal amount of the Modified Portfolio Revolving Loan Facility to $203.0 million, and the McEwen Building was released as security for the Modified Portfolio Revolving Loan Facility. Notwithstanding the Required McEwen Payment, the Third Modification Agreement allows the Company to draw back a portion of the loan payment through the holdbacks described below, providing additional liquidity to the Company to fund capital needs in the portfolio. Following the release of the McEwen Building, the Modified Portfolio Revolving Loan Facility is secured by 515 Congress, Gateway Tech Center and 201 17th Street (the “Modified Portfolio Revolving Loan Properties”). On February 9, 2024, the Company, through the Modified Portfolio Revolving Loan Borrowers, entered into an additional advance and third modification agreement (the “Third Modification Agreement”) with the Modified Portfolio Revolving Loan Agent and the Modified Portfolio Revolving Loan Lenders. In connection with the Required McEwen Payment and the release of the McEwen Building, the Third Modification Agreement provides that the following terms apply to the Modified Portfolio Revolving Loan Facility: (i) the maturity date is extended to March 1, 2026, (ii) the interest rate resets to one-month Term SOFR plus 300 basis points and the loan requires quarterly payments of principal in the amount of $880,900, (iii) the revolving portion of the facility is converted into non-revolving debt, the accordion option is eliminated (whereby the Modified Portfolio Revolving Loan Borrowers previously had the ability to request that the commitment be increased subject to the Modified Portfolio Revolving Loan Lenders’ consent and certain additional conditions), and the revolving portion of the Modified Portfolio Revolving Loan Facility and the rights of the Modified Portfolio Revolving Loan Borrowers to reborrow debt under the loan once it has been paid is eliminated, (iv) holdbacks of a portion of the Modified Portfolio Revolving Loan Facility are established, which holdbacks may be disbursed subject to the satisfaction of certain terms and conditions, as described below, (v) the Company is restricted from paying dividends or distributions to its stockholders or redeeming shares of its stock without the Modified Portfolio Revolving Loan Agent’s prior written consent, except for any amounts that the Company is required to distribute to its stockholders to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and (vi) certain cash management sweeps are established, as described below. As a result of the release of the McEwen Building, the Third Modification Agreement allows the Company to draw back a portion of the amount of the loan paydown from the McEwen Building sale proceeds through holdbacks on the Modified Portfolio Revolving Loan Facility, consisting of (i) a holdback for the payment of, or reimbursement of the Modified Portfolio Revolving Loan Borrowers’ payment of, tenant improvements, leasing commissions and capital expenditures related to the Modified Portfolio Revolving Loan Properties equal to $10.0 million and (ii) a holdback for the payment of, or reimbursement of REIT Properties III’s (the “Guarantor”), an indirect wholly owned subsidiary of the Company, and/or its subsidiaries’ payment of, tenant improvements, leasing commissions and capital expenditures for real property and related improvements owned directly or indirectly by the Guarantor in an amount equal to $6.2 million. Disbursements of the holdback amounts are subject to the conditions of the Third Modification Agreement. In the event of disbursements of the holdback amounts, such advances by the Modified Portfolio Revolving Loan Lenders will increase the aggregate principal commitment under the Modified Portfolio Revolving Loan Facility. Also as a result of the release of the McEwen Building, the Third Modification Agreement provides that excess cash flow from the Modified Portfolio Revolving Loan Properties be deposited monthly into an interest-bearing account held by the Modified Portfolio Revolving Loan Agent for the benefit of the Modified Portfolio Revolving Loan Lenders (“Cash Management Account”). So long as no default exists under the Modified Portfolio Revolving Loan Facility and subject to the terms and conditions in the Third Modification Agreement, the Modified Portfolio Revolving Loan Borrowers may request disbursement from the Cash Management Account for the payment of debt service payments (including the quarterly principal payments) and other payments due under the loan, for tenant improvements, leasing commissions, capital expenditures and other operating shortfalls and for certain REIT-level expenses. The Modified Portfolio Revolving Loan Agent has the sole right to make withdrawals from the Cash Management Account. In connection with the Third Modification Agreement, the Guarantor and the Modified Portfolio Revolving Loan Lenders also agreed to amendments to the Guarantor’s financial covenants (increasing the allowed leverage ratio and reducing the required earnings to fixed charges ratios). The Third Modification Agreement provides that disbursements of the holdback amounts and withdrawals from the Cash Management Account are subject to compliance with the above referenced amended Guarantor financial covenants and other covenants that require the Modified Portfolio Revolving Loan Properties to satisfy certain leverage and debt service coverage ratios and that the Modified Portfolio Revolving Loan Agent may demand a pay down of the outstanding principal balance of the loan to the extent of noncompliance with such covenants. Termination of Share Redemption Program and Dividend Reinvestment Plan

SCHEDULE III REAL ESTATE ASSETS

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION	12 Months Ended
	Dec. 31, 2023
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 $ 25,445 $ 7,428 $ 133,992 $ 141,420 $ (52,231) 2001/2002/2006 03/27/2012 McEwen Building (5) Franklin, TN 100% (6) 5,600 34,704 40,304 (117) 5,600 34,587 40,187 (11,840) 2009 04/30/2012 Gateway Tech Center Salt Lake City, UT 100% (6) 5,617 20,051 25,668 10,859 5,617 30,910 36,527 (12,257) 1909 05/09/2012 60 South Sixth Minneapolis, MN 100% (4) 16,951 109,191 126,142 59,217 16,951 168,408 185,359 (57,793) 1991 01/31/2013 Preston Commons Dallas, TX 100% (4) 17,188 96,330 113,518 31,604 17,188 127,934 145,122 (41,862) 1958/1986 06/19/2013 Sterling Plaza Dallas, TX 100% (4) 6,800 68,292 75,092 20,083 6,800 88,375 95,175 (30,619) 1984 06/19/2013 201 Spear Street (7) San Francisco, CA 100% $ 125,000 40,279 85,941 126,220 (55,649) 24,473 46,098 70,571 (1,543) 1984 12/03/2013 Accenture Tower Chicago, IL 100% 306,000 49,306 370,662 419,968 152,304 49,306 522,966 572,272 (163,795) 1987 12/16/2013 Ten Almaden San Jose, CA 100% (4) 7,000 110,292 117,292 14,170 7,000 124,462 131,462 (40,615) 1988 12/05/2014 Towers at Emeryville Emeryville, CA 100% (4) 35,774 147,167 182,941 40,272 35,774 187,439 223,213 (65,700) 1972/1975/1985 12/23/2014 3003 Washington Boulevard Arlington, VA 100% (8) 18,800 129,820 148,620 6,333 18,800 136,153 154,953 (46,009) 2014 12/30/2014 Park Place Village Leawood, KS 100% 65,000 11,009 117,070 128,079 (40,996) 8,101 78,982 87,083 (13,743) 2007 06/18/2015 201 17th Street Atlanta, GA 100% (6) 5,277 86,859 92,136 13,095 5,277 99,954 105,231 (33,579) 2007 06/23/2015 515 Congress Austin, TX 100% (6) 8,000 106,261 114,261 21,987 8,000 128,248 136,248 (35,623) 1975 08/31/2015 The Almaden San Jose, CA 100% 119,870 29,000 130,145 159,145 33,956 29,000 164,101 193,101 (49,537) 1980/1981 09/23/2015 3001 Washington Boulevard Arlington, VA 100% (8) 9,900 41,551 51,451 9,526 9,900 51,077 60,977 (14,722) 2015 11/06/2015 Carillon Charlotte, NC 100% 94,400 19,100 126,979 146,079 27,999 19,100 154,978 174,078 (42,033) 1991 01/15/2016 TOTAL $ 293,029 $ 1,889,862 $ 2,182,891 $ 370,088 $ 274,315 $ 2,278,664 $ 2,552,979 $ (713,501) ____________________ (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, 2023. (4) As of December 31, 2023, these properties served as the security for the Amended and Restated Portfolio Loan Facility, which had an outstanding principal balance of $601.3 million. (5) Subsequent to December 31, 2023, the Company completed the sale of the McEwen Building to a purchaser unaffiliated with the Company or the Advisor. See Note 13, “Subsequent Events – Disposition of the McEwen Building.” (6) As of December 31, 2023, these properties served as the security for the Modified Portfolio Revolving Loan Facility, which had an outstanding principal balance of $249.1 million. (7) This property was held for non-sale disposition as of December 31, 2023. (8) 2023 2022 2021 Real Estate: Balance at the beginning of the year $ 2,568,352 $ 2,441,266 $ 2,554,572 Improvements 76,346 144,693 69,527 Write off of fully depreciated and fully amortized assets (46,260) (17,607) (15,502) Impairments (45,459) — — Sale — — (167,331) Balance at the end of the year $ 2,552,979 $ 2,568,352 $ 2,441,266 Accumulated depreciation and amortization: Balance at the beginning of the year $ (656,401) $ (572,968) $ (525,629) Depreciation and amortization expense (103,360) (101,040) (100,036) Write off of fully depreciated and fully amortized assets 46,260 17,607 15,502 Sale — — 37,195 Balance at the end of the year $ (713,501) $ (656,401) $ (572,968)

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	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”).
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.
Comprehensive Income (Loss)	Comprehensive income (loss) for each of the years ended December 31, 2023, 2022 and 2021 was equal to net income (loss) for these respective periods.
Revenue Recognition-Operating Leases, Real Estate	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 and Sales of Real Estate	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)
Real Estate Equity Securities	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
Cash and Cash Equivalents	Cash and Cash Equivalents 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, 2023.
Depreciation and Amortization	Depreciation and Amortization
Real Estate Acquisition Valuation	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 is 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	Impairment of Real Estate and Related Intangible Assets and Liabilities
Real Estate Held for Sale	Real Estate Held for Sale
Real Estate Held for Non-Sale Disposition	Real Estate Held for Non-Sale Disposition The Company considers real estate assets that do not meet the criteria for held for sale but are expected to be disposed of other than by sale as real estate held for non-sale disposition. The assets and liabilities related to real estate held for non-sale disposition are included in the Company’s consolidated balance sheets and the results of operations are presented as part of continuing operations in the Company’s consolidated statements of operations for all periods presented. Operating results of properties that will be disposed of other than by sale will be included in continuing operations on the Company’s consolidated statements of operations until the ultimate disposition of real estate.
Restricted Cash	Restricted Cash
Rents and Other Receivables	Rents and Other Receivables
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 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 presented in the accompanying consolidated statements of operations. Fair Value Election of Hybrid Financial Instruments with Embedded Derivatives
Deferred Financing Costs	Deferred Financing Costs
Fair Value Measurements	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	Dividend Reinvestment Plan The Company had a dividend reinvestment plan pursuant to which common stockholders could 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 designated 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 acquired 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 March 15, 2024, the Company’s board of directors approved the termination of the Company’s dividend reinvestment plan. 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. 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. 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. Commencing with the October 3, 2022 purchase date and until the estimated value per share was updated, the purchase price per share under the dividend reinvestment plan was $8.55. Commencing December 14, 2023 and until the dividend reinvestment plan was terminated, the purchase price per share under the dividend reinvestment plan was $5.32.
Redeemable Common Stock	Redeemable Common Stock Due to certain restrictions and covenants included in one of the Company’s loan agreements, the Company does not expect to redeem any shares of its stock during the term of the loan agreement, which matures on March 1, 2026. See Note 13, “Subsequent Events – Modified Portfolio Revolving Loan Facility.” As a result, the Company terminated its share redemption plan on March 15, 2024. Prior to termination, the Company’s share redemption program enabled stockholders to sell their shares to the Company in limited circumstances. When active, the restrictions of the Company’s share redemption program limited its stockholders’ ability to sell their shares should they require liquidity and limited 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, 2021 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. On January 17, 2023, the Company’s board of directors determined to suspend Ordinary Redemptions under the share redemption program to preserve capital in the current market environment. On December 12, 2023, the Company’s board of directors suspended all redemptions, including Special Redemptions, under the Company’s share redemption program. All redemption requests that had been received were canceled. No redemptions will be accepted or collected during the suspension of the share redemption program. 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 were several limitations on the Company’s ability to redeem shares under the share redemption program: • Unless the shares were being redeemed in connection with a Special Redemption, the Company could not redeem shares unless the stockholder had 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 limited the number of shares the Company could 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 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. Notwithstanding anything contained in the share redemption program to the contrary, the Company could 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 could 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 were 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, 2021 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 were 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 7, 2020, the Company’s board of directors approved an estimated value per share of its common stock of $10.74 (unaudited). 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). 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). 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). This estimated value per share became effective for the October 2022 redemption date, which was October 31, 2022. For purposes of determining the time period a redeeming stockholder had 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 were 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 was not determinative. The Company classifies financial instruments that represent a mandatory obligation of the Company to redeem shares as liabilities. During periods in which the share redemption program is active, the Company’s 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. During the year ended December 31, 2023, the Company redeemed all Special Redemption requests received in good order and eligible for redemption through the November 2023 redemption date.
Offering Costs	Offering Costs
Related Party Transactions	Related Party Transactions The Company has entered into the Advisory Agreement with the Advisor and the Dealer Manager Agreement with the Dealer Manager. These agreements entitled the Advisor and/or the Dealer Manager to specified fees upon the provision of certain services with regard to the Offering and reimbursement of organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company and entitle the Advisor to specified fees upon the provision of certain services with regard to the investment of funds in real estate investments, the management of those investments, among other services, and the disposition of investments, as well as entitle the Advisor and/or the Dealer Manager to reimbursement of offering costs related to the dividend reinvestment plan incurred by the Advisor and the Dealer Manager on behalf of the Company and certain costs incurred by the Advisor in providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as detailed in the Advisory Agreement. The Company has also entered into a fee reimbursement agreement (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”) (liquidated May 2023) and KBS Growth & Income REIT, Inc. (“KBS Growth & Income REIT”).
Operating Expenses	Operating Expenses
Asset Management Fee	Asset Management Fee
Disposition Fee	Disposition Fee
Income Taxes	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.
Per Share Data	Per Share Data
Segments	Segments
Square Footage, Occupancy and Other Measures	Square Footage, Occupancy and Other Measures
Recently Issued Accounting Standards Update	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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023
Real Estate [Abstract]
Schedule of Real Estate Investments	The following table summarizes the Company’s investments in real estate as of December 31, 2023 (in thousands), including real estate held for non-sale disposition: 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 $ 141,420 $ (52,231) $ 89,189 McEwen Building (2) 04/30/2012 Franklin TN Office 40,187 (11,840) 28,347 Gateway Tech Center 05/09/2012 Salt Lake City UT Office 36,527 (12,257) 24,270 60 South Sixth 01/31/2013 Minneapolis MN Office 185,359 (57,793) 127,566 Preston Commons 06/19/2013 Dallas TX Office 145,122 (41,862) 103,260 Sterling Plaza 06/19/2013 Dallas TX Office 95,175 (30,619) 64,556 201 Spear Street (3) 12/03/2013 San Francisco CA Office 70,571 (1,543) 69,028 Accenture Tower 12/16/2013 Chicago IL Office 572,272 (163,795) 408,477 Ten Almaden 12/05/2014 San Jose CA Office 131,462 (40,615) 90,847 Towers at Emeryville 12/23/2014 Emeryville CA Office 223,213 (65,700) 157,513 3003 Washington Boulevard 12/30/2014 Arlington VA Office 154,953 (46,009) 108,944 Park Place Village 06/18/2015 Leawood KS Office/Retail 87,083 (13,743) 73,340 201 17th Street 06/23/2015 Atlanta GA Office 105,231 (33,579) 71,652 515 Congress 08/31/2015 Austin TX Office 136,248 (35,623) 100,625 The Almaden 09/23/2015 San Jose CA Office 193,101 (49,537) 143,564 3001 Washington Boulevard 11/06/2015 Arlington VA Office 60,977 (14,722) 46,255 Carillon 01/15/2016 Charlotte NC Office 174,078 (42,033) 132,045 $ 2,552,979 $ (713,501) $ 1,839,478 _____________________ (1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets. (2) Subsequent to December 31, 2023, the Company completed the sale of the McEwen Building to a purchaser unaffiliated with the Company or the Advisor. See Note 13, “Subsequent Events – Disposition of the McEwen Building.” (3) See below “– Real Estate Held for Non-Sale Disposition.”
Schedules of Concentration of Risk, by Risk Factor	As of December 31, 2023, 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 $ 408,477 19.1 % $ 38,012 $ 27.63 94.4 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of December 31, 2023, 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 108 $ 37,035 18.7 % Legal Services 52 24,260 12.2 % $ 61,295 30.9 % _____________________ (1)
Schedule of Future Minimum Rental Income for Company's Properties	As of December 31, 2023, the future minimum rental income from the Company’s properties under its non-cancelable operating leases, excluding leases at a real estate property held for non-sale disposition, was as follows (in thousands): 2024 $ 187,815 2025 180,093 2026 165,716 2027 141,079 2028 121,685 Thereafter 447,313 $ 1,243,701
Schedule Of Revenue And Expenses / Assets and Liabilities of Real Estate For Non Sale Disposition	The following table summarizes the revenue and expenses related to 201 Spear Street, which was held for non-sale disposition (in thousands): Years Ended December 31, 2023 2022 2021 Revenues related to real estate held for non-sale disposition Total revenues (1) $ 8,437 $ 21,669 $ 19,859 Expenses related to real estate held for non-sale disposition Operating expenses $ 7,376 $ 8,092 $ 7,725 Depreciation and amortization 3,941 5,617 6,121 Interest expense 10,001 4,256 2,222 Impairment charge 45,459 — — Total expenses related to real estate held for non-sale disposition 66,777 17,965 16,068 Net (loss) income related to real estate held for non-sale disposition $ (58,340) $ 3,704 $ 3,791 _____________________ (1) Total revenues for the year ended December 31, 2023 includes a reserve for straight-line rent of $4.4 million for a lease at 201 Spear Street. The following table summarizes the assets and liabilities related to 201 Spear Street, which was held for non-sale disposition as of December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Assets related to real estate held for non-sale disposition Total real estate, at cost and net of impairment charges $ 70,571 $ 153,384 Accumulated depreciation and amortization (1,543) (36,246) Real estate held for non-sale disposition, net 69,028 117,138 Cash and cash equivalents — 1,040 Restricted cash 3,103 — Rent and other receivables, net 1,142 5,669 Prepaid expenses and other assets 1,421 1,602 Total assets $ 74,694 $ 125,449 Liabilities related to real estate held for non-sale disposition Notes payable, net $ 125,000 $ 124,743 Accounts payable and accrued liabilities 3,927 2,042 Due to affiliate 16 — Other liabilities 1,816 2,585 Total liabilities $ 130,759 $ 129,370

REAL ESTATE DISPOSITIONS (Table

REAL ESTATE DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2023
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 year ended December 31, 2021, which were included in continuing operations (in thousands): For the Year Ended Revenues Rental income $ 8,262 Other operating income 92 Total revenues $ 8,354 Expenses Operating, maintenance, and management $ 242 Real estate taxes and insurance 137 Asset management fees to affiliate 412 General and administrative expenses 15 Depreciation and amortization 2,429 Interest expense 681 Total expenses $ 3,916

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, 2023
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Schedule of Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities	As of December 31, 2023 and 2022, 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 $ 34,574 $ 42,555 $ 904 $ 983 $ (7,216) $ (8,384) Accumulated Amortization (25,450) (29,524) (715) (721) 6,147 6,473 Net Amount $ 9,124 $ 13,031 $ 189 $ 262 $ (1,069) $ (1,911)
Schedule of 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, 2023, 2022 and 2021 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, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Amortization $ (3,907) $ (5,744) $ (8,175) $ (73) $ (86) $ (101) $ 842 $ 1,366 $ 2,855
Schedule of Remaining Unamortized Balance	The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2023 is estimated to be amortized for the years ending December 31 as follows (in thousands): Tenant Origination and Above-Market Below-Market 2024 $ (2,750) $ (69) $ 525 2025 (2,311) (68) 314 2026 (1,741) (52) 198 2027 (1,033) — 32 2028 (910) — — Thereafter (379) — — $ (9,124) $ (189) $ 1,069 Weighted-Average Remaining Amortization Period 4.1 years 2.8 years 2.4 years

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of December 31, 2023 and 2022, 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, 2023 (1) Effective Interest Rate as of December 31, 2023 (1) Payment Type Maturity Date (2) The Almaden Mortgage Loan (3) $ 119,870 $ 123,000 7.45% 7.45% Interest Only 02/01/2026 201 Spear Street Mortgage Loan (4) 125,000 125,000 One-month Term SOFR + 1.45% 13.50% Interest Only 01/05/2024 Carillon Mortgage Loan (5) 94,400 88,800 One-month Term SOFR + 1.50% 6.85% Interest Only 04/11/2024 Modified Portfolio Revolving Loan Facility (6) 249,145 249,145 One-month Term SOFR + 1.60% 6.95% Interest Only 03/01/2024 3001 & 3003 Washington Mortgage Loan 140,410 142,232 One-month Term SOFR + 0.10% + 1.45% 6.90% Principal & 06/01/2024 Accenture Tower Revolving Loan (7) 306,000 281,250 One-month Term SOFR + 2.35% 7.70% Interest Only 11/02/2024 Unsecured Credit Facility (8) 37,500 37,500 One-month Term SOFR + 2.20% 7.55% Interest Only 07/30/2024 Amended and Restated Portfolio Loan Facility (9) 601,288 559,468 One-month BSBY (10) + 1.80% 7.24% Interest Only 02/06/2024 Park Place Village Mortgage Loan (11) 65,000 65,000 One-month Term SOFR + 1.95% 7.30% Interest Only 08/31/2025 Total notes payable principal outstanding $ 1,738,613 $ 1,671,395 Deferred financing costs, net (2,717) (4,107) Total Notes Payable, net $ 1,735,896 $ 1,667,288 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2023. Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2023, consisting of the contractual interest rate and using interest rate indices as of December 31, 2023, where applicable. For information regarding the Company’s derivative instruments, see Note 9, “Derivative Instruments.” (2) Represents the maturity date as of December 31, 2023; subject to certain conditions, the maturity dates of certain loans may be extended beyond the dates shown. See below. (3) See below, “– Recent Financing Transactions - The Almaden Mortgage Loan.” (4) The Spear Street Borrower defaulted on the 201 Spear Street Mortgage Loan as a result of failure to pay in full the entire November 2023 monthly interest payment, resulting in an event of default on the loan on November 14, 2023. During the time the default exists, the interest rate under this loan is calculated at the lesser of (i) the maximum rate allowed by law or (ii) 5.0% plus the greater of (a) one-month term SOFR plus 1.45% or (b) the Prime Rate as determined on the first business day of the month in which the event of default occurred and the first business day of every month thereafter. Additionally, late charges may apply in the amount of the lesser of (i) 4.0% of each late payment or (ii) the maximum amount allowed by law. Subsequent to December 31, 2023, the Spear Street Lender transferred the title of the 201 Spear Street property to a third-party buyer of the 201 Spear Street Mortgage Loan. See Note 13, “Subsequent Events – Deed-in-Lieu of Foreclosure of 201 Spear Street.” (5) As of December 31, 2023, 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, 2023, the outstanding balance under the loan consisted of $88.8 million of term debt and $5.6 million of revolving debt. As of December 31, 2023, $16.6 million of revolving debt remained available for future disbursements, subject to certain terms and conditions set forth in the loan documents. As of December 31, 2023, the Carillon Mortgage Loan has one 24-month extension option, subject to certain terms and conditions contained in the loan documents. (6) As of December 31, 2023, 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, 2023, 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, 2023, 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, 2023, the Modified Portfolio Revolving Loan Facility had one 12-month extension option, subject to certain terms, conditions and fees as described in the loan documents. Subsequent to December 31, 2023, in connection with the disposition of the McEwen Building, the borrowers under the Modified Portfolio Revolving Loan Facility entered into a loan modification with the lenders. See Note 13, “Subsequent Events – Modified Portfolio Revolving Loan Facility.” (7) See below, “– Recent Financing Transactions - Accenture Tower Revolving Loan.” (8) As of December 31, 2023, 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, 2023, 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. (9) See below, “– Recent Financing Transactions - Amended and Restated Portfolio Loan Facility.” (10) Bloomberg Short-Term Bank Yield Index (“BSBY”). (11)
Schedule of Maturities Including Principal Amortization Payments, for All Notes Payable Outstanding	The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of December 31, 2023 (in thousands): 2024 $ 1,553,743 2025 65,000 2026 119,870 2027 — 2028 — Thereafter — $ 1,738,613

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amount and Other Information Related to the Interest Rate Swaps and Interest Rate Cap	The following table summarizes the notional amount and other information related to the Company’s interest rate swaps and interest rate cap as of December 31, 2023 and 2022. 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, 2023 December 31, 2022 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, 2023 Derivative instruments not designated as hedging instruments Interest rate swaps (1) 16 $ 1,300,000 20 $ 1,619,190 Fallback SOFR (2) / Fixed at 1.08% - 1.28% One-month Term SOFR/ Fixed at 2.38% - 3.92% 2.8% 2.1 Interest rate cap 1 $ 125,000 — $ — One-month Term SOFR at 6.49% 6.5% 0.1 _____________________ (1) Subsequent to December 31, 2023, the Company terminated two interest rate swap agreements and received aggregate settlement payments of $6.6 million. (2) Upon cessation of one-month LIBOR on June 30, 2023, eight of the Company’s interest rate swaps which bore interest at one-month LIBOR were automatically converted to a fallback rate (“Fallback SOFR”) plus an 11.448 basis point adjustment. As of December 31, 2023, the Company had four interest rate swaps which had been converted to Fallback SOFR, all with a maturity date of January 1, 2025.
Schedule of Derivative Instruments as well as their Classification on the Consolidated Balance Sheets	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, 2023 and 2022 (dollars in thousands): December 31, 2023 December 31, 2022 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) 15 $ 23,891 18 $ 40,216 Interest rate swaps Other liabilities, at fair value (2) 1 $ (175) 2 $ (75) Interest rate cap Prepaid expenses and other assets, at fair value 1 $ — — $ — _____________________ (1)
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, 2023 2022 2021 Derivatives not designated as hedging instruments Realized loss recognized on interest rate swaps $ — $ 7,152 $ 18,020 Realized gain recognized on interest rate swaps (31,358) (6,895) — Unrealized loss (gain) on interest rate swaps (1) 16,426 (52,189) (23,283) Unrealized loss on interest rate cap 25 — — Net gain on derivative instruments $ (14,907) $ (51,932) $ (5,263) _____________________ (1)

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022, which carrying amounts generally do not approximate the fair values (in thousands): December 31, 2023 December 31, 2022 Face Value Carrying Fair Value Face Value Carrying Fair Value Financial liabilities: Notes payable $ 1,738,613 $ 1,735,896 $ 1,679,259 $ 1,671,395 $ 1,667,288 $ 1,654,046
Schedule of Assets and Liabilities at Fair Value	As of December 31, 2023, 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 $ 51,802 $ 51,802 $ — $ — Asset derivatives - interest rate swaps 23,891 — 23,891 — Asset derivatives - interest rate caps — — — — Liability derivatives - interest rate swaps (175) — (175) — During the year ended December 31, 2023, the Company measured the following asset at fair value on a nonrecurring basis (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Nonrecurring Basis: Impaired real estate (1) $ 71,918 $ — $ — $ 71,918 _____________________ (1)

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021, respectively, and any related amounts receivable and payable as of December 31, 2023 and 2022 (in thousands): Incurred Years Ended Receivable as of Payable as of 2023 2022 2021 2023 2022 2023 2022 Expensed Asset management fees (1) $ 20,839 $ 20,102 $ 19,832 $ — $ — $ 16,992 $ 10,191 Reimbursement of operating expenses (2) 420 325 577 — 10 416 174 Disposition fees (3) — — 2,426 — — — — $ 21,259 $ 20,427 $ 22,835 $ — $ 10 $ 17,408 $ 10,365 _____________________ (1) See “Asset Management Fees” below and under Note 3, “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 $111,000, $163,000 and $428,000 for the years ended December 31, 2023, 2022 and 2021, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the years ended December 31, 2023, 2022 and 2021. 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 3, “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, 2023, the Company 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, 2023, 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. (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	153 Months Ended
	Jul. 12, 2021 USD ($) shares	Oct. 03, 2014 USD ($) shares	Dec. 31, 2023 USD ($) property shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	May 29, 2015 USD ($) shares	Dec. 31, 2023 USD ($) property shares	Jan. 26, 2010 $ / shares shares
Organizational Structure [Line Items]
Common stock, shares issued (in shares)			148,516,246	147,964,954			148,516,246
Redemptions of common stock (in shares)	26,375,383
Redemptions of common stock, value | $	$ 272,700
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
Office Building | Held-for-non-sale Disposition
Organizational Structure [Line Items]
Number of real estate properties held-for-sale | property			1				1
Mixed-use Office/Retail Property
Organizational Structure [Line Items]
Number of real estate properties | property			1				1
Common Stock
Organizational Structure [Line Items]
Issuance of common stock (in shares)			1,900,374	3,434,632	4,145,065	169,006,162
Issuance of common stock, value | $			$ 19	$ 34	$ 41	$ 1,700,000
Shares of common stock sold under dividend reinvestment plan, shares							46,154,757
Shares of common stock sold under dividend reinvestment plan, value | $							$ 471,300
Redemptions of common stock (in shares)			1,349,082	8,620,444	35,243,375		74,644,349
Redemptions of common stock, value | $			$ 14	$ 86	$ 351		$ 789,200
KBS Capital Advisors LLC
Organizational Structure [Line Items]
Common stock, shares issued (in shares)								20,000
Common stock, purchase price per share (in dollars per share) | $ / shares								$ 10
KBS Capital Advisors LLC | Common Stock
Organizational Structure [Line Items]
Shares held by affiliate			20,857				20,857
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%

GOING CONCERN (Details)

GOING CONCERN (Details) $ in Billions	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
Debt obligations coming due during the 12-month period	$ 1.2
Long term debt, remaining term	12 months
Long-term debt, extension term	12 months
Mortgages
Concentration Risk [Line Items]
Debt obligations coming due during the 12-month period	$ 1.2
Long term debt, remaining term	12 months
Minimum | Mortgages
Concentration Risk [Line Items]
Long-term debt, term	3 years
Maximum | Mortgages
Concentration Risk [Line Items]
Long-term debt, term	5 years

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)					6 Months Ended				9 Months Ended	12 Months Ended			29 Months Ended
	Nov. 08, 2022	Oct. 01, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jul. 12, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Jun. 30, 2023 $ / shares	Dec. 31, 2021 shares	Jun. 30, 2021	Dec. 31, 2022 USD ($) shares	Dec. 31, 2023 USD ($) segment $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 14, 2023 $ / shares	Oct. 03, 2022 $ / shares	Sep. 28, 2022 $ / shares	Mar. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Dec. 01, 2021 $ / shares	Nov. 01, 2021 $ / shares	Jun. 04, 2021 USD ($) $ / shares shares	Jun. 01, 2021 $ / shares	May 13, 2021 $ / shares	Jan. 04, 2021 $ / shares	Dec. 07, 2020 $ / shares
Summary of Significant Accounting Policies [Line Items]
Impairment of real estate										$ 45,459,000	$ 0	$ 0
Dividend reinvestment plan, purchase price per share as percent of estimated value					95%					95%			95%
Estimated value per share of company's common stock (in dollars per share) | $ / shares																$ 9				$ 10.78			$ 10.77		$ 10.74
Purchase price per share (in dollars per share) | $ / shares														$ 5.32	$ 8.55				$ 10.24			$ 10.23		$ 10.21
Stock repurchased during period, price per share (in dollars per share) | $ / shares				$ 10.34																	$ 10.34
Redemptions of common stock (in shares) | shares				26,375,383
Redemptions of common stock, value				$ 272,700,000
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 (in shares) | shares							500,000		500,000		500,000	500,000
Share redemption program, share limitation for special redemptions (in shares) | shares							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								95%					96%
Write off of prepaid offering costs											$ 2,700,000
Restricted cash					$ 14,086,000				$ 6,070,000	$ 14,086,000	$ 6,070,000		$ 14,086,000
Antidilutive securities (in shares) | shares										0	0	0
Distributions declared per common share (in dollars per share) | $ / shares					$ 0					$ 0.230	$ 0.598	$ 0.598
Distribution rate for share per month, declared (in dollars per share) | $ / shares						$ 0.03833333					$ 0.04983333
Number of reportable segments | segment										1
Advisor and Dealer Manager
Summary of Significant Accounting Policies [Line Items]
Incurred costs (reimbursement)										$ 21,259,000	$ 20,427,000	$ 22,835,000
Advisor and Dealer Manager | Monthly Asset Management Fee, Paid in Cash
Summary of Significant Accounting Policies [Line Items]
Incurred costs (reimbursement)		$ 1,150,000
Advisor and Dealer Manager | Fully Funded Bonus Retention Fund
Summary of Significant Accounting Policies [Line Items]
Incurred costs (reimbursement)		$ 8,500,000
Advisor and Dealer Manager | Bonus Retention Fund Deposit | Related Party
Summary of Significant Accounting Policies [Line Items]
Restricted cash					$ 8,500,000					8,500,000			$ 8,500,000
Advisor and Dealer Manager | Payments from Bonus Retention Fund
Summary of Significant Accounting Policies [Line Items]
Incurred costs (reimbursement)										$ 0
Advisor and Dealer Manager | Deferred Asset Management Fees
Summary of Significant Accounting Policies [Line Items]
Incurred costs (reimbursement)			$ 8,500,000
Advisor and Dealer Manager | Non Compounded Return on Net Invested Capital
Summary of Significant Accounting Policies [Line Items]
Related party transaction, rate										8%
Advisor and Dealer Manager | The Renewal Advisory Agreement | Related Party
Summary of Significant Accounting Policies [Line Items]
Renewal period	1 year
Termination period	60 days
KBS Capital Advisors LLC
Summary of Significant Accounting Policies [Line Items]
Monthly asset management fee, percent of acquisition expense, excluding acquisition fees related to thereto					0.0625%					0.0625%			0.0625%
KBS Capital Advisors LLC or Affiliates
Summary of Significant Accounting Policies [Line Items]
Disposition fees paid, percent of sales price					1%					1%			1%
Held for One Year
Summary of Significant Accounting Policies [Line Items]
Share holding term										1 year
Maximum
Summary of Significant Accounting Policies [Line Items]
Number of shares authorized to be repurchased (in shares) | shares																					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				$ 2,000,000	$ 10,000,000
Share redemption program, special redemptions					$ 10,000,000					$ 10,000,000			$ 10,000,000				$ 2,000,000	$ 10,000,000
Maximum | KBS Capital Advisors LLC, Affiliates or Unaffiliated Third Parties
Summary of Significant Accounting Policies [Line Items]
Disposition fees paid, percent of sales price					6%					6%			6%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Useful Life (Details)	Dec. 31, 2023
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

REAL ESTATE - Additional Inform

REAL ESTATE - Additional Information (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2023 ft² property
Real Estate Properties [Line Items]
Rentable square feet | ft²	7.3
Percentage of portfolio occupied	83%
Held-for-non-sale Disposition
Real Estate Properties [Line Items]
Rentable square feet | ft²	0.3
Office Building
Real Estate Properties [Line Items]
Number of real estate properties	16
Office Building | Held-for-non-sale Disposition
Real Estate Properties [Line Items]
Number of real estate properties disposed	1
Mixed-use Office/Retail Property
Real Estate Properties [Line Items]
Number of real estate properties	1

REAL ESTATE - Schedule of Real

REAL ESTATE - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Total real estate held for investment, cost	$ 2,552,979	$ 2,568,352
Accumulated depreciation and amortization	(713,501)	(656,401)
Total real estate, net	1,839,478	$ 1,911,951
Town Center | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	141,420
Accumulated depreciation and amortization	(52,231)
Total real estate, net	89,189
McEwen Building | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	40,187
Accumulated depreciation and amortization	(11,840)
Total real estate, net	28,347
Gateway Tech Center | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	36,527
Accumulated depreciation and amortization	(12,257)
Total real estate, net	24,270
60 South Sixth | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	185,359
Accumulated depreciation and amortization	(57,793)
Total real estate, net	127,566
Preston Commons | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	145,122
Accumulated depreciation and amortization	(41,862)
Total real estate, net	103,260
Sterling Plaza | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	95,175
Accumulated depreciation and amortization	(30,619)
Total real estate, net	64,556
201 Spear Street | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	70,571
Accumulated depreciation and amortization	(1,543)
Total real estate, net	69,028
Accenture Tower | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	572,272
Accumulated depreciation and amortization	(163,795)
Total real estate, net	408,477
Ten Almaden | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	131,462
Accumulated depreciation and amortization	(40,615)
Total real estate, net	90,847
Towers at Emeryville | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	223,213
Accumulated depreciation and amortization	(65,700)
Total real estate, net	157,513
3003 Washington Boulevard | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	154,953
Accumulated depreciation and amortization	(46,009)
Total real estate, net	108,944
Park Place Village | Office/Retail
Real Estate Properties [Line Items]
Total real estate held for investment, cost	87,083
Accumulated depreciation and amortization	(13,743)
Total real estate, net	73,340
201 17th Street | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	105,231
Accumulated depreciation and amortization	(33,579)
Total real estate, net	71,652
515 Congress | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	136,248
Accumulated depreciation and amortization	(35,623)
Total real estate, net	100,625
The Almaden | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	193,101
Accumulated depreciation and amortization	(49,537)
Total real estate, net	143,564
3001 Washington Boulevard | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	60,977
Accumulated depreciation and amortization	(14,722)
Total real estate, net	46,255
Carillon | Office Building
Real Estate Properties [Line Items]
Total real estate held for investment, cost	174,078
Accumulated depreciation and amortization	(42,033)
Total real estate, net	$ 132,045

REAL ESTATE - Schedule of Conce

REAL ESTATE - Schedule of Concentration of Risk, by Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ft² $ / ft²	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Rentable Square Feet | ft²	7,300,000
Total Real Estate, Net	$ 1,839,478	$ 1,911,951
Annualized Base Rent	$ 61,295
Occupancy	83%
Accenture Tower | Assets, Total
Real Estate Properties [Line Items]
Rentable Square Feet | ft²	1,457,724
Total Real Estate, Net	$ 408,477
Annualized Base Rent	$ 38,012
Average annualized base rent per square foot (usd per sqft) | $ / ft²	27.63
Occupancy	94.40%
Accenture Tower | Assets, Total | Customer Concentration Risk
Real Estate Properties [Line Items]
Percentage of Total Assets	19.10%

REAL ESTATE - Operating Leases

REAL ESTATE - Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) tenant	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessor, Lease, Description [Line Items]
Deferred rent recognized	$ 7,635	$ 10,896	$ 2,550
Deferred rent receivables	94,800	89,900
Incentive to lessee	$ 16,600	17,300
Office/Retail
Lessor, Lease, Description [Line Items]
Number of tenants | tenant	530
Other liabilities, at fair value
Lessor, Lease, Description [Line Items]
Security deposit liability	$ 10,000	$ 9,300
Maximum
Lessor, Lease, Description [Line Items]
Operating leases, term of contract	15 years 6 months
Weighted Average
Lessor, Lease, Description [Line Items]
Operating leases, term of contract	5 years 8 months 12 days

REAL ESTATE - Schedule of Futur

REAL ESTATE - Schedule of Future Minimum Rental Income for Company's Properties (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Real Estate [Abstract]
2024	$ 187,815
2025	180,093
2026	165,716
2027	141,079
2028	121,685
Thereafter	447,313
Future minimum rental income	$ 1,243,701

REAL ESTATE - Schedule of Con_2

REAL ESTATE - Schedule of Concentration of Risk, by Risk Factor (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) tenant
Concentration Risk [Line Items]
Annualized base rent	$ 61,295
Industry | Customer Concentration Risk | Revenue
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	30.90%
Finance
Concentration Risk [Line Items]
Number of Tenants | tenant	108
Annualized base rent	$ 37,035
Finance | Customer Concentration Risk | Revenue
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	18.70%
Legal Services
Concentration Risk [Line Items]
Number of Tenants | tenant	52
Annualized base rent	$ 24,260
Legal Services | Customer Concentration Risk | Revenue
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	12.20%

REAL ESTATE - Geographic Concen

REAL ESTATE - Geographic Concentration Risk (Details) - Assets, Total - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2023
California
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	18.30%
Illinois
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	19.10%
Texas
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	16.70%

REAL ESTATE - Impairment of Rea

REAL ESTATE - Impairment of Real Estate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Impairment of real estate	$ 45,459,000	$ 0	$ 0

REAL ESTATE - Schedule Of Reven

REAL ESTATE - Schedule Of Revenue And Expenses For Non Sale Disposition (Details) - Held-for-non-sale Disposition - 201 Spear Street - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues related to real estate held for non-sale disposition
Total revenues	$ 8,437	$ 21,669	$ 19,859
Expenses related to real estate held for non-sale disposition
Operating, maintenance, and management	7,376	8,092	7,725
Depreciation and amortization	3,941	5,617	6,121
Interest expense	10,001	4,256	2,222
Impairment charge	45,459	0	0
Total expenses	66,777	17,965	16,068
Net (loss) income related to real estate held for non-sale disposition	(58,340)	$ 3,704	$ 3,791
Straight line rent	$ 4,400

REAL ESTATE - Schedule of Asset

REAL ESTATE - Schedule of Assets and Liabilities of Real Estate, Non-Sale Disposition (Details) - Held-for-non-sale Disposition - 201 Spear Street - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets related to real estate held for non-sale disposition
Total real estate, at cost and net of impairment charges	$ 70,571	$ 153,384
Accumulated depreciation and amortization	(1,543)	(36,246)
Disposal Group, Including Discontinued Operation, Real Estate	69,028	117,138
Cash and cash equivalents	0	1,040
Restricted cash	3,103	0
Rent and other receivables, net	1,142	5,669
Prepaid expenses and other assets	1,421	1,602
Total assets	74,694	125,449
Liabilities related to real estate held for non-sale disposition
Notes payable, net	125,000	124,743
Accounts payable and accrued liabilities	3,927	2,042
Due to affiliate	16	0
Other liabilities	1,816	2,585
Total liabilities	$ 130,759	$ 129,370

REAL ESTATE DISPOSITIONS - Addi

REAL ESTATE DISPOSITIONS - Additional Information (Details) ft² in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2021 USD ($) property	Jan. 31, 2021 USD ($) property	Dec. 31, 2023 USD ($) ft² property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property
Real Estate Properties [Line Items]
Rentable square feet | ft²			7.3
Percentage of portfolio occupied			83%
Deferred rent recognized			$ 7,635,000	$ 10,896,000	$ 2,550,000
Deferred rent receivables			94,800,000	89,900,000
Incentive to lessee			16,600,000	17,300,000
Impairment of real estate			45,459,000	0	0
Gains (losses) on sales of investment real estate			$ 0	0	$ 114,321,000
California | Assets, Total | Geographic Concentration Risk
Real Estate Properties [Line Items]
Percentage of Total Assets			18.30%
Illinois | Assets, Total | Geographic Concentration Risk
Real Estate Properties [Line Items]
Percentage of Total Assets			19.10%
Texas | Assets, Total | Geographic Concentration Risk
Real Estate Properties [Line Items]
Percentage of Total Assets			16.70%
Other liabilities, at fair value
Real Estate Properties [Line Items]
Security deposit liability			$ 10,000,000	$ 9,300,000
Maximum
Real Estate Properties [Line Items]
Operating leases, term of contract			15 years 6 months
Weighted Average
Real Estate Properties [Line Items]
Operating leases, term of contract			5 years 8 months 12 days
Office Building
Real Estate Properties [Line Items]
Number of real estate properties | property			16
Mixed-use Office/Retail Property
Real Estate Properties [Line Items]
Number of real estate properties | property			1
Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties disposed | property	1	1			2
Disposal group, consideration	$ 143,000,000	$ 103,500,000
Gains (losses) on sales of investment real estate					$ 114,300,000
Held-for-sale
Real Estate Properties [Line Items]
Number of real estate properties | property			0
Held-for-non-sale Disposition
Real Estate Properties [Line Items]
Rentable square feet | ft²			0.3
Held-for-non-sale Disposition | Office Building
Real Estate Properties [Line Items]
Number of real estate properties disposed | property			1

REAL ESTATE DISPOSITIONS - Sche

REAL ESTATE DISPOSITIONS - Schedule of Revenue and Expenses of Real Estate Held-for-Sale (Details) - Disposed of by Sale $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Revenues:
Rental income	$ 8,262
Other operating income	92
Total revenues	8,354
Expenses
Operating, maintenance, and management	242
Real estate taxes and insurance	137
Asset management fees to affiliate	412
General and administrative expenses	15
Depreciation and amortization	2,429
Interest expense	681
Total expenses	$ 3,916

TENANT ORIGINATION AND ABSORP_3

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES - Schedule of Amortization of Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant origination and absorption costs, cost	$ 34,574	$ 42,555
Tenant origination and absorption costs, accumulated amortization	(25,450)	(29,524)
Tenant origination and absorption costs, net amount	9,124	13,031
Tenant origination and absorption costs, amortization	(3,907)	(5,744)	$ (8,175)
Above-market leases, cost	904	983
Above-market leases, accumulated amortization	(715)	(721)
Above market leases, net amount	189	262
Above-market lease assets, amortization	(73)	(86)	(101)
Below-market lease, cost	(7,216)	(8,384)
Below-market lease, accumulated amortization	6,147	6,473
Below-market lease, net amount	(1,069)	(1,911)
Below-market lease liabilities, amortization	$ 842	$ 1,366	$ 2,855

TENANT ORIGINATION AND ABSORP_4

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES - Schedule of Remaining Unamortized Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2024	$ 525
2025	314
2026	198
2027	32
2028	0
Thereafter	0
Net amount	1,069	$ 1,911
Tenant Origination and Absorption Costs
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	(2,750)
2025	(2,311)
2026	(1,741)
2027	(1,033)
2028	(910)
Thereafter	(379)
Net Amount	$ (9,124)
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
Weighted-Average Remaining Amortization Period	4 years 1 month 6 days
Above-Market Lease Assets
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ (69)
2025	(68)
2026	(52)
2027	0
2028	0
Thereafter	0
Net Amount	$ (189)
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
Weighted-Average Remaining Amortization Period	2 years 9 months 18 days
Below-Market Lease Liabilities
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
Weighted-Average Remaining Amortization Period	2 years 4 months 24 days

REAL ESTATE EQUITY SECURITIES (

REAL ESTATE EQUITY SECURITIES (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, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property
Schedule of Equity Method Investments [Line Items]
Real estate equity securities									$ 51,802	$ 87,416
Dividend income from real estate equity securities									11,850	14,850	$ 0
Equity in income of unconsolidated entity									$ 0	0	$ 8,698
REIT Properties III
Schedule of Equity Method Investments [Line Items]
Ownership percentage after transaction		31.30%
Units disposed (in shares) | shares		18,392,100
Units disposed		$ 16,200
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%
Units held (in shares) | shares									215,841,899
Real estate equity securities									$ 51,800
Units, closing price (in dollars per share) | $ / shares									$ 0.240
Unrealized gain on real estate equity securities							$ 16,800
Unrealized loss on equity securities									$ 35,600	92,800
Dividend income from real estate equity securities									$ 11,900	$ 14,900
Equity in income of unconsolidated entity								$ 8,700
Gain on sale of investments								3,100
Investment income, dividend								19,900
SREIT | Private Offering in July 2021
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated entity								$ 1,100
Disposed of by Sale
Schedule of Equity Method Investments [Line Items]
Number of real estate properties disposed | property					1	1					2
SREIT
Schedule of Equity Method Investments [Line Items]
Units disposed (in shares) | shares	73,720,000
Units disposed	$ 58,900
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)			12 Months Ended
	Nov. 18, 2020 USD ($) extension_option	Nov. 02, 2020 USD ($) extension_option	Dec. 31, 2023 USD ($) extension_option	Dec. 22, 2023 USD ($)	Dec. 20, 2023	Dec. 19, 2023	Dec. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 1,738,613,000					$ 1,671,395,000
Deferred financing costs, net			(2,717,000)					(4,107,000)
Total Notes Payable, net			1,735,896,000					1,667,288,000
Face amount of debt			1,738,613,000					1,671,395,000
Carillon Mortgage Loan
Debt Instrument [Line Items]
Total Notes Payable, net			88,800,000
Face amount of debt			111,000,000
Maximum borrowing capacity			5,600,000
Carillon Mortgage Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			22,200,000
Unused borrowing capacity, amount			$ 16,600,000
Number of extensions | extension_option			1
Extension period			24 months
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 of debt			249,200,000
Mortgages | The Almaden Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 119,870,000					123,000,000
Stated percentage			7.45%		7.45%	3.65%
Effective Interest Rate			7.45%
Maximum borrowing capacity	$ 123,000,000
Mortgages | 201 Spear Street Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 125,000,000					125,000,000
Stated percentage			5%
Effective Interest Rate			13.50%
Mortgages | 201 Spear Street Mortgage Loan | One-month SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.45%
Debt instrument, interest rate, late payment percentage			0.040
Mortgages | Carillon Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 94,400,000					88,800,000
Effective Interest Rate			6.85%
Mortgages | Carillon Mortgage Loan | One-month SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Mortgages | 3001 & 3003 Washington Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 140,410,000					142,232,000
Effective Interest Rate			6.90%
Mortgages | 3001 & 3003 Washington Mortgage Loan | One-month SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.45%
Mortgages | 3001 & 3003 Washington Mortgage Loan | Adjusted Term Secured Overnight Financing Rate (ASOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Mortgages | Park Place Village Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 65,000,000					65,000,000
Effective Interest Rate			7.30%
Number of extensions | extension_option			2
Extension period			12 months
Mortgages | Park Place Village Mortgage Loan | One-month SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.95%
Secured Debt | The Almaden Mortgage Loan
Debt Instrument [Line Items]
Number of extensions | extension_option	2
Extension period	12 months
Secured Debt | Modified Portfolio Revolving Loan Facility
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 249,145,000					249,145,000
Effective Interest Rate			6.95%
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 SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.60%
Secured Debt | Accenture Tower Revolving Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 306,000,000					281,250,000
Total Notes Payable, net			$ 306,000,000				$ 306,000,000
Effective Interest Rate			7.70%
Maximum borrowing capacity		$ 375,000,000
Number of extensions | extension_option		2	1
Extension period		12 months	12 months
Loan, amount outstanding		$ 281,300,000	$ 229,500,000				229,500,000
Secured Debt | Accenture Tower Revolving Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Loan, amount outstanding		$ 93,700,000	$ 76,500,000				$ 76,500,000
Secured Debt | Accenture Tower Revolving Loan | One-month 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			$ 601,288,000					559,468,000
Effective Interest Rate			7.24%
Secured Debt | Amended and Restated Portfolio Loan Facility | One-month BSBY
Debt Instrument [Line Items]
Basis spread on variable rate			1.80%
Unsecured Debt | Unsecured Credit Facility
Debt Instrument [Line Items]
Total notes payable principal outstanding			$ 37,500,000					$ 37,500,000
Effective Interest Rate			7.55%
Face amount of debt			$ 75,000,000
Unsecured Debt | Unsecured Credit Facility | One-month SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			2.20%
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
Loan, amount outstanding			37,500,000
Line of Credit | Amended and Restated Portfolio Loan Facility
Debt Instrument [Line Items]
Total Notes Payable, net			$ 601,300,000	$ 606,300,000

NOTES PAYABLE - Additional Info

NOTES PAYABLE - Additional Information (Details)					12 Months Ended
	Dec. 29, 2023 USD ($)	Dec. 20, 2023 USD ($)	Nov. 18, 2020 USD ($) extension_option	Nov. 02, 2020 USD ($) extension_option	Dec. 31, 2023 USD ($) extension_option	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 22, 2023 USD ($)	Dec. 19, 2023	Dec. 01, 2023 USD ($)	Nov. 03, 2021
Debt Instrument [Line Items]
Debt obligations coming due during the 12-month period					$ 1,200,000,000
Long term debt, remaining term					12 months
Interest expense					$ 120,475,000	$ 60,259,000	$ 34,564,000
Amortization of deferred financing costs					4,243,000	3,940,000	3,978,000
Interest payable, current					9,900,000	8,000,000
Long-term debt					1,735,896,000	1,667,288,000
Repayments of lines of credit					3,000,000
Total notes payable principal outstanding					1,738,613,000	1,671,395,000
Mortgages
Debt Instrument [Line Items]
Debt obligations coming due during the 12-month period					$ 1,200,000,000
Long term debt, remaining term					12 months
Accenture Tower Revolving Loan | Secured Debt
Debt Instrument [Line Items]
Long-term debt, term				3 years
Maximum borrowing capacity				$ 375,000,000
Loan, amount outstanding				$ 281,300,000	$ 229,500,000					$ 229,500,000
Number of extensions | extension_option				2	1
Extension period				12 months	12 months
Long-term debt					$ 306,000,000					306,000,000
Total notes payable principal outstanding					306,000,000	281,250,000
Accenture Tower Revolving Loan | Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Loan, amount outstanding				$ 93,700,000	$ 76,500,000					$ 76,500,000
The Almaden Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Number of extensions | extension_option			2
Extension period			12 months
The Almaden Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Long-term debt, term			3 years
Maximum borrowing capacity			$ 123,000,000
Repayments of lines of credit		$ 3,000,000
Debt instrument, periodic payment, principal		$ 130,000
Stated percentage		7.45%			7.45%				3.65%
Total notes payable principal outstanding					$ 119,870,000	123,000,000
Repayment of monthly principal					130,000
Amended and Restated Portfolio Loan Facility | Secured Debt
Debt Instrument [Line Items]
Long-term debt, term											2 years
Total notes payable principal outstanding					601,288,000	559,468,000
Amended and Restated Portfolio Loan Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt					601,300,000			$ 606,300,000
Debt instrument, excess cash flow deposit requirement, percentage	100%
Asset management fee	0.75%
Repayments of debt	$ 5,000,000				5,000,000
Debt instrument, fee amount	$ 1,400,000
Interest Expense
Debt Instrument [Line Items]
Amortization of deferred financing costs					$ 4,200,000	$ 3,900,000	$ 4,000,000

NOTES PAYABLE - Schedule of Mat

NOTES PAYABLE - Schedule of Maturities Including Principal Amortization Payments, for All Notes Payable Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 1,553,743
2025	65,000
2026	119,870
2027	0
2028	0
Thereafter	0
Total notes payable principal outstanding	$ 1,738,613	$ 1,671,395

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Notional Amount and Other Information Related to the Interest Rate Swaps and Interest Rate Cap (Details) - Derivative instruments not designated as hedging instruments	3 Months Ended	12 Months Ended
	Mar. 18, 2024 USD ($) investment_instrument	Dec. 31, 2023 USD ($) investment_instrument	Jun. 30, 2023 investment_instrument	Dec. 31, 2022 USD ($) investment_instrument
Interest rate swaps
Derivative [Line Items]
Number of Instruments		16		20
Notional Amount | $		$ 1,300,000,000		$ 1,619,190,000
Weighted-Average Fix Pay Rate		2.80%
Weighted-Average Remaining Term in Years		2 years 1 month 6 days
Interest rate swaps | Subsequent Event
Derivative [Line Items]
Derivative, number of instruments terminated	2
Proceeds from aggregate derivative settlement | $	$ 6,600,000
Interest rate swaps | Secured Overnight Financing Rate (SOFR) Fallback
Derivative [Line Items]
Number of Instruments		4
Derivative, basis spread on variable rate		0.11448%
Interest rate swaps | One-month LIBOR
Derivative [Line Items]
Number of Instruments			8
Interest rate swaps | Minimum | Secured Overnight Financing Rate (SOFR) Fallback
Derivative [Line Items]
Reference rate		1.08%
Interest rate swaps | Minimum | One-month SOFR
Derivative [Line Items]
Reference rate		2.38%
Interest rate swaps | Maximum | Secured Overnight Financing Rate (SOFR) Fallback
Derivative [Line Items]
Reference rate		1.28%
Interest rate swaps | Maximum | One-month SOFR
Derivative [Line Items]
Reference rate		3.92%
Interest rate cap
Derivative [Line Items]
Number of Instruments		1		0
Notional Amount | $		$ 125,000,000		$ 0
Weighted-Average Fix Pay Rate		6.50%
Weighted-Average Remaining Term in Years		1 month 6 days
Interest rate cap | One-month SOFR
Derivative [Line Items]
Reference rate		6.49%

DERIVATIVE INSTRUMENTS - Sche_2

DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments as well as their Classification on the Consolidated Balance Sheets (Details) $ in Thousands	Dec. 31, 2023 USD ($) investment_instrument	Dec. 31, 2022 USD ($) investment_instrument	Dec. 31, 2021 investment_instrument
Derivative [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets	Prepaid expenses and other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Interest rate swaps
Derivative [Line Items]
Fair value, liability | $	$ 175
Interest rate swaps | Derivative instruments not designated as hedging instruments
Derivative [Line Items]
Number of Instruments	16	20
Fair value, asset | $	$ 23,891	$ 40,216
Fair value, liability | $	$ (175)	$ (75)
Interest rate cap | Derivative instruments not designated as hedging instruments
Derivative [Line Items]
Number of Instruments	1	0
Fair value, asset | $	$ 0	$ 0
Interest Rate Swap at Fair Value | Derivative instruments not designated as hedging instruments
Derivative [Line Items]
Number of Instruments	2	2	2
Prepaid expenses and other assets, at fair value
Derivative [Line Items]
Hybrid instruments | $		$ 8,700
Prepaid expenses and other assets, at fair value | Interest rate swaps | Derivative instruments not designated as hedging instruments
Derivative [Line Items]
Number of Instruments	15	18
Prepaid expenses and other assets, at fair value | Interest rate cap | Derivative instruments not designated as hedging instruments
Derivative [Line Items]
Number of Instruments	1	0
Other liabilities, at fair value | Interest rate swaps | Derivative instruments not designated as hedging instruments
Derivative [Line Items]
Number of Instruments	1	2

DERIVATIVE INSTRUMENTS - Sche_3

DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments in Statement of Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) investment_instrument	Dec. 31, 2022 USD ($) investment_instrument	Dec. 31, 2021 USD ($) investment_instrument
Derivative [Line Items]
Net gain on derivative instruments	$ (14,907)	$ (51,932)	$ (5,263)
Derivative instruments not designated as hedging instruments
Derivative [Line Items]
Net gain on derivative instruments	(14,907)	(51,932)	(5,263)
Interest rate swaps | Derivative instruments not designated as hedging instruments
Derivative [Line Items]
Realized loss recognized on interest rate swaps	0	7,152	18,020
Realized gain recognized on interest rate swaps	(31,358)	(6,895)	0
Unrealized loss (gain) on interest rate derivative	$ 16,426	$ (52,189)	(23,283)
Number of Instruments | investment_instrument	16	20
Interest rate cap | Derivative instruments not designated as hedging instruments
Derivative [Line Items]
Unrealized loss (gain) on interest rate derivative	$ 25	$ 0	0
Number of Instruments | investment_instrument	1	0
Interest Rate Swap at Fair Value | Derivative instruments not designated as hedging instruments
Derivative [Line Items]
Unrealized loss (gain)	$ 8,700	$ (10,700)	$ (5,800)
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, 2023	Dec. 31, 2022
Financial liabilities:
Face Value	$ 1,738,613	$ 1,671,395
Carrying Amount
Financial liabilities:
Notes payable	1,735,896	1,667,288
Fair Value
Financial liabilities:
Notes payable	$ 1,679,259	$ 1,654,046

FAIR VALUE DISCLOSURES - Sche_2

FAIR VALUE DISCLOSURES - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	$ 51,802	$ 87,416
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivatives	(175)
Interest rate swaps | Quoted Prices in Active Markets  for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivatives	0
Interest rate swaps | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivatives	(175)
Interest rate swaps | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivatives	0
Recurring Basis:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	51,802
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	51,802
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 swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	23,891
Recurring Basis: | Interest rate swaps | 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
Recurring Basis: | Interest rate swaps | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	23,891
Recurring Basis: | Interest rate swaps | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	0
Recurring Basis: | Interest rate cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	0
Recurring Basis: | Interest rate cap | 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
Recurring Basis: | Interest rate cap | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	0
Recurring Basis: | Interest rate cap | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	$ 0

FAIR VALUE DISCLOSURES - Sche_3

FAIR VALUE DISCLOSURES - Schedule of Fair Value, Assets Measured on Nonrecurring Basis (Details) - Nonrecurring Basis $ in Thousands	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	$ 71,918
Quoted Prices in Active Markets  for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	$ 71,918

FAIR VALUE DISCLOSURES - Additi

FAIR VALUE DISCLOSURES - Additional Information (Details) - Nonrecurring Basis - Valuation Technique, Discounted Cash Flow	Dec. 31, 2023
Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	9.75%
Measurement Input, Terminal Cap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	7.75%

RELATED PARTY TRANSACTIONS - Sc

RELATED PARTY TRANSACTIONS - Schedule of Related Party Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Receivable	$ 0	$ 10
Payable	17,408	10,365
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred costs (reimbursement)	21,259	20,427	$ 22,835
Advisor and Dealer Manager | Related Party
Related Party Transaction [Line Items]
Receivable	0	10
Payable	17,408	10,365
Advisor and Dealer Manager | Asset management fees
Related Party Transaction [Line Items]
Incurred costs (reimbursement)	20,839	20,102	19,832
Advisor and Dealer Manager | Asset management fees | Related Party
Related Party Transaction [Line Items]
Receivable	0	0
Payable	16,992	10,191
Advisor and Dealer Manager | Reimbursement of operating expenses
Related Party Transaction [Line Items]
Incurred costs (reimbursement)	420	325	577
Advisor and Dealer Manager | Reimbursement of operating expenses | Related Party
Related Party Transaction [Line Items]
Receivable	0	10
Payable	416	174
Advisor and Dealer Manager | Disposition fees
Related Party Transaction [Line Items]
Incurred costs (reimbursement)	0	0	2,426
Advisor and Dealer Manager | Disposition fees | Related Party
Related Party Transaction [Line Items]
Receivable	0	0
Payable	0	0
Advisor and Dealer Manager | Salaries, benefits and overhead
Related Party Transaction [Line Items]
Incurred costs (reimbursement)	111	163	428
Advisor and Dealer Manager | Vendor services, overcharged fees
Related Party Transaction [Line Items]
Incurred costs (reimbursement)			$ 800
Advisor and Dealer Manager | Overcharged fees, legal and accounting
Related Party Transaction [Line Items]
Incurred costs (reimbursement)		$ 1,600
Advisor and Dealer Manager | Asset management fee credit, vendor services and overcharged fees
Related Party Transaction [Line Items]
Incurred costs (reimbursement)	500
Advisor and Dealer Manager | Reimbursement of overcharged fees and associated legal and accounting cost
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
	Sep. 30, 2022 USD ($)	Jul. 18, 2019 USD ($)	Mar. 14, 2019 USD ($) $ / ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 29, 2015 ft²
Related Party Transaction [Line Items]
Payable				$ 17,408	$ 10,365
Annualized base rent				61,295
Rental income				270,158	275,026	$ 280,144
Related Party
Related Party Transaction [Line Items]
Rental income				300	300	300
Related Party | Subsidiaries
Related Party Transaction [Line Items]
Net rentable area (in sq feet) | ft²							5,046
Total rentable square feet (percentage)							2.40%
Annualized base rent			$ 300
Average annualized base rent per square foot (usd per sqft) | $ / ft²			62.55
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred costs (reimbursement)				21,259	20,427	22,835
Advisor and Dealer Manager | Related Party
Related Party Transaction [Line Items]
Payable				17,408	10,365
SREIT
Related Party Transaction [Line Items]
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
Related Party Transaction [Line Items]
Investment in an unconsolidated entity		$ 5,000
SREIT | Related Party
Related Party Transaction [Line Items]
Annual base fee (percent)		10%
Annual performance fee (percent)		25%
Incurred Costs of Supplemental Coverage | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred costs (reimbursement)				100	100	100
Asset management fees | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred costs (reimbursement)				20,839	20,102	$ 19,832
Asset management fees | Advisor and Dealer Manager | Related Party
Related Party Transaction [Line Items]
Payable				16,992	10,191
Deferred asset management fees | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred costs (reimbursement)	$ 8,500
Deferred asset management fees | Advisor and Dealer Manager | Related Party
Related Party Transaction [Line Items]
Payable				8,500	8,500
Bonus retention fund deposit | Advisor and Dealer Manager | Related Party
Related Party Transaction [Line Items]
Payable				$ 8,500	1,700
One-time write-off of prepaid offering costs | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred costs (reimbursement)					2,700
Conflicts committee financial advisor fee | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred costs (reimbursement)					$ 500

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)					12 Months Ended
	Feb. 21, 2024 USD ($)	Feb. 09, 2024 USD ($)	Feb. 06, 2024 USD ($)	Dec. 29, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 30, 2012 a ft²
Subsequent Event [Line Items]
Total notes payable principal outstanding					$ 1,738,613,000	$ 1,671,395,000
Office Building | McEwen Building
Subsequent Event [Line Items]
Real estate property acquired, net rentable area (sq ft) | ft²							175,262
Real estate property acquired, area of land | a							10.7
Subsequent Event | Office Building | McEwen Building
Subsequent Event [Line Items]
Proceeds from sale of real estate	$ 48,800,000
Subsequent Event | Office Building | McEwen Building | Disposed of by Sale
Subsequent Event [Line Items]
Excluding disposition fees payable to the advisor	1,100,000
201 Spear Street Mortgage Loan | Mortgages
Subsequent Event [Line Items]
Debt instrument, deed-in-lieu transaction period, maximum				6 months
Total notes payable principal outstanding					$ 125,000,000	125,000,000
201 Spear Street Mortgage Loan | Mortgages | One-month SOFR
Subsequent Event [Line Items]
Basis spread on variable rate					1.45%
Amended and Restated Portfolio Loan Facility | Secured Debt
Subsequent Event [Line Items]
Total notes payable principal outstanding					$ 601,288,000	559,468,000
Amended and Restated Portfolio Loan Facility | Subsequent Event
Subsequent Event [Line Items]
Other indebtedness demand made or guaranteed, amount			$ 5,000,000
Non-refundable fee payment			900,000
Cash sweep collateral account deposit			5,000,000
Exit fee payment			1,000,000
Amended and Restated Portfolio Loan Facility | Subsequent Event | Secured Debt
Subsequent Event [Line Items]
Minimum equity and debt raise			$ 100,000,000
Debt instrument, excess cash flow deposit requirement, percentage			100%
Modified Portfolio Revolving Loan Facility | Secured Debt
Subsequent Event [Line Items]
Total notes payable principal outstanding					$ 249,145,000	$ 249,145,000
Modified Portfolio Revolving Loan Facility | Secured Debt | One-month SOFR
Subsequent Event [Line Items]
Basis spread on variable rate					1.60%
Modified Portfolio Revolving Loan Facility | Subsequent Event | Loan Borrower
Subsequent Event [Line Items]
Debt instrument, covenant, approved holdback costs		$ 10,000,000
Modified Portfolio Revolving Loan Facility | Subsequent Event | Loan Guarantor
Subsequent Event [Line Items]
Debt instrument, covenant, approved holdback costs		6,200,000
Modified Portfolio Revolving Loan Facility | Subsequent Event | Secured Debt
Subsequent Event [Line Items]
Repayments of debt	46,200,000
Total notes payable principal outstanding	$ 203,000,000
Debt instrument, periodic payment, principal		$ 880,900
Modified Portfolio Revolving Loan Facility | Subsequent Event | Secured Debt | One-month SOFR
Subsequent Event [Line Items]
Basis spread on variable rate		3%

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	370,088
Gross Amount at which Carried at Close of Period, Land	274,315
Gross Amount at which Carried at Close of Period, Building and Improvements	2,278,664
Gross Amount at which Carried at Close of Period, Total	2,552,979	$ 2,568,352	$ 2,441,266	$ 2,554,572
Accumulated Depreciation and Amortization	(713,501)	$ (656,401)	$ (572,968)	$ (525,629)
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	601,300
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	$ 140,400
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	25,445
Gross Amount at which Carried at Close of Period, Land	7,428
Gross Amount at which Carried at Close of Period, Building and Improvements	133,992
Gross Amount at which Carried at Close of Period, Total	141,420
Accumulated Depreciation and Amortization	$ (52,231)
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	(117)
Gross Amount at which Carried at Close of Period, Land	5,600
Gross Amount at which Carried at Close of Period, Building and Improvements	34,587
Gross Amount at which Carried at Close of Period, Total	40,187
Accumulated Depreciation and Amortization	$ (11,840)
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	10,859
Gross Amount at which Carried at Close of Period, Land	5,617
Gross Amount at which Carried at Close of Period, Building and Improvements	30,910
Gross Amount at which Carried at Close of Period, Total	36,527
Accumulated Depreciation and Amortization	$ (12,257)
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	59,217
Gross Amount at which Carried at Close of Period, Land	16,951
Gross Amount at which Carried at Close of Period, Building and Improvements	168,408
Gross Amount at which Carried at Close of Period, Total	185,359
Accumulated Depreciation and Amortization	$ (57,793)
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	31,604
Gross Amount at which Carried at Close of Period, Land	17,188
Gross Amount at which Carried at Close of Period, Building and Improvements	127,934
Gross Amount at which Carried at Close of Period, Total	145,122
Accumulated Depreciation and Amortization	$ (41,862)
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	20,083
Gross Amount at which Carried at Close of Period, Land	6,800
Gross Amount at which Carried at Close of Period, Building and Improvements	88,375
Gross Amount at which Carried at Close of Period, Total	95,175
Accumulated Depreciation and Amortization	$ (30,619)
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	(55,649)
Gross Amount at which Carried at Close of Period, Land	24,473
Gross Amount at which Carried at Close of Period, Building and Improvements	46,098
Gross Amount at which Carried at Close of Period, Total	70,571
Accumulated Depreciation and Amortization	$ (1,543)
Accenture Tower
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Encumbrances	$ 306,000
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	152,304
Gross Amount at which Carried at Close of Period, Land	49,306
Gross Amount at which Carried at Close of Period, Building and Improvements	522,966
Gross Amount at which Carried at Close of Period, Total	572,272
Accumulated Depreciation and Amortization	$ (163,795)
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	14,170
Gross Amount at which Carried at Close of Period, Land	7,000
Gross Amount at which Carried at Close of Period, Building and Improvements	124,462
Gross Amount at which Carried at Close of Period, Total	131,462
Accumulated Depreciation and Amortization	$ (40,615)
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	40,272
Gross Amount at which Carried at Close of Period, Land	35,774
Gross Amount at which Carried at Close of Period, Building and Improvements	187,439
Gross Amount at which Carried at Close of Period, Total	223,213
Accumulated Depreciation and Amortization	$ (65,700)
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	6,333
Gross Amount at which Carried at Close of Period, Land	18,800
Gross Amount at which Carried at Close of Period, Building and Improvements	136,153
Gross Amount at which Carried at Close of Period, Total	154,953
Accumulated Depreciation and Amortization	$ (46,009)
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	(40,996)
Gross Amount at which Carried at Close of Period, Land	8,101
Gross Amount at which Carried at Close of Period, Building and Improvements	78,982
Gross Amount at which Carried at Close of Period, Total	87,083
Accumulated Depreciation and Amortization	$ (13,743)
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	13,095
Gross Amount at which Carried at Close of Period, Land	5,277
Gross Amount at which Carried at Close of Period, Building and Improvements	99,954
Gross Amount at which Carried at Close of Period, Total	105,231
Accumulated Depreciation and Amortization	$ (33,579)
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	21,987
Gross Amount at which Carried at Close of Period, Land	8,000
Gross Amount at which Carried at Close of Period, Building and Improvements	128,248
Gross Amount at which Carried at Close of Period, Total	136,248
Accumulated Depreciation and Amortization	$ (35,623)
The Almaden
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Encumbrances	$ 119,870
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	33,956
Gross Amount at which Carried at Close of Period, Land	29,000
Gross Amount at which Carried at Close of Period, Building and Improvements	164,101
Gross Amount at which Carried at Close of Period, Total	193,101
Accumulated Depreciation and Amortization	$ (49,537)
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	9,526
Gross Amount at which Carried at Close of Period, Land	9,900
Gross Amount at which Carried at Close of Period, Building and Improvements	51,077
Gross Amount at which Carried at Close of Period, Total	60,977
Accumulated Depreciation and Amortization	$ (14,722)
Carillon
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100%
Encumbrances	$ 94,400
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	27,999
Gross Amount at which Carried at Close of Period, Land	19,100
Gross Amount at which Carried at Close of Period, Building and Improvements	154,978
Gross Amount at which Carried at Close of Period, Total	174,078
Accumulated Depreciation and Amortization	$ (42,033)

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate:
Balance at the beginning of the year	$ 2,568,352	$ 2,441,266	$ 2,554,572
Improvements	76,346	144,693	69,527
Write off of fully depreciated and fully amortized assets	(46,260)	(17,607)	(15,502)
Impairments	(45,459)	0	0
Sale	0	0	(167,331)
Balance at the end of the year	2,552,979	2,568,352	2,441,266
Accumulated depreciation and amortization:
Balance at the beginning of the year	(656,401)	(572,968)	(525,629)
Depreciation and amortization expense	(103,360)	(101,040)	(100,036)
Write off of fully depreciated and fully amortized assets	46,260	17,607	15,502
Sale	0	0	37,195
Balance at the end of the year	$ (713,501)	$ (656,401)	$ (572,968)