Pacific Oak Strategic Opportunity Reit Ii 10-K 8 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 04, 2019	Jun. 30, 2018
Document and Entity Information [Line Items]
Entity Registrant Name	KBS Strategic Opportunity REIT II, Inc.
Entity Central Index Key	1,580,673
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 0
Common Class A
Document and Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		17,920,460
Common Class T
Document and Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		12,216,244

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Real estate, net	$ 511,606	$ 530,440
Real estate equity securities	7,230	0
Real estate loan receivable, net	0	3,500
Total real estate and real estate-related investments, net	518,836	533,940
Cash and cash equivalents	21,063	29,031
Restricted cash	5,795	6,022
Investment in unconsolidated entity	2,868	2,698
Rents and other receivables	5,612	3,265
Above-market leases, net	65	83
Prepaid expenses and other assets	8,239	7,476
Total assets	562,478	582,515
Liabilities and equity
Notes payable, net	326,543	328,351
Accounts payable and accrued liabilities	7,226	6,845
Due to affiliates	235	1,862
Distributions payable	484	366
Below-market leases, net	7,348	10,783
Other liabilities	13,176	12,399
Redeemable common stock payable	3,028	0
Total liabilities	358,040	360,606
Commitments and contingencies (Note 13)
Redeemable common stock	0	2,611
Equity
Preferred stock, $.01 par value per share; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	266,339	245,077
Cumulative distributions and net losses	(73,461)	(39,657)
Accumulated other comprehensive income	89	202
Total KBS Strategic Opportunity REIT II, Inc. stockholders’ equity	193,270	205,901
Noncontrolling interests	11,168	13,397
Total equity	204,438	219,298
Total liabilities and equity	562,478	582,515
Common Class A
Equity
Common stock	181	169
Common Class T
Equity
Common stock	$ 122	$ 110

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Preferred stock, par value (usd 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 Class A
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	18,103,437	16,888,940
Common stock, shares outstanding (in shares)	18,103,437	16,888,940
Common Class T
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	12,208,242	11,031,895
Common stock, shares outstanding (in shares)	12,208,242	11,031,895

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Hotel revenues	$ 32,666,000	$ 28,994,000	$ 24,807,000
Office revenues	29,941,000	15,607,000	5,224,000
Apartment revenues	7,469,000	6,980,000	890,000
Dividend income from real estate equity securities	196,000	0	0
Interest income from real estate loan receivable	10,000	387,000	399,000
Total revenues	70,282,000	51,968,000	31,320,000
Expenses:
Hotel expenses	22,907,000	19,187,000	17,592,000
Office expenses	12,322,000	5,372,000	1,378,000
Apartment expenses	3,779,000	3,624,000	353,000
Asset management fees to affiliate	3,985,000	2,775,000	1,340,000
Real estate acquisition fees and expenses to affiliate	0	0	3,759,000
Real estate acquisition fees and expenses	0	0	946,000
General and administrative expenses	2,866,000	3,199,000	2,703,000
Depreciation and amortization	20,405,000	14,429,000	7,848,000
Interest expense	14,663,000	8,814,000	3,797,000
Impairment charges on real estate	14,745,000	0	0
Total expenses	95,672,000	57,400,000	39,716,000
Other (loss) income:
Other interest income	367,000	514,000	227,000
Equity in income of unconsolidated entity	339,000	54,000	80,000
Loss on real estate equity securities	(1,924,000)	0	0
Casualty-related income, net	0	1,614,000	1,394,000
Total other (loss) income	(1,218,000)	2,182,000	1,701,000
Net loss before income taxes	(26,608,000)	(3,250,000)	(6,695,000)
Income tax benefit (expense)	9,000	(48,000)	200,000
Net loss	(26,599,000)	(3,298,000)	(6,495,000)
Net loss attributable to noncontrolling interest	3,091,000	26,000	5,000
Net loss attributable to common stockholders	(23,508,000)	(3,272,000)	(6,490,000)
Common Class A
Other (loss) income:
Net loss attributable to common stockholders	$ (13,729,000)	$ (1,480,000)	$ (5,421,000)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.77)	$ (0.09)	$ (0.41)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	17,775,503	16,096,216	13,158,129
Common Class T
Other (loss) income:
Net loss attributable to common stockholders	$ (9,779,000)	$ (1,792,000)	$ (1,069,000)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.82)	$ (0.18)	$ (0.45)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	11,864,178	9,797,325	2,377,436

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (26,599)	$ (3,298)	$ (6,495)
Other comprehensive income (loss):
Foreign currency translation (loss) gain	(113)	313	(111)
Total other comprehensive (loss) income	(113)	313	(111)
Total comprehensive loss	(26,712)	(2,985)	(6,606)
Total comprehensive loss attributable to noncontrolling interests	3,091	26	5
Total comprehensive loss attributable to common stockholders	$ (23,621)	$ (2,959)	$ (6,601)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Class A	Common Class T	Total Stockholders' Equity	Common Stock	Common StockCommon Class A	Common StockCommon Class T	Additional Paid-in Capital	Cumulative Distributions and Net Losses	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2015						9,619,143	0
Balance at Dec. 31, 2015	$ 70,742			$ 66,452		$ 96	$ 0	$ 79,622	$ (13,266)	$ 0	$ 4,290
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(6,495)			(6,490)					(6,490)		(5)
Other comprehensive income (loss)	(111)			(111)						(111)
Issuance of common stock (in shares)						4,104,345	5,955,697
Issuance of common stock	97,409			97,409		$ 41	$ 60	97,308
Stock dividends issued (in shares)						422,829	90,894
Stock dividends issued	0			0		$ 4	$ 1	5,095	(5,100)
Redemptions of common stock (in shares)						(71,524)
Redemptions of common stock	(591)			(591)		$ (1)		(590)
Transfers to redeemable common stock	(1,029)			(1,029)				(1,029)
Distributions declared	(2,961)			(2,961)					(2,961)
Commissions on stock sales, dealer manager fees and stockholder servicing fees to affiliate	(6,213)			(6,213)				(6,213)
Reduction of other offering costs	1,828			1,828				1,828
Noncontrolling interests contributions	7,389										7,389
Balance (in shares) at Dec. 31, 2016						14,074,793	6,046,591
Balance at Dec. 31, 2016	159,968			148,294		$ 140	$ 61	176,021	(27,817)	(111)	11,674
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,298)			(3,272)					(3,272)		(26)
Other comprehensive income (loss)	313			313						313
Issuance of common stock (in shares)						2,641,090	4,822,456
Issuance of common stock	71,916			71,916		$ 27	$ 48	71,841
Stock dividends issued (in shares)						308,857	184,606
Stock dividends issued	0			0		$ 3	$ 2	4,643	(4,648)
Redemptions of common stock (in shares)						(135,800)	(21,758)
Redemptions of common stock	(1,359)			(1,359)		$ (1)	$ (1)	(1,357)
Transfers to redeemable common stock	(490)			(490)				(490)
Distributions declared	(3,920)			(3,920)					(3,920)
Commissions on stock sales, dealer manager fees and stockholder servicing fees to affiliate	(4,913)			(4,913)				(4,913)
Other offering costs	(668)			(668)				(668)
Noncontrolling interests contributions	1,774										1,774
Distributions to noncontrolling interests	(25)										(25)
Balance (in shares) at Dec. 31, 2017		16,888,940	11,031,895			16,888,940	11,031,895
Balance at Dec. 31, 2017	219,298			205,901		$ 169	$ 110	245,077	(39,657)	202	13,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(26,599)			(23,508)					(23,508)		(3,091)
Other comprehensive income (loss)	(113)			(113)						(113)
Issuance of common stock (in shares)						1,100,169	984,685
Issuance of common stock	19,995			19,995		$ 11	$ 10	19,974
Stock dividends issued (in shares)						350,547	233,830
Stock dividends issued	0			0		$ 3	$ 2	5,284	(5,289)
Redemptions of common stock (in shares)						(236,219)	(42,168)
Redemptions of common stock	(2,441)			(2,441)	$ (2,400)	$ (2)	$ 0	(2,439)
Transfers to redeemable common stock	(417)			(417)				(417)
Distributions declared	(5,007)			(5,007)					(5,007)
Commissions on stock sales, dealer manager fees and stockholder servicing fees to affiliate	(965)			(965)				(965)
Other offering costs	(175)			(175)				(175)
Noncontrolling interests contributions	1,362										1,362
Distributions to noncontrolling interests	(500)										(500)
Balance (in shares) at Dec. 31, 2018		18,103,437	12,208,242			18,103,437	12,208,242
Balance at Dec. 31, 2018	$ 204,438			$ 193,270		$ 181	$ 122	$ 266,339	$ (73,461)	$ 89	$ 11,168

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows from Operating Activities:
Net loss	$ (26,599,000)	$ (3,298,000)	$ (6,495,000)
Adjustment to reconcile net loss to net cash provided by operating activities
Equity in income of unconsolidated entity	(339,000)	(54,000)	(80,000)
Distribution of earnings from unconsolidated joint venture	56,000	54,000	80,000
Loss due to property damages	0	0	3,257,000
Casualty-related income, net	0	(1,614,000)	(1,394,000)
Depreciation and amortization	20,405,000	14,429,000	7,848,000
Impairment charges on real estate	14,745,000	0	0
Loss on real estate equity securities	1,924,000	0	0
Noncash interest income on real estate-related investment	0	(58,000)	(70,000)
Deferred rents	(1,428,000)	(774,000)	(293,000)
Bad debt expense	344,000	152,000	0
Amortization of above- and below-market leases, net	(3,417,000)	(2,028,000)	(480,000)
Amortization of deferred financing costs	1,207,000	910,000	565,000
Unrealized (gain) loss on derivative instruments	(124,000)	175,000	97,000
Changes in operating assets and liabilities:
Rents and other receivables	(1,480,000)	(804,000)	(1,784,000)
Prepaid expenses and other assets	(1,738,000)	2,123,000	(7,322,000)
Accounts payable and accrued liabilities	136,000	(783,000)	4,289,000
Due to affiliates	(7,000)	27,000	(97,000)
Other liabilities	930,000	372,000	2,583,000
Net cash provided by operating activities	4,615,000	8,829,000	704,000
Cash Flows from Investing Activities:
Acquisitions of real estate	0	(193,146,000)	(203,982,000)
Improvements to real estate	(8,914,000)	(9,744,000)	(16,933,000)
Investment in real estate securities	(9,150,000)	0	0
Payments for construction costs	(5,699,000)	(5,575,000)	(51,000)
Payoff of real estate loan receivable	3,500,000	0	0
Investment in unconsolidated entity	0	0	(2,495,000)
Proceeds from insurance claims	237,000	5,080,000	1,880,000
Purchase of interest rate cap agreement	(16,000)	(14,000)	(147,000)
Net cash used in investing activities	(20,042,000)	(203,399,000)	(221,728,000)
Cash Flows from Financing Activities:
Proceeds from notes payable	2,278,000	120,025,000	150,250,000
Principal payments on notes payable	(5,499,000)	0	0
Payments of deferred financing costs	(254,000)	(1,782,000)	(3,127,000)
Principal payments on capital lease obligations	(175,000)	(166,000)	0
Proceeds from issuance of common stock	17,184,000	70,090,000	95,779,000
Payments to redeem common stock	(2,441,000)	(1,359,000)	(591,000)
Payments of commissions on stock sales, dealer manager fees and stockholder servicing fees	(1,645,000)	(4,607,000)	(5,839,000)
Payments of other offering costs	(1,217,000)	0	(20,000)
Distributions paid	(1,861,000)	(1,453,000)	(1,057,000)
Noncontrolling interest contributions	1,362,000	1,774,000	7,389,000
Distributions to noncontrolling interest	(500,000)	(25,000)	0
Net cash provided by financing activities	7,232,000	182,497,000	242,784,000
Net (decrease) increase in cash, cash equivalents and restricted cash	(8,195,000)	(12,073,000)	21,760,000
Cash, cash equivalents and restricted cash, beginning of period	35,053,000	47,126,000	25,366,000
Cash, cash equivalents and restricted cash, end of period	26,858,000	35,053,000	47,126,000
Supplemental Disclosure of Noncash Investing and Financing Activities:
Interest paid, net of capitalized interest of $3,920, $4,075 and $386 for the years ended December 31, 2018, 2017 and 2016, respectively	12,427,000	6,390,000	2,479,000
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	3,028,000	2,375,000	1,630,000
Increase in redemption payable	3,028,000	0	0
Increase in accrued improvements to real estate	576,000	307,000	0
Increase in other offering costs due to affiliates	0	668,000	374,000
Increase in acquisition fees due to affiliates	102,000	49,000	0
Reversal of accrued organization and offering expenses due to affiliates	0	0	(2,222,000)
Increase in stockholder servicing fees due to affiliate	0	306,000	374,000
Stock dividends issued	5,289,000	4,648,000	5,100,000
Increase in distributions payable	118,000	92,000	274,000
Foreign currency translation (loss) gain on investment in unconsolidated entity	(113,000)	313,000	111,000
Increase in construction cost payable	0	224,000	172,000
Increase in construction in progress for amortization of deferred financing costs	$ 460,000	$ 613,000	$ 51,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Cash Flows [Abstract]
Interest capitalized	$ 3,920	$ 4,075	$ 386

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION KBS Strategic Opportunity REIT II, Inc. (the “Company”) was formed on February 6, 2013 as a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2014 and intends to continue to operate in such a manner. The Company’s business is conducted through KBS Strategic Opportunity Limited Partnership II (the “Operating Partnership”), a Delaware limited partnership formed on February 7, 2013. The Company is the sole general partner of, and owns a 0.1% partnership interest in, the Operating Partnership. KBS Strategic Opportunity Holdings II LLC (“REIT Holdings”), a Delaware limited liability company formed on February 7, 2013, owns the remaining 99.9% partnership interest in the Operating Partnership and is the sole limited partner. The Company is the sole member and manager of REIT Holdings. The Company has three wholly owned taxable REIT subsidiaries (“TRS”), two of which lease the Company’s hotel properties and in turn contract with independent hotel management companies that manage the day-to-day operations of the Company’s hotels; the third consolidates the Company’s wholly owned TRSs. The Company’s TRSs are subject to federal and state income tax at regular corporate tax rates. Subject to certain restrictions and limitations, the business of the Company has been externally managed by KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, since July 2013 pursuant to an advisory agreement (the “Advisory Agreement”). The Advisor conducts the Company’s operations and manages its portfolio of real estate loans, opportunistic real estate and other real estate-related investments. The Advisor has entered into a sub-advisory agreement with STAM, a real estate operating company to provide real estate acquisition and portfolio management services to the Advisor in connection with any investments the Company may make in value-added real estate, distressed debt, and real estate-related investments in Europe. On July 3, 2013, the Company issued 21,739 shares of its common stock to the Advisor at a purchase price of $9.20 per share. The Company has invested in and manages a portfolio of opportunistic real estate, real estate-related loans, real estate equity securities and other real estate-related investments located in the United States and Europe. As of December 31, 2018 , the Company had invested in two hotel properties, four office properties, one apartment building, an investment in an unconsolidated entity and an investment in real estate equity securities. Additionally, as of December 31, 2018 , the Company had entered into a consolidated joint venture to develop one retail property. From July 3, 2013 to August 11, 2014, the Company conducted a private placement offering (the “Private Offering”) exempt from registration under Regulation D of the Securities Act of 1933, as amended (the “Act”). The Company sold 3,619,851 shares of common stock for gross offering proceeds of $32.2 million in the Private Offering. On November 14, 2013, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of 180,000,000 shares of common stock for sale to the public (the “Public Offering”), of which 100,000,000 shares were registered in a primary offering and 80,000,000 shares were registered to be sold under the Company’s dividend reinvestment plan. The SEC declared the Company’s registration statement effective on August 12, 2014. On February 11, 2016, the Company filed an amended registration statement on Form S-11 with the SEC to offer a second class of common stock designated as Class T shares and to designate its initially offered and outstanding common stock as Class A shares. Pursuant to the amended registration statement, the Company is offering to sell any combination of Class A and Class T shares in the Public Offering but in no event may the Company sell more than 180,000,000 of shares of its common stock pursuant to the Public Offering. The Company commenced offering Class T shares of common stock for sale to the public on February 17, 2016. KBS Capital Markets Group LLC (the “Dealer Manager”), an affiliate of the Advisor, serves as the dealer manager of the Public Offering pursuant to a dealer manager agreement originally dated August 12, 2014 and amended and restated February 17, 2016 (the “Dealer Manager Agreement”). Previously the Dealer Manager served as dealer manager for the Private Offering. The Dealer Manager is responsible for marketing the Company’s shares. The Company ceased offering shares of common stock in the primary portion of the Public Offering on July 31, 2018 and terminated the primary portion of the Public Offering on September 28, 2018 . The Company continues to offer shares of common stock under its dividend reinvestment plan. In some states, the Company will need to renew the registration statement annually or file a new registration statement to continue its dividend reinvestment plan offering. The Company may terminate its dividend reinvestment plan offering at any time. The Company sold 11,977,758 and 11,537,701 shares of Class A and Class T common stock, respectively, in the Public Offering for aggregate gross offering proceeds of $228.6 million . As of December 31, 2018 , the Company had sold 602,462 and 225,137 shares of Class A and Class T common stock, respectively, under its dividend reinvestment plan for aggregate gross offering proceeds of $7.6 million . Also as of December 31, 2018 , the Company had redeemed 443,543 and 63,926 shares of Class A and Class T common stock, respectively, for $4.4 million . On each of April 2, 2014 and July 31, 2014, the Company issued 120,106 shares of Class A common stock to Willowbrook Capital Group LLC, an entity owned and controlled by Keith D. Hall, one of the Company’s directors and the Company’s Chief Executive Officer, and Peter McMillan III, also one of the Company’s directors and the Company’s President, for $1.0 million . On July 14, 2017 and February 13, 2018 , the Company issued 214,175 shares and 10,935 shares, respectively, of Class A common stock to a business associate of Keith D. Hall and Peter McMillan III for approximately $2.0 million and $0.1 million , respectively. The Company issued these shares of common stock in a private transaction exempt from the registration requirements of the Act pursuant to Section 4(2) of the Act.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries and joint ventures in which the Company has a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. The consolidated financial statements are 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 SEC. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Revenue Recognition Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”), using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of the Company’s adoption. Under the modified retrospective approach, an entity may also elect to apply this standard to either (i) all contracts as of January 1, 2018 or (ii) only to contracts that were not completed as of January 1, 2018. A completed contract is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP that was in effect before the date of initial application. The Company elected to apply this standard only to contracts that were not completed as of January 1, 2018. Based on the Company’s evaluation of contracts within the scope of ASU No. 2014-09, revenue that is impacted by ASU No. 2014-09 includes revenue generated by other operating income and tenant reimbursements for substantial services earned at the Company’s office properties and hotel revenues. The recognition of such revenue will occur when the services are provided and the performance obligations are satisfied. Hotel Revenue The Company recognizes revenue for hotels as hotel revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from the Company’s guests. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is booked by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is booked by the Company on a gross basis. The Company participates in frequent guest programs sponsored by the brand owners of the Company’s hotels and the Company expenses the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated in the real estate footnote into the categories of rooms revenue, food, beverage and convention services revenue, campground revenue and other revenue to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows. Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for the right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at the Company’s hotels. Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits are recognized as revenue at the time of the guest’s stay. Food, beverage and convention revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or convention services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the convention facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at the Company’s hotels. Advanced deposits for food and beverage revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. Campground revenue is recognized on a straight-line basis over the term of the lease when collectability is reasonably assured. Office and Apartment Revenues 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 reasonably assured 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 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 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. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. The Company leases apartment units under operating leases with terms generally of one year or less. Generally, credit investigations will be performed for prospective residents and security deposits will be obtained. The Company recognizes rental revenue, net of concessions, on a straight-line basis over the term of the lease, when collectibility is reasonably assured. The Company makes estimates of the collectibility of its tenant receivables related to base rents, including deferred rent, expense reimbursements and other revenue or income. Management specifically analyzes accounts receivable, deferred rents receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectibility of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. When a tenant is in bankruptcy, the Company will record a bad debt reserve for the tenant’s receivable balance and generally will not recognize subsequent rental revenue until cash is received or until the tenant is no longer in bankruptcy and has the ability to make rental payments. Sale of Real Estate The Company adopted 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. 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. The Company did not have any sales of real estate during the years ended December 31, 2018 , 2017 and 2016 . Real Estate Equity Securities The Company’s real estate equity securities are carried at their estimated fair value based on quoted market prices for the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. Upon adoption of ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU No. 2016-01”) on January 1, 2018, unrealized gains and losses on real estate equity securities are recognized in earnings. Dividend income from real estate equity securities is recognized on an accrual basis based on eligible shares as of the ex-dividend date. Real Estate Loans Receivable Interest income on the Company’s real estate loans receivable is recognized on an accrual basis over the life of the investment using the interest method. Direct loan origination or acquisition fees and costs, as well as acquisition premiums or discounts, are amortized over the term of the loan as an adjustment to interest income. The Company places loans on non-accrual status when any portion of principal or interest is 90 days past due, or earlier when concern exists as to the ultimate collection of principal or interest. When a loan is placed on non-accrual status, the Company reserves for any unpaid accrued interest and generally does not recognize subsequent interest income until cash is received, or the loan returns to accrual status. The Company will resume the accrual of interest if it determines the collection of interest, according to the contractual terms of the loan, is probable. The Company generally recognizes income on impaired loans on either a cash basis, where interest income is only recorded when received in cash, or on a cost-recovery basis, where all cash receipts are applied against the carrying value of the loan. The Company considers the collectibility of the loan’s principal balance in determining whether to recognize income on impaired loans on a cash basis or a cost-recovery basis. Cash and Cash Equivalents The Company recognizes interest income on its cash and cash equivalents as it is earned and records 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 subsidies & tax abatements Remaining term of agreement Furniture, fixtures & equipment 3-12 years Real Estate Acquisition Valuation As a result of the Company’s adoption of ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, acquisitions of real estate beginning January 1, 2017 could qualify as asset acquisitions (as opposed to business combinations). The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business. For purposes of this test, land and buildings can be combined along with the intangible assets for any in-place leases and accordingly, most acquisitions of investment properties would not meet the definition of a business and would be accounted for as an asset acquisition. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized. Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. Acquired in-place lease values are amortized to expense over the average remaining non-cancelable terms of the respective in-place leases, including any below-market renewal periods. Intangible assets also include the estimated value of subsidy receipts for apartments, which are recorded at a discounted present value based on estimated collectibility and are amortized on a straight-line basis over the period the amounts are expected to be collected. 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 each respective lease. 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. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. 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 will 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. During the year ended December 31, 2018 , the Company recorded impairment charges in the aggregate on real estate of $14.7 million . See note 3 , “Real Estate” for a further discussion on the Company’s impairment of real estate. The Company did not record any impairment losses on its real estate and related intangible assets during the years ended December 31, 2017 and 2016 . Projecting future cash flows involves estimating expected future operating income and expenses related to the real estate and its related intangible assets and liabilities as well as market and other trends. Using inappropriate assumptions to estimate cash flows could result in incorrect fair values of the real estate and its related intangible assets and liabilities and could result in the overstatement of the carrying values of the Company’s real estate and related intangible assets and liabilities and an overstatement of its net income. Insurance Proceeds for Property Damages The Company maintains an insurance policy that provides coverage for property damages and business interruption. Losses due to physical damages are recognized during the accounting period in which they occur, while the amount of monetary assets to be received from the insurance policy is recognized when receipt of insurance recoveries is probable. Losses, which are reduced by the related probable insurance recoveries, are recorded as casualty-related income/(loss), net on the accompanying consolidated statements of operations. Anticipated proceeds in excess of recognized losses would be considered a gain contingency and recognized when the contingency related to the insurance claim has been resolved. Anticipated recoveries for lost revenue due to property damages are also considered to be a gain contingency and recognized when the contingency related to the insurance claim has been resolved. Construction in Progress Direct investments in development properties without leases in place at the time of acquisition are accounted for as an asset acquisition and not as a business combination. Acquisition fees and expenses are capitalized into the cost basis of an asset acquisition. Additionally, during the time in which the Company is incurring costs necessary to bring these investments to their intended use, certain costs such as legal fees, real estate taxes and insurance and financing costs are also capitalized. Once construction in progress is substantially completed, the amounts capitalized to construction in progress are transferred to land and buildings and improvements and are depreciated over their respective useful lives. Real Estate Loans Receivable and Loan Loss Reserves The Company’s real estate loans receivable are recorded at amortized cost, net of loan loss reserves (if any), and evaluated for impairment at each balance sheet date. The amortized cost of a real estate loan receivable is the outstanding unpaid principal balance, net of unamortized acquisition premiums or discounts and unamortized costs and fees directly associated with the origination or acquisition of the loan. The amount of impairment, if any, will be measured by comparing the amortized cost of the loan to the present value of the expected cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent and collection of principal and interest is not assured. If a loan is deemed to be impaired, the Company will record a loan loss reserve and a provision for loan losses to recognize impairment. A reserve for loan losses is a valuation allowance that reflects management’s estimate of loan losses inherent in the loan portfolio as of the balance sheet date. Reserve for loan losses will be adjusted through “Provision for loan losses” on the Company’s consolidated statements of operations and decreased by charge-offs to specific loans when losses are confirmed. The Company will consider a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. If the Company purchases a loan at a discount to face value and at the acquisition date the Company expects to collect less than the contractual amounts due under the terms of the loan based, at least in part, on the Company’s assessment of the credit quality of the borrower, the Company will consider such a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts the Company estimated to be collected at the time of acquisition. The Company will also consider a loan to be impaired if it grants the borrower a concession through a modification of the loan terms or if it expects to receive assets (including equity interests in the borrower) with fair values that are less than the carrying value of the loan in satisfaction of the loan. A reserve will be established when the present value of payments expected to be received, observable market prices, the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) or amounts expected to be received in satisfaction of a loan are lower than the carrying value of that loan. On January 12, 2018 , the real estate loan receivable was repaid in full. As of December 31, 2017 , there was no loan loss reserve and the Company did not record any impairment related to its real estate loan receivable for the years ended December 31, 2018 , 2017 and 2016 . Failure to recognize impairments would result in the overstatement of earnings and the carrying value of the Company’s real estate loans held for investment. Actual losses, if any, could significantly differ from estimated amounts. 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. The Company’s cash and cash equivalents balance exceeded federally insurable limits as of December 31, 2018 . The Company mitigates this risk by depositing funds with a major financial institution; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. Restricted Cash Restricted cash is comprised of lender impound reserve accounts on the Company’s borrowings for security deposits, property taxes, insurance, debt service obligations and capital improvements and replacements. Rents and Other Receivables The Company periodically evaluates the collectibility of amounts due from tenants and hotel guests and will maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants and hotel guests to make required payments under the terms of lease or hotel agreements. In addition, the Company will maintain an allowance for deferred rent receivable that arises from the straight-lining of rents. The Company will exercise judgment in establishing these allowances and will consider payment history and current credit status of its tenants in developing these estimates. 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. Derivative instruments designated and qualifying as a hedge of the exposure to variability in expected future cash flows or other types of forecasted transactions are considered cash flow hedges. The change in fair value of the effective portion of a derivative instrument that is designated as a cash flow hedge is recorded as other comprehensive income (loss) on the accompanying consolidated statements of comprehensive income (loss) and consolidated statements of equity. 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 a component of interest expense in the accompanying consolidated statements of operations. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategy for undertaking various hedge transactions. This process includes designating all derivative instruments that are part of a hedging relationship to specific forecasted transactions or recognized obligations on the consolidated balance sheets. The Company also assesses and documents, both at the hedging instrument’s inception and on a quarterly basis thereafter, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in cash flows associated with the respective hedged items. When the Company determines that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues hedge accounting prospectively and reclassifies amounts recorded to accumulated other comprehensive income (loss) to earnings. 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 Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1 : unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2 : quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3 : prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classify such items in Level 1 or Level 2. The Company would classify items as Level 3 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 that the market for a financial instrument owned by the Company is 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 a

REAL ESTATE

REAL ESTATE	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE As of December 31, 2018 , the Company’s real estate portfolio was composed of two hotel properties, four office properties and one apartment building. In addition, as of December 31, 2018 , the Company has entered into a consolidated joint venture to develop one retail property. The following table summarizes the Company’s real estate as of December 31, 2018 and 2017 , respectively (in thousands): December 31, 2018 December 31, 2017 Land $ 104,138 $ 104,138 Buildings and improvements 425,989 425,942 Tenant origination and absorption costs 17,183 19,006 Total real estate, cost and net of impairment charges (1) 547,310 549,086 Accumulated depreciation and amortization (35,704 ) (18,646 ) Total real estate, net $ 511,606 $ 530,440 _____________________ (1) See “ – Impairment of Real Estate” below. The following table provides summary information regarding the Company’s real estate as of December 31, 2018 (in thousands): Property Date Acquired City State Property Type Land Building and Improvements (1) Tenant Origination and Absorption Total Real Estate, at Cost and Net of Impairment Charges Accumulated Depreciation and Amortization Total Real Estate, Net Ownership % Springmaid Beach Resort 12/30/2014 Myrtle Beach SC Hotel $ 27,438 $ 33,618 $ — $ 61,056 $ (7,205 ) $ 53,851 90.0% Q&C Hotel 12/17/2015 New Orleans LA Hotel 1,232 53,098 — 54,330 (6,071 ) 48,259 90.0% 2200 Paseo Verde 12/23/2015 Henderson NV Office 1,850 11,850 418 14,118 (1,454 ) 12,664 100.0% Lincoln Court 05/20/2016 Campbell CA Office 14,706 34,446 2,554 51,706 (4,165 ) 47,541 100.0% Lofts at NoHo Commons 11/16/2016 North Hollywood CA Apartment 26,222 78,668 — 104,890 (4,204 ) 100,686 90.0% 210 West 31st Street (2) 12/01/2016 New York NY Retail — 54,927 — 54,927 — 54,927 80.0% Oakland City Center 08/18/2017 Oakland CA Office 22,150 139,229 11,411 172,790 (10,793 ) 161,997 100.0% Madison Square (3) 10/03/2017 Phoenix AZ Office 10,540 20,153 2,800 33,493 (1,812 ) 31,681 90.0% $ 104,138 $ 425,989 $ 17,183 $ 547,310 $ (35,704 ) $ 511,606 _____________________ (1) Building and improvements includes construction costs for the Company’s project that was under development. (2) The Company acquired the rights to a leasehold interest with respect to this property. The leasehold interest expires January 31, 2114. As of December 31, 2018 , the capital lease asset had a carrying value of $6.8 million included in building and improvements . No depreciation or amortization was recorded to this property as of December 31, 2018 . (3) The Company acquired the rights to a leasehold interest with respect to the land at this property. This property was formerly known as Grace Court and was re-named Madison Square in connection with the Company’s re-branding strategy for this property. As of December 31, 2018 , the capital lease asset had a carrying value of $1.9 million included in land . Hotel Properties As of December 31, 2018 , the Company owned two hotel properties. The following table provides detailed information regarding the Company’s hotel revenues and expenses for the years ended December 31, 2018 , 2017 and 2016 (in thousands): For the Years Ended December 31, 2018 2017 2016 Hotel revenues: Room $ 24,620 $ 17,216 $ 18,208 Food, beverage and convention services 5,263 3,761 3,164 Campground 1,176 1,127 1,081 Other (1) 1,607 6,890 2,354 Hotel revenues $ 32,666 $ 28,994 $ 24,807 Hotel expenses: Room $ 6,157 $ 4,759 $ 4,782 Food, beverage and convention services 4,077 3,179 2,905 General and administrative 2,919 2,357 2,297 Sales and marketing 3,069 2,642 1,768 Repairs and maintenance 2,362 1,815 1,765 Utilities 1,207 1,033 974 Property taxes and insurance 1,749 1,799 1,435 Other 1,367 1,603 1,666 Hotel expenses $ 22,907 $ 19,187 $ 17,592 _____________________ (1) Hotel revenues - other includes $5.8 million of business interruption insurance recovery for the year ended December 31, 2017 related to the impact of Hurricane Matthew in October 2016, the result of which placed certain rooms at Springmaid Beach Resort out of service during the year ended December 31, 2017 . Contract liabilities The following table summarizes the Company’s contract liabilities, which are included in other liabilities in the accompanying consolidated balance sheets, as of December 31, 2018 and December 31, 2017 (in thousands): December 31, 2018 December 31, 2017 Contract liability $ 324 $ 358 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 304 (1) _____________________ (1) The amount of revenue recognized in the period from amounts included in contract liability at the beginning of the period is not relevant for the year ended December 31, 2017 , as the Company adopted ASU No. 2014-09 effective January 1, 2018. Office Properties As of December 31, 2018 , the Company owned four office properties encompassing in the aggregate 864,940 rentable square feet which were 70% occupied. The following table provides detailed information regarding the Company’s office revenues and expenses for the years ended December 31, 2018 , 2017 and 2016 (in thousands): For the Years Ended December 31, 2018 2017 2016 Office revenues: Rental income $ 26,593 $ 14,332 $ 4,985 Tenant reimbursements and other income (1) 3,348 1,275 239 Office revenues $ 29,941 $ 15,607 $ 5,224 Office expenses: Operating, maintenance, and management $ 8,362 $ 3,636 $ 879 Real estate taxes and insurance 3,960 1,736 499 Office expenses $ 12,322 $ 5,372 $ 1,378 _____________________ (1) For the year ended December 31, 2018 , included in tenant reimbursements and other income for office properties is $0.8 million of other operating income and tenant reimbursements for substantial services accounted for under ASU No. 2014-09. Operating Leases The Company’s office properties are leased to tenants under operating leases for which the terms and expirations vary. As of December 31, 2018 , the leases had remaining terms, excluding options to extend, of up to 9.7 years with a weighted-average remaining term of 3.7 years. Some of the leases may have provisions to extend the term of the lease, 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 office tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $1.3 million and $1.1 million as of December 31, 2018 and 2017 , respectively. During the years ended December 31, 2018 , 2017 and 2016 , the Company recognized deferred rent from tenants of $1.4 million , $0.8 million and $0.3 million , respectively, net of lease incentive amortization. As of December 31, 2018 and 2017 , the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $2.8 million and $1.3 million , respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $0.2 million of unamortized lease incentives as of December 31, 2018 and 2017 . As of December 31, 2018 , the future minimum rental income from the Company’s office properties under its non-cancelable operating leases was as follows (in thousands): 2019 $ 21,875 2020 20,365 2021 17,400 2022 14,067 2023 11,237 Thereafter 22,132 $ 107,076 As of December 31, 2018 , the Company’s commercial real estate properties were leased to approximately 100 tenants over a diverse range of industries and geographic areas. As of December 31, 2018 , the highest tenant industry concentrations (greater than 10% of annualized base rent) in the Company’s portfolio were as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Annualized Base Rent Professional, Scientific and Legal 14 $ 3,753 16.4 % Legal Services 12 3,657 16.0 % Public Administration (Government) 6 3,195 14.0 % Finance 13 2,519 11.0 % $ 13,124 57.4 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of December 31, 2018 , 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. No other tenant industries accounted for more than 10% of annualized base rent. No tenant accounted for more than 10% of annualized base rent. No material tenant credit issues have been identified at this time. Apartment Property As of December 31, 2018 , the Company owned one apartment property with 292 units which was 95% occupied. The following table provides detailed information regarding the Company’s apartment revenues and expenses for the years ended December 31, 2018 , 2017 and 2016 (in thousands): For the Years Ended December 31, 2018 2017 2016 Apartment revenues: Rental income $ 6,839 $ 6,515 $ 853 Tenant reimbursements and other income 630 465 37 Apartment revenues $ 7,469 $ 6,980 $ 890 Apartment expenses: Operating, maintenance, and management $ 2,423 $ 2,278 $ 174 Real estate taxes and insurance 1,356 1,346 179 Apartment expenses $ 3,779 $ 3,624 $ 353 Geographic Concentration Risk As of December 31, 2018 , the Company’s real estate investments in California represented 55.2% of the Company’s total assets. As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the California real estate market. Any adverse economic or real estate developments in this market, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for office space resulting from the local business climate, could adversely affect the Company’s operating results and its ability to make distributions to stockholders. Impairment of Real Estate During the year ended December 31, 2018 , the Company recorded impairment charges in the aggregate of $14.7 million to write-down the carrying value of 210 West 31st Street, a development property located in New York, New York, to its estimated fair value of $54.9 million due to a change in the projected hold period and related decrease in projected cash flows. The Company purchased 210 West 31st Street for $48.0 million plus $1.8 million of closing costs. Since acquisition in December 2016, the Company has capitalized $6.8 million related to a capital lease asset, $3.8 million in development costs and $9.2 million of other certain costs such as financing costs, real estate taxes and insurance costs that have been capitalized to building and improvements. On October 1, 2018 , the Company placed the development on hold and ceased capitalizing expenses.

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 , 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 Absorption Costs Above-Market Lease Assets Below-Market Lease Liabilities December 31, December 31, December 31, December 31, December 31, December 31, Cost $ 17,183 $ 19,006 $ 99 $ 99 $ (11,526 ) $ (12,869 ) Accumulated Amortization (6,163 ) (3,473 ) (34 ) (16 ) 4,178 2,086 Net Amount $ 11,020 $ 15,533 $ 65 $ 83 $ (7,348 ) $ (10,783 ) 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, 2018 , 2017 and 2016 were as follows (in thousands): Tenant Origination and Above-Market Lease Assets Below-Market Lease Liabilities For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 Amortization $ (4,513 ) $ (3,892 ) $ (1,611 ) $ (18 ) $ (10 ) $ (16 ) $ 3,435 $ 2,038 $ 496 The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2018 will be amortized for the years ending December 31 as follows (in thousands): Tenant Origination and Above-Market Below-Market 2019 $ (3,506 ) $ (19 ) $ 2,671 2020 (2,565 ) (15 ) 1,750 2021 (1,814 ) (12 ) 973 2022 (1,181 ) (12 ) 744 2023 (881 ) (7 ) 595 Thereafter (1,073 ) — 615 $ (11,020 ) $ (65 ) $ 7,348 Weighted-Average Remaining Amortization Period 4.4 years 4.2 years 4.1 years As of December 31, 2018 and 2017 , the Company had recorded a housing subsidy intangible asset, net of amortization, which is included in prepaid expenses and other assets in the accompanying balance sheets, of $2.4 million , which is amortized on a straight line basis over 31.8 years. During the years ended December 31, 2018 , 2017 and 2016 , the Company recorded amortization expense of $0.1 million , $0.1 million and $10,000 , respectively, related to the housing subsidy intangible asset. Additionally, as of December 31, 2018 and 2017 , the Company had recorded property tax abatement intangible assets, net of amortization, which are included in prepaid expenses and other assets in the accompanying balance sheets, of $2.3 million and $2.8 million , respectively, which are amortized on a straight line basis over a range of 0.7 to 6.6 years. During the years ended December 31, 2018 and 2017 , the Company recorded amortization expense of $0.5 million and $0.1 million , respectively, related to the property tax abatement intangible asset.

REAL ESTATE LOAN RECEIVABLE

REAL ESTATE LOAN RECEIVABLE	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
REAL ESTATE LOAN RECEIVABLE	REAL ESTATE LOAN RECEIVABLE As of December 31, 2017, the Company had originated one real estate loan receivable. On January 12, 2018 , the real estate loan receivable was repaid in full. Information for the real estate loan receivable was as follows (in thousands): Loan Name Date Originated Property Type Loan Type Outstanding Principal Balance as of December 31, 2018 Book Value as of (1) Book Value as of (1) Contractual Interest Rate Annualized Effective Interest Rate Maturity Date 655 Summer Street First Mortgage Boston, Massachusetts 09/04/2014 Office Mortgage $ — $ — $ 3,500 9.25% (2) (2) _____________________ (1) Book value of the real estate loan receivable represents outstanding principal balance adjusted for unamortized origination fees and direct origination and acquisition costs. (2) On January 12, 2018 , the real estate loan receivable was repaid in full. The following summarizes the activity related to the real estate loan receivable for the year ended December 31, 2018 (in thousands): Real estate loan receivable - December 31, 2017 $ 3,500 Principal repayment (3,500 ) Real estate loan receivable - December 31, 2018 $ — For the years ended December 31, 2018 , 2017 and 2016 , interest income from the real estate loan receivable consisted of the following (in thousands): For the Years Ended December 31, 2018 2017 2016 Contractual interest income $ 10 $ 329 $ 329 Amortization of closing costs and origination fees, net — 58 70 Interest income from real estate loan receivable $ 10 $ 387 $ 399

REAL ESTATE EQUITY SECURITIES

REAL ESTATE EQUITY SECURITIES	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE EQUITY SECURITIES	REAL ESTATE EQUITY SECURITIES During the year ended December 31, 2018 , the Company purchased 1,160,591 shares of common stock of Franklin Street Properties Corp. (NYSE Ticker: FSP) for an aggregate purchase price of $9.2 million . The Company’s real estate equity securities are carried at their estimated fair value based on quoted market prices for the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. Unrealized gains and losses on real estate equity securities are recognized in earnings. As of December 31, 2018 , the total book value of the Company’s real estate equity securities was $7.2 million . During the year ended December 31, 2018 , the Company recorded a $1.9 million loss on real estate equity securities and recognized $0.2 million of dividend income from real estate equity securities.

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITY	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED ENTITY	INVESTMENT IN UNCONSOLIDATED ENTITY On June 28, 2016, the Company originated a participating loan facility in an amount up to €2.6 million ( $2.9 million at closing). The Company funded approximately €2.1 million ( $2.3 million at closing). The proceeds were used by STAM to fund a 5% general partner interest in a joint venture acquiring a portfolio of light industrial properties located throughout France. The total acquisition cost of the portfolio was approximately €95.5 million ( $105.6 million at closing). Under the terms of the participating loan facility, the Company participates in the expected residual profits of the portfolio and the terms are structured in a manner such that the risks and rewards of the arrangement are similar to those associated with an investment in a real estate joint venture. Accordingly, the participating loan facility is accounted for under the equity method of accounting. In addition to the amount funded at closing, the Company also capitalized an additional $0.2 million of acquisition costs and fees. During the years ended December 31, 2018 , 2017 and 2016 , the Company recognized $0.3 million , $0.1 million and $0.1 million , respectively, of income with respect to this investment.

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE As of December 31, 2018 and 2017 , the Company’s notes payable consisted of the following (in thousands): Book Value as of Book Value as of Contractual Interest Rate (1) Effective Interest Rate (1) Payment Type Maturity Date Springmaid Beach Resort Mortgage Loan $ 37,280 $ 38,000 One-month LIBOR + 3.00% 5.35% Principal & Interest 12/30/2018 (2) Q&C Hotel Mortgage Loan 23,551 28,330 One-month LIBOR + 3.25% 5.60% Principal & Interest 12/17/2018 (3) 2200 Paseo Verde Mortgage Loan (4) 7,947 7,947 One-month LIBOR + 2.25% 4.60% Interest Only (4) 07/01/2020 Lincoln Court Mortgage Loan 33,500 33,500 One-month LIBOR + 1.75% 4.27% Interest Only 06/01/2020 Lofts at NoHo Commons Mortgage Loan 72,100 72,100 One-month LIBOR + 2.66% 5.01% Interest Only 12/01/2019 210 West 31st Street Mortgage Loan (5) 38,041 35,763 One-month LIBOR + 5.50% 7.85% Interest Only 12/01/2019 Oakland City Center Mortgage Loan (6) 94,500 94,500 One-month LIBOR + 1.75% 4.10% Interest Only (6) 09/01/2022 Madison Square Mortgage Loan (7) 21,895 21,895 One-month LIBOR + 4.05% (6) 6.36% Interest Only 10/09/2020 Total notes payable principal outstanding 328,814 332,035 Deferred financing costs, net (2,271 ) (3,684 ) Total notes payable, net $ 326,543 $ 328,351 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2018 . Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2018 (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at December 31, 2018 , where applicable. (2) Subsequent to December 31, 2018 , the maturity date of the Springmaid Beach Resort Mortgage Loan was extended to December 30, 2019. (3) Subsequent to December 31, 2018 , the maturity date of the Q&C Hotel Mortgage Loan was extended to December 17, 2019. (4) As of December 31, 2018 , $7.9 million had been disbursed to the Company and up to $1.6 million is available for future disbursements to be used for tenant improvement costs, capital improvements costs and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning August 1, 2019, monthly payments include principal amortization payments of $10,000 per month. (5) As of December 31, 2018 , $38.0 million had been disbursed to the Company and up to $9.1 million is available for future disbursements to be used for capital improvement costs, tenant improvement costs, leasing commissions and operating/interest shortfall, subject to certain terms and conditions contained in the loan documents. On March 5, 2019, the 210 West 31st Street Mortgage Loan was amended. The joint venture was required to make a principal reduction payment of $4.0 million and, as a result of the amendment, certain milestone and construction obligations were waived and the lender has no further obligation to make any future disbursements of the loan. (6) As of December 31, 2018 , $94.5 million had been disbursed to the Company and up to $8.9 million is available for future disbursements to be used for tenant improvements and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning October 1, 2020, monthly payments will include principal and interest with principal payments of $110,000 or, in the event the Company repays any principal of the loan amount, with principal payments calculated using an amortization schedule of 30 years and an annual interest rate of 6.0% , subject to certain terms and conditions contained in the loan documents. (7) As of December 31, 2018 , $21.9 million had been disbursed to the Company and up to $12.2 million is available for future disbursements to be used for tenant improvements and leasing expenses, subject to certain terms and conditions contained in the loan documents. The Madison Square Mortgage Loan bears interest at a floating rate of 405 basis points over one-month LIBOR, but at no point shall the interest rate be less than 5.05% . The property securing this mortgage loan was formerly known as Grace Court and was re-named Madison Square in connection with the Company’s re-branding strategy of the property. During the years ended December 31, 2018 , 2017 and 2016 , the Company incurred $14.7 million , $8.8 million and $3.8 million , respectively, of interest expense. Included in interest expense was: (i) the amortization of deferred financing costs of $1.7 million , $1.6 million and $0.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, (ii) the capitalization of interest to building and improvements related to its redevelopment project at 210 West 31st Street of $3.9 million , $4.1 million and $0.4 million for the years ended December 31, 2018 , 2017 and 2016 , and (iii) unrealized losses of $23,000 , $0.1 million and $0.1 million on interest rate cap agreements for the years ended December 31, 2018 , 2017 and 2016 . As of December 31, 2018 and 2017 , the Company’s interest payable was $1.4 million and $1.1 million , respectively, which is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of December 31, 2018 (in thousands): 2019 $ 171,022 2020 63,622 2021 1,320 2022 92,850 $ 328,814 The Company’s notes payable contain financial and non-financial debt covenants. As of December 31, 2018 , the Company was in compliance with all debt covenants, except that the borrower under the Madison Square Mortgage Loan was out of debt service coverage compliance. Such non-compliance does not constitute an event of default under the loan agreement. As a result of such non-compliance, the Company is required to maintain an interest shortfall reserve. The Company’s note payable with respect to the Springmaid Beach Resort Mortgage Loan requires the Company to maintain a minimum working capital reserve in an amount sufficient to fund the working capital requirements of the Springmaid Beach Resort through the off-peak season, which amount shall be reduced by any amounts for working capital reserved by the third-party hotel operator. The working capital reserve was included in restricted cash on the accompanying consolidated balance sheets.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
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 the derivatives for speculative purposes. 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, 2018 , the Company had three interest rate caps outstanding, which were not designated as hedging instruments. The following table summarizes the notional amount and other information related to the Company’s derivative instruments as of December 31, 2018 and 2017 . 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): Fair Value of Asset Derivative Instruments Effective Date Maturity Date Notional Value Reference Rate December 31, 2018 December 31, 2017 Balance Sheet Location Interest Rate Cap 12/29/2014 01/01/2018 $ 26,000 One-month LIBOR at 3.00% $ — $ — Prepaid expenses and other assets Interest Rate Cap 12/15/2015 12/23/2018 $ 28,330 One-month LIBOR at 3.00% — — Prepaid expenses and other assets Interest Rate Cap 12/01/2016 12/01/2019 $ 47,110 One-month LIBOR at 3.00% 4 9 Prepaid expenses and other assets Interest Rate Cap 10/03/2017 10/15/2019 $ 34,125 One-month LIBOR at 3.00% 2 4 Prepaid expenses and other assets Interest Rate Cap 02/02/2018 12/30/2018 $ 26,000 One-month LIBOR at 3.00% — — Prepaid expenses and other assets Interest Rate Cap 12/30/2018 06/30/2019 $ 26,000 One-month LIBOR at 3.00% — — Prepaid expenses and other assets Total Derivative Instruments not designated as hedging instruments $ 6 $ 13 During the years ended December 31, 2018 , 2017 and 2016 , the Company recorded unrealized losses of $23,000 , $0.1 million and $0.1 million , respectively, on interest rate cap agreements, which were included in interest expense on the accompanying consolidated statements of operations. The Company enters into foreign currency forward contracts to mitigate its exposure to foreign currency exchange rate movements on its investment in unconsolidated entity. The foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. The following table summarizes the notional amount and other information related to the Company’s foreign currency forward contract as of December 31, 2018 . 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 (currency in thousands): Derivative Instrument Notional Amount Strike Price Trade Date Maturity Date Derivative instrument not designated as hedging instrument Foreign currency forward contract $ 2,100 1.2704 USD-EUR 09/05/2017 09/07/2021 During the year ended December 31, 2018 , the Company recorded a foreign currency gain of $0.1 million on the foreign currency forward contract, which is included as an offset to general and administrative expenses on the accompanying consolidated statements of operations. During the year ended December 31, 2017 , the Company recorded a foreign currency loss of $0.1 million on the foreign currency forward contract, which is included in general and administrative expenses on the accompanying consolidated statements of operations. The fair value of the foreign currency forward contract was $0.1 million asset as of December 31, 2018 and was included in prepaid expenses and other assets on the accompanying balance sheets. The fair value of the foreign currency forward contract was $0.1 million liability as of December 31, 2017 and was included in other liabilities on the accompanying balance sheets.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value: Cash and cash equivalents, restricted cash, rent and other receivables and accounts payable and accrued liabilities : These balances approximate their fair values due to the short maturities of these items. Real estate equity securities : The Company’s real estate equity securities are presented at fair value on the accompanying consolidated balance sheet. The fair values of real estate equity securities were based on a quoted price in an active market on a major stock exchange. The Company classifies these inputs as Level 1 inputs. Real estate loan receivable: The Company’s real estate loan receivable is presented in the accompanying consolidated balance sheets at its amortized cost net of recorded loan loss reserves (if any) and not at fair value. The fair value of real estate loan receivable was estimated using an internal valuation model that considered the expected cash flows for the loan, underlying collateral value (for collateral-dependent loans) and estimated yield requirements of institutional investors for loans with similar characteristics, including remaining loan term, loan-to-value, type of collateral and other credit enhancements. The Company classifies these inputs as Level 3 inputs. Derivative instruments: The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments are 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 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 (floor) are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities. The fair value of foreign currency forward contract are valued by comparing the contracted forward exchange rate to the current market exchange rate. Notes payable: The fair value 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 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 or 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 value, carrying amount and fair value of the Company’s financial instruments as of December 31, 2018 and 2017 , which carrying amounts do not approximate the fair values (in thousands): December 31, 2018 December 31, 2017 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial asset: Real estate loan receivable $ — $ — $ — $ 3,500 $ 3,500 $ 3,500 Financial liability: Notes payable $ 328,814 $ 326,543 $ 329,588 $ 332,035 $ 328,351 $ 333,336 Disclosure of the fair value of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different. As of December 31, 2018 , the Company measured the following assets at fair value on a recurring basis (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Basis: Real estate equity securities $ 7,230 $ 7,230 $ — $ — Asset derivatives - interest rate caps $ 6 $ — $ 6 $ — Asset derivative - foreign currency forward contract $ 68 $ — $ 68 $ — As of December 31, 2018 , the Company measured the following asset at fair value on a nonrecurring basis (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Nonrecurring Basis: Impaired real estate (1) $ 54,927 $ — $ — $ 54,927 _____________________ (1) Amount represents the fair value for a real estate asset impacted by impairment charges during the year ended December 31, 2018 , as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date. During the year ended December 31, 2018 , one of the Company’s real estate properties was measured at its estimated fair value based on a sales comparison approach. As a result, this property was impaired and the carrying value was adjusted due to a change in the projected hold period and related decrease in projected cash flows. See Note 3 , “Real Estate – Impairment of Real Estate” for a further discussion on the impaired real estate property.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has entered into the Advisory Agreement with the Advisor and dealer manager agreements with the Dealer Manager, with respect to the Private Offering and the Public Offering. These agreements entitle the Advisor and the Dealer Manager to specified fees upon the provision of certain offering-related services and the investment of funds in real estate-related investments, among other services, as well as reimbursement of organization and offering costs 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 described in the Advisory Agreement. The Advisor also serves or has served as the advisor for KBS Real Estate Investment Trust, Inc. (“KBS REIT I”), KBS Real Estate Investment Trust II, Inc. (“KBS REIT II”), KBS Real Estate Investment Trust III, Inc. (“KBS REIT III”), KBS Legacy Partners Apartment REIT, Inc. (“KBS Legacy Partners Apartment REIT”), KBS Strategic Opportunity REIT, Inc. (“KBS Strategic Opportunity REIT”) and KBS Growth & Income REIT, Inc. (“KBS Growth & Income REIT”). The Dealer Manager also serves as the dealer manager for the KBS dividend reinvestment plan offerings for KBS Strategic Opportunity REIT, KBS REIT III and KBS Growth & Income REIT. On January 6, 2014, the Company, together with KBS REIT I, KBS REIT II, KBS REIT III, KBS Legacy Partners Apartment REIT, KBS Strategic Opportunity REIT, the Dealer Manager, the Advisor and other KBS-affiliated entities, 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 was allocated by the Advisor and its insurance broker among each of the various entities covered by the program, and was billed directly to each entity. In June 2015, KBS Growth & Income REIT was added to the insurance program at terms similar to those described above. KBS REIT I elected to cease participation in the program at the June 2017 renewal and obtained separate insurance coverage. At renewal in June 2018, the Company, KBS Strategic Opportunity REIT and KBS Legacy Partners Apartment REIT elected to cease participation in the program and obtain separate insurance coverage. The Company, together with KBS Strategic Opportunity REIT, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage are shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each REIT covered by the program, and is billed directly to each REIT. The program is effective through June 30, 2019. During the years ended December 31, 2018 , 2017 and 2016 , no other business transactions occurred between the Company and these other KBS-sponsored programs. The Advisory Agreement has a one -year term that expires August 12, 2019 . The Company may terminate the Advisory Agreement on 30 days’ written notice and the Advisor may terminate on 90 days’ written notice. The Advisor in its sole discretion may defer any fee payable to it under the Advisory Agreement. All or any portion of such fee not taken may be deferred without interest and paid when the Advisor determines. Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the years ended December 31, 2018 , 2017 and 2016 , respectively, and any related amounts payable as of December 31, 2018 and 2017 (in thousands): Incurred in the Years Ended December 31, Payable as of December 31, 2018 2017 2016 2018 2017 Expensed Asset management fees 3,985 2,775 1,340 22 22 Reimbursable operating expenses (1) 477 339 395 35 42 Real estate acquisition fee (2) — — 3,759 — — Capitalized Acquisition fees (2) 330 4,943 1,245 178 76 Asset management fees — 67 22 — — Additional Paid-in Capital Sales commissions 614 2,412 3,723 — — Dealer manager fees 337 1,352 1,982 — — Stockholder servicing fees (3) 14 1,149 508 — 680 Reimbursable other offering costs (4) 175 668 394 — 1,042 $ 5,932 $ 13,705 $ 13,368 $ 235 $ 1,862 _____________________ (1) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cyber security 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 $389,000 , $335,000 and $385,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively, and were the only employee costs reimbursed under the Advisory Agreement for the years ended December 31, 2018 , 2017 and 2016 . The Advisor may seek reimbursement for certain other employee costs under the Advisory Agreement. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. (2) Prior to the adoption of ASU No. 2017-01 on January 1, 2017, acquisition fees related to investment properties were expensed at the time of acquisition. Acquisition fees on investment in unconsolidated entities are capitalized into the cost basis of the investment. Acquisition fees on significant capital expenditures related to the development, construction or improvement of the investment budgeted as of the date of acquisition are capitalized. (3) Reflects the stockholder servicing fee paid based on the terms of the Class T Shares. Pursuant to the terms of the Class T shares as set forth in the Articles Supplementary and Multiple Class Plan of the Company, the Company ceased accruing for stockholder servicing fees after July 31, 2018. (4) See “Other Offering Costs” below. During the year ended December 31, 2018 , the Advisor reimbursed the Company $35,000 for property insurance rebates. During the years ended December 31, 2017 and 2016 , the Advisor reimbursed the Company $0.1 million for legal and professional fees, travel expenses and property insurance rebates. Other Offering Costs Organization and offering costs (other than selling commissions, dealer manager fees and the stockholder servicing fee) of the Company may be paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company or may be paid directly by the Company. These offering costs include all expenses incurred by the Company in connection with the Private Offering and the Public Offering. Organization costs include all expenses incurred by the Company in connection with the formation of the Company, including but not limited to legal fees and other costs to incorporate the Company. The Company recorded $1.0 million of offering costs (other than selling commissions and dealer manager fees) related to the Private Offering, all of which was initially paid by the Advisor or its affiliates on behalf of the Company and subsequently reimbursed by the Company. In addition, the Company paid $1.9 million in selling commissions and dealer manager fees related to the Private Offering. During the Public Offering, pursuant to the Advisory Agreement and the Dealer Manager Agreement, the Company is obligated to reimburse the Advisor, the Dealer Manager or their affiliates, as applicable, for organization and other offering costs paid by them on behalf of the Company, provided that no reimbursements made by the Company to the Advisor or the Dealer Manager may cause total organization and offering expenses incurred by the Company in connection with the Public Offering (including selling commissions, dealer manager fees and the stockholder servicing fee) to exceed 15% of the aggregate gross proceeds from the Public Offering as of the date of reimbursement. In addition, the Advisor and its affiliates reimbursed the Company to the extent that the organization and other offering expenses (which exclude selling commissions, dealer manager fees and stockholder servicing fees) paid directly or reimbursed by the Company in connection with the primary portion of the Public Offering, regardless of when incurred, exceeded 1.0% of gross offering proceeds from the primary portion of the Public Offering. The Advisor and its affiliates are responsible for any organization and other offering expenses related to the primary portion of the Public Offering to the extent they exceed 1.0% of gross proceeds from the primary portion of the Public Offering. Through December 31, 2018 , the Advisor and its affiliates had incurred organization and other offering costs (which exclude selling commissions dealer manager fees and stockholder servicing fees) on the Company’s behalf in connection with the Public Offering of approximately $11.4 million . As of December 31, 2018 , the Company had recorded $14.5 million in selling commissions and dealer manager fees and $1.7 million of stockholder servicing fees. As of December 31, 2018 , the Company had recorded $2.3 million of other organization and offering expenses, which amounts represent the Company’s maximum liability for organization and other offering costs as of December 31, 2018 based on the 1.0% limitation described above. In addition, as of December 31, 2018 , the Advisor had incurred $0.1 million in organization and offering costs on behalf of the Company in connection with a proposed follow-on offering the Company filed with the SEC on August 10, 2017 . On December 18, 2018, the Company withdrew the proposed follow-on offering.

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2018 and 2017 (in thousands, except share and per share amounts): 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 14,835 $ 19,463 $ 19,993 $ 15,991 Class A Common Stock: Net loss attributable to common stockholders $ (1,573 ) $ (22 ) $ (2,914 ) $ (9,183 ) Net loss per common share, basic and diluted $ (0.09 ) $ — $ (0.16 ) $ (0.51 ) Cash distributions declared per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 Class T Common Stock: Net loss attributable to common stockholders $ (1,294 ) $ (282 ) $ (2,049 ) $ (6,191 ) Net loss per common share, basic and diluted $ (0.11 ) $ (0.02 ) $ (0.17 ) $ (0.51 ) Cash distributions declared per common share $ 0.02 $ 0.03 $ 0.04 $ 0.05 Stock dividends declared per common share - Classes A and T 0.005 0.005 0.005 0.003 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 8,505 $ 10,052 $ 18,227 $ 15,184 Class A Common Stock: Net (loss) income attributable to common stockholders $ (1,526 ) $ (650 ) $ 1,904 $ (1,321 ) Net (loss) income per common share, basic and diluted $ (0.10 ) $ (0.04 ) $ 0.12 $ (0.08 ) Cash distributions declared per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 Class T Common Stock: Net (loss) income attributable to common stockholders $ (922 ) $ (630 ) $ 989 $ (1,116 ) Net (loss) income per common share, basic and diluted $ (0.12 ) $ (0.06 ) $ 0.09 $ (0.10 ) Cash distributions declared per common share $ 0.020 $ 0.020 $ 0.030 $ 0.030 Stock dividends declared per common share - Classes A and T 0.005 0.005 0.005 0.005

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Management Agreement Springmaid Beach Resort The consolidated joint venture entity through which the Company leases the operations for Springmaid Beach Resort has entered into a management agreement with Doubletree Management LLC, an independent third-party hotel operator (the “Operator”) pursuant to which the Operator will manage and operate the Springmaid Beach Resort. The hotel was branded a DoubleTree by Hilton in September 2016 (the “Brand Commencement Date”). The management agreement expires on December 31 of the 20th full year following the Brand Commencement Date. Upon mutual agreement, the parties may extend the term of the agreement for two successive periods of five years each. If an event of default occurs and continues beyond any applicable notice and cure periods set forth in the management agreement, the non-defaulting party generally has, among other remedies, the option of terminating the management agreement upon written notice to the defaulting party with no termination fee payable to Doubletree. In addition, the Company has the right to terminate the management agreement without the payment of a termination fee if Doubletree fails to achieve certain criteria relating to the performance of the hotel for any two consecutive years following the Brand Commencement Date. Under certain circumstances following a casualty or condemnation event, either party may terminate the management agreement provided Doubletree receives a termination fee an amount equal to two years of the base fee. The Company is permitted to terminate the management agreement upon a sale, lease or other transfer of the Springmaid Beach Resort any time so long as the buyer is approved for, and enters into a DoubleTree by Hilton franchise agreement for the balance of the agreement’s term. Finally, the Company is restricted in its ability to assign the management agreement upon a sale, lease or other transfer the Springmaid Beach Resort unless the transferee is approved by Doubletree to assume the management agreement. Pursuant to the management agreement the Operator receives the following fees: • a base fee, which is a percentage of total operating revenue that starts at 2.5% and increases to 2.75% in the second year following the Brand Commencement Date and further increases in the third year following the Brand Commencement Date and thereafter to 3.0% ; • a campground area management fee, which is 2% of any campground revenue; • an incentive fee, which is 15% of operating cash flow (after deduction for capital renewals reserve and the joint venture owner’s priority, which is 12% of the joint venture owner’s total investment); • an additional services fee in the amount reasonably determined by the Operator from time to time; and • a brand services fee in the amount of 4% of total rooms revenue, and an other brand services fee in an amount determined by the Operator from time to time. The management agreement contains specific standards for the operation and maintenance of the hotel, which allows the Operator to maintain uniformity in the system created by the Operator’s franchise. Such standards generally regulate the appearance of the hotel, quality and type of goods and services offered, signage and protection of trademarks. Compliance with the management agreement will require the Company to make significant expenditures for capital improvements. During the years ended December 31, 2018 , 2017 and 2016 , the Company incurred $0.6 million , $0.3 million and $0.4 million , respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. Q&C Hotel A wholly owned subsidiary of the joint venture through which the Company leases the operations of the Q&C Hotel (“Q&C Hotel Operations”) has entered into a management agreement with Encore Hospitality, LLC (“Encore Hospitality”), an affiliate of the joint venture partner, pursuant to which Encore Hospitality will manage and operate the Q&C Hotel. The management agreement expires on December 17, 2035. Subject to certain conditions, Encore Hospitality may extend the term of the agreement for a period of five years. Pursuant to the management agreement Encore Hospitality will receive a base fee, which is 4.0% of gross revenue (as defined in the management agreement). During the years ended December 31, 2018 , 2017 and 2016 , the Company incurred $0.4 million , $0.4 million and $0.3 million , respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. Q&C Hotel Operations has also entered into a franchise agreement with Marriott International (“Marriott”) pursuant to which Marriott has granted Q&C Hotel Operations a limited, non-exclusive license to establish and operate the Q&C Hotel using certain of Marriott’s proprietary marks and systems and the hotel was branded as a Marriott Autograph Collection hotel on May 25, 2016. The franchise agreement will expire on May 25, 2041. Pursuant to the franchise agreement, Q&C Hotel Operations pays Marriott a monthly franchise fee equal to a percent of gross room sales on a sliding scale that is initially 2% and increases to 5% on May 25, 2019 and a monthly marketing fund contribution fee equal to 1.5% of the Q&C Hotel’s gross room sales. In addition, the franchise agreement requires the maintenance of a reserve account to fund all renovations at the hotel based on a percentage of gross revenues which starts at 2% of gross revenues and increases to 5% of gross revenues on May 25, 2019. Q&C Hotel Operations is also responsible for the payment of certain other fees, charges and costs as set forth in the agreement. During the years ended December 31, 2018 , 2017 and 2016 , the Company incurred $1.0 million , $0.9 million and $0.4 million , respectively, of fees related to the Marriott franchise agreement. In addition, in connection with the execution of the franchise agreement, SOR US Properties II is providing an unconditional guarantee that all Q&C Hotel Operations’ obligations under the franchise agreement will be punctually paid and performed. Finally, certain transfers of the Q&C Hotel or an ownership interest therein are subject to a notice and consent requirement, and the franchise agreement further provides Marriott with a right of first refusal with respect to a sale of the hotel to a competitor of Marriott. Lease Obligations As of December 31, 2018 , the Company had leasehold interests expiring on various expiration dates between 2019 and 2114. Future minimum lease payments owed by the Company under the capital leases as of December 31, 2018 are as follows (in thousands): 2019 $ 695 2020 680 2021 735 2022 935 2023 525 Thereafter 53,316 Total expected minimum lease obligations 56,886 Less: Amount representing interest (1) (48,544 ) Present value of net minimum lease payments (2) $ 8,342 _____________________ (1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition. (2) The present value of net minimum lease payments are presented in other liabilities in the accompanying consolidated balance sheets. Economic Dependency The Company is dependent on the Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that the Advisor is unable to provide these services, the Company will be required to obtain such services from other sources. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations as of December 31, 2018 . However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters From time to time, the Company is a 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 the 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Cash Distributions Paid On January 2, 2019 , the Company paid distributions of $0.5 million related to a monthly cash distribution in the amount of $0.01598333 per share on the outstanding shares of all classes of its common stock as of December 20, 2018 . On February 4, 2019 , the Company paid distributions of $0.5 million related to a monthly cash distribution in the amount of $0.01598333 per share on the outstanding shares of all classes of its common stock as of January 18, 2019 . On March 1, 2019 , the Company paid distributions of $0.5 million related to a monthly cash distribution in the amount of $0.01598333 per share on the outstanding shares of all classes of its common stock as of February 18, 2019 . Distributions Declared On March 7, 2019 , the Company’s board of directors declared monthly cash distributions in the amount of $0.00799167 per share on the outstanding shares of all classes of its common stock as of March 18, 2019 and April 18, 2019 , which the Company expects to pay in April 2019 and May 2019 , respectively. Investors may choose to receive cash distributions or purchase additional shares through the Company’s dividend reinvestment plan.

SCHEDULE III REAL ESTATE ASSETS

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION	12 Months Ended
	Dec. 31, 2018
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION	SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2018 (dollar amounts in thousands) Initial Cost to Company Gross Amount at which Carried at Close of Period Description Location Ownership Percent Encumbrances Land Building and Improvements (1) Total Cost Capitalized Subsequent to Acquisition (2) Land Building and Improvements (1) Total (3) Accumulated Depreciation and Amortization Original Date of Construction Date Acquired Springmaid Beach Resort Myrtle Beach, SC 90.0% $ 37,280 $ 27,340 $ 12,727 $ 40,067 $ 20,989 $ 27,438 $ 33,618 $ 61,056 $ (7,205 ) 1948/1980/1992/1995/2001 12/30/2014 Q&C Hotel New Orleans, LA 90.0% 23,551 1,232 49,452 50,684 3,646 1,232 53,098 54,330 (6,071 ) 1913 12/17/2015 2200 Paseo Verde Henderson, NV 100.0% 7,947 1,850 11,423 13,273 845 1,850 12,268 14,118 (1,454 ) 2004 12/23/2015 Lincoln Court Campbell, CA 100.0% 33,500 14,706 38,080 52,786 (1,080 ) 14,706 37,000 51,706 (4,165 ) 1985 05/20/2016 Lofts at NoHo Commons North Hollywood, CA 90.0% 72,100 26,222 73,750 99,972 4,918 26,222 78,668 104,890 (4,204 ) 2007 11/16/2016 210 West 31st Street (4) New York, NY 80.0% 38,041 — 50,141 50,141 4,786 — 54,927 54,927 — (5) 12/01/2016 Oakland City Center Oakland, CA 100.0% 94,500 22,150 148,495 170,645 2,145 22,150 150,640 172,790 (10,793 ) 1985/1990 08/18/2017 Madison Square (6) Phoenix, AZ 90.0% 21,895 10,540 22,684 33,224 269 10,540 22,953 33,493 (1,812 ) 1911/2003/2007/2008 10/03/2017 Total Properties $ 104,040 $ 406,752 $ 510,792 $ 36,518 $ 104,138 $ 443,172 $ 547,310 $ (35,704 ) ____________________ (1) Building and improvements includes tenant origination and absorption costs and construction costs for the Company’s project that was under development. (2) Costs capitalized subsequent to acquisition is net of impairments and write-offs of fully depreciated/amortized assets. (3) The aggregate cost of real estate for federal income tax purposes was $556.1 million (unaudited) as of December 31, 2018 . (4) The Company acquired the rights to a leasehold interest with respect to this property. The leasehold interest expires January 31, 2114. (5) 210 West 31st Street is a development property. (6) The Company acquired the rights to a leasehold interest with respect to the land at this property. This property was formerly known as Grace Court and was re-named Madison Square in connection with the Company’s re-branding strategy for this property. SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED) December 31, 2018 (dollars in thousands) 2018 2017 2016 Real Estate: Balance at the beginning of the year $ 549,086 $ 324,176 $ 110,566 Acquisitions — 203,869 202,899 Improvements 9,577 10,075 15,690 Construction in progress 5,940 13,280 311 Write-off of fully depreciated and fully amortized assets (2,548 ) (2,314 ) (1,547 ) Loss due to property damage — — (3,743 ) Impairments (14,745 ) — — Balance at the end of the year $ 547,310 $ 549,086 $ 324,176 Accumulated depreciation and amortization: Balance at the beginning of the year $ 18,646 $ 6,853 $ 593 Depreciation and amortization expense 19,606 14,107 7,807 Write-off of fully depreciated and fully amortized assets (2,548 ) (2,314 ) (1,547 ) Balance at the end of the year $ 35,704 $ 18,646 $ 6,853

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries and joint ventures in which the Company has a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. The consolidated financial statements are 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 SEC.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Revenue Recognition	Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”), using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of the Company’s adoption. Under the modified retrospective approach, an entity may also elect to apply this standard to either (i) all contracts as of January 1, 2018 or (ii) only to contracts that were not completed as of January 1, 2018. A completed contract is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP that was in effect before the date of initial application. The Company elected to apply this standard only to contracts that were not completed as of January 1, 2018. Based on the Company’s evaluation of contracts within the scope of ASU No. 2014-09, revenue that is impacted by ASU No. 2014-09 includes revenue generated by other operating income and tenant reimbursements for substantial services earned at the Company’s office properties and hotel revenues. The recognition of such revenue will occur when the services are provided and the performance obligations are satisfied.
Revenue Recognition, Hotel	The Company recognizes revenue for hotels as hotel revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from the Company’s guests. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is booked by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is booked by the Company on a gross basis. The Company participates in frequent guest programs sponsored by the brand owners of the Company’s hotels and the Company expenses the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated in the real estate footnote into the categories of rooms revenue, food, beverage and convention services revenue, campground revenue and other revenue to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows. Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for the right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at the Company’s hotels. Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits are recognized as revenue at the time of the guest’s stay. Food, beverage and convention revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or convention services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the convention facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at the Company’s hotels. Advanced deposits for food and beverage revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. Campground revenue is recognized on a straight-line basis over the term of the lease when collectability is reasonably assured.
Revenue Recognition, Office and Apartment	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 reasonably assured 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 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 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. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. The Company leases apartment units under operating leases with terms generally of one year or less. Generally, credit investigations will be performed for prospective residents and security deposits will be obtained. The Company recognizes rental revenue, net of concessions, on a straight-line basis over the term of the lease, when collectibility is reasonably assured. The Company makes estimates of the collectibility of its tenant receivables related to base rents, including deferred rent, expense reimbursements and other revenue or income. Management specifically analyzes accounts receivable, deferred rents receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectibility of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. When a tenant is in bankruptcy, the Company will record a bad debt reserve for the tenant’s receivable balance and generally will not recognize subsequent rental revenue until cash is received or until the tenant is no longer in bankruptcy and has the ability to make rental payments.
Revenue Recognition, Real Estate Sales	The Company adopted 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. 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. The Company did not have any sales of real estate during the years ended December 31, 2018 , 2017 and 2016 .
Revenue Recognition, Real Estate Equity Securities	The Company’s real estate equity securities are carried at their estimated fair value based on quoted market prices for the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. Upon adoption of ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU No. 2016-01”) on January 1, 2018, unrealized gains and losses on real estate equity securities are recognized in earnings. Dividend income from real estate equity securities is recognized on an accrual basis based on eligible shares as of the ex-dividend date.
Revenue Recognition, Real Estate Loans Receivable	Interest income on the Company’s real estate loans receivable is recognized on an accrual basis over the life of the investment using the interest method. Direct loan origination or acquisition fees and costs, as well as acquisition premiums or discounts, are amortized over the term of the loan as an adjustment to interest income. The Company places loans on non-accrual status when any portion of principal or interest is 90 days past due, or earlier when concern exists as to the ultimate collection of principal or interest. When a loan is placed on non-accrual status, the Company reserves for any unpaid accrued interest and generally does not recognize subsequent interest income until cash is received, or the loan returns to accrual status. The Company will resume the accrual of interest if it determines the collection of interest, according to the contractual terms of the loan, is probable. The Company generally recognizes income on impaired loans on either a cash basis, where interest income is only recorded when received in cash, or on a cost-recovery basis, where all cash receipts are applied against the carrying value of the loan. The Company considers the collectibility of the loan’s principal balance in determining whether to recognize income on impaired loans on a cash basis or a cost-recovery basis.
Revenue Recognition, Cash and Cash Equivalents	The Company recognizes interest income on its cash and cash equivalents as it is earned and records 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 subsidies & tax abatements Remaining term of agreement Furniture, fixtures & equipment 3-12 years
Real Estate, Real Estate Acquisition Valuation	As a result of the Company’s adoption of ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, acquisitions of real estate beginning January 1, 2017 could qualify as asset acquisitions (as opposed to business combinations). The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business. For purposes of this test, land and buildings can be combined along with the intangible assets for any in-place leases and accordingly, most acquisitions of investment properties would not meet the definition of a business and would be accounted for as an asset acquisition. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized. Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. Acquired in-place lease values are amortized to expense over the average remaining non-cancelable terms of the respective in-place leases, including any below-market renewal periods. Intangible assets also include the estimated value of subsidy receipts for apartments, which are recorded at a discounted present value based on estimated collectibility and are amortized on a straight-line basis over the period the amounts are expected to be collected. 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 each respective lease. 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. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment.
Real Estate, Impairments 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 will 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. During the year ended December 31, 2018 , the Company recorded impairment charges in the aggregate on real estate of $14.7 million . See note 3 , “Real Estate” for a further discussion on the Company’s impairment of real estate. The Company did not record any impairment losses on its real estate and related intangible assets during the years ended December 31, 2017 and 2016 . Projecting future cash flows involves estimating expected future operating income and expenses related to the real estate and its related intangible assets and liabilities as well as market and other trends. Using inappropriate assumptions to estimate cash flows could result in incorrect fair values of the real estate and its related intangible assets and liabilities and could result in the overstatement of the carrying values of the Company’s real estate and related intangible assets and liabilities and an overstatement of its net income.
Real Estate, Insurance Proceeds for Property Damages	The Company maintains an insurance policy that provides coverage for property damages and business interruption. Losses due to physical damages are recognized during the accounting period in which they occur, while the amount of monetary assets to be received from the insurance policy is recognized when receipt of insurance recoveries is probable. Losses, which are reduced by the related probable insurance recoveries, are recorded as casualty-related income/(loss), net on the accompanying consolidated statements of operations. Anticipated proceeds in excess of recognized losses would be considered a gain contingency and recognized when the contingency related to the insurance claim has been resolved. Anticipated recoveries for lost revenue due to property damages are also considered to be a gain contingency and recognized when the contingency related to the insurance claim has been resolved.
Construction in Progress	Direct investments in development properties without leases in place at the time of acquisition are accounted for as an asset acquisition and not as a business combination. Acquisition fees and expenses are capitalized into the cost basis of an asset acquisition. Additionally, during the time in which the Company is incurring costs necessary to bring these investments to their intended use, certain costs such as legal fees, real estate taxes and insurance and financing costs are also capitalized. Once construction in progress is substantially completed, the amounts capitalized to construction in progress are transferred to land and buildings and improvements and are depreciated over their respective useful lives.
Real Estate Loans Receivables and Loan Loss Reserves	The Company’s real estate loans receivable are recorded at amortized cost, net of loan loss reserves (if any), and evaluated for impairment at each balance sheet date. The amortized cost of a real estate loan receivable is the outstanding unpaid principal balance, net of unamortized acquisition premiums or discounts and unamortized costs and fees directly associated with the origination or acquisition of the loan. The amount of impairment, if any, will be measured by comparing the amortized cost of the loan to the present value of the expected cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent and collection of principal and interest is not assured. If a loan is deemed to be impaired, the Company will record a loan loss reserve and a provision for loan losses to recognize impairment. A reserve for loan losses is a valuation allowance that reflects management’s estimate of loan losses inherent in the loan portfolio as of the balance sheet date. Reserve for loan losses will be adjusted through “Provision for loan losses” on the Company’s consolidated statements of operations and decreased by charge-offs to specific loans when losses are confirmed. The Company will consider a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. If the Company purchases a loan at a discount to face value and at the acquisition date the Company expects to collect less than the contractual amounts due under the terms of the loan based, at least in part, on the Company’s assessment of the credit quality of the borrower, the Company will consider such a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts the Company estimated to be collected at the time of acquisition. The Company will also consider a loan to be impaired if it grants the borrower a concession through a modification of the loan terms or if it expects to receive assets (including equity interests in the borrower) with fair values that are less than the carrying value of the loan in satisfaction of the loan. A reserve will be established when the present value of payments expected to be received, observable market prices, the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) or amounts expected to be received in satisfaction of a loan are lower than the carrying value of that loan. On January 12, 2018 , the real estate loan receivable was repaid in full. As of December 31, 2017 , there was no loan loss reserve and the Company did not record any impairment related to its real estate loan receivable for the years ended December 31, 2018 , 2017 and 2016 . Failure to recognize impairments would result in the overstatement of earnings and the carrying value of the Company’s real estate loans held for investment. Actual losses, if any, could significantly differ from estimated amounts.
Cash and Cash Equivalents and Restricted Cash	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. The Company’s cash and cash equivalents balance exceeded federally insurable limits as of December 31, 2018 . The Company mitigates this risk by depositing funds with a major financial institution; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. Restricted Cash Restricted cash is comprised of lender impound reserve accounts on the Company’s borrowings for security deposits, property taxes, insurance, debt service obligations and capital improvements and replacements.
Rents and Other Receivables	The Company periodically evaluates the collectibility of amounts due from tenants and hotel guests and will maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants and hotel guests to make required payments under the terms of lease or hotel agreements. In addition, the Company will maintain an allowance for deferred rent receivable that arises from the straight-lining of rents. The Company will exercise judgment in establishing these allowances and will consider payment history and current credit status of its tenants in developing these estimates.
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. Derivative instruments designated and qualifying as a hedge of the exposure to variability in expected future cash flows or other types of forecasted transactions are considered cash flow hedges. The change in fair value of the effective portion of a derivative instrument that is designated as a cash flow hedge is recorded as other comprehensive income (loss) on the accompanying consolidated statements of comprehensive income (loss) and consolidated statements of equity. 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 a component of interest expense in the accompanying consolidated statements of operations. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategy for undertaking various hedge transactions. This process includes designating all derivative instruments that are part of a hedging relationship to specific forecasted transactions or recognized obligations on the consolidated balance sheets. The Company also assesses and documents, both at the hedging instrument’s inception and on a quarterly basis thereafter, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in cash flows associated with the respective hedged items. When the Company determines that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues hedge accounting prospectively and reclassifies amounts recorded to accumulated other comprehensive income (loss) to earnings.
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	Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1 : unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2 : quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3 : prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classify such items in Level 1 or Level 2. The Company would classify items as Level 3 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 that the market for a financial instrument owned by the Company is 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.
Redeemable Common Stock	On July 3, 2013, in connection with launching the Private Offering, the Company’s board of directors adopted a share redemption program that may enable stockholders to sell their shares to the Company in limited circumstances. The share redemption program has been amended and restated at various points thereafter: June 26, 2014, May 12, 2015, February 16, 2016 and December 6, 2018. The share redemption program, as amended is referred to herein as the “Share Redemption Program” and the terms of the Share Redemption Program described below are the terms of the program as currently in effect. There are several limitations on the Company’s ability to redeem shares under the Share Redemption Program: • Unless the shares are being redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence” (each as defined under the Share Redemption Program and collectively “Special Redemptions”), the Company may not redeem shares until the stockholder has held the shares for one year. • During each calendar year, the Share Redemption Program limits the number of shares the Company may redeem to those that the Company could purchase with the amount of the net proceeds from the issuance of shares under the dividend reinvestment plan during the prior calendar year. In 2019 , the Share Redemption Program also provides that in any calendar year, the last $0.5 million of net proceeds from the dividend reinvestment plan during the prior year is reserved exclusively for shares redeemed in connection with a stockholder’s death, “qualifying disability,” or “determination of incompetence” with any excess funds being available to redeem shares not requested in connection with a stockholder’s death, “qualifying disability,” or “determination of incompetence” during the December redemption date in the current year. The Company may, however, increase or decrease the funding available for the redemption of shares pursuant to the program upon 10 business days’ notice to the stockholders. • During any calendar year, the Company may redeem no more than 5% of the weighted average number of shares outstanding during the prior calendar year. • The Company has no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. Pursuant to the Share Redemption Program, unless the shares were redeemed in connection with a Special Redemption, the price at which the Company redeemed the shares through the May 2017 redemption date was as follows: • For those shares held by the redeeming stockholder for at least one year, 92.5% of the price paid to acquire the shares from the Company; • For those shares held by the redeeming stockholder for at least two years, 95.0% of the price paid to acquire the shares from the Company; • For those shares held by the redeeming stockholder for at least three years, 97.5% of the price paid to acquire the shares from the Company; and • For those shares held by the redeeming stockholder for at least four years, 100% of the price paid to acquire the shares from the Company. Special Redemptions through the May 2017 redemption date were redeemed at the price paid to acquire the shares from the Company. Notwithstanding the foregoing, stock dividends were initially redeemed at the “net investment amount” per share, which was based on the “amount available for investment/net investment amount” percentage shown in the Company’s estimated use of proceeds table in the prospectus for the Public Offering. For each class of shares, this amount was initially equal to $9.01 per share for redemptions of shares received as a result of a stock dividend. Effective for the June 30, 2017 redemption date, redemptions made in connection with a stockholder’s death, qualifying disability, or determination of incompetence are made at a price per share equal to the most recent estimated net asset value (“NAV”) per share as of the applicable redemption date. The price at which we redeem all other shares eligible for redemption is as follows: • For those shares held by the redeeming stockholder for at least one year, 92.5% of the Company’s most recent NAV per share as of the applicable redemption date; • For those shares held by the redeeming stockholder for at least two years, 95.0% of the Company’s most recent NAV per share as of the applicable redemption date; • For those shares held by the redeeming stockholder for at least three years, 97.5% of the Company’s most recent NAV per share as of the applicable redemption date; and • For those shares held by the redeeming stockholder for at least four years, 100% of the Company’s most recent NAV per share as of the applicable redemption date. For purposes of determining the time period a redeeming stockholder has held each share, the time period begins as of the date the stockholder acquired the shares; provided, that shares purchased by the redeeming stockholder pursuant to the Company’s dividend reinvestment plan and shares received as a stock dividend will be deemed to have been acquired on the same date as the initial share to which the dividend reinvestment plan shares or stock dividend shares relate. The date of the share’s original issuance by the Company is not determinative. In addition, as described above, the shares owned by a stockholder may be redeemed at different prices depending on how long the stockholder has held each share submitted for redemption. On June 6, 2017 , the Company established a NAV per share of common stock of $9.05 (unaudited). The estimated value per share became effective for the June 2017 redemption date. On December 6, 2018 , the Company established a NAV per share of common stock of $9.65 (unaudited). The estimated value per share became effective for the December 2018 redemption date. Upon a transfer of shares any pending redemption requests with respect to such transferred shares will be canceled as of the date the Company accepts the transfer. Stockholders wishing to continue to have a redemption request related to any transferred shares considered by the Company must resubmit their redemption request. The board may amend, suspend or terminate the Share Redemption Program upon 10 days’ notice to stockholders, provided that the Company may increase or decrease the funding available for the redemption of shares pursuant to the share redemption program upon 10 business days’ notice. The Company records amounts that are redeemable under the Share Redemption Program as redeemable common stock in its consolidated balance sheets because the shares are mandatorily redeemable at the option of the holder and therefore their redemption is outside the control of the Company. The maximum amount redeemable under the Company’s Share Redemption Program is limited to the number of shares the Company could redeem with the amount of the net proceeds from the sale of shares under the dividend reinvestment plan during the prior calendar year. However, because the amounts that can be redeemed is determinable and only contingent on an event that is likely to occur (e.g., the passage of time) the Company presents the net proceeds from the current year and prior year dividend reinvestment plan, net of current year redemptions, as redeemable common stock in its consolidated balance sheets. The Company classifies as liabilities financial instruments that represent a mandatory obligation of the Company to redeem shares. The Company’s redeemable common shares are contingently redeemable at the option of the holder. When the Company determines it has a mandatory obligation to repurchase shares under the Share Redemption Program, it reclassifies such obligations from temporary equity to a liability based upon their respective settlement values. The Company limits the dollar value of shares that may be redeemed under the program as described above. During the year ended December 31, 2018 , the Company redeemed $2.4 million of common stock. The Company processed all redemption requests received in good order and eligible for redemption through the December 2018 redemption date, except for 437,842 shares totaling $4.2 million due to the limitations described above. The Company recorded $3.0 million of redeemable common stock payable on the Company’s balance sheet as of December 31, 2018 , which represents the amount available to be redeemed in 2019 based on the net proceeds from the sale of shares under of distribution reinvestment plan as of December 31, 2018 .
Related Party Transactions	Pursuant to the Advisory Agreement, Dealer Manager Agreement and the dealer manager agreement entered in connection with the Private Offering, the Company is or was obligated to pay the Advisor and the Dealer Manager specified fees upon the provision of certain services related to the Public Offering and the Private Offering, the investment of funds in real estate and real estate-related investments, management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). The Company is or was also obligated to reimburse the Advisor and Dealer Manager for organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company, and the Company is obligated to reimburse the Advisor for acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with 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. See note 11 , “Related Party Transactions.” The Company records all related party fees as incurred, subject to any limitations described in the Advisory Agreement. The Company had not incurred any subordinated participation in net cash flows or subordinated incentive fees payable to the Advisor through December 31, 2018 .
Selling Commissions, Dealer Manager Fees and Stockholder Servicing Fee	Prior to February 17, 2016, the Company paid the Dealer Manager up to 6.5% of the price per share of Class A common stock sold in the Private Offering and the Public Offering as a selling commission. The Dealer Manager reallowed 100% of commissions earned to participating broker-dealers. No sales commissions were paid on shares sold through the dividend reinvestment plan. The Company paid the Dealer Manager up to 3.0% of the price per share of Class A common stock sold in the Private Offering and the Public Offering as a dealer manager fee. No dealer manager fee was payable on shares sold under the dividend reinvestment plan. From its dealer manager fee, the Dealer Manager reallowed to any participating broker-dealer up to 1.0% of the price per share of Class A common stock sold in the Private Offering and the Public Offering attributable to that participating broker-dealer as a marketing fee and in special cases the dealer manager could increase the reallowance. A reduced dealer manager fee was payable with respect to certain volume discount sales. As of February 17, 2016, the Company paid selling commissions to the Dealer Manager in amounts up to 6.5% of the price per share of Class A common stock sold and up to 3.0% of the price per share of Class T common stock sold. Additionally, the Company paid dealer manager fees to the Dealer Manager in an amount up to 2.0% of the price per share of Class A and Class T common stock sold. The Dealer Manager reallowed all selling commissions to participating broker dealers and generally reallowed (from its dealer manager fee) to any participating broker dealer up to 1.0% of the gross proceeds from the primary portion of the Public Offering attributable to that participating broker dealer as a marketing fee; in select cases up to 1.5% of the gross proceeds from the primary portion of the Public Offering was reallowed. No selling commissions or dealer manager fees were payable on shares of common stock sold under the dividend reinvestment plan. The Dealer Manager also received an annual stockholder servicing fee of 1.0% of the purchase price per share (ignoring any discounts that may be available to certain categories of purchasers) of Class T common stock sold in the primary portion of the Public Offering solely to the extent there is a broker dealer of record with respect to such Class T share that had entered a currently effective selected dealer agreement or servicing agreement that provides for the payment to such broker dealer of the stockholder servicing fee with respect to such Class T share, and such broker dealer of record was in compliance with the applicable terms of such selected dealer agreement or servicing agreement related to such payment. To the extent payable, the stockholder servicing fee accrued daily and was paid monthly in arrears, and the Dealer Manager reallowed 100% of the stockholder servicing fee to such broker dealer of record for services provided to Class T stockholders after the initial sale of the Class T share. Pursuant to the terms of the Class T shares as set forth in the Articles Supplementary and Multiple Class Plan, the Company ceased accruing for stockholder servicing fees after July 31, 2018. The Company recorded the stockholder servicing fee as a reduction to additional paid-in capital and the related liability in an amount equal to the estimated stockholder servicing fee payable in relation to the Class T share on the date the share was issued. For each share of Class T common stock in the Primary Offering, the maximum stockholder servicing fee equaled 4% of the purchase price per share (ignoring any discounts in purchase price that were available to certain categories of purchasers). The liability was reduced over time, as the fees are paid to the Dealer Manager, or adjusted if the fees were no longer payable as a result of the occurrence of any of the following events: (i) the date at which aggregate underwriting compensation from all sources equaled 10% of the gross proceeds from the Primary Offering in which the Class T share was sold, as calculated by the Company with the assistance of the Dealer Manager after the termination of the Primary Offering in which the Class T share was sold, (ii) a listing of the Company’s common stock on a national securities exchange, (iii) a merger or other extraordinary transaction, and (iv) the date the Class T share associated with the stockholder servicing fee was no longer outstanding such as upon its redemption or the Company’s dissolution. Pursuant to the terms of the Class T shares as set forth in the Articles Supplementary and Multiple Class Plan, the Company ceased accruing for stockholder servicing fees after July 31, 2018.
Related Party Transactions, Acquisition and Origination Fees	The Company pays the Advisor acquisition and origination fees equal to a percentage of the cost of investments acquired or originated by the Company, or the amount to be funded by the Company to acquire or originate loans, including acquisition and origination expenses and any debt attributable to such investments plus significant capital expenditures related to the development, construction or improvement of the investment budgeted as of the date of acquisition. For investments acquired or originated with proceeds raised in the Private Offering or Public Offering on or prior to February 16, 2016, this percentage was 1.5% . For investments acquired or originated with proceeds raised in the Public Offering after February 16, 2016, this percentage is 2.6% . The Company reimburses the Advisor or its affiliates for customary acquisition and origination expenses (including expenses relating to potential investments that do not close), such as legal fees and expenses (including fees of independent contractor in-house counsel that are not employees of the Advisor), costs of due diligence (including, as necessary, updated appraisals, surveys and environmental site assessments), travel and communication expenses, accounting fees and expenses and other closing costs and miscellaneous expenses relating to the acquisition or origination of opportunistic real estate, real estate-related loans, real estate equity securities and other real estate-related investments.
Related Party Transactions, Asset Management Fee	The Company pays the Advisor a monthly fee equal to the lesser of one-twelfth of (i) 1.0% of the cost of its investments and (ii) 2.0% of the sum of the cost of its investments, less any debt secured by or attributable to the investments. The cost of the real property investments is calculated as the amount paid or allocated to acquire the real property, including the cost of any subsequent development, construction or improvements to the property and including fees and expenses related thereto (but excluding acquisition fees paid or payable to the Advisor). The cost of the loans and any investments other than real property is calculated as the lesser of (x) the amount actually paid or allocated to acquire or fund the loan or other investment, including fees and expenses related thereto (but excluding acquisition fees paid or payable to the Advisor) and (y) the outstanding principal amount of such loan or other investment, including fees and expenses related to the acquisition or funding of such investment (but excluding acquisition fees paid or payable to the Advisor) as of the time of calculation. In the case of investments made through joint ventures, the asset management fee is determined based on the Company’s proportionate share of the underlying investment.
Related Party Transactions, Disposition Fee	For substantial assistance in connection with the sale of investments, the Company will pay the Advisor or its affiliates a percentage of the contract sales price of each loan, debt-related security, real property or other investment sold (including residential or commercial mortgage-backed securities or collateralized debt obligations issued by a subsidiary of ours as part of a securitization transaction) as a disposition fee. For dispositions with a contract sales price less than or equal to $50 million , the disposition fee will equal 1.5% of the contract sales price. For dispositions with a contract sales price greater than $50 million , the disposition fee will equal the sum of $750,000 (which amount is 1.5% of $50 million ), plus 1.0% of the amount of the contract sales price in excess of $50 million . The disposition fee is determined in a per transaction basis and is not cumulative. Disposition fees may be paid, in addition to commissions paid to non-affiliates, provided that the total commissions (including such disposition fee) paid to affiliates and non-affiliates do not exceed an amount equal to the lesser of (i) 6.0% if the aggregate contract sales price or (ii) the competitive real estate commission. The Company will not pay a disposition fee upon the maturity, prepayment or workout of a loan or other debt-related investment, provided that if the Company negotiates a discounted payoff with the borrower it will pay a disposition fee and if the Company takes ownership of a property as a result of a workout or foreclosure of a loan, it will pay a disposition fee upon the sale of such property.
Related Party Transactions, Subordinated Participation in Net Cash Flows	After the Company’s common stockholders have received, together as a collective group, aggregate distributions (regardless of the source used to fund such distributions and including distributions that may constitute a return of capital for federal income tax purposes) sufficient to provide (i) a return of their gross investment amount, which is the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by the total number of shares repurchased by the Company (excluding shares received as a stock dividend which the Company subsequently repurchased) multiplied by the weighted average issue price of the shares sold in a primary offering, and (ii) a 7.0% per year cumulative, noncompounded return on such gross investment amount, the Advisor is entitled to receive 15% of the Company’s net cash flows, whether from continuing operations, net sales proceeds, net financing proceeds, or otherwise. This fee is only payable if the Company is not listed on an exchange.
Related Party Transactions, Subordinated Incentive Fee	Upon a merger or listing of the Company’s common stock on a national securities exchange, the Advisor or its affiliates will receive an incentive fee. Upon a listing this fee will equal 15% of the amount by which (i) the market value of the Company’s outstanding stock, as defined in the Advisory Agreement, plus the total of all distributions paid by the Company to stockholders from inception until the date market value is determined (regardless of the source used to fund such distributions and including distributions that may constitute a return of capital for federal income tax purposes and excluding any stock dividend) exceeds (ii) the sum of stockholders’ gross investment amount, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by the total number of shares repurchased by the Company (excluding shares received as a stock dividend which the Company subsequently repurchased) multiplied by the weighted average issue price of the shares sold in the primary portion of an offering, and the amount of cash flow necessary to generate a 7.0% per year cumulative, noncompounded return on stockholders’ gross investment amount from the Company’s inception through the date the market value is determined. Upon a merger this fee will equal 15% of the amount by which (i) the merger consideration amount plus the total of all distributions paid or declared by the Company to stockholders from inception until the closing of the merger (regardless of the source used to fund such distributions and including distributions that may constitute a return of capital for federal income tax purposes and excluding any stock dividend) exceeds (ii) the sum of stockholders’ gross investment amount, or the amount calculated by multiplying the total number of shares purchased by stockholders by the issue price, reduced by the total number of shares repurchased by the Company (excluding shares received as a stock dividend which the Company subsequently repurchased) multiplied by the weighted average issue price of the shares sold in the primary portion of an offering, and the amount necessary to generate a 7.0% per year cumulative, noncompounded return on the Company’s stockholders’ gross investment amount from the Company’s inception through the closing of the merger.
Foreign Currency Translation	The Company has a participating loan facility funded in Euros which is accounted for under the equity method of accounting and recorded as an investment in unconsolidated entity in the accompanying balance sheets. The Company’s reporting currency is the U.S. dollar, however the functional currency of the unconsolidated entity is the Euro. At the end of each reporting period, before determining the Company’s share of its equity investment, the results of operations of the unconsolidated entity is translated into U.S. dollars using the average currency rates of exchange in effect during the period, and the assets and the liabilities of the unconsolidated entity are translated using the currency exchange rate in effect at the end of the period. The resulting foreign currency translation adjustment is recorded as other comprehensive income (loss) on the accompanying consolidated statements of comprehensive income (loss) and consolidated statements of equity.
Income Taxes	The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended with its taxable year ended December 31, 2014. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to its 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 to the extent it distributes qualifying 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 intends to organize and operate in such a manner as to qualify for treatment as a REIT. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. The Company’s evaluations were performed for all open tax years through December 31, 2018 . As of December 31, 2018 , returns for the calendar year 2014 through 2017 remain subject to examination by major tax jurisdictions. The Company’s hotel properties are leased to wholly-owned taxable REIT subsidiaries, which in turn contracts with an independent hotel management company that manages the day-to-day operations of the Company’s hotels. Lease revenue generated from the taxable REIT subsidiary is eliminated in consolidation.
Segments	The Company has invested in opportunistic real estate investments, real estate equity securities and originated a loan secured by a non-stabilized real estate asset, which was repaid on January 12, 2018 . In general, the Company intends to hold its investments in opportunistic real estate, real estate equity securities and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company’s management views opportunistic real estate and other real estate-related assets as similar investments. Substantially all of its revenue and net income (loss) is from opportunistic real estate and other real estate-related assets, and therefore, the Company currently aggregates its operating segments into one reportable business segment. In addition, the Company has invested in a participating loan facility secured by a portfolio of light industrial properties located in Europe. However, based on the Company’s investment portfolio and future investment focus, the Company does not believe that its investment in the European asset is a reportable segment.
Per Share Data	Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding for each class of share outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the years ended December 31, 2018 , 2017 and 2016 . For the purpose of determining the weighted average number of shares outstanding, stock dividends issued are adjusted retroactively and treated as if they were issued and outstanding for all periods presented. Commencing March 2015, the Company’s board of directors has declared and issued stock dividends on shares of the Company’s common stock through December 31, 2018 as follows: Year Ended December 31, Amount Declared per Share Outstanding (1) Total Shares Issued 2015 0.100000 shares 765,604 2016 0.035003 shares 513,723 2017 0.020004 shares 493,463 2018 0.018337 shares 584,377 _____________________ (1) Amount declared per share outstanding includes one-time stock dividends, quarterly dividends and monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend. Stock dividends are non-taxable to stockholders at the time of issuance. During the Company’s offering stage and through November 2018, the Company’s board of directors declared stock dividends on a set monthly basis based on monthly record dates. The Company currently does not expect its board of directors to declare additional monthly stock dividends. Until the Company established a NAV per share of common stock on June 6, 2017, for the purpose of calculating the dollar amount of the Class A and Class T stock dividends issued, the Company used the Class A and Class T primary offering price at the time of issuance. Cash distributions declared per share of Class A common stock were $0.191 , $0.191 and $0.202 for the years ending December 31, 2018 , 2017 and 2016 , respectively. Cash distributions declared per share of Class T common stock were $0.138 , $0.098 and $0.123 for the years ending December 31, 2018 , 2017 and 2016 , respectively. Until the Company ceased offering shares of common stock in the Public Offering on July 31, 2018, the declared rate of cash distributions for Class T Shares was different than the rate declared for the Class A Shares by an amount equivalent to any applicable daily stockholder servicing fees. On December 6, 2018, the Company’s board of directors declared a monthly cash distribution in the amount of $0.01598333 per share on the outstanding shares of all classes of its common stock as of December 20, 2018. Distributions declared per share of Class A common stock assumes each share was issued and outstanding each day that was a record date during the 11 months ending November 30, 2018 and during the years ending December 31, 2017 and 2016 . Distributions declared per share of Class T common stock assumes each share was issued and outstanding each day that was a record date from March 2, 2016 through November 30, 2018 . Each day during the period from March 1, 2016 through November 30, 2018 was a record date for distributions. Distributions for March 1, 2016 through March 31, 2016 were calculated based on stockholders of record each day during the period at a rate of $0.00026202 per share per day; April 1, 2016 through December 31, 2016 were calculated based on stockholders of record each day during the period at a rate of $0.00052404 per share per day; and January 1, 2017 through November 30, 2018 were calculated based on stockholders of record each day during the period at a rate of $0.00052548 per share per day, all of which were reduced by the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the number of shares of common stock of such class outstanding as of the close of business on each respective record date. On September 27, 2016, the Company’s board of directors declared a one-time cash distribution in the amount of $0.05 per share on the outstanding shares of all classes of common stock to stockholders of record as of the close of business on September 27, 2016. The Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared (“distributed earnings”) and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. The Company does not have any participating securities outstanding other than Class A Common Stock and Class T Common stock during the periods presented. The Company’s calculated earnings per share for the years ended December 31, 2018 , 2017 and 2016 were as follows (in thousands, except per share amounts): Years Ended December 31, 2018 2017 2016 Net loss attributable to common stockholders (23,508 ) (3,272 ) (6,490 ) Less: Class A Common Stock cash distributions declared 3,372 2,991 2,582 Less: Class T Common Stock cash distributions declared 1,635 929 377 Undistributed net loss attributable to common stockholders $ (28,515 ) $ (7,192 ) $ (9,449 ) Class A Common Stock: Undistributed net loss attributable to common stockholders (17,101 ) (4,471 ) (8,003 ) Class A Common Stock cash distributions declared 3,372 2,991 2,582 Net loss attributable to common stockholders $ (13,729 ) $ (1,480 ) $ (5,421 ) Net loss per common share, basic and diluted $ (0.77 ) $ (0.09 ) $ (0.41 ) Weighted-average number of common shares outstanding, basic and diluted 17,775,503 16,096,216 13,158,129 Class T Common Stock: Undistributed net loss attributable to common stockholders $ (11,414 ) $ (2,721 ) $ (1,446 ) Class T Common Stock cash distributions declared 1,635 929 377 Net loss attributable to common stockholders $ (9,779 ) $ (1,792 ) $ (1,069 ) Net loss per common share, basic and diluted $ (0.82 ) $ (0.18 ) $ (0.45 ) Weighted-average number of common shares outstanding, basic and diluted 11,864,178 9,797,325 2,377,436
Square Footage, Occupancy and Other Measures	Square footage, occupancy, average revenue per available room, average daily rate and other measures including annualized base rents and annualized base rents per square foot used to describe real estate and real-estate related investments included in these Notes to Consolidated Financial Statements are presented on an unaudited basis.
Recently Issued Accounting Standards Updates	In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). The amendments in ASU No. 2016-02 change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of ASU No. 2016-02 as of its issuance is permitted. ASU No. 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Upon its adoption of ASU No. 2016-02 on January 1, 2019, the Company adopted the package of practical expedients for all leases that commenced before the effective date of January 1, 2019. Accordingly, the Company 1) did not reassess whether any expired or existing contracts are or contain leases, 2) did not reassess the lease classification for any expired or existing lease, and 3) did not reassess initial direct costs for any existing leases. The Company did not elect the practical expedient related to using hindsight to reevaluate the lease term. In addition, the Company adopted the practical expedient for land easements and did not assess whether existing or expired land easements that were not previously accounted for as leases under the current lease accounting standards of Topic 840 are or contain a lease under Topic 842. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements (“ASU No. 2018-11”), which provides lessors with a practical expedient, by class of underlying asset, 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. Upon its adoption of the lease accounting standard under Topic 842, the Company adopted this practical expedient, specifically related to its 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 1) the timing and pattern of transfer of the nonlease components and associated lease components are the same and 2) the lease component would be classified as an operating lease. Accordingly, tenant reimbursements for common area maintenance will be accounted for as rental income on the Company’s statement of operations beginning January 1, 2019. In addition, ASU No. 2018-11, provides an additional optional transition method to allow entities to apply the new lease accounting standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. An entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new lease accounting standard will continue to be reported under the current lease accounting standards of Topic 840. The Company adopted this transition method upon its adoption of the lease accounting standard of Topic 842, which did not result in a cumulative effect adjustment to the opening balance of retained earnings on January 1, 2019. In December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors (“ASU No. 2018-20”), which permits lessors, as an accounting policy election, to not evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs and instead to account for these costs as if they were lessee costs. In addition, ASU No. 2018-20 requires lessors to 1) exclude lessor costs paid directly by lessees to third parties on the lessor’s behalf from variable payments and 2) include lessor costs that are reimbursed by the lessee in the measurement of variable lease revenue and the associated expense. The amendments also clarify that lessors are required to allocate the variable payments to the lease and non-lease components and follow the recognition guidance in Topic 842 for the lease component and other applicable guidance, such as ASC 606, for the non-lease component. The Company made the accounting policy election related to sales taxes upon adoption of the lease accounting standard of Topic 842 on January 1, 2019. The Company created an inventory of its leases where the Company may be a lessee to assess the potential impact to the Company’s financial statements. As of December 31, 2018 , the Company had ground leases on two of its properties which were accounted for as capital leases under Topic 840. As of December 31, 2018 , the Company had an aggregate of $8.6 million capital lease assets and $8.3 million capital lease obligations. Upon adoption of the new lease accounting standard, these ground leases were classified as finance leases and the existing capital lease assets were reclassified as right-of-use assets and existing obligation as lease liabilities as of January 1, 2019. The adoption of the new lease accounting standard did not have a material impact to the Company’s financial statements on January 1, 2019. Beginning January 1, 2019, the Company, as a lessor, will record legal costs incurred to negotiate an operating lease as an expense, classified as operating, maintenance, and management 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. In addition, the Company will account for new leases, including modifications of existing leases, entered into on and after January 1, 2019 under the new lease accounting standard under Topic 842 and follow the related presentation and disclosure requirements for reporting periods subsequent to January 1, 2019. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments (“ASU No. 2016-13”). ASU No. 2016-13 affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The amendments in ASU No. 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. ASU No. 2016-13 also amends the impairment model for available-for-sale securities. An entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment, as is currently required. ASU No. 2016-13 also requires new disclosures. For financial assets measured at amortized cost, an entity will be required to disclose information about how it developed its allowance for credit losses, including changes in the factors that influenced management’s estimate of expected credit losses and the reasons for those changes. For financing receivables and net investments in leases measured at amortized cost, an entity will be required to further disaggregate the information it currently discloses about the credit quality of these assets by year of the asset’s origination for as many as five annual periods. For available for sale securities, an entity will be required to provide a roll-forward of the allowance for credit losses and an aging analysis for securities that are past due. ASU No. 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is still evaluating the impact of adopting ASU No. 2016-13 on its financial statements, but does not expect the adoption of ASU No. 2016-13 to have a material impact on its financial statements. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarified that receivables from operating leases are not within the scope of Topic 326 and instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework -Changes to the Disclosure Requirements for Fair Value Measurement (“ASU No. 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. ASU No. 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation processes for Level 3 fair value measurements. It also adds a requirement to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and to disclose the range and weighted average of significant unobservable inputs used to develop recurring and nonrecurring Level 3 fair value measurements. For certain unobservable inputs, entities may disclose other quantitative information in lieu of the weighted average if the other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop the Level 3 fair value measurement. In addition, public entities are required to provide information about the measurement uncertainty of recurring Level 3 fair value measurements from the use of significant unobservable inputs if those inputs reasonably could have been different at the reporting date. ASU No. 2018-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company is still evaluating the impact of adopting ASU No. 2018-13 on its financial statements, but does not expect the adoption of ASU No. 2018-13 to have a material impact on its financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
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 subsidies & tax abatements Remaining term of agreement Furniture, fixtures & equipment 3-12 years
Schedule of Dividends Declared	Commencing March 2015, the Company’s board of directors has declared and issued stock dividends on shares of the Company’s common stock through December 31, 2018 as follows: Year Ended December 31, Amount Declared per Share Outstanding (1) Total Shares Issued 2015 0.100000 shares 765,604 2016 0.035003 shares 513,723 2017 0.020004 shares 493,463 2018 0.018337 shares 584,377 _____________________ (1) Amount declared per share outstanding includes one-time stock dividends, quarterly dividends and monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.
Schedule of Earnings Per Share, Including Two Class Method	The Company’s calculated earnings per share for the years ended December 31, 2018 , 2017 and 2016 were as follows (in thousands, except per share amounts): Years Ended December 31, 2018 2017 2016 Net loss attributable to common stockholders (23,508 ) (3,272 ) (6,490 ) Less: Class A Common Stock cash distributions declared 3,372 2,991 2,582 Less: Class T Common Stock cash distributions declared 1,635 929 377 Undistributed net loss attributable to common stockholders $ (28,515 ) $ (7,192 ) $ (9,449 ) Class A Common Stock: Undistributed net loss attributable to common stockholders (17,101 ) (4,471 ) (8,003 ) Class A Common Stock cash distributions declared 3,372 2,991 2,582 Net loss attributable to common stockholders $ (13,729 ) $ (1,480 ) $ (5,421 ) Net loss per common share, basic and diluted $ (0.77 ) $ (0.09 ) $ (0.41 ) Weighted-average number of common shares outstanding, basic and diluted 17,775,503 16,096,216 13,158,129 Class T Common Stock: Undistributed net loss attributable to common stockholders $ (11,414 ) $ (2,721 ) $ (1,446 ) Class T Common Stock cash distributions declared 1,635 929 377 Net loss attributable to common stockholders $ (9,779 ) $ (1,792 ) $ (1,069 ) Net loss per common share, basic and diluted $ (0.82 ) $ (0.18 ) $ (0.45 ) Weighted-average number of common shares outstanding, basic and diluted 11,864,178 9,797,325 2,377,436

REAL ESTATE (Tables)

REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Real Estate Investments	As of December 31, 2018 , the Company’s real estate portfolio was composed of two hotel properties, four office properties and one apartment building. In addition, as of December 31, 2018 , the Company has entered into a consolidated joint venture to develop one retail property. The following table summarizes the Company’s real estate as of December 31, 2018 and 2017 , respectively (in thousands): December 31, 2018 December 31, 2017 Land $ 104,138 $ 104,138 Buildings and improvements 425,989 425,942 Tenant origination and absorption costs 17,183 19,006 Total real estate, cost and net of impairment charges (1) 547,310 549,086 Accumulated depreciation and amortization (35,704 ) (18,646 ) Total real estate, net $ 511,606 $ 530,440 _____________________ (1) See “ – Impairment of Real Estate” below. The following table provides summary information regarding the Company’s real estate as of December 31, 2018 (in thousands): Property Date Acquired City State Property Type Land Building and Improvements (1) Tenant Origination and Absorption Total Real Estate, at Cost and Net of Impairment Charges Accumulated Depreciation and Amortization Total Real Estate, Net Ownership % Springmaid Beach Resort 12/30/2014 Myrtle Beach SC Hotel $ 27,438 $ 33,618 $ — $ 61,056 $ (7,205 ) $ 53,851 90.0% Q&C Hotel 12/17/2015 New Orleans LA Hotel 1,232 53,098 — 54,330 (6,071 ) 48,259 90.0% 2200 Paseo Verde 12/23/2015 Henderson NV Office 1,850 11,850 418 14,118 (1,454 ) 12,664 100.0% Lincoln Court 05/20/2016 Campbell CA Office 14,706 34,446 2,554 51,706 (4,165 ) 47,541 100.0% Lofts at NoHo Commons 11/16/2016 North Hollywood CA Apartment 26,222 78,668 — 104,890 (4,204 ) 100,686 90.0% 210 West 31st Street (2) 12/01/2016 New York NY Retail — 54,927 — 54,927 — 54,927 80.0% Oakland City Center 08/18/2017 Oakland CA Office 22,150 139,229 11,411 172,790 (10,793 ) 161,997 100.0% Madison Square (3) 10/03/2017 Phoenix AZ Office 10,540 20,153 2,800 33,493 (1,812 ) 31,681 90.0% $ 104,138 $ 425,989 $ 17,183 $ 547,310 $ (35,704 ) $ 511,606 _____________________ (1) Building and improvements includes construction costs for the Company’s project that was under development. (2) The Company acquired the rights to a leasehold interest with respect to this property. The leasehold interest expires January 31, 2114. As of December 31, 2018 , the capital lease asset had a carrying value of $6.8 million included in building and improvements . No depreciation or amortization was recorded to this property as of December 31, 2018 . (3) The Company acquired the rights to a leasehold interest with respect to the land at this property. This property was formerly known as Grace Court and was re-named Madison Square in connection with the Company’s re-branding strategy for this property. As of December 31, 2018 , the capital lease asset had a carrying value of $1.9 million included in land .
Schedule of Hotel Revenue and Expense	The following table provides detailed information regarding the Company’s hotel revenues and expenses for the years ended December 31, 2018 , 2017 and 2016 (in thousands): For the Years Ended December 31, 2018 2017 2016 Hotel revenues: Room $ 24,620 $ 17,216 $ 18,208 Food, beverage and convention services 5,263 3,761 3,164 Campground 1,176 1,127 1,081 Other (1) 1,607 6,890 2,354 Hotel revenues $ 32,666 $ 28,994 $ 24,807 Hotel expenses: Room $ 6,157 $ 4,759 $ 4,782 Food, beverage and convention services 4,077 3,179 2,905 General and administrative 2,919 2,357 2,297 Sales and marketing 3,069 2,642 1,768 Repairs and maintenance 2,362 1,815 1,765 Utilities 1,207 1,033 974 Property taxes and insurance 1,749 1,799 1,435 Other 1,367 1,603 1,666 Hotel expenses $ 22,907 $ 19,187 $ 17,592 _____________________ (1) Hotel revenues - other includes $5.8 million of business interruption insurance recovery for the year ended December 31, 2017 related to the impact of Hurricane Matthew in October 2016, the result of which placed certain rooms at Springmaid Beach Resort out of service during the year ended December 31, 2017 .
Schedule of Contract with Customer, Asset and Liability	The following table summarizes the Company’s contract liabilities, which are included in other liabilities in the accompanying consolidated balance sheets, as of December 31, 2018 and December 31, 2017 (in thousands): December 31, 2018 December 31, 2017 Contract liability $ 324 $ 358 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 304 (1) _____________________ (1) The amount of revenue recognized in the period from amounts included in contract liability at the beginning of the period is not relevant for the year ended December 31, 2017 , as the Company adopted ASU No. 2014-09 effective January 1, 2018.
Schedule of Office Property Revenue and Expense	The following table provides detailed information regarding the Company’s office revenues and expenses for the years ended December 31, 2018 , 2017 and 2016 (in thousands): For the Years Ended December 31, 2018 2017 2016 Office revenues: Rental income $ 26,593 $ 14,332 $ 4,985 Tenant reimbursements and other income (1) 3,348 1,275 239 Office revenues $ 29,941 $ 15,607 $ 5,224 Office expenses: Operating, maintenance, and management $ 8,362 $ 3,636 $ 879 Real estate taxes and insurance 3,960 1,736 499 Office expenses $ 12,322 $ 5,372 $ 1,378 _____________________ (1) For the year ended December 31, 2018 , included in tenant reimbursements and other income for office properties is $0.8 million of other operating income and tenant reimbursements for substantial services accounted for under ASU No. 2014-09.
Schedule of Future Minimum Lease Payments for Capital Leases	As of December 31, 2018 , the future minimum rental income from the Company’s office properties under its non-cancelable operating leases was as follows (in thousands): 2019 $ 21,875 2020 20,365 2021 17,400 2022 14,067 2023 11,237 Thereafter 22,132 $ 107,076
Schedules of Concentration of Risk, by Risk Factor	As of December 31, 2018 , the highest tenant industry concentrations (greater than 10% of annualized base rent) in the Company’s portfolio were as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Annualized Base Rent Professional, Scientific and Legal 14 $ 3,753 16.4 % Legal Services 12 3,657 16.0 % Public Administration (Government) 6 3,195 14.0 % Finance 13 2,519 11.0 % $ 13,124 57.4 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of December 31, 2018 , 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.
Schedule of Apartment Property Revenue and Expense	The following table provides detailed information regarding the Company’s apartment revenues and expenses for the years ended December 31, 2018 , 2017 and 2016 (in thousands): For the Years Ended December 31, 2018 2017 2016 Apartment revenues: Rental income $ 6,839 $ 6,515 $ 853 Tenant reimbursements and other income 630 465 37 Apartment revenues $ 7,469 $ 6,980 $ 890 Apartment expenses: Operating, maintenance, and management $ 2,423 $ 2,278 $ 174 Real estate taxes and insurance 1,356 1,346 179 Apartment expenses $ 3,779 $ 3,624 $ 353

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, 2018
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities	As of December 31, 2018 and 2017 , 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 Absorption Costs Above-Market Lease Assets Below-Market Lease Liabilities December 31, December 31, December 31, December 31, December 31, December 31, Cost $ 17,183 $ 19,006 $ 99 $ 99 $ (11,526 ) $ (12,869 ) Accumulated Amortization (6,163 ) (3,473 ) (34 ) (16 ) 4,178 2,086 Net Amount $ 11,020 $ 15,533 $ 65 $ 83 $ (7,348 ) $ (10,783 )
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, 2018 , 2017 and 2016 were as follows (in thousands): Tenant Origination and Above-Market Lease Assets Below-Market Lease Liabilities For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 Amortization $ (4,513 ) $ (3,892 ) $ (1,611 ) $ (18 ) $ (10 ) $ (16 ) $ 3,435 $ 2,038 $ 496
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2018 will be amortized for the years ending December 31 as follows (in thousands): Tenant Origination and Above-Market Below-Market 2019 $ (3,506 ) $ (19 ) $ 2,671 2020 (2,565 ) (15 ) 1,750 2021 (1,814 ) (12 ) 973 2022 (1,181 ) (12 ) 744 2023 (881 ) (7 ) 595 Thereafter (1,073 ) — 615 $ (11,020 ) $ (65 ) $ 7,348 Weighted-Average Remaining Amortization Period 4.4 years 4.2 years 4.1 years

REAL ESTATE LOAN RECEIVABLE (Ta

REAL ESTATE LOAN RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Schedule of Real Estate Loan Receivable	As of December 31, 2017, the Company had originated one real estate loan receivable. On January 12, 2018 , the real estate loan receivable was repaid in full. Information for the real estate loan receivable was as follows (in thousands): Loan Name Date Originated Property Type Loan Type Outstanding Principal Balance as of December 31, 2018 Book Value as of (1) Book Value as of (1) Contractual Interest Rate Annualized Effective Interest Rate Maturity Date 655 Summer Street First Mortgage Boston, Massachusetts 09/04/2014 Office Mortgage $ — $ — $ 3,500 9.25% (2) (2) _____________________ (1) Book value of the real estate loan receivable represents outstanding principal balance adjusted for unamortized origination fees and direct origination and acquisition costs. (2) On January 12, 2018 , the real estate loan receivable was repaid in full.
Schedule of Activity Related to Real Estate Loans Receivable	The following summarizes the activity related to the real estate loan receivable for the year ended December 31, 2018 (in thousands): Real estate loan receivable - December 31, 2017 $ 3,500 Principal repayment (3,500 ) Real estate loan receivable - December 31, 2018 $ —
Schedule of Interest Income from Real Estate Loans Receivable	For the years ended December 31, 2018 , 2017 and 2016 , interest income from the real estate loan receivable consisted of the following (in thousands): For the Years Ended December 31, 2018 2017 2016 Contractual interest income $ 10 $ 329 $ 329 Amortization of closing costs and origination fees, net — 58 70 Interest income from real estate loan receivable $ 10 $ 387 $ 399

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of December 31, 2018 and 2017 , the Company’s notes payable consisted of the following (in thousands): Book Value as of Book Value as of Contractual Interest Rate (1) Effective Interest Rate (1) Payment Type Maturity Date Springmaid Beach Resort Mortgage Loan $ 37,280 $ 38,000 One-month LIBOR + 3.00% 5.35% Principal & Interest 12/30/2018 (2) Q&C Hotel Mortgage Loan 23,551 28,330 One-month LIBOR + 3.25% 5.60% Principal & Interest 12/17/2018 (3) 2200 Paseo Verde Mortgage Loan (4) 7,947 7,947 One-month LIBOR + 2.25% 4.60% Interest Only (4) 07/01/2020 Lincoln Court Mortgage Loan 33,500 33,500 One-month LIBOR + 1.75% 4.27% Interest Only 06/01/2020 Lofts at NoHo Commons Mortgage Loan 72,100 72,100 One-month LIBOR + 2.66% 5.01% Interest Only 12/01/2019 210 West 31st Street Mortgage Loan (5) 38,041 35,763 One-month LIBOR + 5.50% 7.85% Interest Only 12/01/2019 Oakland City Center Mortgage Loan (6) 94,500 94,500 One-month LIBOR + 1.75% 4.10% Interest Only (6) 09/01/2022 Madison Square Mortgage Loan (7) 21,895 21,895 One-month LIBOR + 4.05% (6) 6.36% Interest Only 10/09/2020 Total notes payable principal outstanding 328,814 332,035 Deferred financing costs, net (2,271 ) (3,684 ) Total notes payable, net $ 326,543 $ 328,351 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2018 . Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2018 (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at December 31, 2018 , where applicable. (2) Subsequent to December 31, 2018 , the maturity date of the Springmaid Beach Resort Mortgage Loan was extended to December 30, 2019. (3) Subsequent to December 31, 2018 , the maturity date of the Q&C Hotel Mortgage Loan was extended to December 17, 2019. (4) As of December 31, 2018 , $7.9 million had been disbursed to the Company and up to $1.6 million is available for future disbursements to be used for tenant improvement costs, capital improvements costs and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning August 1, 2019, monthly payments include principal amortization payments of $10,000 per month. (5) As of December 31, 2018 , $38.0 million had been disbursed to the Company and up to $9.1 million is available for future disbursements to be used for capital improvement costs, tenant improvement costs, leasing commissions and operating/interest shortfall, subject to certain terms and conditions contained in the loan documents. On March 5, 2019, the 210 West 31st Street Mortgage Loan was amended. The joint venture was required to make a principal reduction payment of $4.0 million and, as a result of the amendment, certain milestone and construction obligations were waived and the lender has no further obligation to make any future disbursements of the loan. (6) As of December 31, 2018 , $94.5 million had been disbursed to the Company and up to $8.9 million is available for future disbursements to be used for tenant improvements and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning October 1, 2020, monthly payments will include principal and interest with principal payments of $110,000 or, in the event the Company repays any principal of the loan amount, with principal payments calculated using an amortization schedule of 30 years and an annual interest rate of 6.0% , subject to certain terms and conditions contained in the loan documents. (7) As of December 31, 2018 , $21.9 million had been disbursed to the Company and up to $12.2 million is available for future disbursements to be used for tenant improvements and leasing expenses, subject to certain terms and conditions contained in the loan documents. The Madison Square Mortgage Loan bears interest at a floating rate of 405 basis points over one-month LIBOR, but at no point shall the interest rate be less than 5.05% . The property securing this mortgage loan was formerly known as Grace Court and was re-named Madison Square in connection with the Company’s re-branding strategy of the property.
Schedule of Maturities of Long-term Debt	The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of December 31, 2018 (in thousands): 2019 $ 171,022 2020 63,622 2021 1,320 2022 92,850 $ 328,814

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position	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): Fair Value of Asset Derivative Instruments Effective Date Maturity Date Notional Value Reference Rate December 31, 2018 December 31, 2017 Balance Sheet Location Interest Rate Cap 12/29/2014 01/01/2018 $ 26,000 One-month LIBOR at 3.00% $ — $ — Prepaid expenses and other assets Interest Rate Cap 12/15/2015 12/23/2018 $ 28,330 One-month LIBOR at 3.00% — — Prepaid expenses and other assets Interest Rate Cap 12/01/2016 12/01/2019 $ 47,110 One-month LIBOR at 3.00% 4 9 Prepaid expenses and other assets Interest Rate Cap 10/03/2017 10/15/2019 $ 34,125 One-month LIBOR at 3.00% 2 4 Prepaid expenses and other assets Interest Rate Cap 02/02/2018 12/30/2018 $ 26,000 One-month LIBOR at 3.00% — — Prepaid expenses and other assets Interest Rate Cap 12/30/2018 06/30/2019 $ 26,000 One-month LIBOR at 3.00% — — Prepaid expenses and other assets Total Derivative Instruments not designated as hedging instruments $ 6 $ 13
Schedule of Interest Rate Derivatives	The following table summarizes the notional amount and other information related to the Company’s foreign currency forward contract as of December 31, 2018 . 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 (currency in thousands): Derivative Instrument Notional Amount Strike Price Trade Date Maturity Date Derivative instrument not designated as hedging instrument Foreign currency forward contract $ 2,100 1.2704 USD-EUR 09/05/2017 09/07/2021

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Face Value, Carrying Amounts and Fair Value	The following were the face value, carrying amount and fair value of the Company’s financial instruments as of December 31, 2018 and 2017 , which carrying amounts do not approximate the fair values (in thousands): December 31, 2018 December 31, 2017 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial asset: Real estate loan receivable $ — $ — $ — $ 3,500 $ 3,500 $ 3,500 Financial liability: Notes payable $ 328,814 $ 326,543 $ 329,588 $ 332,035 $ 328,351 $ 333,336
Schedule of Fair Value of Assets and Liabilities	As of December 31, 2018 , the Company measured the following assets at fair value on a recurring basis (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Basis: Real estate equity securities $ 7,230 $ 7,230 $ — $ — Asset derivatives - interest rate caps $ 6 $ — $ 6 $ — Asset derivative - foreign currency forward contract $ 68 $ — $ 68 $ —
Schedule of Fair Value Measurements, Nonrecurring Basis	As of December 31, 2018 , the Company measured the following asset at fair value on a nonrecurring basis (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Nonrecurring Basis: Impaired real estate (1) $ 54,927 $ — $ — $ 54,927 _____________________ (1) Amount represents the fair value for a real estate asset impacted by impairment charges during the year ended December 31, 2018 , as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 , 2017 and 2016 , respectively, and any related amounts payable as of December 31, 2018 and 2017 (in thousands): Incurred in the Years Ended December 31, Payable as of December 31, 2018 2017 2016 2018 2017 Expensed Asset management fees 3,985 2,775 1,340 22 22 Reimbursable operating expenses (1) 477 339 395 35 42 Real estate acquisition fee (2) — — 3,759 — — Capitalized Acquisition fees (2) 330 4,943 1,245 178 76 Asset management fees — 67 22 — — Additional Paid-in Capital Sales commissions 614 2,412 3,723 — — Dealer manager fees 337 1,352 1,982 — — Stockholder servicing fees (3) 14 1,149 508 — 680 Reimbursable other offering costs (4) 175 668 394 — 1,042 $ 5,932 $ 13,705 $ 13,368 $ 235 $ 1,862 _____________________ (1) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cyber security 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 $389,000 , $335,000 and $385,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively, and were the only employee costs reimbursed under the Advisory Agreement for the years ended December 31, 2018 , 2017 and 2016 . The Advisor may seek reimbursement for certain other employee costs under the Advisory Agreement. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. (2) Prior to the adoption of ASU No. 2017-01 on January 1, 2017, acquisition fees related to investment properties were expensed at the time of acquisition. Acquisition fees on investment in unconsolidated entities are capitalized into the cost basis of the investment. Acquisition fees on significant capital expenditures related to the development, construction or improvement of the investment budgeted as of the date of acquisition are capitalized. (3) Reflects the stockholder servicing fee paid based on the terms of the Class T Shares. Pursuant to the terms of the Class T shares as set forth in the Articles Supplementary and Multiple Class Plan of the Company, the Company ceased accruing for stockholder servicing fees after July 31, 2018. (4) See “Other Offering Costs” below.

SELECTED QUARTERLY FINANCIAL _2

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2018 and 2017 (in thousands, except share and per share amounts): 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 14,835 $ 19,463 $ 19,993 $ 15,991 Class A Common Stock: Net loss attributable to common stockholders $ (1,573 ) $ (22 ) $ (2,914 ) $ (9,183 ) Net loss per common share, basic and diluted $ (0.09 ) $ — $ (0.16 ) $ (0.51 ) Cash distributions declared per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 Class T Common Stock: Net loss attributable to common stockholders $ (1,294 ) $ (282 ) $ (2,049 ) $ (6,191 ) Net loss per common share, basic and diluted $ (0.11 ) $ (0.02 ) $ (0.17 ) $ (0.51 ) Cash distributions declared per common share $ 0.02 $ 0.03 $ 0.04 $ 0.05 Stock dividends declared per common share - Classes A and T 0.005 0.005 0.005 0.003 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 8,505 $ 10,052 $ 18,227 $ 15,184 Class A Common Stock: Net (loss) income attributable to common stockholders $ (1,526 ) $ (650 ) $ 1,904 $ (1,321 ) Net (loss) income per common share, basic and diluted $ (0.10 ) $ (0.04 ) $ 0.12 $ (0.08 ) Cash distributions declared per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 Class T Common Stock: Net (loss) income attributable to common stockholders $ (922 ) $ (630 ) $ 989 $ (1,116 ) Net (loss) income per common share, basic and diluted $ (0.12 ) $ (0.06 ) $ 0.09 $ (0.10 ) Cash distributions declared per common share $ 0.020 $ 0.020 $ 0.030 $ 0.030 Stock dividends declared per common share - Classes A and T 0.005 0.005 0.005 0.005

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Fiscal Year Maturity Schedule	Future minimum lease payments owed by the Company under the capital leases as of December 31, 2018 are as follows (in thousands): 2019 $ 695 2020 680 2021 735 2022 935 2023 525 Thereafter 53,316 Total expected minimum lease obligations 56,886 Less: Amount representing interest (1) (48,544 ) Present value of net minimum lease payments (2) $ 8,342 _____________________ (1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition. (2) The present value of net minimum lease payments are presented in other liabilities in the accompanying consolidated balance sheets.

ORGANIZATION (Details)

ORGANIZATION (Details) $ / shares in Units, $ in Thousands	Feb. 13, 2018USD ($)shares	Jul. 14, 2017USD ($)shares	Jul. 31, 2014USD ($)shares	Apr. 02, 2014USD ($)shares	Dec. 31, 2018USD ($)propertyinvestmentsubsidiaryshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Aug. 11, 2014USD ($)shares	Dec. 31, 2017USD ($)shares	Nov. 14, 2013shares	Jul. 03, 2013$ / sharesshares
Organizational Structure [Line Items]
Number of wholly owned subsidiaries | subsidiary					3
Number of wholly owned subsidiaries that lease parent properties | subsidiary					2
Number of investments in unconsolidated joint venture | investment					1
Number of investments in equity securities | investment					1
Proceeds from issuance of common stock | $					$ 17,184	$ 70,090	$ 95,779
Proceeds from issuance of common stock, dividend reinvestment plan | $									$ 4,400
Issuance of common stock | $					$ 19,995	$ 71,916	$ 97,409
Common Class A
Organizational Structure [Line Items]
Common stock, shares issued (in shares)					18,103,437	16,888,940			16,888,940
Common Class T
Organizational Structure [Line Items]
Common stock, shares issued (in shares)					12,208,242	11,031,895			11,031,895
Private Placement
Organizational Structure [Line Items]
Proceeds from issuance of common stock | $								$ 32,200
IPO
Organizational Structure [Line Items]
Proceeds from issuance of common stock | $									$ 228,600
Proceeds from issuance of common stock, dividend reinvestment plan | $									$ 7,600
Common Stock | Common Class A
Organizational Structure [Line Items]
Issuance of common stock (in shares)					1,100,169	2,641,090	4,104,345
Issuance of common stock, shares, dividend reinvestment plan (in shares)									443,543
Issuance of common stock | $					$ 11	$ 27	$ 41
Common Stock | Common Class T
Organizational Structure [Line Items]
Issuance of common stock (in shares)					984,685	4,822,456	5,955,697
Issuance of common stock, shares, dividend reinvestment plan (in shares)									63,926
Issuance of common stock | $					$ 10	$ 48	$ 60
Common Stock | Private Placement
Organizational Structure [Line Items]
Issuance of common stock (in shares)								3,619,851
Common Stock | IPO
Organizational Structure [Line Items]
Shares registered in primary offering (in shares)										100,000,000
Shares registered for sale under dividend reinvestment plan (in shares)										80,000,000
Common Stock | IPO | Common Class A
Organizational Structure [Line Items]
Issuance of common stock (in shares)									11,977,758
Issuance of common stock, shares, dividend reinvestment plan (in shares)									602,462
Common Stock | IPO | Common Class T
Organizational Structure [Line Items]
Issuance of common stock (in shares)									11,537,701
Issuance of common stock, shares, dividend reinvestment plan (in shares)									225,137
Common Stock | IPO | Maximum
Organizational Structure [Line Items]
Stock offering, shares authorized for issuance (in shares)										180,000,000
Hotel
Organizational Structure [Line Items]
Number of real estate properties | property					2
Office Building
Organizational Structure [Line Items]
Number of real estate properties | property					4
Apartment Building
Organizational Structure [Line Items]
Number of real estate properties | property					1
Retail Property
Organizational Structure [Line Items]
Number of real estate properties | property					1
KBS Capital Advisors LLC
Organizational Structure [Line Items]
Common stock, shares issued (in shares)											21,739
Common stock, purchase price per share (in dollars per share) | $ / shares											$ 9.20
Willowbrook Capital Group LLC | Common Stock | Private Placement | Common Class A
Organizational Structure [Line Items]
Issuance of common stock (in shares)	10,935	214,175	120,106	120,106
Issuance of common stock | $	$ 100	$ 2,000	$ 1,000	$ 1,000
Operating Partnership
Organizational Structure [Line Items]
Partnership interest in Operating Partnership					0.10%
Partnership interest in the Operating Partnership and is its sole limited partner					99.90%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2018
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Building improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Building improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Tenant improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	Shorter of lease term or expected useful life
Tenant origination and absorption costs
Property, Plant and Equipment [Line Items]
Estimated useful lives	Remaining term of related leases, including below-market renewal periods
Real estate subsidies & tax abatements
Property, Plant and Equipment [Line Items]
Estimated useful lives	Remaining term of agreement
Furniture, fixtures & equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture, fixtures & equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	12 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Redeemable Common Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2017	Feb. 16, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 06, 2018	Jun. 06, 2017
Summary of Significant Accounting Policies [Line Items]
Estimated net asset value per share common stock (in dollars per share)						$ 9.65	$ 9.05
Redemptions of common stock			$ 2,441	$ 1,359	$ 591
Other liabilities			13,176	$ 12,399
Held for One Year
Summary of Significant Accounting Policies [Line Items]
Share holding term	1 year	1 year
Held for Two Years
Summary of Significant Accounting Policies [Line Items]
Share holding term	2 years	2 years
Held for Three Years
Summary of Significant Accounting Policies [Line Items]
Share holding term	3 years	3 years
Held for Four Years
Summary of Significant Accounting Policies [Line Items]
Share holding term	4 years	4 years
Amendment of Share Redemption Program
Summary of Significant Accounting Policies [Line Items]
Holding requirement		1 year
Additional funds for share redemption			500
Maximum percentage of weighted-average shares outstanding available for redemption during any calendar year		5.00%
Estimated value per share of company's common stock (in dollars per share)		$ 9.01
Period of increase or decrease of funding available for redemption		10 days
Amendment of Share Redemption Program | Held for One Year
Summary of Significant Accounting Policies [Line Items]
Redemption price percentage of most recent estimated value per share	92.50%	92.50%
Amendment of Share Redemption Program | Held for Two Years
Summary of Significant Accounting Policies [Line Items]
Redemption price percentage of most recent estimated value per share	95.00%	95.00%
Amendment of Share Redemption Program | Held for Three Years
Summary of Significant Accounting Policies [Line Items]
Redemption price percentage of most recent estimated value per share	97.50%	97.50%
Amendment of Share Redemption Program | Held for Four Years
Summary of Significant Accounting Policies [Line Items]
Redemption price percentage of most recent estimated value per share	100.00%	100.00%
Unfulfilled Redemption Request
Summary of Significant Accounting Policies [Line Items]
Other liabilities			3,000
Common Stock
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock			$ 2,400
Number of shares non-redeemable do to limitation (in shares)			437,842
Number of shares non-redeemable do to limitation			$ 4,200

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Selling Commissions and Dealer Manager Fees) (Details)	Feb. 17, 2016
Summary of Significant Accounting Policies [Line Items]
Percent of dealer manager reallows of sales commissions earned to participating broker-dealer	100.00%
Annual stockholder servicing fee as percent of purchase price per share paid to dealer manager	1.00%
Primary offering gross proceeds, percent of underwriting compensation	10.00%
Maximum
Summary of Significant Accounting Policies [Line Items]
Selling commissions fees paid, percent of gross offering proceeds	6.50%
Dealer managers fees paid, percent of gross offering proceeds	3.00%
Sales commissions, broker dealer, percentage	1.00%
Dealer manager fees to be paid to dealer manager as percent from price per share	2.00%
Fees to participating broker dealer as percent of gross proceeds from primary portion of public offering	1.00%
Percent of gross proceeds from primary portion of public offering may be reallowed	1.50%
Common Stock | Common Class T | Maximum
Summary of Significant Accounting Policies [Line Items]
Stockholder servicing fee, percent of total purchase price	4.00%

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fees and Income Tax) (Details)	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Feb. 16, 2016	Feb. 15, 2016
Related Party Transaction [Line Items]
Impairment of real estate	$ 14,745,000	$ 0	$ 0
Number of loans originated as investment | loan	1
Income tax	$ (9,000)	$ 48,000	$ (200,000)
KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Acquisition advisory fee, percent				2.60%	1.50%
Percent of net cash flows to be received by related party	15.00%
Percent of amount on common stock listing to be received by related party	15.00%
Monthly management fee, percent of cost of investment less debt secured by investments	0.1666%
Noncompounded return on invested capital as percent per year	7.00%
Noncompounded return on invested capital in equity as percent per year	7.00%
KBS Capital Advisors LLC | Cost of Investments
Related Party Transaction [Line Items]
Property management fee, percent fee	1.00%
KBS Capital Advisors LLC | Sum of Cost of Investments
Related Party Transaction [Line Items]
Property management fee, percent fee	2.00%
KBS Capital Advisors LLC or Affiliates
Related Party Transaction [Line Items]
Benchmark amount of contracted disposition sales price	$ 50,000,000
Disposition fee as percent of benchmark contract sales price	1.50%
Disposition fee amount of benchmark contract sales price	$ 750,000
Disposition fee as percent above benchmark contract sales price	1.00%
KBS Capital Advisors LLC, Affiliates or Unaffiliated Third Parties | Maximum
Related Party Transaction [Line Items]
Selling commissions fees paid, percent of sales price	6.00%

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Per Share Data) (Details)	Dec. 06, 2018$ / shares	Mar. 31, 2016$ / shares	Dec. 31, 2018$ / shares	Sep. 30, 2018$ / shares	Jun. 30, 2018$ / shares	Mar. 31, 2018$ / shares	Dec. 31, 2017$ / shares	Sep. 30, 2017$ / shares	Jun. 30, 2017$ / shares	Mar. 31, 2017$ / shares	Jun. 30, 2016$ / shares	Dec. 31, 2016$ / shares	Dec. 31, 2018$ / sharesshares	Dec. 31, 2017$ / sharesshares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2015shares	Sep. 27, 2016$ / shares
Summary of Significant Accounting Policies [Line Items]
Antidilutive securities | shares													0	0	0
Amount declared per share outstanding													0.018337	0.020004	0.035003	0.1
Common stock dividends, shares | shares													584,377	493,463	513,723	765,604
Cash distributions declared per common share (in dollars per share)	$ 0.01598333
Distribution rate per share per day (in dollars per share)		$ 0.00026202										$ 0.00052404	$ 0.00052548
Special dividends, declared (in dollars per share)																	$ 0.05
Common Class A
Summary of Significant Accounting Policies [Line Items]
Cash distributions declared per common share (in dollars per share)			$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05
Common Class A | Common Stock
Summary of Significant Accounting Policies [Line Items]
Cash distributions declared per common share (in dollars per share)													0.191	$ 0.191	$ 0.202
Common Class T
Summary of Significant Accounting Policies [Line Items]
Cash distributions declared per common share (in dollars per share)			0.05	0.04	0.03	0.02	0.030	0.030	0.020	0.020
Stock dividends declared per common share (in dollars per share)			$ 0.003	$ 0.005	$ 0.005	$ 0.005	$ 0.005	$ 0.005	$ 0.005	$ 0.005
Common Class T | Common Stock
Summary of Significant Accounting Policies [Line Items]
Cash distributions declared per common share (in dollars per share)											$ 0.123		$ 0.138	$ 0.098

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (EPS Two-class Method) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders									$ (23,508)	$ (3,272)	$ (6,490)
Undistributed net loss attributable to common stockholders									(28,515)	(7,192)	(9,449)
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders	$ (9,183)	$ (2,914)	$ (22)	$ (1,573)	$ (1,321)	$ 1,904	$ (650)	$ (1,526)	(13,729)	(1,480)	(5,421)
Less: Common Stock cash distributions declared									3,372	2,991	2,582
Undistributed net loss attributable to common stockholders									$ (17,101)	$ (4,471)	$ (8,003)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.51)	$ (0.16)	$ 0	$ (0.09)	$ (0.08)	$ 0.12	$ (0.04)	$ (0.10)	$ (0.77)	$ (0.09)	$ (0.41)
Weighted-average number of common shares outstanding, basic and diluted (in shares)									17,775,503	16,096,216	13,158,129
Common Class T
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders	$ (6,191)	$ (2,049)	$ (282)	$ (1,294)	$ (1,116)	$ 989	$ (630)	$ (922)	$ (9,779)	$ (1,792)	$ (1,069)
Less: Common Stock cash distributions declared									1,635	929	377
Undistributed net loss attributable to common stockholders									$ (11,414)	$ (2,721)	$ (1,446)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.51)	$ (0.17)	$ (0.02)	$ (0.11)	$ (0.10)	$ 0.09	$ (0.06)	$ (0.12)	$ (0.82)	$ (0.18)	$ (0.45)
Weighted-average number of common shares outstanding, basic and diluted (in shares)									11,864,178	9,797,325	2,377,436

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accounting Standards) (Details) $ in Millions	Dec. 31, 2018USD ($)property
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of properties subject to ground leases | property	2
Capital lease obligations	$ 8.3
Assets Held under Capital Leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment	$ 8.6

REAL ESTATE (Narrative) (Detail

REAL ESTATE (Narrative) (Details)	Dec. 31, 2018property
Hotel
Real Estate Properties [Line Items]
Number of real estate properties	2
Office Building
Real Estate Properties [Line Items]
Number of real estate properties	4
Apartment Building
Real Estate Properties [Line Items]
Number of real estate properties	1
Retail Property
Real Estate Properties [Line Items]
Number of real estate properties	1

REAL ESTATE (Schedule of Real E

REAL ESTATE (Schedule of Real Estate Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 547,310	$ 549,086
Accumulated depreciation and amortization	(35,704)	(18,646)
Total real estate, net	511,606	530,440
Capital lease obligations	8,300
Land
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	104,138	104,138
Capital lease obligations	1,900
Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	425,989	425,942
Capital lease obligations	6,800
Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 17,183	$ 19,006
Springmaid Beach Resort
Real Estate Properties [Line Items]
Date Acquired	Dec. 30, 2014
Total real estate, cost and net of impairment charges	$ 61,056
Accumulated depreciation and amortization	(7,205)
Total real estate, net	$ 53,851
Ownership %	90.00%
Springmaid Beach Resort | Land
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 27,438
Springmaid Beach Resort | Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	33,618
Springmaid Beach Resort | Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 0
Q and C Hotel
Real Estate Properties [Line Items]
Date Acquired	Dec. 17, 2015
Total real estate, cost and net of impairment charges	$ 54,330
Accumulated depreciation and amortization	(6,071)
Total real estate, net	$ 48,259
Ownership %	90.00%
Q and C Hotel | Land
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 1,232
Q and C Hotel | Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	53,098
Q and C Hotel | Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 0
2200 Paseo Verde
Real Estate Properties [Line Items]
Date Acquired	Dec. 23, 2015
Total real estate, cost and net of impairment charges	$ 14,118
Accumulated depreciation and amortization	(1,454)
Total real estate, net	$ 12,664
Ownership %	100.00%
2200 Paseo Verde | Land
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 1,850
2200 Paseo Verde | Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	11,850
2200 Paseo Verde | Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 418
Lincoln Court
Real Estate Properties [Line Items]
Date Acquired	May 20, 2016
Total real estate, cost and net of impairment charges	$ 51,706
Accumulated depreciation and amortization	(4,165)
Total real estate, net	$ 47,541
Ownership %	100.00%
Lincoln Court | Land
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 14,706
Lincoln Court | Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	34,446
Lincoln Court | Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 2,554
Lofts at NoHo Commons
Real Estate Properties [Line Items]
Date Acquired	Nov. 16, 2016
Total real estate, cost and net of impairment charges	$ 104,890
Accumulated depreciation and amortization	(4,204)
Total real estate, net	$ 100,686
Ownership %	90.00%
Lofts at NoHo Commons | Land
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 26,222
Lofts at NoHo Commons | Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	78,668
Lofts at NoHo Commons | Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 0
210 West 31st Street
Real Estate Properties [Line Items]
Date Acquired	Dec. 1, 2016
Total real estate, cost and net of impairment charges	$ 54,927
Accumulated depreciation and amortization	0
Total real estate, net	$ 54,927
Ownership %	80.00%
Capital lease obligations	$ 6,800
210 West 31st Street | Land
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	0
210 West 31st Street | Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	54,927
210 West 31st Street | Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 0
Oakland City Center
Real Estate Properties [Line Items]
Date Acquired	Aug. 18, 2017
Total real estate, cost and net of impairment charges	$ 172,790
Accumulated depreciation and amortization	(10,793)
Total real estate, net	$ 161,997
Ownership %	100.00%
Oakland City Center | Land
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 22,150
Oakland City Center | Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	139,229
Oakland City Center | Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 11,411
Grace Court
Real Estate Properties [Line Items]
Date Acquired	Oct. 3, 2017
Total real estate, cost and net of impairment charges	$ 33,493
Accumulated depreciation and amortization	(1,812)
Total real estate, net	$ 31,681
Ownership %	90.00%
Grace Court | Land
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 10,540
Grace Court | Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	20,153
Grace Court | Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 2,800

REAL ESTATE (Hotel Revenue and

REAL ESTATE (Hotel Revenue and Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Hotel Revenues:
Hotel Revenues	$ 32,666	$ 28,994	$ 24,807
Hotel expenses:
General and administrative expenses	2,866	3,199	2,703
Hotel Expenses	22,907	19,187	17,592
Hotel
Hotel Revenues:
Room	24,620	17,216	18,208
Food, beverage and convention services	5,263	3,761	3,164
Campground	1,176	1,127	1,081
Other	1,607	6,890	2,354
Hotel Revenues	32,666	28,994	24,807
Hotel expenses:
Room	6,157	4,759	4,782
Food, beverage and convention services	4,077	3,179	2,905
General and administrative expenses	2,919	2,357	2,297
Sales and marketing	3,069	2,642	1,768
Repairs and maintenance	2,362	1,815	1,765
Utilities	1,207	1,033	974
Property taxes and insurance	1,749	1,799	1,435
Other	1,367	1,603	1,666
Hotel Expenses	$ 22,907	19,187	$ 17,592
Hotel | Springmaid Beach Resort
Hotel expenses:
Business interruption insurance recovery		$ 5,800

REAL ESTATE (Contract Liability

REAL ESTATE (Contract Liability) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Contract liability	$ 324	$ 358
Amounts included in contract liability at the beginning of the period	$ 304

REAL ESTATE (Office Property) (

REAL ESTATE (Office Property) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)ft²property	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)ft²property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Total revenues	$ 15,991	$ 19,993	$ 19,463	$ 14,835	$ 15,184	$ 18,227	$ 10,052	$ 8,505	$ 70,282	$ 51,968	$ 31,320
Total expenses									$ 95,672	57,400	39,716
Office Building
Real Estate Properties [Line Items]
Number of real estate properties | property	4								4
Rentable square feet | ft²	864,940								864,940
Percentage of portfolio occupied	70.00%								70.00%
Rental income									$ 26,593	14,332	4,985
Tenant reimbursements and other income									3,348	1,275	239
Total revenues									29,941	15,607	5,224
Operating, maintenance, and management									8,362	3,636	879
Real estate taxes and insurance									3,960	1,736	499
Total expenses									12,322	$ 5,372	$ 1,378
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Other operating income and tenant reimbursements									$ 800

REAL ESTATE (Operating Leases)

REAL ESTATE (Operating Leases) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Leased Assets [Line Items]
Deferred rent recognized	$ 1.4	$ 0.8	$ 0.3
Deferred rent receivables	2.8	1.3
Incentive to lessee	0.2	0.2
Other Liabilities
Operating Leased Assets [Line Items]
Security deposit liability	$ 1.3	$ 1.1
Maximum
Operating Leased Assets [Line Items]
Operating lease, term	9 years 8 months 12 days
Weighted Average
Operating Leased Assets [Line Items]
Operating lease, term	3 years 8 months 12 days

REAL ESTATE (Future Minimum Ren

REAL ESTATE (Future Minimum Rental Income) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Real Estate [Abstract]
2,019	$ 21,875
2,020	20,365
2,021	17,400
2,022	14,067
2,023	11,237
Thereafter	22,132
Future minimum rental income	$ 107,076

REAL ESTATE (Highes Tenant Indu

REAL ESTATE (Highes Tenant Industry Concentrations- Grater than 10% of Annual Base Rent) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)tenant
Concentration Risk [Line Items]
Number of Tenants | tenant	100
Annualized Base Rent | $	$ 13,124
Percentage of Annualized Base Rent	57.40%
Professional, Scientific and Legal
Concentration Risk [Line Items]
Number of Tenants | tenant	14
Annualized Base Rent | $	$ 3,753
Percentage of Annualized Base Rent	16.40%
Legal Services
Concentration Risk [Line Items]
Number of Tenants | tenant	12
Annualized Base Rent | $	$ 3,657
Percentage of Annualized Base Rent	16.00%
Public Administration (Government)
Concentration Risk [Line Items]
Number of Tenants | tenant	6
Annualized Base Rent | $	$ 3,195
Percentage of Annualized Base Rent	14.00%
Finance
Concentration Risk [Line Items]
Number of Tenants | tenant	13
Annualized Base Rent | $	$ 2,519
Percentage of Annualized Base Rent	11.00%

REAL ESTATE (Apartment Property

REAL ESTATE (Apartment Property) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)propertyunit	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)propertyunit	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Total revenues	$ 15,991	$ 19,993	$ 19,463	$ 14,835	$ 15,184	$ 18,227	$ 10,052	$ 8,505	$ 70,282	$ 51,968	$ 31,320
Total expenses									$ 95,672	57,400	39,716
Apartment Building
Real Estate Properties [Line Items]
Number of real estate properties | property	1								1
Number of units in real estate property | unit	292								292
Percentage of real estate portfolio occupied	95.00%								95.00%
Rental income									$ 6,839	6,515	853
Tenant reimbursements and other income									630	465	37
Total revenues									7,469	6,980	890
Operating, maintenance, and management									2,423	2,278	174
Real estate taxes and insurance									1,356	1,346	179
Total expenses									$ 3,779	$ 3,624	$ 353

REAL ESTATE (Geographic Concent

REAL ESTATE (Geographic Concentration Risk) (Details)	12 Months Ended
	Dec. 31, 2018
Concentration Risk [Line Items]
Concentration risk, percentage	57.40%
California | Assets, Total
Concentration Risk [Line Items]
Concentration risk, percentage	55.20%

REAL ESTATE (Impairment of Real

REAL ESTATE (Impairment of Real Estate) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Impairment charges on real estate	$ 14,745,000	$ 0	$ 0
Real estate, net	511,606,000	$ 530,440,000
Capital lease obligations	8,300,000
210 West 31st Street
Real Estate Properties [Line Items]
Impairment charges on real estate	14,700,000
Real estate, net	54,927,000
Purchase price	48,000,000
Transaction costs	1,800,000
Capital lease obligations	6,800,000
Capitalized development cost	3,800,000
Capitalized costs	$ 9,200,000

TENANT ORIGINATION AND ABSORP_3

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination And Absorption Costs, Cost	$ 17,183	$ 19,006
Tenant Origination and Absorption Costs, Accumulated Amortization	(6,163)	(3,473)
Tenant Origination and Absorption Costs, Net Amount	11,020	15,533
Above-Market Lease Assets, Cost	99	99
Above-Market Lease Assets, Accumulated Amortization	(34)	(16)
Above-Market Lease Assets, Net Amount	65	83
Below-Market Lease Liabilities, Cost	(11,526)	(12,869)
Below-Market Lease Liabilities, Accumulated Amortization	4,178	2,086
Below-Market Lease Liabilities, Net Amount	(7,348)	(10,783)
Tenant Origination And Absorption Costs, Amortization	(4,513)	(3,892)	$ (1,611)
Above-Market Lease Assets, Amortization	(18)	(10)	(16)
Below-Market Lease Liabilities, Amortization	$ 3,435	$ 2,038	$ 496

TENANT ORIGINATION AND ABSORP_4

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Remaining Unamortized Balance) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2,019	$ 2,671
2,020	1,750
2,021	973
2,022	744
2,023	595
Thereafter	615
Net Amount	$ 7,348
Tenant origination and absorption costs
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period	4 years 4 months 24 days
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,019	$ (3,506)
2,020	(2,565)
2,021	(1,814)
2,022	(1,181)
2,023	(881)
Thereafter	(1,073)
Net Amount	$ (11,020)
Above-Market Lease Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period	4 years 2 months 12 days
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,019	$ (19)
2,020	(15)
2,021	(12)
2,022	(12)
2,023	(7)
Thereafter	0
Net Amount	$ (65)
Below-Market Lease Liabilities
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period	4 years 1 month 6 days

TENANT ORIGINATION AND ABSORP_5

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Intangible asset, amortization	31 years 9 months 18 days
Amortization expense	$ 20,405	$ 14,429	$ 7,848
Housing Subsidy Intangible Asset
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Amortization expense	100	100	$ 10
Property Tax Abatement
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Amortization expense	$ 500	100
Property Tax Abatement | Minimum
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Intangible asset, amortization	8 months 12 days
Property Tax Abatement | Maximum
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Intangible asset, amortization	6 years 7 months 6 days
Prepaid Expenses and Other Assets
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Intangible assets, net	$ 2,400	2,400
Unamortized tax abatement intangible asset	$ 2,300	$ 2,800

REAL ESTATE LOAN RECEIVABLE (Sc

REAL ESTATE LOAN RECEIVABLE (Schedule of Real Estate Loans Receivable) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of real estate loans receivable | loan	1
Book value	$ 0	$ 3,500
Mortgages | 655 Summer Street Mortgage Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquisition Date	Sep. 4, 2014
Outstanding Principal Balance	$ 0
Book value	$ 0	$ 3,500
Contractual Interest Rate	9.25%

REAL ESTATE LOAN RECEIVABLE (_2

REAL ESTATE LOAN RECEIVABLE (Schedule of Activity Related to Real Estate Loans Receivable) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Real Estate Loans Receivable [Roll Forward]
Real estate loan receivable - Beginning balance	$ 3,500
Principal repayment	(3,500)
Real estate loan receivable - Ending balance	$ 0

REAL ESTATE LOAN RECEIVABLE (_3

REAL ESTATE LOAN RECEIVABLE (Schedule of Interest Income from Real Estate Loans Receivable) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Contractual interest income	$ 10	$ 329	$ 329
Amortization of closing costs and origination fees, net	0	58	70
Interest income from real estate loan receivable	$ 10	$ 387	$ 399

REAL ESTATE EQUITY SECURITIES (

REAL ESTATE EQUITY SECURITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Real estate equity securities	$ 7,230	$ 0
Loss on real estate equity securities	1,924	0	$ 0
Dividend income from real estate equity securities	196	$ 0	$ 0
Franklin Street Properties Corp.
Schedule of Available-for-sale Securities [Line Items]
Cost basis	$ 9,200
Available-for-sale Securities | Franklin Street Properties Corp.
Schedule of Available-for-sale Securities [Line Items]
Shares purchased	1,160,591

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED ENTITY (Details) $ in Thousands, € in Millions	Jun. 28, 2016USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jun. 28, 2016EUR (€)
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated entity		$ 339	$ 54	$ 80
Real Estate Joint Venture | Industrial
Schedule of Equity Method Investments [Line Items]
Current capacity	$ 2,900				€ 2.6
Amount outstanding	$ 2,300				€ 2.1
Ownership interest	5.00%				5.00%
Investments in unconsolidated joint ventures	$ 105,600				€ 95.5
Amortization of acquisition costs	$ 200
Equity in income of unconsolidated entity		$ 300	$ 100	$ 100

NOTES PAYABLE (Schedule of Note

NOTES PAYABLE (Schedule of Notes Payable) (Details) - USD ($) $ in Thousands	Oct. 03, 2017	Aug. 18, 2017	Dec. 01, 2016	Nov. 16, 2016	May 20, 2016	Dec. 31, 2018	Mar. 05, 2019	Dec. 31, 2017
Debt Instrument [Line Items]
Book Value						$ 328,814		$ 332,035
Deferred financing costs, net						(2,271)		(3,684)
Total notes payable, net						326,543		328,351
Springmaid Beach Resort Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Book Value						$ 37,280		38,000
Effective Interest Rate						5.35%
Springmaid Beach Resort Mortgage Loan | Mortgages | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate						3.00%
Q and C Hotel Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Book Value						$ 23,551		28,330
Effective Interest Rate						5.60%
Q and C Hotel Mortgage Loan | Mortgages | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate						3.25%
2200 Paseo Verde Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Book Value						$ 7,947		7,947
Effective Interest Rate						4.60%
2200 Paseo Verde Mortgage Loan | Mortgages | Secured Debt
Debt Instrument [Line Items]
Amount outstanding						$ 7,900
Unused borrowing capacity, amount						1,600
2200 Paseo Verde Mortgage Loan | Mortgages | Beginning August 1, 2019 | Secured Debt
Debt Instrument [Line Items]
Periodic payment						$ 10
2200 Paseo Verde Mortgage Loan | Mortgages | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate						2.25%
Lincoln Court Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Book Value						$ 33,500		33,500
Effective Interest Rate						4.27%
Lincoln Court Mortgage Loan | Mortgages | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate						1.75%
Lincoln Court Mortgage Loan | Mortgages | One-month LIBOR | Secured Debt
Debt Instrument [Line Items]
Contractual Interest Rate					1.75%
Lofts at NoHo Commons Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Book Value						$ 72,100		72,100
Effective Interest Rate						5.01%
Lofts at NoHo Commons Mortgage Loan | Mortgages | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate						2.66%
Lofts at NoHo Commons Mortgage Loan | Mortgages | One-month LIBOR | Secured Debt
Debt Instrument [Line Items]
Contractual Interest Rate				2.66%
210 West 31st Street Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Book Value						$ 38,041		35,763
Effective Interest Rate						7.85%
210 West 31st Street Mortgage Loan | Mortgages | Secured Debt
Debt Instrument [Line Items]
Amount outstanding						$ 38,000
Unused borrowing capacity, amount						$ 9,100
210 West 31st Street Mortgage Loan | Mortgages | Secured Debt | Subsequent Event | Real Estate Joint Venture
Debt Instrument [Line Items]
Principal reduction payment							$ 4,000
210 West 31st Street Mortgage Loan | Mortgages | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate						5.50%
210 West 31st Street Mortgage Loan | Mortgages | One-month LIBOR | Secured Debt
Debt Instrument [Line Items]
Contractual Interest Rate			5.50%
Oakland City Center Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Book Value						$ 94,500		94,500
Effective Interest Rate						4.10%
Periodic payment						$ 110
Amortization schedule of mortgage loans on real estate						30 years
Contractual interest rate, percentage						6.00%
Oakland City Center Mortgage Loan | Mortgages | Secured Debt
Debt Instrument [Line Items]
Amount outstanding						$ 94,500
Unused borrowing capacity, amount						$ 8,900
Oakland City Center Mortgage Loan | Mortgages | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate		1.75%				1.75%
Madison Square Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Book Value						$ 21,895		$ 21,895
Effective Interest Rate						6.36%
Madison Square Mortgage Loan | Mortgages | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate						4.05%
Grace Court Mortgage Loan | Mortgages | Maximum
Debt Instrument [Line Items]
Contractual interest rate, percentage						5.05%
Grace Court Mortgage Loan | Mortgages | Secured Debt
Debt Instrument [Line Items]
Amount outstanding						$ 21,900
Unused borrowing capacity, amount						$ 12,200
Grace Court Mortgage Loan | Mortgages | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	4.05%					4.05%

NOTES PAYABLE (Narrative) (Deta

NOTES PAYABLE (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Interest expense	$ 14,663	$ 8,814	$ 3,797
Amortization of deferred financing costs	1,700	1,600	600
Interest capitalized	3,920	4,075	386
Interest payable	1,400	1,100
Interest Rate Cap
Debt Instrument [Line Items]
Unrealized gains (losses) on derivative instruments	$ 23	$ 100	$ 100

NOTES PAYABLE (Schedule of Matu

NOTES PAYABLE (Schedule of Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2,019	$ 171,022
2,020	63,622
2,021	1,320
2,022	92,850
Long-term debt	$ 328,814	$ 332,035

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details)	12 Months Ended
	Dec. 31, 2018USD ($)instrument	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Derivative [Line Items]
Fair Value of Asset	$ 6,000	$ 13,000
Interest Rate Cap
Derivative [Line Items]
Derivative, number of instruments held | instrument	3
Unrealized losses on derivative instruments	$ 23,000	100,000	$ 100,000
Interest Rate Cap | Prepaid Expenses and Other Assets
Derivative [Line Items]
Notional Value	26,000,000
Fair Value of Asset	$ 0	0
Interest Rate Cap | One-month LIBOR
Derivative [Line Items]
Reference Rate	3.00%
Interest Rate Cap 1 | Prepaid Expenses and Other Assets
Derivative [Line Items]
Notional Value	$ 28,330,000
Fair Value of Asset	$ 0	0
Interest Rate Cap 1 | One-month LIBOR
Derivative [Line Items]
Reference Rate	3.00%
Interest Rate Cap 2 | Prepaid Expenses and Other Assets
Derivative [Line Items]
Notional Value	$ 47,110,000
Fair Value of Asset	$ 4,000	9,000
Interest Rate Cap 2 | One-month LIBOR
Derivative [Line Items]
Reference Rate	3.00%
Interest Rate Cap 3 | Prepaid Expenses and Other Assets
Derivative [Line Items]
Notional Value	$ 34,125,000
Fair Value of Asset	$ 2,000	4,000
Interest Rate Cap 3 | One-month LIBOR
Derivative [Line Items]
Reference Rate	3.00%
Interest Rate Cap 4 | Prepaid Expenses and Other Assets
Derivative [Line Items]
Notional Value	$ 26,000,000
Fair Value of Asset	$ 0	0
Interest Rate Cap 4 | One-month LIBOR
Derivative [Line Items]
Reference Rate	3.00%
Interest Rate Cap 5 | Prepaid Expenses and Other Assets
Derivative [Line Items]
Notional Value	$ 26,000,000
Fair Value of Asset	$ 0	0
Interest Rate Cap 5 | One-month LIBOR
Derivative [Line Items]
Reference Rate	3.00%
Foreign Exchange Contract | General and Administrative Expense
Derivative [Line Items]
Foreign currency losses	$ (100,000)	100,000
Foreign Exchange Contract | Other Liabilities
Derivative [Line Items]
Asset derivative - foreign currency forward contract	100,000	$ (100,000)
Foreign Exchange Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Value	$ 2,100,000
Strike Price	1.2704

FAIR VALUE DISCLOSURES (Schedul

FAIR VALUE DISCLOSURES (Schedule of Face Value, Carrying Amounts and Fair Value) (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate loans receivable, Face Value	$ 0	$ 3,500,000
Notes payable, Face Value	328,814,000	332,035,000
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate loans receivable, Value	0	3,500,000
Notes payable, Value	326,543,000	328,351,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate loans receivable, Value	0	3,500,000
Notes payable, Value	$ 329,588,000	$ 333,336,000

FAIR VALUE DISCLOSURES (Sched_2

FAIR VALUE DISCLOSURES (Schedule of Assets and Liabilities at Fair Value) (Details) - Recurring Basis $ in Thousands	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	$ 7,230
Asset derivatives - interest rate caps	6
Asset derivative - foreign currency forward contract	68
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	7,230
Asset derivatives - interest rate caps	0
Asset derivative - foreign currency forward contract	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0
Asset derivatives - interest rate caps	6
Asset derivative - foreign currency forward contract	68
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0
Asset derivatives - interest rate caps	0
Asset derivative - foreign currency forward contract	$ 0

FAIR VALUE DISCLOSURES (Nonrecu

FAIR VALUE DISCLOSURES (Nonrecurring Basis) (Details) - Nonrecurring Basis: $ in Thousands	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate	$ 54,927
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	$ 54,927

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Related-party Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Payable as of	$ 235	$ 1,862
Insurance expense	389	335	$ 385
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred	5,932	13,705	13,368
Payable as of	235	1,862
Advisor and Dealer Manager | Asset Management Fees
Related Party Transaction [Line Items]
Expensed	3,985	2,775	1,340
Payable as of	22	22
Advisor and Dealer Manager | Reimbursable Operating Expenses
Related Party Transaction [Line Items]
Expensed	477	339	395
Payable as of	35	42
Advisor and Dealer Manager | Real Estate Acquisition Fee
Related Party Transaction [Line Items]
Expensed	0	0	3,759
Payable as of	0	0
Advisor and Dealer Manager | Acquisition Fee on Development Project
Related Party Transaction [Line Items]
Expensed	330	4,943	1,245
Payable as of	178	76
Advisor and Dealer Manager | Asset Management Fees
Related Party Transaction [Line Items]
Expensed	0	67	22
Payable as of	0	0
Advisor and Dealer Manager | Sales Commissions
Related Party Transaction [Line Items]
Incurred	614	2,412	3,723
Payable as of	0	0
Advisor and Dealer Manager | Dealer Manager Fees
Related Party Transaction [Line Items]
Incurred	337	1,352	1,982
Payable as of	0	0
Advisor and Dealer Manager | Stockholder Servicing Fees
Related Party Transaction [Line Items]
Incurred	14	1,149	508
Payable as of	0	680
Advisor and Dealer Manager | Reimbursable Other Offering Costs
Related Party Transaction [Line Items]
Incurred	175	668	$ 394
Payable as of	$ 0	$ 1,042

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Term of advisory agreement	1 year
Advisory agreement, period of termination notice	30 days
Private Placement
Related Party Transaction [Line Items]
Offering costs (other than selling commissions and dealer manager fees)	$ 1,000
Selling commissions and dealer manager fees	1,900
IPO
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees	14,500
Organization and offering costs incurred by related party	11,400
Due to officers or stockholders	1,700
Other organization and offering costs	$ 2,300
IPO | KBS Capital Advisors LLC | Minimum
Related Party Transaction [Line Items]
Percent of aggregate gross proceeds	15.00%
Reimbursable offering costs determination, gross offering costs, percentage	1.00%
Follow-on Offering [Member] | KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Organization and offering costs incurred by related party	$ 100
Property Insurance Rebate | KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Incurred	$ 35
KBS Capital Advisors LLC | Legal and Professional Fees Reimbursement and Property Insurance Rebate
Related Party Transaction [Line Items]
Due from related parties		$ 100	$ 100

SELECTED QUARTERLY FINANCIAL _3

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 06, 2018	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Revenues		$ 15,991	$ 19,993	$ 19,463	$ 14,835	$ 15,184	$ 18,227	$ 10,052	$ 8,505	$ 70,282	$ 51,968	$ 31,320
Net (loss) income attributable to common stockholders										(23,508)	(3,272)	(6,490)
Cash distributions declared per common share (in dollars per share)	$ 0.01598333
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net (loss) income attributable to common stockholders		$ (9,183)	$ (2,914)	$ (22)	$ (1,573)	$ (1,321)	$ 1,904	$ (650)	$ (1,526)	$ (13,729)	$ (1,480)	$ (5,421)
Net (loss) income per common share, basic and diluted (in dollars per share)		$ (0.51)	$ (0.16)	$ 0	$ (0.09)	$ (0.08)	$ 0.12	$ (0.04)	$ (0.10)	$ (0.77)	$ (0.09)	$ (0.41)
Cash distributions declared per common share (in dollars per share)		$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05
Common Class T
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net (loss) income attributable to common stockholders		$ (6,191)	$ (2,049)	$ (282)	$ (1,294)	$ (1,116)	$ 989	$ (630)	$ (922)	$ (9,779)	$ (1,792)	$ (1,069)
Net (loss) income per common share, basic and diluted (in dollars per share)		$ (0.51)	$ (0.17)	$ (0.02)	$ (0.11)	$ (0.10)	$ 0.09	$ (0.06)	$ (0.12)	$ (0.82)	$ (0.18)	$ (0.45)
Cash distributions declared per common share (in dollars per share)		0.05	0.04	0.03	0.02	0.030	0.030	0.020	0.020
Stock dividends declared per common share (in dollars per share)		$ 0.003	$ 0.005	$ 0.005	$ 0.005	$ 0.005	$ 0.005	$ 0.005	$ 0.005

COMMITMENTS AND CONTINGENCIES C

COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
210 West 31st Street
Operating Leases
2,019	$ 695
2,020	680
2,021	735
2,022	935
2,023	525
Thereafter	53,316
Total expected minimum lease obligations	56,886
Less: Amount representing interest	(48,544)
Present value of net minimum lease payments	$ 8,342
Doubletree Management LLC | Springmaid Beach Resort
Loss Contingencies [Line Items]
Base fee as percentage of total operating revenue in year one	2.50%
Base fee as percentage of total operating revenue in year wo	2.75%
Base fee as percentage of total operating revenue, thereafter	3.00%
Management fee as percent of any campground revenue	2.00%
Incentive fee as percent of operating cash flow	15.00%
Percent of total investments	12.00%
Brand services fee as percent of total room revenue	4.00%
Fees incurred to management agreement	$ 600	$ 300	$ 400
Encore Hospitality, LLC | Q and C Hotel
Loss Contingencies [Line Items]
Base fee as percentage of gross revenue	4.00%
Encore Hospitality, LLC | Q and C Hotel | Direct Costs of Hotels
Loss Contingencies [Line Items]
Management agreement, fees accrued	$ 400	400	300
Marriott International | Q and C Hotel
Loss Contingencies [Line Items]
Brand services fee as percent of total room revenue	2.00%
Fees incurred to management agreement	$ 1,000	$ 900	$ 400
Brand services fee as percent of total room revenue, after three years	5.00%
Monthly marketing fund contribution fees as percent of gross room sales	1.50%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Mar. 07, 2019	Mar. 01, 2019USD ($)	Feb. 18, 2019	Feb. 04, 2019USD ($)	Jan. 18, 2019	Jan. 02, 2019USD ($)	Dec. 20, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Amount declared per share outstanding								0.018337	0.020004	0.035003	0.1
Dividend Paid
Subsequent Event [Line Items]
Amount declared per share outstanding							0.01598333
Subsequent Event | Dividend Paid
Subsequent Event [Line Items]
Distributions paid, cash and shares issued		$ 0.5		$ 0.5		$ 0.5
Amount declared per share outstanding			0.01598333		0.01598333
Subsequent Event | Dividends Declared
Subsequent Event [Line Items]
Amount declared per share outstanding	0.00799167

SCHEDULE III REAL ESTATE ASSE_2

SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 104,040
Initial Cost to Company, Building and Improvements	406,752
Initial Cost to Company, Total	510,792
Cost Capitalized Subsequent to Acquisition	36,518
Gross Amount at which Carried at Close of Period, Land	104,138
Gross Amount at which Carried at Close of Period, Building and Improvements	443,172
Gross Amount at which Carried at Close of Period, Total	547,310	$ 549,086	$ 324,176	$ 110,566
Accumulated Depreciation and Amortization	(35,704)	$ (18,646)	$ (6,853)	$ (593)
Aggregate cost of real estate for federal income tax purposes	$ 556,100
Springmaid Beach Resort
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 37,280
Initial Cost to Company, Land	27,340
Initial Cost to Company, Building and Improvements	12,727
Initial Cost to Company, Total	40,067
Cost Capitalized Subsequent to Acquisition	20,989
Gross Amount at which Carried at Close of Period, Land	27,438
Gross Amount at which Carried at Close of Period, Building and Improvements	33,618
Gross Amount at which Carried at Close of Period, Total	61,056
Accumulated Depreciation and Amortization	$ (7,205)
Original Date of Construction	1948/1980/1992/1995/2001
Date Acquired	Dec. 30, 2014
Q and C Hotel
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 23,551
Initial Cost to Company, Land	1,232
Initial Cost to Company, Building and Improvements	49,452
Initial Cost to Company, Total	50,684
Cost Capitalized Subsequent to Acquisition	3,646
Gross Amount at which Carried at Close of Period, Land	1,232
Gross Amount at which Carried at Close of Period, Building and Improvements	53,098
Gross Amount at which Carried at Close of Period, Total	54,330
Accumulated Depreciation and Amortization	$ (6,071)
Original Date of Construction	1,913
Date Acquired	Dec. 17, 2015
2200 Paseo Verde
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 7,947
Initial Cost to Company, Land	1,850
Initial Cost to Company, Building and Improvements	11,423
Initial Cost to Company, Total	13,273
Cost Capitalized Subsequent to Acquisition	845
Gross Amount at which Carried at Close of Period, Land	1,850
Gross Amount at which Carried at Close of Period, Building and Improvements	12,268
Gross Amount at which Carried at Close of Period, Total	14,118
Accumulated Depreciation and Amortization	$ (1,454)
Original Date of Construction	2,004
Date Acquired	Dec. 23, 2015
Lincoln Court
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 33,500
Initial Cost to Company, Land	14,706
Initial Cost to Company, Building and Improvements	38,080
Initial Cost to Company, Total	52,786
Cost Capitalized Subsequent to Acquisition	(1,080)
Gross Amount at which Carried at Close of Period, Land	14,706
Gross Amount at which Carried at Close of Period, Building and Improvements	37,000
Gross Amount at which Carried at Close of Period, Total	51,706
Accumulated Depreciation and Amortization	$ (4,165)
Original Date of Construction	1,985
Date Acquired	May 20, 2016
Lofts at NoHo Commons
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 72,100
Initial Cost to Company, Land	26,222
Initial Cost to Company, Building and Improvements	73,750
Initial Cost to Company, Total	99,972
Cost Capitalized Subsequent to Acquisition	4,918
Gross Amount at which Carried at Close of Period, Land	26,222
Gross Amount at which Carried at Close of Period, Building and Improvements	78,668
Gross Amount at which Carried at Close of Period, Total	104,890
Accumulated Depreciation and Amortization	$ (4,204)
Original Date of Construction	2,007
Date Acquired	Nov. 16, 2016
210 West 31st Street
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	80.00%
Encumbrances	$ 38,041
Initial Cost to Company, Land	0
Initial Cost to Company, Building and Improvements	50,141
Initial Cost to Company, Total	50,141
Cost Capitalized Subsequent to Acquisition	4,786
Gross Amount at which Carried at Close of Period, Land	0
Gross Amount at which Carried at Close of Period, Building and Improvements	54,927
Gross Amount at which Carried at Close of Period, Total	54,927
Accumulated Depreciation and Amortization	$ 0
Date Acquired	Dec. 1, 2016
Oakland City Center
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 94,500
Initial Cost to Company, Land	22,150
Initial Cost to Company, Building and Improvements	148,495
Initial Cost to Company, Total	170,645
Cost Capitalized Subsequent to Acquisition	2,145
Gross Amount at which Carried at Close of Period, Land	22,150
Gross Amount at which Carried at Close of Period, Building and Improvements	150,640
Gross Amount at which Carried at Close of Period, Total	172,790
Accumulated Depreciation and Amortization	$ (10,793)
Original Date of Construction	1985/1990
Date Acquired	Aug. 18, 2017
Grace Court
Real Estate and Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 21,895
Initial Cost to Company, Land	10,540
Initial Cost to Company, Building and Improvements	22,684
Initial Cost to Company, Total	33,224
Cost Capitalized Subsequent to Acquisition	269
Gross Amount at which Carried at Close of Period, Land	10,540
Gross Amount at which Carried at Close of Period, Building and Improvements	22,953
Gross Amount at which Carried at Close of Period, Total	33,493
Accumulated Depreciation and Amortization	$ (1,812)
Original Date of Construction	1911/2003/2007/2008
Date Acquired	Oct. 3, 2017

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate:
Balance at the beginning of the year	$ 549,086	$ 324,176	$ 110,566
Acquisitions	0	203,869	202,899
Improvements	9,577	10,075	15,690
Construction in progress	5,940	13,280	311
Write-off of fully depreciated and fully amortized assets	(2,548)	(2,314)	(1,547)
Loss due to property damage	0	0	(3,743)
Impairments	(14,745)	0	0
Balance at the end of the year	547,310	549,086	324,176
Accumulated depreciation and amortization:
Balance at the beginning of the year	18,646	6,853	593
Depreciation and amortization expense	19,606	14,107	7,807
Write-off of fully depreciated and fully amortized assets	(2,548)	(2,314)	(1,547)
Balance at the end of the year	$ 35,704	$ 18,646	$ 6,853