Pacific Oak Strategic Opportunity Reit Ii 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 05, 2019
Entity Listings [Line Items]
Entity Registrant Name	KBS Strategic Opportunity REIT II, Inc.
Entity Central Index Key	0001580673
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	true
Class A
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		17,941,759
Class T
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		12,252,546

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Real estate, net	$ 509,207	$ 511,606
Real estate equity securities	8,565	7,230
Total real estate and real estate-related investments, net	517,772	518,836
Cash and cash equivalents	14,994	21,063
Restricted cash	5,514	5,795
Investment in unconsolidated entity	539	2,868
Rents and other receivables	6,062	5,612
Above-market leases, net	56	65
Prepaid expenses and other assets	8,609	8,239
Total assets	553,546	562,478
Liabilities and equity
Notes payable, net	326,427	326,543
Accounts payable and accrued liabilities	7,768	7,226
Due to affiliates	246	235
Distributions payable	241	484
Below-market leases, net	5,966	7,348
Other liabilities	13,618	13,176
Redeemable common stock payable	1,662	3,028
Total liabilities	355,928	358,040
Commitments and contingencies (Note 11)
Redeemable common stock	0	0
Equity
Preferred stock, $.01 par value per share; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	266,320	266,339
Cumulative distributions and net losses	(79,511)	(73,461)
Accumulated other comprehensive income	0	89
Total KBS Strategic Opportunity REIT II, Inc. stockholders’ equity	187,111	193,270
Noncontrolling interests	10,507	11,168
Total equity	197,618	204,438
Total liabilities and equity	553,546	562,478
Class A
Equity
Common stock	179	181
Class T
Equity
Common stock	$ 123	$ 122

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	17,925,774	18,103,437
Common stock, shares outstanding (in shares)	17,925,774	18,103,437
Class T
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	12,238,090	12,208,242
Common stock, shares outstanding (in shares)	12,238,090	12,208,242

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Office revenues	$ 7,194	$ 7,361	$ 14,311	$ 14,960
Dividend income from real estate equity securities	105	36	209	36
Interest income from real estate loan receivable	0	0	0	10
Total revenues	19,336	19,463	34,532	34,298
Expenses:
Office expenses	3,427	3,039	6,824	5,710
General and administrative expenses	768	604	1,475	1,244
Depreciation and amortization	5,107	5,069	10,181	10,172
Interest expense	5,027	3,407	9,988	6,304
Total expenses	22,410	20,335	43,670	38,287
Other income:
Other interest income	48	91	112	152
Equity in income of unconsolidated entity	0	116	2,800	131
Gain on real estate equity securities	221	400	1,335	314
Total other income	269	607	4,247	597
Net loss before income taxes	(2,805)	(265)	(4,891)	(3,392)
Income tax benefit	0	0	0	9
Net loss	(2,805)	(265)	(4,891)	(3,383)
Net loss (income) attributable to noncontrolling interests	220	(39)	771	213
Net loss attributable to common stockholders	(2,585)	(304)	(4,120)	(3,170)
Class A
Other income:
Net loss attributable to common stockholders	$ (1,537)	$ (22)	$ (2,451)	$ (1,592)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.09)	$ 0	$ (0.14)	$ (0.09)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	17,930,156	17,685,679	17,955,331	17,519,224
Class T
Other income:
Net loss attributable to common stockholders	$ (1,048)	$ (282)	$ (1,669)	$ (1,578)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.09)	$ (0.02)	$ (0.14)	$ (0.14)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	12,230,499	11,745,304	12,221,952	11,595,306
Hotel
Revenues:
Hotel revenues	$ 10,067	$ 10,263	$ 16,047	$ 15,773
Expenses:
Expenses	6,136	6,265	11,311	11,055
Apartment
Revenues:
Hotel revenues	1,970	1,803	3,965	3,519
Expenses:
Expenses	883	965	1,780	1,882
Asset management fees to affiliate
Expenses:
Expenses	$ 1,062	$ 986	$ 2,111	$ 1,920

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,805)	$ (265)	$ (4,891)	$ (3,383)
Other comprehensive loss:
Foreign currency translation gain (loss)	27	(135)	(25)	(68)
Reclassification adjustment for amounts recognized in net loss	(64)	0	(64)	0
Total other comprehensive loss	(37)	(135)	(89)	(68)
Total comprehensive loss	(2,842)	(400)	(4,980)	(3,451)
Total comprehensive loss (income) attributable to noncontrolling interests	220	(39)	771	213
Total comprehensive loss attributable to common stockholders	$ (2,622)	$ (439)	$ (4,209)	$ (3,238)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (unaudited) - USD ($) $ in Thousands	Total	Class A	Class T	Total Stockholders’ Equity	Common StockClass A	Common StockClass T	Additional Paid-in Capital	Cumulative Distributions and Net Losses	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2017					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	(3,383)			(3,170)				(3,170)		(213)
Other comprehensive (loss) income	(68)			(68)					(68)
Issuance of common stock (in shares)					762,335	665,366
Issuance of common stock	13,719			13,719	$ 7	$ 7	13,705
Stock dividends issued (in shares)					171,682	113,539
Stock dividends issued	0			0	$ (2)	$ (1)	(2,578)	2,581
Redemptions of common stock (in shares)					(203,084)	(39,913)
Redemptions of common stock	(2,122)			(2,122)	$ (2)		(2,120)
Transfers from redeemable common stock	765			765			765
Distributions declared	(2,206)			(2,206)				(2,206)
Commissions on stock sales, dealer manager fees and stockholder servicing fees to affiliate	(685)			(685)			(685)
Other offering costs	(129)			(129)			(129)
Noncontrolling interests contributions	518			0						518
Distributions to noncontrolling interests	(350)			0						(350)
Balance (in shares) at Jun. 30, 2018					17,619,873	11,770,887
Balance at Jun. 30, 2018	225,357			212,005	$ 176	$ 118	259,191	(47,614)	134	13,352
Balance (in shares) at Mar. 31, 2018					17,207,118	11,408,402
Balance at Mar. 31, 2018	220,748			207,200	$ 172	$ 114	251,525	(44,880)	269	13,548
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(265)			(304)				(304)		39
Other comprehensive (loss) income	(135)			(135)					(135)
Issuance of common stock (in shares)					448,919	330,993
Issuance of common stock	7,489			7,489	$ 4	$ 4	7,481
Stock dividends issued (in shares)					86,793	57,643
Stock dividends issued	0			0	$ (1)		(1,306)	1,307
Redemptions of common stock (in shares)					(122,957)	(26,151)
Redemptions of common stock	(1,301)			(1,301)	$ (1)		(1,300)
Transfers from redeemable common stock	609			609			609
Distributions declared	(1,123)			(1,123)				(1,123)
Commissions on stock sales, dealer manager fees and stockholder servicing fees to affiliate	(362)			(362)			(362)
Other offering costs	(68)			(68)			(68)
Noncontrolling interests contributions	115			0						115
Distributions to noncontrolling interests	(350)			0						(350)
Balance (in shares) at Jun. 30, 2018					17,619,873	11,770,887
Balance at Jun. 30, 2018	225,357			212,005	$ 176	$ 118	259,191	(47,614)	134	13,352
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,891)			(4,120)				(4,120)		(771)
Other comprehensive (loss) income	(89)			(89)					(89)
Issuance of common stock (in shares)					73,549	65,825
Issuance of common stock	1,347			1,347	$ 1	$ 1	1,345
Redemptions of common stock (in shares)					(251,212)	(35,977)
Redemptions of common stock	(2,733)			(2,733)	$ (3)		(2,730)
Transfers from redeemable common stock	1,366			1,366			1,366
Distributions declared	(1,930)			(1,930)				(1,930)
Noncontrolling interests contributions	210			0						210
Distributions to noncontrolling interests	(100)			0						(100)
Balance (in shares) at Jun. 30, 2019		17,925,774	12,238,090		17,925,774	12,238,090
Balance at Jun. 30, 2019	197,618			187,111	$ 179	$ 123	266,320	(79,511)	0	10,507
Balance (in shares) at Mar. 31, 2019					17,926,128	12,216,244
Balance at Mar. 31, 2019	201,183			190,456	$ 179	$ 122	266,320	(76,202)	37	10,727
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,805)			(2,585)				(2,585)		(220)
Other comprehensive (loss) income	(37)			(37)					(37)
Issuance of common stock (in shares)					24,324	21,846
Issuance of common stock	448			448	$ 1	$ 1	446
Redemptions of common stock (in shares)					(24,678)
Redemptions of common stock	(239)			(239)	$ (1)		(238)
Transfers to redeemable common stock	(208)			(208)			(208)
Distributions declared	(724)			(724)				(724)
Noncontrolling interests contributions	100			0						100
Distributions to noncontrolling interests	(100)			0						(100)
Balance (in shares) at Jun. 30, 2019		17,925,774	12,238,090		17,925,774	12,238,090
Balance at Jun. 30, 2019	$ 197,618			$ 187,111	$ 179	$ 123	$ 266,320	$ (79,511)	$ 0	$ 10,507

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net loss	$ (4,891)	$ (3,383)
Adjustment to reconcile net loss to net cash (used in) provided by operating activities
Equity in income of unconsolidated entity	(2,800)	(131)
Distribution of earnings from unconsolidated joint venture	0	29
Depreciation and amortization	10,181	10,172
Gain on real estate equity securities	(1,335)	(314)
Deferred rents	(233)	(1,042)
Bad debt expense	0	179
Amortization of above- and below-market leases, net	(1,373)	(1,823)
Amortization of deferred financing costs	807	530
Foreign currency translation gain	(64)	0
Unrealized gain on derivative instruments	(71)	(61)
Changes in operating assets and liabilities:
Rents and other receivables	(217)	(2,259)
Prepaid expenses and other assets	(647)	(1,370)
Accounts payable and accrued liabilities	(222)	412
Due to affiliates	15	6
Other liabilities	638	1,621
Net cash (used in) provided by operating activities	(212)	2,566
Cash Flows from Investing Activities:
Improvements to real estate	(6,155)	(4,768)
Investment in real estate securities	(4)	(6,986)
Payments for construction costs	(423)	(3,244)
Payoff of real estate loan receivable	0	3,500
Distribution of capital from unconsolidated joint venture	5,104	0
Purchase of interest rate cap agreement	0	(8)
Proceeds from termination of derivative instruments	145	0
Proceeds from insurance claims	0	237
Net cash used in investing activities	(1,333)	(11,269)
Cash Flows from Financing Activities:
Proceeds from notes payable	3,779	1,753
Principal payments on notes payable	(4,690)	(2,166)
Payments of deferred financing costs	(249)	(100)
Principal payments on capital lease obligations	(196)	(175)
Proceeds from issuance of common stock	0	12,509
Payments to redeem common stock	(2,733)	(2,122)
Payments of commissions on stock sales, dealer manager fees and stockholder servicing fees	0	(1,185)
Distributions paid	(826)	(842)
Noncontrolling interest contributions	210	518
Distributions to noncontrolling interest	(100)	(350)
Net cash (used in) provided by financing activities	(4,805)	7,840
Net decrease in cash, cash equivalents and restricted cash	(6,350)	(863)
Cash, cash equivalents and restricted cash, beginning of period	26,858	35,053
Cash, cash equivalents and restricted cash, end of period	20,508	34,190
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest of $0 and $2,607 for the six months ended June 30, 2019 and 2018, respectively	9,029	5,160
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	1,347	1,356
Stock dividends issued	0	2,581
Foreign currency translation loss on investment in unconsolidated entity	(25)	(68)
Redemption payable	1,662	0
Accrued improvements to real estate	2,272	1,022
Other offering costs due to affiliates	0	1,171
Stockholder servicing fees due to affiliate	0	180
Acquisition fees due to affiliates	0	114
Distributions payable	241	374
Construction cost payable	$ 14	$ 307

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Interest capitalized	$ 0	$ 2,607

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2019
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. Effective April 17, 2019 STAM terminated the sub-advisory agreement with the Advisor. 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 June 30, 2019 , 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 June 30, 2019 , 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 June 30, 2019 , the Company had sold 676,012 and 290,962 shares of Class A and Class T common stock, respectively, under its dividend reinvestment plan for aggregate gross offering proceeds of $9.0 million . Also as of June 30, 2019 , the Company had redeemed 694,756 and 99,903 shares of Class A and Class T common stock, respectively, for $7.1 million . In addition, the Company raised $4.2 million in separate private transactions 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	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2018 , except for the Company’s adoption of the lease accounting standards issued by the Financial Accounting Standards Board (“FASB”) effective on January 1, 2019 . For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the SEC. Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the FASB Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . 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. 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. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. Upon adoption of the lease accounting standards of Topic 842 on January 1, 2019 (described below), the Company accounted for tenant reimbursements for property taxes, insurance and common area maintenance as variable lease payments and recorded these amounts as rental income. For the three months ended June 30, 2018 , the Company reclassified $0.6 million and $6,000 of tenant reimbursement revenue for property taxes, insurance, and common area maintenance to office revenues and apartment revenues, respectively, for comparability purposes. For the six months ended June 30, 2018 , the Company reclassified $1.2 million and $12,000 of tenant reimbursement revenue for property taxes, insurance, and common area maintenance to office revenues and apartment revenues, respectively, for comparability purposes. In addition, upon adoption of the lease accounting standards of Topic 842, the Company’s two ground leases which were classified as capital leases under ASC 840 were reclassified as finance leases under ASC 842. The existing capital lease assets were reclassified as right-of-use assets and the existing obligation as lease liabilities as of January 1, 2019 . The reclassification of these ground leases did not have a material impact to the Company’s financial statements as the accounting and presentation of the related assets and liabilities on the Company’s balance sheet as of June 30, 2019 was consistent with the previous periods. The Company’s two ground leases had an aggregate right-of-use asset of $8.6 million and an aggregate lease liability of $8.2 million as of June 30, 2019 , which are included in total real estate, net and other liabilities, respectively, on the Company’s consolidated balance sheet. Revenue Recognition - Operating Leases Office and Apartment Revenues On January 1, 2019 , the Company adopted the lease accounting standards under Topic 842 including the package of practical expedients for all leases that commenced before the effective date of January 1, 2019. Accordingly, the Company (i) did not reassess whether any expired or existing contracts are or contain leases, (ii) did not reassess the lease classification for any expired or existing lease, and (iii) 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 lease accounting standards of Topic 840 are or contain a lease under Topic 842. In addition, Topic 842 provides an optional transition method to allow entities to apply the new lease accounting standards at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. The Company adopted this transition method upon its adoption of the lease accounting standards of Topic 842, which did not result in a cumulative effect adjustment to the opening balance of retained earnings on January 1, 2019 . The Company’s comparative periods presented in the financial statements will continue to be reported under the lease accounting standards of Topic 840. In accordance with Topic 842, tenant reimbursements for property taxes and insurance are included in the single lease component of the lease contract (the right of the lessee to use the leased space) and therefore are accounted for as variable lease payments and are recorded as rental income on the Company’s statement of operations beginning January 1, 2019 . In addition, the Company adopted the practical expedient available under Topic 842 to not separate nonlease components from the associated lease component and instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue recognition standard (Topic 606) and if certain conditions are met, specifically related to tenant reimbursements for common area maintenance which would otherwise be accounted for under the revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements for common area maintenance as (i) the timing and pattern of transfer of the nonlease components and associated lease components are the same and (ii) the lease component would be classified as an operating lease. Accordingly, tenant reimbursements for common area maintenance are also accounted for as variable lease payments and recorded as rental income on the Company’s statement of operations beginning January 1, 2019 . The Company recognizes minimum rent, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectibility is probable and records amounts expected to be received in later years as deferred rent receivable. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance (including amounts that can be taken in the form of cash or a credit against the tenant’s rent) that is funded is treated as a lease incentive and amortized as a reduction of rental revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the lessee or lessor supervises the construction and bears the risk of cost overruns; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. 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 determined to be probable. In accordance with Topic 842, the Company makes a determination of whether the collectibility of the lease payments in an operating lease is probable. If the Company determines the lease payments are not probable of collection, the Company would fully reserve for any contractual lease payments, deferred rent receivable, and tenant reimbursements and would recognize rental income only if cash is received. Beginning January 1, 2019, these changes to the Company’s collectibility assessment are reflected as an adjustment to rental income included in office revenues and apartment revenues in the Company’s consolidated statement of operations. Prior to January 1, 2019, bad debt expense related to uncollectible accounts receivable and deferred rent receivable was included in office expenses and apartment expenses in the Company’s consolidated statement of operations. Any subsequent changes to the collectibility of the allowance for doubtful accounts as of December 31, 2018, which was recorded prior to the adoption of Topic 842, are recorded in office expenses and apartment expenses in the Company’s consolidated statement of operations. Beginning January 1, 2019 , the Company, as a lessor, records costs to negotiate or arrange a lease that would have been incurred regardless of whether the lease was obtained, such as legal costs incurred to negotiate an operating lease, as an expense and classify such costs as operating, maintenance, and management expense, which is included in office expenses in the Company’s consolidated statement of operations, as these costs are no longer capitalizable under the definition of initial direct costs under Topic 842. 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 three and six months ended June 30, 2019 and 2018 . 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. From March 2015 through November 2018, the Company’s board of directors declared and issued stock dividends on shares of the Company’s common stock. During the three and six months ended June 30, 2018 , the Company’s board of directors declared 0.005001 and 0.010002 shares per share outstanding, respectively, and, accordingly, issued 144,436 and 285,221 shares, respectively. The amount declared per share outstanding included monthly dividends and assumed each share was issued and outstanding for the entire period presented. Stock dividends were 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. Cash distributions declared per share of Class A and Class T common stock were $0.02397501 and $0.06393334 for the three and six months ended June 30, 2019 , respectively. Distributions declared per common share assumes each share was issued and outstanding each day that was a record date for distributions and were based on a monthly record date for each month during the periods commencing January 2019 through June 2019 . Cash distributions declared per share of Class A common stock were $0.04781868 and $0.09511188 for the three and six months ended June 30, 2018 , respectively. Cash distributions declared per share of Class T common stock were $0.02485265 and $0.04929874 for the three and six months ended June 30, 2018 , 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. 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 three and six months ending June 30, 2018 . Distributions declared per share of Class T common stock assumes each share was issued and outstanding each day that was a record date during the three and six months ending June 30, 2018 . Each day during the period from January 1, 2018 through June 30, 2018 was a record date for distributions. Distributions for January 1, 2018 through June 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. 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 three and six months ended June 30, 2019 and 2018 were as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net loss attributable to common stockholders $ (2,585 ) $ (304 ) $ (4,120 ) $ (3,170 ) Less: Class A Common Stock cash distributions declared 430 836 1,148 1,642 Less: Class T Common Stock cash distributions declared 294 288 782 564 Undistributed net loss attributable to common stockholders $ (3,309 ) $ (1,428 ) $ (6,050 ) $ (5,376 ) Class A Common Stock: Undistributed net loss attributable to common stockholders $ (1,967 ) $ (858 ) $ (3,599 ) $ (3,234 ) Class A Common Stock cash distributions declared 430 836 1,148 1,642 Net loss attributable to Class A common stockholders $ (1,537 ) $ (22 ) $ (2,451 ) $ (1,592 ) Net loss per common share, basic and diluted $ (0.09 ) $ — $ (0.14 ) $ (0.09 ) Weighted-average number of common shares outstanding, basic and diluted 17,930,156 17,685,679 17,955,331 17,519,224 Class T Common Stock: Undistributed net loss attributable to common stockholders $ (1,342 ) $ (570 ) $ (2,451 ) $ (2,142 ) Class T Common Stock cash distributions declared 294 288 782 564 Net loss attributable to Class T common stockholders $ (1,048 ) $ (282 ) $ (1,669 ) $ (1,578 ) Net loss per common share, basic and diluted $ (0.09 ) $ (0.02 ) $ (0.14 ) $ (0.14 ) Weighted-average number of common shares outstanding, basic and diluted 12,230,499 11,745,304 12,221,952 11,595,306 Square Footage, Occupancy and Other Measures Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. Recently Issued Accounting Standards Updates 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 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.

REAL ESTATE

REAL ESTATE	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE As of June 30, 2019 , the Company’s real estate portfolio was composed of two hotel properties, four office properties and one apartment building. In addition, as of June 30, 2019 , 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 June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Land $ 104,138 $ 104,138 Buildings and improvements 433,331 425,989 Tenant origination and absorption costs 16,441 17,183 Total real estate, cost and net of impairment charge 553,910 547,310 Accumulated depreciation and amortization (44,703 ) (35,704 ) Total real estate, net $ 509,207 $ 511,606 The following table provides summary information regarding the Company’s real estate as of June 30, 2019 (in thousands): Property Date City State Property Type Land Building (1) Tenant Origination and Absorption Total Real Estate, at Cost and Net of Impairment Charge Accumulated Depreciation and Amortization Total Real Estate, Net Ownership % Springmaid Beach Resort 12/30/2014 Myrtle Beach SC Hotel $ 27,438 $ 35,219 $ — $ 62,657 $ (8,771 ) $ 53,886 90.0% Q&C Hotel 12/17/2015 New Orleans LA Hotel 1,232 53,129 — 54,361 (7,190 ) 47,171 90.0% 2200 Paseo Verde 12/23/2015 Henderson NV Office 1,850 11,934 419 14,203 (1,758 ) 12,445 100.0% Lincoln Court 05/20/2016 Campbell CA Office 14,706 35,324 2,476 52,506 (5,022 ) 47,484 100.0% Lofts at NoHo Commons 11/16/2016 North Hollywood CA Apartment 26,222 80,756 — 106,978 (5,396 ) 101,582 90.0% 210 West 31st Street (2) 12/01/2016 New York NY Retail — 55,223 — 55,223 — 55,223 80.0% Oakland City Center 08/18/2017 Oakland CA Office 22,150 140,516 10,746 173,412 (14,008 ) 159,404 100.0% Madison Square (3) 10/03/2017 Phoenix AZ Office 10,540 21,230 2,800 34,570 (2,558 ) 32,012 90.0% $ 104,138 $ 433,331 $ 16,441 $ 553,910 $ (44,703 ) $ 509,207 _____________________ (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, which was accounted for as a finance lease. The Company applied a 6.1% discount rate to the finance lease and the lease expires on January 31, 2114. As of June 30, 2019 , the finance lease right-of-use 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 June 30, 2019 . (3) The Company acquired the rights to a leasehold interest with respect to the land at this property, which was accounted for as a finance lease. The Company applied a 5.4% discount rate to the finance lease and as of June 30, 2019 , the finance lease had a weighted average remaining lease term of 3 years. As of June 30, 2019 , the finance lease right-of-use asset had a carrying value of $1.9 million included in land . Office Properties As of June 30, 2019 , 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 three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Office revenues: Rental income (1) $ 7,007 $ 7,178 $ 13,919 $ 14,600 Other income 187 183 392 360 Office revenues $ 7,194 $ 7,361 $ 14,311 $ 14,960 Office expenses: Operating, maintenance, and management (2) $ 2,338 $ 2,134 $ 4,663 $ 3,853 Real estate taxes and insurance (2) 1,089 905 2,161 1,857 Office expenses $ 3,427 $ 3,039 $ 6,824 $ 5,710 _____________________ (1) For the three and six months ended June 30, 2018 , the Company reclassified $0.6 million and $1.2 million of tenant reimbursement revenue for property taxes, insurance, and common area maintenance to rental income. See note 2 , “Summary of Significant Accounting Policies” for a further discussion on this reclassification. (2) On October 1, 2018 , the Company placed the development of 210 West 31st Street on hold and began expensing certain costs that were previously capitalized. Included in office expenses for the three months ended June 30, 2019 is $0.2 million of operating, maintenance and management and $0.1 million of real estate taxes and insurance and for the six months ended June 30, 2019 is $0.5 million of operating, maintenance and management and $0.2 million of real estate taxes and insurance for 210 West 31st Street. Operating Leases The Company’s office properties are leased to tenants under operating leases for which the terms and expirations vary. As of June 30, 2019 , the leases had remaining terms, excluding options to extend, of up to 9.2 years with a weighted-average remaining term of 3.5 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 $1.1 million and $1.3 million as of June 30, 2019 and December 31, 2018 , respectively. During the three and six months ended June 30, 2019 , the Company recognized deferred rent from tenants of $0.1 million and $0.2 million , respectively, net of lease incentive amortization. During the three and six months ended June 30, 2018 , the Company recognized deferred rent from tenants of $0.4 million and $1.0 million , respectively, net of lease incentive amortization. As of June 30, 2019 and December 31, 2018 , the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $3.0 million and $2.8 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 June 30, 2019 and December 31, 2018 . As of June 30, 2019 , the future minimum rental income from the Company’s office properties under its non-cancelable operating leases was as follows (in thousands): July 1, 2019 through December 31, 2019 $ 10,893 2020 20,767 2021 18,458 2022 15,142 2023 12,136 Thereafter 24,364 $ 101,760 As of June 30, 2019 , the Company’s commercial real estate properties were leased to approximately 90 tenants over a diverse range of industries and geographic areas. As of June 30, 2019 , 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) Percentage of Professional, Scientific and Technical Services 15 $ 4,537 19.9 % Legal Services 13 4,145 18.1 % Public Administration (Government) 6 3,273 14.3 % Finance 12 2,349 10.3 % $ 14,304 62.6 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of June 30, 2019 , 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. During the six months ended June 30, 2019 , the Company did not record any adjustment to office revenues for lease payments deemed not probable of collection. During the six months ended June 30, 2019 , the Company recorded bad debt recovery of $0.1 million , which was included in office expenses in the accompanying consolidated statements of operations. During the six months ended June 30, 2018 , the Company recorded bad debt expense of $0.2 million , which was included in office expenses in the accompanying consolidated statements of operations. Hotel Properties As of June 30, 2019 , the Company owned two hotel properties. The following table provides detailed information regarding the Company’s hotel revenues and expenses for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Hotel revenues: Room $ 7,590 8,002 $ 12,055 12,112 Food, beverage and convention services 1,679 1,503 2,552 2,318 Campground 280 292 551 582 Other 518 466 889 761 Hotel revenues $ 10,067 $ 10,263 $ 16,047 $ 15,773 Hotel expenses: Room $ 1,680 1,765 $ 3,004 3,015 Food, beverage and convention services 1,164 1,197 1,940 1,921 General and administrative 708 809 1,494 1,445 Sales and marketing 912 797 1,606 1,449 Repairs and maintenance 526 509 1,092 995 Utilities 224 276 485 552 Property taxes and insurance 435 421 873 864 Other 487 491 817 814 Hotel expenses $ 6,136 $ 6,265 $ 11,311 $ 11,055 Contract liabilities The following table summarizes the Company’s contract liabilities, which are comprised of advanced deposits and are included in other liabilities in the accompanying consolidated balance sheets, as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Contract liability $ 974 $ 324 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 238 $ — Apartment Property As of June 30, 2019 , the Company owned one apartment property with 292 units which was 90% occupied. The following table provides detailed information regarding the Company’s apartment revenues and expenses for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Apartment revenues: Rental income (1) $ 1,829 $ 1,651 $ 3,659 $ 3,241 Other income 141 152 306 278 Apartment revenues $ 1,970 $ 1,803 $ 3,965 $ 3,519 Apartment expenses: Operating, maintenance, and management $ 544 $ 636 $ 1,080 $ 1,205 Real estate taxes and insurance 339 329 700 677 Apartment expenses $ 883 $ 965 $ 1,780 $ 1,882 _____________________ (1) For the three and six months ended June 30, 2018 , the Company reclassified $6,000 and $12,000 , respectively, of tenant reimbursement revenue for property taxes, insurance, and common area maintenance to rental income. See note 2 , “Summary of Significant Accounting Policies” for a further discussion on this reclassification. Geographic Concentration Risk As of June 30, 2019 , the Company’s real estate investments in California and New York represented 55.7% and 10.0% of the Company’s total assets, respectively. As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the California and New York real estat

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 , 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 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Cost $ 16,441 $ 17,183 $ 99 $ 99 $ (11,082 ) $ (11,526 ) Accumulated Amortization (7,252 ) (6,163 ) (43 ) (34 ) 5,116 4,178 Net Amount $ 9,189 $ 11,020 $ 56 $ 65 $ (5,966 ) $ (7,348 ) Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and six months ended June 30, 2019 and 2018 were as follows (in thousands): Tenant Origination and Absorption Costs Above-Market Lease Assets Below-Market Lease Liabilities For the Three Months Ended June 30, For the Three Months Ended June 30, For the Three Months Ended June 30, 2019 2018 2019 2018 2019 2018 Amortization $ (888 ) $ (1,164 ) $ (4 ) $ (5 ) $ 679 $ 885 Tenant Origination and Absorption Costs Above-Market Lease Assets Below-Market Lease Liabilities For the Six Months Ended June 30, For the Six Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 2019 2018 Amortization $ (1,831 ) $ (2,378 ) $ (9 ) $ (9 ) $ 1,382 $ 1,832 As of June 30, 2019 and December 31, 2018 , 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 $2.3 million and $2.4 million , respectively, which is amortized on a straight line basis over 31.8 years. During each of the three months ended June 30, 2019 and 2018 , the Company recorded amortization expense of $20,000 related to the housing subsidy intangible asset. During each of the six months ended June 30, 2019 and 2018 , the Company recorded amortization expense of $40,000 related to the housing subsidy intangible asset. Additionally, as of June 30, 2019 and December 31, 2018 , 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 $2.1 million and $2.3 million , respectively, which are amortized on a straight line basis over a range of 0.7 to 6.6 years. During each of the three months ended June 30, 2019 and 2018 , the Company recorded amortization expense of $0.1 million related to the property tax abatement intangible assets. During the six months ended June 30, 2019 and 2018 , the Company recorded amortization expense of $0.2 million and $0.3 million related to the property tax abatement intangible assets, respectively.

REAL ESTATE EQUITY SECURITIES

REAL ESTATE EQUITY SECURITIES	6 Months Ended
	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE EQUITY SECURITIES	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. Unrealized gains and losses on real estate equity securities are recognized in earnings. As of June 30, 2019 and December 31, 2018 , the Company owned 1,160,591 shares of common stock of Franklin Street Properties Corp. (NYSE Ticker: FSP). As of June 30, 2019 and December 31, 2018 , the total book value of the Company’s real estate equity securities was $8.6 million and $7.2 million , respectively. During the three and six months ended June 30, 2019 , the Company recognized $0.1 million and $0.2 million of dividend income from real estate equity securities, respectively. During the three and six months ended June 30, 2018 , the Company recognized $36,000 and $36,000 of dividend income from real estate equity securities, respectively.

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITY	6 Months Ended
	Jun. 30, 2019
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 three and six months ended June 30, 2018 , the Company recognized $116,000 and $131,000 of income with respect to this investment. During the six months ended June 30, 2019 , STAM completed the liquidation of the portfolio and the Company recognized $2.8 million of equity in income of unconsolidated entity with respect to this investment. On May 9, 2019 , the Company received a distribution in the amount of €4.5 million or $5.1 million . As of June 30, 2019 , the Company’s investment in unconsolidated entity was $0.5 million .

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE As of June 30, 2019 and December 31, 2018 , the Company’s notes payable consisted of the following (in thousands): Book Value as of June 30, 2019 Book Value as of December 31, 2018 Contractual Interest Rate (1) Effective Interest Rate (1) Payment Type Maturity Date Springmaid Beach Resort Mortgage Loan (2) $ 36,920 $ 37,280 One-month LIBOR + 3.00% 5.44% Principal & 12/30/2019 Q&C Hotel Mortgage Loan 23,221 23,551 One-month LIBOR + 3.25% 5.69% Principal & 12/17/2019 2200 Paseo Verde Mortgage Loan (3) 8,687 7,947 One-month LIBOR + 2.25% 4.69% Interest Only (3) 07/01/2020 Lincoln Court Mortgage Loan 34,520 33,500 One-month LIBOR + 1.75% 4.19% Interest Only 06/01/2020 Lofts at NoHo Commons Mortgage Loan 72,100 72,100 One-month LIBOR + 2.66% 5.09% Interest Only 12/01/2019 210 West 31st Street Mortgage Loan 34,041 38,041 One-month LIBOR + 5.50% 7.94% Interest Only 12/01/2019 Oakland City Center Mortgage Loan (4) 95,989 94,500 One-month LIBOR + 1.75% 4.19% Interest Only (4) 09/01/2022 Madison Square Mortgage Loan (5) 22,425 21,895 One-month LIBOR + 4.05% (5) 6.45% Interest Only 10/09/2020 Total notes payable principal outstanding 327,903 328,814 Deferred financing costs, net (1,476 ) (2,271 ) Total notes payable, net $ 326,427 $ 326,543 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2019 . Effective interest rate is calculated as the actual interest rate in effect as of June 30, 2019 (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at June 30, 2019 , where applicable. (2) On July 19, 2019, the Springmaid Beach Resort Mortgage Loan was refinanced. See Note 12, “Subsequent Events - Springmaid Beach Resort Refinancing.” (3) As of June 30, 2019 , $8.7 million had been disbursed to the Company and up to $0.8 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. (4) As of June 30, 2019 , $96.0 million had been disbursed to the Company and up to $7.4 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. (5) As of June 30, 2019 , $22.4 million had been disbursed to the Company and up to $11.7 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 three and six months ended June 30, 2019 , the Company incurred $5.0 million and $10.0 million , respectively, of interest expense. During the three and six months ended June 30, 2018 , the Company incurred $3.4 million and $6.3 million , respectively, of interest expense. Included in interest expense was: (i) the amortization of deferred financing costs of $0.4 million and $0.8 million for the three and six months ended June 30, 2019 , respectively, and $0.4 million and $0.8 million for the three and six months ended June 30, 2018 , respectively, (ii) the capitalization of interest to building and improvements related to its redevelopment project at 210 West 31st Street of $1.3 million and $2.6 million for the three and six months ended June 30, 2018 , respectively, (iii) an unrealized loss of $6,000 on interest rate cap agreements for the six months ended June 30, 2019 , and an unrealized loss of $20,000 and an unrealized gain of $10,000 on interest rate cap agreements for the three and six months ended June 30, 2018 , respectively, and (iv) $0.2 million and $0.3 million of interest on finance leases for the three and six months ended June 30, 2019 , respectively, and $0.2 million and $0.3 million for the three and six months ended June 30, 2018 , respectively. As of June 30, 2019 and December 31, 2018 , the Company’s interest payable was $1.3 million and $1.4 million , respectively. The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of June 30, 2019 (in thousands): July 1, 2019 through December 31, 2019 $ 166,332 2020 65,911 2021 1,320 2022 94,340 $ 327,903 The Company’s notes payable contain financial and non-financial debt covenants. As of June 30, 2019 , 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	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 , the Company had two 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 June 30, 2019 and 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 (dollars in thousands): Fair Value of Asset Derivative Instruments Effective Date Maturity Date Notional Value Reference Rate June 30, 2019 December 31, 2018 Balance Sheet Location Interest Rate Cap 12/1/2016 12/01/2019 $ 47,110 One-month LIBOR at 3.00% $ — $ 4 Prepaid expenses and other assets Interest Rate Cap 10/3/2017 10/15/2019 $ 34,125 One-month LIBOR at 3.00% — 2 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 Interest Rate Cap 01/03/2019 06/01/2019 $ 23,551 One-month LIBOR at 3.00% — — Prepaid expenses and other assets Total Derivative Instruments not designated as hedging instruments $ — $ 6 During the six months ended June 30, 2019 , the Company recorded an unrealized loss of $6,000 on interest rate cap agreements, which was included in interest expense on the accompanying consolidated statements of operations. During the three months ended June 30, 2018 , the Company recorded an unrealized loss of $20,000 on interest rate cap agreements, which was included in interest expense on the accompanying consolidated statements of operations. During the six months ended June 30, 2018 , the Company recorded an unrealized gain of $10,000 on interest rate cap agreements, which is included as an offset to 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. On May 9, 2019 , the Company terminated its $2.1 million foreign currency forward contract and received $0.1 million in connection with the termination. During the six months ended June 30, 2019 , the Company recorded a foreign currency gain of $77,000 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 three and six months ended June 30, 2018 , the Company recorded a foreign currency gain of $135,000 and $51,000 , respectively, on the foreign currency forward contract, which is included as an offset to 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 , which is included in prepaid expenses and other assets on the accompanying balance sheets.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2019
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. 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. 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 June 30, 2019 and December 31, 2018 , which carrying amounts do not approximate the fair values (in thousands): June 30, 2019 December 31, 2018 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liability: Notes payable $ 327,903 $ 326,427 $ 328,981 $ 328,814 $ 326,543 $ 329,588 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 June 30, 2019 , 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 Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 8,565 $ 8,565 $ — $ — Asset derivatives - interest rate caps $ — $ — $ — $ —

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2019
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, 2020. During the three and six months ended June 30, 2019 and 2018 , 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 three and six months ended June 30, 2019 and 2018 , respectively, and any related amounts payable as of June 30, 2019 and December 31, 2018 (in thousands): Incurred Payable as of Three Months Ended June 30, Six Months Ended June 30, June 30, 2019 December 31, 2018 2019 2018 2019 2018 Expensed Asset management fees $ 1,062 $ 986 $ 2,111 $ 1,920 $ 27 $ 22 Reimbursable operating expenses (1) 92 132 194 224 45 35 Capitalized Acquisition fees — 108 — 215 174 178 Additional Paid-in Capital Sales commissions — 223 — 424 — — Dealer manager fees — 136 — 245 — — Stockholder servicing fees (2) — 3 — 16 — — Reimbursable other offering costs (3) — 68 — 129 — — $ 1,154 $ 1,656 $ 2,305 $ 3,173 $ 246 $ 235 _____________________ (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 $0.1 million and $0.2 million for the three and six months ended June 30, 2019 , respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2018 , respectively, and were the only employee costs reimbursed under the Advisory Agreement for the three and six months ended June 30, 2019 and 2018 . 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) 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 . (3) See “Other Offering Costs” below. 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 June 30, 2019 , 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 June 30, 2019 , the Company had recorded $14.5 million in selling commissions and dealer manager fees and $1.7 million of stockholder servicing fees. As of June 30, 2019 , 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 June 30, 2019 based on the 1.0% limitation described above. In addition, as of June 30, 2019 , 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2019
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 each of the three and six months ended June 30, 2019 and 2018 , the Company incurred $0.2 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 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 each of the three and six months ended June 30, 2019 and 2018 , the Company incurred $0.1 million and $0.2 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 three and six months ended June 30, 2019 , the Company incurred $0.2 million and $0.4 million , respectively, of fees related to the Marriott franchise agreement. During the three and six months ended June 30, 2018 , the Company incurred $0.3 million and $0.6 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 June 30, 2019 , the Company had leasehold interests expiring on various expiration dates between July 1, 2019 and 2114. Future minimum lease payments owed by the Company under the finance leases as of June 30, 2019 are as follows (in thousands): July 1, 2019 through December 31, 2019 $ 240 2020 680 2021 735 2022 935 2023 525 Thereafter 53,316 Total expected minimum lease liabilities 56,431 Less: Amount representing interest (1) (48,255 ) Present value of net minimum lease payments (2) $ 8,176 _____________________ (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 June 30, 2019 . 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	6 Months Ended
	Jun. 30, 2019
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 July 1, 2019 , the Company paid distributions of $0.2 million related to a monthly distribution in the amount of $0.00799167 per share on the outstanding shares of all classes of its common stock as of June 18, 2019 . On August 1, 2019 , the Company paid distributions of $0.2 million related to a monthly distribution in the amount of $0.00799167 per share on the outstanding shares of all classes of its common stock as of July 25, 2019 . Distributions Declared On August 8, 2019 , the Company’s board of directors declared monthly distributions in the amount of $0.00799167 per share on the outstanding shares of all classes of its common stock as of August 19, 2019 and September 20, 2019 , which the Company expects to pay in September 2019 and October 2019 , respectively. Investors may choose to receive cash distributions or purchase additional shares through the Company’s dividend reinvestment plan. Springmaid Beach Resort Refinancing On December 30, 2014, the Company, through a joint venture (“Springmaid Property JV”) between the Company’s indirect wholly owned subsidiary and IC Myrtle Beach Holdings LLC (the “JV Partner”), acquired a 30 -acre property, containing a 491 -room hotel, a 36,000 square foot conference center and a 187 -unit recreational vehicle campground located at 3200 S. Ocean Boulevard, Myrtle Beach, South Carolina (the “Springmaid Beach Resort”). In connection with the acquisition of the Springmaid Beach Resort, Springmaid Property JV entered a lease agreement for the hotel portion of the Springmaid Beach Resort, which includes the resort and conference center, with a joint venture (“Springmaid Operations JV”) between the Company’s indirect wholly owned subsidiary which the Company has elected to treat as a TRS and the JV Partner. The Company owns a 90% equity interest in the joint ventures. In connection with the acquisition of the Springmaid Beach Resort, Springmaid Property JV, as borrower, and Springmaid Operations JV, as operating lessee, entered into a mortgage loan with an unaffiliated lender, for borrowings of up to $38.0 million , secured by the Springmaid Beach Resort (the “Springmaid Beach Resort Mortgage Loan”). On July 19, 2019, the joint ventures closed the refinancing of the Springmaid Beach Resort Mortgage loan with unaffiliated lenders (the “Refinancing”). The joint ventures repaid $36.9 million of principal in satisfaction of the Springmaid Beach Resort Mortgage Loan. The Refinancing was comprised of a maximum loan amount of up to $67.0 million , comprised of a mortgage loan of up to $65.3 million and a mezzanine loan amount of up to $1.7 million . At closing, $57.0 million of the Refinancing was funded and the remaining $10.0 million was available for future disbursements, subject to certain terms and conditions contained in the loan documents. The loans under the Refinancing mature on August 10, 2022, with two one -year extension options, subject to certain terms and conditions contained in the loan documents. Monthly payments include principal and interest with principal payments of $0.1 million , with the remaining principal balance, all accrued and unpaid interest and all other sums due under the loan documents payable at maturity. The weighted-average interest rate is 350 basis points plus the higher of one-month LIBOR or 225 basis points. The joint ventures entered into interest rate caps that effectively limits one-month LIBOR at 4.0% on $65.3 million and $1.7 million , effective July 25, 2019 through August 10, 2021. The joint ventures have the right to prepay all or a portion of the Refinancing, subject to certain fees and conditions contained in the loan documents. KBS SOR US Properties II LLC (“SOR US Properties II”), the Company’s indirect wholly owned subsidiary, provided a guaranty of (i) the principal balance and any interest or other sums outstanding under the Refinancing in the event of certain bankruptcy or insolvency proceedings involving Springmaid Property JV, Springmaid Operations JV or SOR US Properties II or any affiliate thereof, the transfer of Springmaid Property JV’s interest in the property in violation of the loan documents, and certain other events as described in the loan documents and (ii) the payment of certain liabilities, losses or damages incurred by the lender as a result of certain intentional acts committed by Springmaid Property JV or Springmaid Operations JV, the fraud or intentional misrepresentation by Springmaid Property JV, Springmaid Operations JV or SOR US Properties II in connection with the loan or the loan documents, and certain other events as described in the loan documents.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the FASB Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 .
Principles of Consolidation	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.
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.
Reclassifications	Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. Upon adoption of the lease accounting standards of Topic 842 on January 1, 2019 (described below), the Company accounted for tenant reimbursements for property taxes, insurance and common area maintenance as variable lease payments and recorded these amounts as rental income. For the three months ended June 30, 2018 , the Company reclassified $0.6 million and $6,000 of tenant reimbursement revenue for property taxes, insurance, and common area maintenance to office revenues and apartment revenues, respectively, for comparability purposes. For the six months ended June 30, 2018 , the Company reclassified $1.2 million and $12,000 of tenant reimbursement revenue for property taxes, insurance, and common area maintenance to office revenues and apartment revenues, respectively, for comparability purposes. In addition, upon adoption of the lease accounting standards of Topic 842, the Company’s two ground leases which were classified as capital leases under ASC 840 were reclassified as finance leases under ASC 842. The existing capital lease assets were reclassified as right-of-use assets and the existing obligation as lease liabilities as of January 1, 2019 . The reclassification of these ground leases did not have a material impact to the Company’s financial statements as the accounting and presentation of the related assets and liabilities on the Company’s balance sheet as of June 30, 2019 was consistent with the previous periods. The Company’s two ground leases had an aggregate right-of-use asset of $8.6 million and an aggregate lease liability of $8.2 million as of June 30, 2019 , which are included in total real estate, net and other liabilities, respectively, on the Company’s consolidated balance sheet.
Revenue Recognition - Operating Leases	Office and Apartment Revenues On January 1, 2019 , the Company adopted the lease accounting standards under Topic 842 including the package of practical expedients for all leases that commenced before the effective date of January 1, 2019. Accordingly, the Company (i) did not reassess whether any expired or existing contracts are or contain leases, (ii) did not reassess the lease classification for any expired or existing lease, and (iii) 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 lease accounting standards of Topic 840 are or contain a lease under Topic 842. In addition, Topic 842 provides an optional transition method to allow entities to apply the new lease accounting standards at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. The Company adopted this transition method upon its adoption of the lease accounting standards of Topic 842, which did not result in a cumulative effect adjustment to the opening balance of retained earnings on January 1, 2019 . The Company’s comparative periods presented in the financial statements will continue to be reported under the lease accounting standards of Topic 840. In accordance with Topic 842, tenant reimbursements for property taxes and insurance are included in the single lease component of the lease contract (the right of the lessee to use the leased space) and therefore are accounted for as variable lease payments and are recorded as rental income on the Company’s statement of operations beginning January 1, 2019 . In addition, the Company adopted the practical expedient available under Topic 842 to not separate nonlease components from the associated lease component and instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue recognition standard (Topic 606) and if certain conditions are met, specifically related to tenant reimbursements for common area maintenance which would otherwise be accounted for under the revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements for common area maintenance as (i) the timing and pattern of transfer of the nonlease components and associated lease components are the same and (ii) the lease component would be classified as an operating lease. Accordingly, tenant reimbursements for common area maintenance are also accounted for as variable lease payments and recorded as rental income on the Company’s statement of operations beginning January 1, 2019 . The Company recognizes minimum rent, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectibility is probable and records amounts expected to be received in later years as deferred rent receivable. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance (including amounts that can be taken in the form of cash or a credit against the tenant’s rent) that is funded is treated as a lease incentive and amortized as a reduction of rental revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the lessee or lessor supervises the construction and bears the risk of cost overruns; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. 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 determined to be probable. In accordance with Topic 842, the Company makes a determination of whether the collectibility of the lease payments in an operating lease is probable. If the Company determines the lease payments are not probable of collection, the Company would fully reserve for any contractual lease payments, deferred rent receivable, and tenant reimbursements and would recognize rental income only if cash is received. Beginning January 1, 2019, these changes to the Company’s collectibility assessment are reflected as an adjustment to rental income included in office revenues and apartment revenues in the Company’s consolidated statement of operations. Prior to January 1, 2019, bad debt expense related to uncollectible accounts receivable and deferred rent receivable was included in office expenses and apartment expenses in the Company’s consolidated statement of operations. Any subsequent changes to the collectibility of the allowance for doubtful accounts as of December 31, 2018, which was recorded prior to the adoption of Topic 842, are recorded in office expenses and apartment expenses in the Company’s consolidated statement of operations. Beginning January 1, 2019 , the Company, as a lessor, records costs to negotiate or arrange a lease that would have been incurred regardless of whether the lease was obtained, such as legal costs incurred to negotiate an operating lease, as an expense and classify such costs as operating, maintenance, and management expense, which is included in office expenses in the Company’s consolidated statement of operations, as these costs are no longer capitalizable under the definition of initial direct costs under Topic 842.
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	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. 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 three and six months ended June 30, 2019 and 2018 . 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.
Square Footage, Occupancy and Other Measures Policy	Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Recently Issued Accounting Standards Updates	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 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.
Fair Value Measurements	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. 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. 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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method	The Company’s calculated earnings per share for the three and six months ended June 30, 2019 and 2018 were as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net loss attributable to common stockholders $ (2,585 ) $ (304 ) $ (4,120 ) $ (3,170 ) Less: Class A Common Stock cash distributions declared 430 836 1,148 1,642 Less: Class T Common Stock cash distributions declared 294 288 782 564 Undistributed net loss attributable to common stockholders $ (3,309 ) $ (1,428 ) $ (6,050 ) $ (5,376 ) Class A Common Stock: Undistributed net loss attributable to common stockholders $ (1,967 ) $ (858 ) $ (3,599 ) $ (3,234 ) Class A Common Stock cash distributions declared 430 836 1,148 1,642 Net loss attributable to Class A common stockholders $ (1,537 ) $ (22 ) $ (2,451 ) $ (1,592 ) Net loss per common share, basic and diluted $ (0.09 ) $ — $ (0.14 ) $ (0.09 ) Weighted-average number of common shares outstanding, basic and diluted 17,930,156 17,685,679 17,955,331 17,519,224 Class T Common Stock: Undistributed net loss attributable to common stockholders $ (1,342 ) $ (570 ) $ (2,451 ) $ (2,142 ) Class T Common Stock cash distributions declared 294 288 782 564 Net loss attributable to Class T common stockholders $ (1,048 ) $ (282 ) $ (1,669 ) $ (1,578 ) Net loss per common share, basic and diluted $ (0.09 ) $ (0.02 ) $ (0.14 ) $ (0.14 ) Weighted-average number of common shares outstanding, basic and diluted 12,230,499 11,745,304 12,221,952 11,595,306

REAL ESTATE (Tables)

REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of Real Estate	The following table summarizes the Company’s real estate as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Land $ 104,138 $ 104,138 Buildings and improvements 433,331 425,989 Tenant origination and absorption costs 16,441 17,183 Total real estate, cost and net of impairment charge 553,910 547,310 Accumulated depreciation and amortization (44,703 ) (35,704 ) Total real estate, net $ 509,207 $ 511,606 The following table provides summary information regarding the Company’s real estate as of June 30, 2019 (in thousands): Property Date City State Property Type Land Building (1) Tenant Origination and Absorption Total Real Estate, at Cost and Net of Impairment Charge Accumulated Depreciation and Amortization Total Real Estate, Net Ownership % Springmaid Beach Resort 12/30/2014 Myrtle Beach SC Hotel $ 27,438 $ 35,219 $ — $ 62,657 $ (8,771 ) $ 53,886 90.0% Q&C Hotel 12/17/2015 New Orleans LA Hotel 1,232 53,129 — 54,361 (7,190 ) 47,171 90.0% 2200 Paseo Verde 12/23/2015 Henderson NV Office 1,850 11,934 419 14,203 (1,758 ) 12,445 100.0% Lincoln Court 05/20/2016 Campbell CA Office 14,706 35,324 2,476 52,506 (5,022 ) 47,484 100.0% Lofts at NoHo Commons 11/16/2016 North Hollywood CA Apartment 26,222 80,756 — 106,978 (5,396 ) 101,582 90.0% 210 West 31st Street (2) 12/01/2016 New York NY Retail — 55,223 — 55,223 — 55,223 80.0% Oakland City Center 08/18/2017 Oakland CA Office 22,150 140,516 10,746 173,412 (14,008 ) 159,404 100.0% Madison Square (3) 10/03/2017 Phoenix AZ Office 10,540 21,230 2,800 34,570 (2,558 ) 32,012 90.0% $ 104,138 $ 433,331 $ 16,441 $ 553,910 $ (44,703 ) $ 509,207 _____________________ (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, which was accounted for as a finance lease. The Company applied a 6.1% discount rate to the finance lease and the lease expires on January 31, 2114. As of June 30, 2019 , the finance lease right-of-use 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 June 30, 2019 . (3) The Company acquired the rights to a leasehold interest with respect to the land at this property, which was accounted for as a finance lease. The Company applied a 5.4% discount rate to the finance lease and as of June 30, 2019 , the finance lease had a weighted average remaining lease term of 3 years. As of June 30, 2019 , the finance lease right-of-use asset had a carrying value of $1.9 million included in land .
Schedule of Office Property Revenue and Expense	. The following table provides detailed information regarding the Company’s office revenues and expenses for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Office revenues: Rental income (1) $ 7,007 $ 7,178 $ 13,919 $ 14,600 Other income 187 183 392 360 Office revenues $ 7,194 $ 7,361 $ 14,311 $ 14,960 Office expenses: Operating, maintenance, and management (2) $ 2,338 $ 2,134 $ 4,663 $ 3,853 Real estate taxes and insurance (2) 1,089 905 2,161 1,857 Office expenses $ 3,427 $ 3,039 $ 6,824 $ 5,710 _____________________ (1) For the three and six months ended June 30, 2018 , the Company reclassified $0.6 million and $1.2 million of tenant reimbursement revenue for property taxes, insurance, and common area maintenance to rental income. See note 2 , “Summary of Significant Accounting Policies” for a further discussion on this reclassification. (2) On October 1, 2018 , the Company placed the development of 210 West 31st Street on hold and began expensing certain costs that were previously capitalized. Included in office expenses for the three months ended June 30, 2019 is $0.2 million of operating, maintenance and management and $0.1 million of real estate taxes and insurance and for the six months ended June 30, 2019 is $0.5 million of operating, maintenance and management and $0.2 million of real estate taxes and insurance
Schedule of Future Minimum Rental Income for Company's Properties	As of June 30, 2019 , the future minimum rental income from the Company’s office properties under its non-cancelable operating leases was as follows (in thousands): July 1, 2019 through December 31, 2019 $ 10,893 2020 20,767 2021 18,458 2022 15,142 2023 12,136 Thereafter 24,364 $ 101,760
Schedules of Concentration of Risk, by Risk Factor	s. As of June 30, 2019 , 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) Percentage of Professional, Scientific and Technical Services 15 $ 4,537 19.9 % Legal Services 13 4,145 18.1 % Public Administration (Government) 6 3,273 14.3 % Finance 12 2,349 10.3 % $ 14,304 62.6 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of June 30, 2019 , 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 Hotel Revenue and Expense	As of June 30, 2019 , the Company owned two hotel properties. The following table provides detailed information regarding the Company’s hotel revenues and expenses for the three and six months ended June 30, 2019 and 2018 (in thousan
Schedule of Contract with Customer, Asset and Liability	The following table summarizes the Company’s contract liabilities, which are comprised of advanced deposits and are included in other liabilities in the accompanying consolidated balance sheets, as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Contract liability $ 974 $ 324 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 238 $ —
Schedule of Apartment Property Revenue and Expense	. The following table provides detailed information regarding the Company’s apartment revenues and expenses for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Apartment revenues: Rental income (1) $ 1,829 $ 1,651 $ 3,659 $ 3,241 Other income 141 152 306 278 Apartment revenues $ 1,970 $ 1,803 $ 3,965 $ 3,519 Apartment expenses: Operating, maintenance, and management $ 544 $ 636 $ 1,080 $ 1,205 Real estate taxes and insurance 339 329 700 677 Apartment expenses $ 883 $ 965 $ 1,780 $ 1,882 _____________________ (1) For the three and six months ended June 30, 2018 , the Company reclassified $6,000 and $12,000 , respectively, of tenant reimbursement revenue for property taxes, insurance, and common area maintenance to rental income. See note 2 , “Summary of Significant Accounting Policies” for a furth

TENANT ORIGINATION AND ABSORP_2

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 , 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 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Cost $ 16,441 $ 17,183 $ 99 $ 99 $ (11,082 ) $ (11,526 ) Accumulated Amortization (7,252 ) (6,163 ) (43 ) (34 ) 5,116 4,178 Net Amount $ 9,189 $ 11,020 $ 56 $ 65 $ (5,966 ) $ (7,348 )
Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities	Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and six months ended June 30, 2019 and 2018 were as follows (in thousands): Tenant Origination and Absorption Costs Above-Market Lease Assets Below-Market Lease Liabilities For the Three Months Ended June 30, For the Three Months Ended June 30, For the Three Months Ended June 30, 2019 2018 2019 2018 2019 2018 Amortization $ (888 ) $ (1,164 ) $ (4 ) $ (5 ) $ 679 $ 885 Tenant Origination and Absorption Costs Above-Market Lease Assets Below-Market Lease Liabilities For the Six Months Ended June 30, For the Six Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 2019 2018 Amortization $ (1,831 ) $ (2,378 ) $ (9 ) $ (9 ) $ 1,382 $ 1,832

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of June 30, 2019 and December 31, 2018 , the Company’s notes payable consisted of the following (in thousands): Book Value as of June 30, 2019 Book Value as of December 31, 2018 Contractual Interest Rate (1) Effective Interest Rate (1) Payment Type Maturity Date Springmaid Beach Resort Mortgage Loan (2) $ 36,920 $ 37,280 One-month LIBOR + 3.00% 5.44% Principal & 12/30/2019 Q&C Hotel Mortgage Loan 23,221 23,551 One-month LIBOR + 3.25% 5.69% Principal & 12/17/2019 2200 Paseo Verde Mortgage Loan (3) 8,687 7,947 One-month LIBOR + 2.25% 4.69% Interest Only (3) 07/01/2020 Lincoln Court Mortgage Loan 34,520 33,500 One-month LIBOR + 1.75% 4.19% Interest Only 06/01/2020 Lofts at NoHo Commons Mortgage Loan 72,100 72,100 One-month LIBOR + 2.66% 5.09% Interest Only 12/01/2019 210 West 31st Street Mortgage Loan 34,041 38,041 One-month LIBOR + 5.50% 7.94% Interest Only 12/01/2019 Oakland City Center Mortgage Loan (4) 95,989 94,500 One-month LIBOR + 1.75% 4.19% Interest Only (4) 09/01/2022 Madison Square Mortgage Loan (5) 22,425 21,895 One-month LIBOR + 4.05% (5) 6.45% Interest Only 10/09/2020 Total notes payable principal outstanding 327,903 328,814 Deferred financing costs, net (1,476 ) (2,271 ) Total notes payable, net $ 326,427 $ 326,543 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2019 . Effective interest rate is calculated as the actual interest rate in effect as of June 30, 2019 (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at June 30, 2019 , where applicable. (2) On July 19, 2019, the Springmaid Beach Resort Mortgage Loan was refinanced. See Note 12, “Subsequent Events - Springmaid Beach Resort Refinancing.” (3) As of June 30, 2019 , $8.7 million had been disbursed to the Company and up to $0.8 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. (4) As of June 30, 2019 , $96.0 million had been disbursed to the Company and up to $7.4 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. (5) As of June 30, 2019 , $22.4 million had been disbursed to the Company and up to $11.7 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 June 30, 2019 (in thousands): July 1, 2019 through December 31, 2019 $ 166,332 2020 65,911 2021 1,320 2022 94,340 $ 327,903

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position	The following table summarizes the notional amount and other information related to the Company’s derivative instruments as of June 30, 2019 and 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 (dollars in thousands): Fair Value of Asset Derivative Instruments Effective Date Maturity Date Notional Value Reference Rate June 30, 2019 December 31, 2018 Balance Sheet Location Interest Rate Cap 12/1/2016 12/01/2019 $ 47,110 One-month LIBOR at 3.00% $ — $ 4 Prepaid expenses and other assets Interest Rate Cap 10/3/2017 10/15/2019 $ 34,125 One-month LIBOR at 3.00% — 2 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 Interest Rate Cap 01/03/2019 06/01/2019 $ 23,551 One-month LIBOR at 3.00% — — Prepaid expenses and other assets Total Derivative Instruments not designated as hedging instruments $ — $ 6

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 , which carrying amounts do not approximate the fair values (in thousands): June 30, 2019 December 31, 2018 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liability: Notes payable $ 327,903 $ 326,427 $ 328,981 $ 328,814 $ 326,543 $ 329,588
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	As of June 30, 2019 , 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 Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 8,565 $ 8,565 $ — $ — Asset derivatives - interest rate caps $ — $ — $ — $ —

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2019 and 2018 , respectively, and any related amounts payable as of June 30, 2019 and December 31, 2018 (in thousands): Incurred Payable as of Three Months Ended June 30, Six Months Ended June 30, June 30, 2019 December 31, 2018 2019 2018 2019 2018 Expensed Asset management fees $ 1,062 $ 986 $ 2,111 $ 1,920 $ 27 $ 22 Reimbursable operating expenses (1) 92 132 194 224 45 35 Capitalized Acquisition fees — 108 — 215 174 178 Additional Paid-in Capital Sales commissions — 223 — 424 — — Dealer manager fees — 136 — 245 — — Stockholder servicing fees (2) — 3 — 16 — — Reimbursable other offering costs (3) — 68 — 129 — — $ 1,154 $ 1,656 $ 2,305 $ 3,173 $ 246 $ 235 _____________________ (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 $0.1 million and $0.2 million for the three and six months ended June 30, 2019 , respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2018 , respectively, and were the only employee costs reimbursed under the Advisory Agreement for the three and six months ended June 30, 2019 and 2018 . 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) 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 . (3) See “Other Offering Costs” below.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity Schedule	As of June 30, 2019 , the Company had leasehold interests expiring on various expiration dates between July 1, 2019 and 2114. Future minimum lease payments owed by the Company under the finance leases as of June 30, 2019 are as follows (in thousands): July 1, 2019 through December 31, 2019 $ 240 2020 680 2021 735 2022 935 2023 525 Thereafter 53,316 Total expected minimum lease liabilities 56,431 Less: Amount representing interest (1) (48,255 ) Present value of net minimum lease payments (2) $ 8,176 _____________________ (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	3 Months Ended		6 Months Ended		13 Months Ended	54 Months Ended
	Jun. 30, 2019USD ($)propertyinvestmentsubsidiaryshares	Jun. 30, 2018USD ($)shares	Jun. 30, 2019USD ($)propertyinvestmentsubsidiaryshares	Jun. 30, 2018USD ($)shares	Aug. 11, 2014USD ($)shares	Jun. 30, 2019USD ($)propertyinvestmentsubsidiaryshares	Dec. 31, 2018shares	Nov. 14, 2013shares	Jul. 03, 2013$ / sharesshares
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%
Number of wholly owned subsidiaries | subsidiary	3		3			3
Number of investments in an unconsolidated entity | investment	1		1			1
Number of investments in equity securities | investment	1		1			1
Proceeds from issuance of common stock | $			$ 0	$ 12,509
Proceeds from issuance of common stock, dividend reinvestment plan | $						$ 7,100
Issuance of common stock | $	$ 448	$ 7,489	$ 1,347	$ 13,719
Class A
Organizational Structure [Line Items]
Common stock, shares issued (in shares)	17,925,774		17,925,774			17,925,774	18,103,437
Class T
Organizational Structure [Line Items]
Common stock, shares issued (in shares)	12,238,090		12,238,090			12,238,090	12,208,242
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 | $						$ 9,000
Separate Private Transactions
Organizational Structure [Line Items]
Issuance of common stock | $			$ 4,200
Common Stock | Class A
Organizational Structure [Line Items]
Issuance of common stock (in shares)	24,324	448,919	73,549	762,335
Shares, dividend reinvestment plan (in shares)						694,756
Issuance of common stock | $	$ 1	$ 4	$ 1	$ 7
Common Stock | Class T
Organizational Structure [Line Items]
Issuance of common stock (in shares)	21,846	330,993	65,825	665,366
Shares, dividend reinvestment plan (in shares)						99,903
Issuance of common stock | $	$ 1	$ 4	$ 1	$ 7
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 | Class A
Organizational Structure [Line Items]
Issuance of common stock (in shares)						11,977,758
Shares, dividend reinvestment plan (in shares)						676,012
Common Stock | IPO | Class T
Organizational Structure [Line Items]
Issuance of common stock (in shares)						11,537,701
Shares, dividend reinvestment plan (in shares)						290,962
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		2			2
Office Building
Organizational Structure [Line Items]
Number of real estate properties | property	4		4			4
Apartment Building
Organizational Structure [Line Items]
Number of real estate properties | property	1		1			1
Retail Property
Organizational Structure [Line Items]
Number of real estate properties | property	1		1			1
KBS Capital Advisors LLC
Organizational Structure [Line Items]
Common stock, shares issued (in shares)									21,739
Common stock, purchase price per share | $ / shares									$ 9.20

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)lease$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2019USD ($)leasesegment$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares
Accounting Policies [Abstract]
Finance lease, number of leases | lease	2		2
Finance lease, right-of-use asset	$ 8,600		$ 8,600
Finance lease, liability	$ 8,176		$ 8,176
Number of reportable segments | segment			1
Potentially dilutive securities | shares	0	0	0	0
Amount declared per share outstanding		0.005001		0.010002
Total shares issued (in shares) | shares		144,436		285,221
Summary of Significant Accounting Policies [Line Items]
Distribution rate per share per day, declared (in dollars per share) | $ / shares				$ 0.00052548
Class A
Summary of Significant Accounting Policies [Line Items]
Distributions declared per common share (in dollars per share) | $ / shares	$ 0.02397501	$ 0.04781868	$ 0.06393334	0.09511188
Class T
Summary of Significant Accounting Policies [Line Items]
Distributions declared per common share (in dollars per share) | $ / shares	$ 0.02397501	$ 0.02485265	$ 0.06393334	$ 0.04929874
Accounting Standards Update 2016-02 | Office Revenue
Summary of Significant Accounting Policies [Line Items]
Tenant reimbursement revenue		$ 600		$ 1,200
Accounting Standards Update 2016-02 | Apartment Revenue
Summary of Significant Accounting Policies [Line Items]
Tenant reimbursement revenue		$ 6		$ 12

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (EPS Two-class Method) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders	$ (2,585)	$ (304)	$ (4,120)	$ (3,170)
Undistributed net loss attributable to common stockholders	(3,309)	(1,428)	(6,050)	(5,376)
Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders	(1,537)	(22)	(2,451)	(1,592)
Less: Common Stock cash distributions declared	430	836	1,148	1,642
Undistributed net loss attributable to common stockholders	$ (1,967)	$ (858)	$ (3,599)	$ (3,234)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.09)	$ 0	$ (0.14)	$ (0.09)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	17,930,156	17,685,679	17,955,331	17,519,224
Class T
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders	$ (1,048)	$ (282)	$ (1,669)	$ (1,578)
Less: Common Stock cash distributions declared	294	288	782	564
Undistributed net loss attributable to common stockholders	$ (1,342)	$ (570)	$ (2,451)	$ (2,142)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.09)	$ (0.02)	$ (0.14)	$ (0.14)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	12,230,499	11,745,304	12,221,952	11,595,306

REAL ESTATE (Narrative) (Detail

REAL ESTATE (Narrative) (Details)	Jun. 30, 2019property
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 ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	$ 553,910,000	$ 547,310,000
Accumulated depreciation and amortization	(44,703,000)	(35,704,000)
Total real estate, net	509,207,000	511,606,000
Finance lease, right-of-use asset	$ 8,600,000
Springmaid Beach Resort
Real Estate Properties [Line Items]
Date Originated	Dec. 30, 2014
Total real estate, cost and net of impairment charge	$ 62,657,000
Accumulated depreciation and amortization	(8,771,000)
Total real estate, net	$ 53,886,000
Ownership %	90.00%
Q&C Hotel
Real Estate Properties [Line Items]
Date Originated	Dec. 17, 2015
Total real estate, cost and net of impairment charge	$ 54,361,000
Accumulated depreciation and amortization	(7,190,000)
Total real estate, net	$ 47,171,000
Ownership %	90.00%
2200 Paseo Verde
Real Estate Properties [Line Items]
Date Originated	Dec. 23, 2015
Total real estate, cost and net of impairment charge	$ 14,203,000
Accumulated depreciation and amortization	(1,758,000)
Total real estate, net	$ 12,445,000
Ownership %	100.00%
Lincoln Court
Real Estate Properties [Line Items]
Date Originated	May 20, 2016
Total real estate, cost and net of impairment charge	$ 52,506,000
Accumulated depreciation and amortization	(5,022,000)
Total real estate, net	$ 47,484,000
Ownership %	100.00%
Lofts at NoHo Commons
Real Estate Properties [Line Items]
Date Originated	Nov. 16, 2016
Total real estate, cost and net of impairment charge	$ 106,978,000
Accumulated depreciation and amortization	(5,396,000)
Total real estate, net	$ 101,582,000
Ownership %	90.00%
210 West 31st Street
Real Estate Properties [Line Items]
Date Originated	Dec. 1, 2016
Total real estate, cost and net of impairment charge	$ 55,223,000
Accumulated depreciation and amortization	0
Total real estate, net	$ 55,223,000
Ownership %	80.00%
Finance Lease, Weighted Average Discount Rate, Percent	6.10%
Finance Lease, Right-of-Use Asset, Amortization	$ 0
Oakland City Center
Real Estate Properties [Line Items]
Date Originated	Aug. 18, 2017
Total real estate, cost and net of impairment charge	$ 173,412,000
Accumulated depreciation and amortization	(14,008,000)
Total real estate, net	$ 159,404,000
Ownership %	100.00%
Madison Square
Real Estate Properties [Line Items]
Date Originated	Oct. 3, 2017
Total real estate, cost and net of impairment charge	$ 34,570,000
Accumulated depreciation and amortization	(2,558,000)
Total real estate, net	$ 32,012,000
Ownership %	90.00%
Finance Lease, Weighted Average Discount Rate, Percent	5.40%
Finance Lease, Weighted Average Remaining Lease Term	3 years
Land
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	$ 104,138,000	104,138,000
Land | Springmaid Beach Resort
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	27,438,000
Land | Q&C Hotel
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	1,232,000
Land | 2200 Paseo Verde
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	1,850,000
Land | Lincoln Court
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	14,706,000
Land | Lofts at NoHo Commons
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	26,222,000
Land | 210 West 31st Street
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	0
Land | Oakland City Center
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	22,150,000
Land | Madison Square
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	10,540,000
Finance lease, right-of-use asset	1,900,000
Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	433,331,000	425,989,000
Buildings and improvements | 210 West 31st Street
Real Estate Properties [Line Items]
Finance lease, right-of-use asset	6,800,000
Buildings and Improvements
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	433,331,000
Buildings and Improvements | Springmaid Beach Resort
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	35,219,000
Buildings and Improvements | Q&C Hotel
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	53,129,000
Buildings and Improvements | 2200 Paseo Verde
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	11,934,000
Buildings and Improvements | Lincoln Court
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	35,324,000
Buildings and Improvements | Lofts at NoHo Commons
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	80,756,000
Buildings and Improvements | 210 West 31st Street
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	55,223,000
Buildings and Improvements | Oakland City Center
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	140,516,000
Buildings and Improvements | Madison Square
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	21,230,000
Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	16,441,000	$ 17,183,000
Tenant origination and absorption costs | Springmaid Beach Resort
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	0
Tenant origination and absorption costs | Q&C Hotel
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	0
Tenant origination and absorption costs | 2200 Paseo Verde
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	419,000
Tenant origination and absorption costs | Lincoln Court
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	2,476,000
Tenant origination and absorption costs | Lofts at NoHo Commons
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	0
Tenant origination and absorption costs | 210 West 31st Street
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	0
Tenant origination and absorption costs | Oakland City Center
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	10,746,000
Tenant origination and absorption costs | Madison Square
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charge	$ 2,800,000

REAL ESTATE (Office Property) (

REAL ESTATE (Office Property) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)ft²property	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)ft²property	Jun. 30, 2018USD ($)
Real Estate Properties [Line Items]
Other income	$ 269	$ 607	$ 4,247	$ 597
Total revenues	19,336	19,463	34,532	34,298
Total expenses	$ 22,410	20,335	$ 43,670	38,287
Office Building
Real Estate Properties [Line Items]
Number of real estate properties | property	4		4
Net rentable area | ft²	864,940		864,940
Percentage of portfolio occupied	70.00%		70.00%
Rental income	$ 7,007	7,178	$ 13,919	14,600
Other income	187	183	392	360
Total revenues	7,194	7,361	14,311	14,960
Operating, maintenance, and management	2,338	2,134	4,663	3,853
Real estate taxes and insurance	1,089	905	2,161	1,857
Total expenses	3,427	3,039	6,824	5,710
Office Building | 210 West 31st Street
Real Estate Properties [Line Items]
Operating, maintenance, and management	200		500
Real estate taxes and insurance	$ 100		$ 200
Accounting Standards Update 2016-02 | Office Revenue
Real Estate Properties [Line Items]
Tenant reimbursement revenue		$ 600		$ 1,200

REAL ESTATE (Operating Leases)

REAL ESTATE (Operating Leases) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Real Estate Properties [Line Items]
Bad debt expense			$ 0	$ 179
Deferred rent recognized	$ 100	$ 400	200	1,000
Deferred rent receivables	3,000		3,000		$ 2,800
Incentive to lessee	200		200		200
Office Expenses
Real Estate Properties [Line Items]
Bad debt expense			(100)
Operating Maintenance Expense
Real Estate Properties [Line Items]
Bad debt expense				$ 200
Other Liabilities
Real Estate Properties [Line Items]
Security deposit liability	$ 1,100		$ 1,100		$ 1,300
Maximum
Real Estate Properties [Line Items]
Operating lease, term	9 years 4 months 24 days		9 years 4 months 24 days
Weighted Average
Real Estate Properties [Line Items]
Operating lease, term	3 years 8 months 12 days		3 years 8 months 12 days

REAL ESTATE (Future Minimum Ren

REAL ESTATE (Future Minimum Rental Income) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Real Estate [Abstract]
July 1, 2019 through December 31, 2019	$ 10,893
2020	20,767
2021	18,458
2022	15,142
2023	12,136
Thereafter	24,364
Future minimum rental income	$ 101,760

REAL ESTATE (Highes Tenant Indu

REAL ESTATE (Highes Tenant Industry Concentrations - Greater than 10% of Annual Base Rent) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)tenant
Concentration Risk [Line Items]
Number of Tenants | tenant	90
Annualized Base Rent | $	$ 14,304
Percentage of Annualized Base Rent	62.60%
Professional, Scientific and Technical Services
Concentration Risk [Line Items]
Number of Tenants | tenant	15
Annualized Base Rent | $	$ 4,537
Percentage of Annualized Base Rent	19.90%
Legal Services
Concentration Risk [Line Items]
Number of Tenants | tenant	13
Annualized Base Rent | $	$ 4,145
Percentage of Annualized Base Rent	18.10%
Public Administration (Government)
Concentration Risk [Line Items]
Number of Tenants | tenant	6
Annualized Base Rent | $	$ 3,273
Percentage of Annualized Base Rent	14.30%
Finance
Concentration Risk [Line Items]
Number of Tenants | tenant	12
Annualized Base Rent | $	$ 2,349
Percentage of Annualized Base Rent	10.30%

REAL ESTATE (Hotel Revenue and

REAL ESTATE (Hotel Revenue and Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Hotel expenses:
General and administrative	$ 768	$ 604	$ 1,475	$ 1,244
Hotel
Hotel revenues:
Hotel revenues	10,067	10,263	16,047	15,773
Hotel expenses:
Expenses	6,136	6,265	11,311	11,055
General and administrative	708	809	1,494	1,445
Sales and marketing	912	797	1,606	1,449
Repairs and maintenance	526	509	1,092	995
Property taxes and insurance	435	421	873	864
Hotel | Room
Hotel revenues:
Hotel revenues	7,590	8,002	12,055	12,112
Hotel expenses:
Expenses	1,680	1,765	3,004	3,015
Hotel | Food, beverage and convention services
Hotel revenues:
Hotel revenues	1,679	1,503	2,552	2,318
Hotel expenses:
Expenses	1,164	1,197	1,940	1,921
Hotel | Campground
Hotel revenues:
Hotel revenues	280	292	551	582
Hotel | Utilities
Hotel expenses:
Expenses	224	276	485	552
Hotel | Other
Hotel revenues:
Hotel revenues	518	466	889	761
Hotel expenses:
Expenses	$ 487	$ 491	$ 817	$ 814

REAL ESTATE (Contract Liability

REAL ESTATE (Contract Liability) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Contract liability	$ 974	$ 324
Amounts included in contract liability at the beginning of the period	$ 238	$ 0

REAL ESTATE (Apartment Property

REAL ESTATE (Apartment Property) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)propertyunit	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)propertyunit	Jun. 30, 2018USD ($)
Real Estate Properties [Line Items]
Other income	$ 269	$ 607	$ 4,247	$ 597
Total revenues	19,336	19,463	34,532	34,298
Total expenses	$ 22,410	20,335	$ 43,670	38,287
Accounting Standards Update 2016-02 | Apartment Revenue
Real Estate Properties [Line Items]
Tenant reimbursement revenue		6		12
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	90.00%		90.00%
Rental income	$ 1,829	1,651	$ 3,659	3,241
Other income	141	152	306	278
Total revenues	1,970	1,803	3,965	3,519
Operating, maintenance, and management	544	636	1,080	1,205
Real estate taxes and insurance	339	329	700	677
Total expenses	$ 883	$ 965	$ 1,780	$ 1,882

REAL ESTATE (Geographic Concent

REAL ESTATE (Geographic Concentration Risk) (Details)	6 Months Ended
	Jun. 30, 2019
Real Estate Properties [Line Items]
Concentration risk, percentage	62.60%
Assets, Total | California
Real Estate Properties [Line Items]
Concentration risk, percentage	55.70%
Assets, Total | New York
Real Estate Properties [Line Items]
Concentration risk, percentage	10.00%

TENANT ORIGINATION AND ABSORP_3

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination And Absorption Costs, Cost	$ 16,441		$ 16,441		$ 17,183
Tenant Origination and Absorption Costs, Accumulated Amortization	(7,252)		(7,252)		(6,163)
Tenant Origination and Absorption Costs, Net Amount	9,189		9,189		11,020
Tenant Origination and Absorption Costs, Amortization expense	(888)	$ (1,164)	(1,831)	$ (2,378)
Above-Market Lease Assets, Cost	99		99		99
Above-Market Lease Assets, Accumulated Amortization	(43)		(43)		(34)
Above-Market Lease Assets, Net Amount	56		56		65
Above-Market Lease Assets, Amortization expense	(4)	(5)	(9)	(9)
Below-Market Lease Liabilities, Cost	(11,082)		(11,082)		(11,526)
Below-Market Lease Liabilities, Accumulated Amortization	5,116		5,116		4,178
Below-Market Lease Liabilities, Net Amount	(5,966)		(5,966)		$ (7,348)
Below-Market Lease Liabilities, Amortization expense	$ 679	$ 885	$ 1,382	$ 1,832

TENANT ORIGINATION AND ABSORP_4

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Remaining amortization period			31 years 9 months 18 days		31 years 9 months 18 days
Depreciation and amortization	$ 5,107	$ 5,069	$ 10,181	$ 10,172
Housing Subsidy Intangible Asset
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Depreciation and amortization	20	20	40	40
Property Tax Abatement Intangible Asset
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Depreciation and amortization	100	$ 100	$ 200	$ 300
Property Tax Abatement Intangible Asset | Minimum
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Remaining amortization period			8 months 12 days
Property Tax Abatement Intangible Asset | Maximum
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Remaining amortization period			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	2,300		$ 2,300		$ 2,400
Unamortized tax abatement intangible asset	$ 2,100		$ 2,100		$ 2,300

REAL ESTATE EQUITY SECURITIES (

REAL ESTATE EQUITY SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Total book value	$ 8,600		$ 8,600		$ 7,200
Dividend income from real estate equity securities	$ 105	$ 36	$ 209	$ 36
Available-for-sale Securities | Franklin Street Properties Corp.
Debt Securities, Available-for-sale [Line Items]
Shares purchased			1,160,591		1,160,591

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED ENTITY (Details) $ in Thousands, € in Millions	May 09, 2019USD ($)	May 09, 2019EUR (€)	Jun. 28, 2016USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 28, 2016EUR (€)
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated entity				$ 0	$ 116	$ 2,800	$ 131
Dividend income				105	36	209	36
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	$ 500		500		€ 95.5
Amortization of acquisition costs			$ 200
Equity in income of unconsolidated entity					$ 116	$ 2,800	$ 131
Dividend income	$ 5,100	€ 4.5

NOTES PAYABLE (Schedule of Note

NOTES PAYABLE (Schedule of Notes Payable) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 327,903,000	$ 328,814,000
Deferred financing costs, net	(1,476,000)	(2,271,000)
Total notes payable, net	326,427,000	326,543,000
Mortgage | Springmaid Beach Resort Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 36,920,000	37,280,000
Effective Interest Rate	5.44%
Mortgage | Springmaid Beach Resort Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	3.00%
Mortgage | Q&C Hotel Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 23,221,000	23,551,000
Effective Interest Rate	5.69%
Mortgage | Q&C Hotel Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	3.25%
Mortgage | 2200 Paseo Verde Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 8,687,000	7,947,000
Effective Interest Rate	4.69%
Mortgage | 2200 Paseo Verde Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Amount outstanding	$ 8,700,000
Unused borrowing capacity, amount	800,000
Mortgage | 2200 Paseo Verde Mortgage Loan | Secured Debt | Beginning August 1, 2019
Debt Instrument [Line Items]
Periodic payment	$ 10,000
Mortgage | 2200 Paseo Verde Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	2.25%
Mortgage | Lincoln Court Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 34,520,000	33,500,000
Effective Interest Rate	4.19%
Mortgage | Lincoln Court Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	1.75%
Mortgage | Lofts at NoHo Commons Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 72,100,000	72,100,000
Effective Interest Rate	5.09%
Mortgage | Lofts at NoHo Commons Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	2.66%
Mortgage | 210 West 31st Street Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 34,041,000	38,041,000
Effective Interest Rate	7.94%
Mortgage | 210 West 31st Street Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	5.50%
Mortgage | Oakland City Center Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 95,989,000	94,500,000
Effective Interest Rate	4.19%
Periodic payment	$ 110,000
Amortization schedule of mortgage loans on real estate	30 years
Contractual Interest Rate	6.00%
Mortgage | Oakland City Center Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Amount outstanding	$ 96,000,000
Unused borrowing capacity, amount	$ 7,400,000
Mortgage | Oakland City Center Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	1.75%
Mortgage | Madison Square Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 22,425,000	$ 21,895,000
Effective Interest Rate	6.45%
Mortgage | Madison Square Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	4.05%
Mortgage | Grace Court Mortgage Loan | Maximum
Debt Instrument [Line Items]
Contractual Interest Rate	5.05%
Mortgage | Grace Court Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Amount outstanding	$ 22,400,000
Unused borrowing capacity, amount	$ 11,700,000

NOTES PAYABLE (Narrative) (Deta

NOTES PAYABLE (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Derivative [Line Items]
Interest capitalized			$ 0	$ 2,607,000
Interest expense	$ 5,027,000	$ 3,407,000	9,988,000	6,304,000
Amortization of deferred financing costs	400,000	400,000	800,000	800,000
Finance lease, interest	200,000	200,000	300,000	300,000
Interest payable	$ 1,300,000		1,300,000		$ 1,400,000
210 West 31st Street
Derivative [Line Items]
Interest capitalized		1,300,000		2,600,000
Interest Rate Cap
Derivative [Line Items]
Unrealized gain (loss) on derivative instruments		$ (20,000)	$ (6,000)	$ 10,000

NOTES PAYABLE (Schedule of Matu

NOTES PAYABLE (Schedule of Maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
July 1, 2019 through December 31, 2019	$ 166,332
2020	65,911
2021	1,320
2022	94,340
Total	$ 327,903	$ 328,814

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details)	May 09, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)instrument	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Derivative [Line Items]
Fair Value of Asset			$ 0		$ 6,000
Proceeds from termination of derivative instruments			$ 145,000	$ 0
Interest Rate Cap
Derivative [Line Items]
Number of Instruments Held | instrument			2
Unrealized gain (loss) on derivative instruments		$ (20,000)	$ (6,000)	10,000
Interest Rate Cap 1 | One-month LIBOR
Derivative [Line Items]
Reference Rate			3.00%
Interest Rate Cap 1 | Prepaid Expenses and Other Assets
Derivative [Line Items]
Notional Value			$ 47,110,000
Fair Value of Asset			$ 0		4,000
Interest Rate Cap 2 | One-month LIBOR
Derivative [Line Items]
Reference Rate			3.00%
Interest Rate Cap 2 | Prepaid Expenses and Other Assets
Derivative [Line Items]
Notional Value			$ 34,125,000
Fair Value of Asset			$ 0		2,000
Interest Rate Cap 3 | One-month LIBOR
Derivative [Line Items]
Reference Rate			3.00%
Interest Rate Cap 3 | 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 4 | Prepaid Expenses and Other Assets
Derivative [Line Items]
Notional Value			$ 23,551,000
Fair Value of Asset			0		0
Foreign currency forward contract
Derivative [Line Items]
Terminated amount	$ 2,100,000
Proceeds from termination of derivative instruments	$ 100,000
Foreign currency forward contract | General and Administrative Expense
Derivative [Line Items]
Gain (loss) on foreign currency		$ 135,000	$ 77,000	$ 51,000
Foreign currency forward contract | Prepaid Expenses and Other Assets
Derivative [Line Items]
Derivative liability					$ 100,000

FAIR VALUE DISCLOSURES (Schedul

FAIR VALUE DISCLOSURES (Schedule of Face Value, Carrying Amounts and Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Face Value	$ 327,903	$ 328,814
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Value	326,427	326,543
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Value	$ 328,981	$ 329,588

FAIR VALUE DISCLOSURES (Sched_2

FAIR VALUE DISCLOSURES (Schedule of Assets at Fair Value) (Details) - Recurring Basis: $ in Thousands	Jun. 30, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	$ 8,565
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	0
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	8,565
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	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
Significant Other Observable Inputs (Level 2) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0
Significant Unobservable Inputs (Level 3) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	$ 0

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Related Party Transaction [Line Items]
Term of advisory agreement	1 year
Period of termination notice	30 days
Private Placement
Related Party Transaction [Line Items]
Offering costs (other than selling commissions and dealer manager fees)	$ 1
Selling commissions and dealer manager fees	1.9
IPO
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees	14.5
Organization and offering costs incurred by related party	11.4
Due to officers or stockholders	1.7
Other organization and offering costs	$ 2.3
KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Period of termination notice	90 days
KBS Capital Advisors LLC | IPO | Minimum
Related Party Transaction [Line Items]
Percent of aggregate gross proceeds	15.00%
Reimbursable offering costs determination, gross offering costs, percentage	1.00%
KBS Capital Advisors LLC | Follow-on Offering
Related Party Transaction [Line Items]
Organization and offering costs incurred by related party	$ 0.1

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Related-party Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Payable as of	$ 246		$ 246		$ 235
Payment for administrative fees	100	$ 100	200	$ 200
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred	1,154	1,656	2,305	3,173
Payable as of	246		246		235
Advisor and Dealer Manager | Asset management fees
Related Party Transaction [Line Items]
Expenses	1,062	986	2,111	1,920
Payable as of	27		27		22
Advisor and Dealer Manager | Reimbursable operating expenses
Related Party Transaction [Line Items]
Expenses	92	132	194	224
Payable as of	45		45		35
Advisor and Dealer Manager | Acquisition fees
Related Party Transaction [Line Items]
Expenses	0	108	0	215
Payable as of	174		174		178
Advisor and Dealer Manager | Sales commissions
Related Party Transaction [Line Items]
Incurred	0	223	0	424
Payable as of	0		0		0
Advisor and Dealer Manager | Dealer manager fees
Related Party Transaction [Line Items]
Incurred	0	136	0	245
Payable as of	0		0		0
Advisor and Dealer Manager | Stockholder servicing fees
Related Party Transaction [Line Items]
Incurred	0	3	0	16
Payable as of	0		0		0
Advisor and Dealer Manager | Reimbursable other offering costs
Related Party Transaction [Line Items]
Incurred	0	$ 68	0	$ 129
Payable as of	$ 0		$ 0		$ 0

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Lease Obligations
July 1, 2019 through December 31, 2019	$ 240		$ 240
2020	680		680
2021	735		735
2022	935		935
2023	525		525
Thereafter	53,316		53,316
Total expected minimum lease liabilities	56,431		56,431
Less: Amount representing interest	(48,255)		(48,255)
Present value of net minimum lease payments	8,176		$ 8,176
Springmaid Beach Resort | Doubletree Management LLC
Loss Contingencies [Line Items]
Performance period			2 years
Base fee as percentage of total operating revenue in year one			2.50%
Base fee as percentage of total operating revenue in year two			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	200	$ 200	$ 300	$ 300
Management agreement, extension period			5 years
Q&C Hotel | Encore Hospitality, LLC
Loss Contingencies [Line Items]
Management agreement, extension period			5 years
Base fee as percentage of gross revenue			4.00%
Q&C Hotel | Encore Hospitality, LLC | Direct Costs of Hotels
Loss Contingencies [Line Items]
Management agreement, fees accrued	100	100	$ 200	200
Q&C Hotel | Marriott International
Loss Contingencies [Line Items]
Brand services fee as percent of total room revenue			2.00%
Fees incurred to management agreement	$ 200	$ 300	$ 400	$ 600
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 (Distribution

SUBSEQUENT EVENTS (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 08, 2019	Aug. 01, 2019	Jul. 01, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Subsequent Event [Line Items]
Dividends, common stock				$ 724	$ 1,123	$ 1,930	$ 2,206
Subsequent Event | Dividend Paid
Subsequent Event [Line Items]
Dividends, common stock		$ 200	$ 200
Distributions declared per common share (in dollars per share)		$ 0.00799167	$ 0.00799167
Subsequent Event | Dividend Declared
Subsequent Event [Line Items]
Distributions declared per common share (in dollars per share)	$ 0.00799167

SUBSEQUENT EVENTS (Financing) (

SUBSEQUENT EVENTS (Financing) (Details) ft² in Thousands	Jul. 19, 2019USD ($)extension	Jun. 30, 2019	Dec. 30, 2014USD ($)	Dec. 30, 2014	Dec. 30, 2014unit	Dec. 30, 2014ft²	Dec. 30, 2014a	Dec. 30, 2014room
One-month LIBOR | Interest Rate Cap 1
Subsequent Event [Line Items]
Variable interest rate		3.00%
One-month LIBOR | Interest Rate Cap 2
Subsequent Event [Line Items]
Variable interest rate		3.00%
Subsequent Event | Interest Rate Cap 1
Subsequent Event [Line Items]
Notional value	$ 65,300,000
Subsequent Event | Interest Rate Cap 2
Subsequent Event [Line Items]
Notional value	$ 1,700,000
Subsequent Event | One-month LIBOR | Interest Rate Cap
Subsequent Event [Line Items]
Variable interest rate	4.00%
Springmaid Beach Resort Mortgage Loan | Mortgage | One-month LIBOR
Subsequent Event [Line Items]
Contractual interest rate, percentage		3.00%
Springmaid Beach Resort Mortgage Loan | Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 67,000,000
Amount outstanding	57,000,000
Unused borrowing capacity, amount	$ 10,000,000
Number of extensions | extension	2
Extension period	1 year
Periodic payment	$ 100,000
Contractual interest rate, percentage	3.50%
Springmaid Beach Resort Mortgage Loan | Subsequent Event | One-month LIBOR
Subsequent Event [Line Items]
Contractual interest rate, percentage	2.25%
Springmaid Beach Resort Mortgage Loan | Subsequent Event | Mortgage
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 65,300,000
Springmaid Beach Resort Mortgage Loan | Subsequent Event | Mezzanine Loan
Subsequent Event [Line Items]
Maximum borrowing capacity	1,700,000
Springmaid Beach Resort Mortgage Loan | Secured Debt
Subsequent Event [Line Items]
Current capacity			$ 38,000,000
JV Partner | Springmaid Beach Resort Mortgage Loan | Subsequent Event
Subsequent Event [Line Items]
Extinguishment of debt	$ 36,900,000
JV Partner | Springmaid Beach Resort | Hotel
Subsequent Event [Line Items]
Area of land						36	30
Number of rooms | room								491
Number of units in recreational vehicle campground | unit					187
Ownership interest				90.00%