Pacific Oak Strategic Opportunity Reit Ii 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 12, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	000-55424
Entity Registrant Name	PACIFIC OAK STRATEGIC OPPORTUNITY REIT II, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2822978
Entity Address, Address Line One	11150 Santa Monica Blvd., Suite 400
Entity Address, City or Town	Los Angeles,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	424
Local Phone Number	208-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001580673
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		17,842,301
Class T
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		12,222,534

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Real estate, net	$ 492,719	$ 493,683
Real estate equity securities	10,095	9,934
Total real estate and real estate-related investments, net	502,814	503,617
Cash and cash equivalents	7,913	17,500
Restricted cash	4,440	5,976
Investment in unconsolidated entities	3,121	3,468
Rents and other receivables	4,298	4,648
Above-market leases, net	41	44
Prepaid expenses and other assets	9,864	8,230
Total assets	532,491	543,483
Liabilities and equity
Notes payable, net	326,236	325,995
Accounts payable and accrued liabilities	8,415	6,684
Due to affiliates	1,132	649
Distributions payable	0	242
Below-market leases, net	4,135	4,677
Other liabilities	12,726	12,776
Redeemable common stock payable	632	2,218
Total liabilities	353,276	353,241
Commitments and contingencies (Note 10)
Pacific Oak Strategic Opportunity REIT II, Inc. stockholders’ equity
Preferred stock, $.01 par value per share; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	266,312	266,310
Cumulative distributions and net losses	(94,809)	(84,339)
Total Pacific Oak Strategic Opportunity REIT II, Inc. stockholders’ equity	171,804	182,273
Noncontrolling interests	7,411	7,969
Total equity	179,215	190,242
Total liabilities and equity	532,491	543,483
Class A
Pacific Oak Strategic Opportunity REIT II, Inc. stockholders’ equity
Common stock	178	179
Class T
Pacific Oak Strategic Opportunity REIT II, Inc. stockholders’ equity
Common stock	$ 123	$ 123

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	17,842,301	17,949,194
Common stock, shares outstanding (in shares)	17,842,301	17,949,194
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)	12,222,534	12,272,927
Common stock, shares outstanding (in shares)	12,222,534	12,272,927

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Office revenues	$ 7,096	$ 7,117
Dividend income from real estate equity securities	139	104
Total revenues	13,371	15,196
Expenses:
Office expenses	3,374	3,397
Asset management fees to affiliate	1,044	1,049
General and administrative expenses	1,643	707
Depreciation and amortization	4,896	5,074
Interest expense	4,126	4,961
Total expenses	20,555	21,260
Other (loss) income:
Other interest income	35	64
Equity in income of unconsolidated entity	0	2,800
(Loss) gain on real estate equity securities	(3,889)	1,114
Total other (loss) income	(3,854)	3,978
Net loss	(11,038)	(2,086)
Net loss attributable to noncontrolling interests	568	551
Net loss attributable to common stockholders	(10,470)	(1,535)
Class A
Other (loss) income:
Net loss attributable to common stockholders	$ (6,216)	$ (914)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.35)	$ (0.05)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	17,879,627	17,984,563
Class T
Other (loss) income:
Net loss attributable to common stockholders	$ (4,254)	$ (621)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.35)	$ (0.05)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	12,241,151	12,213,311
Hotel
Revenues:
Revenues	$ 4,080	$ 5,980
Expenses:
Expenses	4,661	5,175
Apartment
Revenues:
Revenues	2,056	1,995
Expenses:
Expenses	$ 811	$ 897

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (11,038)	$ (2,086)
Other comprehensive loss:
Foreign currency translation loss	0	(52)
Total other comprehensive loss	0	(52)
Total comprehensive loss	(11,038)	(2,138)
Total comprehensive loss attributable to noncontrolling interests	568	551
Total comprehensive loss attributable to common stockholders	$ (10,470)	$ (1,587)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Class A	Class T	Total Stockholders’ Equity	Common Stock	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, 2018						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	(2,086)			(1,535)					(1,535)		(551)
Other comprehensive loss	(52)			(52)						(52)
Issuance of common stock (in shares)						49,225	43,979
Issuance of common stock	899			899				899
Redemptions of common stock (in shares)						(226,534)	(35,977)
Redemptions of common stock	(2,494)			(2,494)		$ (2)		(2,492)
Transfers from redeemable common stock	1,574			1,574				1,574
Distributions declared	(1,206)			(1,206)					(1,206)
Noncontrolling interest contributions	110			0							110
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
Balance (in shares) at Dec. 31, 2019		17,949,194	12,272,927			17,949,194	12,272,927
Balance at Dec. 31, 2019	190,242			182,273		$ 179	$ 123	266,310	(84,339)	0	7,969
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(11,038)			(10,470)					(10,470)		(568)
Other comprehensive loss	0
Issuance of common stock (in shares)						6,552	6,290
Issuance of common stock	135			135				135
Redemptions of common stock (in shares)						(113,445)	(56,683)
Redemptions of common stock	(1,720)			(1,720)	$ (1,700)	$ (1)		(1,719)
Transfers from redeemable common stock	1,586			1,586				1,586
Noncontrolling interest contributions	10			0							10
Balance (in shares) at Mar. 31, 2020		17,842,301	12,222,534			17,842,301	12,222,534
Balance at Mar. 31, 2020	$ 179,215			$ 171,804		$ 178	$ 123	$ 266,312	$ (94,809)	$ 0	$ 7,411

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net loss	$ (11,038)	$ (2,086)
Adjustment to reconcile net loss to net cash used in operating activities
Equity in income of unconsolidated entity	0	(2,800)
Depreciation and amortization	4,896	5,074
Loss (gain) on real estate equity securities	3,889	(1,114)
Deferred rents	(255)	(96)
Amortization of above- and below-market leases, net	(539)	(698)
Amortization of deferred financing costs	524	406
Unrealized gain on derivative instruments	(13)	(71)
Changes in operating assets and liabilities:
Rents and other receivables	575	(1,746)
Prepaid expenses and other assets	(1,862)	(1,518)
Accounts payable and accrued liabilities	766	138
Due to affiliates	412	48
Other liabilities	67	1,352
Net cash used in operating activities	(2,578)	(3,111)
Cash Flows from Investing Activities:
Improvements to real estate	(2,802)	(3,278)
Investment in real estate securities	(3,979)	(4)
Payments for construction costs	(11)	(240)
Investment in unconsolidated entities	(36)	0
Distribution of capital from unconsolidated entities	383	0
Net cash used in investing activities	(6,445)	(3,522)
Cash Flows from Financing Activities:
Proceeds from notes payable	84	3,147
Principal payments on notes payable	(348)	(4,400)
Payments of deferred financing costs	(19)	(22)
Payments to redeem common stock	(1,720)	(2,494)
Distributions paid	(107)	(550)
Noncontrolling interest contributions	10	110
Net cash used in financing activities	(2,100)	(4,209)
Net decrease in cash, cash equivalents and restricted cash	(11,123)	(10,842)
Cash, cash equivalents and restricted cash, beginning of period	23,476	26,858
Cash, cash equivalents and restricted cash, end of period	12,353	16,016
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest of $36 and $0 for the three months ended March 31, 2020 and 2019, respectively	3,525	4,417
Supplemental Disclosure of Noncash Investing and Financing Activities:
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	135	899
Foreign currency translation loss on investment in unconsolidated entity	0	(52)
Redemption payable	632	1,454
Accrued improvements to real estate	2,123	1,158
Distributions payable	0	242
Construction cost payable	$ 0	$ 55

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Interest capitalized	$ 36	$ 0

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Pacific Oak 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 Pacific Oak 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. Pacific Oak 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 was externally managed by KBS Capital Advisors LLC (“KBS Capital Advisors”), an affiliate of the Company, since July 2013 pursuant to an advisory agreement the Company renewed with KBS Capital Advisors on September 26, 2019. KBS Capital Advisors conducted the Company’s operations and managed its portfolio of real estate loans, opportunistic real estate and other real estate-related investments. On October 31, 2019, KBS Capital Advisors ceased to serve as the Company's advisor or have any advisory responsibility to the Company immediately following the filing of the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2019 (filed November 8, 2019) with the Securities and Exchange Commission (the “SEC”). On November 1, 2019, the Company entered into an advisory agreement (the “Advisory Agreement”) with Pacific Oak Capital Advisors, LLC (the “Advisor”). The Advisory Agreement is effective as of November 1, 2019 through November 1, 2020; however the Company may terminate the Advisory Agreement without cause or penalty upon providing 30 days’ written notice and the Advisor may terminate the Advisory Agreement without cause or penalty upon providing 90 days’ written notice. The terms of the Advisory Agreement are consistent with those of the advisory agreement that was previously in effect with KBS Capital Advisors. KBS Capital Advisors previously entered into a sub-advisory agreement with STAM Europe (“STAM”), a real estate operating company based in Paris, France, to provide real estate acquisition and portfolio management services to KBS Capital Advisors 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 KBS Capital Advisors. The Company has invested in and manages a portfolio of opportunistic real estate, real estate equity securities and other real estate-related investments located in the United States and Europe. As of March 31, 2020, the Company had invested in two hotel properties, three office properties, one apartment building, two investments in unconsolidated entities and an investment in real estate equity securities. Additionally, as of March 31, 2020, the Company had entered into a consolidated joint venture to develop one office/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 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 offered 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 Company’s former advisor, served 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 was 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 March 31, 2020, the Company had sold 730,193 and 340,131 shares of Class A and Class T common stock, respectively, under its dividend reinvestment plan for aggregate gross offering proceeds of $10.0 million. Also as of March 31, 2020, the Company had redeemed 832,408 and 164,618 shares of Class A and Class T common stock, respectively, for $9.2 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. On July 3, 2013, the Company issued 21,739 shares of its Class A common stock to KBS Capital Advisors at a purchase price of $9.20 per share. On each of April 2, 2014 and July 31, 2014, the Company issued 120,106 shares of Class A common stock to Willowbrook Capital Group LLC, an entity owned and controlled by Keith D. Hall, one of the Company’s directors and the Company’s Chief Executive Officer, and Peter McMillan III, also one of the Company’s directors and the Company’s President, for $1.0 million. On July 14, 2017 and February 13, 2018, the Company issued 214,175 shares and 10,935 shares, respectively, of Class A common stock to a business associate of Keith D. Hall and Peter McMillan III for approximately $2.0 million and $0.1 million, respectively. The Company issued these shares of common stock in a private transaction exempt from the registration requirements of the Act pursuant to Section 4(2) of the Act. On February 19, 2020, the Company, Pacific Oak Strategic Opportunity REIT, Inc. (“POSOR I”), and Pacific Oak SOR II, LLC, an indirect subsidiary of POSOR I (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). Subject to the terms and conditions of the Merger Agreement, the Company will merge with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger (the “Surviving Entity”), such that following the Merger, the Surviving Entity will continue as an indirect subsidiary of POSOR I. In accordance with the applicable provisions of the Maryland General Corporation Law, the separate existence of the Company shall cease. At the effective time of the Merger and subject to the terms and conditions of the Merger Agreement, each issued and outstanding share of the Company's common stock will be converted into the right to receive 0.9643 shares of POSOR I common stock. The combined company after the Merger will retain the name “Pacific Oak Strategic Opportunity REIT, Inc.”

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2019. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the 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 months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries and joint ventures in which the Company has a controlling interest and VIEs in which the Company has a primary beneficiary. 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. Restricted Cash Restricted cash is comprised of lender impound reserve accounts on the Company’s borrowings for security deposits, property taxes, insurance, debt service obligations and capital improvements and replacements. Redeemable Common Stock The Company limits the dollar value of shares that may be redeemed under the share redemption program. During the three months ended March 31, 2020, the Company had redeemed $1.7 million of common stock under the share redemption program. The Company processed all redemption requests received in good order and eligible for redemption through the March 2020 redemption date, except for 785,440 shares totaling $8.0 million due to the limitations under the share redemption program. The Company recorded $0.6 million and $2.2 million of redeemable common stock payable on the Company’s balance sheet as of March 31, 2020 and December 31, 2019, respectively, related to unfulfilled redemption requests received in good order under the share redemption program. Based on the fourth amended and restated share redemption program, the Company has $0.5 million available for redemptions in the remainder of 2020, including shares that are redeemed in connection with a stockholders’ death, “qualifying disability” or “determination of incompetence,” subject to the limitations under the share redemption program. Effective beginning with the month of February 2020, the Company suspended (a) redemptions requested under the share redemption program in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”, until the Company and POSOR I file with the SEC a registration statement on Form S-4 containing a Joint Proxy Statement/Prospectus for the proposed merger, and (b) all other redemptions under the share redemption program until after the merger closes. Segments The Company has invested in opportunistic real estate investments, real estate equity securities, other real estate-related assets 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, which was terminated on April 17, 2019. 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 0 potentially dilutive securities outstanding during the three months ended March 31, 2020 and 2019. 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. Cash distributions declared per share of Class A and Class T common stock were $0.03995833 for the three months ended March 31, 2019. 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 March 2019. There were no distributions declared for the three months ended March 31, 2020. 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 months ended March 31, 2020 and 2019 were as follows (in thousands, except share and per share amounts): Three Months Ended March 31, 2020 2019 Net loss attributable to common stockholders $ (10,470) $ (1,535) Less: Class A Common Stock cash distributions declared — 718 Less: Class T Common Stock cash distributions declared — 488 Undistributed net loss attributable to common stockholders $ (10,470) $ (2,741) Class A Common Stock: Undistributed net loss attributable to common stockholders $ (6,216) $ (1,632) Class A Common Stock cash distributions declared — 718 Net loss attributable to Class A common stockholders $ (6,216) $ (914) Net loss per common share, basic and diluted $ (0.35) $ (0.05) Weighted-average number of common shares outstanding, basic and diluted 17,879,627 17,984,563 Class T Common Stock: Undistributed net loss attributable to common stockholders $ (4,254) $ (1,109) Class T Common Stock cash distributions declared — 488 Net loss attributable to Class T common stockholders $ (4,254) $ (621) Net loss per common share, basic and diluted $ (0.35) $ (0.05) Weighted-average number of common shares outstanding, basic and diluted 12,241,151 12,213,311 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 debt 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 debt 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. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , which clarified that receivables from operating leases are not within the scope of Topic 326 and instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842. 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 March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) . ASU No. 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the three months ended March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. For the period from January 1, 2020 (the earliest date the Company may elect to apply ASU No. 2020-04) through March 31, 2020, the Company did not have any contract modifications that meet the criteria described above, specifically contract modifications that have been modified from LIBOR to an alternative reference rate. The Company’s loan agreements, derivative instruments, and certain lease agreements use LIBOR as the current reference rate. For eligible contract modifications, the Company expects to adopt the temporary optional expedients described in ASU No. 2020-04. The optional expedients for hedging relationships described in ASU No. 2020-04 are not expected to have an impact to the Company, as the Company has elected to not designate its derivative instruments as a hedge. In April 2020, the FASB issued a FASB Staff Q&A related to Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic (the “Topic 842 Q&A”) which focused on the application of lease guidance for concessions related to the effects of the COVID-19 pandemic. In this Q&A document, the FASB staff will allow entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842, Leases, (“Topic 842”) as though enforceable rights and obligations for those qualifying concessions existed. The Company did not have any material lease concessions related to the effects of the COVID-19 pandemic that had a material impact to the Company’s consolidated balance sheet as of March 31, 2020 or consolidated statement of operations for the three months ended March 31, 2020. The Company is continuing to evaluate the impact of this optional election on the condensed consolidated financial statements and related disclosures.

REAL ESTATE

REAL ESTATE	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE As of March 31, 2020, the Company’s real estate portfolio was composed of two hotel properties, three office properties and one apartment building. In addition, as of March 31, 2020, the Company has entered into a consolidated joint venture to develop one office/retail property. The following table summarizes the Company’s real estate as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Land $ 102,288 $ 102,288 Buildings and improvements 431,474 427,696 Tenant origination and absorption costs 15,018 15,422 Total real estate, cost and net of impairment charges 548,780 545,406 Accumulated depreciation and amortization (56,061) (51,723) Total real estate, net $ 492,719 $ 493,683 The following table provides summary information regarding the Company’s real estate as of March 31, 2020 (in thousands): Property Date City State Property Type Land Building and Improvements (1) Tenant Origination and Absorption Total Real Estate, at Cost and Net of Impairment Charges Accumulated Depreciation and Amortization Total Real Estate, Net Ownership % Springmaid Beach Resort 12/30/2014 Myrtle Beach SC Hotel $ 27,438 $ 39,999 $ — $ 67,437 $ (11,058) $ 56,379 90.0% Q&C Hotel 12/17/2015 New Orleans LA Hotel 1,232 53,318 — 54,550 (8,880) 45,670 90.0% Lincoln Court 05/20/2016 Campbell CA Office 14,706 36,017 1,722 52,445 (5,711) 46,734 100.0% Lofts at NoHo Commons 11/16/2016 North Hollywood CA Apartment 26,222 81,721 — 107,943 (7,240) 100,703 90.0% 210 West 31st Street (2) 12/01/2016 New York NY Office/Retail — 55,255 — 55,255 — 55,255 80.0% Oakland City Center 08/18/2017 Oakland CA Office 22,150 143,050 10,496 175,696 (19,296) 156,400 100.0% Madison Square (3) 10/03/2017 Phoenix AZ Office 10,540 22,114 2,800 35,454 (3,876) 31,578 90.0% $ 102,288 $ 431,474 $ 15,018 $ 548,780 $ (56,061) $ 492,719 _____________________ (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 March 31, 2020, 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 March 31, 2020. (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 March 31, 2020, the finance lease had a weighted average remaining lease term of 2.3 years. As of March 31, 2020, the finance lease right-of-use asset had a carrying value of $1.9 million included in land. Office Properties As of March 31, 2020, the Company owned three office properties encompassing in the aggregate 806,960 rentable square feet which were 69% occupied. The following table provides detailed information regarding the Company’s office revenues and expenses for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Office revenues: Rental income $ 6,870 $ 6,912 Other income 226 205 Office revenues $ 7,096 $ 7,117 Office expenses: Operating, maintenance, and management $ 2,274 $ 2,325 Real estate taxes and insurance 1,100 1,072 Office expenses $ 3,374 $ 3,397 Operating Leases The Company’s office properties are leased to tenants under operating leases for which the terms and expirations vary. As of March 31, 2020, the leases had remaining terms, excluding options to extend, of up to 11.6 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 $1.8 million and $1.1 million as of March 31, 2020 and December 31, 2019, respectively. During the three months ended March 31, 2020 and 2019, the Company recognized deferred rent from tenants of $0.3 million and $0.1 million, respectively, net of lease incentive amortization. As of March 31, 2020 and December 31, 2019, the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $3.1 million and $2.9 million, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $0.1 million and $0.2 million of unamortized lease incentives as of March 31, 2020 and December 31, 2019, respectively. As of March 31, 2020, the future minimum rental income from the Company’s office properties under its non-cancelable operating leases was as follows (in thousands): April 1, 2020 through December 31, 2020 $ 16,388 2021 20,097 2022 16,403 2023 13,304 2024 10,827 Thereafter 33,323 $ 110,342 As of March 31, 2020, the Company’s commercial real estate properties were leased to approximately 80 tenants over a diverse range of industries and geographic areas. As of March 31, 2020, the highest tenant industry concentrations (greater than 10% of annualized base rent) in the Company’s portfolio were as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Legal Services 13 $ 4,547 20.2 % Public Administration 6 3,589 16.0 % Professional, Scientific, and Technical Services 11 2,947 13.1 % $ 11,083 49.3 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of March 31, 2020, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. 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 three months ended March 31, 2020, the Company recorded a $45,000 adjustment to office revenues for lease payments deemed not probable of collection. During the three months ended March 31, 2019, the Company recorded bad debt recovery of $0.1 million, which were included in office expenses in the accompanying consolidated statements of operations. Hotel Properties As of March 31, 2020, the Company owned two hotel properties. The following table provides detailed information regarding the Company’s hotel revenues and expenses for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Hotel revenues: Room $ 2,954 $ 4,465 Food, beverage and convention services 601 873 Campground 255 271 Other 270 371 Hotel revenues $ 4,080 $ 5,980 Hotel expenses: Room $ 1,090 $ 1,324 Food, beverage and convention services 626 776 General and administrative 805 786 Sales and marketing 540 694 Repairs and maintenance 462 566 Utilities 294 261 Property taxes and insurance 589 438 Other 255 330 Hotel expenses $ 4,661 $ 5,175 On March 31, 2020, both hotels were temporarily closed due to COVID-19 (Coronavirus) and the Springmaid Beach Resort reopened on May 1, 2020. The Company is unable to predict when the Q&C Hotel will resume operations. The extent of the effects of the COVID-19 pandemic on the Company’s business and the hotel industry at large is highly uncertain and will ultimately depend on future developments, including, but not limited to, the duration and severity of the outbreak, the length of time it takes for demand and pricing to return and normal economic and operating conditions to resume. 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 March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Contract liability $ 483 $ 500 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 262 $ 281 Apartment Property As of March 31, 2020, 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 months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Apartment revenues: Rental income $ 1,827 $ 1,830 Other income 229 165 Apartment revenues $ 2,056 $ 1,995 Apartment expenses: Operating, maintenance, and management $ 445 $ 536 Real estate taxes and insurance 366 361 Apartment expenses $ 811 $ 897 _____________________ Geographic Concentration Risk As of March 31, 2020, the Company’s real estate investments in California represented 57.1% of the Company’s total assets. As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the California real estate market. Any adverse economic or real estate developments in this market, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for office space resulting from the local business climate, could adversely affect the Company’s operating results and its ability to make distributions to stockholders. Disposition of Real Estate During the year ended December 31, 2019, the Company disposed of one office building and there were no dispositions during the three months ended March 31, 2020. On November 4, 2019, the Company, through an indirect wholly owned subsidiary, sold 2200 Paseo Verde to a purchaser unaffiliated with the Company or the Advisor for a sales price, net of closing credits of $18.7 million, excluding closing costs. The carrying value of 2200 Paseo Verde as of the disposition date was $13.5 million, which was net of $2.0 million of accumulated depreciation and amortization. The Company recognized a gain on sale of $4.2 million related to the disposition of 2200 Paseo Verde. The operations of this property and gain on sales are included in continuing operations on the accompanying statements of operations. The following table summarizes certain revenue and expenses related to this property for the three months ended March 31, 2020 and 2019 (in thousands): For the Three Months Ended March 31, 2020 2019 Revenues Rental income $ — $ 391 Other operating income — 5 Total revenues $ — $ 396 Expenses Operating, maintenance, and management $ — $ 87 Real estate taxes and insurance — 20 Asset management fees to affiliate — 34 Depreciation and amortization — 168 Interest expense — 101 Total expenses $ — $ 410

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	3 Months Ended
	Mar. 31, 2020
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES As of March 31, 2020 and December 31, 2019, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination and Absorption Costs Above-Market Below-Market March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Cost $ 15,018 $ 15,422 $ 72 $ 72 $ (10,685) $ (10,802) Accumulated Amortization (8,271) (7,954) (31) (28) 6,550 6,125 Net Amount $ 6,747 $ 7,468 $ 41 $ 44 $ (4,135) $ (4,677) 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 months ended March 31, 2020 and 2019 were as follows (in thousands): Tenant Origination and Absorption Costs Above-Market Below-Market For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2020 2019 2020 2019 2020 2019 Amortization $ (720) $ (943) $ (3) $ (5) $ 542 $ 703

REAL ESTATE EQUITY SECURITIES

REAL ESTATE EQUITY SECURITIES	3 Months Ended
	Mar. 31, 2020
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. March 31, 2020 December 31, 2019 Real Estate Equity Securities Number of Shares Owned Total Carrying Value Number of Shares Owned Total Carrying Value Franklin Street Properties Corp. 1,580,713 $ 9,057 1,160,591 $ 9,935 Plymouth Industrial REIT, Inc. 92,931 1,038 — — 1,673,644 $ 10,095 1,160,591 $ 9,935 During the three months ended March 31, 2020, the Company purchased 92,931 shares of common stock of Plymouth Industrial REIT, Inc. (NYSE Ticker: PLYM) for an aggregate purchase price of $1.3 million and also purchased 420,122 shares of Franklin Street Properties Corp., (NYSE Ticker: FSP) for an aggregate purchase price of $2.8 million. During each of the three months ended March 31, 2020 and 2019, the Company recognized $0.1 million of dividend income from real estate equity securities. During the three months ended March 31, 2020 and 2019, the Company had recorded an unrealized loss of $3.9 million and an unrealized gain of $1.1 million related to the change in fair value of equity securities, respectively

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED ENTITIES	INVESTMENT IN UNCONSOLIDATED ENTITIES On June 28, 2016, the Company originated a participating loan facility (“STAM investment”) in an amount up to €2.6 million ($2.9 million at closing) with STAM, a real estate operating company that provides real estate acquisition and portfolio management services to make in value-added real estate, distressed debt, and real estate-related investments in Europe. 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 year ended December 31, 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. During the three months ended March 31, 2020, the Company received a distribution of €0.4 million or $0.4 million and as of March 31, 2020, the Company’s investment in the STAM investment was $0.1 million. On December 31, 2019, the Company acquired 13 Class A Units for $2.9 million in Pacific Oak Opportunity Zone Fund I, LLC (“Pacific Oak Opportunity Zone Fund I”). As of March 31, 2020, Pacific Oak Opportunity Zone Fund I consolidated two joint ventures with real estate under development. As of March 31, 2020, the Company has concluded that Pacific Oak Opportunity Zone Fund I qualifies as a Variable Interest Entity (“VIE”) because there is insufficient equity at risk to finance the entity’s activities and the entity is structured with non-substantive voting rights. The Company concluded it is not the primary beneficiary of this VIE since it does not have the power to direct the activities that most significantly impact the entity’s economic performance and will account for its investment under the equity method of accounting. The Company’s maximum exposure to loss as a result of its involvement with this VIE is limited to the carrying value of the investment in Pacific Oak Opportunity Zone Fund I which totaled $3.0 million as of March 31, 2020.

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE As of March 31, 2020 and December 31, 2019, the Company’s notes payable consisted of the following (in thousands): Book Value as of March 31, 2020 Book Value as of December 31, 2019 Contractual Interest Rate (1) Effective Interest Rate (1) Payment Type Maturity Date Springmaid Beach Resort Mortgage Loan (2) $ 56,188 $ 56,536 One-month LIBOR + 2.25% (2) 5.75% Principal & 08/10/2022 Q&C Hotel Mortgage Loan 25,000 25,000 One-month LIBOR + 2.50% (3) 4.50% Principal & Interest (3) 12/23/2022 Lincoln Court Mortgage Loan 34,615 34,615 One-month LIBOR + 1.75% 2.74% Interest Only 06/01/2020 Lofts at NoHo Commons Mortgage Loan (4) 73,862 73,862 One-month LIBOR + 2.18% 3.17% Interest Only 09/09/2021 210 West 31st Street Mortgage Loan 20,000 20,000 One-month LIBOR + 3.00% 3.99% Interest Only 12/16/2020 Oakland City Center Mortgage Loan (5) 95,989 95,989 One-month LIBOR + 1.75% 2.74% Interest Only 09/01/2022 Madison Square Mortgage Loan (6) 23,677 23,593 One-month LIBOR + 4.05% (6) 5.05% Interest Only 10/09/2020 Total notes payable principal outstanding 329,331 329,595 Deferred financing costs, net (3,095) (3,600) Total notes payable, net $ 326,236 $ 325,995 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2020. Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2020 (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at March 31, 2020, where applicable. (2) As of March 31, 2020, $56.5 million had been disbursed to the Company and up to $10.5 million was available for future disbursements, subject to certain terms and conditions contained in the loan documents. The interest rate is variable at the higher of one-month LIBOR + 2.25% or 5.75%. (3) The interest rate is variable at the higher of one-month LIBOR + 2.5% or 4.5%. Principal payments will commence on January 1, 2022. (4) As of March 31, 2020, $73.9 million had been disbursed to the Company and up to $2.1 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. (5) As of March 31, 2020, $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. (6) As of March 31, 2020, $23.7 million had been disbursed to the Company and up to $10.4 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 Company plans to refinance or utilize available extension options for notes payable with maturities through the first quarter of 2021. There can be no assurance that the Company will be able to refinance or utilize extension options. During the three months ended March 31, 2020 and 2019, the Company incurred $4.1 million and $5.0 million, respectively, of interest expense. Included in interest expense was: (i) the amortization of deferred financing costs of $0.5 million and $0.4 million for the three months ended March 31, 2020 and 2019, respectively, (ii) an unrealized gain of $13,000 interest rate cap agreements for the three months ended March 31, 2020 and an unrealized loss of $6,000 on interest rate cap agreements for the three months ended March 31, 2019 and (iii) $0.1 million of interest on finance leases for both of the three months ended March 31, 2020 and March 31, 2019. As of March 31, 2020 and December 31, 2019, the Company’s interest payable was $0.9 million and $0.8 million, respectively. The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of March 31, 2020 (in thousands): April 1, 2020 through December 31, 2020 $ 79,668 2021 76,574 2022 173,089 $ 329,331 The Company’s notes payable contain financial and non-financial debt covenants. As of March 31, 2020, 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.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES The following were the face value, carrying amount and fair value of the Company’s financial instruments as of March 31, 2020 and December 31, 2019, which carrying amounts do not approximate the fair values (in thousands): March 31, 2020 December 31, 2019 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liability (Level 3): Notes payable $ 329,331 $ 326,236 $ 323,148 $ 329,595 $ 325,995 $ 330,687 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 March 31, 2020, 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 $ 10,095 $ 10,095 $ — $ — Asset derivatives - interest rate caps $ 15 $ — $ 15 $ — As of December 31, 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 (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Basis: Real estate equity securities $ 9,934 $ 9,934 $ — $ —

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS As described further below, the Company has entered into agreements with certain affiliates pursuant to which they provide services to the Company. Keith D. Hall and Peter McMillan III control and indirectly own Pacific Oak Holding Group, LLC (“Pacific Oak Holding”), the Company’s sponsor since November 1, 2019. Pacific Oak Holding is the sole owner of Pacific Oak Capital Advisors, LLC, the Company’s advisor since November 1, 2019. Messrs. Hall and McMillan are also two of the Company’s executive officers and directors. In addition, along with Charles J. Schreiber, Jr., Keith D. Hall and Peter McMillan III control and indirectly own KBS Holdings LLC (“KBS Holdings”), the Company’s sponsor prior to November 1, 2019. KBS Holdings is the sole owner of KBS Capital Advisors LLC (“KBS Capital Advisors”), the Company’s advisor prior to November 1, 2019, and KBS Capital Markets Group LLC, the entity that acted as the dealer manager of the Company’s now-terminated primary initial public offering. From the Company’s inception through October 31, 2019, KBS Capital Advisors provided day-to-day management of the Company’s business. The advisory agreement with KBS Capital Advisors terminated on October 31, 2019, and the Company hired Pacific Oak Capital Advisors under substantially the same terms on November 1, 2019. The advisory agreement with Pacific Oak Capital Advisors has a one year term subject to an unlimited number of successive one year renewals upon the mutual consent of the parties. Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three months ended March 31, 2020 and 2019, respectively, and any related amounts payable as of March 31, 2020 and December 31, 2019 (in thousands): Incurred Payable as of Three Months Ended March 31, March 31, 2020 December 31, 2019 2020 2019 Expensed Asset management fees $ 1,044 $ 1,049 $ 1,032 $ 620 Reimbursable operating expenses (1) 72 102 — — Capitalized Acquisition fees on real estate equity securities 71 — 71 — Acquisition fee on investment in unconsolidated entities — — 29 29 $ 1,187 $ 1,151 $ 1,132 $ 649 _____________________ (1) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cyber-security related expenses incurred by the applicable advisor under the applicable advisory agreement. The Company has reimbursed the applicable 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 three months ended March 31, 2019 and were the only employee costs reimbursed under the applicable advisory agreement over the shown periods. In the future, 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 reimbursed the applicable advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the applicable advisor on behalf of the Company. Insurance. On January 6, 2014, the Company, together with KBS Real Estate Investment Trust, Inc. ("KBS REIT I"), KBS Real Estate Investment Trust II, Inc. ("KBS REIT II"), KBS Real Estate Investment Trust, Inc. ("KBS REIT III"), KBS Legacy Partners Apartment REIT, Inc. ("KBS Legacy Partners Apartment REIT"), POSOR I, the Dealer Manager, KBS Capital Advisors 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 are shared. The cost of these lower tiers was allocated by KBS Capital Advisors 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, Inc. ("KBS Growth & Income REIT") was added to the insurance program at terms similar to those described above. At renewal in June 2018, the Company, along with POSOR I and KBS Legacy Partners Apartment REIT elected to cease participation in the program and obtain separate insurance coverage. The Company, together with POSOR I, 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 or was allocated by the Company’s applicable 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. Pacific Oak Opportunity Zone Fund I. On December 31, 2019, the Company made a $2.9 million investment in the Pacific Oak Opportunity Zone Fund I. Pacific Oak Opportunity Zone Fund I is sponsored by Pacific Oak Holding. Pacific Oak Capital Advisors is entitled to certain fees in connection with the fund. The fund will pay an acquisition fee equal to 1.5% of the purchase price of each asset (including any debt incurred or assumed and significant capital improvement costs budgeted as of the date of acquisition) with a purchase price less than or equal to $25.0 million plus 1.0% of the purchase price in excess of $25.0 million; a quarterly asset management fee equal to 0.25% of the total purchase price of all assets (including any debt incurred or assumed and significant capital improvement costs budgeted as of the date of acquisition) as of the end of the applicable quarter; and a financing fee equal to 0.5% of the original principal amount of any indebtedness they incur (reduced by any financing fee previously paid with respect to indebtedness being refinanced). In the case of investments made through joint ventures, the fees above will be determined based on our proportionate share of the investment. Pacific Oak Holding is also entitled to certain distributions paid by the Pacific Oak Opportunity Zone Fund I after the Class A Members have received their preferred return. These fees and distributions have been waived for the Company’s $2.9 million investment.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
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 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 months ended March 31, 2020 and 2019, the Company incurred $0.1 million of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. On March 31, 2020, the Springmaid Beach Resort temporarily closed due to COVID-19 (Coronavirus) and reopened on May 1, 2020. 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 months ended March 31, 2020 and 2019, the Company incurred $0.1 million 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 each of the three months ended March 31, 2020 and 2019, the Company incurred $0.2 million of fees related to the Marriott franchise agreement. On March 31, 2020, the Q&C Hotel temporarily closed due to COVID-19 (Coronavirus). The Company is unable to predict when Q&C Hotel will resume their operations. In addition, in connection with the execution of the franchise agreement, Pacific Oak SOR US Properties II, an indirect wholly owned subsidiary of the Company, 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 March 31, 2020, the Company had leasehold interests expiring on various expiration dates between April 1, 2020 and 2114. Future minimum lease payments owed by the Company under the finance leases as of March 31, 2020 are as follows (in thousands): April 1, 2020 through December 31, 2020 $ 650 2021 735 2022 935 2023 525 2024 360 Thereafter 52,956 Total expected minimum lease liabilities 56,161 Less: Amount representing interest (1) (47,939) Present value of net minimum lease payments (2) $ 8,222 _____________________ (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 March 31, 2020. 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. COVID-19 While the Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business, the situation is rapidly evolving and the Company cannot predict how long the COVID-19 pandemic will last or what the long term impact will be on the Company’s operations. As a result, the Company has experienced and continues to experience a significant negative impact on its liquidity, and could experience additional material impacts including, but not limited to, asset impairment charges. The Company anticipates this will have a material impact on its business, results of operations and cash flows in 2020. Legal Matters

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. While the Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business, the situation is rapidly evolving and the Company cannot predict how long the COVID-19 pandemic will last or what the long term impact will be on the Company’s operations. On May 8, 2020, the Company was granted a loan payment deferral on the Springmaid Beach Resort mortgage loan. The Company may defer one-half of the monthly interest due and the deferred interest will be compounded during the deferral period of April 2020 through October 2020. In addition, the deferral includes deferring the monthly principal payments of the loan until March 2021, at which time all deferred interest and principal will be due. All other loan requirements remain the same.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the 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 months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
Principles of Consolidation	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries and joint ventures in which the Company has a controlling interest and VIEs in which the Company has a primary beneficiary. 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.
Restricted Cash	Restricted cash is comprised of lender impound reserve accounts on the Company’s borrowings for security deposits, property taxes, insurance, debt service obligations and capital improvements and replacements.
Redeemable Common Stock	The Company limits the dollar value of shares that may be redeemed under the share redemption program. During the three months ended March 31, 2020, the Company had redeemed $1.7 million of common stock under the share redemption program. The Company processed all redemption requests received in good order and eligible for redemption through the March 2020 redemption date, except for 785,440 shares totaling $8.0 million due to the limitations under the share redemption program. The Company recorded $0.6 million and $2.2 million of redeemable common stock payable on the Company’s balance sheet as of March 31, 2020 and December 31, 2019, respectively, related to unfulfilled redemption requests received in good order under the share redemption program. Based on the fourth amended and restated share redemption program, the Company has $0.5 million available for redemptions in the remainder of 2020, including shares that are redeemed in connection with a stockholders’ death, “qualifying disability” or “determination of incompetence,” subject to the limitations under the share redemption program. Effective beginning with the month of February 2020, the Company suspended (a) redemptions requested under the share redemption program in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”, until the Company and POSOR I file with the SEC a registration statement on Form S-4 containing a Joint Proxy Statement/Prospectus for the proposed merger, and (b) all other redemptions under the share redemption program until after the merger closes.
Segments	The Company has invested in opportunistic real estate investments, real estate equity securities, other real estate-related assets 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, which was terminated on April 17, 2019.
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 0 potentially dilutive securities outstanding during the three months ended March 31, 2020 and 2019. 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. Cash distributions declared per share of Class A and Class T common stock were $0.03995833 for the three months ended March 31, 2019. 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 March 2019. There were no distributions declared for the three months ended March 31, 2020. 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.
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 debt 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 debt 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. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , which clarified that receivables from operating leases are not within the scope of Topic 326 and instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842. 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 March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) . ASU No. 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the three months ended March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. For the period from January 1, 2020 (the earliest date the Company may elect to apply ASU No. 2020-04) through March 31, 2020, the Company did not have any contract modifications that meet the criteria described above, specifically contract modifications that have been modified from LIBOR to an alternative reference rate. The Company’s loan agreements, derivative instruments, and certain lease agreements use LIBOR as the current reference rate. For eligible contract modifications, the Company expects to adopt the temporary optional expedients described in ASU No. 2020-04. The optional expedients for hedging relationships described in ASU No. 2020-04 are not expected to have an impact to the Company, as the Company has elected to not designate its derivative instruments as a hedge. In April 2020, the FASB issued a FASB Staff Q&A related to Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic (the “Topic 842 Q&A”) which focused on the application of lease guidance for concessions related to the effects of the COVID-19 pandemic. In this Q&A document, the FASB staff will allow entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842, Leases, (“Topic 842”) as though enforceable rights and obligations for those qualifying concessions existed. The Company did not have any material lease concessions related to the effects of the COVID-19 pandemic that had a material impact to the Company’s consolidated balance sheet as of March 31, 2020 or consolidated statement of operations for the three months ended March 31, 2020. The Company is continuing to evaluate the impact of this optional election on the condensed consolidated financial statements and related disclosures.
Fair Value Measurements	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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 and 2019 were as follows (in thousands, except share and per share amounts): Three Months Ended March 31, 2020 2019 Net loss attributable to common stockholders $ (10,470) $ (1,535) Less: Class A Common Stock cash distributions declared — 718 Less: Class T Common Stock cash distributions declared — 488 Undistributed net loss attributable to common stockholders $ (10,470) $ (2,741) Class A Common Stock: Undistributed net loss attributable to common stockholders $ (6,216) $ (1,632) Class A Common Stock cash distributions declared — 718 Net loss attributable to Class A common stockholders $ (6,216) $ (914) Net loss per common share, basic and diluted $ (0.35) $ (0.05) Weighted-average number of common shares outstanding, basic and diluted 17,879,627 17,984,563 Class T Common Stock: Undistributed net loss attributable to common stockholders $ (4,254) $ (1,109) Class T Common Stock cash distributions declared — 488 Net loss attributable to Class T common stockholders $ (4,254) $ (621) Net loss per common share, basic and diluted $ (0.35) $ (0.05) Weighted-average number of common shares outstanding, basic and diluted 12,241,151 12,213,311

REAL ESTATE (Tables)

REAL ESTATE (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Real Estate	The following table summarizes the Company’s real estate as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Land $ 102,288 $ 102,288 Buildings and improvements 431,474 427,696 Tenant origination and absorption costs 15,018 15,422 Total real estate, cost and net of impairment charges 548,780 545,406 Accumulated depreciation and amortization (56,061) (51,723) Total real estate, net $ 492,719 $ 493,683 The following table provides summary information regarding the Company’s real estate as of March 31, 2020 (in thousands): Property Date City State Property Type Land Building and Improvements (1) Tenant Origination and Absorption Total Real Estate, at Cost and Net of Impairment Charges Accumulated Depreciation and Amortization Total Real Estate, Net Ownership % Springmaid Beach Resort 12/30/2014 Myrtle Beach SC Hotel $ 27,438 $ 39,999 $ — $ 67,437 $ (11,058) $ 56,379 90.0% Q&C Hotel 12/17/2015 New Orleans LA Hotel 1,232 53,318 — 54,550 (8,880) 45,670 90.0% Lincoln Court 05/20/2016 Campbell CA Office 14,706 36,017 1,722 52,445 (5,711) 46,734 100.0% Lofts at NoHo Commons 11/16/2016 North Hollywood CA Apartment 26,222 81,721 — 107,943 (7,240) 100,703 90.0% 210 West 31st Street (2) 12/01/2016 New York NY Office/Retail — 55,255 — 55,255 — 55,255 80.0% Oakland City Center 08/18/2017 Oakland CA Office 22,150 143,050 10,496 175,696 (19,296) 156,400 100.0% Madison Square (3) 10/03/2017 Phoenix AZ Office 10,540 22,114 2,800 35,454 (3,876) 31,578 90.0% $ 102,288 $ 431,474 $ 15,018 $ 548,780 $ (56,061) $ 492,719 _____________________ (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 March 31, 2020, 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 March 31, 2020.
Schedule of Office Property Revenue and Expense	The following table provides detailed information regarding the Company’s office revenues and expenses for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Office revenues: Rental income $ 6,870 $ 6,912 Other income 226 205 Office revenues $ 7,096 $ 7,117 Office expenses: Operating, maintenance, and management $ 2,274 $ 2,325 Real estate taxes and insurance 1,100 1,072 Office expenses $ 3,374 $ 3,397
Schedule of Future Minimum Rental Income for Company's Properties	As of March 31, 2020, the future minimum rental income from the Company’s office properties under its non-cancelable operating leases was as follows (in thousands): April 1, 2020 through December 31, 2020 $ 16,388 2021 20,097 2022 16,403 2023 13,304 2024 10,827 Thereafter 33,323 $ 110,342
Schedules of Concentration of Risk, by Risk	As of March 31, 2020, the highest tenant industry concentrations (greater than 10% of annualized base rent) in the Company’s portfolio were as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Legal Services 13 $ 4,547 20.2 % Public Administration 6 3,589 16.0 % Professional, Scientific, and Technical Services 11 2,947 13.1 % $ 11,083 49.3 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of March 31, 2020, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
Schedule of Hotel Revenue and Expense	As of March 31, 2020, the Company owned two hotel properties. The following table provides detailed information regarding the Company’s hotel revenues and expenses for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Hotel revenues: Room $ 2,954 $ 4,465 Food, beverage and convention services 601 873 Campground 255 271 Other 270 371 Hotel revenues $ 4,080 $ 5,980 Hotel expenses: Room $ 1,090 $ 1,324 Food, beverage and convention services 626 776 General and administrative 805 786 Sales and marketing 540 694 Repairs and maintenance 462 566 Utilities 294 261 Property taxes and insurance 589 438 Other 255 330 Hotel expenses $ 4,661 $ 5,175
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 March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Contract liability $ 483 $ 500 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 262 $ 281
Schedule of Apartment Property Revenue and Expense	The following table provides detailed information regarding the Company’s apartment revenues and expenses for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Apartment revenues: Rental income $ 1,827 $ 1,830 Other income 229 165 Apartment revenues $ 2,056 $ 1,995 Apartment expenses: Operating, maintenance, and management $ 445 $ 536 Real estate taxes and insurance 366 361 Apartment expenses $ 811 $ 897
Schedule of Revenue and Expenses of Real Estate Disposed	The operations of this property and gain on sales are included in continuing operations on the accompanying statements of operations. The following table summarizes certain revenue and expenses related to this property for the three months ended March 31, 2020 and 2019 (in thousands): For the Three Months Ended March 31, 2020 2019 Revenues Rental income $ — $ 391 Other operating income — 5 Total revenues $ — $ 396 Expenses Operating, maintenance, and management $ — $ 87 Real estate taxes and insurance — 20 Asset management fees to affiliate — 34 Depreciation and amortization — 168 Interest expense — 101 Total expenses $ — $ 410

TENANT ORIGINATION AND ABSORP_2

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities	As of March 31, 2020 and December 31, 2019, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination and Absorption Costs Above-Market Below-Market March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Cost $ 15,018 $ 15,422 $ 72 $ 72 $ (10,685) $ (10,802) Accumulated Amortization (8,271) (7,954) (31) (28) 6,550 6,125 Net Amount $ 6,747 $ 7,468 $ 41 $ 44 $ (4,135) $ (4,677)
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 months ended March 31, 2020 and 2019 were as follows (in thousands): Tenant Origination and Absorption Costs Above-Market Below-Market For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2020 2019 2020 2019 2020 2019 Amortization $ (720) $ (943) $ (3) $ (5) $ 542 $ 703

REAL ESTATE EQUITY SECURITIES (

REAL ESTATE EQUITY SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Securities	March 31, 2020 December 31, 2019 Real Estate Equity Securities Number of Shares Owned Total Carrying Value Number of Shares Owned Total Carrying Value Franklin Street Properties Corp. 1,580,713 $ 9,057 1,160,591 $ 9,935 Plymouth Industrial REIT, Inc. 92,931 1,038 — — 1,673,644 $ 10,095 1,160,591 $ 9,935

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of March 31, 2020 and December 31, 2019, the Company’s notes payable consisted of the following (in thousands): Book Value as of March 31, 2020 Book Value as of December 31, 2019 Contractual Interest Rate (1) Effective Interest Rate (1) Payment Type Maturity Date Springmaid Beach Resort Mortgage Loan (2) $ 56,188 $ 56,536 One-month LIBOR + 2.25% (2) 5.75% Principal & 08/10/2022 Q&C Hotel Mortgage Loan 25,000 25,000 One-month LIBOR + 2.50% (3) 4.50% Principal & Interest (3) 12/23/2022 Lincoln Court Mortgage Loan 34,615 34,615 One-month LIBOR + 1.75% 2.74% Interest Only 06/01/2020 Lofts at NoHo Commons Mortgage Loan (4) 73,862 73,862 One-month LIBOR + 2.18% 3.17% Interest Only 09/09/2021 210 West 31st Street Mortgage Loan 20,000 20,000 One-month LIBOR + 3.00% 3.99% Interest Only 12/16/2020 Oakland City Center Mortgage Loan (5) 95,989 95,989 One-month LIBOR + 1.75% 2.74% Interest Only 09/01/2022 Madison Square Mortgage Loan (6) 23,677 23,593 One-month LIBOR + 4.05% (6) 5.05% Interest Only 10/09/2020 Total notes payable principal outstanding 329,331 329,595 Deferred financing costs, net (3,095) (3,600) Total notes payable, net $ 326,236 $ 325,995 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2020. Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2020 (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at March 31, 2020, where applicable. (2) As of March 31, 2020, $56.5 million had been disbursed to the Company and up to $10.5 million was available for future disbursements, subject to certain terms and conditions contained in the loan documents. The interest rate is variable at the higher of one-month LIBOR + 2.25% or 5.75%. (3) The interest rate is variable at the higher of one-month LIBOR + 2.5% or 4.5%. Principal payments will commence on January 1, 2022. (4) As of March 31, 2020, $73.9 million had been disbursed to the Company and up to $2.1 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. (5) As of March 31, 2020, $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. (6) As of March 31, 2020, $23.7 million had been disbursed to the Company and up to $10.4 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%.
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 March 31, 2020 (in thousands): April 1, 2020 through December 31, 2020 $ 79,668 2021 76,574 2022 173,089 $ 329,331

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019, which carrying amounts do not approximate the fair values (in thousands): March 31, 2020 December 31, 2019 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liability (Level 3): Notes payable $ 329,331 $ 326,236 $ 323,148 $ 329,595 $ 325,995 $ 330,687
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	As of March 31, 2020, 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 $ 10,095 $ 10,095 $ — $ — Asset derivatives - interest rate caps $ 15 $ — $ 15 $ — As of December 31, 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 (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Basis: Real estate equity securities $ 9,934 $ 9,934 $ — $ —

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three months ended March 31, 2020 and 2019, respectively, and any related amounts payable as of March 31, 2020 and December 31, 2019 (in thousands): Incurred Payable as of Three Months Ended March 31, March 31, 2020 December 31, 2019 2020 2019 Expensed Asset management fees $ 1,044 $ 1,049 $ 1,032 $ 620 Reimbursable operating expenses (1) 72 102 — — Capitalized Acquisition fees on real estate equity securities 71 — 71 — Acquisition fee on investment in unconsolidated entities — — 29 29 $ 1,187 $ 1,151 $ 1,132 $ 649 _____________________ (1) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cyber-security related expenses incurred by the applicable advisor under the applicable advisory agreement. The Company has reimbursed the applicable 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 three months ended March 31, 2019 and were the only employee costs reimbursed under the applicable advisory agreement over the shown periods. In the future, 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 reimbursed the applicable advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the applicable advisor on behalf of the Company.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity Schedule	As of March 31, 2020, the Company had leasehold interests expiring on various expiration dates between April 1, 2020 and 2114. Future minimum lease payments owed by the Company under the finance leases as of March 31, 2020 are as follows (in thousands): April 1, 2020 through December 31, 2020 $ 650 2021 735 2022 935 2023 525 2024 360 Thereafter 52,956 Total expected minimum lease liabilities 56,161 Less: Amount representing interest (1) (47,939) Present value of net minimum lease payments (2) $ 8,222 _____________________ (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

Nov. 01, 2019

Feb. 13, 2018USD ($)shares

Jul. 14, 2017USD ($)shares

Jul. 31, 2014shares

Apr. 02, 2014shares

Jul. 03, 2013USD ($)$ / sharesshares

Mar. 31, 2020USD ($)propertyinvestmentsubsidiaryshares

Mar. 31, 2019USD ($)shares

Aug. 11, 2014USD ($)shares

Sep. 30, 2019USD ($)shares

Feb. 19, 2020

Nov. 14, 2013shares

Organizational Structure [Line Items]

Number of wholly owned subsidiaries | subsidiary

3

Period of termination of advisory agreement without cause or penalty

30 days

Number of investments in an unconsolidated entity | investment

2

Number of investments in equity securities | investment

1

Proceeds from issuance of common stock, dividend reinvestment plan | $

$ 10,000

Issuance of common stock | $

$ 135

$ 899

9,200

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

Separate Private Transactions

Organizational Structure [Line Items]

Issuance of common stock | $

$ 4,200

Common Stock

Organizational Structure [Line Items]

Issuance of common stock (in shares)

21,739

Shares issued (in dollars per share) | $ / shares

$ 9.20

Common Stock | Class A

Organizational Structure [Line Items]

Issuance of common stock (in shares)

6,552

49,225

832,408

Shares, dividend reinvestment plan (in shares)

730,193

Common Stock | Class T

Organizational Structure [Line Items]

Issuance of common stock (in shares)

6,290

43,979

164,618

Shares, dividend reinvestment plan (in shares)

340,131

Common Stock | Private Placement

Organizational Structure [Line Items]

Issuance of common stock (in shares)

3,619,851

Common Stock | Private Placement | Class A | Willowbrook Capital Group LLC

Organizational Structure [Line Items]

Issuance of common stock (in shares)

10,935

214,175

120,106

120,106

Issuance of common stock | $

$ 100

$ 2,000

$ 1,000

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

Common Stock | IPO | Class T

Organizational Structure [Line Items]

Issuance of common stock (in shares)

11,537,701

Common Stock | IPO | Maximum

Organizational Structure [Line Items]

Stock offering, shares authorized for issuance (in shares)

180,000,000

Hotel

Organizational Structure [Line Items]

Number of real estate properties | property

2

Office Building

Organizational Structure [Line Items]

Number of real estate properties | property

3

Apartment Building

Organizational Structure [Line Items]

Number of real estate properties | property

1

Pacific Oak Capital Advisors, LLC

Organizational Structure [Line Items]

Period of termination of renewal of advisory agreement without cause or penalty

90 days

POSOR I

Organizational Structure [Line Items]

Merger, common stock conversion ratio

96.43%

KBS Strategic Opportunity Limited Partnership II

Organizational Structure [Line Items]

Partnership interest in Operating Partnership

0.10%

Partnership interest in the Operating Partnership and is its sole limited partner

99.90%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)segment$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Accounting Policies [Abstract]
Redeemable common stock payable	$ 632			$ 2,218
Number of reportable segments | segment	1
Potentially dilutive securities | shares	0	0
Summary of Significant Accounting Policies [Line Items]
Stock redeemed during period	$ 1,720	$ 2,494
Class A
Summary of Significant Accounting Policies [Line Items]
Distributions declared per common share (in dollars per share) | $ / shares	$ 0	$ 0.03995833
Class T
Summary of Significant Accounting Policies [Line Items]
Distributions declared per common share (in dollars per share) | $ / shares	$ 0	$ 0.03995833
Forecast
Summary of Significant Accounting Policies [Line Items]
Remaining authorized repurchase amount			$ 500
Common Stock
Summary of Significant Accounting Policies [Line Items]
Stock redeemed during period	$ 1,700
Number of shares non-redeemable do to limitation (in shares) | shares	785,440
Number of shares non-redeemable do to limitation	$ 8,000
Common Stock | Class A
Summary of Significant Accounting Policies [Line Items]
Stock redeemed during period	$ 1	$ 2

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - EPS Two-class Method (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders	$ (10,470)	$ (1,535)
Undistributed net loss attributable to common stockholders	(10,470)	(2,741)
Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders	(6,216)	(914)
Less: Common Stock cash distributions declared	0	718
Undistributed net loss attributable to common stockholders	$ (6,216)	$ (1,632)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.35)	$ (0.05)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	17,879,627	17,984,563
Class T
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to common stockholders	$ (4,254)	$ (621)
Less: Common Stock cash distributions declared	0	488
Undistributed net loss attributable to common stockholders	$ (4,254)	$ (1,109)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.35)	$ (0.05)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	12,241,151	12,213,311

REAL ESTATE - Additional Inform

REAL ESTATE - Additional Information (Details)	Mar. 31, 2020property
Hotel
Real Estate Properties [Line Items]
Number of real estate properties	2
Office Building
Real Estate Properties [Line Items]
Number of real estate properties	3
Apartment Building
Real Estate Properties [Line Items]
Number of real estate properties	1
Office/ Retail Property
Real Estate Properties [Line Items]
Number of real estate properties	1

REAL ESTATE - Schedule of Real

REAL ESTATE - Schedule of Real Estate Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 548,780,000	$ 545,406,000
Accumulated depreciation and amortization	(56,061,000)	(51,723,000)
Total real estate, net	492,719,000	493,683,000
Springmaid Beach Resort
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	67,437,000
Accumulated depreciation and amortization	(11,058,000)
Total real estate, net	$ 56,379,000
Ownership %	90.00%
Q&C Hotel
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 54,550,000
Accumulated depreciation and amortization	(8,880,000)
Total real estate, net	$ 45,670,000
Ownership %	90.00%
Lincoln Court
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 52,445,000
Accumulated depreciation and amortization	(5,711,000)
Total real estate, net	$ 46,734,000
Ownership %	100.00%
Lofts at NoHo Commons
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 107,943,000
Accumulated depreciation and amortization	(7,240,000)
Total real estate, net	$ 100,703,000
Ownership %	90.00%
210 West 31st Street
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 55,255,000
Accumulated depreciation and amortization	0
Total real estate, net	$ 55,255,000
Ownership %	80.00%
Weighted average discount rate, percent	6.10%
Right-of-use asset, amortization	$ 0
Oakland City Center
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	175,696,000
Accumulated depreciation and amortization	(19,296,000)
Total real estate, net	$ 156,400,000
Ownership %	100.00%
Madison Square
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 35,454,000
Accumulated depreciation and amortization	(3,876,000)
Total real estate, net	$ 31,578,000
Ownership %	90.00%
Weighted average discount rate, percent	5.40%
Weighted average remaining lease term	2 years 3 months 18 days
Land
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 102,288,000	102,288,000
Land | Springmaid Beach Resort
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	27,438,000
Land | Q&C Hotel
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	1,232,000
Land | Lincoln Court
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	14,706,000
Land | Lofts at NoHo Commons
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	26,222,000
Land | 210 West 31st Street
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	0
Land | Oakland City Center
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	22,150,000
Land | Madison Square
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	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 charges	431,474,000	427,696,000
Buildings and improvements | Springmaid Beach Resort
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	39,999,000
Buildings and improvements | Q&C Hotel
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	53,318,000
Buildings and improvements | Lincoln Court
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	36,017,000
Buildings and improvements | Lofts at NoHo Commons
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	81,721,000
Buildings and improvements | 210 West 31st Street
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	55,255,000
Finance lease, right-of-use asset	6,800,000
Buildings and improvements | Oakland City Center
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	143,050,000
Buildings and improvements | Madison Square
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	22,114,000
Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	15,018,000	$ 15,422,000
Tenant origination and absorption costs | Springmaid Beach Resort
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	0
Tenant origination and absorption costs | Q&C Hotel
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	0
Tenant origination and absorption costs | Lincoln Court
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	1,722,000
Tenant origination and absorption costs | Lofts at NoHo Commons
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	0
Tenant origination and absorption costs | 210 West 31st Street
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	0
Tenant origination and absorption costs | Oakland City Center
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	10,496,000
Tenant origination and absorption costs | Madison Square
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 2,800,000

REAL ESTATE - Office Property (

REAL ESTATE - Office Property (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)ft²property	Mar. 31, 2019USD ($)
Real Estate Properties [Line Items]
Other income	$ (3,854)	$ 3,978
Total revenues	13,371	15,196
Total expenses	$ 20,555	21,260
Office Building
Real Estate Properties [Line Items]
Number of real estate properties | property	3
Net rentable area | ft²	806,960
Percentage of portfolio occupied	69.00%
Rental income	$ 6,870	6,912
Other income	226	205
Total revenues	7,096	7,117
Operating, maintenance, and management	2,274	2,325
Real estate taxes and insurance	1,100	1,072
Total expenses	$ 3,374	$ 3,397

REAL ESTATE - Operating Leases

REAL ESTATE - Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Real Estate Properties [Line Items]
Deferred rent recognized	$ 300	$ 100
Deferred rent receivables	3,100		$ 2,900
Incentive to lessee	100		200
Office Revenue
Real Estate Properties [Line Items]
Revenue adjustments	45
Operating Maintenance Expense
Real Estate Properties [Line Items]
Bad debt expense		$ 100
Other Liabilities
Real Estate Properties [Line Items]
Security deposit liability	$ 1,800		$ 1,100
Maximum
Real Estate Properties [Line Items]
Operating lease, term	11 years 7 months 6 days
Weighted Average
Real Estate Properties [Line Items]
Operating lease, term	3 years 6 months

REAL ESTATE - Future Minimum Re

REAL ESTATE - Future Minimum Rental Income (Details) $ in Thousands	Mar. 31, 2020USD ($)
Real Estate [Abstract]
April 1, 2020 through December 31, 2020	$ 16,388
2021	20,097
2022	16,403
2023	13,304
2024	10,827
Thereafter	33,323
Future minimum rental income	$ 110,342

REAL ESTATE - Highest Tenant In

REAL ESTATE - Highest Tenant Industry Concentrations, Greater than 10% of Annual Base Rent (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)tenant
Concentration Risk [Line Items]
Number of Tenants | tenant	80
Annualized Base Rent | $	$ 11,083
Percentage of Annualized Base Rent	49.30%
Legal Services
Concentration Risk [Line Items]
Number of Tenants | tenant	13
Annualized Base Rent | $	$ 4,547
Percentage of Annualized Base Rent	20.20%
Public Administration
Concentration Risk [Line Items]
Number of Tenants | tenant	6
Annualized Base Rent | $	$ 3,589
Percentage of Annualized Base Rent	16.00%
Professional, Scientific and Technical Services
Concentration Risk [Line Items]
Number of Tenants | tenant	11
Annualized Base Rent | $	$ 2,947
Percentage of Annualized Base Rent	13.10%

REAL ESTATE - Hotel Revenue and

REAL ESTATE - Hotel Revenue and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Hotel expenses:
General and administrative	$ 1,643	$ 707
Hotel
Hotel revenues:
Revenues	4,080	5,980
Hotel expenses:
Expenses	4,661	5,175
General and administrative	805	786
Sales and marketing	540	694
Repairs and maintenance	462	566
Property taxes and insurance	589	438
Hotel | Room
Hotel revenues:
Revenues	2,954	4,465
Hotel expenses:
Expenses	1,090	1,324
Hotel | Food, beverage and convention services
Hotel revenues:
Revenues	601	873
Hotel expenses:
Expenses	626	776
Hotel | Campground
Hotel revenues:
Revenues	255	271
Hotel | Utilities
Hotel expenses:
Expenses	294	261
Hotel | Other
Hotel revenues:
Revenues	270	371
Hotel expenses:
Expenses	$ 255	$ 330

REAL ESTATE - Contract Liabilit

REAL ESTATE - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2019	Dec. 31, 2019
Product Liability Contingency [Line Items]
Amounts included in contract liability at the beginning of the period	$ 255	$ 96
Other Liabilities
Product Liability Contingency [Line Items]
Contract liability	483			$ 500
Amounts included in contract liability at the beginning of the period	$ 262		$ 281

REAL ESTATE - Apartment Propert

REAL ESTATE - Apartment Property (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)propertyunit	Mar. 31, 2019USD ($)
Real Estate Properties [Line Items]
Other income	$ (3,854)	$ 3,978
Total revenues	13,371	15,196
Total expenses	$ 20,555	21,260
Apartment Building
Real Estate Properties [Line Items]
Number of real estate properties | property	1
Number of units in real estate property | unit	292
Percentage of real estate portfolio occupied	90.00%
Rental income	$ 1,827	1,830
Other income	229	165
Total revenues	2,056	1,995
Operating, maintenance, and management	445	536
Real estate taxes and insurance	366	361
Total expenses	$ 811	$ 897

REAL ESTATE - Geographic Concen

REAL ESTATE - Geographic Concentration Risk (Details)	3 Months Ended
	Mar. 31, 2020
Real Estate Properties [Line Items]
Concentration risk, percentage	49.30%
Assets, Total | California
Real Estate Properties [Line Items]
Concentration risk, percentage	57.10%

REAL ESTATE - Disposition, Addi

REAL ESTATE - Disposition, Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Nov. 04, 2019USD ($)
Real Estate Properties [Line Items]
Total real estate, cost and net of impairment charges	$ 548,780	$ 545,406
Accumulated depreciation	$ 56,061	$ 51,723
Office Building | Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties disposed | property	0	1
Office Building | Disposed of by Sale | 2200 Paseo Verde
Real Estate Properties [Line Items]
Consideration			$ 18,700
Total real estate, cost and net of impairment charges			13,500
Accumulated depreciation			$ 2,000
Gain on disposition of real estate	$ 4,200

REAL ESTATE - Revenue and Expen

REAL ESTATE - Revenue and Expenses for Real Estate Disposed (Details) - Disposed of by Sale - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income	$ 0	$ 391
Other operating income	0	5
Total revenues	0	396
Operating Expenses [Abstract]
Operating, maintenance, and management	0	87
Real estate taxes and insurance	0	20
Asset management fees to affiliate	0	34
Depreciation and amortization	0	168
Interest expense	0	101
Total expenses	$ 0	$ 410

TENANT ORIGINATION AND ABSORP_3

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES - Net Amount and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination And Absorption Costs, Cost	$ 15,018		$ 15,422
Tenant Origination and Absorption Costs, Accumulated Amortization	(8,271)		(7,954)
Tenant Origination and Absorption Costs, Net Amount	6,747		7,468
Tenant Origination and Absorption Costs, Amortization expense	(720)	$ (943)
Above-Market Lease Assets, Cost	72		72
Above-Market Lease Assets, Accumulated Amortization	(31)		(28)
Above-Market Lease Assets, Net Amount	41		44
Above-Market Lease Assets, Amortization expense	(3)	(5)
Below-Market Lease Liabilities, Cost	(10,685)		(10,802)
Below-Market Lease Liabilities, Accumulated Amortization	6,550		6,125
Below-Market Lease Liabilities, Net Amount	(4,135)		$ (4,677)
Below-Market Lease Liabilities, Amortization expense	$ 542	$ 703

TENANT ORIGINATION AND ABSORP_4

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Depreciation and amortization	$ 4,896	$ 5,074
Housing Subsidy Intangible Asset
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Remaining amortization period	28 years 4 months 24 days
Depreciation and amortization	$ 20	20
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
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	3 years 6 months
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
Unamortized tax abatement intangible asset	$ 1,600		$ 1,800

REAL ESTATE EQUITY SECURITIES -

REAL ESTATE EQUITY SECURITIES - Shares Owned (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Total Carrying Value	$ 10,095	$ 9,935
Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Number of Shares Owned (in shares)	1,673,644	1,160,591
Plymouth Industrial REIT, Inc.
Debt Securities, Available-for-sale [Line Items]
Total Carrying Value	$ 9,057	$ 9,935
Plymouth Industrial REIT, Inc. | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Number of Shares Owned (in shares)	1,580,713	1,160,591
Franklin Street Properties Corp.
Debt Securities, Available-for-sale [Line Items]
Total Carrying Value	$ 1,038	$ 0
Franklin Street Properties Corp. | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Number of Shares Owned (in shares)	92,931	0

REAL ESTATE EQUITY SECURITIES_2

REAL ESTATE EQUITY SECURITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Investment in real estate securities	$ 3,979	$ 4
Dividend income from real estate equity securities	139	104
(Loss) gain on real estate equity securities	(3,889)	$ 1,114
Plymouth Industrial REIT, Inc.
Debt Securities, Available-for-sale [Line Items]
Investment in real estate securities	$ 1,300
Plymouth Industrial REIT, Inc. | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Stock purchased (in shares)	92,931
Franklin Street Properties Corp.
Debt Securities, Available-for-sale [Line Items]
Investment in real estate securities	$ 2,800
Franklin Street Properties Corp. | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Stock purchased (in shares)	420,122

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED ENTITIES (Details) $ in Thousands, € in Millions	Jun. 28, 2016USD ($)	Mar. 31, 2020EUR (€)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)numberOfJointVenturesshares	Jun. 28, 2016EUR (€)	Jun. 28, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated entity			$ 0	$ 2,800
Dividend income			139	$ 104
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Number of units acquired (in shares) | shares					13
Investments			3,000		$ 2,900
Number of joint ventures | numberOfJointVentures					2
Real Estate Joint Venture | Industrial
Schedule of Equity Method Investments [Line Items]
Current capacity						€ 2.6	$ 2,900
Amount outstanding						€ 2.1	$ 2,300
Ownership interest						5.00%	5.00%
Investments in unconsolidated joint ventures			100			€ 95.5	$ 105,600
Amortization of acquisition costs	$ 200
Equity in income of unconsolidated entity			2,800
Dividend income		€ 0.4	$ 400

NOTES PAYABLE - Schedule of Not

NOTES PAYABLE - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 329,331	$ 329,595
Deferred financing costs, net	(3,095)	(3,600)
Total notes payable, net	326,236	325,995
Mortgage | Springmaid Beach Resort Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 56,188	56,536
Contractual Interest Rate	2.25%
Effective Interest Rate	5.75%
Mortgage | Springmaid Beach Resort Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Amount outstanding	$ 56,500
Unused borrowing capacity, amount	$ 10,500
Mortgage | Springmaid Beach Resort Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	2.25%
Mortgage | Q&C Hotel Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 25,000	25,000
Effective Interest Rate	4.50%
Mortgage | Q&C Hotel Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	2.50%
Mortgage | Lincoln Court Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 34,615	34,615
Effective Interest Rate	2.74%
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	$ 73,862	73,862
Effective Interest Rate	3.17%
Mortgage | Lofts at NoHo Commons Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	2.18%
Mortgage | 210 West 31st Street Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 20,000	20,000
Effective Interest Rate	3.99%
Mortgage | 210 West 31st Street Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	3.00%
Mortgage | Oakland City Center Mortgage Loan
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 95,989	95,989
Effective Interest Rate	2.74%
Periodic payment	$ 110
Amortization schedule of mortgage loans on real estate	30 years
Contractual interest rate, percent	6.00%
Mortgage | Oakland City Center Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Amount outstanding	$ 96,000
Unused borrowing capacity, amount	$ 7,400
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	$ 23,677	$ 23,593
Effective Interest Rate	5.05%
Mortgage | Madison Square Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Total notes payable principal outstanding	$ 23,700
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, percent	5.05%
Mortgage | Grace Court Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Unused borrowing capacity, amount	$ 10,400
Mortgage | 2200 Paseo Verde Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Amount outstanding	73,900
Unused borrowing capacity, amount	$ 2,100

NOTES PAYABLE - Additional Info

NOTES PAYABLE - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Derivative [Line Items]
Interest expense	$ 4,126,000	$ 4,961,000
Amortization of deferred financing costs	500,000	400,000
Finance lease, interest	100,000	100,000
Interest payable	900,000		$ 800,000
Interest Rate Cap
Derivative [Line Items]
Unrealized gain (loss) on derivative instruments	$ 13,000	$ (6,000)

NOTES PAYABLE - Schedule of Mat

NOTES PAYABLE - Schedule of Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
April 1, 2020 through December 31, 2020	$ 79,668
2021	76,574
2022	173,089
Total	$ 329,331	$ 329,595

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Face Value, Carrying Amounts and Fair Value (Details) - Level 3 - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Face Value	$ 329,331	$ 329,595
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Value	326,236	325,995
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Value	$ 323,148	$ 330,687

FAIR VALUE DISCLOSURES - Sche_2

FAIR VALUE DISCLOSURES - Schedule of Assets at Fair Value (Details) - Recurring Basis: - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	$ 10,095	$ 9,934
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivatives	15
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	10,095	9,934
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	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	15
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0	$ 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 - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)	Nov. 01, 2019	Dec. 31, 2019
Pacific Oak Opportunity Zone Fund I, LLC
Related Party Transaction [Line Items]
Investments		$ 2,900,000
KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Term of advisory agreement	1 year
Renewal period	1 year
Pacific Oak Capital Advisors, LLC
Related Party Transaction [Line Items]
Acquisition fee, percent		1.50%
Benchmark amount of contracted acquisition sales price		$ 25,000,000
Acquisition fee as percent of benchmark contract sales price		1.00%
Quarterly asset management fee, percent of acquisition purchase price		0.25%
Financing fee, percent of original principal amount of indebtedness incurred		0.50%

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related-party Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Payable as of	$ 1,132		$ 649
Payment for administrative fees		$ 100
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred	1,187	1,151
Payable as of	1,132		649
Acquisition fees on real estate equity securities | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Expenses	71	0
Payable as of	71		0
Acquisition fee on investment in unconsolidated entities | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Expenses	0	0
Payable as of	29		29
Advisor and Dealer Manager | Asset management fees
Related Party Transaction [Line Items]
Expenses	1,044	1,049
Payable as of	1,032		620
Advisor and Dealer Manager | Reimbursable operating expenses
Related Party Transaction [Line Items]
Expenses	72	$ 102
Payable as of	$ 0		$ 0

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lease Obligations
April 1, 2020 through December 31, 2020	$ 650
2021	735
2022	935
2023	525
2024	360
Thereafter	52,956
Total expected minimum lease liabilities	56,161
Less: Amount representing interest	(47,939)
Present value of net minimum lease payments	8,222
Springmaid Beach Resort | Doubletree Management LLC
Loss Contingencies [Line Items]
Fees incurred to management agreement	$ 100	$ 100
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%
Management agreement, extension period	5 years
Q&C Hotel | Encore Hospitality, LLC | Direct Costs of Hotels
Loss Contingencies [Line Items]
Management agreement, fees accrued	$ 100	100
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 | Marriott International
Loss Contingencies [Line Items]
Brand services fee as percent of total room revenue	2.00%
Fees incurred to management agreement	$ 200	$ 200
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%