KBS Growth & Income REIT (KBSG) 10-Q 13 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 09, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	000-56050
Entity Registrant Name	KBS GROWTH & INCOME REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-2778257
Entity Address, Address Line One	800 Newport Center Drive, Suite 700
Entity Address, City or Town	Newport Beach,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92660
City Area Code	949
Local Phone Number	417-6500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Central Index Key	0001631256
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Ex Transition Period	true
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,860,141
Class T Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		310,974

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real estate:
Land	$ 21,353	$ 21,353
Buildings and improvements	135,195	134,931
Tenant origination and absorption costs	10,194	11,068
Total real estate, cost	166,742	167,352
Less accumulated depreciation and amortization	(27,542)	(24,716)
Total real estate, net	139,200	142,636
Cash and cash equivalents	5,401	3,807
Restricted cash	247	552
Rents and other receivables	3,366	2,936
Above-market leases, net	82	92
Prepaid expenses and other assets	1,742	1,555
Total assets	150,038	151,578
Liabilities and stockholders’ equity
Notes payable, net	98,743	96,623
Accounts payable and accrued liabilities	2,059	2,189
Due to affiliates	8,135	7,275
Below-market leases, net	1,107	1,509
Other liabilities	2,811	4,142
Total liabilities	112,855	111,738
Commitments and contingencies (Note 9)
Redeemable common stock	183	250
Stockholders’ equity:
Preferred stock, $.01 par value; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	85,248	85,248
Cumulative distributions and net losses	(48,350)	(45,760)
Total stockholders’ equity	37,000	39,590
Total liabilities and stockholders’ equity	150,038	151,578
Class A Common Stock
Stockholders’ equity:
Common stock	99	99
Class T Common Stock
Stockholders’ equity:
Common stock	$ 3	$ 3

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
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
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)	9,860,141	9,873,729
Common stock, shares outstanding (in shares)	9,860,141	9,873,729
Class T Common Stock
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)	310,974	310,974
Common stock, shares outstanding (in shares)	310,974	310,974

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Rental income	$ 4,081	$ 4,624	$ 8,375	$ 9,207
Other operating income	48	44	69	78
Total revenues	4,129	4,668	8,444	9,285
Expenses:
Operating, maintenance, and management	935	908	1,765	1,862
Property management fees and expenses to affiliate	28	35	59	70
Real estate taxes and insurance	728	706	1,494	1,439
Asset management fees to affiliate	434	426	862	861
General and administrative expenses	445	660	922	1,133
Depreciation and amortization	1,896	1,990	3,878	4,156
Interest expense	608	849	1,181	3,737
Impairment charges on real estate	0	0	0	5,750
Total expenses	5,074	5,574	10,161	19,008
Other income:
Interest and other income	0	1	0	13
Gain on sale of real estate, net	0	0	0	5,245
Equity in income (loss) of unconsolidated joint venture	0	34	0	(435)
Loss from extinguishment of debt	0	0	0	(29)
Total other income	0	35	0	4,794
Net loss	$ (945)	$ (871)	$ (1,717)	$ (4,929)
Net loss per common share, basic (in dollars per share)	$ (0.09)	$ (0.09)	$ (0.17)	$ (0.48)
Net loss per common share, diluted (in dollars per share)	$ (0.09)	$ (0.09)	$ (0.17)	$ (0.48)
Weighted-average number of common shares outstanding, basic (in shares)	10,173,832	10,182,690	10,179,185	10,176,938
Weighted-average number of common shares outstanding, diluted (in shares)	10,173,832	10,182,690	10,179,185	10,176,938

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class T Common Stock	Common StockClass A Common Stock	Common StockClass T Common Stock	Additional Paid-in Capital	Cumulative Distributions and Net Losses
Balance (in shares) at Dec. 31, 2019				9,841,004	306,292
Balance at Dec. 31, 2019	$ 47,278			$ 98	$ 3	$ 84,184	$ (37,007)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,929)						(4,929)
Issuance of common stock (in shares)				50,357	4,126
Issuance of common stock	459			$ 1		458
Transfers from redeemable common stock	200					200
Redemptions of common stock (in shares)				(23,736)	0
Redemptions of common stock	(200)					(200)
Distributions declared	(1,287)						(1,287)
Balance (in shares) at Jun. 30, 2020				9,867,625	310,418
Balance at Jun. 30, 2020	41,521			$ 99	$ 3	84,642	(43,223)
Balance (in shares) at Mar. 31, 2020				9,870,515	308,712
Balance at Mar. 31, 2020	42,845			$ 99	$ 3	84,452	(41,709)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(871)						(871)
Issuance of common stock (in shares)				20,846	1,706
Issuance of common stock	190			$ 0		190
Transfers from redeemable common stock	200					200
Redemptions of common stock (in shares)				(23,736)	0
Redemptions of common stock	(200)					(200)
Distributions declared	(643)						(643)
Balance (in shares) at Jun. 30, 2020				9,867,625	310,418
Balance at Jun. 30, 2020	41,521			$ 99	$ 3	84,642	(43,223)
Balance (in shares) at Dec. 31, 2020		9,873,729	310,974	9,873,729	310,974
Balance at Dec. 31, 2020	39,590			$ 99	$ 3	85,248	(45,760)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(1,717)						(1,717)
Transfers from redeemable common stock	67					67
Redemptions of common stock (in shares)				(13,588)
Redemptions of common stock	(67)					(67)
Distributions declared	(873)						(873)
Balance (in shares) at Jun. 30, 2021		9,860,141	310,974	9,860,141	310,974
Balance at Jun. 30, 2021	37,000			$ 99	$ 3	85,248	(48,350)
Balance (in shares) at Mar. 31, 2021				9,864,261	310,974
Balance at Mar. 31, 2021	38,381			$ 99	$ 3	85,248	(46,969)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(945)						(945)
Transfers from redeemable common stock	21					21
Redemptions of common stock (in shares)				(4,120)	0
Redemptions of common stock	(21)					(21)
Distributions declared	(436)						(436)
Balance (in shares) at Jun. 30, 2021		9,860,141	310,974	9,860,141	310,974
Balance at Jun. 30, 2021	$ 37,000			$ 99	$ 3	$ 85,248	$ (48,350)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net loss	$ (945)	$ (871)	$ (1,717)	$ (4,929)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,896	1,990	3,878	4,156
Impairment charges on real estate	0	0	0	5,750
Equity in loss of unconsolidated joint venture	0	(34)	0	435
Deferred rents			176	117
Amortization of above and below-market leases, net			(392)	(540)
Amortization of deferred financing costs	100	100	120	163
Unrealized (gain) loss on derivative instrument			(850)	1,581
Loss from extinguishment of debt	0	0	0	29
Gain on sale of real estate, net	0	0	0	(5,245)
Changes in operating assets and liabilities:
Rents and other receivables			(648)	(24)
Prepaid expenses and other assets			(365)	3
Accounts payable and accrued liabilities			(42)	(697)
Due to affiliates			860	854
Other liabilities			(439)	(897)
Net cash provided by operating activities			581	756
Cash Flows from Investing Activities:
Proceeds from sale of real estate			0	23,603
Improvements to real estate			(352)	(1,157)
Reimbursement from unconsolidated joint venture			0	3
Net cash (used in) provided by investing activities			(352)	22,449
Cash Flows from Financing Activities:
Proceeds from notes payable			2,000	0
Principal payments on notes payable			0	(23,650)
Payments to redeem common stock			(67)	(200)
Distributions paid to common stockholders			(873)	(1,080)
Net cash provided by (used in) financing activities			1,060	(24,930)
Net increase (decrease) in cash and cash equivalents			1,289	(1,725)
Cash and cash equivalents and restricted cash, beginning of period			4,359	6,287
Cash and cash equivalents and restricted cash, end of period	$ 5,648	$ 4,562	5,648	4,562
Supplemental Disclosure of Cash Flow Information
Interest paid			1,917	2,098
Supplemental Disclosure of Noncash Investing and Financing Activities:
Distributions payable			0	215
Accrued improvements to real estate			12	64
Dividends paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan			$ 0	$ 459

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION KBS Growth & Income REIT, Inc. (the “Company”) was formed on January 12, 2015 as a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2015. Substantially all of the Company’s business is conducted through KBS Growth & Income Limited Partnership (the “Operating Partnership”), a Delaware limited partnership formed on January 14, 2015. The Company is the sole general partner of, and owns a 0.1% partnership interest in, the Operating Partnership. KBS Growth & Income REIT Holdings LLC (“REIT Holdings”), a Delaware limited liability company formed on January 14, 2015, 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. Subject to certain restrictions and limitations, the business of the Company is externally managed by KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, pursuant to an advisory agreement between the Company and the Advisor initially entered into on June 11, 2015, and amended at various times thereafter (the “Advisory Agreement”). The Advisor conducts the Company’s operations and manages its portfolio of core real estate properties. On January 27, 2015, the Company issued 20,000 shares of its common stock to the Advisor at a purchase price of $10.00 per share. On June 11, 2015, these outstanding shares of common stock were designated Class A shares of common stock. As of June 30, 2021, the Company had invested in four office properties. The Company has invested in a portfolio of core real estate properties. The Company considers core properties to be existing properties with at least 80% occupancy. The Company’s core focus in the U.S. office sector reflects a value-creating core strategy, which is also known as a core-plus strategy. The Company commenced a private placement offering exempt from registration pursuant to Rule 506(b) of Regulation D of the Securities Act of 1933, as amended, on June 11, 2015, pursuant to which the Company offered a maximum of $105,000,000 in shares of its Class A common stock for sale to accredited investors (the “Initial Private Offering”), of which $5,000,000 of Class A shares were offered pursuant to the Company’s distribution reinvestment plan. The Company ceased offering shares in the primary portion of the Initial Private Offering on April 27, 2016 and processed subscriptions for the primary Initial Private Offering dated on or prior to April 27, 2016 through May 30, 2016. KBS Capital Markets Group LLC (the “Dealer Manager”), an affiliate of the Advisor, served as the dealer manager of the Initial Private Offering pursuant to a dealer manager agreement dated June 11, 2015 (the “Initial Private Offering Dealer Manager Agreement”). On February 4, 2015, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to register an initial public offering of its common stock to offer a maximum of $1,500,000,000 in shares of common stock for sale to the public in a primary offering, consisting of two classes of shares: Class A and Class T (the “Primary Offering”) and a maximum of $800,000,000 in both classes of shares of its common stock pursuant to the Company’s distribution reinvestment plan (the “DRP Offering” and, together with the Primary Offering, the “Public Offering”). The SEC declared the Company’s registration statement effective on April 28, 2016 and the Company retained the Dealer Manager to serve as the dealer manager of the Public Offering pursuant to a dealer manager agreement dated April 28, 2016 (the “Public Offering Dealer Manager Agreement”). The Company terminated the Primary Offering effective June 30, 2017. On August 5, 2020, the board of directors of the Company approved the termination of the DRP Offering effective August 20, 2020. On October 3, 2017, the Company launched a private placement offering exempt from registration pursuant to Rule 506(c) of Regulation D of the Securities Act pursuant to which the Company offered a maximum of $1,000,000,000 in shares of its Class A common stock to accredited investors (the “Second Private Offering”). Prior to the launch of the Second Private Offering, on September 29, 2017, the Company entered into a dealer manager agreement (the “NCPS Dealer Agreement”) with the Advisor and North Capital Private Securities Corporation (“NCPS”) in connection with the Second Private Offering. In December 2019, the Company’s board of directors suspended the Second Private Offering and terminated the Second Private Offering on August 5, 2020. The Company sold 8,548,972 shares of Class A common stock for gross offering proceeds of $76.8 million in the Initial Private Offering, including 74,744 shares of Class A common stock under its distribution reinvestment plan for gross offering proceeds of $0.7 million. The Company sold 122,721 and 270,415 shares of Class A and Class T common stock, respectively, in the Primary Offering for aggregate gross offering proceeds of $3.9 million. The Company sold 883,256 and 41,030 shares of Class A and Class T common stock, respectively, in the DRP Offering for aggregate gross offering proceeds of $8.5 million. The Company sold 612,272 shares of Class A common stock in the Second Private Offering for aggregate gross offering proceeds of $5.5 million. As of June 30, 2021, the Company had redeemed 460,441 and 2,245 Class A and Class T shares, respectively, for $3.8 million. Additionally, on August 11, 2015, the Company issued 46,362 shares of Class A common stock to the Company’s affiliates, for an aggregate of $0.3 million, in private transactions exempt from the registration requirements pursuant to Section 4(a)(2) of the Securities Act of 1933. COVID-19 Pandemic One of the most significant risks and uncertainties facing the Company and the real estate industry generally continues to be the effect of the ongoing public health crisis of the novel coronavirus disease (“COVID-19”) pandemic. The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business, including how the pandemic is affecting its tenants. From March 2020 through June 30, 2021, the Company did not experience significant disruptions in its operations from the COVID-19 pandemic. The Company did, however, recognize impairment charges related to a projected reduction in cash flows as a result of changes in leasing projections that were impacted in part by the COVID-19 pandemic at the Institute Property and 210. W. Chicago during the six months ended June 30, 2020. In addition, reductions in property values related to the impact of the COVID-19 pandemic have reduced the Company’s availability to draw on the revolving commitment and may limit the Company’s ability to exercise its extension option under its term loan due to covenants described in the loan agreement. Many of the Company’s tenants have experienced disruptions in their business, some more severely than others. In general, the Company’s retail tenants, which comprise approximately 7% of its annualized base rent, have been more severely impacted by the COVID-19 pandemic than its office tenants. As of June 30, 2021, the Company has granted approximately $0.2 million of rent deferrals and approximately $0.7 million in rental abatements. As the impact of the pandemic continues to be felt, these tenants or additional tenants may request rent relief in future periods or become unable to pay rent, and the Company is unable to predict the ultimate impact the pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants depends on future developments, which remain uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Liquidation Strategy In August 2020, the special committee of the board of directors directed the Advisor, with the assistance of the independent financial advisor of the special committee, to develop a plan of liquidation for approval by the board and submission to the stockholders. The Company initially expected to present a plan of liquidation for a vote of the stockholders of the Company within six months from its determination to pursue a liquidation strategy. However, as a result of the adverse market conditions caused by the civil unrest and disruption in Portland and Chicago, where several of the Company’s properties are located, and the uncertainty and business disruptions related to the COVID-19 pandemic, in November 2020, the board determined to delay any proposal to liquidate the Company until market conditions improve.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
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, 2020. 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, 2020 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership, and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements and the accompanying notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Segments The Company had invested in four office properties as of June 30, 2021. Substantially all of the Company’s revenue and net loss is from real estate, and therefore, the Company currently operates in one reportable segment. Per Share Data Basic net income (loss) per share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding for the six months ended June 30, 2021 and 2020. Basic and diluted net income (loss) per share of Class A common stock and basic and diluted net income (loss) per share of Class T common stock were equal for the three and six months ended June 30, 2021 and 2020 as aggregate cash distributions for each share class were equal during those periods. During the three months ended June 30, 2021 and 2020, aggregate cash distributions declared per share of Class A and Class T common stock were $0.04287500 and $0.06322500, respectively. During the six months ended June 30, 2021 and 2020, aggregate cash distributions declared per share of Class A and Class T common stock were $0.08575000 and $0.12645000, respectively, assuming the share was issued and outstanding each date that was a record date for distributions during the period. Distributions declared per common share of Class A and Class T common stock were $0.04287500 per share for each quarter during the period from January 1, 2021 through June 30, 2021. Distributions declared per common share of Class A and Class T common stock were $0.02107500 per share for each month during the period from January 1, 2020 through June 30, 2020. Square Footage, Occupancy and Other Measures Square footage, occupancy, number of tenants and other measures, including annualized base rent and annualized base rent per square foot, or amounts derived from such measures, used to describe real estate investments included in these condensed notes to consolidated financial statements are presented on an unaudited basis 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 Update In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”) to provide temporary optional expedients and exceptions to the guidance in GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). Modified contracts that meet the following criteria are eligible for relief from the modification accounting requirements under GAAP: (1) The contract references LIBOR or another rate that is expected to be discontinued due to reference rate reform, (2) The modified terms directly replace or have the potential to replace the reference rate that is expected to be discontinued due to reference rate reform, and (3) Any contemporaneous changes to other terms (i.e., those that do not directly replace or have the potential to replace the reference rate) that change or have the potential to change the amount and timing of contractual cash flows must be related to the replacement of the reference rate. For a contract that meets the criteria, the guidance generally allows an entity to account for and present modifications as an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. That is, the modified contract is accounted for as a continuation of the existing contract. In addition, ASU No. 2020-04 provides various optional expedients for hedging relationships affected by reference rate reform, if certain criteria are met. The amendments in ASU No. 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in ASU No. 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. For the period from January 1, 2020 (the earliest date the Company may elect to apply ASU No. 2020-04) through June 30, 2021, 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”). The Company adopted the lease accounting standards of Topic 842 beginning January 1, 2019. Under Topic 842, subsequent changes to lease payments that are not stipulated in the original lease contract are generally accounted for as lease modifications. Some contracts may contain explicit or implicit enforceable rights and obligations that require lease concessions if certain circumstances arise that are beyond the control of the parties to the contract. If a lease contract provides enforceable rights and obligations for concessions in the contract and no changes are made to that contract, the concessions are not accounted for under the lease modification guidance in Topic 842. If concessions granted by lessors are beyond the enforceable rights and obligations in the contract, entities would generally account for those concessions in accordance with the lease modification guidance in Topic 842. Because of the unprecedented and global nature of the COVID-19 pandemic, the FASB staff is aware that it may be exceedingly challenging for entities to determine whether existing contracts provide enforceable rights and obligations for lease concessions and whether those concessions are consistent with the terms of the contract or are modifications to the contract. As such, the FASB staff believes that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 to those contracts. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. For example, this election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. The FASB staff expects that reasonable judgment will be exercised in making those determinations. Some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. A deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes are more preferable than the others. Two of those methods are: (1) Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period and (2) Account for the deferred payments as variable lease payments. In accordance with the Topic 842 Q&A, the Company made the election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 as though enforceable rights and obligations for those concessions existed. Accordingly, the Company does not analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and elected not apply the lease modification guidance in Topic 842. For deferrals, the Company accounts for the concessions as if no changes to the lease contract were made and continued to recognize rental income during the deferral period. The amount of deferred rent is assessed for collectability at the end of each reporting period. For rental abatements, the Company recognizes negative variable lease income for the forgiven rent, thereby reversing the rental income and rent receivable for the abated period. The Company has not granted 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 June 30, 2021 or consolidated statements of operations for the three and six months ended June 30, 2021 and 2020. As of June 30, 2021, the Company had entered into lease amendments related to the effects of the COVID-19 pandemic, granting approximately $0.2 million of rent deferrals for the period from April 2020 through April 2021 and granting approximately $0.7 million in rental abatements. As of June 30, 2021, the Company had $0.1 million of receivables for lease payments that had been deferred as lease concessions related to the effects of the COVID-19 pandemic. For the six months ended June 30, 2021, the Company recorded $0.5 million of rental abatements granted to tenants as a result of the COVID-19 pandemic.

REAL ESTATE

REAL ESTATE	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE As of June 30, 2021, the Company’s portfolio of real estate was composed of four office buildings containing 599,030 rentable square feet, which were collectively 82.1% occupied. The following table provides summary information regarding the properties owned by the Company as of June 30, 2021 (in thousands): Property Date Acquired City State Property Type Total Real Estate at Cost (1) Accumulated Depreciation and Amortization (1) Total Real Estate, Net (1) Commonwealth Building 06/30/2016 Portland OR Office $ 77,149 $ (14,378) $ 62,771 The Offices at Greenhouse 11/14/2016 Houston TX Office 47,211 (10,933) 36,278 Institute Property 11/09/2017 Chicago IL Office 37,602 (2,076) 35,526 210 W. Chicago 10/05/2020 Chicago IL Office 4,780 (155) 4,625 $ 166,742 $ (27,542) $ 139,200 _____________________ (1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets. As of June 30, 2021, the following properties each represented more than 10% of the Company’s total assets: Property Location Rentable Total Real Estate, Net Percentage of Annualized Base Rent (in thousands) (1) Average Annualized Base Rent per sq. ft. Occupancy Commonwealth Building Portland, OR 224,122 $ 62,771 41.8 % $ 4,593 $ 30.57 67.0 % The Offices at Greenhouse Houston, TX 203,284 36,278 24.2 % 4,212 20.72 100.0 % Institute Property Chicago, IL 155,385 35,526 23.7 % 3,355 27.52 78.5 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of June 30, 2021, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. Operating Leases The Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of June 30, 2021, the leases had remaining terms, excluding options to extend, of up to 9.7 years with a weighted-average remaining term of 3.4 years. Some of the leases have provisions to extend the term of the leases, options for early termination for all or a part of the leased premises after paying a specified penalty, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires a security deposit from the tenant in the form of a cash deposit and/or a letter of credit. The amount required as a security deposit varies depending upon the terms of the respective lease and the creditworthiness of the tenant, but generally is not a significant amount. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $0.7 million and $0.8 million as of June 30, 2021 and December 31, 2020, respectively. During the six months ended June 30, 2021 and 2020, the Company recognized deferred rent from tenants, net of lease incentive amortization, of $(0.2) million and $(0.1) million, respectively. As of June 30, 2021 and December 31, 2020, the cumulative deferred rent balance was $3.1 million and $2.6 million, respectively, and is included in rents and other receivables on the accompanying consolidated balance sheets. The cumulative deferred rent balance included $0.8 million and $0.1 million of unamortized lease incentives as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands): July 1, 2021 through December 31, 2021 $ 6,409 2022 10,534 2023 9,439 2024 8,347 2025 3,411 Thereafter 7,612 $ 45,752 As of June 30, 2021, the Company had a concentration of credit risk related to AECOM, one of the tenants in The Offices at Greenhouse in the engineering industry, which represented 23% of the Company’s annualized base rent. The tenant individually occupied 135,727 rentable square feet or approximately 23% of the total rentable square feet of the Company’s real estate portfolio, which expires on December 31, 2024, with two five As of June 30, 2021, the Company’s real estate properties were leased to 58 tenants over a diverse range of industries. The Company’s highest tenant industry concentration (greater than 10% of annualized base rent) was as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Annualized Base Rent Professional, scientific and technical 8 $ 4,481 35.2 % Computer system design and related services 3 1,422 11.2 % $ 5,903 46.4 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of June 30, 2021, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. As of June 30, 2021, no other tenant industries accounted for more than 10% of annualized base rent. Impairment of Real Estate During the six months ended June 30, 2020, the Company recorded non-cash impairment charges of $5.8 million to write down the carrying value of the Institute Property, an office property located in Chicago, Illinois, to its estimated fair value as a result of changes in cash flow estimates including a change in leasing projections, which triggered the future estimated undiscounted cash flows to be lower than the net carrying value of the property. The decrease in cash flow projections was primarily due to reduced demand for the office space at the property resulting in longer lease-up periods and a decrease in projected rental rates and was further impacted by the COVID-19 pandemic which the Company believes will result in additional challenges to release the vacant space. Further, tenants at the Institute Property have been adversely impacted by the measures put in place to control the spread of COVID-19 and as of June 30, 2021, nine tenants at the Institute Property were granted rent concessions as their businesses have been severely impacted.

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	6 Months Ended
	Jun. 30, 2021
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW- MARKET LEASE LIABILITIES As of June 30, 2021 and December 31, 2020, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination and Above-Market Below-Market June 30, December 31, 2020 June 30, December 31, 2020 June 30, December 31, 2020 Cost $ 10,194 $ 11,068 $ 178 $ 177 $ (3,433) $ (5,114) Accumulated Amortization (6,194) (6,210) (96) (85) 2,326 3,605 Net Amount $ 4,000 $ 4,858 $ 82 $ 92 $ (1,107) $ (1,509) Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Three Months Ended For the Three Months Ended For the Three Months Ended 2021 2020 2021 2020 2021 2020 Amortization $ (420) $ (518) $ (5) $ (8) $ 232 $ 270 Tenant Origination and Above-Market Below-Market For the Six Months Ended For the Six Months Ended For the Six Months Ended 2021 2020 2021 2020 2021 2020 Amortization $ (857) $ (1,089) $ (10) $ (15) $ 402 $ 555

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2021
Notes Payable [Abstract]
NOTES PAYABLE	NOTES PAYABLE As of June 30, 2021 and December 31, 2020, the Company’s notes payable consisted of the following (dollars in thousands): Book Value as of June 30, 2021 Book Value as of December 31, 2020 Contractual Interest Rate as of June 30, 2021 (1) Effective Interest Rate at June 30, 2021 (1) Payment Type Maturity Date (2) Commonwealth Building Mortgage Loan (3) $ 45,681 $ 45,681 One-month LIBOR + 1.80% 3.74% Interest Only 02/01/2023 Term Loan (4) 49,550 47,550 One-month LIBOR + 2.00% 4.03% Interest Only 11/09/2021 210 W. Chicago Mortgage Loan 3,763 3,763 One-month LIBOR + 2.20% 2.33% (5) 06/28/2024 Notes payable principal outstanding $ 98,994 $ 96,994 Deferred financing costs, net (251) (371) Notes payable, net $ 98,743 $ 96,623 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2021. Effective interest rate is calculated as the actual interest rate in effect as of June 30, 2021 (consisting of the contractual interest rate and the effect of interest rate swaps, if applicable), using interest rate indices as of June 30, 2021, where applicable. (2) Represents the maturity date as of June 30, 2021; subject to certain conditions, the maturity dates of the loans may be extended beyond the dates shown. (3) As of June 30, 2021, there are two one (4) As of June 30, 2021, the outstanding balance under the Term Loan consisted of $39.4 million of term commitment and $10.1 million of revolving commitment. As of June 30, 2021, there is a one (5) Beginning July 5, 2021, and through the maturity date, monthly payments for the 210 W. Chicago Mortgage Loan include principal and interest with principal payments calculated using an amortization schedule of 25 years at an interest rate of 6.0%, with the remaining principal balance, all accrued and unpaid interest and any other amounts due at maturity. During the three and six months ended June 30, 2021, the Company incurred $0.6 million and $1.2 million of interest expense, respectively. During the three and six months ended June 30, 2020, the Company incurred $0.8 million and $3.7 million of interest expense, respectively. As of June 30, 2021 and December 31, 2020, $0.3 million and $0.3 million of interest expense were payable, respectively. Included in interest expense during the three and six months ended June 30, 2021 were $0.1 million and $0.1 million of amortization of deferred financing costs, respectively. Included in interest expense during the three and six months ended June 30, 2020 were $0.1 million and $0.2 million of amortization of deferred financing costs, respectively. Interest expense (including gains and losses) incurred as a result of the Company’s derivative instruments increased interest expense by $28,000 and $31,000 for the three and six months ended June 30, 2021, respectively. Interest expense (including gains and losses) incurred as a result of the Company’s derivative instruments increased interest expense by $0.2 million and $2.1 million for the three and six months ended June 30, 2020, respectively. The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of June 30, 2021 (in thousands): July 1, 2021 through December 31, 2021 $ 49,652 2022 208 2023 45,894 2024 3,240 2025 — Thereafter — $ 98,994

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates. The primary goal of the Company’s risk management practices related to interest rate risk is to prevent changes in interest rates from adversely impacting the Company’s ability to achieve its investment return objectives. The Company does not enter into derivatives for speculative purposes. The Company enters into interest rate swaps as a fixed rate payer to mitigate its exposure to rising interest rates on its variable rate notes payable. The value of interest rate swaps is primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of the fixed rate payer position and decrease the value of the variable rate payer position. As the remaining term of the interest rate swap decreases, the value of both positions will generally move towards zero. The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of June 30, 2021 and December 31, 2020. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands): June 30, 2021 December 31, 2020 Weighted-Average Weighted-Average Remaining Term in Years Derivative Instruments Number of Instruments Notional Amount Number of Instruments Notional Amount Reference Rate as of June 30, 2021 Derivative instruments not designated as hedging instruments Interest Rate Swaps 2 $ 78,533 2 $ 78,533 One-month LIBOR/ Fixed at 2.07% - 2.82% 2.36% 0.8 The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 (dollars in thousands): June 30, 2021 December 31, 2020 Derivative Instruments Balance Sheet Location Number of Fair Value Number of Fair Value Derivative instruments not designated as hedging instruments Interest Rate Swaps Other liabilities, at fair value 2 $ (1,389) 2 $ (2,239) The change in fair value of a derivative instrument that is not designated as a cash flow hedge is included in interest expense in the accompanying consolidated statements of operations. The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Income statement related Derivatives not designated as hedging instruments Realized loss recognized on interest rate swaps $ 445 $ 367 $ 881 $ 499 Unrealized (gain) loss on interest rate swaps (417) (185) (850) 1,581 Increase in interest expense as a result of derivatives $ 28 $ 182 $ 31 $ 2,080

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of long-lived assets). Fair value, as defined under GAAP, is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of financial instrument for which it is practicable to estimate the fair value: Cash and cash equivalents, restricted cash, rent and other receivables, and accounts payable and accrued liabilities: These balances approximate their fair values due to the short maturities of these items. Derivative instruments: The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risks to the contracts, are incorporated in the fair values to account for potential nonperformance risk. Notes payable: The fair value of the Company’s notes payable is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs. The following were the face values, carrying amounts and fair values of the Company’s notes payable as of June 30, 2021 and December 31, 2020, which carrying amounts generally do not approximate the fair values (in thousands): June 30, 2021 December 31, 2020 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 98,994 $ 98,743 $ 98,356 $ 96,994 $ 96,623 $ 95,036 Disclosure of the fair values of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. The actual value could be materially different from the Company’s estimate of value. As of June 30, 2021, the Company measured the following derivative instruments at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Liability derivative - interest rate swaps $ (1,389) $ — $ (1,389) $ —

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Pursuant to the Advisory Agreement, the Company is obligated to pay the Advisor specified fees upon the provision of certain services related to the investment of funds in real estate, management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). The Company is also obligated to reimburse the Advisor for acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. The Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as detailed in the Advisory Agreement. In addition, the Advisor has paid all offering expenses related to the Second Private Offering without reimbursement by the Company. In addition, in connection with certain property acquisitions, the Company, through indirect wholly owned subsidiaries, has entered into separate Property Management Agreements (defined below) with KBS Management Group, LLC, an affiliate of the Advisor (the “Co-Manager”). The Company has also entered into a fee reimbursement agreement with the Dealer Manager pursuant to which the Company agreed to reimburse the Dealer Manager for certain fees and expenses it incurs for administering the Company’s participation in the DTCC Alternative Investment Product Platform with respect to certain accounts of the Company’s investors serviced through the platform. The Advisor also serves as the advisor for KBS Real Estate Investment Trust II, Inc. (“KBS REIT II”) and KBS Real Estate Investment Trust III, Inc. (“KBS REIT III”). The Dealer Manager also serves as the dealer manager for KBS REIT II and KBS REIT III. As of January 1, 2020, the Company, together with KBS REIT II, KBS REIT III, the Dealer Manager, the Advisor and other KBS affiliated entities, had entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage were shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each of the various entities covered by the program and is billed directly to each entity. In June 2021, the Company renewed its participation in the program. The program is effective through June 30, 2022. During the six months ended June 30, 2021 and 2020, no other business transactions occurred between the Company and KBS REIT II and KBS REIT III. Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2021 and 2020, and any related amounts payable as of June 30, 2021 and December 31, 2020 (in thousands). Incurred Payable as of Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2021 2020 2021 2020 2021 2020 Expensed Asset management fees (1) $ 434 $ 426 $ 862 $ 861 $ 6,763 $ 5,901 Reimbursement of operating expenses (2) 71 98 164 152 25 25 Property management fees (3) 28 35 59 70 9 11 Disposition fees (4) — — — 381 — — Other Arrangement Advisor advance for cash distributions (5) — — — — 1,338 1,338 $ 533 $ 559 $ 1,085 $ 1,464 $ 8,135 $ 7,275 _____________________ (1) The asset management fee is a monthly fee payable to the Advisor in an amount equal to one-twelfth of 1.0% of the cost of the Company’s investments including the portion of the investment that is debt financed. As of June 30, 2021, the Company had accrued and deferred payment of $6.8 million of asset management fees related to the periods from October 2017 through June 2021. (2) See “Reimbursable Operating Expenses” below. (3) See “Real Estate Property Co-Management Agreements” below. (4) Disposition fees with respect to real estate sold are included in the gain on sale of real estate, net, in the accompanying consolidated statements of operations. (5) See “Advance from the Advisor” below. Reimbursable Operating Expenses Reimbursable operating expenses primarily related to directors and officers liability insurance, legal fees, state and local taxes, accounting software and cybersecurity related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $70,000 and $159,000 for the three and six months ended June 30, 2021, respectively, and $98,000 and $152,000 for the three and six months ended June 30, 2020, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the three and six months ended June 30, 2021 and 2020, respectively. The Company does not reimburse for employee costs in connection with services for which the Advisor earned or earns acquisition, origination or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. Effective September 29, 2017, the Company eliminated its obligation to reimburse expenses incurred by the Advisor in connection with providing services pursuant to the Advisory Agreement, other than (i) the allocable portion of the costs of the internal audit department and (ii) promotional costs and expenses related to the leasing of properties. The Advisor must reimburse the Company the amount by which the Company’s aggregate total operating expenses for the four fiscal quarters then ended exceed the greater of 2% of the Company’s average invested assets or 25% of the Company’s net income, unless the conflicts committee has determined that such excess expenses were justified based on unusual and non-recurring factors. Operating expenses for the four fiscal quarters ended June 30, 2021 exceeded the charter-imposed limitation; however, the Company’s conflicts committee determined that the relationship of the Company’s operating expenses to its average invested assets was justified given that the Company’s board of directors and conflicts committee consider the Company to be in its liquidation stage. Advance from the Advisor The Advisor advanced funds to the Company, which are non-interest bearing, for distribution record dates through the period ended May 31, 2016. As of June 30, 2021, the total advanced funds due to the Advisor from the Company was approximately $1.3 million, which is included in due to affiliates in the Company’s consolidated balance sheet. The Company is only obligated to repay the Advisor for its advance if and to the extent that: (i) the Company’s modified funds from operations (“MFFO”), as such term is defined by the Institute for Portfolio Alternatives and interpreted by the Company, for the immediately preceding quarter exceeds the amount of cash distributions declared for record dates of such prior quarter (an “MFFO Surplus”), and the Company will pay the Advisor the amount of the MFFO Surplus to reduce the principal amount outstanding under the advance, provided that such payments shall only be made if management in its sole discretion expects an MFFO Surplus to be recurring for at least the next two calendar quarters, determined on a quarterly basis; (ii) Excess proceeds from third-party financings are available (“Excess Proceeds”), provided that the amount of any such Excess Proceeds that may be used to repay the principal amount outstanding under the advance shall be determined by the conflicts committee in its sole discretion; or (iii) Net sales proceeds from the sale of the Company’s real estate portfolio are available. In determining whether Excess Proceeds are available to repay the advance, the Company’s conflicts committee will consider whether cash on hand could have been used to reduce the amount of third-party financing provided to us. If such cash could have been used instead of third-party financing, the third-party financing proceeds will be available to repay the advance. The Advisor may defer repayment of the advance notwithstanding that the Company would otherwise be obligated to repay the advance. Real Estate Property Co-Management Agreements In connection with its property acquisitions, the Company, through separate, indirect, wholly-owned subsidiaries, entered into separate property management agreements (each, a “Property Management Agreement”) with the Co-Manager for each of its properties. Under each Property Management Agreement, the Co-Manager will provide certain management services related to these properties in addition to those provided by the third-party property managers. In exchange for these services, the Company pays the Co-Manager a monthly fee equal to a percentage of the rent, payable and actually collected for the month from each of the properties. Each Property Management Agreement has an initial term of one year and will be deemed renewed for successive one Property Name Effective Date Annual Fee Percentage Commonwealth Building 07/01/2016 1.25% The Offices at Greenhouse 11/14/2016 0.25% Institute Property 11/09/2017 1.00% Organization and Offering Costs Offering costs include all expenses incurred in connection with the offerings of securities by the Company. Organization costs include all expenses incurred in connection with the formation of the Company, including but not limited to legal fees and other costs to incorporate the Company. The Advisor or its affiliates have paid some of the offering costs related to the Company’s distribution reinvestment plan offering (the “DRP”), including, but not limited to, legal, accounting, printing, mailing and filing fees of the Company. The Company was responsible for reimbursing the Advisor for these costs. No reimbursements made by the Company to the Advisor may cause total organization and offering expenses incurred by the Company to exceed 15% of the aggregate gross offering proceeds of the DRP as of the date of reimbursement. Subject to the limitations described above, the Company was also responsible for reimbursing the Dealer Manager or its affiliates for organization and offering expenses that they incurred on the Company’s behalf. On August 5, 2020, the Company’s board of directors approved the termination of the DRP effective August 20, 2020. From January 1, 2020 through August 20, 2020, with respect to the DRP, neither the Advisor nor the Dealer Manager incurred any organization and offering expenses on behalf of the Company. The Advisor agreed to pay all organization and offering expenses related to the Second Private Offering, including selling commissions, directly on behalf of the Company without reimbursement by the Company. From the inception of the Second Private Offering through August 5, 2020, the Advisor incurred approximately $5.5 million of organization and offering expenses related to the Second Private Offering on behalf of the Company. On August 5, 2020, the Company’s board of directors terminated the Second Private Offering.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Economic Dependency The Company depends on the Advisor for certain services that are essential to the Company, including the management of the daily operations of the Company’s investment portfolio, disposition of investments and other general and administrative responsibilities. In the event that the Advisor is unable to provide such services, the Company will be required to obtain such services from other sources. Legal Matters From time to time, the Company may become party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company’s results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote. Environmental 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. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s property, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the property could result in future environmental liabilities.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Distributions Authorized On August 11, 2021, the Company’s board of directors authorized a quarterly distribution in the amount of 0.04287500 per share of common stock to stockholders of record as of the close of business on September 3, 2021, which the Company expects to pay in September 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements.  In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods.  Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
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.  All significant intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	The preparation of the consolidated financial statements and the accompanying notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Segments	The Company had invested in four office properties as of June 30, 2021. Substantially all of the Company’s revenue and net loss is from real estate, and therefore, the Company currently operates in one reportable segment.
Per Share Data	Basic net income (loss) per share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding for the six months ended June 30, 2021 and 2020. Basic and diluted net income (loss) per share of Class A common stock and basic and diluted net income (loss) per share of Class T common stock were equal for the three and six months ended June 30, 2021 and 2020 as aggregate cash distributions for each share class were equal during those periods. During the three months ended June 30, 2021 and 2020, aggregate cash distributions declared per share of Class A and Class T common stock were $0.04287500 and $0.06322500, respectively. During the six months ended June 30, 2021 and 2020, aggregate cash distributions declared per share of Class A and Class T common stock were $0.08575000 and $0.12645000, respectively, assuming the share was issued and outstanding each date that was a record date for distributions during the period. Distributions declared per common share of Class A and Class T common stock were $0.04287500 per share for each quarter during the period from January 1, 2021 through June 30, 2021. Distributions declared per common share of Class A and Class T common stock were $0.02107500 per share for each month during the period from January 1, 2020 through June 30, 2020.
Square Footage, Occupancy and Other Measures	Square footage, occupancy, number of tenants and other measures, including annualized base rent and annualized base rent per square foot, or amounts derived from such measures, used to describe real estate investments included in these condensed notes to consolidated financial statements are presented on an unaudited basis 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 March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”) to provide temporary optional expedients and exceptions to the guidance in GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). Modified contracts that meet the following criteria are eligible for relief from the modification accounting requirements under GAAP: (1) The contract references LIBOR or another rate that is expected to be discontinued due to reference rate reform, (2) The modified terms directly replace or have the potential to replace the reference rate that is expected to be discontinued due to reference rate reform, and (3) Any contemporaneous changes to other terms (i.e., those that do not directly replace or have the potential to replace the reference rate) that change or have the potential to change the amount and timing of contractual cash flows must be related to the replacement of the reference rate. For a contract that meets the criteria, the guidance generally allows an entity to account for and present modifications as an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. That is, the modified contract is accounted for as a continuation of the existing contract. In addition, ASU No. 2020-04 provides various optional expedients for hedging relationships affected by reference rate reform, if certain criteria are met. The amendments in ASU No. 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in ASU No. 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. For the period from January 1, 2020 (the earliest date the Company may elect to apply ASU No. 2020-04) through June 30, 2021, 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”). The Company adopted the lease accounting standards of Topic 842 beginning January 1, 2019. Under Topic 842, subsequent changes to lease payments that are not stipulated in the original lease contract are generally accounted for as lease modifications. Some contracts may contain explicit or implicit enforceable rights and obligations that require lease concessions if certain circumstances arise that are beyond the control of the parties to the contract. If a lease contract provides enforceable rights and obligations for concessions in the contract and no changes are made to that contract, the concessions are not accounted for under the lease modification guidance in Topic 842. If concessions granted by lessors are beyond the enforceable rights and obligations in the contract, entities would generally account for those concessions in accordance with the lease modification guidance in Topic 842. Because of the unprecedented and global nature of the COVID-19 pandemic, the FASB staff is aware that it may be exceedingly challenging for entities to determine whether existing contracts provide enforceable rights and obligations for lease concessions and whether those concessions are consistent with the terms of the contract or are modifications to the contract. As such, the FASB staff believes that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 to those contracts. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. For example, this election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. The FASB staff expects that reasonable judgment will be exercised in making those determinations. Some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. A deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes are more preferable than the others. Two of those methods are: (1) Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period and (2) Account for the deferred payments as variable lease payments.
Fair Value Measurement	Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of long-lived assets). Fair value, as defined under GAAP, is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.

REAL ESTATE (Tables)

REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Schedule of Real Estate	The following table provides summary information regarding the properties owned by the Company as of June 30, 2021 (in thousands): Property Date Acquired City State Property Type Total Real Estate at Cost (1) Accumulated Depreciation and Amortization (1) Total Real Estate, Net (1) Commonwealth Building 06/30/2016 Portland OR Office $ 77,149 $ (14,378) $ 62,771 The Offices at Greenhouse 11/14/2016 Houston TX Office 47,211 (10,933) 36,278 Institute Property 11/09/2017 Chicago IL Office 37,602 (2,076) 35,526 210 W. Chicago 10/05/2020 Chicago IL Office 4,780 (155) 4,625 $ 166,742 $ (27,542) $ 139,200 _____________________
Schedules of Concentration of Risk, by Risk Factor	As of June 30, 2021, the following properties each represented more than 10% of the Company’s total assets: Property Location Rentable Total Real Estate, Net Percentage of Annualized Base Rent (in thousands) (1) Average Annualized Base Rent per sq. ft. Occupancy Commonwealth Building Portland, OR 224,122 $ 62,771 41.8 % $ 4,593 $ 30.57 67.0 % The Offices at Greenhouse Houston, TX 203,284 36,278 24.2 % 4,212 20.72 100.0 % Institute Property Chicago, IL 155,385 35,526 23.7 % 3,355 27.52 78.5 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of June 30, 2021, 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 Future Minimum Rental Income for Company's Properties	As of June 30, 2021, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands): July 1, 2021 through December 31, 2021 $ 6,409 2022 10,534 2023 9,439 2024 8,347 2025 3,411 Thereafter 7,612 $ 45,752
Schedules of Concentration of Risk, by Industry	As of June 30, 2021, the Company’s real estate properties were leased to 58 tenants over a diverse range of industries. The Company’s highest tenant industry concentration (greater than 10% of annualized base rent) was as follows: Industry Number of Tenants Annualized Base Rent (1) (in thousands) Percentage of Annualized Base Rent Professional, scientific and technical 8 $ 4,481 35.2 % Computer system design and related services 3 1,422 11.2 % $ 5,903 46.4 % _____________________

TENANT ORIGINATION AND ABSORP_2

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities	As of June 30, 2021 and December 31, 2020, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination and Above-Market Below-Market June 30, December 31, 2020 June 30, December 31, 2020 June 30, December 31, 2020 Cost $ 10,194 $ 11,068 $ 178 $ 177 $ (3,433) $ (5,114) Accumulated Amortization (6,194) (6,210) (96) (85) 2,326 3,605 Net Amount $ 4,000 $ 4,858 $ 82 $ 92 $ (1,107) $ (1,509)
Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities	Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Three Months Ended For the Three Months Ended For the Three Months Ended 2021 2020 2021 2020 2021 2020 Amortization $ (420) $ (518) $ (5) $ (8) $ 232 $ 270 Tenant Origination and Above-Market Below-Market For the Six Months Ended For the Six Months Ended For the Six Months Ended 2021 2020 2021 2020 2021 2020 Amortization $ (857) $ (1,089) $ (10) $ (15) $ 402 $ 555

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Payable [Abstract]
Schedule of Long-term Debt Instruments	As of June 30, 2021 and December 31, 2020, the Company’s notes payable consisted of the following (dollars in thousands): Book Value as of June 30, 2021 Book Value as of December 31, 2020 Contractual Interest Rate as of June 30, 2021 (1) Effective Interest Rate at June 30, 2021 (1) Payment Type Maturity Date (2) Commonwealth Building Mortgage Loan (3) $ 45,681 $ 45,681 One-month LIBOR + 1.80% 3.74% Interest Only 02/01/2023 Term Loan (4) 49,550 47,550 One-month LIBOR + 2.00% 4.03% Interest Only 11/09/2021 210 W. Chicago Mortgage Loan 3,763 3,763 One-month LIBOR + 2.20% 2.33% (5) 06/28/2024 Notes payable principal outstanding $ 98,994 $ 96,994 Deferred financing costs, net (251) (371) Notes payable, net $ 98,743 $ 96,623 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2021. Effective interest rate is calculated as the actual interest rate in effect as of June 30, 2021 (consisting of the contractual interest rate and the effect of interest rate swaps, if applicable), using interest rate indices as of June 30, 2021, where applicable. (2) Represents the maturity date as of June 30, 2021; subject to certain conditions, the maturity dates of the loans may be extended beyond the dates shown. (3) As of June 30, 2021, there are two one (4) As of June 30, 2021, the outstanding balance under the Term Loan consisted of $39.4 million of term commitment and $10.1 million of revolving commitment. As of June 30, 2021, there is a one
Schedule of Maturities of Long-term Debt	The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of June 30, 2021 (in thousands): July 1, 2021 through December 31, 2021 $ 49,652 2022 208 2023 45,894 2024 3,240 2025 — Thereafter — $ 98,994

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional and Fair Value of Interest Rate Swaps	The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of June 30, 2021 and December 31, 2020. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands): June 30, 2021 December 31, 2020 Weighted-Average Weighted-Average Remaining Term in Years Derivative Instruments Number of Instruments Notional Amount Number of Instruments Notional Amount Reference Rate as of June 30, 2021 Derivative instruments not designated as hedging instruments Interest Rate Swaps 2 $ 78,533 2 $ 78,533 One-month LIBOR/ Fixed at 2.07% - 2.82% 2.36% 0.8
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 (dollars in thousands): June 30, 2021 December 31, 2020 Derivative Instruments Balance Sheet Location Number of Fair Value Number of Fair Value Derivative instruments not designated as hedging instruments Interest Rate Swaps Other liabilities, at fair value 2 $ (1,389) 2 $ (2,239)
Schedule of Derivative Instruments in Statement of Operations	The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Income statement related Derivatives not designated as hedging instruments Realized loss recognized on interest rate swaps $ 445 $ 367 $ 881 $ 499 Unrealized (gain) loss on interest rate swaps (417) (185) (850) 1,581 Increase in interest expense as a result of derivatives $ 28 $ 182 $ 31 $ 2,080

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Face Value, Carrying Amounts and Fair Value	The following were the face values, carrying amounts and fair values of the Company’s notes payable as of June 30, 2021 and December 31, 2020, which carrying amounts generally do not approximate the fair values (in thousands): June 30, 2021 December 31, 2020 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 98,994 $ 98,743 $ 98,356 $ 96,994 $ 96,623 $ 95,036
Fair Value Measurements, Recurring and Nonrecurring	As of June 30, 2021, the Company measured the following derivative instruments at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Liability derivative - interest rate swaps $ (1,389) $ — $ (1,389) $ —

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2021 and 2020, and any related amounts payable as of June 30, 2021 and December 31, 2020 (in thousands). Incurred Payable as of Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2021 2020 2021 2020 2021 2020 Expensed Asset management fees (1) $ 434 $ 426 $ 862 $ 861 $ 6,763 $ 5,901 Reimbursement of operating expenses (2) 71 98 164 152 25 25 Property management fees (3) 28 35 59 70 9 11 Disposition fees (4) — — — 381 — — Other Arrangement Advisor advance for cash distributions (5) — — — — 1,338 1,338 $ 533 $ 559 $ 1,085 $ 1,464 $ 8,135 $ 7,275 _____________________ (1) The asset management fee is a monthly fee payable to the Advisor in an amount equal to one-twelfth of 1.0% of the cost of the Company’s investments including the portion of the investment that is debt financed. As of June 30, 2021, the Company had accrued and deferred payment of $6.8 million of asset management fees related to the periods from October 2017 through June 2021. (2) See “Reimbursable Operating Expenses” below. (3) See “Real Estate Property Co-Management Agreements” below. (4) Disposition fees with respect to real estate sold are included in the gain on sale of real estate, net, in the accompanying consolidated statements of operations. (5) See “Advance from the Advisor” below.
Schedule of Annual Fee Percentage	Property Name Effective Date Annual Fee Percentage Commonwealth Building 07/01/2016 1.25% The Offices at Greenhouse 11/14/2016 0.25% Institute Property 11/09/2017 1.00%

ORGANIZATION (Details)

ORGANIZATION (Details)	Aug. 11, 2015USD ($)shares	Jun. 30, 2021USD ($)propertyshares	Jun. 30, 2020USD ($)shares	Jun. 30, 2021USD ($)propertyshares	Jun. 30, 2020USD ($)shares	Apr. 30, 2021USD ($)	Jun. 30, 2021USD ($)propertyshares	Jun. 30, 2021USD ($)propertyshares	Dec. 31, 2020shares	Oct. 03, 2017shares	Jun. 11, 2015shares	Feb. 04, 2015USD ($)	Jan. 27, 2015$ / sharesshares
Organizational Structure [Line Items]
Core property, minimum percent of occupancy		80.00%		80.00%			80.00%	80.00%
Issuance of common stock | $			$ 190,000		$ 459,000
Redemptions of common stock | $		$ 21,000	$ 200,000	$ 67,000	$ 200,000
Granted rent deferrals | $						$ 200,000
Grants in rent abatements | $						$ 700,000
Period to present liquidation plan				6 months
Customer Concentration Risk | Revenue | Retail Tenants
Organizational Structure [Line Items]
Concentration risk, percentage		7.00%
Class A Common Stock
Organizational Structure [Line Items]
Common stock, shares issued (in shares)		9,860,141		9,860,141			9,860,141	9,860,141	9,873,729
Redemptions of common stock | $								$ 3,800,000
Class T Common Stock
Organizational Structure [Line Items]
Common stock, shares issued (in shares)		310,974		310,974			310,974	310,974	310,974
Maximum | Class A Common Stock | Second Private Placement
Organizational Structure [Line Items]
Shares authorized for issuance										1,000,000,000
Common Stock | Public Offering
Organizational Structure [Line Items]
Issuance of common stock | $								$ 3,900,000
Stock issued during period, dividend reinvestment plan | $								$ 8,500,000
Common Stock | Class A Common Stock
Organizational Structure [Line Items]
Shares authorized for dividend reinvestment plan											5,000,000
Issuance of common stock (in shares)	46,362		20,846		50,357
Issuance of common stock | $	$ 300,000		$ 0		$ 1,000
Redemptions of common stock (in shares)		4,120	23,736	13,588	23,736			460,441
Common Stock | Class A Common Stock | Private Placement
Organizational Structure [Line Items]
Issuance of common stock (in shares)							8,548,972
Issuance of common stock | $							$ 76,800,000
Stock issued during period, dividend reinvestment plan (in shares)							74,744
Stock issued during period, dividend reinvestment plan | $							$ 700,000
Common Stock | Class A Common Stock | Public Offering
Organizational Structure [Line Items]
Issuance of common stock (in shares)								122,721
Stock issued during period, dividend reinvestment plan (in shares)								883,256
Common Stock | Class A Common Stock | Second Private Offering
Organizational Structure [Line Items]
Issuance of common stock (in shares)							612,272
Issuance of common stock | $							$ 5,500,000
Common Stock | Class T Common Stock
Organizational Structure [Line Items]
Issuance of common stock (in shares)			1,706		4,126
Redemptions of common stock (in shares)		0	0		0			2,245
Common Stock | Class T Common Stock | Public Offering
Organizational Structure [Line Items]
Issuance of common stock (in shares)								270,415
Stock issued during period, dividend reinvestment plan (in shares)								41,030
Common Stock | Maximum
Organizational Structure [Line Items]
Shares authorized for issuance, value | $												$ 1,500,000,000
Shares authorized for dividend reinvestment plan | $												$ 800,000,000
Common Stock | Maximum | Class A Common Stock
Organizational Structure [Line Items]
Shares authorized for issuance											105,000,000
Office Building
Organizational Structure [Line Items]
Number of real estate properties | property		4		4			4	4
KBS Capital Advisors LLC
Organizational Structure [Line Items]
Common stock, shares issued (in shares)													20,000
Purchase price per share (in usd per share) | $ / shares													$ 10
KBS Growth & Income Limited Partnership
Organizational Structure [Line Items]
Managing member or general partner, ownership interest				0.10%
Members or limited partners, ownership interest				99.90%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Millions	6 Months Ended	13 Months Ended
	Jun. 30, 2021USD ($)propertysegment	Apr. 30, 2021USD ($)
Accounting Policies [Abstract]
Number of reportable segments | segment	1
Grants in rent abatements		$ 0.7
Receivables for lease payments	$ 0.1
Rental abatements granted to tenants	$ 0.5
Real Estate Properties [Line Items]
Granted rent deferrals		$ 0.2
Office Building
Real Estate Properties [Line Items]
Number of real estate properties | property	4

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Per Share Data (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Abstract]
Potentially dilutive securities			0	0
Class A Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Distributions declared per share (in dollars per share)	$ 0.04287500	$ 0.06322500	$ 0.08575000	$ 0.12645000
Distribution rate per share per quarter, declared (in dollars per share)			0.04287500
Distribution rate per share per month, declared (in dollars per share)				0.02107500
Class T Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Distributions declared per share (in dollars per share)	$ 0.04287500	$ 0.06322500	0.08575000	0.12645000
Distribution rate per share per quarter, declared (in dollars per share)			$ 0.04287500
Distribution rate per share per month, declared (in dollars per share)				$ 0.02107500

REAL ESTATE - Additional Inform

REAL ESTATE - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021ft²tenantproperty	Jun. 30, 2020USD ($)
Real Estate Properties [Line Items]
Impairment charges | $		$ 5.8
Institute Property
Real Estate Properties [Line Items]
Number of tenants with granted rent concessions | tenant	9
Office Building
Real Estate Properties [Line Items]
Number of real estate properties | property	4
Rentable Square Feet | ft²	599,030
Occupancy	82.10%

REAL ESTATE - Schedule of Real

REAL ESTATE - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Total Real Estate at Cost	$ 166,742	$ 167,352
Accumulated Depreciation and Amortization	(27,542)	(24,716)
Total real estate, net	139,200	$ 142,636
Commonwealth Building | Office Building
Real Estate Properties [Line Items]
Total Real Estate at Cost	77,149
Accumulated Depreciation and Amortization	(14,378)
Total real estate, net	62,771
The Offices at Greenhouse | Office Building
Real Estate Properties [Line Items]
Total Real Estate at Cost	47,211
Accumulated Depreciation and Amortization	(10,933)
Total real estate, net	36,278
Institute Property | Office Building
Real Estate Properties [Line Items]
Total Real Estate at Cost	37,602
Accumulated Depreciation and Amortization	(2,076)
Total real estate, net	35,526
210 W. Chicago | Office Building
Real Estate Properties [Line Items]
Total Real Estate at Cost	4,780
Accumulated Depreciation and Amortization	(155)
Total real estate, net	$ 4,625

REAL ESTATE - Assets Concentrat

REAL ESTATE - Assets Concentration Risk (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)ft²$ / ft²	Dec. 31, 2020USD ($)
Concentration Risk [Line Items]
Total real estate, net	$ 139,200	$ 142,636
Annualized Base Rent	5,903
Customer Concentration Risk
Concentration Risk [Line Items]
Annualized Base Rent	$ 2,900
Average Annualized Base Rent per sq. ft. | $ / ft²	21.37
Commonwealth Building | Assets, Total | Customer Concentration Risk
Concentration Risk [Line Items]
Rentable Square Feet | ft²	224,122
Total real estate, net	$ 62,771
Percentage of Total Assets	41.80%
Annualized Base Rent	$ 4,593
Average Annualized Base Rent per sq. ft. | $ / ft²	30.57
Occupancy	67.00%
The Offices at Greenhouse | Assets, Total | Customer Concentration Risk
Concentration Risk [Line Items]
Rentable Square Feet | ft²	203,284
Total real estate, net	$ 36,278
Percentage of Total Assets	24.20%
Annualized Base Rent	$ 4,212
Average Annualized Base Rent per sq. ft. | $ / ft²	20.72
Occupancy	100.00%
Institute Property | Assets, Total | Customer Concentration Risk
Concentration Risk [Line Items]
Rentable Square Feet | ft²	155,385
Total real estate, net	$ 35,526
Percentage of Total Assets	23.70%
Annualized Base Rent	$ 3,355
Average Annualized Base Rent per sq. ft. | $ / ft²	27.52
Occupancy	78.50%

REAL ESTATE - Operating Leases,

REAL ESTATE - Operating Leases, Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Operating Leased Assets [Line Items]
Recognition of deferred revenue	$ (176)	$ (117)
Deferred rent receivables	3,100		$ 2,600
Unamortized lease incentives	800		100
Other liabilities, at fair value
Operating Leased Assets [Line Items]
Security deposit liability	$ 700		$ 800
Maximum
Operating Leased Assets [Line Items]
Remaining terms	9 years 8 months 12 days
Weighted Average
Operating Leased Assets [Line Items]
Remaining terms	3 years 4 months 24 days

REAL ESTATE - Future Minimum Re

REAL ESTATE - Future Minimum Rental Income (Details) $ in Thousands	Jun. 30, 2021USD ($)
Real Estate [Abstract]
July 1, 2021 through December 31, 2021	$ 6,409
2022	10,534
2023	9,439
2024	8,347
2025	3,411
Thereafter	7,612
Future minimum rental income	$ 45,752

REAL ESTATE - Concentration Ris

REAL ESTATE - Concentration Risk (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)ft²tenantextension$ / ft²
Concentration Risk [Line Items]
Number of tenants | tenant	58
Annualized base rent | $	$ 5,903
Customer Concentration Risk
Concentration Risk [Line Items]
Annualized base rent | $	$ 2,900
Average Annualized Base Rent per sq. ft. | $ / ft²	21.37
Customer Concentration Risk | Expires on December 31, 2024
Concentration Risk [Line Items]
Extension options | extension	2
Extension period	5 years
Customer Concentration Risk | Annualized Rent
Concentration Risk [Line Items]
Number of tenants | tenant	1
Customer Concentration Risk | Annualized Rent | AECOM
Concentration Risk [Line Items]
Concentration risk, percentage	23.00%
Customer Concentration Risk | Rentable Square Feet
Concentration Risk [Line Items]
Net rentable area | ft²	135,727
Customer Concentration Risk | Rentable Square Feet | AECOM
Concentration Risk [Line Items]
Concentration risk, percentage	23.00%

REAL ESTATE - Highest Tenant In

REAL ESTATE - Highest Tenant Industry Concentrations - Greater than 10% of Annual Base Rent (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)tenant
Concentration Risk [Line Items]
Number of Tenants | tenant	58
Annualized Base Rent	$ 5,903
Customer Concentration Risk
Concentration Risk [Line Items]
Annualized Base Rent	$ 2,900
Industry | Customer Concentration Risk | Revenue
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	46.40%
Professional, scientific and technical
Concentration Risk [Line Items]
Number of Tenants | tenant	8
Annualized Base Rent	$ 4,481
Professional, scientific and technical | Customer Concentration Risk | Revenue
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	35.20%
Computer system design and related services
Concentration Risk [Line Items]
Number of Tenants | tenant	3
Annualized Base Rent	$ 1,422
Computer system design and related services | Customer Concentration Risk | Revenue
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	11.20%

TENANT ORIGINATION AND ABSORP_3

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination And Absorption Costs, Cost	$ 10,194		$ 10,194		$ 11,068
Tenant Origination and Absorption Costs, Accumulated Amortization	(6,194)		(6,194)		(6,210)
Tenant Origination and Absorption Costs, Net Amount	4,000		4,000		4,858
Tenant Origination and Absorption Costs, Amortization	(420)	$ (518)	(857)	$ (1,089)
Above-Market Lease Assets, Cost	178		178		177
Above-Market Lease Assets, Accumulated Amortization	(96)		(96)		(85)
Above-Market Lease Assets, Net Amount	82		82		92
Above-Market Lease Assets, Amortization	(5)	(8)	(10)	(15)
Below-Market Lease Liabilities, Cost	(3,433)		(3,433)		(5,114)
Below-Market Lease Liabilities, Accumulated Amortization	2,326		2,326		3,605
Below-Market Lease Liabilities, Net Amount	(1,107)		(1,107)		$ (1,509)
Below-Market Lease Liabilities, Amortization	$ 232	$ 270	$ 402	$ 555

NOTES PAYABLE - Schedule of Lon

NOTES PAYABLE - Schedule of Long-term Debt Instruments (Details) $ in Thousands	Jul. 05, 2021	Jun. 30, 2021USD ($)extension	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Notes payable principal outstanding		$ 98,994	$ 96,994
Deferred financing costs, net		(251)	(371)
Notes payable, net		98,743	96,623
Mortgage | Commonwealth Building Mortgage Loan
Debt Instrument [Line Items]
Notes payable principal outstanding		$ 45,681	45,681
Effective Interest Rate		3.74%
Number of extensions | extension		2
Extension period		1 year
Amount outstanding		$ 45,700
Unused borrowing capacity, amount		$ 5,700
Mortgage | Commonwealth Building Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.80%
Mortgage | 210 W. Chicago Mortgage Loan
Debt Instrument [Line Items]
Notes payable principal outstanding		$ 3,763	3,763
Effective Interest Rate		2.33%
Mortgage | 210 W. Chicago Mortgage Loan | Forecast
Debt Instrument [Line Items]
Amortization schedule	25 years
Stated percentage	6.00%
Mortgage | 210 W. Chicago Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.20%
Secured Debt | Term Loan
Debt Instrument [Line Items]
Notes payable principal outstanding		$ 49,550	$ 47,550
Effective Interest Rate		4.03%
Extension period		1 year
Amount outstanding		$ 39,400
Secured Debt | Term Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Amount outstanding		$ 10,100
Secured Debt | Term Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%

NOTES PAYABLE - Additional Info

NOTES PAYABLE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Notes Payable [Abstract]
Interest expense	$ 608	$ 849	$ 1,181	$ 3,737
Interest payable, current	300		300		$ 300
Amortization of deferred financing costs	100	100	120	163
Interest Rate Swaps
Derivative [Line Items]
Unrealized gain (loss) on derivatives	$ 28	$ 200	$ 31	$ 2,100

NOTES PAYABLE - Schedule of Mat

NOTES PAYABLE - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Notes Payable [Abstract]
April 1, 2021 through December 31, 2021	$ 49,652
2022	208
2023	45,894
2024	3,240
2025	0
Thereafter	0
Total notes payable, net	$ 98,994	$ 96,994

DERIVATIVE INSTRUMENTS - Notion

DERIVATIVE INSTRUMENTS - Notional Amount (Details) - Derivative instruments not designated as hedging instruments - Interest Rate Swaps	6 Months Ended
	Jun. 30, 2021USD ($)investment	Dec. 31, 2020USD ($)investment
Derivative [Line Items]
Number of Instruments | investment	2	2
Notional Amount | $	$ 78,533,000	$ 78,533,000
Weighted-Average Fix Pay Rate	2.36%
Weighted-Average Remaining Term in Years	9 months 18 days
Minimum | One-month LIBOR
Derivative [Line Items]
Reference Rate	2.07%
Maximum | One-month LIBOR
Derivative [Line Items]
Reference Rate	2.82%

DERIVATIVE INSTRUMENTS - Balanc

DERIVATIVE INSTRUMENTS - Balance Sheet (Details) - Derivative instruments not designated as hedging instruments - Interest Rate Swaps $ in Thousands	Jun. 30, 2021USD ($)investment	Dec. 31, 2020USD ($)investment
Derivative [Line Items]
Number of Instruments	2	2
Other liabilities, at fair value
Derivative [Line Items]
Number of Instruments	2	2
Liability, Fair Value | $	$ (1,389)	$ (2,239)

DERIVATIVE INSTRUMENTS - Statem

DERIVATIVE INSTRUMENTS - Statement of Operations (Details) - Interest Rate Swaps - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Unrealized (gain) loss on interest rate swaps	$ (28)	$ (200)	$ (31)	$ (2,100)
Derivative instruments not designated as hedging instruments
Derivative [Line Items]
Realized loss recognized on interest rate swaps	445	367	881	499
Unrealized (gain) loss on interest rate swaps	(417)	(185)	(850)	1,581
Increase in interest expense as a result of derivatives	$ 28	$ 182	$ 31	$ 2,080

FAIR VALUE DISCLOSURES - Carryi

FAIR VALUE DISCLOSURES - Carrying Amounts of Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Face Value	$ 98,994	$ 96,994
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Value	98,743	96,623
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Value	$ 98,356	$ 95,036

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Assets and Liabilities at Fair Value (Details) - Recurring Basis - Interest Rate Swaps $ in Thousands	Jun. 30, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivative - interest rate swaps	$ (1,389)
Quoted Prices in Active Markets  for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivative - interest rate swaps	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivative - interest rate swaps	(1,389)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability derivative - interest rate swaps	$ 0

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		31 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 05, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Payment for administrative fees	$ 70	$ 98	$ 159	$ 152
Limit of total operating expenses as a percent of net income for the four most recently completed fiscal quarters	2.00%		2.00%
Limit of total operating expenses as a percent of average invested assets	25.00%		25.00%
Due to affiliates	$ 8,135		$ 8,135			$ 7,275
Second Private Placement | KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Amounts of transaction					$ 5,500
Maximum
Related Party Transaction [Line Items]
Reimbursable offering costs determination, gross offering costs, percentage	15.00%		15.00%

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related-party Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Payable as of	$ 8,135		$ 8,135		$ 7,275
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred	533	$ 559	1,085	$ 1,464
Payable as of	8,135		8,135		7,275
Advisor and Dealer Manager | Asset management fees
Related Party Transaction [Line Items]
Expenses	434	426	862	861
Payable as of	6,763		6,763		5,901
Advisor and Dealer Manager | Reimbursement of operating expenses
Related Party Transaction [Line Items]
Expenses	71	98	164	152
Payable as of	25		25		25
Advisor and Dealer Manager | Property management fees
Related Party Transaction [Line Items]
Expenses	28	35	59	70
Payable as of	9		9		11
Advisor and Dealer Manager | Disposition fees
Related Party Transaction [Line Items]
Expenses	0	0	0	381
Payable as of	0		0		0
Advisor and Dealer Manager | Advisor advance for cash distributions
Related Party Transaction [Line Items]
Incurred	0	$ 0	0	$ 0
Payable as of	$ 1,338		$ 1,338		$ 1,338
KBS Capital Advisors LLC | Cost of Investments
Related Party Transaction [Line Items]
Property management fee, percent fee			1.00%

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - Real Estate Property Co-Management Agreements (Details) - KBS Management Group, LLC	6 Months Ended
	Jun. 30, 2021
Related Party Transaction [Line Items]
Initial term of management agreements	1 year
Successive periods, renewal	1 year
Period of termination notice	30 days
Period of termination notice with cause	5 days
Commonwealth Building
Related Party Transaction [Line Items]
Annual fee percentage	1.25%
The Offices at Greenhouse
Related Party Transaction [Line Items]
Annual fee percentage	0.25%
Institute Property
Related Party Transaction [Line Items]
Annual fee percentage	1.00%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Aug. 11, 2021$ / shares
Subsequent Event | Dividend Declared
Subsequent Event [Line Items]
Distributions declared per share (in dollars per share)	$ 0.04287500