KBS Growth & Income REIT (KBSG) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	false
Entity Shell Company	false
Entity Central Index Key	0001631256
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,838,569
Class T Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		307,606

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate:
Land	$ 16,764	$ 16,764
Buildings and improvements	91,954	91,904
Tenant origination and absorption costs	5,350	6,565
Total real estate, cost	114,068	115,233
Less accumulated depreciation and amortization	(15,270)	(15,233)
Total real estate, net	98,798	100,000
Cash and cash equivalents	4,050	5,281
Restricted cash	1,322	1,252
Rents and other receivables	5,756	5,452
Above-market leases, net	46	51
Due from affiliates	0	2
Prepaid expenses and other assets	2,990	2,872
Total assets	112,962	114,910
Liabilities and stockholders’ equity
Notes payable, net	103,601	102,099
Accounts payable and accrued liabilities	2,772	3,846
Due to affiliates	5,913	5,906
Below-market leases, net	392	436
Other liabilities	1,305	1,537
Total liabilities	113,983	113,824
Commitments and contingencies (Note 9)
Redeemable common stock	0	0
Stockholders’ (deficit) equity:
Preferred stock, $.01 par value; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	85,340	85,340
Cumulative distributions and net losses	(86,463)	(84,356)
Total stockholders’ (deficit) equity	(1,021)	1,086
Total liabilities and stockholders’ (deficit) equity	112,962	114,910
Class A Common Stock
Stockholders’ (deficit) equity:
Common stock	99	99
Class T Common Stock
Stockholders’ (deficit) equity:
Common stock	$ 3	$ 3

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	9,838,569	9,838,569
Common stock, shares outstanding (in shares)	9,838,569	9,838,569
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)	307,606	307,606
Common stock, shares outstanding (in shares)	307,606	307,606

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental income	$ 3,701,000	$ 3,686,000
Other operating income	33,000	41,000
Total revenues	3,734,000	3,727,000
Expenses:
Operating, maintenance, and management	897,000	883,000
Property management fees and expenses to affiliate	0	24,000
Real estate taxes and insurance	864,000	784,000
Asset management fees to affiliate	0	430,000
General and administrative expenses	514,000	621,000
Depreciation and amortization	1,351,000	1,548,000
Interest expense	2,244,000	452,000
Impairment charges on real estate	0	3,324,000
Total expenses	5,870,000	8,066,000
Other income:
Interest and other income	29,000	0
Total other income	29,000	0
Net loss	$ (2,107,000)	$ (4,339,000)
Net loss per common share, basic (in dollars per share)	$ (0.21)	$ (0.43)
Net loss per common share, diluted (in dollars per share)	$ (0.21)	$ (0.43)
Weighted-average number of common shares outstanding basic (in shares)	10,146,175	10,164,731
Weighted-average number of common shares outstanding diluted (in shares)	10,146,175	10,164,731

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY - USD ($) $ in Thousands	Total	Class A	Class T	Common Stock Class A	Common Stock Class T	Additional Paid-in Capital	Cumulative Distributions and Net Losses
Balance (in shares) at Dec. 31, 2021				9,855,330	310,974
Balance at Dec. 31, 2021	$ 20,800			$ 99	$ 3	$ 85,158	$ (64,460)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,339)						(4,339)
Transfers from redeemable common stock	14					14
Redemptions of common stock (in shares)				(4,278)
Redemptions of common stock	(14)					(14)
Balance (in shares) at Mar. 31, 2022				9,851,052	310,974
Balance at Mar. 31, 2022	16,461			$ 99	$ 3	85,158	(68,799)
Balance (in shares) at Dec. 31, 2022		9,838,569	307,606	9,838,569	307,606
Balance at Dec. 31, 2022	1,086			$ 99	$ 3	85,340	(84,356)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,107)						(2,107)
Balance (in shares) at Mar. 31, 2023		9,838,569	307,606	9,838,569	307,606
Balance at Mar. 31, 2023	$ (1,021)			$ 99	$ 3	$ 85,340	$ (86,463)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net loss	$ (2,107,000)	$ (4,339,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,351,000	1,548,000
Impairment charges on real estate	0	3,324,000
Deferred rents	(160,000)	(247,000)
Amortization of above and below-market leases, net	(39,000)	(90,000)
Amortization of deferred financing costs	27,000	55,000
Unrealized gain on derivative instruments	0	(341,000)
Changes in operating assets and liabilities:
Rents and other receivables	(146,000)	38,000
Prepaid expenses and other assets	(217,000)	(851,000)
Accounts payable and accrued liabilities	(1,038,000)	(616,000)
Due from affiliates	2,000	(147,000)
Due to affiliates	7,000	451,000
Other liabilities	(230,000)	268,000
Net cash used in operating activities	(2,550,000)	(947,000)
Cash Flows from Investing Activities:
Improvements to real estate	(86,000)	(229,000)
Net cash used in investing activities	(86,000)	(229,000)
Cash Flows from Financing Activities:
Proceeds from notes payable	1,494,000	0
Principal payments on notes payable	(19,000)	(18,000)
Payments to redeem common stock	0	(14,000)
Net cash provided by (used in) financing activities	1,475,000	(32,000)
Net decrease in cash and cash equivalents	(1,161,000)	(1,208,000)
Cash and cash equivalents and restricted cash, beginning of period	6,533,000	8,129,000
Cash and cash equivalents and restricted cash, end of period	5,372,000	6,921,000
Supplemental Disclosure of Cash Flow Information
Interest paid	2,056,000	735,000
Supplemental Disclosure of Noncash Investing and Financing Activities:
Accrued improvements to real estate	$ 50,000	$ 119,000

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, 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 commenced capital raising activities in June 2015 through a private placement offering. The private offering was followed by a public offering and a second private offering. In August 2020, the Company’s board of directors approved the termination of capital raising activities with the termination of the Company’s distribution reinvestment plan offering and second private offering. As of March 31, 2023, the Company had 9,838,569 and 307,606 shares of Class A and Class T common stock outstanding, respectively. Plan of Liquidation On December 15, 2022 and affirmed on February 2, 2023, the Company’s board of directors and a special committee composed of all of the Company’s independent directors (the “Special Committee”) each approved the sale of all of the Company’s assets and the Company’s dissolution pursuant to the terms of a plan of complete liquidation and dissolution (the “Plan of Liquidation”). The principal purpose of the Plan of Liquidation is to provide liquidity to the Company’s stockholders by selling its assets, paying its debts and distributing the net proceeds from liquidation to the Company’s stockholders. On May 9, 2023, the Company’s stockholders approved the Plan of Liquidation. In connection with its consideration of the Plan of Liquidation, the Company’s board of directors determined to cease regular quarterly distributions and terminated the share redemption program. The Company expects any future liquidity to its stockholders will be provided in the form of liquidating distributions. The Company expects to distribute all of the net proceeds from liquidation to its stockholders within 24 months from May 9, 2023. The Company can give no assurance regarding the timing of asset dispositions in connection with the implementation of the Plan of Liquidation, the sale prices it will receive for its assets, and the amount or timing of liquidating distributions to be received by its stockholders.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	GOING CONCERNThe consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its obligations and continue its operations one year from the date the consolidated financial statements are issued. The Company has experienced a decline in occupancy from 90.4% as of December 31, 2020 to 71.6% as of March 31, 2023 and such occupancy may continue to decrease in the future as tenant leases expire due to the slower than expected return-to-office, which has adversely affected the Company’s portfolio of commercial office buildings. The decrease in occupancy has resulted in a decrease in cash flow from operations and has negatively impacted the market values of the properties in the Company’s portfolio. As of February 13, 2023, the Company is in maturity default with respect to the Commonwealth Building Mortgage Loan (as discussed in Note 6) following the Company’s failure to pay the amount outstanding on the loan on its February 1, 2023 due date. Given the reduced rent and occupancy by the building’s tenants, as well as the market conditions in Portland, Oregon, where the property is located, the Commonwealth Building is currently valued at less than the outstanding debt of $47.8 million. Given the decreased office rental rates and several other factors, the Company does not anticipate any near-term recovery in value. The Company anticipates that it may relinquish ownership of the property to the lender in a foreclosure transaction or other alternative to foreclosure in satisfaction of the mortgage. Additionally, the Modified Term Loan (as discussed in Note 6) with an outstanding balance of $52.3 million is maturing in November 2023. The Company does not expect to be able to refinance the Modified Term Loan at current terms and may be required to pay down a portion of the maturing debt in order to refinance the loan. With the Company’s limited amount of cash on hand, the Company’s ability to make any loan paydowns, without the sale of real estate assets, is severely limited. If the Company is unable to meet its payment obligations at maturity because it cannot refinance the Modified Term Loan, the lender could foreclose on the Institute Property and the Offices at Greenhouse building, each of which is pledged as collateral to the lender and could potentially pursue damages under the full recourse guaranty provided by KBS GI REIT Properties, LLC (“KBS GI REIT Properties”), a consolidated subsidiary of the Company. Additionally, in order to attract or retain tenants needed to increase occupancy and sustain operations, the Company will need to spend a substantial amount on capital leasing costs, however, the Company has limited amounts of liquidity to make these capital commitments. In addition, the fixed costs associated with managing a public REIT, including the significant cost of compliance with all federal, state and local regulatory requirements applicable to the Company with respect to its business activities, are substantial. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the outcome of these uncertainties. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to refinance the Company’s mortgage debt or sell the underlying properties prior to debt maturity. No assurances can be given that the Company will be successful in achieving these objectives. In addition, as described in Note 1, “Organization – Plan of Liquidation,” the Company intends to pursue an orderly liquidation of its company by selling all of its remaining assets, paying its debts and its known liabilities, providing for the payment of unknown or contingent liabilities, distributing the net proceeds from liquidation to the Company’s stockholders and winding up its operations and dissolving the company.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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, 2022. 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, 2022 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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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 March 31, 2023. Substantially all of the Company’s revenue and net loss is from real estate, and therefore, the Company currently operates in one reportable segment. 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. In October 2022, the FASB approved a two-year extension of the temporary accounting relief provided under ASU No. 2020-04 to December 31, 2024. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in ASU No. 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020.

REAL ESTATE

REAL ESTATE	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
REAL ESTATE	REAL ESTATE As of March 31, 2023, the Company’s portfolio of real estate was composed of four office buildings containing 599,030 rentable square feet, which were collectively 71.6% occupied. Information presented in this Note 4 includes the Commonwealth Building; however, as of February 13, 2023, the Company was in maturity default with respect to the Commonwealth Building Mortgage Loan (as discussed in Note 6) and the Company anticipates that it may relinquish ownership of the property to the lender in a foreclosure transaction or other alternative to foreclosure in satisfaction of the mortgage as the property is valued at less than the outstanding debt. The following table provides summary information regarding the properties owned by the Company as of March 31, 2023 (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 $ 38,389 $ (1,133) $ 37,256 The Offices at Greenhouse 11/14/2016 Houston TX Office 46,050 (13,574) 32,476 Institute Property 11/09/2017 Chicago IL Office 24,930 (263) 24,667 210 W. Chicago 10/05/2020 Chicago IL Office 4,699 (300) 4,399 $ 114,068 $ (15,270) $ 98,798 _____________________ (1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets. As of March 31, 2023, the following properties each represented more than 10% of the Company’s total assets: Property Location Rentable Square Feet Total Real Estate, Net Percentage of Total Assets Annualized Base Rent (in thousands) (1) Average Annualized Base Rent per sq. ft. Occupancy Commonwealth Building Portland, OR 224,122 $ 37,256 33.0 % $ 2,847 $ 28.50 44.6 % The Offices at Greenhouse Houston, TX 203,284 32,476 28.7 % 3,885 20.56 92.9 % Institute Property Chicago, IL 155,385 24,667 21.8 % 3,736 28.92 83.1 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of March 31, 2023, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. Operating Leases The Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of March 31, 2023, the leases had remaining terms, excluding options to extend, of up to 7.9 years with a weighted-average remaining term of 3.1 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 March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023 and 2022, the Company recognized deferred rent from tenants, net of lease incentive amortization, of $0.2 million and $0.2 million, respectively. As of March 31, 2023 and December 31, 2022, the cumulative deferred rent balance was $5.6 million and $5.3 million, respectively, and is included in rents and other receivables on the accompanying consolidated balance sheets. The cumulative deferred rent balance included $2.2 million and $2.1 million of unamortized lease incentives as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands): April 1, 2023 through December 31, 2023 $ 7,966 2024 10,057 2025 7,416 2026 7,184 2027 5,465 Thereafter 7,090 $ 45,178 As of March 31, 2023, the Company had a concentration of credit risk related to AECOM, one of the tenants in The Offices at Greenhouse, which operates in the engineering industry, which represented 27% 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-year extension options. As of March 31, 2023, the annualized base rent for this tenant was approximately $2.9 million or $21.37 per square foot. No other tenant represented more than 10% of the Company’s annualized base rent. As of March 31, 2023, the Company’s real estate properties were leased to 47 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 6 $ 3,968 36.4 % Computer system design and related services 3 1,375 12.6 % $ 5,343 49.0 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of March 31, 2023, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term. As of March 31, 2023, no other tenant industries accounted for more than 10% of annualized base rent. Impairment of Real Estate During the three months ended March 31, 2022, the Company recorded non-cash impairment charges of $3.3 million to write down the carrying values of the Commonwealth Building in Portland, Oregon and the Institute Property in Chicago, Illinois, to their estimated fair values as follows: • Commonwealth Building - The impairment was a result of a decrease in occupancy and 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 Company was projecting longer lease-up periods for the vacant space as demand for office space in Portland has significantly declined as a result of both the COVID-19 pandemic, with employees continuing to work from home, and the impact of the disruptions caused by protests and demonstrations and increased crime in the downtown area. • Institute Property - The impairment was 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 due to the COVID-19 pandemic which resulted in additional challenges to re-lease the vacant space. The Company did not record any impairment charges on its real estate properties during the three months ended March 31, 2023.

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	3 Months Ended
	Mar. 31, 2023
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	As of March 31, 2023 and December 31, 2022, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination and Above-Market Below-Market March 31, December 31, 2022 March 31, December 31, 2022 March 31, December 31, 2022 Cost $ 5,350 $ 6,565 $ 178 $ 178 $ (1,111) $ (1,520) Accumulated Amortization (3,895) (4,859) (132) (127) 719 1,084 Net Amount $ 1,455 $ 1,706 $ 46 $ 51 $ (392) $ (436) Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three months ended March 31, 2023 and 2022 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 2023 2022 2023 2022 2023 2022 Amortization $ (252) $ (330) $ (5) $ (5) $ 44 $ 95

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE As of March 31, 2023 and December 31, 2022, the Company’s notes payable consisted of the following (dollars in thousands): Book Value as of March 31, 2023 Book Value as of December 31, 2022 Contractual Interest Rate as of March 31, 2023 (1) Effective Interest Rate at March 31, 2023 (1) Payment Type Maturity Date (2) Commonwealth Building Mortgage Loan (3) $ 47,762 $ 46,268 One-month LIBOR + 1.80% (3) 10.66% Interest Only 02/01/2023 Modified Term Loan (4) 52,260 52,260 One-month Term SOFR + 0.10% + 2.00% (4) 6.90% Interest Only 11/09/2023 210 W. Chicago Mortgage Loan (5) 3,632 3,651 One-month LIBOR + 2.20% 7.08% Principal & Interest (5) 06/28/2024 Notes payable principal outstanding $ 103,654 $ 102,179 Deferred financing costs, net (53) (80) Notes payable, net $ 103,601 $ 102,099 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2023. Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2023 using interest rate indices as of March 31, 2023. (2) Represents the maturity date as of March 31, 2023. (3) The interest rate under this loan is calculated at a variable rate of 180 basis points over one-month LIBOR (the “Commonwealth Interest Rate”), but at no point shall the interest rate be less than 2.05%. On December 22, 2022, the borrower under the Commonwealth Building Mortgage Loan (the “Commonwealth Borrower”) defaulted on the loan as a result of a failure to pay the full amount of the outstanding debt service due on the loan. Effective February 13, 2023, the Commonwealth Borrower is in maturity default for failure to pay the amount of the debt outstanding and due to the lender on the February 1, 2023 maturity date. During the time the default exists, the interest rate under this loan is calculated at the Commonwealth Interest Rate, plus 4%. As previously disclosed, the Company may relinquish ownership of the Commonwealth Building to the lender in a foreclosure transaction or other alternative to foreclosure in satisfaction of the mortgage due to the property being valued at less than the debt. The loan is non-recourse to the Company. (4) The Modified Term Loan bears interest at the forward-looking term rate based on Secured Overnight Financing Rate (“SOFR”) with a tenor comparable to one-month plus 10 basis points (collectively, the “Adjusted Term SOFR”) plus 200 basis points per annum prior to May 9, 2023. On and after May 9, 2023, the Modified Term Loan will bear interest at Adjusted Term SOFR plus 250 basis points per annum. On a monthly basis, any excess cash flow (as defined in the modification agreement) from the Offices at Greenhouse and the Institute Property is required to be deposited into an account which will serve as additional security for the Modified Term Loan. Subject to certain terms and conditions contained in the loan documents, cash currently held by the Company may only be used for the Company’s operating costs including but not limited to the Company’s general and administrative costs, liquidation costs, capital costs and any other reasonable costs and expenses required to maintain the Company as a going concern (collectively “REIT Operating Costs”), but for no other purpose. Further, the Company is required to deposit any cash amount held by the Company exceeding $7.0 million into an account controlled by the lender or apply it to pay down the Modified Term Loan. The Modified Term Loan is full recourse under the guaranty provided by KBS GI REIT Properties. (5) 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. As of March 31, 2023, the Company determined it did not meet the debt service coverage ratio required under the 210 W. Chicago Mortgage Loan. As a result, the Company would be required to either (i) make a principal paydown in an amount necessary in order to cure the debt service coverage failure within ten During the three months ended March 31, 2023 and 2022, the Company incurred $2.2 million and $0.5 million of interest expense, respectively. As of March 31, 2023 and December 31, 2022, $0.7 million and $0.6 million of interest expense were payable, respectively. Included in interest expense during the three months ended March 31, 2023 and 2022 were $0.1 million of amortization of deferred financing costs. Interest expense (including gains and losses) incurred as a result of the Company’s derivative instruments decreased interest expense by $0.1 million for the three months ended March 31, 2022. The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of March 31, 2023 (in thousands): April 1, 2023 through December 31, 2023 (1) $ 100,078 2024 3,576 2025 — 2026 — 2027 — Thereafter — $ 103,654 _____________________ (1) Amount includes $47.8 million related to Commonwealth Building Mortgage Loan which was in maturity default as of February 13, 2023. The Company anticipates that it may relinquish the Commonwealth Building to the lender under the mortgage loan.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2023
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. 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 March 31, 2023 and December 31, 2022, which carrying amounts generally do not approximate the fair values (in thousands): March 31, 2023 December 31, 2022 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 103,654 $ 103,601 $ 94,220 $ 102,179 $ 102,099 $ 93,960 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
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 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 certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. In addition, in connection with 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 KBS Capital Markets Group LLC (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”) (liquidated May 2023) 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, 2022, 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 2022, the Company renewed its participation in the program, and the program is effective through June 30, 2023. At renewal on June 30, 2022, KBS REIT II elected to cease participation in the program and obtained separate insurance coverage. During the three months ended March 31, 2023 and 2022, 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 months ended March 31, 2023 and 2022, and any related amounts receivable and payable as of March 31, 2023 and December 31, 2022 (in thousands). Incurred Receivable as of Payable as of Three Months Ended March 31, March 31, December 31, March 31, December 31, 2023 2022 2023 2022 2023 2022 Expensed Asset management fees (1) $ — $ 430 $ — $ — $ 5,901 $ 5,901 Reimbursement of operating expenses (2) 16 32 — 2 12 5 Property management fees (3) — 24 — — — — $ 16 $ 486 $ — $ 2 $ 5,913 $ 5,906 _____________________ (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. For the period from October 2017 through September 2022, the Company had accrued and deferred payment of $5.9 million of asset management fees. The Advisor has waived payment of its asset management fee effective October 1, 2022 through the Company’s liquidation and waived $3.0 million of accrued asset management fees. As a result, as of March 2023, the Company had $5.9 million of accrued asset management fees payable to the Advisor. (2) See “Reimbursable Operating Expenses” below. (3) See “Real Estate Property Co-Management Agreements” below. The Co-Manager has waived payment of its property management fees effective October 1, 2022 through the Company’s liquidation. 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 $16,000 and $26,000 for the three months ended March 31, 2023 and 2022, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the periods. 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. 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 March 31, 2023 did not exceed the charter-imposed limitation. 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-year periods provided it is not terminated. Each party may terminate the Property Management Agreement without cause on 30 days’ written notice to the other party and may terminate each Property Management Agreement for cause on 5 days’ written notice to the other party upon the occurrence of certain events as detailed in each Property Management Agreement. The Co-Manager has waived payment of its property management fees effective October 1, 2022 through the Company’s liquidation. 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%

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Plan of Liquidation On May 9, 2023, the Company’s stockholders approved the Plan of Liquidation. The principal purpose of the Plan of Liquidation is to provide liquidity to the Company’s stockholders by selling its assets, paying its debts and distributing the net proceeds from liquidation to the Company’s stockholders. For more information, see the Plan of Liquidation, which is included as an exhibit to this Quarterly Report on Form 10-Q.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
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 March 31, 2023. Substantially all of the Company’s revenue and net loss is from real estate, and therefore, the Company currently operates in one reportable segment.
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. In October 2022, the FASB approved a two-year extension of the temporary accounting relief provided under ASU No. 2020-04 to December 31, 2024. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in ASU No. 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020.
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)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Real Estate Investments	The following table provides summary information regarding the properties owned by the Company as of March 31, 2023 (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 $ 38,389 $ (1,133) $ 37,256 The Offices at Greenhouse 11/14/2016 Houston TX Office 46,050 (13,574) 32,476 Institute Property 11/09/2017 Chicago IL Office 24,930 (263) 24,667 210 W. Chicago 10/05/2020 Chicago IL Office 4,699 (300) 4,399 $ 114,068 $ (15,270) $ 98,798 _____________________
Schedules of Concentration of Risk, by Risk Factor	As of March 31, 2023, the following properties each represented more than 10% of the Company’s total assets: Property Location Rentable Square Feet Total Real Estate, Net Percentage of Total Assets Annualized Base Rent (in thousands) (1) Average Annualized Base Rent per sq. ft. Occupancy Commonwealth Building Portland, OR 224,122 $ 37,256 33.0 % $ 2,847 $ 28.50 44.6 % The Offices at Greenhouse Houston, TX 203,284 32,476 28.7 % 3,885 20.56 92.9 % Institute Property Chicago, IL 155,385 24,667 21.8 % 3,736 28.92 83.1 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of March 31, 2023, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
Schedule of Future Minimum Rental Income for Company's Properties	As of March 31, 2023, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands): April 1, 2023 through December 31, 2023 $ 7,966 2024 10,057 2025 7,416 2026 7,184 2027 5,465 Thereafter 7,090 $ 45,178
Schedules of Concentration of Risk, by Industry	As of March 31, 2023, the Company’s real estate properties were leased to 47 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 6 $ 3,968 36.4 % Computer system design and related services 3 1,375 12.6 % $ 5,343 49.0 % _____________________

TENANT ORIGINATION AND ABSORP_2

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities	As of March 31, 2023 and December 31, 2022, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination and Above-Market Below-Market March 31, December 31, 2022 March 31, December 31, 2022 March 31, December 31, 2022 Cost $ 5,350 $ 6,565 $ 178 $ 178 $ (1,111) $ (1,520) Accumulated Amortization (3,895) (4,859) (132) (127) 719 1,084 Net Amount $ 1,455 $ 1,706 $ 46 $ 51 $ (392) $ (436)
Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities	Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three months ended March 31, 2023 and 2022 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 2023 2022 2023 2022 2023 2022 Amortization $ (252) $ (330) $ (5) $ (5) $ 44 $ 95

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of March 31, 2023 and December 31, 2022, the Company’s notes payable consisted of the following (dollars in thousands): Book Value as of March 31, 2023 Book Value as of December 31, 2022 Contractual Interest Rate as of March 31, 2023 (1) Effective Interest Rate at March 31, 2023 (1) Payment Type Maturity Date (2) Commonwealth Building Mortgage Loan (3) $ 47,762 $ 46,268 One-month LIBOR + 1.80% (3) 10.66% Interest Only 02/01/2023 Modified Term Loan (4) 52,260 52,260 One-month Term SOFR + 0.10% + 2.00% (4) 6.90% Interest Only 11/09/2023 210 W. Chicago Mortgage Loan (5) 3,632 3,651 One-month LIBOR + 2.20% 7.08% Principal & Interest (5) 06/28/2024 Notes payable principal outstanding $ 103,654 $ 102,179 Deferred financing costs, net (53) (80) Notes payable, net $ 103,601 $ 102,099 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2023. Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2023 using interest rate indices as of March 31, 2023. (2) Represents the maturity date as of March 31, 2023. (3) The interest rate under this loan is calculated at a variable rate of 180 basis points over one-month LIBOR (the “Commonwealth Interest Rate”), but at no point shall the interest rate be less than 2.05%. On December 22, 2022, the borrower under the Commonwealth Building Mortgage Loan (the “Commonwealth Borrower”) defaulted on the loan as a result of a failure to pay the full amount of the outstanding debt service due on the loan. Effective February 13, 2023, the Commonwealth Borrower is in maturity default for failure to pay the amount of the debt outstanding and due to the lender on the February 1, 2023 maturity date. During the time the default exists, the interest rate under this loan is calculated at the Commonwealth Interest Rate, plus 4%. As previously disclosed, the Company may relinquish ownership of the Commonwealth Building to the lender in a foreclosure transaction or other alternative to foreclosure in satisfaction of the mortgage due to the property being valued at less than the debt. The loan is non-recourse to the Company. (4) The Modified Term Loan bears interest at the forward-looking term rate based on Secured Overnight Financing Rate (“SOFR”) with a tenor comparable to one-month plus 10 basis points (collectively, the “Adjusted Term SOFR”) plus 200 basis points per annum prior to May 9, 2023. On and after May 9, 2023, the Modified Term Loan will bear interest at Adjusted Term SOFR plus 250 basis points per annum. On a monthly basis, any excess cash flow (as defined in the modification agreement) from the Offices at Greenhouse and the Institute Property is required to be deposited into an account which will serve as additional security for the Modified Term Loan. Subject to certain terms and conditions contained in the loan documents, cash currently held by the Company may only be used for the Company’s operating costs including but not limited to the Company’s general and administrative costs, liquidation costs, capital costs and any other reasonable costs and expenses required to maintain the Company as a going concern (collectively “REIT Operating Costs”), but for no other purpose. Further, the Company is required to deposit any cash amount held by the Company exceeding $7.0 million into an account controlled by the lender or apply it to pay down the Modified Term Loan. The Modified Term Loan is full recourse under the guaranty provided by KBS GI REIT Properties. ten
Schedule of Maturities of Long-term Debt	The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of March 31, 2023 (in thousands): April 1, 2023 through December 31, 2023 (1) $ 100,078 2024 3,576 2025 — 2026 — 2027 — Thereafter — $ 103,654 _____________________ (1) Amount includes $47.8 million related to Commonwealth Building Mortgage Loan which was in maturity default as of February 13, 2023. The Company anticipates that it may relinquish the Commonwealth Building to the lender under the mortgage loan.

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Face Value, Carrying Amounts and Fair Value	The following were the face values, carrying amounts and fair values of the Company’s notes payable as of March 31, 2023 and December 31, 2022, which carrying amounts generally do not approximate the fair values (in thousands): March 31, 2023 December 31, 2022 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 103,654 $ 103,601 $ 94,220 $ 102,179 $ 102,099 $ 93,960

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three months ended March 31, 2023 and 2022, and any related amounts receivable and payable as of March 31, 2023 and December 31, 2022 (in thousands). Incurred Receivable as of Payable as of Three Months Ended March 31, March 31, December 31, March 31, December 31, 2023 2022 2023 2022 2023 2022 Expensed Asset management fees (1) $ — $ 430 $ — $ — $ 5,901 $ 5,901 Reimbursement of operating expenses (2) 16 32 — 2 12 5 Property management fees (3) — 24 — — — — $ 16 $ 486 $ — $ 2 $ 5,913 $ 5,906 _____________________ (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. For the period from October 2017 through September 2022, the Company had accrued and deferred payment of $5.9 million of asset management fees. The Advisor has waived payment of its asset management fee effective October 1, 2022 through the Company’s liquidation and waived $3.0 million of accrued asset management fees. As a result, as of March 2023, the Company had $5.9 million of accrued asset management fees payable to the Advisor. (2) See “Reimbursable Operating Expenses” 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)		3 Months Ended
	May 09, 2023	Mar. 31, 2023 property shares	Dec. 31, 2022 shares	Jan. 27, 2015 $ / shares shares
Organizational Structure [Line Items]
Core property, minimum percent of occupancy		80%
Subsequent Event
Organizational Structure [Line Items]
Plan of liquidation, distribution of net proceeds, period	24 months
Class A Common Stock
Organizational Structure [Line Items]
Common stock, shares issued (in shares)		9,838,569	9,838,569
Common stock, shares outstanding (in shares)		9,838,569	9,838,569
Class T Common Stock
Organizational Structure [Line Items]
Common stock, shares issued (in shares)		307,606	307,606
Common stock, shares outstanding (in shares)		307,606	307,606
Office Building
Organizational Structure [Line Items]
Number of real estate properties | property		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%

GOING CONCERN (Details)

GOING CONCERN (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Debt Instrument [Line Items]
Occupancy	71.60%		90.40%
Notes payable principal outstanding	$ 103,654	$ 102,179
Commonwealth Building Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Notes payable principal outstanding	47,762	$ 46,268
Modified Term Loan | Mortgages
Debt Instrument [Line Items]
Notes payable principal outstanding	$ 52,300

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 property segment
Real Estate Properties [Line Items]
Number of reportable segments | segment	1
Office Building
Real Estate Properties [Line Items]
Number of real estate properties | property	4

REAL ESTATE - Additional Inform

REAL ESTATE - Additional Information (Details)	Mar. 31, 2023 ft² property	Dec. 31, 2020
Real Estate Properties [Line Items]
Occupancy	71.60%	90.40%
Office Building
Real Estate Properties [Line Items]
Number of real estate properties | property	4
Rentable Square Feet | ft²	599,030
Occupancy	71.60%

REAL ESTATE - Schedule of Real

REAL ESTATE - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Total Real Estate at Cost	$ 114,068	$ 115,233
Accumulated Depreciation and Amortization	(15,270)	(15,233)
Total real estate, net	98,798	$ 100,000
Commonwealth Building | Office Building
Real Estate Properties [Line Items]
Total Real Estate at Cost	38,389
Accumulated Depreciation and Amortization	(1,133)
Total real estate, net	37,256
The Offices at Greenhouse | Office Building
Real Estate Properties [Line Items]
Total Real Estate at Cost	46,050
Accumulated Depreciation and Amortization	(13,574)
Total real estate, net	32,476
Institute Property | Office Building
Real Estate Properties [Line Items]
Total Real Estate at Cost	24,930
Accumulated Depreciation and Amortization	(263)
Total real estate, net	24,667
210 W. Chicago | Office Building
Real Estate Properties [Line Items]
Total Real Estate at Cost	4,699
Accumulated Depreciation and Amortization	(300)
Total real estate, net	$ 4,399

REAL ESTATE - Assets Concentrat

REAL ESTATE - Assets Concentration Risk (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) ft² $ / ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2020
Concentration Risk [Line Items]
Total Real Estate, Net	$ 98,798	$ 100,000
Annualized Base Rent	$ 5,343
Occupancy	71.60%		90.40%
Commonwealth Building | Assets, Total | Customer Concentration Risk
Concentration Risk [Line Items]
Rentable Square Feet | ft²	224,122
Total Real Estate, Net	$ 37,256
Percentage of Total Assets	33%
Annualized Base Rent	$ 2,847
Average Annualized Base Rent per sq. ft. | $ / ft²	28.50
Occupancy	44.60%
The Offices at Greenhouse | Assets, Total | Customer Concentration Risk
Concentration Risk [Line Items]
Rentable Square Feet | ft²	203,284
Total Real Estate, Net	$ 32,476
Percentage of Total Assets	28.70%
Annualized Base Rent	$ 3,885
Average Annualized Base Rent per sq. ft. | $ / ft²	20.56
Occupancy	92.90%
Institute Property | Assets, Total | Customer Concentration Risk
Concentration Risk [Line Items]
Rentable Square Feet | ft²	155,385
Total Real Estate, Net	$ 24,667
Percentage of Total Assets	21.80%
Annualized Base Rent	$ 3,736
Average Annualized Base Rent per sq. ft. | $ / ft²	28.92
Occupancy	83.10%

REAL ESTATE - Operating Leases,

REAL ESTATE - Operating Leases, Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Real Estate Properties [Line Items]
Recognition of deferred revenue	$ 160	$ 247
Deferred rent receivables	5,600		$ 5,300
Unamortized lease incentives	2,200		2,100
Other liabilities, at fair value
Real Estate Properties [Line Items]
Security deposit liability	$ 700		$ 800
Maximum
Real Estate Properties [Line Items]
Remaining terms	7 years 10 months 24 days
Weighted Average
Real Estate Properties [Line Items]
Remaining terms	3 years 1 month 6 days

REAL ESTATE - Future Minimum Re

REAL ESTATE - Future Minimum Rental Income (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Real Estate [Abstract]
April 1, 2023 through December 31, 2023	$ 7,966
2024	10,057
2025	7,416
2026	7,184
2027	5,465
Thereafter	7,090
Total	$ 45,178

REAL ESTATE - Concentration Ris

REAL ESTATE - Concentration Risk (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) ft² tenant extension $ / ft²
Concentration Risk [Line Items]
Number of tenants | tenant	47
Annualized base rent | $	$ 5,343
Customer Concentration Risk | AECOM
Concentration Risk [Line Items]
Annualized base rent | $	$ 2,900
Average Annualized Base Rent per sq. ft. | $ / ft²	21.37
Customer Concentration Risk | AECOM | Expires on December 31, 2024
Concentration Risk [Line Items]
Extension options | extension	2
Extension period	5 years
Customer Concentration Risk | Annualized Rent | AECOM
Concentration Risk [Line Items]
Number of tenants | tenant	1
Concentration risk, percentage	27%
Customer Concentration Risk | Rentable Square Feet | AECOM
Concentration Risk [Line Items]
Concentration risk, percentage	23%
Net rentable area | ft²	135,727

REAL ESTATE - Highest Tenant In

REAL ESTATE - Highest Tenant Industry Concentrations - Greater than 10% of Annual Base Rent (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) tenant
Concentration Risk [Line Items]
Number of Tenants | tenant	47
Annualized Base Rent | $	$ 5,343
Industry | Customer Concentration Risk | Revenue
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	49%
Professional, scientific and technical
Concentration Risk [Line Items]
Number of Tenants | tenant	6
Annualized Base Rent | $	$ 3,968
Professional, scientific and technical | Customer Concentration Risk | Revenue
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	36.40%
Computer system design and related services
Concentration Risk [Line Items]
Number of Tenants | tenant	3
Annualized Base Rent | $	$ 1,375
Computer system design and related services | Customer Concentration Risk | Revenue
Concentration Risk [Line Items]
Percentage of Annualized Base Rent	12.60%

REAL ESTATE - Impairment of Rea

REAL ESTATE - Impairment of Real Estate (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate [Abstract]
Impairment charges on real estate	$ 0	$ 3,324,000

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
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Below-Market Lease Liabilities, Cost	$ (1,111)		$ (1,520)
Below-Market Lease Liabilities, Accumulated Amortization	719		1,084
Below-Market Lease Liabilities, Net Amount	(392)		(436)
Tenant Origination and Absorption Costs, Amortization	(252)	$ (330)
Above-Market Lease Assets, Amortization	(5)	(5)
Below-Market Lease Liabilities, Amortization	44	$ 95
Tenant Origination and Absorption Costs
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	5,350		6,565
Accumulated Amortization	(3,895)		(4,859)
Net Amount	1,455		1,706
Above-Market Lease Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	178		178
Accumulated Amortization	(132)		(127)
Net Amount	$ 46		$ 51

NOTES PAYABLE - Schedule of Lon

NOTES PAYABLE - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands				3 Months Ended
	May 09, 2023	May 08, 2023	Feb. 13, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable principal outstanding				$ 103,654	$ 102,179
Deferred financing costs, net				(53)	(80)
Notes payable, net				103,601	102,099
Restricted cash				1,322	1,252
Mortgage | Commonwealth Building Mortgage Loan
Debt Instrument [Line Items]
Notes payable principal outstanding				$ 47,762	46,268
Effective interest rate				10.66%
Mortgage | Commonwealth Building Mortgage Loan | Minimum
Debt Instrument [Line Items]
Effective interest rate				2.05%
Mortgage | Commonwealth Building Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				1.80%
Debt default, basis spread on variable rate			4%
Mortgage | Modified Term Loan
Debt Instrument [Line Items]
Notes payable principal outstanding				$ 52,300
Mortgage | 210 W. Chicago Mortgage Loan
Debt Instrument [Line Items]
Notes payable principal outstanding				$ 3,632	3,651
Effective interest rate				7.08%
Amortization schedule				25 years
Stated percentage				6%
Number of business days				10 days
Debt instrument, term				3 months
Debt instrument, collateral amount				$ 307
Mortgage | 210 W. Chicago Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				2.20%
Secured Debt | Modified Term Loan
Debt Instrument [Line Items]
Notes payable principal outstanding				$ 52,260	$ 52,260
Effective interest rate				6.90%
Secured Debt | Modified Term Loan | Minimum
Debt Instrument [Line Items]
Restricted cash				$ 7,000
Secured Debt | Modified Term Loan | Adjusted Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				0.10%
Secured Debt | Modified Term Loan | Adjusted Term SOFR | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
Secured Debt | Modified Term Loan | Adjust Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				2%
Secured Debt | Modified Term Loan | Adjust Term SOFR | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%	2%

NOTES PAYABLE - Additional Info

NOTES PAYABLE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Disclosure [Abstract]
Interest expense	$ 2,244	$ 452
Interest payable, current	700		$ 600
Amortization of deferred financing costs	27	55
Derivative [Line Items]
Amortization of deferred financing costs	$ 27	55
Interest Rate Swap
Derivative [Line Items]
Decrease in interest expense as a result of derivatives		$ 100

NOTES PAYABLE - Schedule of Mat

NOTES PAYABLE - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
April 1, 2023 through December 31, 2023	$ 100,078
2024	3,576
2025	0
2026	0
2027	0
Thereafter	0
Total notes payable, net	103,654	$ 102,179
Commonwealth Building Mortgage Loan | Mortgages
Debt Instrument [Line Items]
April 1, 2023 through December 31, 2023	47,800
Total notes payable, net	$ 47,762	$ 46,268

FAIR VALUE DISCLOSURES - Carryi

FAIR VALUE DISCLOSURES - Carrying Amounts of Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Face Value	$ 103,654	$ 102,179
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Value	103,601	102,099
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Value	$ 94,220	$ 93,960

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related-party Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Sep. 30, 2022
Related Party Transaction [Line Items]
Receivable as of	$ 0		$ 2
Payable as of	5,913		5,906
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Incurred	16	$ 486
Receivable as of	0		2
Payable as of	5,913		5,906
Advisor and Dealer Manager | Asset management fees
Related Party Transaction [Line Items]
Expenses	0	430
Receivable as of	0		0
Payable as of	5,901		5,901
Advisor and Dealer Manager | Reimbursement of operating expenses
Related Party Transaction [Line Items]
Expenses	16	32
Receivable as of	0		2
Payable as of	12		5
Advisor and Dealer Manager | Property management fees
Related Party Transaction [Line Items]
Expenses	0	$ 24
Receivable as of	0		0
Payable as of	0		$ 0
Advisor and Dealer Manager | Asset management fees, accrued and deferred from October 2017 to September 2022
Related Party Transaction [Line Items]
Payable as of	5,900			$ 5,900
Advisor and Dealer Manager | Waived accrued asset management fees
Related Party Transaction [Line Items]
Incurred	$ 3,000
KBS Capital Advisors LLC | Cost of Investments
Related Party Transaction [Line Items]
Property management fee, percent fee	1%

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transactions [Abstract]
Payment for administrative fees	$ 16	$ 26
Limit of total operating expenses as a percent of average invested assets	2%
Limit of total operating expenses as a percent of net income for the four most recently completed fiscal quarters	25%

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - Real Estate Property Co-Management Agreements (Details) - KBS Management Group, LLC	3 Months Ended
	Mar. 31, 2023
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%