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PCOK Pacific Oak Strategic Opportunity REIT, Inc.

Quarterly report

For the Three Months Ended September 30,	For the Nine Months Ended September 30,
2024			2023			2024			2023
Net loss attributable to common stockholders			$			(43,725)	$	(60,232)	$	(164,419)	$	(137,288)	Depreciation and amortization	10,276			12,399	31,405	36,557	Impairment charges on real estate and related intangibles	15,800			28,260	76,090	64,849	Loss (gain) on sale of real estate	1,243			221	624	(32,541)	(Gain) loss on real estate equity securities, net	(8,726)			3,331	7,905	19,453	Adjustments for noncontrolling interests (1)	(1,822)			(1,162)	(3,657)	(1,231)	Adjustments for investments in unconsolidated entities (2)	860			27,355	3,351	34,723	FFO attributable to common stockholders	(26,094)			10,172	(48,701)	(15,478)	Straight-line rent and amortization of above- and below-market leases	(556)			827	(1,047)	(1,014)	Amortization of premium and discount on notes and bonds payable, net	905			1,082	2,750	3,267	Unrealized gain on interest rate caps	231			(51)	(186)	(378)	Foreign currency transaction loss (gain), net	4,556			1,123	(6,724)	4,675	Adjustments for noncontrolling interests (1)	21			(4)	4	(10)	Adjustments for investments in unconsolidated entities (2)	208			441	774	1,252	MFFO attributable to common stockholders	(20,729)			13,590	(53,130)	(7,686)	Other capitalized operating expenses (3)	(1,590)			(1,227)	(4,363)	(3,229)	Income tax provision	—			—	—	3,662	Adjusted MFFO attributable to common stockholders	$			(22,319)	$	12,363	$	(57,493)	$	(7,253)

14 Nov 24

5:24pm

PCOK Pacific Oak Strategic Opportunity REIT, Inc.

Quarterly report

During the nine months ended September 30, 2024 and prior to the suspension of the share redemption program, we fulfilled redemption requests eligible for redemption under our share redemption program and received in good order and funded redemptions with cash on hand. We redeemed shares pursuant to our share redemption program as follows:

Month	Total Number of Shares Redeemed			Average Price Paid Per Share (1)			Approximate Dollar Value of Shares Available That May Yet Be Redeemed Under the Program
January			24,373			$	8.03	(2)
February			28,416			$	8.03	(2)
March			43,052			$	8.03	(2)
April			55,492			$	8.03	(2)
May			121,273			$	8.03	(2)
June			21,074			$	8.03	(2)
Total			293,680

14 Nov 24

5:24pm

PCOK Pacific Oak Strategic Opportunity REIT, Inc.

Quarterly report

	Three Months Ended September 30,			Nine Months Ended September 30,
2024			2023			2024			2023
Revenues:			Rental income			$			30,223	$	31,872	$	92,045	$	96,101	Hotel revenues	1,186			1,195	6,225	6,673	Other operating income	1,028			1,094	2,896	3,299	Dividend income from real estate equity securities	—			1,685	81	3,795	Total revenues	32,437			35,846	101,247	109,868	Expenses:	Operating, maintenance, and management			11,791			12,102	33,877	34,377	Real estate taxes and insurance	5,618			6,281	18,649	18,541	Hotel expenses	1,363			1,330	5,016	5,275	Asset management fees to affiliates	3,901			3,696	11,875	11,380	General and administrative expenses	2,314			1,952	10,108	8,176	Foreign currency transaction loss (gain), net	4,556			1,123	(6,724)	4,675	Depreciation and amortization	10,276			12,399	31,405	36,556	Interest expense, net	20,585			17,928	55,366	49,747	Impairment charges on real estate and related intangibles	15,800			28,260	76,090	64,849	Total expenses	76,204			85,071	235,662	233,576	Other loss:	Loss from unconsolidated entities			(9,801)			(10,405)	(26,531)	(27,367)	Other interest income	379			639	1,117	1,855	Gain (loss) on real estate equity securities, net	8,726			(3,331)	(7,905)	(19,453)	(Loss) gain on sale of real estate, net	(1,243)			(221)	(624)	32,541	Total other loss, net	(1,939)			(13,318)	(33,943)	(12,424)	Net loss before income taxes	(45,706)			(62,543)	(168,358)	(136,132)	Income tax provision	—			—	—	(3,662)	Net loss	(45,706)			(62,543)	(168,358)	(139,794)	Net loss attributable to noncontrolling interests	1,981			2,311	3,939	2,506	Net loss attributable to common stockholders	$			(43,725)	$	(60,232)	$	(164,419)	$	(137,288)	Net loss per common share, basic and diluted	$			(0.42)	$	(0.58)	$	(1.59)	$	(1.32)	Weighted-average number of common shares outstanding, basic and diluted	102,969,498			103,571,651	103,128,083	103,726,148

14 Nov 24

5:24pm

PCOK Pacific Oak Strategic Opportunity REIT, Inc.

Quarterly report

Common Stock	Additional Paid-in Capital			Cumulative Distributions and Net Loss			Total Stockholders' Equity			Noncontrolling Interests			Total Equity
			Shares			Amounts			Balance, June 30, 2024			103,016,968		$	1,030	$	899,052	$	(760,627)	$	139,455	$	(617)	$	138,838	Net loss	—		—	—	(43,725)	(43,725)	(1,981)	(45,706)	Transfers from redeemable common stock payable, net	—		—	1,860	—	1,860	—	1,860	Noncontrolling interest contributions	—		—	—	—	—	96	96	Noncontrolling interest distribution	—		—	(1,705)	—	(1,705)	(632)	(2,337)	Redemptions of common stock	(65,573)		—	(525)	—	(525)	—	(525)	Balance, September 30, 2024	102,951,395		$	1,030	$	898,682	$	(804,352)	$	95,360	$	(3,134)	$	92,226	Common Stock	Additional Paid-in Capital			Cumulative Distributions and Net Loss			Total Stockholders' Equity			Noncontrolling Interests			Total Equity
Shares			Amounts			Balance, June 30, 2023			103,626,096		$	1,036	$	905,046	$	(572,838)	$	333,244	$	3,284	$	336,528	Net loss	—		—	—	(60,232)	(60,232)	(2,311)	(62,543)	Transfers to redeemable common stock, net	—		—	(2,043)	—	(2,043)	—	(2,043)	Redemptions of common stock	(186,398)		(2)	(1,955)	—	(1,957)	—	(1,957)	Noncontrolling interest distribution	—		—	—	—	—	(481)	(481)	Noncontrolling interest contribution	—		—	—	—	—	450	450	Balance, September 30, 2023	103,439,698		$	1,034	$	901,048	$	(633,070)	$	269,012	$	942	$	269,954

14 Nov 24

5:24pm

PCOK Pacific Oak Strategic Opportunity REIT, Inc.

Quarterly report

				Fair Value Measurements Using
Total			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Recurring Basis:			Real estate equity securities			$			17,325	$	17,325	$	—	$	—	Asset derivative - interest rate caps (1)	$			571	$	—	$	571	$	—	Nonrecurring Basis:	Impaired real estate (2)			$			338,286	$	—	$	—	$	338,286

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