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NOTES AND BONDS PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2021
Notes and Bonds Payable [Abstract]  
Schedule of Long-term Debt Instruments
As of December 31, 2021 and December 31, 2020, the Company’s notes and bonds payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands):
 Book Value as of
December 31, 2021		Book Value as of
December 31, 2020
Contractual Interest Rate as of December 31, 2021 (1)
Interest Rate at December 31, 2021 (1)
Payment Type (2)
Maturity Date (3)
Richardson Portfolio Mortgage Loan $28,470 $35,832 
Floating Rate + 2.50%
2.60%Principal & Interest11/01/2022
Park Centre Mortgage Loan26,185 26,185 
Floating Rate + 1.75%
1.85%Interest Only06/27/2022
1180 Raymond Mortgage Loan (4)
31,070 29,848 
Floating Rate + 2.25%
2.35%Interest Only12/01/2023
1180 Raymond Bond Payable (5)
(5)
5,870 
(5)
(5)
(5)
(5)
Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures (5)
(5)
181,198 
(5)
(5)
(5)
(5)
Pacific Oak SOR (BVI) Holdings, Ltd. Series B
Debentures (6)
271,978 79,078 3.93%3.93%
(6)
01/31/2026
Crown Pointe Mortgage Loan (4)
52,315 53,072 
Floating Rate + 2.60%
2.70%Principal & Interest
02/13/2022 (7)
City Tower Mortgage Loan (4)
(5)
94,167 
(5)
(5)
(5)
(5)
The Marq Mortgage Loan61,874 62,257 
Floating Rate + 1.55%
1.65%Principal & Interest06/06/2022
Eight & Nine Corporate Centre Mortgage Loan48,545 47,066 
Floating Rate + 1.60%
1.70%Principal & Interest06/08/2022
Georgia 400 Center Mortgage Loan61,154 59,690 
Floating Rate + 1.55%
1.65%Interest Only05/22/2023
PORT Mortgage Loan 151,302 51,362 4.74%4.74%Interest Only10/01/2025
PORT Mortgage Loan 210,523 10,523 4.72%4.72%Interest Only03/01/2026
PORT Mortgage Loan (5)
(5)
12,000 
(5)
(5)
(5)
(5)
Battery Point Trust Mortgage Loan (5)
(5)
38,608 
(5)
(5)
(5)
(5)
MetLife Loan60,000 — 3.90%3.90%Interest Only04/10/2026
Springmaid Beach Resort Mortgage Loan55,491 57,015 
Floating Rate + 2.25% (8)
5.75%Principal & Interest08/12/2022
Q&C Hotel Mortgage Loan25,000 25,000 
Floating Rate + 2.50% (9)
4.50%Principal & Interest12/23/2022
Lincoln Court Mortgage Loan (4)
34,623 34,416 
Floating Rate + 1.75%
1.85%Principal & Interest
03/01/2022 (10)
Lofts at NoHo Commons Mortgage Loan74,536 74,536 
Floating Rate + 2.18% (11)
3.93%Interest Only09/09/2022
210 West 31st Street Mortgage Loan (4)
8,850 15,050 
Floating Rate + 3.00%
3.10%Principal & Interest06/16/2022
Oakland City Center Mortgage Loan96,075 96,782 
Floating Rate + 1.75%
1.85%Principal & Interest09/01/2022
Madison Square Mortgage Loan17,500 16,822 4.63%4.63%Interest Only10/07/2024
Total Notes and Bonds Payable principal outstanding1,015,491 1,106,377 
Net (Discount) / Premium on Notes and Bonds Payable (12)
(8,146)(2,851)
Deferred financing costs, net(8,396)(4,458)
Total Notes and Bonds Payable, net$998,949 $1,099,068 
_____________________
(1) Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2021. The interest rate is calculated as the actual interest rate in effect as of December 31, 2021 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices including one-month LIBOR and BSBY at December 31, 2021, where applicable.
(2) Represents the payment type required under the loan as of December 31, 2021. Certain future monthly payments due under this loan also include amortizing principal payments. For more information of the Company’s contractual obligations under its notes and bonds payable, see five-year maturity table below.
(3) Represents the initial maturity date or the maturity date as extended as of December 31, 2021; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown.
(4) The Company’s notes and bond’s payable are generally non-recourse. These mortgage loans have guarantees over certain balances whereby the Company would be required to make guaranteed payments in the event that the Company turned the property over to the lender. The guarantees are typically 25% of the outstanding loan balance. As of December 31, 2021, the guaranteed amount in the aggregate was $98.4 million.
(5) These loans have been paid off during the year ended December 31, 2021.
(6) See “Israeli Bond Financing” below.
(7) Subsequent to December 31, 2021, the Company refinanced the Crown Pointe Mortgage Loan with Wells Fargo Bank for $53.8 million with a contractual rate of 2.30% plus a floating rate and an initial maturity date of April 1, 2025.
(8) The interest rate is variable at the higher of one-month LIBOR + 2.25% or 5.75%.
(9) The interest rate is variable at the higher of one-month LIBOR + 2.5% or 4.5%.
(10) Subsequent to December 31, 2021, the Company extended the maturity of the Lincoln Court Mortgage Loan to April 1, 2022.
(11) The floating rate is variable at the higher of one-month LIBOR or 1.75%.
(12) Represents the unamortized premium/discount on notes and bonds payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and bonds payable.
Schedule of Maturities of Long-term Debt The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of December 31, 2021 (in thousands):
2022$511,964 
202392,224 
2024108,159 
2025141,963 
2026161,181 
Thereafter— 
$1,015,491