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NOTES AND BONDS PAYABLE (Tables)
 9 Months Ended
Sep. 30, 2020
Notes and Bonds Payable [Abstract]  
Schedule of Long-term Debt Instruments
As of September 30, 2020 and December 31, 2019, the Company’s notes and bonds payable consisted of the following (dollars in thousands):
 Book Value as of
September 30, 2020		Book Value as of
December 31, 2019
Contractual Interest Rate as of
September 30, 2020 (1)
Effective Interest Rate at
September 30, 2020 (1)
Payment Type (3)
Maturity Date (2)
Richardson Portfolio Mortgage Loan $36,000 $36,000 
One-Month LIBOR + 2.50%
2.65%
Interest Only (3)
11/01/2021
Park Centre Mortgage Loan
21,970 21,970 
One-Month LIBOR + 1.75%
1.90%Interest Only06/27/2022
1180 Raymond Mortgage Loan 29,948 30,250 
One-Month LIBOR + 2.50% (7)
3.50%Principal & Interest12/01/2021
1180 Raymond Bond Payable 5,930 6,080 6.50%6.50%Principal & Interest09/01/2036
Pacific Oak SOR (BVI) Holdings, Ltd. Series A
Debentures (4)
169,927 224,746 4.25%4.25%
(4)
03/01/2023
Pacific Oak SOR (BVI) Holdings, Ltd. Series B
Debentures (4)
74,159 — 3.93%3.93%
(4)
01/31/2026
Crown Pointe Mortgage Loan53,254 51,171 
One-Month LIBOR + 2.60%
2.75%Principal & Interest02/13/2021
City Tower Mortgage Loan94,167 89,000 
One-Month LIBOR + 1.55%
1.70%Interest Only03/05/2021
The Marq Mortgage Loan58,331 53,408 
One-Month LIBOR + 1.55%
1.70%Interest Only06/06/2021
Eight & Nine Corporate Centre Mortgage Loan47,066 43,880 
One-Month LIBOR + 1.60%
1.75%Interest Only06/08/2021
Georgia 400 Center Mortgage Loan59,690 59,690 
One-Month LIBOR + 1.55%
1.70%Interest Only05/22/2023
PORT Mortgage Loan 151,362 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 312,000 — 
5.00% (5)
5.00%Interest Only03/31/2021
Battery Point Trust Mortgage Loan38,743 — 
One-Month LIBOR + 2.50% (7)
3.50%Interest Only03/20/2022
Total Notes and Bonds Payable principal outstanding763,070 678,080 
Net premium on Notes and Bonds Payable (6)
175 783 
Deferred financing costs, net(5,170)(5,200)
Total Notes and Bonds Payable, net$758,075 $673,663 
_____________________
(1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2020. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2020 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at September 30, 2020, where applicable.
(2) Represents the initial maturity date or the maturity date as extended as of September 30, 2020; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown.
(3) Represents the payment type required under the loan as of September 30, 2020. 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.
(4) See “ – Israeli Bond Financing” below.
(5) Contractual interest is 5.0% through November 30, 2020 and 6.5% from December 1, 2020 through March 31, 2021.
(6) 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 premium/discount is amortized over the remaining life of the notes and bonds payable.
(7) The mortgage loans have a LIBOR floor of 1%.
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 September 30, 2020 (in thousands):
October 1, 2020 through December 31, 2020$507 
2021387,178 
2022117,595 
2023116,587 
202424,990 
Thereafter116,213 
$763,070