Pacific Oak Strategic Opportunity REIT Inc. (formerly known as KBS Strategic Opportunity REIT Inc.) was formed on October 8, 2008 as a Maryland corporation, elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2010 and intends to operate in such manner. As used herein, the terms “we,” “our” and “us” refer to Pacific Oak Strategic Opportunity REIT Inc. and as required by context, Pacific Oak Strategic Opportunity Limited Partnership, a Delaware limited partnership formed on December 10, 2008 (the “Operating Partnership”), and its subsidiaries. KBS Capital Advisors LLC was previously our external advisor and on October 31, 2019, ceased to be our advisor or have any advisory responsibility to us immediately following the filing of our Quarter Report on Form 10-Q for the period ending September 30, 2019, which was filed on November 8, 2019. On November 1, 2019, Pacific Oak Capital Advisors, LLC (“Pacific Oak Capital Advisors”) became our advisor. As our advisor, Pacific Oak Capital Advisors manages our day-to-day operations and our portfolio of investments. Pacific Oak Capital Advisors also has the authority to make all of the decisions regarding our investments, subject to the limitations in our charter and the direction and oversight of our board of directors. Pacific Oak Capital Advisors also provides asset-management, marketing, investor-relations and other administrative services on our behalf. We have sought to invest in and manage a diverse portfolio of real estate related loans, opportunistic real estate, real estate-related debt securities and other real estate-related investments. We conduct our business primarily through our Operating Partnership, of which we are the sole general partner. On January 8, 2009, we filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a minimum of 250,000 shares and a maximum of 140,000,000 shares of common stock for sale to the public, of which 100,000,000 shares were registered in our primary offering and 40,000,000 shares were registered under our dividend reinvestment plan. We ceased offering shares of common stock in our primary offering on November 14, 2012. We sold 56,584,976 shares of common stock in the primary offering for gross offering proceeds of $561.7 million. We continue to offer shares of common stock under the dividend reinvestment plan. As of December 31, 2019, we had sold 6,827,324 shares of common stock under the dividend reinvestment plan for gross offering proceeds of $76.3 million. Also as of December 31, 2019, we had redeemed 23,819,074 of the shares sold in our offering for $285.4 million. As of December 31, 2019, we had issued 25,976,746 shares of common stock in connection with special dividends. Additionally, on December 29, 2011 and October 23, 2012, we issued 220,994 shares and 55,249 shares of common stock, respectively, for $2.0 million and $0.5 million, respectively, in private transactions exempt from the registration requirements pursuant to Section 4(2) of the Securities Act of 1933, as amended.
Company profile
Ticker
PCOK
Website
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
KBS Strategic Opportunity REIT, Inc.
SEC CIK
Corporate docs
Subsidiaries
110 William Mezz III, LLC • 110 William Property Investors III, LLC • 1180 Raymond Urban Renewal, LLC • CA Capital Management Services III, LLC • JP-Greenway I, LLC • JP-Greenway III, LLC • JP- Pacific Oak Richardson Acquisition I, LLC • JP- Pacific Oak Richardson Holdings, LLC • JP- Pacific Oak Richardson Holdings • JP-Palisades I, LLC ...
IRS number
263842535
Latest filings (excl ownership)
8-K
Entry into a Material Definitive Agreement
8 Apr 24
PRE 14A
Preliminary proxy
1 Apr 24
10-K
2023 FY
Annual report
1 Apr 24
8-K
Entry into a Material Definitive Agreement
14 Mar 24
8-K
Entry into a Material Definitive Agreement
18 Jan 24
8-K
Regulation FD Disclosure
6 Dec 23
8-K
Regulation FD Disclosure
21 Nov 23
10-Q
2023 Q3
Quarterly report
14 Nov 23
8-K
Other Events
24 Oct 23
8-K
Entry into a Material Definitive Agreement
1 Sep 23
Latest ownership filings
SC 13D/A
FRANKLIN STREET PROPERTIES CORP /MA/
11 Jan 24
3
Laurent J. Degryse
9 Sep 21
4
Keith D Hall
3 Sep 21
4
PETER MCMILLAN
3 Sep 21
SC 13D/A
MCMILLAN PETER
3 Sep 21
4
Keith D Hall
6 Oct 20
4
PETER MCMILLAN
6 Oct 20
SC 13G
Plymouth Industrial REIT Inc.
28 Aug 20
4/A
PETER MCMILLAN
6 Apr 20
4/A
Keith D Hall
6 Apr 20
Financial summary
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Annual (USD) | Dec 22 | Dec 21 | Dec 20 | Dec 19 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 129.56 mm | 129.56 mm | 129.56 mm | 129.56 mm | 129.56 mm | 129.56 mm |
Cash burn (monthly) | (no burn) | 1.09 mm | 20.85 mm | 8.19 mm | 347.67 k | 686.75 k |
Cash used (since last report) | n/a | 7.25 mm | 138.12 mm | 54.29 mm | 2.30 mm | 4.55 mm |
Cash remaining | n/a | 122.30 mm | -8.56 mm | 75.27 mm | 127.25 mm | 125.01 mm |
Runway (months of cash) | n/a | 111.7 | -0.4 | 9.2 | 366.0 | 182.0 |
Institutional ownership, Q3 2023
0.1% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 4 |
Opened positions | 2 |
Closed positions | 0 |
Increased positions | 0 |
Reduced positions | 0 |
13F shares | Current |
---|---|
Total value | 1.35 bn |
Total shares | 116.63 k |
Total puts | 0.00 |
Total calls | 0.00 |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
Mcmillan Peter | 81.18 k | $0.00 |
Sofos Investments | 28.20 k | $1.33 bn |
Tradition Wealth Management | 5.12 k | $54.00 k |
Cornerstone Planning | 2.14 k | $22.42 mm |