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Pacific Oak Strategic Opportunity REIT, Inc. reported that its wholly owned subsidiary, Pacific Oak SOR (BVI) Holdings, Ltd., has filed interim financial statements in Israel related to bonds offered there since February 2020. Because those Series B and D bonds were registered with the Israel Securities Authority, the BVI subsidiary must prepare financial statements under International Financial Reporting Standards (IFRS).
On November 30, 2025, the BVI subsidiary filed IFRS consolidated and separate interim financial statements for the three and nine months ended September 30, 2025. English translations of these consolidated and separate statements are being made available as Exhibits 99.1 and 99.2. The company notes that this information is being furnished, not filed, to the SEC, which limits how it is treated under U.S. securities laws.
Pacific Oak Strategic Opportunity REIT, Inc. reported a larger Q3 loss and raised going concern doubts. For the quarter ended September 30, 2025, total revenues were $28.5 million and net loss was $119.9 million, driven by $76.8 million of real estate impairments and higher foreign currency losses. Year-to-date, the company recorded a $247.2 million net loss, including $128.8 million of impairments.
The balance sheet shifted to a deficit: total assets were $884.8 million, liabilities were $976.4 million, and total (deficit) equity was $(91.6) million. Notes and bonds payable totaled $877.0 million in principal, with $568.1 million scheduled from October–December 2025 and $308.9 million in 2026. The company disclosed multiple technical defaults and covenant breaches and is negotiating under a standstill with Israeli bondholders after its Series B and D bonds were downgraded to ilB, creating an event of default and potential acceleration rights.
Operationally, occupancy in office assets was 66%, residential homes 92%, and the apartment property 86%. The company sold Georgia 400 Center for $39.1 million, recognizing a $7.6 million loss and repaying $39.5 million of related debt. As of November 12, 2025, common shares outstanding were 102,951,395.
Pacific Oak Strategic Opportunity REIT, Inc. announced governance steps tied to its difficult financial situation. On October 14, 2025, the board formed a Special Committee of all independent directors to explore strategic alternatives. On November 3, 2025, the Special Committee engaged Robert A. Stanger & Co., Inc. as financial advisor to assist with this process.
The actions follow a standstill agreement entered in August 2025 with the trustee for holders of bonds issued by subsidiary Pacific Oak SOR (BVI) Holdings, Ltd., and ongoing negotiations with Israeli bondholders.
Pacific Oak Strategic Opportunity REIT, Inc. renewed its advisory agreement with Pacific Oak Capital Advisors, LLC effective November 1, 2025. The agreement runs for an initial one-month term and automatically renews for successive one-month periods until November 1, 2026, consistent with exceptions to payment restrictions in the August 2025 standstill agreement tied to bonds issued by subsidiary Pacific Oak SOR (BVI) Holdings, Ltd.
Either party may terminate the agreement without cause or penalty at the end of any monthly term by providing notice, with the Company acting through its conflicts committee. The agreement will also end on the date the Company ceases to be subject to the August 2025 standstill, if that occurs before November 1, 2026. Other terms remain consistent with the prior advisory agreement.