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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2014	May 05, 2014
Document and Entity Information
Entity Registrant Name	CIM Commercial Trust corporation
Entity Central Index Key	0000908311
Document Type	10-Q
Document Period End Date	Mar. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		97,565,098
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013
ASSETS
Investments in real estate - net	$ 1,674,768	$ 1,682,165
Cash and cash equivalents	24,106	16,796
Restricted cash	5,544	6,672
Loans receivable - net	206,832
Accounts receivable and interest receivable - net	9,962	9,303
Deferred rent receivable and charges - net	89,060	87,606
Other intangible assets - net	23,951	22,282
Other assets	17,005	9,653
TOTAL ASSETS	2,051,228	1,834,477
LIABILITIES:
Debt	569,743	395,105
Accounts payable and accrued expenses	27,191	26,109
Intangible liabilities - net	8,152	8,800
Due to related parties	7,703	6,807
Other liabilities	25,208	21,173
Total liabilities	637,997	457,994
COMMITMENTS AND CONTINGENCIES (Note 13)
EQUITY:
Common shares, $0.01 par value, 100,000,000 authorized, 33,132,552 and 22,000,003 outstanding at March 31, 2014 and December 31, 2013, respectively	331	220
Preferred shares, $0.01 par value, 65,028,571 outstanding at both March 31, 2014 and December 31, 2013	650	650
Additional paid-in-capital	1,822,221	1,772,821
Distributions in excess of earnings	(407,780)	(399,953)
Shareholders' equity before treasury shares	1,415,422	1,373,738
Less: Treasury shares; at cost, 536,329 shares outstanding at March 31, 2014	(4,901)
Total Shareholders' equity	1,410,521	1,373,738
Noncontrolling interests	2,710	2,745
Total equity	1,413,231	1,376,483
Beneficiaries' equity before treasury shares
TOTAL LIABILITIES AND EQUITY	$ 2,051,228	$ 1,834,477

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2014	Dec. 31, 2013
CONSOLIDATED BALANCE SHEETS
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized shares	100,000,000	100,000,000
Common shares, outstanding shares	33,132,552	22,000,003
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, outstanding shares	65,028,571	65,028,571
Treasury shares, outstanding shares	536,329

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
REVENUES:
Rental and other property income	$ 59,822	$ 55,167
Expense reimbursements	2,351	2,450
Interest and other income	1,950	691
REVENUES	64,123	58,308
EXPENSES:
Rental and other property operating	29,586	24,721
Asset management fees and other fees to related parties	5,737	5,409
Interest	4,217	4,677
General and administrative	1,179	542
Transaction costs	468
Depreciation and amortization	16,629	17,137
EXPENSES	57,816	52,486
Bargain purchase gain (Note 2)	4,918
INCOME BEFORE PROVISION FOR INCOME TAXES	11,225	5,822
Provision for income taxes	(8)
NET INCOME	11,217	5,822
Net loss attributable to noncontrolling interests	2	4
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS	11,219	5,826
COMPREHENSIVE INCOME	$ 11,219	$ 5,826
NET INCOME PER SHARE:
Basic (in dollars per share)	$ 0.02	$ 0.01
Diluted (in dollars per share)	$ 0.02	$ 0.01
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	479,672	477,200
Diluted (in shares)	479,680	477,200

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-in Capital	Distributions In Excess of Earnings	Treasury Shares	Noncontrolling Interests
Balance at Dec. 31, 2012	$ 1,466,073	$ 220	$ 650	$ 1,772,789	$ (310,384)		$ 2,798
Balance (in shares) at Dec. 31, 2012		22,000,003	65,028,571
Increase (Decrease) in Stockholders' Equity
Distributions	(20,037)				(20,002)		(35)
Net income (loss)	5,822				5,826		(4)
Balance at Mar. 31, 2013	1,451,858	$ 220	$ 650	1,772,789	(324,560)		2,759
Balance (in shares) at Mar. 31, 2013		22,000,003	65,028,571
Balance at Dec. 31, 2013	1,376,483	$ 220	$ 650	1,772,821	(399,953)		2,745
Balance (in shares) at Dec. 31, 2013		22,000,003	65,028,571
Increase (Decrease) in Stockholders' Equity
Distributions	(16,133)				(16,100)		(33)
Reverse acquisition capital transaction	44,610	$ 111		49,400		$ (4,901)
Reverse acquisition capital transaction (in shares)		11,132,549
Common dividends ($0.01 per share)	(325)				(325)
Preferred dividends ($0.0403 per share)	(2,621)				(2,621)
Net income (loss)	11,217				11,219		(2)
Balance at Mar. 31, 2014	$ 1,413,231	$ 331	$ 650	$ 1,822,221	$ (407,780)	$ (4,901)	$ 2,710
Balance (in shares) at Mar. 31, 2014		33,132,552	65,028,571

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares			3 Months Ended
	Apr. 28, 2014	Mar. 24, 2014	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF EQUITY
Dividends declared, common (in dollars per share)		$ 0.01	$ 0.01
Dividends declared, preferred (in dollars per share)	$ 0.0302	$ 0.0403	$ 0.0403

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 11,217,000	$ 5,822,000
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent	(480,000)	(1,709,000)
Depreciation and amortization	16,629,000	17,137,000
Bargain purchase gain	(4,918,000)
Amortization of above- and below-market rent	(311,000)	(596,000)
Amortization of below-market ground lease	35,000	35,000
Straight line rent - below-market ground lease	294,000	294,000
Amortization of lease inducement	241,000	93,000
Amortization of deferred loan costs	326,000	151,000
Amortization of premiums and discounts on assumed mortgages payable	(206,000)	(201,000)
Amortization of tax abatement	138,000	138,000
Bad debt expense	118,000	421,000
Impairment losses	17,000
Amortization and accretion on notes receivable, net	(313,000)
Capitalized loan origination costs	(9,000)
Loans funded, held for sale	(1,193,000)
Principal collected on loans	89,000
Changes in operating assets and liabilities:
Accounts receivable and interest receivable	(22,000)	(2,676,000)
Other assets	(2,269,000)	(3,617,000)
Accounts payable and accrued expenses	(5,894,000)	(2,246,000)
Deferred leasing costs	(2,724,000)	(891,000)
Other liabilities	367,000	411,000
Due to related parties	896,000	523,000
Net cash provided by operating activities	12,028,000	13,089,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate	(7,225,000)	(5,078,000)
Loans funded	(400,000)
Cash and cash equivalents acquired in connection with the merger	3,185,000
Principal collected on loans	2,154,000
Restricted cash	1,128,000	985,000
Other	22,000
Net cash used in investing activities	(1,136,000)	(4,093,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of mortgages payable	(1,603,000)	(2,137,000)
Proceeds from unsecured revolving lines of credit, revolving credit facility and term note, net	76,700,000	10,000,000
Payment of principal on secured borrowings - government guaranteed loans	(89,000)
Payment of deferred loan costs	(225,000)	(8,000)
Payment of dividends	(2,946,000)
Payment of dividends assumed in acquisition	(59,286,000)
Distributions pre-merger	(16,100,000)	(20,002,000)
Noncontrolling interests distributions	(33,000)	(35,000)
Net cash used in financing activities	(3,582,000)	(12,182,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	7,310,000	(3,186,000)
CASH AND CASH EQUIVALENTS:
Beginning of period	16,796,000	31,514,000
End of period	24,106,000	28,328,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Cash paid during the period for interest	4,742,000	4,740,000
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES - Additions to investments in real estate included in accounts payable and accrued expenses	3,018,000	$ 3,493,000
Additions to deferred loan costs included in accounts payable and accrued expenses	$ 55,000

ORGANIZATION AND OPERATIONS	3 Months Ended
ORGANIZATION AND OPERATIONS	Mar. 31, 2014
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS CIM Commercial Trust Corporation ("CIM Commercial") or together with its wholly-owned subsidiaries, "we," "us" or "our," invests in substantially stabilized real estate assets located in high-population density, high-barrier-to-entry urban markets, which include traditional downtown areas and urban main streets that lie within the metropolitan areas of the United States of America. We also obtain income from the yield and other related fee income earned on our investments from our lending activities, which have principally been to companies in the hospitality industry. We were originally organized in 1993 as PMC Commercial Trust ("PMC Commercial"), a Texas real estate investment trust. On April 28, 2014, PMC Commercial's charter was amended to increase the authorized common shares of beneficial interest of PMC Commercial from 100,000,000 to 1,000,000,000 shares and PMC Commercial changed its state of incorporation (the "Reincorporation") from Texas to Maryland by means of a merger of PMC Commercial with and into a newly formed, wholly-owned subsidiary Maryland corporation. In addition, we changed our name to CIM Commercial Trust Corporation on April 29, 2014. Our common stock ("Common Stock") is currently traded on the NASDAQ Global Market (symbol "CMCT") (see Note 17).

MERGER

3 Months Ended

Mar. 31, 2014

MERGER

MERGER

2. MERGER

On July 8, 2013, our predecessor, PMC Commercial, entered into a merger agreement (the "Merger Agreement") with CIM Urban REIT, LLC ("CIM Urban REIT") and subsidiaries of the respective parties. CIM Urban REIT was a private commercial REIT and was the owner of CIM Urban Partners, LP ("CIM Urban"). The transaction (the "Merger") was completed on March 11, 2014 (the "Acquisition Date").

The Merger Agreement provided for a business combination between PMC Commercial and CIM Urban. Pursuant to the Merger Agreement, PMC Commercial issued 22,000,003 common shares of beneficial interest and 65,028,571 preferred shares. Each preferred share converted into seven common shares of beneficial interest in April 2014, resulting in the issuance of approximately 477,200,000 common shares of beneficial interest. This represented approximately 97.8% of PMC Commercial's outstanding shares on the Acquisition Date.

All common shares of beneficial interest that were outstanding immediately prior to the closing of the Merger continue to remain outstanding following the Acquisition Date. In addition, shareholders of record at the close of the business day prior to the Acquisition Date received a special cash dividend of $5.50 per common share of beneficial interest, which was paid on March 25, 2014.

The Merger was accounted for as a reverse acquisition under the acquisition method of accounting with CIM Urban considered to be the accounting acquirer based upon the terms of the Merger Agreement. Based on the determination that CIM Urban was the accounting acquirer in the transaction, CIM Urban allocated the purchase price to the fair value of PMC Commercial's assets and liabilities as of the Acquisition Date.

Accordingly, the accompanying financial statements (1) include the historical financial information for CIM Urban for all periods presented, (2) include the assets and liabilities of PMC Commercial acquired on March 11, 2014 in the consolidated balance sheet as of March 31, 2014 and (3) include the results of PMC Commercial's operations and cash flows in the consolidated statements of operations and comprehensive income and cash flows for the period from the Acquisition Date through March 31, 2014. The equity of CIM Commercial is the historical equity of CIM Urban retroactively restated to reflect the number of shares issued by PMC Commercial pursuant to the Merger Agreement. In connection with the reverse acquisition, for purposes of presenting equity for CIM Commercial, the historical shareholders of PMC Commercial were deemed to have been issued 10,596,220 common shares (11,132,549 common shares, less 536,329 treasury shares) on the Acquisition Date.

Consideration Transferred—The fair value of the consideration transferred in the reverse acquisition is determined based on the number of shares the accounting acquirer would have to issue to the shareholders of the accounting acquiree in order to provide the same ratio of ownership in the combined entity following the completion of the Merger, and was determined to be the outstanding shares of PMC Commercial as of the Acquisition Date. The fair value of the consideration transferred was based on the most reliable measure, which was determined to be the market price of PMC Commercial shares as of the Acquisition Date. The computation of the fair value of the consideration transferred, based on the market price of PMC Commercial shares on the Acquisition Date, is as follows:

	(in thousands, except per share data)

PMC Commercial shares outstanding		10,596
Equity consideration price per common share	$	4.21


Fair value of the equity consideration		44,610
Payment in cash—special dividend		58,279


Total purchase price	$	102,889

Purchase Price Allocation—As CIM Urban was the accounting acquirer in the business combination, it has allocated the purchase price to PMC Commercial's individually identifiable assets acquired and liabilities assumed based on their estimated fair values on the Acquisition Date. A bargain purchase gain was recorded as of the Acquisition Date in the amount equal to the excess of the fair value of the identifiable net assets acquired over the total purchase price.

The following table summarizes the allocation of the purchase price:

	(in thousands)

Assets
Cash and cash equivalents	$	3,185
Loans receivable		207,140
Accounts receivable and interest receivable		755
Other assets		5,396
Intangible assets		2,957


Total assets acquired		219,433


Liabilities
Debt		99,849
Accounts payable and accrued expenses		7,396
Special dividend liability and dividend payable		59,286
Other liabilities		3,374


Total liabilities assumed		169,905


Net identifiable assets acquired		49,528
Bargain purchase gain		(4,918	)


Net purchase price	$	44,610

Pro Forma Financial Information—The following pro forma consolidated results of net income for the three months ended March 31, 2014 and 2013 assume the business combination was completed as of January 1, 2013:

	Three Months Ended March 31,

	2014		2013
	(In thousands, except per share amounts)
Pro forma revenues	$	67,458	$	63,525
Pro forma net income	$	7,090	$	7,211
Pro forma basic earnings per share	$	0.01	$	0.01
Pro forma diluted earnings per share	$	0.01	$	0.01

The pro forma amounts include the historical operating results of CIM Urban and PMC Commercial prior to the business combination, with adjustments directly attributable to the business combination.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2014

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

For more information regarding our significant accounting policies and estimates, please refer to "Summary of Significant Accounting Policies" contained in Note 3 to CIM Urban's consolidated financial statements for the year ended December 31, 2013, included in our Current Report on Form 8-K/A dated May 9, 2014.

Interim Financial Information—The accompanying interim consolidated financial statements of CIM Commercial have been prepared by our management in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to Securities and Exchange Commission ("SEC") rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. Our accompanying interim consolidated financial statements should be read in conjunction with CIM Urban's audited consolidated financial statements and the notes thereto, included in our Current Report on Form 8-K/A dated May 9, 2014.

Principles of Consolidation—The consolidated financial statements include the accounts of CIM Commercial and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

Investments in Real Estate—Real estate acquisitions are recorded at cost as of the acquisition date. Costs related to the acquisition of properties are expensed as incurred. Investments in real estate are stated at depreciated cost. Depreciation and amortization are recorded on a straight line basis over the estimated useful lives as follows:


Buildings and improvements		15 - 40 years
Furniture, fixtures, and equipment		3 - 5 years
Tenant improvements		Shorter of the useful lives or the terms of the related leases

Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred.

Investments in real estate are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the future net cash flows, undiscounted and without interest, expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The estimated fair value of the asset group identified for step two testing is based on either the income approach with market discount rate, terminal capitalization rate and rental rate assumptions being most critical, or on the sales comparison approach to similar properties. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. No impairment of long-lived assets was recognized during the three months ended March 31, 2014 and 2013.

Loans Receivable—We primarily originate loans to small businesses collateralized by first liens on the real estate of the related business. Loans receivable are carried at their unamortized principal balance less unamortized acquisition discounts and loan loss reserves, if applicable. For loans originated under the Small Business Administration's (the "SBA") 7(a) Guaranteed Loan Program (the "SBA 7(a) Program") upon sale of the SBA guaranteed portion of the loans which are accounted for as sales, the unguaranteed portion of the loan retained by us is valued on a fair value basis and a discount is recorded as a reduction in basis of the retained portion of the loan.

We have a quarterly review process to identify and evaluate potential exposure to loan losses. Loans that require specific identification review are identified based on one or more negative characteristics including, but not limited to, non-payment or lack of timely payment of principal and/or interest, non-payment or lack of timely payment of property taxes for an extended period of time, deterioration of the physical property (our collateral), insurance defaults and/or franchise defaults. The specific identification evaluation begins with an evaluation of the estimated fair value of the loan. In determining estimated fair value, management utilizes the present value of the expected future cash flows discounted at the loan's effective interest rate and/or an estimation of underlying collateral values using appraisals, broker price opinions, tax assessed values and/or revenue analysis. Management uses appraisals as tools in conjunction with other determinants of collateral value to estimate collateral values, not as the sole determinant of value. The property valuation takes into consideration current information on property values in general, and value changes in commercial real estate and/or hospitality properties. The probability of liquidation is then determined. These probability determinations include macroeconomic factors, the location of the property and economic environment where the property is located, industry specific factors relating primarily to the hospitality industry, our historical experience with similar borrowers and/or individual borrower or collateral characteristics, and in certain circumstances, the strength of the guarantors. The liquidation probability is then applied to the identified loss exposure to determine the general or specific reserve for that loan and the ultimate determination as to whether it is considered impaired.

We will establish a general loan loss reserve when available information indicates that it is probable a loss has occurred in the portfolio and the amount of the loss can be reasonably estimated. Significant judgment is required in determining the general loan loss reserve, including estimates of the likelihood of default and the estimated fair value of the collateral. The general loan loss reserve includes those loans which may have negative characteristics which have not yet become known to us. In addition to the reserves established on loans not considered impaired that have been evaluated under a specific evaluation, the general loan loss reserve uses a consistent methodology to determine a loss percentage to be applied to outstanding loan balances. These loss percentages are based on many factors, primarily cumulative and recent loss history, general economic conditions and more specifically current trends in the limited service hospitality industry.

We recognized interest income and fees for the three months ended March 31, 2013, related to a first mortgage note on a hotel located near the Los Angeles Airport ("LAX") of $316,000. On October 8, 2013, we submitted the highest bid at a foreclosure auction and took possession of the hotel. The mortgage note investment basis was transferred to the property components at their relative fair values on title transfer.

Deferred Rent Receivable and Charges—Deferred rent receivable and charges consist of deferred rent, deferred loan costs and deferred leasing costs. Deferred rent receivable is $50,023,000 and $49,543,000 at March 31, 2014, and December 31, 2013, respectively. Deferred loan costs, which represent legal and third-party fees incurred in connection with our borrowing activities, are capitalized and amortized to interest expense on a straight line basis over the life of the related loan, approximating the effective interest method. Deferred loan costs of $6,028,000 and $5,748,000 are presented net of accumulated amortization of $3,946,000 and $3,620,000 at March 31, 2014, and December 31, 2013, respectively. Deferred leasing costs, which represent lease commissions and other direct costs associated with the acquisition of tenants, are capitalized and amortized on a straight line basis over the terms of the related leases. Deferred leasing costs of $58,550,000 and $55,826,000 are presented net of accumulated amortization of $21,595,000 and $19,891,000 at March 31, 2014, and December 31, 2013, respectively.

Noncontrolling Interests—Noncontrolling interests represents interests in the various properties not owned by us.

Consolidation Considerations for Our Investments in Real Estate—Accounting Standards Codification ("ASC") 810-10, Consolidation, addresses how a business enterprise should evaluate whether it has a controlling interest in an entity through means other than voting rights that would require the entity to be consolidated. We analyze our investments in real estate in accordance with this accounting standard to determine whether they are variable interest entities, and if so, whether we are the primary beneficiary. Our judgment with respect to our level of influence or control over an entity and whether we are the primary beneficiary of a variable interest entity involves consideration of various factors, including the form of our ownership interest, our voting interest, the size of our investment (including loans), and our ability to participate in major policy-making decisions. Our ability to correctly assess our influence or control over an entity affects the presentation of these investments in our consolidated financial statements.

Use of Estimates—The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Reclassification—Certain prior-period amounts have been reclassified to conform with the current-period presentation. For the three months ended March 31, 2013, hotel revenues of $9,577,000 have been reclassified to rental and other property income, other income of $374,000 has been reclassified to interest and other income, and hotel operating expenses of $6,439,000 have been reclassified to rental and other property operating expenses.

Recently Issued Accounting Pronouncements—In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the definition of a discontinued operation and requires entities to provide additional disclosures about disposal transactions that do not meet the discontinued-operations criteria. The revised guidance is effective prospectively to all disposals (or classifications as held for sale) that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014, with early adoption permitted. Entities are prohibited from applying the new ASU to any component, equity method investment, or acquired business that is classified as held for sale before the adoption date. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements.

INVESTMENTS IN REAL ESTATE

3 Months Ended

Mar. 31, 2014

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE

4. INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:

	March 31, 2014			December 31, 2013

	(in thousands)
Land	$	331,060		$	331,060
Land improvements		27,536			27,536
Buildings and improvements		1,456,079			1,454,854
Furniture, fixtures, and equipment		23,222			23,051
Tenant improvements		186,426			183,915
Work in progress		12,830			9,987


		2,037,153			2,030,403
Accumulated depreciation		(362,385	)		(348,238	)


Net investments in real estate	$	1,674,768		$	1,682,165

LOANS RECEIVABLE

3 Months Ended

Mar. 31, 2014

LOANS RECEIVABLE

LOANS RECEIVABLE

5. LOANS RECEIVABLE

Loans receivable consist of the following:

	March 31, 2014

	(in thousands)
Commercial mortgage loans	$	137,309
SBA 7(a) loans, subject to secured borrowings		40,199
SBA 7(a) loans		29,324


Net loans receivable	$	206,832

Commercial mortgage loans—Represents loans to small businesses primarily collateralized by first liens on the real estate of the related business.

SBA 7(a) loans, subject to secured borrowings—Represents the government guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings—government guaranteed loans (included in debt on our consolidated balance sheet). There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal.

SBA 7(a) loans—Represents the non-government guaranteed retained portion of loans originated under the SBA 7(a) Program and the government guaranteed portion of loans that have not yet been fully funded or sold.

Aging—The following tables represent an aging of our "Loans Receivable Subject to Credit Risk" (loans receivable less SBA 7(a) loans, subject to secured borrowings as the SBA has guaranteed payment of the principal).

March 31, 2014	Commercial Mortgage Loans				SBA 7(a) Loans				Totals

	(dollars in thousands)
Current	$	135,700	98.8	%	$	28,904	98.6	%	$	164,604	98.8	%
Between 29 and 59 days delinquent		475	0.4	%		420	1.4	%		895	0.5	%
Between 60 and 89 days delinquent		—	—			—	—			—	—
Over 89 days delinquent		1,134	0.8	%		—	—			1,134	0.7	%


	$	137,309	100.0	%	$	29,324	100.0	%	$	166,633	100.0	%

Loan Portfolio Classification—Management closely monitors our loans which require evaluation for loan loss reserves based on specific identification metrics which are classified into three categories: Doubtful, Substandard and Other Assets Especially Mentioned ("OAEM"). Loans classified as Doubtful are generally loans which are not complying with their contractual terms, the collection of the balance of the principal is considered impaired and on which the fair value of the collateral is less than the remaining unamortized principal balance. These loans are typically placed on non-accrual status and are generally in the foreclosure process. Loans classified as Substandard are generally those loans that are either not complying or had previously not complied with their contractual terms and have other credit weaknesses which may make payment default or principal exposure likely but not yet certain. Loans classified as OAEM are generally loans for which the credit quality of the borrowers has temporarily deteriorated. Typically, the borrowers are current on their payments; however, they may be delinquent on their property taxes, insurance, or franchise fees or may be under agreements which provide for interest only payments during a short period of time.

Management has classified our Loans Receivable Subject to Credit Risk as follows:

March 31, 2014	Commercial Mortgage Loans				SBA 7(a) Loans				Totals

	(dollars in thousands)
Satisfactory	$	133,371	97.2	%	$	28,043	95.6	%	$	161,414	96.8	%
OAEM		1,962	1.4	%		—	—			1,962	1.2	%
Substandard		842	0.6	%		1,165	4.0	%		2,007	1.2	%
Doubtful		1,134	0.8	%		116	0.4	%		1,250	0.8	%


	$	137,309	100.0	%	$	29,324	100.0	%	$	166,633	100.0	%

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2014

OTHER INTANGIBLE ASSETS

OTHER INTANGIBLE ASSETS

6. OTHER INTANGIBLE ASSETS

A schedule of the intangible assets and liabilities and related accumulated amortization and accretion as of March 31, 2014, and December 31, 2013, is as follows:

	Assets																				Liabilities

March 31, 2014	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement			Advance Bookings			Franchise Affiliation Fee			Acquired Below-Market Ground Lease			Trade-name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	8,017		$	79,645		$	4,273		$	8,329		$	3,936		$	11,685		$	2,957	$	(61,323	)
Accumulated amortization		(7,389	)		(74,075	)		(1,358	)		(8,206	)		(2,686	)		(1,177	)		—		53,171


	$	628		$	5,570		$	2,915		$	123		$	1,250		$	10,508		$	2,957	$	(8,152	)




Average useful life (in years)		4			5			8			3			10			84			Indefinite		6

	Assets																		Liabilities

December 31, 2013	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement			Advance Bookings			Franchise Affiliation Fee			Acquired Below-Market Ground Lease			Acquired Below-Market Leases
	(in thousands)
Gross balance	$	8,017		$	79,645		$	4,273		$	8,329		$	3,936		$	11,685		$	(61,323	)
Accumulated amortization		(7,052	)		(73,463	)		(1,220	)		(8,139	)		(2,587	)		(1,142	)		52,523


	$	965		$	6,182		$	3,053		$	190		$	1,349		$	10,543		$	(8,800	)




Average useful life (in years)		4			5			8			3			10			84			6

The amortization of the above-market leases included in rental and other property income were $(337,000) and $(200,000) for the three months ended March 31, 2014 and 2013, respectively. The amortization of the below-market leases included in rental and other property income were $648,000 and $796,000 for the three months ended March 31, 2014 and 2013, respectively. The amortization of in-place leases included in depreciation and amortization expense was $612,000 and $947,000 for the three months ended March 31, 2014 and 2013, respectively. Included in depreciation and amortization expense are franchise affiliation fee amortization of $99,000 for each of the three months ended March 31, 2014 and 2013, respectively, and amortization of advance bookings of $67,000 and $0 for the three months ended March 31, 2014 and 2013, respectively. Tax abatement amortization of $138,000 for each of the three months ended March 31, 2014 and 2013, and amortization of below-market ground lease obligation of $35,000 for each of the three months ended March 31, 2014 and 2013, are included in rental and other property operating expenses.

A schedule of future amortization and accretion of acquisition related intangible assets and liabilities as of March 31, 2014, is as follows:

	Assets												Liabilities

Years Ending December 31	Acquired Above-Market Leases		Acquired In-Place Leases		Tax Abatement		Advance Bookings		Franchise Affiliation Fee		Acquired Below-Market Ground Lease		Acquired Below-Market Leases
	(in thousands)
2014 (Nine months ending December 31, 2014)	$	265	$	1,517	$	413	$	123	$	295	$	105	$	(1,679	)
2015		241		1,388		551		—		394		140		(2,082	)
2016		88		891		551		—		394		140		(2,015	)
2017		26		445		551		—		167		140		(1,907	)
2018		8		195		551		—		—		140		(469	)
Thereafter		—		1,134		298		—		—		9,843		—


	$	628	$	5,570	$	2,915	$	123	$	1,250	$	10,508	$	(8,152	)

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2014

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

7. FAIR VALUE OF FINANCIAL INSTRUMENTS

A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows:

        Level 1 Inputs— Quoted prices in active markets for identical assets or liabilities

        Level 2 Inputs— Observable inputs other than quoted prices in active markets for identical assets and liabilities

        Level 3 Inputs— Unobservable inputs

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on our consolidated balance sheets were as follows:

	March 31, 2014				December 31, 2013

	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
	(In thousands)
Assets:
Loans Receivable Subject to Credit Risk	$	166,633	$	166,633	$	—	$	—		3
SBA 7(a) loans receivable, subject to secured borrowings		40,199		40,199		—		—		3
Liabilities:
Secured borrowings—government guaranteed loans		40,199		40,199		—		—		3
Unsecured revolving lines of credit and revolving facility		245,400		245,400		164,000		164,000		3
Term note		30,000		30,000		—		—		3
Junior subordinated notes		24,848		24,848		—		—		3
Mortgages payable		229,296		234,048		231,105		231,250		3

Management's estimation of the fair value of our financial instruments is based on a Level 3 valuation in the fair value hierarchy established for disclosure of how a company values its financial instruments. In general, quoted market prices from active markets for the identical financial instrument (Level 1 inputs), if available, should be used to value a financial instrument. If quoted prices are not available for the identical financial instrument, then a determination should be made if Level 2 inputs are available. Level 2 inputs include quoted prices for similar financial instruments in active markets for identical or similar financial instruments in markets that are not active (i.e., markets in which there are few transactions for the financial instruments, the prices are not current, price quotations vary substantially, or in which little information is released publicly). There is limited reliable market information for our financial instruments and we utilize other methodologies for valuation purposes since there are no Level 1 or Level 2 determinations available. Accordingly, Level 3 inputs are used to measure fair value.

In general, estimates of fair value may differ from the carrying amounts of the financial assets and liabilities primarily as a result of the effects of discounting future cash flows. Considerable judgment is required to interpret market data and develop estimates of fair value. Accordingly, the estimates presented may not be indicative of the amounts we could realize in a current market exchange.

Loans Receivable Subject to Credit Risk—Our loans receivable were initially recorded at estimated fair value at the date of acquisition. Subsequently, our loans receivable are recorded at cost upon origination and adjusted by net loan origination fees and discounts. In order to determine the estimated fair value of our loans receivable, we use a present value technique for the anticipated future cash flows using certain assumptions including a discount rate based on current market interest rates, prepayment tendencies and potential credit deterioration. Significant increases (decreases) in any of these inputs in isolation would result in a significantly lower (higher) fair value measurement. In the absence of a readily ascertainable market value, the estimated value of our loans receivable will differ from the values that would be placed on the portfolio if a ready market for the loans receivable existed.

SBA 7(a) loans receivable, subject to secured borrowings—Represents the government guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings—government guaranteed loans (a liability on our consolidated balance sheet). There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal. In order to determine the estimated fair value of those loans receivable, we use a present value technique for the anticipated future cash flows using certain assumptions including a discount rate based on current market interest rates taking into consideration the lack of credit risk and prepayment tendencies.

Junior subordinated notes—The estimated fair value is based on a present value calculation based on management's estimate of prices of the same or similar instruments after considering market risks, current interest rates, and remaining contractual maturities.

Secured borrowings—government guaranteed loans—The estimated fair value approximates cost as the interest rates on these secured borrowings approximates current market interest rates. Includes the unamortized deferred cash premiums collected on the sale of the government guaranteed portions of the loans.

Revolving credit facility, unsecured revolving lines of credit and term note—The carrying amount is a reasonable estimation of fair value as the interest rate on these instruments are variable and are at a current market interest rate. In addition, the term note is short-term.

Mortgage notes payable—The fair values of mortgage notes are estimated based on current interest rates available for debt instruments with similar terms. The fair value of our mortgages payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis is generally used to estimate the fair value of our mortgages payable, using rates ranging from 4.35% to 4.60% for the period ended March 31, 2014 and 4.85% to 5.00% for the year ended December 31, 2013.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

DEBT

3 Months Ended

Mar. 31, 2014

DEBT

DEBT

8. DEBT

Information on our debt is as follows:

	March 31, 2014			December 31, 2013

	(in thousands)
Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan has a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan is nonrecourse.	$	27,903		$	28,262
Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse.		46,000			46,000
Mortgage loan with a fixed interest rate of 5.56% per annum, with monthly payments of principal and interest. The loan has a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan is nonrecourse.		12,663			12,737
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse.		34,093			34,755
Mortgage loan with a fixed interest rate of 5.06% per annum, with monthly payments of principal and interest, and a balance of $33,068,000 due on September 1, 2015. The loan is nonrecourse.		34,369			34,583
Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and a balance of $35,695,000 due on March 1, 2021. The loans are nonrecourse.		41,005			41,170
Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse.		30,683			30,812


		226,716			228,319
Premiums and discounts on assumed mortgages		2,580			2,786


Total Mortgages Payable		229,296			231,105


Secured borrowing principal on loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.03%		31,538			—
Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.54%		5,677			—


		37,215			—
Premiums on loans sold for a premium and excess spread		2,984			—


Total Secured borrowings—government guaranteed loans		40,199			—


Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest payments due. Face value of $27,070,000. Balance due at maturity on March 15, 2035.		27,070			—
Term note with a fixed interest rate of 2.74%, principal and interest due at maturity on September 10, 2014.		30,000			—
Unsecured revolving line of credit with variable interest rate of prime less 50 basis points, with monthly interest payments due. Matures June 30, 2015.		12,400			—
Unsecured revolving lines of credit		233,000			164,000


		302,470			164,000
Discount on junior subordinated notes		(2,222	)		—


Total Other		300,248			164,000


Total Debt	$	569,743		$	395,105

The mortgages payable are secured by deeds of trust on certain of the properties and assignments of rents.

Secured borrowings represent sold SBA 7(a) Program loans which are treated as secured borrowings since the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Transfers and Servicing. Principal payments are dependent upon cash flows received from the underlying loans. No payment is due unless payments are received from the borrowers on the underlying loans.

CIM Commercial's $30,000,000 term note and $25,000,000 unsecured revolving line of credit have covenants including a covenant requiring an asset coverage test (eligible loans receivable) for balances outstanding under its revolving credit facility of 3.00 times. At March 31, 2014, we were in compliance with these covenants. To the extent the term note is repaid, credit availability under the revolving credit facility will increase to $40,000,000. As of March 31, 2014, $12,600,000 was available for future borrowing.

In February 2012, CIM Urban entered into an unsecured revolving line of credit with an unrelated bank syndicate and Bank of America, N.A., as administrative agent, which allows for maximum borrowings of $100,000,000. Borrowings under the line of credit are limited by certain borrowing base calculations. Outstanding advances under the line of credit bore interest at the base rate, as defined, plus 0.75% to 1.50% or LIBOR plus 1.75% to 2.50%, depending on the maximum consolidated leverage ratio, as defined, until August 2013. In August 2013, the unsecured revolving line was amended, and outstanding advances under the line bear interest at the base rate, as defined, plus 0.25% to 0.85% or LIBOR plus 1.25% to 1.85%, depending on the maximum consolidated leverage ratio, as defined. The line of credit is also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. At March 31, 2014, and December 31, 2013, CIM Urban was in compliance with all covenants. The line of credit matures in February 2016, with a one-year extension option under certain conditions. As of both March 31, 2014, and December 31, 2013, $100,000,000, was outstanding under the line of credit, and $0, was available for future borrowings.

In August 2013, CIM Urban entered into another unsecured revolving credit facility with an unrelated bank syndicate and Bank of America, N.A., as administrative agent, which provides an additional $125,000,000 of borrowing capacity that was increased to $150,000,000. CIM Urban amended the facility in April 2014 to further increase the maximum aggregate borrowing capacity under the revolving credit facility to $200,000,000. Borrowings under the revolving credit facility are limited by certain borrowing base calculations. Outstanding advances under the revolving credit facility bear interest at the base rate, as defined, plus 0.25% to 0.85% or LIBOR plus 1.25% to 1.85%, depending on the maximum consolidated leverage ratio, as defined. The revolving credit facility is also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. At March 31, 2014 and December 31, 2013, CIM Urban was in compliance with all covenants. The revolving credit facility originally matured in February 2014, with two three-month extension options under certain conditions. CIM Urban exercised the first extension option in February 2014. As of March 31, 2014, and December 31, 2013, $133,000,000 and $64,000,000, respectively, was outstanding under the revolving credit facility, and $17,000,000 and $61,000,000, respectively, was available for future borrowings.

At March 31, 2014, and December 31, 2013, accrued interest and unused commitment fee payable of $1,167,000 and $1,017,000, respectively, is included in accounts payable and accrued expenses.

Principal payments on, and estimated amortization of, our debt (face value) at March 31, 2014 was as follows:

Years Ending December 31,	Secured Borrowings Principal(1)		Mortgages Payable		All Other Principal(2)		Total

	(in thousands)
2014 (Nine Months Ending December 31, 2014)	$	860	$	4,869	$	163,000	$	168,729
2015		1,182		77,055		12,400		90,637
2016		1,222		4,354		100,000		105,576
2017		1,266		4,642		—		5,908
2018		1,311		24,300		—		25,611
Thereafter		31,374		111,496		27,070		169,940


	$	37,215	$	226,716	$	302,470	$	566,401

(1): Principal payments are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled principal payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.
(2): Represents the revolving credit facilities, term note, junior subordinated notes, and unsecured revolving lines of credit.

SHARE-BASED COMPENSATION PLANS	3 Months Ended
SHARE-BASED COMPENSATION PLANS	Mar. 31, 2014
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS	9. SHARE-BASED COMPENSATION PLANS At March 31, 2014, we had 98,500 options outstanding under share-based compensation plans. The options are fully vested, were repriced as of the Acquisition Date, and have a weighted average exercise price of $2.79. There are no outstanding restricted shares at March 31, 2014.

EARNINGS PER SHARE (''EPS'')	3 Months Ended
EARNINGS PER SHARE (''EPS'')	Mar. 31, 2014
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	10. EARNINGS PER SHARE ("EPS") The computations of basic EPS are based on our weighted average shares outstanding. During the three months ended March 31, 2014, the weighted average shares outstanding were increased by 8,000 shares to reflect the dilutive effect of share options. For purposes of calculating basic EPS, the 65,028,571 preferred shares issued in connection with the Merger have been assumed to have been converted into 455,199,997 common shares. As of the Acquisition Date, a subsidiary of CIM Urban REIT had agreed to vote its 97.8% post-Merger ownership of CIM Commercial in favor of an increase in the number of authorized CIM Commercial common shares to one billion, thereby satisfying the condition for the automatic conversion of these shares. The actual conversion of the preferred shares to common shares occurred on April 29, 2014.

DIVIDENDS DECLARED	3 Months Ended
DIVIDENDS DECLARED	Mar. 31, 2014
DIVIDENDS DECLARED
DIVIDENDS DECLARED	11. DIVIDENDS DECLARED We declared distributions to our partners of $16,100,000 prior to the Acquisition Date ($0.0337 per common share, as converted). In addition, dividends of $59,286,000 ($5.595 per common share) were paid to the PMC Commercial shareholders, which includes the $5.50 per common share special dividend plus the $0.095 pro rata portion of PMC Commercial's regular quarterly cash dividend. On March 24, 2014, we declared a common share dividend of $0.01 per common share and a preferred dividend of $0.0403 per preferred share ($0.0057 per common share as converted) which were paid on March 28, 2014. In addition, on April 28, 2014, the board of directors (the "Board of Directors") declared a dividend in the aggregate amount of $1,964,000 to the preferred shareholders ($0.0302 per preferred share and $0.0043 per common share, as converted) in connection with the conversion of preferred shares to common shares (see Note 17).

RELATED-PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2014

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

12. RELATED-PARTY TRANSACTIONS

CIM Urban REIT Management, LP (the "Management Company"), an affiliate of CIM Urban REIT, provides asset management services to CIM Urban. For these services, CIM Urban pays asset management fees to the Management Company, on a quarterly basis, in arrears. The fee is calculated as a percentage of the daily average gross fair value of our investments, as defined, as follows:

Daily Average Gross Fair Value of Investments				Quarterly

From Greater of		To and Including		Fee Percentage
(in thousands)
$	—	$	500,000		0.2500	%
	500,000		1,000,000		0.2375
	1,000,000		1,500,000		0.2250
	1,500,000		4,000,000		0.2125
	4,000,000		20,000,000		0.1000

For the three months ended March 31, 2014 and 2013, the Management Company earned asset management fees of $5,681,000 and $5,409,000, respectively. At March 31, 2014, and December 31, 2013, asset management fees of $5,751,000 and $5,426,000, respectively, were due to the Management Company.

CIM Management, Inc. and certain of its affiliates (collectively, the "CIM Management Entities"), all affiliates of CIM Urban REIT, provide property management, leasing, and development services to CIM Urban. For the three months ended March 31, 2014 and 2013, the CIM Management Entities earned property management fees, which are included in rental and other property operating expenses, totaling $1,259,000 and $1,147,000, respectively. CIM Urban also reimbursed the CIM Management Entities $2,044,000 and $1,388,000 during the three months ended March 31, 2014 and 2013, respectively, for the cost of on-site personnel incurred on behalf of CIM Urban, which is included in rental and other property operating expenses. In addition, for the three months ended March 31, 2014 and 2013, the CIM Management Entities earned leasing commissions of $512,000 and $286,000, respectively, and development management fees of $87,000 and $136,000, respectively, which were capitalized to deferred charges and investments in real estate. At March 31, 2014 and December 31, 2013, fees payable and expense reimbursements due to the CIM Management Entities of $1,895,000 and $1,445,000, respectively, are included in due to related parties. Also included in due to related parties as of March 31, 2014, and December 31, 2013, is $79,000 and $(64,000), respectively, due to (from) the CIM Management Entities and related parties. We have also entered into contracts with third-party property management companies.

Certain of these management companies also provide leasing and development management services, for which they are compensated in accordance with the agreements. Management fees incurred to third-party management companies related to the rental properties totaled $87,000 and $85,000 for the three months ended March 31, 2014 and 2013, respectively, which were included in rental and other property operating expenses.

On the Acquisition Date, pursuant to the terms of the Merger Agreement, CIM Commercial and its lending subsidiaries entered into the Master Services Agreement (the "Master Services Agreement") with CIM Service Provider, LLC (the "Manager") pursuant to which the Manager agrees to provide or arrange for other service providers to provide management and administration services to CIM Commercial and its subsidiaries following the Merger. Pursuant to the Master Services Agreement, CIM Commercial pays a base service fee (the "Base Service Fee") to the Manager equal to $1,000,000 per year (subject to an annual escalation by a specified inflation factor beginning on January 1, 2015), payable quarterly in arrears. The Base Service Fee began to accrue on the Acquisition Date and was pro-rated based on the number of days during the first quarter in which the Master Services Agreement was in effect. For the three months ended March 31, 2014, the Manager earned a Base Service Fee of $56,000, which is due to the Manager at March 31, 2014.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2014

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES

13. COMMITMENTS AND CONTINGENCIES

Loan Commitments—Commitments to extend credit are agreements to lend to a customer provided the terms established in the contract are met. Our outstanding loan commitments and approvals to fund loans were $40,200,000 at March 31, 2014, the majority of which were for prime-based loans to be originated by our SBA 7(a) subsidiary, the government guaranteed portion of which is intended to be sold. Commitments generally have fixed expiration dates. Since some commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements.

General—In connection with the ownership and operation of real estate properties, we have certain obligations for the payment of tenant improvement allowances and lease commissions in connection with new leases and renewals.

Employment Agreements—We have employment agreements with two of our executive officers. Under certain circumstances, as defined within the agreements, the agreements provide for (1) severance compensation or change in control payments to the executive officer in an amount equal to 2.99 times the average of the last three years annual compensation paid to the executive officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual salary paid to the executive officer. In addition, to the extent the executive is employed by us on January 1, 2016 and such executive is not entitled to any disability, death or severance payments, the executive would receive restricted share awards as a retention bonus which would vest immediately upon grant. In aggregate, the executive officers would receive 525,000 share awards.

Litigation—REIT Redux, L.P. et al v. CIM Commercial, et al. On October 9, 2013, a putative class action and derivative lawsuit was filed in the Dallas County Court at Law No. 5 in Dallas County, Texas against and purportedly on behalf of CIM Commercial. The plaintiffs alleged, among other things, that the CIM Commercial board breached its fiduciary duties by approving and recommending the merger to the shareholders, failing to maximize value for the shareholders, engaging in bad faith and self-dealing by preferring transactions that further enriched the trust managers at the expense of the shareholders and conspiring to deprive the shareholders of their voting power and prerogatives. The complaint alleged that CIM Urban REIT aided, abetted and induced those breaches of fiduciary duty.

CIM Commercial and CIM Urban REIT entered into various agreements with the plaintiffs to settle their claims, which agreements were effective as of January 28, 2014 and were approved by the court on April 4, 2014 (the "Settlement Agreement"). Under the terms of the Settlement Agreement, the Manager entered into a trading plan (the "Trading Plan") designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934 to provide for the purchase of up to 2,750,000 common shares of CIM Commercial at prices up to $5.00 per share. The Trading Plan commenced on March 12, 2014 and will, in general, expire on the date that 2,750,000 common shares of CIM Commercial have been purchased or August 10, 2014, whichever is earlier. Additionally, CIM Commercial agreed to be responsible for providing and administering notice of the class action settlement to the members of the settlement class and pay for all reasonable costs incurred in providing such notice. As a result of the settlement, CIM Commercial agreed to payment of attorney's fees and expenses of plaintiffs' counsel of $772,000. In addition, pursuant to the terms of the Settlement Agreement, the Manager agreed to purchase up to 500,000 common shares of CIM Commercial currently owned by REIT Redux and its other "reporting persons", at a price of $5.00 per share, if requested by REIT Redux to do so at any time from July 10, 2014 until August 10, 2014.

We are not currently involved in any other material litigation nor, to our knowledge, is any material litigation currently threatened against us, other than routine litigation arising in the ordinary course of business, most of which is expected to be covered by liability insurance. In the normal course of business we are periodically party to certain legal actions and proceedings involving matters that are generally incidental to our business. In management's opinion, the resolution of these legal actions and proceedings will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.

SBA Related—If the SBA establishes that a loss on an SBA guaranteed loan is attributable to significant technical deficiencies in the manner in which the loan was originated, funded or serviced under the SBA 7(a) Program, the SBA may seek recovery of the principal loss related to the deficiency from us. With respect to the guaranteed portion of SBA loans that have been sold, the SBA will first honor its guarantee and then seek compensation from us in the event that a loss is deemed to be attributable to technical deficiencies. Based on historical experience, we do not expect that this contingency is probable to be asserted. However, if asserted, it could have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Environmental Matters—In connection with the ownership and operation of real estate properties, we may be potentially liable for costs and damages related to environmental matters, including asbestos-containing materials. We have not been notified by any governmental authority of any noncompliance, liability, or other claim in connection with any of the properties, and we are not aware of any other environmental condition with respect to any of the properties that management believes will have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Rent Expense—The ground lease for a project provides for current annual rent of $437,000, payable quarterly, with increases on June 1, 2015, and every five years thereafter based on the greater of 15% or 50% of the increase in the Consumer Price Index during a five-year adjustment period. In addition, commencing on June 1, 2040 and June 1, 2065, the rent payable during the balance of the lease term shall be increased by an amount equal to 10% of the rent payable during the immediately preceding lease year. The lease term is through May 31, 2089. If the landlord decides to sell the leased property, we have the right of first refusal.

Rent expense under this lease, which includes straight line rent and amortization of acquired below-market ground lease, was $438,000 for the three months ended March 31, 2014 and 2013, respectively. We record rent expense on a straight line basis. Straight line rent liability of $10,157,000 and $9,863,000 is included in other liabilities in the accompanying consolidated balance sheets as of March 31, 2014, and December 31, 2013, respectively.

We lease office space in Dallas, Texas under a lease which expires in February 2015. Rent expense under the lease was $16,000 from the Acquisition Date through March 31, 2014.

Scheduled future noncancelable minimum lease payments at March 31, 2014, inclusive of the office lease in Dallas are as follows:

Years Ending December 31	(in thousands)

2014 (Nine months ending December 31, 2014)	$	491
2015		512
2016		503
2017		503
2018		503
Thereafter		129,031


Total	$	131,543

FUTURE MINIMUM LEASE RENTALS

3 Months Ended

Mar. 31, 2014

FUTURE MINIMUM LEASE RENTALS

FUTURE MINIMUM LEASE RENTALS

14. FUTURE MINIMUM LEASE RENTALS

Future minimum rental revenues under long-term operating leases at March 31, 2014, excluding tenant reimbursements of certain costs, are summarized as follows:

	Governmental Tenants		Other Tenants		Total

	(in thousands)
2014 (Nine months ending December 31, 2014)	$	41,265	$	62,321	$	103,586
2015		43,675		80,107		123,782
2016		42,902		73,799		116,701
2017		39,818		67,856		107,674
2018		38,252		46,193		84,445
Thereafter		170,542		204,460		375,002


Total	$	376,454	$	534,736	$	911,190

CONCENTRATIONS

3 Months Ended

Mar. 31, 2014

CONCENTRATIONS

CONCENTRATIONS

15. CONCENTRATIONS

Tenant Revenue Concentrations—Rental revenues from the U.S. General Services Administration and other government agencies (collectively, "Governmental Tenants"), which primarily occupy properties located in Washington, D.C., accounted for approximately 26%, and 28% of our rental and other property income for the three months ended March 31, 2014 and 2013, respectively. At March 31, 2014, and December 31, 2013, $6,444,000 and $5,596,000, respectively, is due from Governmental Tenants (see Note 14).

Geographical Concentrations of Investments in Real Estate—As of March 31, 2014, and December 31, 2013, we owned 19 office properties, five multifamily properties and three hotel properties, located in four states and Washington, D.C.

Our revenues concentration from properties for the periods ended March 31, 2014 and 2013, are as follows:



California	60.2	%	57.5	%
North Carolina	5.3		6.4
Texas	7.7		7.9
New York	2.1		2.2
Washington, D.C.	24.7		26.0


	100.0	%	100.0	%

Our real estate investments concentration from properties as of March 31, 2014, and December 31, 2013, are as follows:



California	50.5	%	50.5	%
North Carolina	5.6		5.6
Texas	7.7		7.7
New York	3.7		3.7
Washington, D.C.	32.5		32.5


	100.0	%	100.0	%

Concentration of loans receivable—Substantially all of our interest income is generated from loans collateralized by hospitality properties. At March 31, 2014, our loans receivable were 95% concentrated in the hospitality industry. In addition, at March 31, 2014, 12% of our loans were collateralized by properties in Texas. No other state had a concentration of 10% or greater of our loans receivable at March 31, 2014.

SEGMENT DISCLOSURE

3 Months Ended

Mar. 31, 2014

SEGMENT DISCLOSURE

SEGMENT DISCLOSURE

16. SEGMENT DISCLOSURE

In accordance with ASC Topic 280, Segment Reporting, our reportable segments consist of three types of commercial real estate properties, namely, office properties, hotel properties (which included an investment in a note receivable secured by a hotel property during the three months ended March 31, 2013) and multifamily properties, as well as a segment for our lending operations. Management internally evaluates the operating performance and financial results of the segments based on net operating income. We also have certain general and administrative level activities, including public company expenses, legal, accounting, tax preparation, that are not considered separate operating segments. The reportable segments are accounted for on the same basis of accounting as described in the notes to the audited consolidated financial statements of CIM Urban for the year ended December 31, 2013 included in our current report on Form 8-K/A filed on May 9, 2014.

We evaluate the performance of our segments based on net operating income for our real estate segment, defined as: rental and other property income and tenant reimbursements less property and related expenses, and excludes other nonproperty income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, and transaction costs. For the lending segment, we define net operating income as interest income net of interest expense and expense for back-office operations and general overhead expenses such as administration and accounting. The net operating income of our reportable segments for the three months ended March 31, 2014 and 2013, is as follows:

	March 31, 2014		March 31, 2013

	(in thousands)
Office properties:
Revenues	$	43,274	$	43,460


Property expenses:
Operating		17,653		16,302
General and administrative		316		100


Total property expenses		17,969		16,402


Segment net operating income—office		25,305		27,058


Hotel properties:
Revenues		14,339		9,947


Property expenses:
Operating		9,846		6,528
General and administrative		37		79


Total property expenses		9,883		6,607


Segment net operating income—hotel		4,456		3,340


Multifamily properties:
Revenues		4,984		4,901


Property expenses:
Operating		2,087		1,891
General and administrative		25		7


Total property expenses		2,112		1,898


Segment net operating income—multifamily		2,872		3,003


Lending(1):
Revenues		1,526		—


Lending expenses:
Interest expense		262		—
General and administrative		405		—


Total lending expenses		667		—


Segment net operating income—lending		859		—


Total segment net operating income	$	33,492	$	33,401

(1): For the period from the Acquisition Date to March 31, 2014.

A reconciliation of segment net operating income to net income for the three months ended March 31, 2014 and 2013, is as follows:

	March 31, 2014			March 31, 2013

	(in thousands)
Total segment net operating income	$	33,492		$	33,401
Interest		(3,955	)		(4,677	)
General and administrative		(396	)		(356	)
Asset management fees and other fees to related parties		(5,737	)		(5,409	)
Transaction costs		(468	)		—
Depreciation and amortization		(16,629	)		(17,137	)


		6,307			5,822
Bargain purchase gain		4,918			—


Income before provision for income taxes		11,225			5,822
Provision for income taxes		(8	)		—


Net income		11,217			5,822
Net loss attributable to noncontrolling interests		2			4


Net income attributable to shareholders	$	11,219		$	5,826

The condensed assets for each of the segments as of March 31, 2014 and December 31, 2013, along with capital expenditures and originations for the three months ended March 31, 2014 and 2013, are as follows:

	March 31, 2014		December 31, 2013

	(in thousands)
Condensed assets:
Office properties	$	1,474,971	$	1,481,757
Hotel properties		175,201		174,263
Multifamily properties		170,723		173,985
Lending		223,954		—
Non-segment assets		6,379		4,472


Total assets	$	2,051,228	$	1,834,477

	March 31, 2014		March 31, 2013

	(in thousands)
Capital expenditures(1):
Office properties	$	6,055	$	3,920
Hotel properties		485		470
Multifamily properties		210		519


Total capital expenditures		6,750		4,909


Originations		1,593		—


Total capital expenditures and originations	$	8,343	$	4,909

(1): Represents additions and improvements to real estate investments, excluding acquisitions.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2014
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS In April 2014, we acquired a 100% fee-simple interest in an office building in Los Angeles. Built in 1984, the building has approximately 143,000 square feet of rentable space and is located in the Mid-Wilshire submarket of Los Angeles. The Annual Meeting of Shareholders (the "Annual Meeting") was held on April 28, 2014. At the Annual Meeting, among other proposals, shareholders voted to approve an amendment to PMC Commercial's charter to increase the authorized common shares of beneficial interest of PMC Commercial from 100,000,000 to 1,000,000,000 shares and PMC Commercial changed its state of incorporation from Texas to Maryland by means of a merger of PMC Commercial with and into a newly formed, wholly-owned subsidiary Maryland corporation. Immediately following the increase in the number of authorized shares, on April 28, 2014, each preferred share that was issued in connection with the Merger automatically converted (the "Conversion") into seven common shares of beneficial interest of PMC Commercial, resulting in the issuance of 455,199,997 common shares of beneficial interest to an affiliate of CIM Urban. The Reincorporation was effected on April 28, 2014. On the same day, the board of directors voted unanimously to, among other things: declare a dividend in the aggregate amount of $1,964,000 to the preferred shareholders in connection with the Conversion (an amount that holders of the preferred shares were entitled to if the Conversion occurred on or prior to the date specified in the Statement of Designation for the preferred shares), change the name of the company (the "Name Change") from "PMC Commercial Trust" to "CIM Commercial Trust Corporation", change the trading symbol of the company from "PMCT" to "CMCT" (the "Symbol Change") and approve a 1-for-5 reverse stock split (the "Reverse Stock Split"). The Name Change was effective on April 28, 2014 and each of the Symbol Change and the Reverse Stock Split was effective on April 29, 2014. Except as otherwise stated, none of the share or per share information in this report reflects the effect of the Reverse Stock Split.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2014

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Information

Principles of Consolidation

Investments in Real Estate


Buildings and improvements		15 - 40 years
Furniture, fixtures, and equipment		3 - 5 years
Tenant improvements		Shorter of the useful lives or the terms of the related leases

Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred.

Loans Receivable

Deferred Rent Receivable and Charges

Noncontrolling Interests

Noncontrolling Interests—Noncontrolling interests represents interests in the various properties not owned by us.

Consolidation Considerations for Our Investments in Real Estate

Use of Estimates

Reclassification

Recently Issued Accounting Pronouncements

MERGER (Tables)

3 Months Ended

Mar. 31, 2014

MERGER

Schedule of fair value of consideration transferred, based on market price of PMC Commercial shares on Acquisition Date

	(in thousands, except per share data)
PMC Commercial shares outstanding		10,596
Equity consideration price per common share	$	4.21


Fair value of the equity consideration		44,610
Payment in cash—special dividend		58,279


Total purchase price	$	102,889

Schedule of allocation of purchase price

	(in thousands)

Assets
Cash and cash equivalents	$	3,185
Loans receivable		207,140
Accounts receivable and interest receivable		755
Other assets		5,396
Intangible assets		2,957


Total assets acquired		219,433


Liabilities
Debt		99,849
Accounts payable and accrued expenses		7,396
Special dividend liability and dividend payable		59,286
Other liabilities		3,374


Total liabilities assumed		169,905


Net identifiable assets acquired		49,528
Bargain purchase gain		(4,918	)


Net purchase price	$	44,610

Schedule of pro forma consolidated financial information

	Three Months Ended March 31,

	2014		2013
	(In thousands, except per share amounts)
Pro forma revenues	$	67,458	$	63,525
Pro forma net income	$	7,090	$	7,211
Pro forma basic earnings per share	$	0.01	$	0.01
Pro forma diluted earnings per share	$	0.01	$	0.01

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2014

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of real estate investment assets


Buildings and improvements		15 - 40 years
Furniture, fixtures, and equipment		3 - 5 years
Tenant improvements		Shorter of the useful lives or the terms of the related leases

INVESTMENTS IN REAL ESTATE (Tables)

3 Months Ended

Mar. 31, 2014

INVESTMENTS IN REAL ESTATE

Schedule of investments in real estate

	March 31, 2014			December 31, 2013
	(in thousands)
Land	$	331,060		$	331,060
Land improvements		27,536			27,536
Buildings and improvements		1,456,079			1,454,854
Furniture, fixtures, and equipment		23,222			23,051
Tenant improvements		186,426			183,915
Work in progress		12,830			9,987


		2,037,153			2,030,403
Accumulated depreciation		(362,385	)		(348,238	)


Net investments in real estate	$	1,674,768		$	1,682,165

LOANS RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2014

LOANS RECEIVABLE

Schedule of loans receivable

	March 31, 2014
	(in thousands)
Commercial mortgage loans	$	137,309
SBA 7(a) loans, subject to secured borrowings		40,199
SBA 7(a) loans		29,324


Net loans receivable	$	206,832

Schedule of aging of loans receivable subject to credit risk

March 31, 2014	Commercial Mortgage Loans				SBA 7(a) Loans				Totals

	(dollars in thousands)
Current	$	135,700	98.8	%	$	28,904	98.6	%	$	164,604	98.8	%
Between 29 and 59 days delinquent		475	0.4	%		420	1.4	%		895	0.5	%
Between 60 and 89 days delinquent		—	—			—	—			—	—
Over 89 days delinquent		1,134	0.8	%		—	—			1,134	0.7	%


	$	137,309	100.0	%	$	29,324	100.0	%	$	166,633	100.0	%

Schedule of classification of loans receivable subject to credit risk

March 31, 2014	Commercial Mortgage Loans				SBA 7(a) Loans				Totals

	(dollars in thousands)
Satisfactory	$	133,371	97.2	%	$	28,043	95.6	%	$	161,414	96.8	%
OAEM		1,962	1.4	%		—	—			1,962	1.2	%
Substandard		842	0.6	%		1,165	4.0	%		2,007	1.2	%
Doubtful		1,134	0.8	%		116	0.4	%		1,250	0.8	%


	$	137,309	100.0	%	$	29,324	100.0	%	$	166,633	100.0	%

OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2014

OTHER INTANGIBLE ASSETS

Schedule of intangible assets and liabilities and related accumulated amortization and accretion

	Assets																				Liabilities

March 31, 2014	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement			Advance Bookings			Franchise Affiliation Fee			Acquired Below-Market Ground Lease			Trade-name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	8,017		$	79,645		$	4,273		$	8,329		$	3,936		$	11,685		$	2,957	$	(61,323	)
Accumulated amortization		(7,389	)		(74,075	)		(1,358	)		(8,206	)		(2,686	)		(1,177	)		—		53,171


	$	628		$	5,570		$	2,915		$	123		$	1,250		$	10,508		$	2,957	$	(8,152	)




Average useful life (in years)		4			5			8			3			10			84			Indefinite		6

	Assets																		Liabilities

December 31, 2013	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement			Advance Bookings			Franchise Affiliation Fee			Acquired Below-Market Ground Lease			Acquired Below-Market Leases
	(in thousands)
Gross balance	$	8,017		$	79,645		$	4,273		$	8,329		$	3,936		$	11,685		$	(61,323	)
Accumulated amortization		(7,052	)		(73,463	)		(1,220	)		(8,139	)		(2,587	)		(1,142	)		52,523


	$	965		$	6,182		$	3,053		$	190		$	1,349		$	10,543		$	(8,800	)




Average useful life (in years)		4			5			8			3			10			84			6

Schedule of future amortization and accretion of acquisition related intangible assets and liabilities

A schedule of future amortization and accretion of acquisition related intangible assets and liabilities as of March 31, 2014, is as follows:

	Assets												Liabilities

Years Ending December 31	Acquired Above-Market Leases		Acquired In-Place Leases		Tax Abatement		Advance Bookings		Franchise Affiliation Fee		Acquired Below-Market Ground Lease		Acquired Below-Market Leases
	(in thousands)
2014 (Nine months ending December 31, 2014)	$	265	$	1,517	$	413	$	123	$	295	$	105	$	(1,679	)
2015		241		1,388		551		—		394		140		(2,082	)
2016		88		891		551		—		394		140		(2,015	)
2017		26		445		551		—		167		140		(1,907	)
2018		8		195		551		—		—		140		(469	)
Thereafter		—		1,134		298		—		—		9,843		—


	$	628	$	5,570	$	2,915	$	123	$	1,250	$	10,508	$	(8,152	)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2014

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of estimated fair values of financial instruments not recorded at fair value on consolidated balance sheets

	March 31, 2014				December 31, 2013

	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
	(In thousands)
Assets:
Loans Receivable Subject to Credit Risk	$	166,633	$	166,633	$	—	$	—		3
SBA 7(a) loans receivable, subject to secured borrowings		40,199		40,199		—		—		3
Liabilities:
Secured borrowings—government guaranteed loans		40,199		40,199		—		—		3
Unsecured revolving lines of credit and revolving facility		245,400		245,400		164,000		164,000		3
Term note		30,000		30,000		—		—		3
Junior subordinated notes		24,848		24,848		—		—		3
Mortgages payable		229,296		234,048		231,105		231,250		3

DEBT (Tables)

3 Months Ended

Mar. 31, 2014

DEBT

Schedule of debt

	March 31, 2014			December 31, 2013

	(in thousands)
Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan has a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan is nonrecourse.	$	27,903		$	28,262
Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse.		46,000			46,000
Mortgage loan with a fixed interest rate of 5.56% per annum, with monthly payments of principal and interest. The loan has a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan is nonrecourse.		12,663			12,737
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse.		34,093			34,755
Mortgage loan with a fixed interest rate of 5.06% per annum, with monthly payments of principal and interest, and a balance of $33,068,000 due on September 1, 2015. The loan is nonrecourse.		34,369			34,583
Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and a balance of $35,695,000 due on March 1, 2021. The loans are nonrecourse.		41,005			41,170
Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse.		30,683			30,812


		226,716			228,319
Premiums and discounts on assumed mortgages		2,580			2,786


Total Mortgages Payable		229,296			231,105


Secured borrowing principal on loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.03%		31,538			—
Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.54%		5,677			—


		37,215			—
Premiums on loans sold for a premium and excess spread		2,984			—


Total Secured borrowings—government guaranteed loans		40,199			—


Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest payments due. Face value of $27,070,000. Balance due at maturity on March 15, 2035.		27,070			—
Term note with a fixed interest rate of 2.74%, principal and interest due at maturity on September 10, 2014.		30,000			—
Unsecured revolving line of credit with variable interest rate of prime less 50 basis points, with monthly interest payments due. Matures June 30, 2015.		12,400			—
Unsecured revolving lines of credit		233,000			164,000


		302,470			164,000
Discount on junior subordinated notes		(2,222	)		—


Total Other		300,248			164,000


Total Debt	$	569,743		$	395,105

Schedule of principal payments on, and estimated amortization of debt (face value)

Principal payments on, and estimated amortization of, our debt (face value) at March 31, 2014 was as follows:

Years Ending December 31,	Secured Borrowings Principal(1)		Mortgages Payable		All Other Principal(2)		Total

	(in thousands)
2014 (Nine Months Ending December 31, 2014)	$	860	$	4,869	$	163,000	$	168,729
2015		1,182		77,055		12,400		90,637
2016		1,222		4,354		100,000		105,576
2017		1,266		4,642		—		5,908
2018		1,311		24,300		—		25,611
Thereafter		31,374		111,496		27,070		169,940


	$	37,215	$	226,716	$	302,470	$	566,401

(1): Principal payments are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled principal payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.
(2): Represents the revolving credit facilities, term note, junior subordinated notes, and unsecured revolving lines of credit.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

RELATED-PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2014

RELATED-PARTY TRANSACTIONS

Schedule of calculation of asset management fees payable to related party as a percentage of the daily average gross fair value of investments

Daily Average Gross Fair Value of Investments				Quarterly

From Greater of		To and Including		Fee Percentage
(in thousands)
$	—	$	500,000		0.2500	%
	500,000		1,000,000		0.2375
	1,000,000		1,500,000		0.2250
	1,500,000		4,000,000		0.2125
	4,000,000		20,000,000		0.1000

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2014

COMMITMENTS AND CONTINGENCIES.

Schedule of future noncancelable minimum lease payments

Scheduled future noncancelable minimum lease payments at March 31, 2014, inclusive of the office lease in Dallas are as follows:

Years Ending December 31	(in thousands)

2014 (Nine months ending December 31, 2014)	$	491
2015		512
2016		503
2017		503
2018		503
Thereafter		129,031


Total	$	131,543

FUTURE MINIMUM LEASE RENTALS (Tables)

3 Months Ended

Mar. 31, 2014

FUTURE MINIMUM LEASE RENTALS

Summary of future minimum rental revenues under long-term operating leases excluding tenant reimbursements of certain costs

Future minimum rental revenues under long-term operating leases at March 31, 2014, excluding tenant reimbursements of certain costs, are summarized as follows:

	Governmental Tenants		Other Tenants		Total

	(in thousands)
2014 (Nine months ending December 31, 2014)	$	41,265	$	62,321	$	103,586
2015		43,675		80,107		123,782
2016		42,902		73,799		116,701
2017		39,818		67,856		107,674
2018		38,252		46,193		84,445
Thereafter		170,542		204,460		375,002

	z
Total	$	376,454	$	534,736	$	911,190

CONCENTRATIONS (Tables)

3 Months Ended

Mar. 31, 2014

Revenues

Concentrations

Schedule of concentration risk from properties



California	60.2	%	57.5	%
North Carolina	5.3		6.4
Texas	7.7		7.9
New York	2.1		2.2
Washington, D.C.	24.7		26.0


	100.0	%	100.0	%

Real estate investment

Concentrations

Schedule of concentration risk from properties



California	50.5	%	50.5	%
North Carolina	5.6		5.6
Texas	7.7		7.7
New York	3.7		3.7
Washington, D.C.	32.5		32.5


	100.0	%	100.0	%

SEGMENT DISCLOSURE (Tables)

3 Months Ended

Mar. 31, 2014

SEGMENT DISCLOSURE

Schedule of net operating income of reportable segments

	March 31, 2014		March 31, 2013
	(in thousands)
Office properties:
Revenues	$	43,274	$	43,460


Property expenses:
Operating		17,653		16,302
General and administrative		316		100


Total property expenses		17,969		16,402


Segment net operating income—office		25,305		27,058


Hotel properties:
Revenues		14,339		9,947


Property expenses:
Operating		9,846		6,528
General and administrative		37		79


Total property expenses		9,883		6,607


Segment net operating income—hotel		4,456		3,340


Multifamily properties:
Revenues		4,984		4,901


Property expenses:
Operating		2,087		1,891
General and administrative		25		7


Total property expenses		2,112		1,898


Segment net operating income—multifamily		2,872		3,003


Lending(1):
Revenues		1,526		—


Lending expenses:
Interest expense		262		—
General and administrative		405		—


Total lending expenses		667		—


Segment net operating income—lending		859		—


Total segment net operating income	$	33,492	$	33,401

(1): For the period from the Acquisition Date to March 31, 2014.

Schedule of reconciliation of segment net operating income to net income attributable to shareholders

	March 31, 2014			March 31, 2013

	(in thousands)
Total segment net operating income	$	33,492		$	33,401
Interest		(3,955	)		(4,677	)
General and administrative		(396	)		(356	)
Asset management fees and other fees to related parties		(5,737	)		(5,409	)
Transaction costs		(468	)		—
Depreciation and amortization		(16,629	)		(17,137	)


		6,307			5,822
Bargain purchase gain		4,918			—


Income before provision for income taxes		11,225			5,822
Provision for income taxes		(8	)		—


Net income		11,217			5,822
Net loss attributable to noncontrolling interests		2			4


Net income attributable to shareholders	$	11,219		$	5,826

Schedule of reconciliation of condensed assets of segments to consolidated total assets

	March 31, 2014		December 31, 2013

	(in thousands)
Condensed assets:
Office properties	$	1,474,971	$	1,481,757
Hotel properties		175,201		174,263
Multifamily properties		170,723		173,985
Lending		223,954		—
Non-segment assets		6,379		4,472


Total assets	$	2,051,228	$	1,834,477

Schedule of capital expenditures and originations

	March 31, 2014		March 31, 2013

	(in thousands)
Capital expenditures(1):
Office properties	$	6,055	$	3,920
Hotel properties		485		470
Multifamily properties		210		519


Total capital expenditures		6,750		4,909


Originations		1,593		—


Total capital expenditures and originations	$	8,343	$	4,909

(1): Represents additions and improvements to real estate investments, excluding acquisitions.

ORGANIZATION AND OPERATIONS (Details) - shares	Apr. 28, 2014	Mar. 31, 2014	Dec. 31, 2013
Organization and operations
Common shares authorized		100,000,000	100,000,000
Subsequent event \| PMC
Organization and operations
Common shares authorized before amendment	100,000,000
Common shares authorized	1,000,000,000

MERGER (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 11, 2014	Mar. 31, 2014	Mar. 25, 2014	Dec. 31, 2013
Merger
Treasury shares		536,329
Consideration Transferred
PMC Commercial shares outstanding		33,132,552		22,000,003
Common shares
Merger
Shares of beneficial interest issued		11,132,549
PMC Commercial \| CIM Urban REIT
Merger
Shares of beneficial interest issued	11,132,549
Treasury shares	536,329
Number of shares to be issued on conversion of each preferred share	7
Number of shares to be issued on conversion of preferred shares	477,200,000
Number of shares to be issued on conversion of preferred shares expressed as a percentage of outstanding shares	97.80%
Special cash dividend issued to shareholders of record at the close of the business day prior to the closing of transactions (in dollars per share)			$ 5.50
Consideration Transferred
PMC Commercial shares outstanding	10,596,000
Equity consideration price per common share (in dollars per share)	$ 4.21
Fair value of the equity consideration	$ 44,610
Payment in cash - special dividend	58,279
Total purchase price	$ 102,889
PMC Commercial \| CIM Urban REIT \| Common shares
Merger
Shares of beneficial interest issued	22,000,003
PMC Commercial \| CIM Urban REIT \| Preferred shares
Merger
Shares of beneficial interest issued	65,028,571

MERGER (Details 2) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 11, 2014	Mar. 31, 2014	Mar. 31, 2013
Liabilities
Bargain purchase gain		$ 4,918
PMC Commercial \| CIM Urban
Assets
Cash and cash equivalents	$ 3,185
Loans receivable	207,140
Accounts receivable and interest receivable	755
Other assets	5,396
Intangible assets	2,957
Total assets acquired	219,433
Liabilities
Debt	99,849
Accounts payable and accrued expenses	7,396
Special dividend liability and dividend payable	59,286
Other liabilities	3,374
Total liabilities assumed	169,905
Net identifiable assets acquired	49,528
Bargain purchase gain	(4,918)
Net purchase price	$ 44,610
Pro Forma Financial Information
Pro forma revenues		67,458	$ 63,525
Pro forma net income		$ 7,090	$ 7,211
Pro forma basic earnings per share (in dollars per share)		$ 0.01	$ 0.01
Pro forma diluted earnings per share (in dollars per share)		$ 0.01	$ 0.01

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Investments in Real Estate
Impairment of long-lived assets	$ 0	$ 0
Buildings and improvements \| Minimum
Investments in Real Estate
Estimated useful lives	15 years
Buildings and improvements \| Maximum
Investments in Real Estate
Estimated useful lives	40 years
Furniture, fixtures, and equipment \| Minimum
Investments in Real Estate
Estimated useful lives	3 years
Furniture, fixtures, and equipment \| Maximum
Investments in Real Estate
Estimated useful lives	5 years

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)	3 Months Ended
	Mar. 31, 2013 USD ($)
First mortgage note secured by hotel located near Los Angeles Airport \| CIM Urban
Loans receivable
Interest income and fees	$ 316,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($)	Mar. 31, 2014	Dec. 31, 2013
Deferred Rent Receivable and Charges
Deferred rent receivable	$ 50,023,000	$ 49,543,000
Deferred loan costs, gross	6,028,000	5,748,000
Deferred loan costs, accumulated amortization	3,946,000	3,620,000
Deferred leasing costs, gross	58,550,000	55,826,000
Deferred leasing costs, accumulated amortization	$ 21,595,000	$ 19,891,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4)	3 Months Ended
	Mar. 31, 2013 USD ($)
As previously reported \| Hotel revenues
Reclassification
Hotel revenues	$ 9,577,000
As previously reported \| Other income
Reclassification
Other income	374,000
As previously reported \| Hotel operating expenses
Reclassification
Hotel operating expenses	6,439,000
Reclassifications to conform to current year presentation \| Rental and other property income
Reclassification
Hotel revenues	9,577,000
Reclassifications to conform to current year presentation \| Interest and other income
Reclassification
Other income	374,000
Reclassifications to conform to current year presentation \| Other property operating expenses
Reclassification
Hotel operating expenses	$ 6,439,000

INVESTMENTS IN REAL ESTATE (Details) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013
INVESTMENTS IN REAL ESTATE
Land	$ 331,060	$ 331,060
Land improvements	27,536	27,536
Buildings and improvements	1,456,079	1,454,854
Furniture, fixtures, and equipment	23,222	23,051
Tenant improvements	186,426	183,915
Work in progress	12,830	9,987
Investments in real estate, gross	2,037,153	2,030,403
Accumulated depreciation	(362,385)	(348,238)
Net investments in real estate	$ 1,674,768	$ 1,682,165

LOANS RECEIVABLE (Details) $ in Thousands	Mar. 31, 2014 USD ($)
Loans receivable
Net loans receivable	$ 206,832
Commercial mortgage loans
Loans receivable
Net loans receivable	137,309
SBA 7(a) loans, subject to secured borrowings
Loans receivable
Net loans receivable	40,199
SBA 7(a) loans
Loans receivable
Net loans receivable	$ 29,324

LOANS RECEIVABLE (Details 2) $ in Thousands	Mar. 31, 2014 USD ($)
Amount
Current	$ 164,604
Between 29 and 59 days delinquent	895
Over 89 days delinquent	1,134
Total	$ 166,633
%
Current (as a percent)	98.80%
Between 29 and 59 days delinquent (as a percent)	0.50%
Over 89 days delinquent (as a percent)	0.70%
Total (as a percent)	100.00%
Commercial Mortgage Loans
Amount
Current	$ 135,700
Between 29 and 59 days delinquent	475
Over 89 days delinquent	1,134
Total	$ 137,309
%
Current (as a percent)	98.80%
Between 29 and 59 days delinquent (as a percent)	0.40%
Over 89 days delinquent (as a percent)	0.80%
Total (as a percent)	100.00%
SBA 7(a) Loans
Amount
Current	$ 28,904
Between 29 and 59 days delinquent	420
Total	$ 29,324
%
Current (as a percent)	98.60%
Between 29 and 59 days delinquent (as a percent)	1.40%
Total (as a percent)	100.00%

LOANS RECEIVABLE (Details 3) $ in Thousands	3 Months Ended
LOANS RECEIVABLE (Details 3) $ in Thousands	Mar. 31, 2014 USD ($) item
Classification of loans receivable subject to credit risk
Number of categories of specific identification loans \| item	3
Amount
Total	$ 166,633
%
Total loans (as a percent)	100.00%
Satisfactory
Amount
Total	$ 161,414
%
Total loans (as a percent)	96.80%
OAEM
Amount
Total	$ 1,962
%
Total loans (as a percent)	1.20%
Substandard
Amount
Total	$ 2,007
%
Total loans (as a percent)	1.20%
Doubtful
Amount
Total	$ 1,250
%
Total loans (as a percent)	0.80%
Commercial Mortgage Loans
Amount
Total	$ 137,309
%
Total loans (as a percent)	100.00%
Commercial Mortgage Loans \| Satisfactory
Amount
Total	$ 133,371
%
Total loans (as a percent)	97.20%
Commercial Mortgage Loans \| OAEM
Amount
Total	$ 1,962
%
Total loans (as a percent)	1.40%
Commercial Mortgage Loans \| Substandard
Amount
Total	$ 842
%
Total loans (as a percent)	0.60%
Commercial Mortgage Loans \| Doubtful
Amount
Total	$ 1,134
%
Total loans (as a percent)	0.80%
SBA 7(a) Loans
Amount
Total	$ 29,324
%
Total loans (as a percent)	100.00%
SBA 7(a) Loans \| Satisfactory
Amount
Total	$ 28,043
%
Total loans (as a percent)	95.60%
SBA 7(a) Loans \| Substandard
Amount
Total	$ 1,165
%
Total loans (as a percent)	4.00%
SBA 7(a) Loans \| Doubtful
Amount
Total	$ 116
%
Total loans (as a percent)	0.40%

OTHER INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended		12 Months Ended
OTHER INTANGIBLE ASSETS (Details) - USD ($)	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Intangible assets and liabilities
Amortization expenses	$ 16,629,000	$ 17,137,000
Intangible liabilities
Net	(8,152,000)		$ (8,800,000)
Future accretion of acquisition related intangible liabilities
Net	(8,152,000)		(8,800,000)
Acquired Below-Market Leases
Intangible assets and liabilities
Amortization expenses	648,000	796,000
Intangible liabilities
Gross balance	(61,323,000)		(61,323,000)
Accumulated amortization	53,171,000		52,523,000
Net	$ (8,152,000)		$ (8,800,000)
Average useful life	6 years		6 years
Future accretion of acquisition related intangible liabilities
2014 (Nine months ending December 31, 2014)	$ (1,679,000)
2015	(2,082,000)
2016	(2,015,000)
2017	(1,907,000)
2018	(469,000)
Net	(8,152,000)		$ (8,800,000)
Trade-name and License
Intangible assets
Net	2,957,000
Acquired Above-Market Leases
Intangible assets and liabilities
Amortization expenses	(337,000)	(200,000)
Intangible assets
Gross balance	8,017,000		8,017,000
Accumulated amortization	(7,389,000)		(7,052,000)
Net	$ 628,000		$ 965,000
Average useful life	4 years		4 years
Future amortization of acquisition related intangible assets
2014 (Nine months ending December 31, 2014)	$ 265,000
2015	241,000
2016	88,000
2017	26,000
2018	8,000
Net	628,000		$ 965,000
Acquired In-Place Leases
Intangible assets and liabilities
Amortization expenses	612,000	947,000
Intangible assets
Gross balance	79,645,000		79,645,000
Accumulated amortization	(74,075,000)		(73,463,000)
Net	$ 5,570,000		$ 6,182,000
Average useful life	5 years		5 years
Future amortization of acquisition related intangible assets
2014 (Nine months ending December 31, 2014)	$ 1,517,000
2015	1,388,000
2016	891,000
2017	445,000
2018	195,000
Thereafter	1,134,000
Net	5,570,000		$ 6,182,000
Tax Abatement
Intangible assets and liabilities
Amortization expenses	138,000	138,000
Intangible assets
Gross balance	4,273,000		4,273,000
Accumulated amortization	(1,358,000)		(1,220,000)
Net	$ 2,915,000		$ 3,053,000
Average useful life	8 years		8 years
Future amortization of acquisition related intangible assets
2014 (Nine months ending December 31, 2014)	$ 413,000
2015	551,000
2016	551,000
2017	551,000
2018	551,000
Thereafter	298,000
Net	2,915,000		$ 3,053,000
Advance Bookings
Intangible assets and liabilities
Amortization expenses	67,000	0
Intangible assets
Gross balance	8,329,000		8,329,000
Accumulated amortization	(8,206,000)		(8,139,000)
Net	$ 123,000		$ 190,000
Average useful life	3 years		3 years
Future amortization of acquisition related intangible assets
2014 (Nine months ending December 31, 2014)	$ 123,000
Net	123,000		$ 190,000
Franchise Affiliation Fee
Intangible assets and liabilities
Amortization expenses	99,000	99,000
Intangible assets
Gross balance	3,936,000		3,936,000
Accumulated amortization	(2,686,000)		(2,587,000)
Net	$ 1,250,000		$ 1,349,000
Average useful life	10 years		10 years
Future amortization of acquisition related intangible assets
2014 (Nine months ending December 31, 2014)	$ 295,000
2015	394,000
2016	394,000
2017	167,000
Net	1,250,000		$ 1,349,000
Acquired Below-Market Ground Lease
Intangible assets and liabilities
Amortization expenses	35,000	$ 35,000
Intangible assets
Gross balance	11,685,000		11,685,000
Accumulated amortization	(1,177,000)		(1,142,000)
Net	$ 10,508,000		$ 10,543,000
Average useful life	84 years		84 years
Future amortization of acquisition related intangible assets
2014 (Nine months ending December 31, 2014)	$ 105,000
2015	140,000
2016	140,000
2017	140,000
2018	140,000
Thereafter	9,843,000
Net	$ 10,508,000		$ 10,543,000

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Carrying Amount
Assets:
Loans Receivable Subject to Credit Risk	$ 166,633
SBA 7(a) loans receivable, subject to secured borrowings	40,199
Liabilities:
Secured borrowings - government guaranteed loans	40,199
Unsecured revolving lines of credit and revolving facility	245,400	$ 164,000
Term note	30,000
Junior subordinated notes	24,848
Mortgages payable	229,296	231,105
Estimated Fair Value \| Level 3
Assets:
Loans Receivable Subject to Credit Risk	166,633
SBA 7(a) loans receivable, subject to secured borrowings	40,199
Liabilities:
Secured borrowings - government guaranteed loans	40,199
Unsecured revolving lines of credit and revolving facility	245,400	164,000
Term note	30,000
Junior subordinated notes	24,848
Mortgages payable	$ 234,048	$ 231,250
Mortgages payable \| Minimum
Liabilities:
Discount rate used to estimate fair value of mortgages payable (as a percent)	4.35%	4.85%
Mortgages payable \| Maximum
Liabilities:
Discount rate used to estimate fair value of mortgages payable (as a percent)	4.60%	5.00%

DEBT (Details) - USD ($)	3 Months Ended	12 Months Ended
DEBT (Details) - USD ($)	Mar. 31, 2014	Dec. 31, 2013
Debt
Gross debt	$ 566,401,000	$ 392,319,000
Total Debt	569,743,000	395,105,000
Term note with a fixed interest rate of 2.74%, principal and interest due at maturity on September 10, 2014
Debt
Gross debt	$ 30,000,000
Fixed interest rate (as a percent)	2.74%
Face amount	$ 30,000,000
Mortgages Payable
Debt
Gross debt	226,716,000	228,319,000
Premiums and discounts on debt instruments	2,580,000	2,786,000
Mortgage loan with a fixed interest of 7.66% per annum, due on December 1, 2015
Debt
Gross debt	$ 27,903,000	$ 28,262,000
Fixed interest rate (as a percent)	7.66%	7.66%
Period of amortization schedule	20 years	20 years
Amount of balance due on maturity	$ 25,324,000	$ 25,324,000
Mortgage loan with a fixed interest of 4.50% per annum, due on January 5, 2027
Debt
Gross debt	$ 46,000,000	$ 46,000,000
Fixed interest rate (as a percent)	4.50%	4.50%
Period of monthly interest only payments	10 years	10 years
Amount of balance due on maturity	$ 42,008,000	$ 42,008,000
Mortgage loan with a fixed interest of 5.56% per annum, due on July 1, 2015
Debt
Gross debt	$ 12,663,000	$ 12,737,000
Fixed interest rate (as a percent)	5.56%	5.56%
Period of amortization schedule	10 years	10 years
Amount of balance due on maturity	$ 12,288,000	$ 12,288,000
Mortgage loan with a fixed interest of 6.65% per annum, due on July 15, 2018
Debt
Gross debt	$ 34,093,000	$ 34,755,000
Fixed interest rate (as a percent)	6.65%	6.65%
Period of amortization schedule	25 years	25 years
Amount of balance due on maturity	$ 21,136,000	$ 21,136,000
Mortgage loan with a fixed interest of 5.06% per annum, due on September 1, 2015
Debt
Gross debt	$ 34,369,000	$ 34,583,000
Fixed interest rate (as a percent)	5.06%	5.06%
Amount of balance due on maturity	$ 33,068,000	$ 33,068,000
Mortgage loan with a fixed interest of 5.39% per annum, due on March 1, 2021
Debt
Gross debt	$ 41,005,000	$ 41,170,000
Fixed interest rate (as a percent)	5.39%	5.39%
Amount of balance due on maturity	$ 35,695,000	$ 35,695,000
Mortgage loan with a fixed interest of 5.18% per annum, due on June 5, 2021
Debt
Gross debt	$ 30,683,000	$ 30,812,000
Fixed interest rate (as a percent)	5.18%	5.18%
Amount of balance due on maturity	$ 26,232,000	$ 26,232,000
Secured borrowings - government guaranteed loans
Debt
Gross debt	37,215,000
Premiums and discounts on debt instruments	2,984,000
Total Debt	40,199,000
Secured borrowing principal on loans sold for a premium and excess spread - variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.03%
Debt
Gross debt	$ 31,538,000
Weighted average coupon rate (as a percent)	4.03%
Secured borrowing principal on loans sold for a premium and excess spread - variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.03% \| Prime rate
Debt
Variable rate basis	prime rate
Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.54%
Debt
Gross debt	$ 5,677,000
Weighted average coupon rate (as a percent)	1.54%
Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.54% \| Prime rate
Debt
Variable rate basis	prime rate
Other debt
Debt
Gross debt	$ 302,470,000	164,000,000
Premiums and discounts on debt instruments	(2,222,000)
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90- day LIBOR plus 3.25%, with quarterly interest payments due. Face value of $27,070,000. Balance due at maturity on March 15, 2035
Debt
Gross debt	27,070,000
Face amount	$ 27,070,000
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90- day LIBOR plus 3.25%, with quarterly interest payments due. Face value of $27,070,000. Balance due at maturity on March 15, 2035 \| 90-day LIBOR
Debt
Variable rate basis	90-day LIBOR
Interest rate margin (as a percent)	3.25%
Unsecured revolving line of credit with variable interest rate of prime less 50 basis points, with monthly interest payments due. Matures June 30, 2015
Debt
Gross debt	$ 12,400,000
Unsecured revolving line of credit with variable interest rate of prime less 50 basis points, with monthly interest payments due. Matures June 30, 2015 \| Prime rate
Debt
Variable rate basis	Prime
Reduction in variable rate (as a percent)	0.50%
Unsecured revolving lines of credit
Debt
Gross debt	$ 233,000,000	$ 164,000,000

DEBT (Details 2)			3 Months Ended
DEBT (Details 2)	Aug. 31, 2013 USD ($)	Feb. 29, 2012 USD ($)	Mar. 31, 2014 USD ($) item	Apr. 30, 2014 USD ($)	Dec. 31, 2013 USD ($)
Debt
Accrued interest and unused commitment fee payable			$ 1,167,000		$ 1,017,000
Principal payments on, and estimated amortization of debt
2014 (Nine Months Ending December 31, 2014)			168,729,000
2015			90,637,000
2016			105,576,000
2017			5,908,000
2018			25,611,000
Thereafter			169,940,000
Total Debt			566,401,000		392,319,000
Term note
Debt
Principal amount of debt			30,000,000
Principal payments on, and estimated amortization of debt
Total Debt			30,000,000
Unsecured revolving line of credit with variable interest rate of prime less 50 basis points, with monthly interest payments due. Matures June 30, 2015
Debt
Maximum borrowing capacity			$ 25,000,000
Asset coverage required to be maintained on balances outstanding			3.00
Amount available for future borrowings			$ 12,600,000
Maximum borrowing capacity contingent upon certain conditions			40,000,000
Principal payments on, and estimated amortization of debt
Total Debt			12,400,000
Unsecured revolving line of credit entered into February 2012 \| CIM Urban Partners, L.P
Debt
Maximum borrowing capacity		$ 100,000,000
Amount available for future borrowings			0		0
Amount outstanding under the facility			$ 100,000,000		100,000,000
Unused commitment fee dependent upon amount of aggregate unused commitments, one (as a percent)			0.25%
Unused commitment fee dependent upon amount of aggregate unused commitments, two (as a percent)			0.35%
Period of extension option			1 year
Unsecured revolving line of credit entered into February 2012 \| Base rate \| CIM Urban Partners, L.P
Debt
Variable rate basis	base rate	base rate
Unsecured revolving line of credit entered into February 2012 \| Base rate \| CIM Urban Partners, L.P \| Minimum
Debt
Interest rate margin (as a percent)	0.25%	0.75%
Unsecured revolving line of credit entered into February 2012 \| Base rate \| CIM Urban Partners, L.P \| Maximum
Debt
Interest rate margin (as a percent)	0.85%	1.50%
Unsecured revolving line of credit entered into February 2012 \| LIBOR \| CIM Urban Partners, L.P
Debt
Variable rate basis	LIBOR	LIBOR
Unsecured revolving line of credit entered into February 2012 \| LIBOR \| CIM Urban Partners, L.P \| Minimum
Debt
Interest rate margin (as a percent)	1.25%	1.75%
Unsecured revolving line of credit entered into February 2012 \| LIBOR \| CIM Urban Partners, L.P \| Maximum
Debt
Interest rate margin (as a percent)	1.85%	2.50%
Unsecured revolving line of credit entered into August 2013 \| CIM Urban Partners, L.P
Debt
Maximum borrowing capacity	$ 125,000,000
Amount available for future borrowings			$ 17,000,000		61,000,000
Amount outstanding under the facility			$ 133,000,000		64,000,000
Unused commitment fee dependent upon amount of aggregate unused commitments, one (as a percent)			0.25%
Unused commitment fee dependent upon amount of aggregate unused commitments, two (as a percent)			0.35%
Period of extension option			3 months
Maximum borrowing capacity contingent upon certain conditions			$ 150,000,000
Number of extension period options \| item			2
Unsecured revolving line of credit entered into August 2013 \| CIM Urban Partners, L.P \| Subsequent event
Debt
Maximum borrowing capacity				$ 200,000,000
Unsecured revolving line of credit entered into August 2013 \| Base rate \| CIM Urban Partners, L.P
Debt
Variable rate basis			base rate
Unsecured revolving line of credit entered into August 2013 \| Base rate \| CIM Urban Partners, L.P \| Minimum
Debt
Interest rate margin (as a percent)			0.25%
Unsecured revolving line of credit entered into August 2013 \| Base rate \| CIM Urban Partners, L.P \| Maximum
Debt
Interest rate margin (as a percent)			0.85%
Unsecured revolving line of credit entered into August 2013 \| LIBOR \| CIM Urban Partners, L.P
Debt
Variable rate basis			LIBOR
Unsecured revolving line of credit entered into August 2013 \| LIBOR \| CIM Urban Partners, L.P \| Minimum
Debt
Interest rate margin (as a percent)			1.25%
Unsecured revolving line of credit entered into August 2013 \| LIBOR \| CIM Urban Partners, L.P \| Maximum
Debt
Interest rate margin (as a percent)			1.85%
Secured Borrowings
Principal payments on, and estimated amortization of debt
Total Debt			$ 37,215,000
Secured Borrowings, Principal
Principal payments on, and estimated amortization of debt
2014 (Nine Months Ending December 31, 2014)			860,000
2015			1,182,000
2016			1,222,000
2017			1,266,000
2018			1,311,000
Thereafter			31,374,000
Total Debt			37,215,000
Mortgages Payable
Principal payments on, and estimated amortization of debt
2014 (Nine Months Ending December 31, 2014)			4,869,000
2015			77,055,000
2016			4,354,000
2017			4,642,000
2018			24,300,000
Thereafter			111,496,000
Total Debt			226,716,000		228,319,000
All Other Principal
Principal payments on, and estimated amortization of debt
2014 (Nine Months Ending December 31, 2014)			163,000,000
2015			12,400,000
2016			100,000,000
Thereafter			27,070,000
Total Debt			$ 302,470,000		$ 164,000,000

SHARE-BASED COMPENSATION PLANS (Details)	Mar. 31, 2014 $ / shares shares
Share-based compensation plans
Options outstanding (in shares)	98,500
Weighted average exercise price of outstanding options (in dollars per share) \| $ / shares	$ 2.79
Restricted shares
Share-based compensation plans
Restricted shares outstanding (in shares)	0

EARNINGS PER SHARE (''EPS'') (Details) - shares		3 Months Ended
EARNINGS PER SHARE (''EPS'') (Details) - shares	Mar. 11, 2014	Mar. 31, 2014
EARNINGS PER SHARE ("EPS")
Increase in weighted average shares outstanding to reflect the dilutive effect of share options (in shares)		8,000
PMC \| CIM Urban REIT
Earnings per share (EPS)
Shares issued in connection with the Merger	11,132,549
Number of shares to be issued on conversion of preferred shares	455,199,997
Number of shares to be issued on conversion of preferred shares expressed as a percentage of outstanding shares	97.80%
PMC \| CIM Urban REIT \| Preferred shares
Earnings per share (EPS)
Shares issued in connection with the Merger	65,028,571

DIVIDENDS DECLARED (Details) - USD ($)				3 Months Ended
DIVIDENDS DECLARED (Details) - USD ($)	Apr. 28, 2014	Mar. 24, 2014	Mar. 10, 2014	Mar. 31, 2014	Mar. 31, 2013
Dividend declared
Common share as converted dividend declared (in dollars per share)	$ 0.0043	$ 0.0057	$ 0.0337
Dividend paid			$ 16,100,000	$ 16,100,000	$ 20,002,000
Dividend paid				$ 59,286,000
Common share dividend declared (in dollars per share)		0.01		$ 0.01
Preferred dividend declared (in dollars per share)	$ 0.0302	$ 0.0403		$ 0.0403
Aggregate amount of dividend declared to preferred shareholders	$ 1,964,000			$ 2,621,000
PMC
Dividend declared
Dividend paid			$ 59,286,000
Dividend paid per common share (in dollars per share)			$ 5.595
Payment in cash - special dividend (in dollars per share)			5.50
Pro rata portion of regular quarterly cash dividend (in dollars per share)			$ 0.095

RELATED-PARTY TRANSACTIONS (Details) - USD ($)		3 Months Ended
RELATED-PARTY TRANSACTIONS (Details) - USD ($)	Mar. 11, 2014	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Related-party transactions
Due (from) to related parties		$ 7,703,000		$ 6,807,000
Third-party management companies
Related-party transactions
Management fee incurred related to the rental properties		87,000	$ 85,000
Management Company \| Asset management fees
Related-party transactions
Fees		5,681,000	5,409,000
Due (from) to related parties		$ 5,751,000		5,426,000
Management Company \| 0 - 500,000
Related-party transactions
Fee percentage		0.25%
Management Company \| 0 - 500,000 \| Minimum
Related-party transactions
Daily average gross fair value of investments		$ 0
Management Company \| 0 - 500,000 \| Maximum
Related-party transactions
Daily average gross fair value of investments		$ 500,000
Management Company \| 500,000 - 1,000,000
Related-party transactions
Fee percentage		0.2375%
Management Company \| 500,000 - 1,000,000 \| Minimum
Related-party transactions
Daily average gross fair value of investments		$ 500,000
Management Company \| 500,000 - 1,000,000 \| Maximum
Related-party transactions
Daily average gross fair value of investments		$ 1,000,000
Management Company \| 1,000,000 - 1,500,000
Related-party transactions
Fee percentage		0.225%
Management Company \| 1,000,000 - 1,500,000 \| Minimum
Related-party transactions
Daily average gross fair value of investments		$ 1,000,000
Management Company \| 1,000,000 - 1,500,000 \| Maximum
Related-party transactions
Daily average gross fair value of investments		$ 1,500,000
Management Company \| 1,500,000 - 4,000,000
Related-party transactions
Fee percentage		0.2125%
Management Company \| 1,500,000 - 4,000,000 \| Minimum
Related-party transactions
Daily average gross fair value of investments		$ 1,500,000
Management Company \| 1,500,000 - 4,000,000 \| Maximum
Related-party transactions
Daily average gross fair value of investments		$ 4,000,000
Management Company \| 4,000,000 - 20,000,000
Related-party transactions
Fee percentage		0.10%
Management Company \| 4,000,000 - 20,000,000 \| Minimum
Related-party transactions
Daily average gross fair value of investments		$ 4,000,000
Management Company \| 4,000,000 - 20,000,000 \| Maximum
Related-party transactions
Daily average gross fair value of investments		20,000,000
CIM Management Entities
Related-party transactions
Due (from) to related parties		1,895,000		1,445,000
Leasing commissions		512,000	286,000
CIM Management Entities \| Property management fees
Related-party transactions
Fees		1,259,000	1,147,000
CIM Management Entities \| On-site personnel
Related-party transactions
Fees		2,044,000	1,388,000
CIM Management Entities \| Development management fees
Related-party transactions
Fees		87,000	$ 136,000
CIM Management Entities and related parties
Related-party transactions
Due (from) to related parties		79,000		$ (64,000)
Manager \| Master Services Agreement
Related-party transactions
Fees		56,000
Due (from) to related parties		$ 56,000
Fees payable per year under agreement	$ 1,000,000

COMMITMENTS AND CONTINGENCIES (Details)		1 Months Ended	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jan. 28, 2014 USD ($) $ / shares shares	Mar. 31, 2014 USD ($) item	Mar. 31, 2014 USD ($) item shares	Mar. 31, 2013 USD ($)	Dec. 31, 2013 USD ($)
Commitments and contingencies
Outstanding loan commitments and approvals to fund loans		$ 40,200,000	$ 40,200,000
Rent expense		16,000
Future noncancelable minimum lease payments
2014 (Nine months ending December 31, 2014)		491,000	491,000
2015		512,000	512,000
2016		503,000	503,000
2017		503,000	503,000
2018		503,000	503,000
Thereafter		129,031,000	129,031,000
Total		131,543,000	131,543,000
Ground lease for one of the project
Commitments and contingencies
Current annual rent			$ 437,000
Period after which the annual rental payment will be increased by greater of 15% or 50% of the increase in the Consumer Price Index			5 years
Increase in annual rental payment after every 5 years, option one (as a percent)			15.00%
Increase in annual rental payment after every 5 years, option two (as a percent)			50.00%
Adjustment period used to calculate increase in the Consumer Price Index			5 years
Increase in rent payable during the balance of the lease term expressed as a percentage of rent payable during the immediately preceding lease year commencing on June 1, 2040 and 2065			10.00%
Rent expense			$ 438,000	$ 438,000
Straight line rent liability		10,157,000	10,157,000		$ 9,863,000
Office space in Dallas, Texas
Future noncancelable minimum lease payments
2015		$ 16,000	$ 16,000
REIT Redux, L.P. et al v. PMC Commercial Trust, et al \| CIM Service Provider \| Maximum
Commitments and contingencies
Number of common shares agreed to be purchased as a part of litigation settlement \| shares	2,750,000
Market price (in dollars per share) \| $ / shares	$ 5.00
Attorney's fees and counselor expenses	$ 772,000
Number of common shares agreed to be purchase which are owned by REIT Redux \| shares	500,000
Executive officers
Commitments and contingencies
Number of employees covered under employment agreement \| item			2
Multiplier used for the calculation of severance compensation or change in control payments \| item		2.99	2.99
Period of annual compensation paid to employee used to calculate severance compensation or change in control payments			3 years
Multiplier used for the calculation of payments in the event of death of employee \| item		2	2
Multiplier used for the calculation of payments in the event of disability to employee \| item		1	1
Executive officers \| Restricted share awards
Commitments and contingencies
Share awards to be granted as retention bonus under employment agreement \| shares			525,000

FUTURE MINIMUM LEASE RENTALS (Details) $ in Thousands	Mar. 31, 2014 USD ($)
Future minimum lease rentals
2014 (Nine months ending December 31, 2014)	$ 103,586
2015	123,782
2016	116,701
2017	107,674
2018	84,445
Thereafter	375,002
Total	911,190
Governmental Tenants
Future minimum lease rentals
2014 (Nine months ending December 31, 2014)	41,265
2015	43,675
2016	42,902
2017	39,818
2018	38,252
Thereafter	170,542
Total	376,454
Other Tenants
Future minimum lease rentals
2014 (Nine months ending December 31, 2014)	62,321
2015	80,107
2016	73,799
2017	67,856
2018	46,193
Thereafter	204,460
Total	$ 534,736

CONCENTRATIONS (Details)	3 Months Ended		12 Months Ended
CONCENTRATIONS (Details)	Mar. 31, 2014 USD ($) item	Mar. 31, 2013	Dec. 31, 2013 USD ($) item
Concentrations
Number of states in which real estate properties are owned	4		4
Office properties
Concentrations
Number of real estate properties owned	19		19
Multi-family properties
Concentrations
Number of real estate properties owned	5		5
Hotel properties
Concentrations
Number of real estate properties owned	3		3
Revenues \| Tenant Revenue Concentrations \| Governmental Tenants
Concentrations
Concentration risk (as a percent)	26.00%	28.00%
Amount due from Governmental Tenants \| $	$ 6,444,000		$ 5,596,000
Revenues \| Geographical concentrations
Concentrations
Concentration risk (as a percent)	100.00%	100.00%
Revenues \| Geographical concentrations \| California
Concentrations
Concentration risk (as a percent)	60.20%	57.50%
Revenues \| Geographical concentrations \| North Carolina
Concentrations
Concentration risk (as a percent)	5.30%	6.40%
Revenues \| Geographical concentrations \| Texas
Concentrations
Concentration risk (as a percent)	7.70%	7.90%
Revenues \| Geographical concentrations \| New York
Concentrations
Concentration risk (as a percent)	2.10%	2.20%
Revenues \| Geographical concentrations \| Washington, D.C.
Concentrations
Concentration risk (as a percent)	24.70%	26.00%
Real estate investment \| Geographical concentrations
Concentrations
Concentration risk (as a percent)	100.00%		100.00%
Real estate investment \| Geographical concentrations \| California
Concentrations
Concentration risk (as a percent)	50.50%		50.50%
Real estate investment \| Geographical concentrations \| North Carolina
Concentrations
Concentration risk (as a percent)	5.60%		5.60%
Real estate investment \| Geographical concentrations \| Texas
Concentrations
Concentration risk (as a percent)	7.70%		7.70%
Real estate investment \| Geographical concentrations \| New York
Concentrations
Concentration risk (as a percent)	3.70%		3.70%
Real estate investment \| Geographical concentrations \| Washington, D.C.
Concentrations
Concentration risk (as a percent)	32.50%		32.50%
Loans receivable \| Geographical concentrations \| Texas
Concentrations
Concentration risk (as a percent)	12.00%
Loans receivable \| Credit concentration
Concentrations
Concentration risk (as a percent)	95.00%

SEGMENT DISCLOSURE (Details) $ in Thousands	3 Months Ended
SEGMENT DISCLOSURE (Details) $ in Thousands	Mar. 31, 2014 USD ($) item	Mar. 31, 2013 USD ($)
Segment disclosure
Number of types of commercial real estate properties \| item	3
Revenues	$ 64,123	$ 58,308
Property/Lending expenses:
Interest expense	4,217	4,677
General and administrative	1,179	542
EXPENSES	57,816	52,486
Reportable segments
Property/Lending expenses:
Total segment net operating income	33,492	33,401
Reportable segments \| Office properties
Segment disclosure
Revenues	43,274	43,460
Property/Lending expenses:
Operating	17,653	16,302
General and administrative	316	100
EXPENSES	17,969	16,402
Total segment net operating income	25,305	27,058
Reportable segments \| Hotel properties
Segment disclosure
Revenues	14,339	9,947
Property/Lending expenses:
Operating	9,846	6,528
General and administrative	37	79
EXPENSES	9,883	6,607
Total segment net operating income	4,456	3,340
Reportable segments \| Multi-family properties
Segment disclosure
Revenues	4,984	4,901
Property/Lending expenses:
Operating	2,087	1,891
General and administrative	25	7
EXPENSES	2,112	1,898
Total segment net operating income	2,872	$ 3,003
Reportable segments \| Lending division
Segment disclosure
Revenues	1,526
Property/Lending expenses:
Interest expense	262
General and administrative	405
EXPENSES	667
Total segment net operating income	$ 859

SEGMENT DISCLOSURE (Details 2) - USD ($) $ in Thousands	3 Months Ended
SEGMENT DISCLOSURE (Details 2) - USD ($) $ in Thousands	Mar. 31, 2014	Mar. 31, 2013
Segment disclosure
Interest	$ (4,217)	$ (4,677)
General and administrative	(1,179)	(542)
Asset management fees and other fees to related parties	(5,737)	(5,409)
Transaction costs	(468)
Depreciation and amortization	(16,629)	(17,137)
Income before bargain purchase gain	6,307	5,822
Bargain purchase gain	4,918
INCOME BEFORE PROVISION FOR INCOME TAXES	11,225	5,822
Provision for income taxes	(8)
NET INCOME	11,217	5,822
Net loss attributable to noncontrolling interests	2	4
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS	11,219	5,826
Reportable segments
Segment disclosure
Total segment net operating income	33,492	33,401
Reconciliation
Segment disclosure
Interest	(3,955)	(4,677)
General and administrative	(396)	(356)
Asset management fees and other fees to related parties	(5,737)	(5,409)
Transaction costs	(468)
Depreciation and amortization	$ (16,629)	$ (17,137)

SEGMENT DISCLOSURE (Details 3) - USD ($) $ in Thousands	3 Months Ended
SEGMENT DISCLOSURE (Details 3) - USD ($) $ in Thousands	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Segment disclosure
Total assets	$ 2,051,228		$ 1,834,477
Total capital expenditures	6,750	$ 4,909
Originations	1,593
Total capital expenditures and originations	8,343	4,909
Office properties
Segment disclosure
Total capital expenditures	6,055	3,920
Hotel properties
Segment disclosure
Total capital expenditures	485	470
Multi-family properties
Segment disclosure
Total capital expenditures	210	$ 519
Reportable segments \| Office properties
Segment disclosure
Total assets	1,474,971		1,481,757
Reportable segments \| Hotel properties
Segment disclosure
Total assets	175,201		174,263
Reportable segments \| Multi-family properties
Segment disclosure
Total assets	170,723		173,985
Reportable segments \| Lending division
Segment disclosure
Total assets	223,954
Non-segment
Segment disclosure
Total assets	$ 6,379		$ 4,472

SUBSEQUENT EVENTS (Details)		3 Months Ended
SUBSEQUENT EVENTS (Details)	Apr. 28, 2014 USD ($) shares	Mar. 31, 2014 USD ($) shares	Apr. 30, 2014 ft²	Dec. 31, 2013 shares
Subsequent events
Common shares authorized		100,000,000		100,000,000
Dividend amount \| $	$ 1,964,000	$ 2,621,000
Subsequent event
Subsequent events
Fee-simple interest acquired (as a percent)			100.00%
Rentable space (in square feet ) \| ft²			143,000
Subsequent event \| PMC
Subsequent events
Common shares authorized before amendment	100,000,000
Common shares authorized	1,000,000,000
Number of shares to be issued on conversion of each preferred share	7
Number of shares to be issued on conversion of preferred shares	455,199,997
Dividend amount \| $	$ 1,964,000
Reverse stock split ratio	0.2