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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2016	Nov. 03, 2016
Document and Entity Information
Entity Registrant Name	CIM Commercial Trust Corp
Entity Central Index Key	0000908311
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		84,048,081
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Investments in real estate, net	$ 1,615,415	$ 1,691,711
Cash and cash equivalents	133,846	139,101
Restricted cash	40,039	8,086
Accounts receivable, net	10,629	11,164
Deferred rent receivable and charges, net	104,539	97,225
Other intangible assets, net	18,071	20,310
Other assets	89,832	102,401
Assets held for sale, net	43,690	22,062
TOTAL ASSETS	2,056,061	2,092,060
LIABILITIES:
Debt	969,189	693,956
Accounts payable and accrued expenses	42,089	42,121
Intangible liabilities, net	4,194	6,086
Due to related parties	9,664	9,472
Other liabilities	40,791	32,826
Liabilities associated with assets held for sale	11,945	10,252
Total liabilities	1,077,872	794,713
COMMITMENTS AND CONTINGENCIES (Note 15)
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 84,048,081 and 97,589,598 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	84	98
Additional paid-in capital	1,566,018	1,820,451
Accumulated other comprehensive income (loss)	(9,617)	(2,519)
Distributions in excess of earnings	(579,206)	(521,620)
Total stockholders' equity	977,279	1,296,410
Noncontrolling interests	910	937
Total equity	978,189	1,297,347
TOTAL LIABILITIES AND EQUITY	$ 2,056,061	$ 2,092,060

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized shares	900,000,000	900,000,000
Common stock, issued shares	84,048,081	97,589,598
Common stock, outstanding shares	84,048,081	97,589,598

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUES:
Rental and other property income	$ 57,414	$ 62,623	$ 181,886	$ 189,192
Expense reimbursements	3,884	3,336	10,128	9,780
Interest and other income	3,034	2,501	9,295	7,974
REVENUES	64,332	68,460	201,309	206,946
EXPENSES:
Rental and other property operating	31,723	33,361	95,300	99,055
Asset management and other fees to related parties	8,496	8,399	25,503	24,776
Interest	10,276	5,781	24,386	17,191
General and administrative	2,226	2,029	6,299	7,250
Transaction costs	53	237	320	1,038
Depreciation and amortization	17,724	17,873	54,262	54,567
EXPENSES	70,498	67,680	206,070	203,877
Gain on sale of real estate	14,927	0	39,666	0
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES	8,761	780	34,905	3,069
Provision for income taxes	379	179	1,040	654
NET INCOME FROM CONTINUING OPERATIONS	8,382	601	33,865	2,415
DISCONTINUED OPERATIONS:
Income from operations of assets held for sale	703	4,640	3,061	10,540
NET INCOME FROM DISCONTINUED OPERATIONS	703	4,640	3,061	10,540
NET INCOME	9,085	5,241	36,926	12,955
Net loss (income) attributable to noncontrolling interests	3	1	(9)	(5)
NET INCOME ATTRIBUTABLE TO STOCKHOLDERS	$ 9,088	$ 5,242	$ 36,917	$ 12,950
BASIC AND DILUTED INCOME PER SHARE:
Continuing operations (in usd per share)	$ 0.10	$ 0.01	$ 0.36	$ 0.02
Discontinued operations (in usd per share)	0.01	0.05	0.03	0.11
Net income (in usd per share)	$ 0.10	$ 0.05	$ 0.39	$ 0.13
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	87,045	97,590	93,772	97,587
Diluted (in shares)	87,045	97,590	93,772	97,587

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 9,085	$ 5,241	$ 36,926	$ 12,955
Other comprehensive income (loss): cash flow hedges	3,272	(6,312)	(7,098)	(6,312)
COMPREHENSIVE INCOME (LOSS)	12,357	(1,071)	29,828	6,643
Comprehensive loss (income) attributable to noncontrolling interests	3	1	(9)	(5)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS	$ 12,360	$ (1,070)	$ 29,819	$ 6,638

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions In Excess of Earnings	Treasury Stock	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2014		97,581,598
Balance at Dec. 31, 2014	$ 1,359,816	$ 98	$ 1,824,381	$ 0	$ (460,623)	$ (4,901)	$ 861
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests	110						110
Distributions to noncontrolling interests	(38)						(38)
Stock-based compensation expense (in shares)		8,000
Stock-based compensation expense	1,066		1,066
Common dividends	(64,042)				(64,042)
Other comprehensive income (loss)	(6,312)			(6,312)
Net income	12,955				12,950		5
Balance (in shares) at Sep. 30, 2015		97,589,598
Balance at Sep. 30, 2015	1,303,555	$ 98	1,825,447	(6,312)	(511,715)	$ (4,901)	938
Balance (in shares) at Dec. 31, 2015		97,589,598
Balance at Dec. 31, 2015	1,297,347	$ 98	1,820,451	(2,519)	(521,620)		937
Increase (Decrease) in Stockholders' Equity
Distributions to noncontrolling interests	(36)						(36)
Stock-based compensation expense (in shares)		10,176
Stock-based compensation expense	114		114
Issuance of shares pursuant to employment agreement (in shares)		76,423
Repurchase of common stock (in shares)		(13,628,116)
Repurchase of common stock	(290,134)	$ (14)	(254,547)		(35,573)
Common dividends	(58,930)				(58,930)
Other comprehensive income (loss)	(7,098)			(7,098)
Net income	36,926				36,917		9
Balance (in shares) at Sep. 30, 2016		84,048,081
Balance at Sep. 30, 2016	$ 978,189	$ 84	$ 1,566,018	$ (9,617)	$ (579,206)		$ 910

Consolidated Statements of Equity (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Stockholders' Equity [Abstract]
Common dividends, per share amount (in usd per share)	$ 0.65625	$ 0.65625

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 36,926	$ 12,955
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent and amortization of intangible assets, liabilities and lease inducements	(4,263)	(4,063)
Depreciation and amortization	54,262	54,567
Gain on sale of real estate	(39,666)	0
Straight line rent, below-market ground lease and amortization of intangible assets	1,326	1,458
Amortization of deferred loan costs	2,508	2,400
Amortization of premiums and discounts on debt	(773)	(967)
Unrealized premium adjustment	1,240	899
Amortization and accretion on loans receivable, net	(912)	(4,977)
Bad debt (recovery) expense	(36)	1,061
Deferred income taxes	138	62
Stock-based compensation	114	1,066
Loans funded, held for sale to secondary market	(27,653)	(22,187)
Proceeds from sale of guaranteed loans	30,152	21,451
Principal collected on loans subject to secured borrowings	3,520	3,212
Other operating activity	634	(201)
Changes in operating assets and liabilities:
Accounts receivable and interest receivable	181	(2,546)
Other assets	(419)	(1,746)
Accounts payable and accrued expenses	(237)	(1,395)
Deferred leasing costs	(8,114)	(6,965)
Other liabilities	1,122	1,064
Due to related parties	192	(409)
Net cash provided by operating activities	50,242	54,739
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate	(27,051)	(19,819)
Acquisition of real estate properties	0	(11,143)
Proceeds from sale of real estate property, net	94,568	0
Loans funded	(51,156)	(27,132)
Principal collected on loans	31,979	29,319
Restricted cash	(33,037)	189
Other investing activity	1,101	257
Net cash provided by (used in) investing activities	16,404	(28,329)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (payment of) mortgage loans, net	388,766	(76,005)
(Payment of) proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes, net	(107,000)	132,000
Payment of principal on secured borrowings	(13,600)	(3,212)
Proceeds from secured borrowings	9,956	0
Payment of deferred preferred stock offering costs	(733)	0
Payment of deferred loan costs	(1,363)	(3,442)
Payment of dividends	(58,930)	(64,042)
Repurchase of common stock	(289,886)	0
Contributions from noncontrolling interests	0	110
Noncontrolling interests' distributions	(36)	(38)
Net cash used in financing activities	(72,826)	(14,629)
Change in cash balances included in assets held for sale	925	1,422
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(5,255)	13,203
CASH AND CASH EQUIVALENTS:
Beginning of period	139,101	25,512
End of period	133,846	38,715
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	22,651	15,983
Federal income taxes paid	500	705
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Additions to investments in real estate included in accounts payable and accrued expenses	6,229	5,253
Additions to investments in real estate included in other assets	0	4,224
Net decrease in fair value of derivatives applied to other comprehensive income (loss)	(7,098)	(6,312)
Reduction of loans receivable and secured borrowings due to the SBA's repurchase of the guaranteed portion of loans	2,663	0
Additions to deferred loan costs included in accounts payable and accrued expenses	626	146
Expenses related to repurchase of common stock included in accounts payable and accrued expenses	248	0
Additions to other assets related to restricted cash receivable	0	2,269
Additions to deferred preferred stock offering costs included in accounts payable and accrued expenses	$ 1,135	$ 0

ORGANIZATION AND OPERATIONS	9 Months Ended
ORGANIZATION AND OPERATIONS	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	ORGANIZATION AND OPERATIONS CIM Commercial Trust Corporation ("CIM Commercial" or the "Company") or together with its wholly-owned subsidiaries (which, together with CIM Commercial, may be referred to as "we," "us" or "our") primarily invests in, owns, and operates Class A and creative office investments in vibrant and improving urban communities throughout the United States. These communities are located in areas that include traditional downtown areas and suburban main streets, which have high barriers-to-entry, high population density, improving demographic trends and a propensity for growth. We were originally organized in 1993 as PMC Commercial Trust ("PMC Commercial"), a Texas real estate investment trust. On July 8, 2013, PMC Commercial entered into a merger agreement (the "Merger Agreement") with CIM Urban REIT, LLC ("CIM REIT") and subsidiaries of the respective parties. CIM REIT was a private commercial REIT and was the owner of CIM Urban Partners, L.P. ("CIM Urban"). The transaction (the "Merger") was completed on March 11, 2014 (the "Acquisition Date"). 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. Pursuant to the Merger Agreement, an affiliate of CIM REIT and CIM Urban received 4,400,000 shares of newly-issued PMC Commercial common stock ("Common Stock") and approximately 65,000,000 shares of newly-issued PMC Commercial preferred stock. Following the Merger and subsequent increase in our authorized number of shares, each share of preferred stock was converted into 1.4 shares of Common Stock, resulting in the issuance of 95,440,000 shares of Common Stock in the aggregate in connection with the Merger, representing approximately 97.8% of PMC Commercial's outstanding shares of Common Stock at the time. On April 28, 2014, PMC Commercial's charter was amended to increase the authorized shares of stock of PMC Commercial from 100,000,000 to 1,000,000,000 shares (of which 900,000,000 are shares of Common Stock and 100,000,000 are shares of preferred stock) 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 Maryland corporation subsidiary. Also, on April 28, 2014, we changed our name from "PMC Commercial Trust" to "CIM Commercial Trust Corporation." Our Common Stock is currently traded on the NASDAQ Global Market (symbol "CMCT"). On April 28, 2014, we filed Articles of Amendment (the "Reverse Split Amendment") to effectuate a one-for-five reverse stock split of the Common Stock, effective April 29, 2014. Pursuant to the reverse stock split, each five shares of Common Stock issued and outstanding immediately prior to the effective time of the reverse stock split were converted into one share of Common Stock. Fractional shares of Common Stock were not issued as a result of the reverse stock split; instead, holders of pre-split shares of Common Stock who otherwise would have been entitled to receive a fractional share of Common Stock received an amount in cash equal to the product of the fraction of a share multiplied by the closing price of the Common Stock (as adjusted for the one-for-five reverse stock split). In connection with and immediately following the filing of the Reverse Split Amendment, we filed Articles of Amendment to decrease the par value of the Common Stock issued and outstanding to $0.001 per share, effective April 29, 2014, subsequent to the effective time of the Reverse Split Amendment. All per share and outstanding share information has been presented to reflect the reverse stock split. CIM Commercial has qualified and intends to continue to qualify as a real estate investment trust ("REIT"), as defined in the Internal Revenue Code of 1986, as amended.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2016

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

For more information regarding our significant accounting policies and estimates, please refer to "Basis of Presentation and Summary of Significant Accounting Policies" contained in Note 3 to our consolidated financial statements for the year ended December 31, 2015, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 15, 2016.

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 ("GAAP"). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by 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 and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. Our accompanying interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto, included in our Annual Report on Form 10-K filed with the SEC on March 15, 2016.

Principles of Consolidation—The consolidated financial statements include the accounts of CIM Commercial and its subsidiaries. All 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 on a quarterly basis or 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 of the impairment testing under GAAP 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 and nine months ended September 30, 2016 and 2015.

Derivative Financial Instruments—As part of risk management and operational strategies, from time to time, we may enter into derivative contracts with various counterparties. All derivatives are recognized on the balance sheet at their estimated fair value. On the date that we enter into a derivative contract, we designate the derivative as a fair value hedge, a cash flow hedge, a foreign currency fair value or cash flow hedge, a hedge of a net investment in a foreign operation, or a trading or non-hedging instrument.

Changes in the estimated fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are initially recorded in other comprehensive income ("OCI"), and are subsequently reclassified into earnings as a component of interest expense when the variability of cash flows of the hedged transaction affects earnings (e.g., when periodic settlements of a variable-rate asset or liability are recorded in earnings). Any hedge ineffectiveness (which represents the amount by which the changes in the estimated fair value of the derivative differ from the variability in the cash flows of the forecasted transaction) is recognized in current-period earnings as a component of interest expense. When an interest rate swap designated as a cash flow hedge no longer qualifies for hedge accounting, we recognize changes in estimated fair value of the hedge previously deferred to accumulated other comprehensive income ("AOCI"), along with any changes in estimated fair value occurring thereafter, through earnings. We classify cash flows from interest rate swap agreements as net cash provided from operating activities on the consolidated statements of cash flows as our accounting policy is to present the cash flows from the hedging instruments in the same category in the consolidated statements of cash flows as the category for the cash flows from the hedged items. See Note 12 for disclosures about our derivative financial instruments and hedging activities.

Loans Receivable—Our loans receivable included in other assets or assets held for sale are carried at their unamortized principal balance less unamortized acquisition discounts and premiums, retained loan discounts and loan loss reserves. For loans originated under the Small Business Administration's ("SBA") 7(a) Guaranteed Loan Program ("SBA 7(a) Program"), we sell the portion of the loan that is guaranteed by the SBA. 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 (the "Retained Loan Discount") is recorded as a reduction in basis of the retained portion of the loan.

At the Acquisition Date, the carrying value of our loans was adjusted to estimated fair market value and acquisition discounts of $33,907,000 were recorded, which are being accreted to interest and other income using the effective interest method. We sold substantially all of our commercial mortgage loans with unamortized acquisition discounts of $15,951,000 to an unrelated third party in December 2015 (see Note 7). Acquisition discounts of $2,067,000 remained as of September 30, 2016 which have not yet been accreted to income.

A loan receivable is generally classified as non-accrual (a "Non-Accrual Loan") if (i) it is past due as to payment of principal or interest for a period of 60 days or more, (ii) any portion of the loan is classified as doubtful or is charged-off or (iii) the repayment in full of the principal and/or interest is in doubt. Generally, loans are charged-off when management determines that we will be unable to collect any remaining amounts due under the loan agreement, either through liquidation of collateral or other means. Interest income, included in interest and other income or discontinued operations, on a Non-Accrual Loan is recognized on either the cash basis or the cost recovery basis.

On a quarterly basis, and more frequently if indicators exist, we evaluate the collectability of our loans receivable. Our evaluation of collectability involves judgment, estimates, and a review of the ability of the borrower to make principal and interest payments, the underlying collateral and the borrowers' business models and future operations in accordance with Accounting Standards Codification ("ASC") 450-20, Contingencies—Loss Contingencies, and ASC 310-10, Receivables. For the three and nine months ended September 30, 2016, we recorded a net recovery of $3,000 and $239,000 on our impaired loans receivable, respectively. For the three and nine months ended September 30, 2015, we recorded a net impairment of $2,000 and $67,000 on our impaired loans receivable, respectively. We establish a general loan loss reserve when available information indicates that it is probable a loss has occurred based on the carrying value of 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, we establish the general loan loss reserve using a consistent methodology to determine a loss percentage to be applied to loan balances. These loss percentages are based on many factors, primarily cumulative and recent loss history and general economic conditions.

Deferred Rent Receivable and Charges—Deferred rent receivable and charges consist of deferred rent, deferred leasing costs, and deferred charges associated with the preferred stock offering (see Note 11). Deferred rent receivable is $61,990,000 and $58,612,000 at September 30, 2016 and December 31, 2015, 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 $65,689,000 and $59,225,000 are presented net of accumulated amortization of $25,008,000 and $20,612,000 at September 30, 2016 and December 31, 2015, respectively. Deferred charges associated with the preferred stock offering are $1,868,000 and $0 at September 30, 2016 and December 31, 2015, respectively.

Noncontrolling Interests—Noncontrolling interests represent the interests in various properties owned by third parties.

Restricted Cash—Our mortgage loan and hotel management agreements provide for depositing cash into restricted accounts reserved for property taxes, insurance, capital expenditures, free rent, tenant improvement and leasing commission obligations.

Assets Held for Sale and Discontinued Operations—We classify assets as held for sale, if material, when they meet the necessary criteria, which include: a) management commits to and actively embarks upon a plan to sell the assets, b) the assets to be sold are available for immediate sale in their present condition, c) the sale is expected to be completed within one year under terms usual and customary for such sales and d) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally believe that we meet these criteria when the plan for sale has been approved by our board of directors (the "Board of Directors"), there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year.

Assets held for sale are recorded at the lower of cost or estimated fair value less cost to sell. In addition, if we were to determine that the asset disposal associated with assets held for sale or disposed of represents a strategic shift, the revenues, expenses and net gain (loss) on dispositions would be recorded in discontinued operations for all periods presented through the date of the applicable disposition.

Consolidation Considerations for Our Investments in Real Estate—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 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.

Reclassifications—Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications had no effect on previously reported net income or cash flows.

Recently Issued Accounting Pronouncements—In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which is intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. We adopted ASU 2015-03 retrospectively in our fiscal quarter ended March 31, 2016. As a result of the retrospective adoption, we reclassified unamortized debt issuance costs of $6,113,000 as of December 31, 2015 from deferred rent receivable and charges to debt on the accompanying consolidated balance sheet. Adoption of this standard did not impact results of operations, retained earnings, or cash flows in the current or previous interim and annual reporting periods.

In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which is designed to improve the recognition and measurement of financial instruments through targeted changes to existing GAAP. The ASU requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price; and (v) assess a valuation allowance on deferred tax assets related to unrealized losses of available-for-sale debt securities in combination with other deferred tax assets. In addition, the ASU provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The ASU also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. For public business entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption by public entities to financial statements that have not yet been issued is permitted only for the provision related to instrument-specific credit risk. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which is intended to improve financial reporting about leasing transactions. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires a lessee to recognize only capital leases on the balance sheet, the new ASU will require a lessee to recognize both types of leases on the balance sheet. The lessor accounting will remain largely unchanged from current GAAP. However, the ASU contains some targeted improvements that are intended to align, where necessary, lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2018. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815), which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not require de-designation of that hedging relationship provided that all other hedging criteria continue to be met. The new standard is effective for public entities for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016 with early adoption permitted. We are currently evaluating the impact, if any, the new standard may have on our consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations included in Topic 606 by clarifying the following: (i) an entity determines whether it is a principal or an agent for each specified good or service promised to the customer; (ii) an entity determines the nature of each specified good or service; (iii) when another party is involved in providing goods or services to a customer, an entity that is a principal obtains control of (a) a good or another asset from the other party, (b) a right to a service that will be performed by another party, or (c) a good or service from the other party that it combines with other goods or services; and (iv) the purpose of the indicators in the guidance is to support or assist in the assessment of control. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is permitted for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for share-based payment transactions, including accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, minimum statutory tax withholding requirements, and classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. In addition, the ASU eliminates certain guidance in ASC 718, which was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is permitted and an entity that elects early adoption must adopt all of the amendments in the same period. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements.

In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which is intended to clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The amendments in the ASU are expected to reduce the cost and complexity of applying the guidance on identifying promised goods or services and improve the operability and understandability of the licensing implementation guidance. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is permitted for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity. The amendments in the ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2019. Early adoption is permitted for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2018. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is permitted. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements.

ACQUISITIONS AND DISPOSITIONS

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

ACQUISITIONS AND DISPOSITIONS

The fair value of real estate acquired is recorded to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, and furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market and below-market leases, in-place leases and ground leases, if any, based in each case on their respective fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market rate loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate.

There were no acquisitions during the nine months ended September 30, 2016.

During the nine months ended September 30, 2015, we acquired a 100% fee-simple interest in a surface parking lot known as 2 Kaiser Plaza from an unrelated third party. The parking lot has approximately 44,642 square feet of land and is located in Oakland, California. The acquisition was funded with proceeds from our unsecured credit facility, and the acquired property is reported as part of the office segment (Note 18).



Property	Asset Type	Date of Acquisition	Square Feet	Purchase Price
				(in thousands)
2 Kaiser Plaza, Oakland, CA	Surface parking lot	August 26, 2015	44,642	$	11,143

The results of operations of the property acquired have been included in the consolidated statements of operations from the date of acquisition. The fair values of the net assets acquired for the above-noted acquisition during the nine months ended September 30, 2015 are as follows:



	2015 Acquisition
	(in thousands)
Land	$	10,931
Land improvements	110
Acquired in-place lease (1)	102
Net assets acquired	$	11,143

_________________

(1) In-place lease has an amortization period of 3.0 years.

Acquisition related expenses of $0 and $102,000 associated with the acquisition of real estate were expensed as incurred during the nine months ended September 30, 2016 and 2015, respectively.

On February 2, 2016, we sold a 100% fee-simple interest in the Courtyard Oakland located in Oakland, California to an unrelated third party. In addition, on July 19, 2016, we sold a 100% fee-simple interest in the LAX Holiday Inn located in Los Angeles, California to an unrelated third party. The results of operations of the two hotels have been included in the consolidated statements of operations through the date of disposition.



Property	Asset Type	Date of Sale	Rooms	Sales Price		Gain on Sale
				(in thousands)
Courtyard Oakland, Oakland, CA	Hotel	February 2, 2016	162	$	43,800	$	24,739
LAX Holiday Inn, Los Angeles, CA	Hotel	July 19, 2016	405	$	52,500	$	14,927

- 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).

+ References

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-Publisher FASB
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-Topic 805
-SubTopic 10
-Section 50
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+ Details

INVESTMENTS IN REAL ESTATE

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:



	September 30, 2016			December 31, 2015
	(in thousands)
Land	$	343,564		$	363,612
Land improvements	26,177			26,747
Buildings and improvements	1,473,469			1,506,962
Furniture, fixtures, and equipment	4,729			9,720
Tenant improvements	163,102			146,205
Work in progress	8,276			8,126
Investments in real estate	2,019,317			2,061,372
Accumulated depreciation	(403,902		)	(369,661		)
Net investments in real estate	$	1,615,415		$	1,691,711

We recorded depreciation expense of $15,402,000 and $15,228,000 for the three months ended September 30, 2016 and 2015, respectively, and $47,105,000 and $46,571,000 for the nine months ended September 30, 2016 and 2015, respectively.

OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS

A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of September 30, 2016 and December 31, 2015 is as follows:



	Assets														Liabilities
September 30, 2016	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement			Acquired Below-Market Ground Lease			Trade Name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	215		$	20,372		$	4,273		$	11,685		$	2,957	$	(19,637	)
Accumulated amortization	(173		)	(16,995		)	(2,736		)	(1,527		)	—		15,443
	$	42		$	3,377		$	1,537		$	10,158		$	2,957	$	(4,194	)
Average useful life (in years)	8			8			8			84			Indefinite		8



	Assets																	Liabilities
December 31, 2015	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement			Franchise Affiliation Fee(1)			Acquired Below-Market Ground Lease			Trade Name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	966		$	21,398		$	4,273		$	3,936		$	11,685		$	2,957	$	(19,722	)
Accumulated amortization	(843		)	(16,943		)	(2,322		)	(3,375		)	(1,422		)	—		13,636
	$	123		$	4,455		$	1,951		$	561		$	10,263		$	2,957	$	(6,086	)
Average useful life (in years)	7			8			8			10			84			Indefinite		8

_______________________________________________________________________________


(1)	Franchise affiliation fee is associated with the Courtyard Oakland, which was sold in February 2016 (see Note 3).

The amortization of the above-market leases which decreased rental and other property income was $17,000 and $41,000 for the three months ended September 30, 2016 and 2015, respectively, and $81,000 and $199,000 for the nine months ended September 30, 2016 and 2015, respectively. The amortization of the below-market leases included in rental and other property income was $630,000 for each of the three months ended September 30, 2016 and 2015, and $1,892,000 and $1,940,000 for the nine months ended September 30, 2016 and 2015, respectively. The amortization of in-place leases included in depreciation and amortization expense was $330,000 and $413,000 for the three months ended September 30, 2016 and 2015, respectively, and $1,078,000 and $1,461,000 for the nine months ended September 30, 2016 and 2015, respectively. Included in depreciation and amortization expense was franchise affiliation fee amortization of $0 and $98,000 for the three months ended September 30, 2016 and 2015, respectively, and $33,000 and $296,000 for the nine months ended September 30, 2016 and 2015, respectively. Tax abatement amortization of $138,000 for each of the three months ended September 30, 2016 and 2015, and $414,000 for each of the nine months ended September 30, 2016 and 2015 was included in rental and other property operating expenses. The amortization of below-market ground lease obligation of $35,000 for each of the three months ended September 30, 2016 and 2015, and $105,000 for each of the nine months ended September 30, 2016 and 2015 was included in rental and other property operating expenses.

A schedule of future amortization and accretion of acquisition related intangible assets and liabilities as of September 30, 2016 is as follows:



	Assets								Liabilities
Years Ending December 31,	Acquired Above-Market Leases		Acquired In-Place Leases		Tax Abatement		Acquired Below-Market Ground Lease		Acquired Below-Market Leases
	(in thousands)
2016 (Three months ending December 31, 2016)	$	7	$	269	$	137	$	35	$	(618	)
2017	26		871		551		140		(2,405		)
2018	9		733		551		140		(971		)
2019	—		464		298		140		(200		)
2020	—		207		—		140		—
Thereafter	—		833		—		9,563		—
	$	42	$	3,377	$	1,537	$	10,158	$	(4,194	)

OTHER ASSETS

9 Months Ended

Sep. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

Other assets consist of the following:



	September 30, 2016		December 31, 2015
	(in thousands)
SBA 7(a) loans	$	39,496	$	43,178
SBA 7(a) loans, subject to secured borrowings	29,897		36,646
Other assets	20,439		22,577
	$	89,832	$	102,401

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.

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. There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal.

At September 30, 2016 and December 31, 2015, 99% and 98%, respectively, of our loans were current with the remainder ($800,000 and $1,812,000, respectively) greater than 29 days delinquent. We classify loans with negative characteristics in substandard categories ranging from special mention to doubtful. At September 30, 2016 and December 31, 2015, $800,000 and $3,773,000, respectively, were classified in substandard categories.

At both September 30, 2016 and December 31, 2015, our loans were 94% concentrated in the hospitality industry.

DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

We had reflected the lending segment, which was acquired on the Acquisition Date, as held for sale commencing in 2014, based on a plan approved by the Board of Directors to sell the lending segment that, when completed, would have resulted in the deconsolidation of the lending segment. In July 2015, to maximize value, we modified our strategy from a strategy of selling the lending segment as a whole to a strategy of soliciting buyers for components of the business, including our commercial mortgage loans and the SBA 7(a) lending platform. This change in the sale methodology resulted in the need to extend the period to complete the sale of the lending segment beyond one year. In connection with our plan, we have expensed transaction costs of $14,000 and $111,000 as incurred during the three months ended September 30, 2016 and 2015, respectively, and $34,000 and $335,000 during the nine months ended September 30, 2016 and 2015, respectively.

In December 2015, pursuant to the modified plan, we sold substantially all of our commercial mortgage loans to an unrelated third party and recognized a gain of $5,151,000. In September 2016, we discontinued our efforts to sell the SBA 7(a) lending platform, and the activities related to the SBA 7(a) lending platform have been reclassified to continuing operations for all periods presented. We are continuing our effort to sell our commercial real estate loan portfolio, which we expect to dispose of during the fourth quarter of 2016.

The following is the detail of the carrying amounts of assets and liabilities of the components of the lending segment that are classified as held for sale on the consolidated balance sheets as of September 30, 2016 and December 31, 2015:



	September 30, 2016		December 31, 2015
	(in thousands)
Assets held for sale
Loans receivable, net (1)	$	41,526	$	20,338
Cash and cash equivalents	546		1,471
Restricted cash	1,084		—
Accounts receivable and interest receivable, net	516		253
Other assets	18		—
Total assets held for sale, net	$	43,690	$	22,062
Liabilities associated with assets held for sale
Debt (2)	$	9,897	$	10,000
Accounts payable and accrued expenses	166		230
Other liabilities	1,882		22
Total liabilities associated with assets held for sale	$	11,945	$	10,252

_____________________________________________

(1) Includes $20,204,000 and $20,338,000 of commercial real estate loans at September 30, 2016 and December 31, 2015, respectively, subject to secured borrowings. Commercial real estate loans, subject to secured borrowings represent mezzanine loans secured by an indirect ownership interest in entities that either directly or indirectly own parcels of commercial real estate. These loans have a variable interest rate.

(2)

Represents secured borrowings on commercial real estate loans with variable interest rates, reset monthly, based on the 30-day London Interbank Offered Rate ("LIBOR"). The $10,000,000 in secured borrowings at December 31, 2015 with an interest rate of 9.77% was repaid in June 2016. The $9,897,000 in secured borrowings at September 30, 2016 has an interest rate of 12.60% and a principal balance of $9,967,000 due in 2018.

The following is the detail of income from operations of assets held for sale classified as discontinued operations on the consolidated statements of operations:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in thousands)
Revenue—Interest and other income	$	1,198	$	4,712	$	4,729	$	11,330
Expenses:
Interest expense	355		—		1,231		—
Fees to related party	137		72		417		596
General and administrative	3		—		20		194
Total expenses	495		72		1,668		790
Income from operations of assets held for sale	$	703	$	4,640	$	3,061	$	10,540

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

DEBT

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

DEBT

Information on our debt is as follows:



	September 30, 2016			December 31, 2015
	(in thousands)
Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $392,000,000 due on July 1, 2026. The loans are nonrecourse.	$	392,000		$	—
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 loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and balances totaling $35,695,000 due on March 1, 2021. The loans are nonrecourse.	39,319			39,846
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.	29,314			29,744
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.	26,924			29,201
	533,557			144,791
Deferred loan costs related to mortgage loans	(2,454		)	(897		)
Premiums and discounts on assumed mortgages, net	836			1,178
Total Mortgages Payable	531,939			145,072
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.13% and 3.90% at September 30, 2016 and December 31, 2015, respectively.	23,416			29,481
Secured borrowing principal on SBA 7(a) loans sold for excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.83% and 1.58% at September 30, 2016 and December 31, 2015, respectively.	4,829			4,947
	28,245			34,428
Unamortized discounts and premiums, net	2,110			2,693
Total Secured Borrowings—Government Guaranteed Loans	30,355			37,121
Unsecured term loan facility	385,000			385,000
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.	27,070			27,070
Unsecured credit facility	—			107,000
	412,070			519,070
Deferred loan costs related to unsecured term loan and credit facilities	(3,140		)	(5,216		)
Discount on junior subordinated notes	(2,035		)	(2,091		)
Total Other	406,895			511,763
Total Debt	$	969,189		$	693,956

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

The junior subordinated notes may be redeemed at par at our option.

Secured borrowings—government guaranteed loans represent sold loans which are treated as secured borrowings because the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Secured Borrowing and Collateral. To the extent secured borrowings are for government guaranteed loans, they may include cash premiums which are included in secured borrowings and amortized as a reduction to interest expense over the life of the loan using the effective interest method and fully amortized when the underlying loan is repaid in full.

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 $7,117,000 and $10,445,000 are presented net of accumulated amortization of $1,523,000 and $4,332,000 at September 30, 2016 and December 31, 2015, respectively.

In September 2014, CIM Commercial entered into an $850,000,000 unsecured credit facility with a bank syndicate consisting of a $450,000,000 revolver, a $325,000,000 term loan and a $75,000,000 delayed-draw term loan. CIM Commercial is subject to certain financial maintenance covenants and a minimum property ownership condition. Outstanding advances under the revolver bear interest at (i) the base rate plus 0.20% to 1.00% or (ii) LIBOR plus 1.20% to 2.00%, depending on the maximum consolidated leverage ratio. Outstanding advances under the term loans bore interest at (i) the base rate plus 0.15% to 0.95% or (ii) LIBOR plus 1.15% to 1.95%, depending on the maximum consolidated leverage ratio. The revolver is also subject to an unused commitment fee of 0.15% or 0.25% depending on the amount of aggregate unused commitments. The delayed-draw term loan was also subject to an unused line fee of 0.25%. The credit facility was set to mature in September 2016 and prior to maturity, we exercised the first of two one year extension options through September 2017. Additionally, we permanently reduced the revolving credit commitment under the credit facility to $200,000,000. At September 30, 2016, $0 was outstanding under the credit facility and $200,000,000 was available for future borrowings, while at December 31, 2015, $107,000,000 ($0 under the revolver and $107,000,000 under the term loans) was outstanding under the credit facility and $450,000,000 was available for future borrowings. Proceeds from the unsecured credit facility were used for acquisitions, funding of the tender offer (see Note 11), general corporate purposes, and to repay mortgage loans and outstanding balances under our prior unsecured credit facilities. At December 31, 2015, the interest rate on the outstanding balances under this unsecured credit facility was 1.57%. In June 2016, we entered into six mortgage loan agreements with an aggregate principal amount of $392,000,000. A portion of the net proceeds from the loans was used to repay outstanding balances under our unsecured credit facility.

In May 2015, CIM Commercial entered into an unsecured term loan facility with a bank syndicate pursuant to which CIM Commercial can borrow up to a maximum of $385,000,000. The term loan facility ranks pari passu with CIM Commercial's unsecured credit facility described above; covenants under the term loan facility are substantially the same as those in the unsecured credit facility. Outstanding advances under the term loan facility bear interest at (i) the base rate plus 0.60% to 1.25% or (ii) LIBOR plus 1.60% to 2.25%, depending on the maximum consolidated leverage ratio. The unused portion of the term loan facility was also subject to an unused fee of 0.20%. With some exceptions, any prepayment of the term loan facility prior to May 2017 will be subject to a prepayment fee up to 2% of the outstanding principal amount. The term loan facility matures in May 2022. On November 2, 2015, $385,000,000 was drawn under the term loan facility. At September 30, 2016 and December 31, 2015, $385,000,000 was outstanding under the term loan facility. Proceeds from the term loan facility were used to repay balances outstanding under our unsecured credit facility. At September 30, 2016 and December 31, 2015, the variable interest rate on this unsecured term loan facility was 2.12% and 1.84%, respectively. The interest rate of the loan has been effectively converted to a fixed rate of 3.16% until May 8, 2020 through interest rate swaps (see Note 12).

At September 30, 2016 and December 31, 2015, we were in compliance with all of our respective financial covenants under the unsecured credit and term loan facilities.

At September 30, 2016 and December 31, 2015, accrued interest and unused commitment fees payable of $2,897,000 and $1,688,000, respectively, are included in accounts payable and accrued expenses.

Future principal payments on our debt (face value) at September 30, 2016 are as follows:



Years Ending December 31,	Secured Borrowings Principal(1)		Mortgages Payable		Other(2)		Total
	(in thousands)
2016 (Three months ending December 31, 2016)	$	244	$	1,120	$	—	$	1,364
2017	999		4,642		—		5,641
2018	1,033		24,300		—		25,333
2019	1,070		1,519		—		2,589
2020	1,110		1,596		—		2,706
Thereafter	23,789		500,380		412,070		936,239
	$	28,245	$	533,557	$	412,070	$	973,872

_______________________________________________________________________________

(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 junior subordinated notes and unsecured term loan facility.

STOCK-BASED COMPENSATION PLANS	9 Months Ended
STOCK-BASED COMPENSATION PLANS	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION PLANS	STOCK-BASED COMPENSATION PLANS On March 11, 2014, we granted awards of 2,000 restricted shares of Common Stock to each of the independent members of the Board of Directors (6,000 in aggregate) which awards were effective upon the receipt of stockholder approval of the amendment of the 2005 Equity Incentive Plan on April 28, 2014. The shares of Common Stock vested in March 2015 based on one year of continuous service. In April 2015, an additional 2,000 restricted shares of Common Stock were granted to each of the independent members of the Board of Directors (6,000 in aggregate) under the 2015 Equity Incentive Plan, which vested in April 2016 based on a year of continuous service. In addition, in May 2016, 3,392 restricted shares of Common Stock were granted to each of the independent members of the Board of Directors (10,176 in aggregate) under the 2015 Equity Incentive Plan, which will vest over a year of continuous service. Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period. We recorded compensation expense of $48,000 and $27,000 for the three months ended September 30, 2016 and 2015, respectively, and $107,000 and $86,000 for the nine months ended September 30, 2016 and 2015, respectively, related to these restricted shares of Common Stock. We issued to two of our executive officers an aggregate of 2,000 shares of Common Stock on May 6, 2014 and an aggregate of 2,000 shares of Common Stock on March 6, 2015. The restricted shares of Common Stock vest based on two years of continuous service with one-third of the shares of Common Stock vesting immediately upon issuance and one-third vesting at the end of each of the next two years from the date of issuance. Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period. We recognized compensation expense of $1,000 and $6,000 for the three months ended September 30, 2016 and 2015, respectively, and $7,000 and $32,000 for the nine months ended September 30, 2016 and 2015, respectively, related to these restricted shares of Common Stock. As of September 30, 2016, there was $115,000 of total unrecognized compensation expense related to shares of Common Stock which will be recognized over the next year.

EARNINGS PER SHARE (''EPS'')	9 Months Ended
EARNINGS PER SHARE (''EPS'')	Sep. 30, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE ("EPS")	EARNINGS PER SHARE ("EPS") The computations of basic EPS are based on our weighted average shares outstanding. The basic weighted average shares of Common Stock outstanding were 87,045,000 and 97,590,000 for the three months ended September 30, 2016 and 2015, respectively, and 93,772,000 and 97,587,000 for the nine months ended September 30, 2016 and 2015, respectively. We had no dilutive securities outstanding for each of the three and nine months ended September 30, 2016 and 2015. EPS for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method of computing EPS in the respective periods. In addition, EPS are calculated independently for each component and may not be additive due to rounding.

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2016

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

Dividends

Dividends per share of Common Stock declared during the nine months ended September 30, 2016 and 2015 consist of the following:



Declaration Date	Payment Date	Dividend Per Common Share
September 12, 2016	September 28, 2016	$	0.21875
June 10, 2016	June 28, 2016	0.21875
March 8, 2016	March 29, 2016	0.21875
September 14, 2015	September 30, 2015	0.21875
June 12, 2015	June 29, 2015	0.21875
March 6, 2015	March 27, 2015	0.21875

Share Repurchases

On May 16, 2016, we announced a cash tender offer to purchase up to 10 million shares of our Common Stock at a price of $21.00 per share. The tender offer expired on June 13, 2016. The tender offer was oversubscribed and, pursuant to the terms of the tender offer, shares of Common Stock were accepted on a pro rata basis. In connection with the tender offer, we repurchased and retired 10 million shares of our Common Stock for an aggregate purchase price of $210,000,000, excluding fees and expenses related to the tender offer, which were $301,000. Based on the actual total number of shares tendered, Urban Partners II, LLC ("Urban II"), a fund managed by an affiliate of CIM Group, L.P. ("CIM Group" or "CIM"), an affiliate of the Manager and the Advisor (each as defined in Note 14), received $208,140,000 of the aggregate purchase price paid. We funded the tender offer using available cash from asset sales and borrowings on our unsecured credit facility. The purchased shares represented approximately 10.24% of our then-outstanding shares of Common Stock. As a result of the repurchase, our stockholders' equity was reduced by the amount we paid for the repurchased shares and the related expenses. For further information regarding the terms and conditions of the tender offer, please refer to information in the Tender Offer Statement on Schedule TO filed with the SEC on May 16, 2016 and subsequent amendments thereto.

In addition, on September 14, 2016, we repurchased in a privately negotiated transaction 3,628,116 shares of Common Stock from Urban II and retired them on the same date. The aggregate purchase price was $79,819,000, or $22.00 per share. We funded the repurchase using proceeds from the six mortgage loans obtained in June 2016. As a result of the repurchase, our stockholders' equity was further reduced by the amount we paid for the repurchased shares and the related expenses.

Preferred Stock

On April 22, 2016, we filed a registration statement with the SEC for up to $900,000,000 of Series A Preferred Stock, par value $0.001 per share, of the Company (the "Series A Preferred Stock") and warrants ("Warrants") to purchase 0.25 of a share of Common Stock, which was declared effective on July 1, 2016 by the SEC. The registration statement allows us to offer up to a maximum of 36 million units (each a "Unit"), with each Unit consisting of one share of Series A Preferred Stock having a $25.00 stated value per share and one Warrant to purchase 0.25 of a share of Common Stock. Holders of Series A Preferred Stock are entitled to receive, when, and as declared by the Board of Directors, cumulative cash dividends on each share of Series A Preferred Stock at an annual rate of 5.5% of the stated value. The exercise price of each Warrant will be at a 15% premium to the per share estimated net asset value of our Common Stock (as most recently published by us at the time of the issuance). For further information regarding the terms and conditions of the offering of Series A Preferred Stock and warrants, please refer to information in the Registration Statement on Form S-11 filed with the SEC on April 22, 2016 and the subsequent amendments and supplements thereto. The offering is being conducted on a reasonable best efforts basis. At September 30, 2016, no shares of Series A Preferred Stock were outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Hedges of Interest Rate Risk

In order to manage financing costs and interest rate exposure related to our $385,000,000 unsecured term loan facility (see Note 8), on August 13, 2015, we entered into interest rate swap agreements with multiple counterparties. These swap agreements became effective on November 2, 2015. Each of our interest rate swap agreements meets the criteria for cash flow hedge accounting treatment and we have designated the interest rate swap agreements as cash flow hedges of the risk of variability attributable to changes in the one-month LIBOR on the term loan facility. Accordingly, the interest rate swaps are recorded on the consolidated balance sheets at fair value and the changes in the fair value of the swaps are recorded in OCI and reclassified to earnings as an adjustment to interest expense as interest becomes receivable or payable (see Note 2). We do not expect any significant losses from counterparty defaults related to our swap agreements.

Summary of Derivatives

The following table sets forth the key terms of our interest rate swap contracts:

Number of Interest
Rate Swaps(1)(2)

Total Notional
Amount

Fixed Rates

Floating Rate Index

Effective
Date

Expiration
Date

(in thousands)

385,000

1.559% - 1.569%

One-Month LIBOR

11/2/2015

5/8/2020

_______________________________________________________________________________


(1)	See Note 13 for our fair value disclosures.


(2)	Our interest rate swaps are not subject to master netting arrangements.

These swaps hedge the future cash flows of interest payments on our $385,000,000 unsecured term loan facility by fixing the rate until May 8, 2020 at a weighted average rate of 1.563% plus the credit spread, which was 1.60% at September 30, 2016 and December 31, 2015, or an all-in rate of 3.16%.

Credit-Risk-Related Contingent Features

Each of our interest rate swap agreements contains a provision under which we could also be declared in default under such agreements if we default on the term loan facility. As of September 30, 2016 and December 31, 2015, there have been no events of default under our interest rate swap agreements.

Impact of Hedges on AOCI and Consolidated Statements of Operations

The changes in the balance of each component of AOCI related to our interest rate swaps designated as cash flow hedges are as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(in thousands)
Accumulated other comprehensive income (loss), at beginning of period	$	(12,889	)	$	—		$	(2,519	)	$	—
Other comprehensive income (loss) before reclassifications	2,221			(6,312		)	(10,347		)	(6,312		)
Amounts reclassified from accumulated other comprehensive income (loss)(1)	1,051			—			3,249			—
Net current period other comprehensive income (loss)	3,272			(6,312		)	(7,098		)	(6,312		)
Accumulated other comprehensive income (loss), at end of period	$	(9,617	)	$	(6,312	)	$	(9,617	)	$	(6,312	)

_______________________________________________________________________________


(1)	The amounts from AOCI are reclassified as an increase to interest expense in the statements of operations.

Future Reclassifications from AOCI

We estimate that $3,972,000 related to our derivatives designated as cash flow hedges will be reclassified out of AOCI as an increase to interest expense during the next twelve months.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

We determine the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. 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.

Our derivative financial instruments (see Note 12) are measured at fair value on a recurring basis and are presented on the balance sheet at fair value, on a gross basis, excluding accrued interest. The table below presents the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets:

September 30, 2016

December 31, 2015

Level

Balance Sheet
Location

(in thousands)

Liabilities:

Interest rate swaps

9,617

2,519

Other liabilities

Interest Rate Swaps—We estimate the fair value of our interest rate swaps by calculating the credit-adjusted present value of the expected future cash flows of each swap. The calculation incorporates the contractual terms of the derivatives, observable market interest rates which we consider to be Level 2 inputs, and credit risk adjustments, if any, to reflect the counterparty's as well as our own nonperformance risk.

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



	September 30, 2016				December 31, 2015
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
	(in thousands)
Assets:
Loans receivable subject to credit risk	$	39,496	$	39,452	$	43,178	$	43,508	3
SBA 7(a) loans receivable, subject to secured borrowings	29,897		30,355		36,646		37,121		3
Commercial real estate loans	41,526		41,967		20,338		20,408		3
Liabilities:
Junior subordinated notes	25,035		25,134		24,979		25,046		3
Mortgages payable	531,939		537,543		145,072		147,516		3

Management's estimation of the fair value of our financial instruments other than our interest rate swaps 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 other than our interest rate swaps and we utilize other methodologies based on unobservable inputs for valuation purposes since there are no Level 1 or Level 2 inputs 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 are made at a point in time and may not be indicative of the amounts we could realize in a current market exchange.

The carrying amounts of our secured borrowings and unsecured credit and term loan facilities approximate their fair values, as the interest rates on these securities are variable and approximate current market interest rates.

Loans Receivable Subject to Credit Risk—Loans receivable were initially recorded at estimated fair value at the Acquisition Date. Loans receivable originated subsequent to the Acquisition Date 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. At September 30, 2016, our assumptions included discount rates ranging from 8.25% to 13.00% and a prepayment rate of 15.00%. At December 31, 2015, our assumptions included discount rates ranging from 8.00% to 12.75% and a prepayment rate of 15.00%.

SBA 7(a) Loans Receivable, Subject to Secured Borrowings—These loans receivable represent the government guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings—government guaranteed loans. 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 these loans receivable, we use a present value technique for the anticipated future cash flows taking into consideration the lack of credit risk and using a prepayment rate of 15.00% at both September 30, 2016 and December 31, 2015.

Commercial Real Estate Loans—In order to determine the estimated fair value of our commercial real estate loans receivable which consist of mezzanine loans, we use a present value technique for the anticipated future cash flows using certain assumptions including a weighted-average discount rate of 12.82% and 9.77% at September 30, 2016 and December 31, 2015, respectively. For the purpose of fair value determination, there is no prepayment anticipated and no potential credit deterioration anticipated on our loans at both September 30, 2016 and December 31, 2015.

Junior Subordinated Notes—The fair value of the junior subordinated notes is estimated based on current interest rates available for debt instruments with similar terms. Discounted cash flow analysis is generally used to estimate the fair value of our junior subordinated notes. The rate used was 4.68% and 4.44% at September 30, 2016 and December 31, 2015, respectively.

Mortgages Payable—The fair values of mortgages payable 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 3.85% to 4.25% and 4.42% to 4.72% at September 30, 2016 and December 31, 2015, respectively.

- 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

RELATED-PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2016

RELATED-PARTY TRANSACTIONS

In May 2005, CIM Urban and CIM Urban REIT Management, L.P., each an affiliate of CIM REIT and CIM Group, entered into an Investment Management Agreement, pursuant to which CIM Urban engaged CIM Urban REIT Management, L.P. to provide investment advisory services to CIM Urban. CIM Investment Advisors, LLC, an affiliate of CIM REIT and CIM Group, registered with the SEC as an investment adviser and, in connection with such registration, CIM Urban entered into a new Investment Management Agreement with CIM Investment Advisors, LLC, in December 2015, on terms substantially similar to those in the previous Investment Management Agreement, pursuant to which CIM Urban engaged CIM Investment Advisors, LLC to provide investment advisory services, and the previous Investment Management Agreement was terminated. "Advisor" refers to CIM Urban REIT Management, L.P. prior to December 10, 2015 and to CIM Investment Advisors, LLC on and after December 10, 2015.

CIM Urban pays asset management fees to the Advisor on a quarterly basis in arrears. The fee is calculated as a percentage of the daily average adjusted fair value of CIM Urban's investments, as defined, as follows:



Daily Average Adjusted Fair Value of CIM Urban's Investments
				Quarterly Fee Percentage
From Greater of		To and Including		Quarterly 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	%

The Advisor earned asset management fees of $6,589,000 and $6,259,000 for the three months ended September 30, 2016 and 2015, respectively, and $19,305,000 and $18,577,000 for the nine months ended September 30, 2016 and 2015, respectively. At September 30, 2016 and December 31, 2015, asset management fees of $6,360,000 and $6,260,000, respectively, were due to the Advisor.

CIM Management, Inc. and certain of its affiliates (collectively, the "CIM Management Entities"), all affiliates of CIM REIT and CIM Group, provide property management, leasing, and development services to CIM Urban. The CIM Management Entities earned property management fees, which are included in rental and other property operating expenses, totaling $1,443,000 and $1,446,000 for the three months ended September 30, 2016 and 2015, respectively, and $4,258,000 and $4,372,000 for the nine months ended September 30, 2016 and 2015, respectively. CIM Urban also reimbursed the CIM Management Entities $2,301,000 and $2,016,000 during the three months ended September 30, 2016 and 2015, respectively, and $6,308,000 and $6,302,000 for the nine months ended September 30, 2016 and 2015, respectively, for the cost of on-site personnel incurred on behalf of CIM Urban, which is included in rental and other property operating expenses. The CIM Management Entities earned leasing commissions of $397,000 and $217,000 for the three months ended September 30, 2016 and 2015, respectively, and $1,151,000 and $310,000 for the nine months ended September 30, 2016 and 2015, respectively, which were capitalized to deferred charges. In addition, the CIM Management Entities earned construction management fees of $119,000 and $218,000 for the three months ended September 30, 2016 and 2015, respectively, and $787,000 and $665,000 for the nine months ended September 30, 2016 and 2015, respectively, which were capitalized to investments in real estate.

At September 30, 2016 and December 31, 2015, fees payable and expense reimbursements due to the CIM Management Entities of $2,747,000 and $2,230,000, respectively, are included in due to related parties. Also included in due (from) to related parties as of September 30, 2016 and December 31, 2015, was ($690,000) and ($274,000), respectively, due (from) the CIM Management Entities and related parties.

On the Acquisition Date, pursuant to the terms of the Merger Agreement, CIM Commercial and its subsidiaries entered into the Master Services Agreement (the "Master Services Agreement") with CIM Service Provider, LLC (the "Manager"), an affiliate of CIM Group, 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, we appointed an affiliate of CIM Group as the manager of Urban Partners GP, LLC. Under the Master Services Agreement, CIM Commercial pays a base service fee (the "Base Service Fee") to the Manager initially set at $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 Manager earned a Base Service Fee of $259,000 and $253,000 for the three months ended September 30, 2016 and 2015, respectively, and $784,000 and $759,000 for the nine months ended September 30, 2016 and 2015, respectively. In addition, pursuant to the terms of the Master Services Agreement, the Manager may receive compensation and/or reimbursement for performing certain services for CIM Commercial and its subsidiaries that are not covered under the Base Service Fee. During the nine months ended September 30, 2016 and 2015, such services performed by the Manager included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources and corporate communications. The Manager's compensation is based on the salaries and benefits of the employees of the Manager and/or its affiliates who performed these services (allocated based on the percentage of time spent on the affairs of CIM Commercial and its subsidiaries). We expensed $676,000 and $654,000 for the three months ended September 30, 2016 and 2015, respectively, and $2,402,000 and $2,244,000 for the nine months ended September 30, 2016 and 2015, respectively, for such services. At September 30, 2016 and December 31, 2015, $1,247,000 and $1,256,000 was due to the Manager, respectively, for such services.

On January 1, 2015, we entered into a Staffing and Reimbursement Agreement with CIM SBA Staffing, LLC ("CIM SBA"), an affiliate of CIM Group and our subsidiary, PMC Commercial Lending, LLC, which provides that CIM SBA will provide personnel and resources to us and that we will reimburse CIM SBA for the costs and expenses of providing such personnel and resources. For the three months ended September 30, 2016 and 2015, we incurred expenses related to services subject to reimbursement by us under this agreement of $865,000 and $1,109,000, respectively, which are included in asset management and other fees to related parties for lending segment costs included in continuing operations, $107,000 and $124,000, respectively, for corporate services, which are included in asset management and other fees to related parties, and $137,000 and $72,000, respectively, which are included in discontinued operations; for the nine months ended September 30, 2016 and 2015, we incurred expenses related to such services of $2,679,000 and $2,821,000, respectively, which are included in asset management and other fees to related parties for lending segment costs included in continuing operations, $333,000 and $375,000, respectively, for corporate services, which are included in asset management and other fees to related parties, and $417,000 and $596,000, respectively, which are included in discontinued operations. In addition, we deferred $40,000 and $53,000 for the three months ended September 30, 2016 and 2015, respectively, and $189,000 and $194,000 for the nine months ended September 30, 2016 and 2015, respectively, associated with services provided for originating loans.

On October 1, 2015, an affiliate of CIM Group entered into a 5-year lease renewal with respect to a property owned by the Company. We recorded rental and other property income related to this tenant of $27,000 and $26,000 for the three months ended September 30, 2016 and 2015, respectively, and $81,000 and $78,000 for the nine months ended September 30, 2016 and 2015, respectively.

On May 16, 2016, we announced a cash tender offer to purchase up to 10 million shares of our Common Stock at a price of $21.00 per share. In connection with the tender offer, we repurchased and retired 10 million shares of our Common Stock for an aggregate purchase price of $210,000,000, excluding fees and expenses related to the tender offer, which were $301,000. Based on the actual total number of shares tendered, Urban II received $208,140,000 of the aggregate purchase price paid.

- 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

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

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 (including the unfunded balance of loans which have closed) to fund loans were $141,748,000 at September 30, 2016. Of the total commitments, $122,958,000 was for the unfunded balance of closed commercial real estate loans, approximately $60,250,000 of which is expected to be funded by a participant in those loans through loan participation agreements; the remaining commitments are for prime-based loans to be originated by our subsidiary engaged in SBA 7(a) Program lending, 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. CIM Commercial had a total of $33,205,000 in future obligations under leases to fund tenant improvements and other future construction obligations at September 30, 2016. At September 30, 2016, $22,129,000 was funded to reserve accounts included in restricted cash on our consolidated balance sheets for tenant improvement obligations in connection with the mortgage loan agreements entered into in June 2016.

Employment Agreements—We have employment agreements, effective on the Acquisition Date, with two of our officers. Pursuant to these employment agreements, we issued an aggregate of 76,423 shares of Common Stock under the 2015 Equity Incentive Plan as retention bonuses to these officers in January 2016 (as each executive was not entitled to any disability, death or severance payments on such date). These shares vested immediately. We accrued associated payroll taxes of $444,000 at December 31, 2015, which were paid in January 2016, and recorded compensation expense of $0 and $316,000 during the three months ended September 30, 2016 and 2015, respectively, and $0 and $948,000 during the nine months ended September 30, 2016 and 2015, respectively, related to these retention bonuses. In addition, under certain circumstances, each of these employment agreements currently provides for (1) severance payment equal to the annual base salary paid to the officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual base salary paid to the officers. At September 30, 2016, there was no unrecognized compensation expense related to these awards.

Litigation—We are not currently involved in any material pending or threatened legal proceedings nor, to our knowledge, is any material legal proceedings currently threatened against us, other than routine litigation arising in the ordinary course of business. 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. While the outcome of these legal actions and proceedings cannot be predicted with certainty, in management's opinion, the resolution of these legal proceedings and actions 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 property provides for current annual rent of $503,000, payable quarterly, with increases every five years after July 1, 2015 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 July 1, 2040 and July 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 each of the three months ended September 30, 2016 and 2015 and $1,314,000 for each of the nine months ended September 30, 2016 and 2015. We record rent expense on a straight-line basis. Straight-line rent liability of $13,012,000 and $12,180,000 is included in other liabilities in the accompanying consolidated balance sheets as of September 30, 2016 and December 31, 2015, respectively.

We lease office space in Dallas, Texas under a lease which expires in May 2018. We recorded rent expense of $57,000 and $50,000 for the three months ended September 30, 2016 and 2015, respectively, and $171,000 and $180,000 for the nine months ended September 30, 2016 and 2015, respectively.

Scheduled future noncancelable minimum lease payments at September 30, 2016 are as follows:



Years Ending December 31,	(in thousands)
2016 (Three months ending December 31, 2016)	$	187
2017	749
2018	607
2019	503
2020	541
Thereafter	127,679
	$	130,266

FUTURE MINIMUM LEASE RENTALS

9 Months Ended

Sep. 30, 2016

Leases, Operating [Abstract]

FUTURE MINIMUM LEASE RENTALS

Future minimum rental revenue under long-term operating leases at September 30, 2016, excluding tenant reimbursements of certain costs, are as follows:



Years Ending December 31,	Governmental Tenants		Other Tenants		Total
	(in thousands)
2016 (Three months ending December 31, 2016)	$	12,645	$	28,580	$	41,225
2017	49,098		111,838		160,936
2018	49,406		95,631		145,037
2019	50,033		79,509		129,542
2020	45,957		68,073		114,030
Thereafter	145,180		218,880		364,060
	$	352,319	$	602,511	$	954,830

CONCENTRATIONS

9 Months Ended

Sep. 30, 2016

Risks and Uncertainties [Abstract]

CONCENTRATIONS

Tenant Revenue Concentrations—Rental revenue, excluding tenant reimbursements of certain costs, 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 20.6% and 23.1% of our rental and other property income for the three months ended September 30, 2016 and 2015, respectively, and 19.9% and 22.9% for the nine months ended September 30, 2016 and 2015, respectively. At September 30, 2016 and December 31, 2015, $7,050,000 and $7,968,000, respectively, was due from Governmental Tenants (see Note 16).

Geographical Concentrations of Investments in Real Estate—As of September 30, 2016 and December 31, 2015, we owned 20 office properties, five multifamily properties, one and three hotel properties, respectively, three parking garages, and two development sites, one of which is being used as a parking lot. These properties are located in four states and Washington, D.C.

Our revenue concentrations from properties are as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
California	61.7	%	62.4	%	63.9	%	62.6	%
Washington, D.C.	21.9		24.0		21.2		24.1
Texas	8.6		8.0		8.2		7.8
North Carolina	5.9		4.6		4.8		4.6
New York	1.9		1.0		1.9		0.9
	100.0	%	100.0	%	100.0	%	100.0	%

Our real estate investments concentrations from properties are as follows:



	September 30, 2016		December 31, 2015
California	50.8	%	52.6	%
Washington, D.C.	32.3		31.1
Texas	7.7		7.4
North Carolina	5.5		5.3
New York	3.7		3.6
	100.0	%	100.0	%

SEGMENT DISCLOSURE

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

SEGMENT DISCLOSURE

In accordance with ASC Topic 280, Segment Reporting, our reportable segments consist of three types of commercial real estate properties, namely, office, hotel and multifamily, as well as a segment for our lending business that is included in our continuing operations. The lending business that is held for sale is not included in our reportable segments. 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, and 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 our audited consolidated financial statements for the year ended December 31, 2015 included in our Annual Report on Form 10-K filed with the SEC on March 15, 2016.

We evaluate the performance of our real estate segments based on net operating income, which is defined as rental and other property income and expense reimbursements less property related expenses, and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, transaction costs, and provision for income taxes. For the lending segment, we define net operating income as interest income net of interest expense and general overhead expenses.

The net operating income of our segments included in continuing operations for the three and nine months ended September 30, 2016 and 2015 is as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in thousands)
Office:
Revenues	$	47,584	$	46,427	$	139,403	$	140,126
Property expenses:
Operating	22,351		19,832		60,768		59,283
General and administrative	344		226		789		652
Total property expenses	22,695		20,058		61,557		59,935
Segment net operating income—office	24,889		26,369		77,846		80,191
Hotel:
Revenues	9,139		15,350		38,918		46,891
Property expenses:
Operating	6,479		10,623		25,865		31,287
General and administrative	229		205		622		284
Total property expenses	6,708		10,828		26,487		31,571
Segment net operating income—hotel	2,431		4,522		12,431		15,320
Multifamily:
Revenues	5,068		4,618		15,298		13,536
Property expenses:
Operating	2,893		2,906		8,667		8,485
General and administrative	485		145		840		318
Total property expenses	3,378		3,051		9,507		8,803
Segment net operating income—multifamily	1,690		1,567		5,791		4,733
Lending:
Revenues	2,541		2,065		7,690		6,393
Lending expenses:
Interest expense	124		230		306		651
Fees to related party	865		1,109		2,679		2,821
General and administrative	283		179		881		853
Total lending expenses	1,272		1,518		3,866		4,325
Segment net operating income—lending	1,269		547		3,824		2,068
Total segment net operating income	$	30,279	$	33,005	$	99,892	$	102,312

A reconciliation of our segment net operating income to net income for the three and nine months ended September 30, 2016 and 2015 is as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(in thousands)
Total segment net operating income	$	30,279		$	33,005		$	99,892		$	102,312
Asset management and other fees to related parties	(7,631		)	(7,290		)	(22,824		)	(21,955		)
Interest expense	(10,152		)	(5,551		)	(24,080		)	(16,540		)
General and administrative	(885		)	(1,274		)	(3,167		)	(5,143		)
Transaction costs	(53		)	(237		)	(320		)	(1,038		)
Depreciation and amortization	(17,724		)	(17,873		)	(54,262		)	(54,567		)
Gain on sale of real estate	14,927			—			39,666			—
Income from continuing operations before provision for income taxes	8,761			780			34,905			3,069
Provision for income taxes	(379		)	(179		)	(1,040		)	(654		)
Net income from continuing operations	8,382			601			33,865			2,415
Discontinued operations
Income from operations of assets held for sale	703			4,640			3,061			10,540
Net income from discontinued operations	703			4,640			3,061			10,540
Net income	9,085			5,241			36,926			12,955
Net loss (income) attributable to noncontrolling interests	3			1			(9		)	(5		)
Net income attributable to stockholders	$	9,088		$	5,242		$	36,917		$	12,950

The condensed assets for each of the segments as of September 30, 2016 and December 31, 2015, along with capital expenditures and loan originations for the nine months ended September 30, 2016 and 2015, are as follows:



	September 30, 2016		December 31, 2015
	(in thousands)
Condensed assets:
Office	$	1,556,263	$	1,520,339
Hotel	114,032		176,735
Multifamily	169,419		171,429
Lending assets	137,219		128,992
Non-segment assets	79,128		94,565
Total assets	$	2,056,061	$	2,092,060



	Nine Months Ended September 30,
	2016		2015
	(in thousands)
Capital expenditures(1):
Office	$	24,115	$	19,216
Hotel	619		1,001
Multifamily	449		1,486
Total capital expenditures	25,183		21,703
Loan originations	78,809		49,319
Total capital expenditures and loan originations	$	103,992	$	71,022

_______________________________________________________________________________

(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
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-SubTopic 10
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+ Details

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

9 Months Ended

Sep. 30, 2016

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.

Derivative Financial Instruments

Loans Receivable

Deferred Rent Receivable and Charges

Noncontrolling Interests

Noncontrolling Interests—Noncontrolling interests represent the interests in various properties owned by third parties.

Restricted Cash

Assets Held for Sale and Discontinued Operations

Consolidation Considerations for Our Investments in Real Estate

Use of Estimates

Reclassifications

Recently Issued Accounting Pronouncements

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

9 Months Ended

Sep. 30, 2016

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of real estate investment assets

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

ACQUISITIONS AND DISPOSITIONS (Tables)

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition



Property	Asset Type	Date of Acquisition	Square Feet	Purchase Price
				(in thousands)
2 Kaiser Plaza, Oakland, CA	Surface parking lot	August 26, 2015	44,642	$	11,143

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



	2015 Acquisition
	(in thousands)
Land	$	10,931
Land improvements	110
Acquired in-place lease (1)	102
Net assets acquired	$	11,143

_________________

(1) In-place lease has an amortization period of 3.0 years.

Schedule of Assets Sold to Third Party



Property	Asset Type	Date of Sale	Rooms	Sales Price		Gain on Sale
				(in thousands)
Courtyard Oakland, Oakland, CA	Hotel	February 2, 2016	162	$	43,800	$	24,739
LAX Holiday Inn, Los Angeles, CA	Hotel	July 19, 2016	405	$	52,500	$	14,927

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
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+ Details

INVESTMENTS IN REAL ESTATE (Tables)

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Schedule of investments in real estate

Investments in real estate consist of the following:



	September 30, 2016			December 31, 2015
	(in thousands)
Land	$	343,564		$	363,612
Land improvements	26,177			26,747
Buildings and improvements	1,473,469			1,506,962
Furniture, fixtures, and equipment	4,729			9,720
Tenant improvements	163,102			146,205
Work in progress	8,276			8,126
Investments in real estate	2,019,317			2,061,372
Accumulated depreciation	(403,902		)	(369,661		)
Net investments in real estate	$	1,615,415		$	1,691,711

OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

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

A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of September 30, 2016 and December 31, 2015 is as follows:



	Assets														Liabilities
September 30, 2016	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement			Acquired Below-Market Ground Lease			Trade Name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	215		$	20,372		$	4,273		$	11,685		$	2,957	$	(19,637	)
Accumulated amortization	(173		)	(16,995		)	(2,736		)	(1,527		)	—		15,443
	$	42		$	3,377		$	1,537		$	10,158		$	2,957	$	(4,194	)
Average useful life (in years)	8			8			8			84			Indefinite		8



	Assets																	Liabilities
December 31, 2015	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement			Franchise Affiliation Fee(1)			Acquired Below-Market Ground Lease			Trade Name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	966		$	21,398		$	4,273		$	3,936		$	11,685		$	2,957	$	(19,722	)
Accumulated amortization	(843		)	(16,943		)	(2,322		)	(3,375		)	(1,422		)	—		13,636
	$	123		$	4,455		$	1,951		$	561		$	10,263		$	2,957	$	(6,086	)
Average useful life (in years)	7			8			8			10			84			Indefinite		8

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 September 30, 2016 is as follows:



	Assets								Liabilities
Years Ending December 31,	Acquired Above-Market Leases		Acquired In-Place Leases		Tax Abatement		Acquired Below-Market Ground Lease		Acquired Below-Market Leases
	(in thousands)
2016 (Three months ending December 31, 2016)	$	7	$	269	$	137	$	35	$	(618	)
2017	26		871		551		140		(2,405		)
2018	9		733		551		140		(971		)
2019	—		464		298		140		(200		)
2020	—		207		—		140		—
Thereafter	—		833		—		9,563		—
	$	42	$	3,377	$	1,537	$	10,158	$	(4,194	)

OTHER ASSETS (Tables)

9 Months Ended

Sep. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consist of the following:



	September 30, 2016		December 31, 2015
	(in thousands)
SBA 7(a) loans	$	39,496	$	43,178
SBA 7(a) loans, subject to secured borrowings	29,897		36,646
Other assets	20,439		22,577
	$	89,832	$	102,401

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2016

Reconciliation of the carrying amounts of assets and liabilities that are classified as held for sale



	September 30, 2016		December 31, 2015
	(in thousands)
Assets held for sale
Loans receivable, net (1)	$	41,526	$	20,338
Cash and cash equivalents	546		1,471
Restricted cash	1,084		—
Accounts receivable and interest receivable, net	516		253
Other assets	18		—
Total assets held for sale, net	$	43,690	$	22,062
Liabilities associated with assets held for sale
Debt (2)	$	9,897	$	10,000
Accounts payable and accrued expenses	166		230
Other liabilities	1,882		22
Total liabilities associated with assets held for sale	$	11,945	$	10,252

Reconciliation of the revenue and expenses classified as discontinued operations

The following is the detail of income from operations of assets held for sale classified as discontinued operations on the consolidated statements of operations:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in thousands)
Revenue—Interest and other income	$	1,198	$	4,712	$	4,729	$	11,330
Expenses:
Interest expense	355		—		1,231		—
Fees to related party	137		72		417		596
General and administrative	3		—		20		194
Total expenses	495		72		1,668		790
Income from operations of assets held for sale	$	703	$	4,640	$	3,061	$	10,540

DEBT (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of debt

Information on our debt is as follows:



	September 30, 2016			December 31, 2015
	(in thousands)
Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $392,000,000 due on July 1, 2026. The loans are nonrecourse.	$	392,000		$	—
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 loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and balances totaling $35,695,000 due on March 1, 2021. The loans are nonrecourse.	39,319			39,846
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.	29,314			29,744
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.	26,924			29,201
	533,557			144,791
Deferred loan costs related to mortgage loans	(2,454		)	(897		)
Premiums and discounts on assumed mortgages, net	836			1,178
Total Mortgages Payable	531,939			145,072
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.13% and 3.90% at September 30, 2016 and December 31, 2015, respectively.	23,416			29,481
Secured borrowing principal on SBA 7(a) loans sold for excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.83% and 1.58% at September 30, 2016 and December 31, 2015, respectively.	4,829			4,947
	28,245			34,428
Unamortized discounts and premiums, net	2,110			2,693
Total Secured Borrowings—Government Guaranteed Loans	30,355			37,121
Unsecured term loan facility	385,000			385,000
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.	27,070			27,070
Unsecured credit facility	—			107,000
	412,070			519,070
Deferred loan costs related to unsecured term loan and credit facilities	(3,140		)	(5,216		)
Discount on junior subordinated notes	(2,035		)	(2,091		)
Total Other	406,895			511,763
Total Debt	$	969,189		$	693,956

Schedule of future principal payments on our debt (face value)

Future principal payments on our debt (face value) at September 30, 2016 are as follows:



Years Ending December 31,	Secured Borrowings Principal(1)		Mortgages Payable		Other(2)		Total
	(in thousands)
2016 (Three months ending December 31, 2016)	$	244	$	1,120	$	—	$	1,364
2017	999		4,642		—		5,641
2018	1,033		24,300		—		25,333
2019	1,070		1,519		—		2,589
2020	1,110		1,596		—		2,706
Thereafter	23,789		500,380		412,070		936,239
	$	28,245	$	533,557	$	412,070	$	973,872

- 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)
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+ Details

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2016

Stockholders' Equity Note [Abstract]

Schedule of dividends declared and paid

Dividends per share of Common Stock declared during the nine months ended September 30, 2016 and 2015 consist of the following:



Declaration Date	Payment Date	Dividend Per Common Share
September 12, 2016	September 28, 2016	$	0.21875
June 10, 2016	June 28, 2016	0.21875
March 8, 2016	March 29, 2016	0.21875
September 14, 2015	September 30, 2015	0.21875
June 12, 2015	June 29, 2015	0.21875
March 6, 2015	March 27, 2015	0.21875

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate swap contracts

The following table sets forth the key terms of our interest rate swap contracts:

Number of Interest
Rate Swaps(1)(2)

Total Notional
Amount

Fixed Rates

Floating Rate Index

Effective
Date

Expiration
Date

(in thousands)

385,000

1.559% - 1.569%

One-Month LIBOR

11/2/2015

5/8/2020

_______________________________________________________________________________


(1)	See Note 13 for our fair value disclosures.


(2)	Our interest rate swaps are not subject to master netting arrangements.

Schedule of changes in the balance of each component of AOCI related to our cash flow hedges

The changes in the balance of each component of AOCI related to our interest rate swaps designated as cash flow hedges are as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(in thousands)
Accumulated other comprehensive income (loss), at beginning of period	$	(12,889	)	$	—		$	(2,519	)	$	—
Other comprehensive income (loss) before reclassifications	2,221			(6,312		)	(10,347		)	(6,312		)
Amounts reclassified from accumulated other comprehensive income (loss)(1)	1,051			—			3,249			—
Net current period other comprehensive income (loss)	3,272			(6,312		)	(7,098		)	(6,312		)
Accumulated other comprehensive income (loss), at end of period	$	(9,617	)	$	(6,312	)	$	(9,617	)	$	(6,312	)

_______________________________________________________________________________


(1)	The amounts from AOCI are reclassified as an increase to interest expense in the statements of operations.

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of fair value of derivatives and their classification on consolidated balance sheets

The table below presents the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets:

September 30, 2016

December 31, 2015

Level

Balance Sheet
Location

(in thousands)

Liabilities:

Interest rate swaps

9,617

2,519

Other liabilities

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

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



	September 30, 2016				December 31, 2015
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
	(in thousands)
Assets:
Loans receivable subject to credit risk	$	39,496	$	39,452	$	43,178	$	43,508	3
SBA 7(a) loans receivable, subject to secured borrowings	29,897		30,355		36,646		37,121		3
Commercial real estate loans	41,526		41,967		20,338		20,408		3
Liabilities:
Junior subordinated notes	25,035		25,134		24,979		25,046		3
Mortgages payable	531,939		537,543		145,072		147,516		3

RELATED-PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2016

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



Daily Average Adjusted Fair Value of CIM Urban's Investments
				Quarterly Fee Percentage
From Greater of		To and Including		Quarterly 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)

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of future noncancelable minimum lease payments

Scheduled future noncancelable minimum lease payments at September 30, 2016 are as follows:



Years Ending December 31,	(in thousands)
2016 (Three months ending December 31, 2016)	$	187
2017	749
2018	607
2019	503
2020	541
Thereafter	127,679
	$	130,266

FUTURE MINIMUM LEASE RENTALS (Tables)

9 Months Ended

Sep. 30, 2016

Leases, Operating [Abstract]

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

Future minimum rental revenue under long-term operating leases at September 30, 2016, excluding tenant reimbursements of certain costs, are as follows:



Years Ending December 31,	Governmental Tenants		Other Tenants		Total
	(in thousands)
2016 (Three months ending December 31, 2016)	$	12,645	$	28,580	$	41,225
2017	49,098		111,838		160,936
2018	49,406		95,631		145,037
2019	50,033		79,509		129,542
2020	45,957		68,073		114,030
Thereafter	145,180		218,880		364,060
	$	352,319	$	602,511	$	954,830

CONCENTRATIONS (Tables)

9 Months Ended

Sep. 30, 2016

Risks and Uncertainties [Abstract]

Schedule of concentration risk from properties

Our revenue concentrations from properties are as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
California	61.7	%	62.4	%	63.9	%	62.6	%
Washington, D.C.	21.9		24.0		21.2		24.1
Texas	8.6		8.0		8.2		7.8
North Carolina	5.9		4.6		4.8		4.6
New York	1.9		1.0		1.9		0.9
	100.0	%	100.0	%	100.0	%	100.0	%

Our real estate investments concentrations from properties are as follows:



	September 30, 2016		December 31, 2015
California	50.8	%	52.6	%
Washington, D.C.	32.3		31.1
Texas	7.7		7.4
North Carolina	5.5		5.3
New York	3.7		3.6
	100.0	%	100.0	%

SEGMENT DISCLOSURE (Tables)

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Schedule of net operating income of reportable segments

The net operating income of our segments included in continuing operations for the three and nine months ended September 30, 2016 and 2015 is as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in thousands)
Office:
Revenues	$	47,584	$	46,427	$	139,403	$	140,126
Property expenses:
Operating	22,351		19,832		60,768		59,283
General and administrative	344		226		789		652
Total property expenses	22,695		20,058		61,557		59,935
Segment net operating income—office	24,889		26,369		77,846		80,191
Hotel:
Revenues	9,139		15,350		38,918		46,891
Property expenses:
Operating	6,479		10,623		25,865		31,287
General and administrative	229		205		622		284
Total property expenses	6,708		10,828		26,487		31,571
Segment net operating income—hotel	2,431		4,522		12,431		15,320
Multifamily:
Revenues	5,068		4,618		15,298		13,536
Property expenses:
Operating	2,893		2,906		8,667		8,485
General and administrative	485		145		840		318
Total property expenses	3,378		3,051		9,507		8,803
Segment net operating income—multifamily	1,690		1,567		5,791		4,733
Lending:
Revenues	2,541		2,065		7,690		6,393
Lending expenses:
Interest expense	124		230		306		651
Fees to related party	865		1,109		2,679		2,821
General and administrative	283		179		881		853
Total lending expenses	1,272		1,518		3,866		4,325
Segment net operating income—lending	1,269		547		3,824		2,068
Total segment net operating income	$	30,279	$	33,005	$	99,892	$	102,312

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

A reconciliation of our segment net operating income to net income for the three and nine months ended September 30, 2016 and 2015 is as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(in thousands)
Total segment net operating income	$	30,279		$	33,005		$	99,892		$	102,312
Asset management and other fees to related parties	(7,631		)	(7,290		)	(22,824		)	(21,955		)
Interest expense	(10,152		)	(5,551		)	(24,080		)	(16,540		)
General and administrative	(885		)	(1,274		)	(3,167		)	(5,143		)
Transaction costs	(53		)	(237		)	(320		)	(1,038		)
Depreciation and amortization	(17,724		)	(17,873		)	(54,262		)	(54,567		)
Gain on sale of real estate	14,927			—			39,666			—
Income from continuing operations before provision for income taxes	8,761			780			34,905			3,069
Provision for income taxes	(379		)	(179		)	(1,040		)	(654		)
Net income from continuing operations	8,382			601			33,865			2,415
Discontinued operations
Income from operations of assets held for sale	703			4,640			3,061			10,540
Net income from discontinued operations	703			4,640			3,061			10,540
Net income	9,085			5,241			36,926			12,955
Net loss (income) attributable to noncontrolling interests	3			1			(9		)	(5		)
Net income attributable to stockholders	$	9,088		$	5,242		$	36,917		$	12,950

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



	September 30, 2016		December 31, 2015
	(in thousands)
Condensed assets:
Office	$	1,556,263	$	1,520,339
Hotel	114,032		176,735
Multifamily	169,419		171,429
Lending assets	137,219		128,992
Non-segment assets	79,128		94,565
Total assets	$	2,056,061	$	2,092,060

Schedule of capital expenditures and loan originations



	Nine Months Ended September 30,
	2016		2015
	(in thousands)
Capital expenditures(1):
Office	$	24,115	$	19,216
Hotel	619		1,001
Multifamily	449		1,486
Total capital expenditures	25,183		21,703
Loan originations	78,809		49,319
Total capital expenditures and loan originations	$	103,992	$	71,022

_______________________________________________________________________________

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

ORGANIZATION AND OPERATIONS (Details)	Apr. 29, 2014 $ / shares	Mar. 11, 2014 shares	Sep. 30, 2016 $ / shares shares	Dec. 31, 2015 $ / shares shares	Apr. 28, 2014 shares
Organization and operations
Common shares authorized (in shares)			900,000,000	900,000,000
Reverse stock split ratio	0.2
Common stock, par value (in usd per share) \| $ / shares	$ 0.001		$ 0.001	$ 0.001
PMC Commercial
Organization and operations
Common shares authorized before amendment (in shares)					100,000,000
Common shares authorized (in shares)					1,000,000,000
PMC Commercial \| Urban Partners II, LLC
Organization and operations
Number of shares issued on conversion of each preferred stock (in shares)		1.4
Aggregate shares of common stock issued in the merger (in shares)		95,440,000
Number of shares issued on conversion of preferred stock expressed as a percentage of outstanding stock		97.80%
Common Stock \| PMC Commercial \| Urban Partners II, LLC
Organization and operations
Shares issued (in shares)		4,400,000
Preferred Stock \| PMC Commercial \| Urban Partners II, LLC
Organization and operations
Shares issued (in shares)		65,000,000
Common Stock \| PMC Commercial
Organization and operations
Common shares authorized (in shares)					900,000,000
Preferred Stock \| PMC Commercial
Organization and operations
Common shares authorized (in shares)					100,000,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Real Estate (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Investments in Real Estate
Impairment of long-lived assets	$ 0	$ 0	$ 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 - Loans Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Mar. 11, 2014
Loans receivable
Net recovery	$ 3		$ 239
Impairments on loans receivable		$ 2		$ 67
Commercial mortgage loans
Loans receivable
Unamortized acquisition discounts related to sold loans					$ 15,951
PMC Commercial
Loans receivable
Discount on acquisition						$ 33,907
Acquisition discount	$ 2,067		$ 2,067

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Rent Receivable and Charges (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Deferred Rent Receivable and Charges
Deferred rent receivable	$ 61,990,000	$ 58,612,000
Deferred leasing costs, gross	65,689,000	59,225,000
Deferred leasing costs, accumulated amortization	25,008,000	20,612,000
Deferred offering costs	$ 1,868,000	$ 0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Recently Issued and Adopted Accounting Pronouncements
Deferred rent receivable and charges, net	$ (104,539)	$ (97,225)
Debt	$ 969,189	693,956
ASU No. 2015-03, Interest-Imputation of Interest
Recently Issued and Adopted Accounting Pronouncements
Deferred rent receivable and charges, net		6,113
Debt		$ 6,113

ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details)	9 Months Ended
ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details)	Sep. 30, 2016 USD ($) business	Sep. 30, 2015 USD ($) ft²
Business Acquisition
Number of acquisitions \| business	0
Acquisition related expenses	$ 0	$ 102,000
Parking Lot - 2 Kaiser Plaza, Oakland, CA
Business Acquisition
Interests acquired, percentage		100.00%
Net rentable area \| ft²		44,642
Purchase price		$ 11,143,000

ACQUISITIONS AND DISPOSITIONS - Net Assets Acquired (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Business Acquisition
Land improvements	$ 26,177		$ 26,747
Acquired in-place Leases
Business Acquisition
Useful life	8 years		8 years
Parking Lot - 2 Kaiser Plaza, Oakland, CA
Business Acquisition
Land		$ 10,931
Land improvements		110
Acquired in-place lease (1)		102
Net assets acquired		$ 11,143
Parking Lot - 2 Kaiser Plaza, Oakland, CA \| Acquired in-place Leases
Business Acquisition
Useful life		3 years

ACQUISITIONS AND DISPOSITIONS - Disposals (Details) $ in Thousands	Jul. 19, 2016 USD ($) room	Feb. 02, 2016 USD ($) room
Courtyard Oakland located in Oakland California
Disposals
Ownership sold, percentage		100.00%
Number of rooms \| room		162
Sale price		$ 43,800
Gain on sale		$ 24,739
L X Holiday Inn Los Angeles California
Disposals
Ownership sold, percentage	100.00%
Number of rooms \| room	405
Sale price	$ 52,500
Gain on sale	$ 14,927

INVESTMENTS IN REAL ESTATE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Real Estate [Abstract]
Land	$ 343,564		$ 343,564		$ 363,612
Land improvements	26,177		26,177		26,747
Buildings and improvements	1,473,469		1,473,469		1,506,962
Furniture, fixtures, and equipment	4,729		4,729		9,720
Tenant improvements	163,102		163,102		146,205
Work in progress	8,276		8,276		8,126
Investments in real estate	2,019,317		2,019,317		2,061,372
Accumulated depreciation	(403,902)		(403,902)		(369,661)
Net investments in real estate	1,615,415		1,615,415		$ 1,691,711
Depreciation expense	$ 15,402	$ 15,228	$ 47,105	$ 46,571

OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Intangible assets
Net	$ 18,071		$ 18,071		$ 20,310
Intangible liabilities
Net	(4,194)		(4,194)		(6,086)
Future amortization of acquisition related intangible assets
Net	18,071		18,071		20,310
Future accretion of acquisition related intangible liabilities
Net	(4,194)		(4,194)		(6,086)
Acquired Below-Market Leases
Intangible liabilities
Gross balance	(19,637)		(19,637)		(19,722)
Accumulated amortization	15,443		15,443		13,636
Net	(4,194)		$ (4,194)		$ (6,086)
Average useful life			8 years		8 years
Amortization
Amortization expenses, above and below market leases	630	$ 630	$ 1,892	$ 1,940
Future accretion of acquisition related intangible liabilities
2016 (Three months ending December 31, 2016)	(618)		(618)
2017	(2,405)		(2,405)
2018	(971)		(971)
2019	(200)		(200)
Net	(4,194)		(4,194)		$ (6,086)
Acquired Above-Market Leases
Intangible assets
Gross balance	215		215		966
Accumulated amortization	(173)		(173)		(843)
Net	42		$ 42		$ 123
Average useful life			8 years		7 years
Amortization
Amortization expenses, above and below market leases	17	41	$ 81	199
Future amortization of acquisition related intangible assets
2016 (Three months ending December 31, 2016)	7		7
2017	26		26
2018	9		9
Net	42		42		$ 123
Acquired in-place Leases
Intangible assets
Gross balance	20,372		20,372		21,398
Accumulated amortization	(16,995)		(16,995)		(16,943)
Net	3,377		$ 3,377		$ 4,455
Average useful life			8 years		8 years
Amortization
Amortization expenses	330	413	$ 1,078	1,461
Future amortization of acquisition related intangible assets
2016 (Three months ending December 31, 2016)	269		269
2017	871		871
2018	733		733
2019	464		464
2020	207		207
Thereafter	833		833
Net	3,377		3,377		$ 4,455
Tax Abatement
Intangible assets
Gross balance	4,273		4,273		4,273
Accumulated amortization	(2,736)		(2,736)		(2,322)
Net	1,537		$ 1,537		$ 1,951
Average useful life			8 years		8 years
Amortization
Amortization expenses	138	138	$ 414	414
Future amortization of acquisition related intangible assets
2016 (Three months ending December 31, 2016)	137		137
2017	551		551
2018	551		551
2019	298		298
Net	1,537		1,537		$ 1,951
Franchise Affiliation Fee
Intangible assets
Gross balance					3,936
Accumulated amortization					(3,375)
Net					$ 561
Average useful life					10 years
Amortization
Amortization expenses	0	98	33	296
Future amortization of acquisition related intangible assets
Net					$ 561
Acquired Below-Market Ground Lease
Intangible assets
Gross balance	11,685		11,685		11,685
Accumulated amortization	(1,527)		(1,527)		(1,422)
Net	10,158		$ 10,158		$ 10,263
Average useful life			84 years		84 years
Amortization
Amortization expenses	35	$ 35	$ 105	$ 105
Future amortization of acquisition related intangible assets
2016 (Three months ending December 31, 2016)	35		35
2017	140		140
2018	140		140
2019	140		140
2020	140		140
Thereafter	9,563		9,563
Net	10,158		10,158		$ 10,263
Trade Name And License
Intangible assets
Gross balance	2,957		2,957		2,957
Accumulated amortization	0		0		0
Net	2,957		2,957		2,957
Future amortization of acquisition related intangible assets
Net	$ 2,957		$ 2,957		$ 2,957

OTHER ASSETS (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Other Assets [Abstract]
SBA 7(a) loans	$ 39,496	$ 43,178
SBA 7(a) loans, subject to secured borrowings	29,897	36,646
Other assets	20,439	22,577
Other Assets	$ 89,832	$ 102,401
Loans, percent current	99.00%	98.00%
Financing Receivable, Recorded Investment [Line Items]
Concentration risk, percent	100.00%	100.00%
SBA 7(a) loans \| Hospitality Industry
Financing Receivable, Recorded Investment [Line Items]
Concentration risk, percent	94.00%	94.00%
Substandard
Financing Receivable, Recorded Investment [Line Items]
Loans, substandard category classified	$ 800	$ 3,773
Financing Receivables, Greater Than 29 Days Past Due
Financing Receivable, Recorded Investment [Line Items]
Loans, greater than 29 days delinquent	$ 800	$ 1,812

DISCONTINUED OPERATIONS - Assets and Liabilities (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Assets held for sale
Total assets held for sale, net	$ 22,062,000	$ 43,690,000		$ 43,690,000
Liabilities associated with assets held for sale
Total liabilities associated with assets held for sale	$ 10,252,000	$ 11,945,000		$ 11,945,000
Commercial real estate loan with variable rate
Liabilities associated with assets held for sale
Effective interest rate	9.77%	12.60%		12.60%
Lending division \| Discontinued Operations, Held-for-sale or Disposed of by Sale
DISCONTINUED OPERATIONS
Transaction costs		$ 14,000	$ 111,000	$ 34,000	$ 335,000
Lending division \| Held for sale
Assets held for sale
Loans receivable, net	$ 20,338,000	41,526,000		41,526,000
Cash and cash equivalents	1,471,000	546,000		546,000
Restricted cash	0	1,084,000		1,084,000
Accounts receivable and interest receivable, net	253,000	516,000		516,000
Other assets	0	18,000		18,000
Total assets held for sale, net	22,062,000	43,690,000		43,690,000
Liabilities associated with assets held for sale
Debt	10,000,000	9,897,000		9,897,000
Accounts payable and accrued expenses	230,000	166,000		166,000
Other liabilities	22,000	1,882,000		1,882,000
Total liabilities associated with assets held for sale	10,252,000	11,945,000		11,945,000
Principal balance of secured borrowings		9,967,000		9,967,000
Lending division \| Held for sale \| Commercial real estate loans
Assets held for sale
Loans receivable, net	20,338,000	$ 20,204,000		$ 20,204,000
Lending division \| Commercial mortgage loans \| Sold
DISCONTINUED OPERATIONS
Gain on disposition of assets held for sale	$ 5,151,000

DISCONTINUED OPERATIONS - Revenue and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Expenses:
Income from operations of assets held for sale	$ 703	$ 4,640	$ 3,061	$ 10,540
Lending division \| Held for sale
DISCONTINUED OPERATIONS
Revenue - Interest and other income	1,198	4,712	4,729	11,330
Expenses:
Interest expense	355	0	1,231	0
Fees to related party	137	72	417	596
General and administrative	3	0	20	194
Total expenses	495	72	1,668	790
Income from operations of assets held for sale	$ 703	$ 4,640	$ 3,061	$ 10,540

DEBT - Schedule (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
DEBT - Schedule (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt
Total Debt	$ 969,189	$ 693,956
Mortgages Payable
Debt
Gross debt	533,557	144,791
Deferred loan costs	(2,454)	(897)
Premiums and discounts	836	1,178
Total Debt	531,939	145,072
Mortgage loan with a fixed interest of 4.14% per annum, due on July 1, 2026
Debt
Gross debt	$ 392,000
Fixed interest rate (as a percent)	4.14%
Amount of balance due on maturity	$ 392,000
Mortgage loan with a fixed interest of 4.50% per annum, due on January 5, 2027
Debt
Gross debt	$ 46,000	$ 46,000
Fixed interest rate (as a percent)	4.50%	4.50%
Period of amortization schedule	10 years	10 years
Amount of balance due on maturity	$ 42,008	$ 42,008
Mortgage loan with a fixed interest of 5.39% per annum, due on March 1, 2021
Debt
Gross debt	$ 39,319	$ 39,846
Fixed interest rate (as a percent)	5.39%	5.39%
Amount of balance due on maturity	$ 35,695	$ 35,695
Mortgage loan with a fixed interest of 5.18% per annum, due on June 5, 2021
Debt
Gross debt	$ 29,314	$ 29,744
Fixed interest rate (as a percent)	5.18%	5.18%
Amount of balance due on maturity	$ 26,232	$ 26,232
Mortgage loan with a fixed interest of 6.65% per annum, due on July 15, 2018
Debt
Gross debt	$ 26,924	$ 29,201
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	$ 21,136
Other debt
Debt
Gross debt	412,070	519,070
Total Debt	406,895	511,763
Unsecured term loan facility
Debt
Gross debt	385,000	385,000
Junior subordinated notes
Debt
Gross debt	27,070	27,070
Premiums and discounts	$ (2,035)	$ (2,091)
Junior subordinated notes \| LIBOR
Debt
Interest rate margin	3.25%	3.25%
Unsecured credit facilities
Debt
Gross debt	$ 0	$ 107,000
Unsecured term loan and credit facilities
Debt
Deferred loan costs	(3,140)	(5,216)
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.13% and 3.90% at September 30, 2016 and December 31, 2015, respectively.
Debt
Secured borrowing principal	$ 23,416	$ 29,481
Weighted average rate (as a percent)	4.13%	3.90%
Secured borrowing principal on SBA 7(a) loans sold for excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.83% and 1.58% at September 30, 2016 and December 31, 2015, respectively.
Debt
Secured borrowing principal	$ 4,829	$ 4,947
Weighted average rate (as a percent)	1.83%	1.58%
Secured borrowings - government guaranteed loans
Debt
Secured borrowing principal	$ 28,245	$ 34,428
Unamortized discounts and premiums, net	2,110	2,693
Total secured borrowings	$ 30,355	$ 37,121

DEBT - Narrative (Detail)	1 Months Ended
DEBT - Narrative (Detail)	Jun. 30, 2016 USD ($) loan	May 31, 2015 USD ($)	Sep. 30, 2014 USD ($) extension_option	Sep. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)	Nov. 02, 2015 USD ($)
Debt
Deferred loan costs, gross				$ 7,117,000	$ 10,445,000
Deferred loan costs, accumulated amortization				(1,523,000)	(4,332,000)
Accrued interest and unused commitment fee payable				2,897,000	1,688,000
Mortgages Payable
Debt
Number of mortgage loan agreements entered into \| loan	6
Amount of loan	$ 392,000,000
Unsecured credit facility entered into in September 2014
Debt
Maximum borrowing capacity			$ 850,000,000
Number of extension options \| extension_option			2
Line of credit facility extension option term			1 year
Amount available for future borrowings				200,000,000	450,000,000
Amount outstanding under the facility				0	107,000,000
Unsecured credit facility entered into in September 2014, revolver
Debt
Maximum borrowing capacity			$ 450,000,000
Unused commitment fee dependent upon amount of aggregate unused commitments, one (as a percent)			0.15%
Unused commitment fee dependent upon amount of aggregate unused commitments, two (as a percent)			0.25%
Amount outstanding under the facility					0
Unsecured credit facility entered into in September 2014, revolver \| Minimum
Debt
Interest rate margin			0.20%
Unsecured credit facility entered into in September 2014, revolver \| Maximum
Debt
Interest rate margin			1.00%
Unsecured credit facility entered into in September 2014, revolver \| LIBOR \| Minimum
Debt
Interest rate margin			1.20%
Unsecured credit facility entered into in September 2014, revolver \| LIBOR \| Maximum
Debt
Interest rate margin			2.00%
Unsecured credit facility entered into in September 2014, term loan
Debt
Maximum borrowing capacity			$ 325,000,000
Amount outstanding under the facility					$ 107,000,000
Interest rate (as a percent)					1.57%
Unsecured credit facility entered into in September 2014, term loan \| LIBOR \| Minimum
Debt
Interest rate margin			1.15%
Unsecured credit facility entered into in September 2014, term loan \| LIBOR \| Maximum
Debt
Interest rate margin			1.95%
Unsecured credit facility entered into in September 2014, term loan \| Base rate \| Minimum
Debt
Interest rate margin			0.15%
Unsecured credit facility entered into in September 2014, term loan \| Base rate \| Maximum
Debt
Interest rate margin			0.95%
Unsecured credit facility entered into in September 2014, delayed-draw term loan
Debt
Maximum borrowing capacity			$ 75,000,000
Unused line fee (as a percent)			0.25%
Unsecured term facility entered into in May 2015
Debt
Maximum borrowing capacity		$ 385,000,000
Unused line fee (as a percent)		0.20%
Amount outstanding under the facility				$ 385,000,000	$ 385,000,000
Interest rate (as a percent)				2.12%	1.84%
Amount of loan						$ 385,000,000
Prepayment fee, percentage		2.00%
Effective interest rate				3.16%	3.16%
Unsecured term facility entered into in May 2015 \| LIBOR \| Minimum
Debt
Interest rate margin		1.60%
Unsecured term facility entered into in May 2015 \| LIBOR \| Maximum
Debt
Interest rate margin		2.25%
Unsecured term facility entered into in May 2015 \| Base rate \| Minimum
Debt
Interest rate margin		0.60%
Unsecured term facility entered into in May 2015 \| Base rate \| Maximum
Debt
Interest rate margin		1.25%

DEBT DEBT - Schedule of Future Principal Payments (Details) $ in Thousands	Sep. 30, 2016 USD ($)
Debt
2016 (Three months Ending December 31, 2016)	$ 1,364
2017	5,641
2018	25,333
2019	2,589
2020	2,706
Thereafter	936,239
Total Debt	973,872
Secured Debt
Debt
2016 (Three months Ending December 31, 2016)	244
2017	999
2018	1,033
2019	1,070
2020	1,110
Thereafter	23,789
Total Debt	28,245
Mortgages Payable
Debt
2016 (Three months Ending December 31, 2016)	1,120
2017	4,642
2018	24,300
2019	1,519
2020	1,596
Thereafter	500,380
Total Debt	533,557
Other debt
Debt
2016 (Three months Ending December 31, 2016)	0
2017	0
2018	0
2019	0
2020	0
Thereafter	412,070
Total Debt	$ 412,070

STOCK-BASED COMPENSATION PLANS (Details) - Restricted share awards $ in Thousands				1 Months Ended		3 Months Ended		9 Months Ended		10 Months Ended
	Mar. 06, 2015 shares	May 06, 2014 shares	Mar. 11, 2014 shares	May 31, 2016 shares	Apr. 30, 2015 shares	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Mar. 06, 2015 officer
Share-based compensation plans
Unrecognized compensation expense \| $						$ 115		$ 115
Independent directors
Share-based compensation plans
Award granted to each independent members of the board of directors (in shares) \| shares			2,000	3,392	2,000
Granted (in shares) \| shares			6,000	10,176	6,000
Stock-based compensation expense \| $						48	$ 27	107	$ 86
Independent directors \| Vesting Within First Year
Share-based compensation plans
Award vesting period										1 year
Executive officers
Share-based compensation plans
Granted (in shares) \| shares	2,000	2,000
Requisite service period		2 years
Stock-based compensation expense \| $						$ 1	$ 6	$ 7	$ 32
Number of executive officers \| officer										2
Executive officers \| Immediate
Share-based compensation plans
Award vesting period										0 years
Award vesting rights, percentage										33.00%
Executive officers \| Vesting Within First Year
Share-based compensation plans
Award vesting period										1 year
Award vesting rights, percentage										33.00%
Executive officers \| Vesting Within Second Year
Share-based compensation plans
Award vesting period										2 years
Award vesting rights, percentage										33.00%

EARNINGS PER SHARE (''EPS'') (Details) - shares	3 Months Ended		9 Months Ended
EARNINGS PER SHARE (''EPS'') (Details) - shares	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Weighted average shares outstanding	87,045,000	97,590,000	93,772,000	97,587,000
Weighted average number diluted shares outstanding adjustment	0	0	0	0

STOCKHOLDERS' EQUITY - Dividends (Details) - $ / shares	Sep. 12, 2016	Jun. 10, 2016	Mar. 08, 2016	Sep. 14, 2015	Jun. 12, 2015	Mar. 06, 2015
Stockholders' Equity Note [Abstract]
Dividends declared, common (in dollars per share)	$ 0.21875	$ 0.21875	$ 0.21875	$ 0.21875	$ 0.21875	$ 0.21875

STOCKHOLDERS' EQUITY - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	Sep. 14, 2016	May 16, 2016	Sep. 30, 2016
Tender Offer and Private Purchase
Purchase price, repurchase of common stock			$ 290,134
Common Stock
Tender Offer and Private Purchase
Cash tender offer number of shares		10,000,000
Price per share of cash tender offer (in dollars per share)		$ 21.00
Repurchase of common stock (in shares)		10,000,000
Purchase price		$ 210,000
Tender offer fees and expenses		$ 301
Shares repurchased as percent to outstanding shares		10.24%
Urban Partners II, LLC \| Common Stock
Tender Offer and Private Purchase
Repurchase of common stock (in shares)	3,628,116
Purchase price		$ 208,140
Purchase price, repurchase of common stock	$ 79,819
Share price of stock repurchased (in usd per share)	$ 22.00

STOCKHOLDERS' EQUITY - Preferred Stock (Details) - Registration statement - USD ($)	Apr. 22, 2016	Sep. 30, 2016
Registration statement
Preferred stock stated value (in dollars per share)	$ 25
Warrant right to purchase a share of Common Stock	0.25
Maximum number of units in offering	36,000,000
Number of preferred share in a unit	1
Number of warrant in a unit	1
Cumulative dividend rate	5.50%
Premium of the exercise price of the warrant as a percent to net asset value of common stock	15.00%
Series A Preferred Stock
Registration statement
Maximum amount of offering	$ 900,000,000
Preferred stock stated value (in dollars per share)	$ 0.001
Preferred stock, outstanding shares		0

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Interest Rate Swap (Details) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Aug. 13, 2015 USD ($) swap
Interest rate swap \| Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Number of interest rate swaps \| swap			10
Derivatives, notional amount			$ 385,000
Interest rate swap \| Minimum \| Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Weighted average rate (as a percent)			1.559%
Interest rate swap \| Maximum \| Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Weighted average rate (as a percent)			1.569%
Interest rate swap \| Weighted Average \| Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Weighted average rate (as a percent)			1.563%
Credit spread rate (as a percent)	1.60%	1.60%
All-in rate (as a percent)	3.16%	3.16%
Unsecured term facility entered into in May 2015
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Amount of borrowings covered by the interest rate swap			$ 385,000

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss), at beginning of period			$ (2,519)
Accumulated other comprehensive income (loss), at end of period	$ (9,617)		(9,617)
Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) expected to be reclassified from AOCI to earnings during the next twelve months			3,972
Interest rate swap \| Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss), at beginning of period	(12,889)	$ 0	(2,519)	$ 0
Other comprehensive income (loss) before reclassifications	2,221	(6,312)	(10,347)	(6,312)
Amounts reclassified from accumulated other comprehensive income (loss)	1,051	0	3,249	0
Net current period other comprehensive income (loss)	3,272	(6,312)	(7,098)	(6,312)
Accumulated other comprehensive income (loss), at end of period	$ (9,617)	$ (6,312)	$ (9,617)	$ (6,312)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Derivatives and Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Interest rate swap \| Level 2 \| Other liabilities
Fair value of financial instruments
Interest rate swaps	$ 9,617	$ 2,519

FAIR VALUE OF FINANCIAL INSTRUMENTS - Unobservable (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Junior subordinated notes
Fair Value Inputs
Discount rate used to estimate fair value (as a percent)	4.68%	4.44%
Minimum \| Mortgages Payable
Fair Value Inputs
Discount rate used to estimate fair value (as a percent)	3.85%	4.42%
Maximum \| Mortgages Payable
Fair Value Inputs
Discount rate used to estimate fair value (as a percent)	4.25%	4.72%
Loans receivable subject to credit risk
Fair Value Inputs
Rate of prepayment (as a percent)	15.00%	15.00%
Loans receivable subject to credit risk \| Minimum
Fair Value Inputs
Discount rate used to estimate fair value (as a percent)	8.25%	8.00%
Loans receivable subject to credit risk \| Maximum
Fair Value Inputs
Discount rate used to estimate fair value (as a percent)	13.00%	12.75%
SBA 7(a) loans receivable, subject to secured borrowings
Fair Value Inputs
Rate of prepayment (as a percent)	15.00%	15.00%
Commercial real estate loans
Fair Value Inputs
Discount rate used to estimate fair value (as a percent)	12.82%	9.77%
Rate of prepayment (as a percent)	0.00%	0.00%
Potential credit deterioration (as a percent)	0.00%	0.00%
Carrying value
Liabilities:
Junior subordinated notes	$ 25,035	$ 24,979
Mortgages payable	531,939	145,072
Carrying value \| Loans receivable subject to credit risk
Assets:
Loans receivable	39,496	43,178
Carrying value \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	29,897	36,646
Carrying value \| Commercial real estate loans
Assets:
Loans receivable	41,526	20,338
Estimate of Fair Value \| Level 3
Liabilities:
Junior subordinated notes	25,134	25,046
Mortgages payable	537,543	147,516
Estimate of Fair Value \| Level 3 \| Loans receivable subject to credit risk
Assets:
Loans receivable	39,452	43,508
Estimate of Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	30,355	37,121
Estimate of Fair Value \| Level 3 \| Commercial real estate loans
Assets:
Loans receivable	$ 41,967	$ 20,408

RELATED-PARTY TRANSACTIONS (Details) - USD ($)				3 Months Ended		9 Months Ended
RELATED-PARTY TRANSACTIONS (Details) - USD ($)	Sep. 14, 2016	May 16, 2016	Oct. 01, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Mar. 11, 2014
Related-party transactions
Due to related parties				$ 9,664,000		$ 9,664,000		$ 9,472,000
Purchase price, repurchase of common stock						$ 290,134,000
Common Stock
Related-party transactions
Cash tender offer number of shares		10,000,000
Price per share of cash tender offer (in dollars per share)		$ 21.00
Repurchase of common stock (in shares)		10,000,000
Tender offer fees and expenses		$ 301,000
Purchase price		210,000,000
C I M Urban R E I T Management L P \| 0 - 500,000,000
Related-party transactions
Fee percentage				0.25%		0.25%
C I M Urban R E I T Management L P \| 0 - 500,000,000 \| Maximum
Related-party transactions
Daily average adjusted fair value of investments				$ 500,000,000		$ 500,000,000
C I M Urban R E I T Management L P \| 500,000,000 - 1,000,000,000
Related-party transactions
Fee percentage				0.2375%		0.2375%
C I M Urban R E I T Management L P \| 500,000,000 - 1,000,000,000 \| Minimum
Related-party transactions
Daily average adjusted fair value of investments				$ 500,000,000		$ 500,000,000
C I M Urban R E I T Management L P \| 500,000,000 - 1,000,000,000 \| Maximum
Related-party transactions
Daily average adjusted fair value of investments				$ 1,000,000,000		$ 1,000,000,000
C I M Urban R E I T Management L P \| 1,000,000,000 - 1,500,000,000
Related-party transactions
Fee percentage				0.225%		0.225%
C I M Urban R E I T Management L P \| 1,000,000,000 - 1,500,000,000 \| Minimum
Related-party transactions
Daily average adjusted fair value of investments				$ 1,000,000,000		$ 1,000,000,000
C I M Urban R E I T Management L P \| 1,000,000,000 - 1,500,000,000 \| Maximum
Related-party transactions
Daily average adjusted fair value of investments				$ 1,500,000,000		$ 1,500,000,000
C I M Urban R E I T Management L P \| 1,500,000,000 - 4,000,000,000
Related-party transactions
Fee percentage				0.2125%		0.2125%
C I M Urban R E I T Management L P \| 1,500,000,000 - 4,000,000,000 \| Minimum
Related-party transactions
Daily average adjusted fair value of investments				$ 1,500,000,000		$ 1,500,000,000
C I M Urban R E I T Management L P \| 1,500,000,000 - 4,000,000,000 \| Maximum
Related-party transactions
Daily average adjusted fair value of investments				$ 4,000,000,000		$ 4,000,000,000
C I M Urban R E I T Management L P \| 4,000,000,000 - 20,000,000,000
Related-party transactions
Fee percentage				0.10%		0.10%
C I M Urban R E I T Management L P \| 4,000,000,000 - 20,000,000,000 \| Minimum
Related-party transactions
Daily average adjusted fair value of investments				$ 4,000,000,000		$ 4,000,000,000
C I M Urban R E I T Management L P \| 4,000,000,000 - 20,000,000,000 \| Maximum
Related-party transactions
Daily average adjusted fair value of investments				20,000,000,000		20,000,000,000
C I M Urban R E I T Management L P \| Asset management fees
Related-party transactions
Fees				6,589,000	$ 6,259,000	19,305,000	$ 18,577,000
Due to related parties				6,360,000		6,360,000		6,260,000
C I M Urban R E I T Management L P \| Property management
Related-party transactions
Fees				1,443,000	1,446,000	4,258,000	4,372,000
C I M Management Entities
Related-party transactions
Due to related parties				2,747,000		2,747,000		2,230,000
Leasing commissions				397,000	217,000	1,151,000	310,000
C I M Management Entities \| Personnel
Related-party transactions
Fees				2,301,000	2,016,000	6,308,000	6,302,000
C I M Management Entities \| Construction management fees
Related-party transactions
Fees				119,000	218,000	787,000	665,000
C I M Management Entities And Related Parties
Related-party transactions
Due from related parties				(690,000)		(690,000)		(274,000)
C I M Service Provider L L C \| Master Services Agreement
Related-party transactions
Due to related parties				1,247,000		1,247,000		$ 1,256,000
Fees payable per year under agreement									$ 1,000,000
Compensation expensed for performing other services				676,000	654,000	2,402,000	2,244,000
C I M Service Provider L L C \| Base Service Fee
Related-party transactions
Fees				259,000	253,000	784,000	759,000
Cim Sba Staffing Llc \| Personnel
Related-party transactions
Personnel expenses				137,000	72,000	417,000	596,000
Fees for services deferred				40,000	53,000	189,000	194,000
Cim Sba Staffing Llc \| Expenses related to lending segment subject to reimbursement
Related-party transactions
Fees				865,000	1,109,000	2,679,000	2,821,000
Cim Sba Staffing Llc \| Expenses related to corporate services subject to reimbursement
Related-party transactions
Fees				107,000	124,000	333,000	375,000
Cim Management Entities Affiliate
Related-party transactions
Lease renewal term			5 years
Revenue from related parties				$ 27,000	$ 26,000	$ 81,000	$ 78,000
Urban Partners II, LLC \| Common Stock
Related-party transactions
Repurchase of common stock (in shares)	3,628,116
Purchase price		$ 208,140,000
Purchase price, repurchase of common stock	$ 79,819,000
Share price of stock repurchased (in usd per share)	$ 22.00

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jan. 31, 2016 shares	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) officer	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Commitments and contingencies
Outstanding loan commitments and approvals to fund loans		$ 141,748,000		$ 141,748,000
Future obligations under leases to fund tenant improvements and in other future construction obligation		33,205,000		33,205,000
Restricted cash		40,039,000		40,039,000		$ 8,086,000
Future noncancelable minimum lease payments
2016 (Three months ending December 31, 2016)		187,000		187,000
2017		749,000		749,000
2018		607,000		607,000
2019		503,000		503,000
2020		541,000		541,000
Thereafter		127,679,000		127,679,000
Total		130,266,000		130,266,000
Ground lease for one of the project
Commitments and contingencies
Current annual rent				$ 503,000
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%
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 July 1, 2040 and 2065				10.00%
Rent expense		438,000	$ 438,000	$ 1,314,000	$ 1,314,000
Straight line rent liability		13,012,000		13,012,000		$ 12,180,000
Office space in Dallas, Texas
Commitments and contingencies
Rent expense		$ 57,000	50,000	$ 171,000	180,000
Employment agreements \| Executive officers
Commitments and contingencies
Number of employees covered under employment agreement \| officer				2
Multiplier used for the calculation of payments in the event of disability to employee		1		1
Multiplier used for the calculation of payments in the event of death of employee		2		2
Employment agreements \| Executive officers \| 2015 Equity Incentive Plan
Commitments and contingencies
Stock-based compensation expense (in shares) \| shares	76,423
Accrued payroll taxes						$ 444,000
Stock-based compensation expense		$ 0	$ 316,000	$ 0	$ 948,000
Unrecognized compensation expense		0		0
Restricted cash for tenant improvement allowance
Commitments and contingencies
Restricted cash		22,129,000		22,129,000
Commercial real estate loans, subject to secured borrowings
Commitments and contingencies
Outstanding loan commitments and approvals to fund loans		122,958,000		122,958,000
Loan commitments expected to be funded by a participant through participation agreement		$ 60,250,000		$ 60,250,000

FUTURE MINIMUM LEASE RENTALS (Details) $ in Thousands	Sep. 30, 2016 USD ($)
Future minimum lease rentals
2016 (Three months ending December 31, 2016)	$ 41,225
2017	160,936
2018	145,037
2019	129,542
2020	114,030
Thereafter	364,060
Total	954,830
Governmental Tenants
Future minimum lease rentals
2016 (Three months ending December 31, 2016)	12,645
2017	49,098
2018	49,406
2019	50,033
2020	45,957
Thereafter	145,180
Total	352,319
Other Tenants
Future minimum lease rentals
2016 (Three months ending December 31, 2016)	28,580
2017	111,838
2018	95,631
2019	79,509
2020	68,073
Thereafter	218,880
Total	$ 602,511

CONCENTRATIONS (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
CONCENTRATIONS (Details) $ in Thousands	Sep. 30, 2016 USD ($) property	Sep. 30, 2015	Sep. 30, 2016 USD ($) property	Sep. 30, 2015	Dec. 31, 2015 USD ($) property
Concentrations
Concentration risk, percent			100.00%		100.00%
Number of states and districts in which real estate properties are owned	5		5		5
Office properties
Concentrations
Number of real estate properties owned	20		20		20
Multifamily properties
Concentrations
Number of real estate properties owned	5		5		5
Hotel properties
Concentrations
Number of real estate properties owned	1		1		3
Parking garages
Concentrations
Number of real estate properties owned	3		3		3
Development site
Concentrations
Number of real estate properties owned	2		2		2
Parking lot
Concentrations
Number of real estate properties owned	1		1		1
Revenues \| Tenant Revenue Concentrations \| Governmental Tenants
Concentrations
Concentration risk, percent	20.60%	23.10%	19.90%	22.90%
Amount due from Governmental Tenants \| $	$ 7,050		$ 7,050		$ 7,968
Revenues \| Geographical concentrations
Concentrations
Concentration risk, percent	100.00%	100.00%	100.00%	100.00%
Revenues \| Geographical concentrations \| California
Concentrations
Concentration risk, percent	61.70%	62.40%	63.90%	62.60%
Revenues \| Geographical concentrations \| Washington, D.C.
Concentrations
Concentration risk, percent	21.90%	24.00%	21.20%	24.10%
Revenues \| Geographical concentrations \| Texas
Concentrations
Concentration risk, percent	8.60%	8.00%	8.20%	7.80%
Revenues \| Geographical concentrations \| North Carolina
Concentrations
Concentration risk, percent	5.90%	4.60%	4.80%	4.60%
Revenues \| Geographical concentrations \| New York
Concentrations
Concentration risk, percent	1.90%	1.00%	1.90%	0.90%
Real estate investments \| Geographical concentrations \| California
Concentrations
Concentration risk, percent			50.80%		52.60%
Real estate investments \| Geographical concentrations \| Washington, D.C.
Concentrations
Concentration risk, percent			32.30%		31.10%
Real estate investments \| Geographical concentrations \| Texas
Concentrations
Concentration risk, percent			7.70%		7.40%
Real estate investments \| Geographical concentrations \| North Carolina
Concentrations
Concentration risk, percent			5.50%		5.30%
Real estate investments \| Geographical concentrations \| New York
Concentrations
Concentration risk, percent			3.70%		3.60%

SEGMENT DISCLOSURE - Operating Income (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) property	Sep. 30, 2015 USD ($)
Segment disclosure
Number of types of commercial real estate properties \| property			3
Revenues	$ 64,332	$ 68,460	$ 201,309	$ 206,946
Expenses:
Interest expense	10,276	5,781	24,386	17,191
General and administrative	2,226	2,029	6,299	7,250
EXPENSES	70,498	67,680	206,070	203,877
Reportable segments
Expenses:
Total segment net operating income	30,279	33,005	99,892	102,312
Reportable segments \| Office
Segment disclosure
Revenues	47,584	46,427	139,403	140,126
Expenses:
Operating	22,351	19,832	60,768	59,283
General and administrative	344	226	789	652
EXPENSES	22,695	20,058	61,557	59,935
Total segment net operating income	24,889	26,369	77,846	80,191
Reportable segments \| Hotel
Segment disclosure
Revenues	9,139	15,350	38,918	46,891
Expenses:
Operating	6,479	10,623	25,865	31,287
General and administrative	229	205	622	284
EXPENSES	6,708	10,828	26,487	31,571
Total segment net operating income	2,431	4,522	12,431	15,320
Reportable segments \| Multi-family
Segment disclosure
Revenues	5,068	4,618	15,298	13,536
Expenses:
Operating	2,893	2,906	8,667	8,485
General and administrative	485	145	840	318
EXPENSES	3,378	3,051	9,507	8,803
Total segment net operating income	1,690	1,567	5,791	4,733
Reportable segments \| Lending division
Segment disclosure
Revenues	2,541	2,065	7,690	6,393
Expenses:
Interest expense	124	230	306	651
Fees to related party	865	1,109	2,679	2,821
General and administrative	283	179	881	853
EXPENSES	1,272	1,518	3,866	4,325
Total segment net operating income	$ 1,269	$ 547	$ 3,824	$ 2,068

SEGMENT DISCLOSURE - Reconciliation Of Segment Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment disclosure
Asset management and other fees to related parties	$ (8,496)	$ (8,399)	$ (25,503)	$ (24,776)
Interest	(10,276)	(5,781)	(24,386)	(17,191)
General and administrative	(2,226)	(2,029)	(6,299)	(7,250)
Transaction costs	(53)	(237)	(320)	(1,038)
Depreciation and amortization	(17,724)	(17,873)	(54,262)	(54,567)
Gain on sale of real estate	14,927	0	39,666	0
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES	8,761	780	34,905	3,069
Provision for income taxes	(379)	(179)	(1,040)	(654)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	8,382	601	33,865	2,415
Discontinued Operations
Income from operations of assets held for sale	703	4,640	3,061	10,540
Net income from discontinued operations	703	4,640	3,061	10,540
Net income	9,085	5,241	36,926	12,955
Net income attributable to noncontrolling interests	3	1	(9)	(5)
Net income attributable to stockholders	9,088	5,242	36,917	12,950
Reportable segments
Segment disclosure
Total segment net operating income	30,279	33,005	99,892	102,312
Reconciliation
Segment disclosure
Asset management and other fees to related parties	(7,631)	(7,290)	(22,824)	(21,955)
Interest	(10,152)	(5,551)	(24,080)	(16,540)
General and administrative	(885)	(1,274)	(3,167)	(5,143)
Transaction costs	(53)	(237)	(320)	(1,038)
Depreciation and amortization	(17,724)	(17,873)	(54,262)	(54,567)
Gain on sale of real estate	$ 14,927	$ 0	$ 39,666	$ 0

SEGMENT DISCLOSURE - Assets and Capital Expenditures and Loan Originations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment disclosure
Total assets	$ 2,056,061		$ 2,092,060
Lending assets	43,690		22,062
Total capital expenditures	25,183	$ 21,703
Loan originations included in assets held for sale	78,809	49,319
Total capital expenditures and loan originations	103,992	71,022
Reportable segments \| Office
Segment disclosure
Total assets	1,556,263		1,520,339
Total capital expenditures	24,115	19,216
Reportable segments \| Hotel
Segment disclosure
Total assets	114,032		176,735
Total capital expenditures	619	1,001
Reportable segments \| Multi-family
Segment disclosure
Total assets	169,419		171,429
Total capital expenditures	449	$ 1,486
Reportable segments \| Lending division
Segment disclosure
Lending assets	137,219		128,992
Non-segment
Segment disclosure
Total assets	$ 79,128		$ 94,565