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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2016	Mar. 01, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	CIM Commercial Trust Corp
Entity Central Index Key	0000908311
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 26.6
Entity Common Stock, Shares Outstanding		84,048,081
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Investments in real estate, net	$ 1,606,942	$ 1,691,711
Cash and cash equivalents	144,449	139,101
Restricted cash	32,160	8,086
Accounts receivable, net	13,086	11,164
Deferred rent receivable and charges, net	116,354	97,225
Other intangible assets, net	17,623	20,310
Other assets	92,270	102,401
Assets held for sale, net	0	22,062
TOTAL ASSETS	2,022,884	2,092,060
LIABILITIES:
Debt	967,886	693,956
Accounts payable and accrued expenses	39,155	42,121
Intangible liabilities, net	3,576	6,086
Due to related parties	10,196	9,472
Other liabilities	34,056	32,826
Liabilities associated with assets held for sale	0	10,252
Total liabilities	1,054,869	794,713
COMMITMENTS AND CONTINGENCIES (Note 17)
REDEEMABLE PREFERRED STOCK: Series A, $0.001 par value; 36,000,000 shares authorized; 61,435 and 0 shares issued and outstanding at December 31, 2016 and 2015, respectively; liquidation preference of $25.00 per share	1,426	0
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 84,048,081 and 97,589,598 shares issued and outstanding at December 31, 2016 and 2015, respectively	84	98
Additional paid-in capital	1,566,073	1,820,451
Accumulated other comprehensive income (loss)	(509)	(2,519)
Distributions in excess of earnings	(599,971)	(521,620)
Total stockholders’ equity	965,677	1,296,410
Noncontrolling interests	912	937
Total equity	966,589	1,297,347
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	$ 2,022,884	$ 2,092,060

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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
Series A Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0
Preferred stock, shares authorized	36,000,000	0
Preferred stock, shares issued	61,435	0
Preferred stock, shares outstanding	61,435	0
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 0

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES:
Rental and other property income	$ 241,413	$ 252,994	$ 240,892
Expense reimbursements	12,502	13,394	10,954
Interest and other income	12,016	10,560	10,981
REVENUES	265,931	276,948	262,827
EXPENSES:
Rental and other property operating	124,703	133,178	126,874
Asset management and other fees to related parties	33,882	33,169	25,222
Interest	34,385	23,630	20,250
General and administrative	7,961	9,402	11,042
Transaction costs	340	1,382	1,563
Depreciation and amortization	71,968	72,361	69,047
EXPENSES	273,239	273,122	253,998
Bargain purchase gain	0	0	(4,918)
Gain on sale of real estate (Note 4)	39,666	3,092	0
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES	32,358	6,918	13,747
Provision for income taxes	1,646	806	604
NET INCOME FROM CONTINUING OPERATIONS	30,712	6,112	13,143
DISCONTINUED OPERATIONS:
Income from operations of assets held for sale (Note 8)	3,853	13,140	11,455
Gain on disposition of assets held for sale (Note 8)	0	5,151	0
NET INCOME FROM DISCONTINUED OPERATIONS	3,853	18,291	11,455
NET INCOME	34,565	24,403	24,598
Net income attributable to noncontrolling interests	(18)	(11)	(220)
NET INCOME ATTRIBUTABLE TO THE COMPANY	34,547	24,392	24,378
Redeemable preferred stock dividends (Note 12)	(9)	0	0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$ 34,538	$ 24,392	$ 24,378
BASIC AND DILUTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE:
Continuing operations	$ 0.34	$ 0.06	$ 0.13
Discontinued operations	0.04	0.19	0.12
Net income (in usd per share)	$ 0.38	$ 0.25	$ 0.25
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	91,328	97,588	97,173
Diluted (in shares)	91,328	97,588	97,176

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 34,565	$ 24,403	$ 24,598
Other comprehensive income (loss): cash flow hedges	2,010	(2,519)	0
COMPREHENSIVE INCOME	36,575	21,884	24,598
Comprehensive income attributable to noncontrolling interests	(18)	(11)	(220)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 36,557	$ 21,873	$ 24,378

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Preferred 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, 2013		4,400,000	65,028,571
Balance at Dec. 31, 2013	$ 1,376,483	$ 220	$ 650	$ 1,772,821		$ (399,953)		$ 2,745
Increase (Decrease) in Stockholders' Equity
Distributions pre-merger	(16,100)					(16,100)
Contributions from noncontrolling interests	10							10
Distributions to noncontrolling interests	(264)							(264)
Redemption of Class B shares of subsidiary REITs	(1,850)							(1,850)
Reverse acquisition capital transaction (in shares)		2,119,244
Reverse acquisition capital transaction	44,610	$ 111		49,400			$ (4,901)
Conversion of preferred stock to common stock (in shares)		91,039,999	(65,028,571)
Conversion of preferred stock to common stock		$ 910	$ (650)	(260)
Change in par value		$ (1,143)		1,143
Exercised of stock options (in shares)		14,500
Exercise of stock options	201			201
Stock based compensation expense (in shares)		8,000
Stock-based compensation expense	1,079			1,079
Share repurchases (in shares)		(145)
Share repurchases	(3)			(3)
Common dividends	(64,363)					(64,363)
Preferred dividends	(4,585)					(4,585)
Treasury stock retirement (107,265 shares)	0
Net income	24,598					24,378		220
Balance (in shares) at Dec. 31, 2014		97,581,598
Balance at Dec. 31, 2014	1,359,816	$ 98		1,824,381		(460,623)	(4,901)	861
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests	110							110
Distributions to noncontrolling interests	(45)							(45)
Stock based compensation expense (in shares)		8,000
Stock-based compensation expense	971			971
Common dividends	(85,389)					(85,389)
Treasury stock retirement (107,265 shares)	(4,901)			(4,901)			$ 4,901
Other comprehensive income (loss)	(2,519)				$ (2,519)
Net income	24,403					24,392		11
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	(43)							(43)
Stock based compensation expense (in shares)		10,176
Stock-based compensation expense	164			164
Issuance of shares pursuant to employment agreements		76,423
Share repurchases (in shares)		(13,628,116)
Share repurchases	(290,134)	$ (14)		(254,547)		(35,573)
Common dividends	(77,316)					(77,316)
Issuance of Warrants	5			5
Preferred dividends	(9)					(9)
Treasury stock retirement (107,265 shares)	0
Other comprehensive income (loss)	2,010				2,010
Net income	34,565					34,547		18
Balance (in shares) at Dec. 31, 2016		84,048,081
Balance at Dec. 31, 2016	$ 966,589	$ 84		$ 1,566,073	$ (509)	$ (599,971)		$ 912

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Common dividends, per share amount	$ 0.875	$ 0.875	$ 0.70625
Preferred dividends, per share amount	$ 1.375		$ 0.0705
Treasury stock retirement (in shares)		107,265

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 34,565	$ 24,403	$ 24,598
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent and amortization of intangible assets, liabilities and lease inducements	(6,584)	(6,835)	(5,187)
Depreciation and amortization	71,968	72,361	69,047
Bargain purchase gain	0	0	(4,918)
Gain on settlement of a contractual obligation	0	0	(1,166)
Gain on sale of real estate	(39,666)	(3,092)	0
Gain on disposition of assets held for sale	0	(5,151)	0
Straight line rent, below-market ground lease and amortization of intangible assets	1,766	1,899	1,892
Amortization of deferred loan costs	2,803	3,229	2,168
Amortization of premiums and discounts on debt	(870)	(1,179)	(1,192)
Unrealized premium adjustment	1,599	1,168	1,692
Amortization and accretion on loans receivable, net	(1,039)	(6,451)	(5,095)
Bad debt expense	161	1,428	594
Deferred income taxes	164	132	(58)
Stock-based compensation	164	971	1,079
Loans funded, held for sale to secondary market	(38,234)	(29,619)	(32,407)
Proceeds from sale of guaranteed loans	38,536	27,974	22,893
Principal collected on loans subject to secured borrowings	3,866	4,311	4,450
Other operating activity	136	(496)	(460)
Changes in operating assets and liabilities:
Accounts receivable and interest receivable	(2,569)	(350)	(2,028)
Other assets	419	(4,036)	(5,850)
Accounts payable and accrued expenses	630	3,678	1,728
Deferred leasing costs	(19,885)	(8,580)	(9,753)
Other liabilities	3,219	984	2,400
Due to related parties	724	286	2,379
Net cash provided by operating activities	51,873	77,035	66,806
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate	(35,414)	(26,614)	(24,759)
Acquisition of real estate properties	0	(11,143)	(63,436)
Proceeds from sale of real estate property, net	94,568	7,786	0
Proceeds from sale of assets held for sale, net	26,766	82,272	0
Loans funded	(66,001)	(29,848)	(18,564)
Cash and cash equivalents acquired in connection with the merger	0	0	3,185
Principal collected on loans	33,470	39,950	44,924
Restricted cash	(25,150)	1,691	(3,105)
Other investing activity	1,287	178	1,454
Net cash provided by (used in) investing activities	29,526	64,272	(60,301)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgages payable	392,000	0	0
Payment of mortgages payable	(4,354)	(77,056)	(6,472)
Proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes	175,000	619,000	554,700
Payment of unsecured revolving lines of credit, revolving credit facilities and term notes	(282,000)	(487,000)	(393,400)
Payment of principal on secured borrowings	(13,946)	(4,311)	(4,450)
Proceeds from secured borrowings	25,791	10,000	5,887
Payment of deferred preferred stock offering costs	(1,960)	0	0
Payment of deferred loan costs	(1,994)	(3,596)	(5,774)
Payment of common dividends	(77,316)	(85,389)	(68,948)
Payment of special dividend and dividend assumed in acquisition	0	0	(59,286)
Distributions pre-merger	0	0	(16,100)
Repurchase and retirement of common stock	(290,134)	0	0
Contributions from noncontrolling interests	0	110	10
Redemption of class B shares of subsidiary REITs	0	0	(1,850)
Net proceeds from issuance of Warrants	5	0	201
Net proceeds from issuance of Series A Preferred Stock	1,429	0	0
Payments for Retirement of Common Stock	0	0	(3)
Noncontrolling interests' distributions	(43)	(45)	(264)
Net cash (used in) provided by financing activities	(77,522)	(28,287)	4,251
Change in cash balances included in assets held for sale	1,471	569	(2,040)
NET INCREASE IN CASH AND CASH EQUIVALENTS	5,348	113,589	8,716
CASH AND CASH EQUIVALENTS:
Beginning of period	139,101	25,512	16,796
End of period	144,449	139,101	25,512
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	33,060	20,920	19,397
Federal income taxes paid	1,353	805	691
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Additions to investments in real estate included in accounts payable and accrued expenses	4,527	8,097	7,613
Retirement of treasury stock	0	4,901	0
Stock issued in connection with the merger	0	0	44,610
Additions to investments in real estate included in other assets	0	4,244	0
Net increase (decrease) in fair value of derivatives applied to other comprehensive income (loss)	2,010	(2,519)	0
Foreclosure on a loan receivable included in other assets	0	708	0
Additions to deferred loan costs included in accounts payable and accrued expenses	0	0	34
Reduction of loans receivable and secured borrowings due to the SBA's repurchase of the guaranteed portion of loans	2,663	0	0
Additions to preferred stock offering costs included in accounts payable and accrued expenses	238	0	0
Accrual of dividends payable to preferred stockholders	9	0	0
Preferred stock offering costs offset against redeemable preferred stock	$ 3	$ 0	$ 0

ORGANIZATION AND OPERATIONS	12 Months Ended
ORGANIZATION AND OPERATIONS	Dec. 31, 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”), an affiliate of CIM Group, L.P. ("CIM Group"), 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. 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 PMC Commercial common stock and 100,000,000 are shares of PMC Commercial 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 corporate subsidiary. Also, on April 28, 2014, PMC Commercial Trust changed its name to CIM Commercial Trust Corporation. Our common stock, $0.001 par value per share (“Common Stock”), is currently traded on the NASDAQ Global Market under the ticker 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.

MERGER

12 Months Ended

Dec. 31, 2016

MERGER

MERGER

The Merger Agreement provided for the business combination of CIM REIT’s wholly-owned subsidiary, CIM Urban, and PMC Commercial. Pursuant to the Merger Agreement, Urban Partners II, LLC ("Urban II"), an affiliate of CIM REIT and CIM Urban, received 4,400,000 shares of newly-issued PMC Commercial 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 PMC Commercial preferred stock was converted into 1.4 shares of PMC Commercial common stock, resulting in the issuance of 95,440,000 shares of PMC Commercial 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.

All shares of PMC Commercial common stock that were outstanding immediately prior to the closing of the Merger continued to remain outstanding following the Acquisition Date. In addition, stockholders of record of PMC Commercial at the close of the business day prior to the Acquisition Date received a special cash dividend of $27.50 per share of PMC Commercial common stock plus the pro-rata portion of PMC Commercial’s regular quarterly cash dividend accrued through the Acquisition Date, each of which was paid on March 25, 2014.

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

Accordingly, the accompanying financial statements include (1) the historical financial information for CIM Urban for all periods presented, (2) the assets and liabilities of PMC Commercial acquired on March 11, 2014 and still owned or held by us in the consolidated balance sheets as of December 31, 2016 and 2015, respectively and (3) the results of PMC Commercial’s operations and cash flows in the consolidated statements of operations and cash flows from the Acquisition Date. The equity of CIM Commercial is the historical equity of CIM Urban retroactively restated to reflect the number of shares of stock issued by PMC Commercial pursuant to the Merger Agreement. In connection with the reverse acquisition, for purposes of presenting equity for CIM Commercial, the historical stockholders of PMC Commercial were deemed to have been issued 2,119,244 shares of Common Stock (2,226,509 shares of Common Stock, less 107,265 shares of treasury stock) on the Acquisition Date.

Based on an arrangement with PMC Commercial, certain legal and due diligence expenses related to the Merger incurred by PMC Commercial during a certain period of time were reimbursed by CIM Urban. For the year ended December 31, 2014, Merger related costs of $467,000 are included in transaction costs.

Unaudited Pro Forma Financial Information—The following unaudited pro forma consolidated results for the year ended December 31, 2014 assume the Merger was completed as of January 1, 2014:



	(in thousands, except per share amounts)
Pro forma revenue (A)	$	263,845
Pro forma net income	$	19,083
Pro forma basic and diluted earnings per share	$	0.20


(A)	Unaudited pro forma revenue including revenue from the acquired assets included in discontinued operations were $278,398,000 for the year ended December 31, 2014.

The unaudited pro forma amounts include the historical operating results of CIM Urban and PMC Commercial prior to the Merger, with adjustments directly attributable to the Merger. The unaudited pro forma results for the year ended December 31, 2014 exclude transaction costs of $3,046,000, a one-time gain of $1,166,000 related to the settlement of a contractual obligation, and the $4,918,000 bargain purchase gain recorded on the Acquisition Date.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2016

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

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 years ended December 31, 2016, 2015 and 2014.

Cash and Cash Equivalents—Cash and cash equivalents include short-term liquid investments with initial maturities of three months or less.

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. Restricted cash also includes cash required to be segregated in connection with certain of our loans receivable.

Loans Receivable—Our loans receivable included in other assets, or assets held for sale in 2015, 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 (Note 8). Acquisition discounts of $1,951,000 remained as of December 31, 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 years ended December 31, 2016, 2015 and 2014, we recorded $(206,000), $328,000 and $0 (recovery) impairment on our 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.

Accounts Receivable—Accounts receivable are carried net of the allowances for uncollectible amounts. Management’s determination of the adequacy of these allowances is based primarily upon evaluation of historical loss experience, individual receivables, current economic conditions, and other relevant factors. The allowances are increased or decreased through the provision for bad debts. The allowance for uncollectible accounts receivable was $876,000 and $751,000 as of December 31, 2016 and 2015, respectively.

Deferred Rent Receivable and Charges—Deferred rent receivable and charges consist of deferred rent, deferred leasing costs, deferred offering costs (Note 12) and other deferred costs. Deferred rent receivable is $64,010,000 and $58,612,000 at December 31, 2016 and 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 $76,063,000 and $59,225,000 are presented net of accumulated amortization of $25,914,000 and $20,612,000 at December 31, 2016 and 2015, respectively. Deferred offering costs represent direct costs incurred in connection with our offering of Units (as defined in Note 12), excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other registration fees. For a specific issuance of Units, associated offering costs are reclassified as a reduction of proceeds raised on the issuance date. Offering costs incurred but not directly related to a specifically identifiable closing are deferred. Deferred offering costs are first allocated to each issuance on a pro-rata basis equal to the ratio of Units issued in an issuance to the maximum number of Units that are expected to be issued. Then, the deferred offering costs allocated to such issuance are further allocated to the Series A Preferred Stock (as defined in Note 12) and Warrants (as defined in Note 12) issued in such issuance based on the relative fair value of the instruments on the date of issuance. The deferred offering costs allocated to the Series A Preferred Stock and Warrants are reductions to temporary equity and permanent equity, respectively. Deferred offering costs of $2,060,000 related to our offering of Units are included in deferred rent receivable and charges at December 31, 2016. Other deferred costs are $135,000 and $0 at December 31, 2016 and 2015, respectively.

Noncontrolling Interests—Noncontrolling interests represent the interests in various properties owned by third parties. During the year ended December 31, 2014, we paid $1,850,000 to redeem class B shares of subsidiary REITs.

Redeemable Preferred Stock—Beginning on the date of original issuance of any given shares of Series A Preferred Stock (Note 12), the holder of such shares will have the right to require the Company to redeem such shares at a redemption price of 100% of the Stated Value, plus accrued and unpaid dividends, subject to the payment of a redemption fee until the fifth anniversary of such issuance. From and after the fifth anniversary of the date of the original issuance, the holder will have the right to require the Company to redeem such shares at a redemption price of 100% of the Stated Value, plus accrued and unpaid dividends, without a redemption fee, and the Company will have the right (but not the obligation) to redeem such shares at 100% of the Stated Value, plus accrued and unpaid dividends. The applicable redemption price payable upon redemption of any Series A Preferred Stock will be in cash or, on or after the first anniversary of the issuance of such shares of Series A Preferred Stock to be redeemed, in the Company’s sole discretion, in cash or in equal value through the issuance of shares of Common Stock, based on the volume weighted average price of our Common Stock for the 20 trading days prior to the redemption. Since a holder of Series A Preferred Stock has the right to request redemption of such shares and redemptions prior to the first anniversary are to be paid in cash, we have recorded the activity related to our Series A Preferred Stock in temporary equity. We recorded the activity related to our Warrants (Note 12) in permanent equity. On the first anniversary of the date of original issuance, we intend to reclassify the Series A Preferred Stock from temporary equity to permanent equity because the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapses on the first anniversary date. Proceeds and expenses from the sale of the Units are allocated to the Series A Preferred Stock and Warrants using their relative fair values on the date of issuance.

Purchase Accounting for Acquisition of Investments in Real Estate—We apply the acquisition method to all acquired real estate investments. The purchase consideration of the real estate is recorded at fair value 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.

The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land (or acquired ground lease if the land is subject to a ground lease), land improvements, building and improvements, and tenant improvements based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases, including leasing commissions, legal, and other related costs.

In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired property, above-market, below-market, and in-place lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the remaining non-cancelable term of the lease, and for below-market leases, over a period equal to the initial term plus any below-market fixed-rate renewal periods. Acquired above-market and below-market leases are amortized and recorded to rental and other property income over the initial terms of the respective leases.

The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationships, is measured by the estimated cost of operations during a theoretical lease-up period to replace in-place leases, including lost revenues and any unreimbursed operating expenses, plus an estimate of deferred leasing commissions for in-place leases. The value of in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are written-off.

For hotels, an intangible value was assigned to the expected revenues from advance bookings, which were calculated based on discounted income, and to franchise affiliation, which were calculated based on the difference between the net projected income in the year of acquisition and an estimate of income without the franchise. Advance bookings were $0 at each of December 31, 2016 and 2015. Franchise affiliation fee was $0 and $561,000 at December 31, 2016 and 2015, respectively. Advance bookings are amortized over one to three years, and the franchise affiliation fee was being amortized over 10 years, but was written off when the related hotel was sold.

A tax abatement intangible asset was recorded for a property acquired in 2011, based on an approval for a property tax abatement, due to the location of the property. The tax abatement intangible asset is amortized over eight years. Tax abatement was $1,400,000 and $1,951,000 at December 31, 2016 and 2015, respectively.

Revenue Recognition—All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased asset. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is recorded as deferred rent. If the lease provides for tenant improvements, we determine whether the tenant improvements, for accounting purposes, are owned by the tenant or us. When we are the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is considered the owner of the improvements, any tenant improvement allowance that is funded is treated as incentive. Lease incentives paid to tenants are included in other assets and amortized as a reduction to rental revenue on a straight-line basis over the term of the related lease. Lease incentives of $13,084,000 and $13,041,000 are presented net of accumulated amortization of $4,303,000 and $3,067,000 at December 31, 2016 and 2015, respectively.

Reimbursements from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes, insurance, and other recoverable costs, are recognized as revenue in the period the expenses are incurred. Tenant reimbursements are recognized and presented on a gross basis when we are the primary obligor with respect to incurring expenses and with respect to having the credit risk.

In addition to minimum rents, certain leases provide for additional rents based upon varying percentages of tenants' sales in excess of annual minimums. Percentage rent is recognized once lessees' specified sales targets have been met. Included in rental and other property income for the years ended December 31, 2016, 2015 and 2014, is $338,000, $329,000 and $230,000, respectively, of percentage rent.

We derive parking revenues from leases with third-party operators. Our parking leases provide for additional rents based upon varying percentages of tenants’ sales in excess of annual minimums. Parking percentage rent is recognized once lessees’ specific sales targets have been met. Included in rental and other property income for the years ended December 31, 2016, 2015 and 2014, is $3,156,000, $2,290,000 and $1,562,000, respectively, of parking percentage rent.

Hotel room sales are recognized upon daily occupancy. Other hotel revenues are recognized as earned upon facility use or food and beverage consumption.

Interest income included in interest and other income or discontinued operations is comprised of interest earned on loans and our short-term investments and the accretion of net loan origination fees and discounts. Interest income on loans is accrued as earned with the accrual of interest suspended when the related loan becomes a Non-Accrual Loan.

Premiums and Discounts on Debt— Premiums and discounts on debt are accreted or amortized on the effective interest method or on a straight-line basis over the respective term of the loan to interest expense, which approximates the effective interest method.

Stock-Based Compensation Plans—We had options outstanding and have issued and continue to issue restricted shares under stock-based compensation plans described more fully in Note 10. We use fair value recognition provisions to account for all awards granted, modified or settled.

Earnings per Share (“EPS”)—Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of shares of Common Stock outstanding for the period. Net income available to common stockholders includes a deduction for dividends due to preferred stockholders. Diluted EPS is computed by dividing net income available to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the dilutive effect, if any, of securities such as stock-based compensation awards, warrants, including the Warrants (Note 13) and preferred stock, including the Series A Preferred Stock (Note 12), whose redemption is payable in shares of Common Stock. The dilutive effect of stock-based compensation awards and warrants, including the Warrants, is reflected in the weighted average diluted shares calculation by application of the treasury stock method. The dilutive effect of preferred stock, including the Series A Preferred Stock, whose redemption is payable in shares of Common Stock is reflected in the weighted average diluted shares calculation by application of the if-converted method.

Distributions—Distributions are recorded on the ex-dividend date.

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.

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 14 for disclosures about our derivative financial instruments and hedging activities.

Income Taxes—We have elected to be taxed as a REIT under the provisions of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent we qualify for taxation as a REIT, we generally will not be subject to a federal corporate income tax on our taxable income that is distributed to our stockholders. We may, however, be subject to certain federal excise taxes and state and local taxes on our income and property. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and will not be able to qualify as a REIT for four subsequent taxable years. In order to remain qualified as a REIT under the Code, we must satisfy various requirements in each taxable year, including, among others, limitations on share ownership, asset diversification, sources of income, and the distribution of at least 90% of our taxable income within the specified time in accordance with the Code.

We have wholly-owned taxable REIT subsidiaries (“TRS’s”) which are subject to federal income taxes. The income generated from the taxable REIT subsidiaries is taxed at normal corporate rates. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

We have established a policy on classification of penalties and interest related to audits of our federal and state income tax returns. If incurred, our policy for recording interest and penalties associated with audits will be to record such items as a component of general and administrative expense or discontinued operations. Penalties, if incurred, will be recorded in general and administrative expense or discontinued operations and interest paid or received will be recorded in interest expense or interest income, respectively, or discontinued operations in the consolidated statements of operations.

ASC 740, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current period. We have reviewed all open tax years and concluded that the application of ASC 740 resulted in no material effect to our consolidated financial position or results of operations.

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.

Concentration of Credit Risk—Financial instruments that subject us to credit risk consist primarily of cash and cash equivalents and interest rate swap agreements. We have our cash and cash equivalents on deposit with what we believe to be high-quality financial institutions. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. We believe that the counterparties in our interest rate swap agreements are high-quality financial institutions. The credit quality of the counterparties is monitored on an ongoing basis. Management routinely assesses the financial strength of its tenants and, as a consequence, believes that its accounts receivable credit risk exposure is limited.

Our properties are located throughout the United States. The majority of our revenues are earned from properties located in the Washington, D.C. area and California. We are subject to risks incidental to the ownership and operation of commercial real estate. These include, among others, the risks normally associated with changes in the general economic climate in the communities in which we operate, trends in the real estate industry, change in tax laws, interest rate levels, availability of financing, and the potential liability under environmental and other laws.

Fair Value Measurements—The fair value of our financial assets and liabilities are disclosed in Note 15.

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.

We disclose the fair value of our debt. We determine the fair value of mortgage notes payable and junior subordinated notes by performing discounted cash flow analyses using an appropriate market discount rate. We calculate the market discount rate for our mortgage notes payable by obtaining period-end treasury rates for maturities that correspond to the maturities of our debt and then adding an appropriate credit spread. These credit spreads take into account factors such as our credit standing, the maturity of the debt, whether the debt is secured or unsecured, and the loan-to-value ratios of the debt.

We disclose the fair value of our loans receivable. We determine the fair value of loans receivable subject to credit risk by performing a present value analysis for the anticipated future cash flows taking into consideration the lack of credit risk using an anticipated prepayment rate.

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, and credit risk adjustments, if any, to reflect the counterparty's as well as our own nonperformance risk.

The carrying amounts of our cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses approximate their fair values due to their short-term maturities at December 31, 2016 and 2015. 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.

Segment Information—Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. 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 at December 31, 2015 and 2014 is not included in our reportable segments. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking, and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products for our hotel segment include revenues generated from the operations of hotel properties and rental income generated from a garage located directly across the street from one of the hotels. The income from our lending segment includes income from the yield and other related fee income earned on our loans receivable.

Recently Issued Accounting Pronouncements—In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) which requires an entity's management to evaluate whether there are conditions or events, when considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued. The ASU is effective for the annual reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage backed security transactions). In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification and improves current GAAP by: placing more emphasis on risk of loss when determining a controlling financial interest; reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE); and changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Early adoption was permitted, including adoption in an interim period. The adoption of this guidance did not have a material impact on our consolidated financial statements.

In April 2015, the FASB issued 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 guidance 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. The adoption of this guidance is not expected to have a material impact 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. The adoption of this guidance is not expected to have a material impact 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.

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires that a statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update do not provide a definition of restricted cash or restricted cash equivalents. 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.

In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, which is intended to increase stakeholders’ awareness of the proposals and expedite improvements to ASU 2014-09. 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. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business, which narrows the definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. For public entities, the ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017. Early adoption is permitted under certain circumstances as outlined in the ASU. 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

12 Months Ended

Dec. 31, 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 year ended December 31, 2016.

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.

Asset

Date of

Sales

Gain on

Property

Type

Sale

Rooms

Price

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

During 2015, we acquired a 100% fee-simple interest in a surface parking lot known as 2 Kaiser Plaza Parking Lot 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 21).



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

During 2015, we sold a 100% fee-simple interest in Civic Center located at 500 West Santa Ana Boulevard, Santa Ana, California to an unrelated third party.

Asset

Date of

Sales

Gain on

Property

Type

Sale

Square Feet

Price

Sale

(in thousands)

500 West Santa Ana Boulevard, Santa Ana, CA

Office

November 19, 2015

37,116

8,050

3,092

Acquisitions during 2014, funded with proceeds from drawdowns on our unsecured credit facilities, consisted of the following:

Asset

Date of

Number

Rentable

Purchase

Property

Type

Acquisition

of Buildings

Square Feet

Price

(in thousands)

4750 Wilshire Boulevard, Los Angeles, CA (1)

Office

April 18, 2014

143,361

44,936

Lindblade Media Center, Los Angeles, CA (2)

Office

October 21, 2014

32,428

18,500


(1)	100% fee-simple interest in an office building built in 1984 and renovated in 2014, located in the Mid-Wilshire submarket of Los Angeles, California.


(2)	100% fee-simple interest in a portfolio of creative office buildings located in the West Los Angeles submarket of Los Angeles, California. Two of the buildings were built in 1930 and the third was built in 1957. The buildings were renovated in 2010.

The results of operations of the properties 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 acquisitions during the years ended December 31, 2015 and 2014, respectively, are as follows:



	Year Ended December 31,
	2015 (1)		2014 (1)
	(in thousands)
Land	$	10,931	$	22,975
Land improvements	110		535
Buildings and improvements	—		38,821
Tenant improvements	—		1,197
Acquired in-place leases (2)	102		2,396
Acquired below-market leases (3)	—		(2,488		)
Net assets acquired	$	11,143	$	63,436


(1)	The purchase price of the acquisitions completed during the years ended December 31, 2015 and 2014, respectively, were individually less than 5% and in aggregate less than 10% of our total assets as of December 31, 2015 and 2014, respectively.


(2)	Acquired in-place leases have a weighted average amortization period of 3.0 years and 5.1 years for the 2015 and 2014 acquisitions, respectively.


(3)	Acquired below-market leases have a weighted average amortization period of 5.0 years for the 2014 acquisitions.

Acquisition related expenses of $0, $107,000 and $491,000 were expensed as incurred during the years ended December 31, 2016, 2015 and 2014, respectively.

Abandoned project costs of $328,000, $486,000 and $132,000 were expensed as incurred during the years ended December 31, 2016, 2015 and 2014, respectively.

On February 10, 2017, we entered into a purchase and sale agreement with an unrelated third-party for the sale of our office building located at 211 Main Street in San Francisco, California. The contract sales price is approximately $293,000,000 and we expect the closing of the sale to occur within the first quarter of 2017.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:



	December 31,
	2016			2015
	(in thousands)
Land	$	343,564		$	363,612
Land improvements	26,177			26,747
Buildings and improvements	1,475,415			1,506,962
Furniture, fixtures, and equipment	4,955			9,720
Tenant improvements	159,677			146,205
Work in progress	11,706			8,126
Investments in real estate	2,021,494			2,061,372
Accumulated depreciation	(414,552		)	(369,661		)
Net investments in real estate	$	1,606,942		$	1,691,711

For the years ended December 31, 2016, 2015, and 2014, we recorded depreciation expense of $62,239,000, $61,915,000, and $58,635,000, respectively.

OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 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 December 31, 2016 and 2015, is as follows:



	Assets														Liabilities
December 31, 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		$	11,551		$	4,273		$	11,685		$	2,957	$	(18,893	)
Accumulated amortization	(180		)	(8,443		)	(2,873		)	(1,562		)	—		15,317
	$	35		$	3,108		$	1,400		$	10,123		$	2,957	$	(3,576	)
Average useful life (in years)	8			10			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 (Note 4).

The amortization of the acquired above-market leases which decreased rental and other property income was $88,000, $240,000 and $602,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The amortization of acquired in-place leases included in depreciation and amortization expense was $1,347,000, $1,857,000 and $2,368,000 for the years ended December 31, 2016, 2015 and 2014, respectively. Tax abatement amortization of $551,000 for each of the years ended December 31, 2016, 2015 and 2014, and the amortization of acquired below-market ground lease of $140,000 for each of the years ended December 31, 2016, 2015 and 2014, are included in rental and other property operating expenses. Included in depreciation and amortization expense was franchise affiliation fee amortization of $33,000, $394,000 and $394,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The amortization of advance bookings included in depreciation and amortization expense was $0, $0 and $190,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The amortization of the acquired below-market leases included in rental and other property income was $2,510,000, $2,571,000 and $2,631,000 for the years ended December 31, 2016, 2015 and 2014, respectively.

A schedule of future amortization and accretion of acquisition related intangible assets and liabilities as of December 31, 2016, is as follows:



	Assets								Liabilities
	Acquired		Acquired				Acquired		Acquired
	Above-Market		In-Place		Tax		Below-Market		Below-Market
Years Ending December 31,	Leases		Leases		Abatement		Ground Lease		Leases
	(in thousands)
2017	$	26	$	871	$	551	$	140	$	(2,405	)
2018	9		733		551		140		(971		)
2019	—		464		298		140		(200		)
2020	—		207		—		140		—
2021	—		207		—		140		—
Thereafter	—		626		—		9,423		—
	$	35	$	3,108	$	1,400	$	10,123	$	(3,576	)

OTHER ASSETS

12 Months Ended

Dec. 31, 2016

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

OTHER ASSETS

Other assets consist of the following:



	December 31,
	2016		2015
	(in thousands)
SBA 7(a) loans, subject to credit risk	$	43,623	$	43,178
SBA 7(a) loans, subject to secured borrowings	29,524		36,646
Other assets	19,123		22,577
	$	92,270	$	102,401

SBA 7(a) Loans, Subject to Credit Risk—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 December 31, 2016 and 2015, 99.7% and 97.6%, respectively, of our loans were current with the remainder ($249,000 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 December 31, 2016 and 2015, $804,000 and $1,891,000, respectively, of loans subject to credit risk were classified in substandard categories.

At December 31, 2016 and 2015, our loans were 94.6% and 94.3%, respectively, concentrated in the hospitality industry.

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

We had reflected the lending segment, which was acquired on the Acquisition Date as disclosed in Note 1, 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, which at that time was focused on small business lending in the hospitality industry. 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 $6,000, $675,000 and $473,000 as incurred during the years ended December 31, 2016, 2015 and 2014, respectively.

On December 17, 2015, pursuant to the modified plan, we sold substantially all of our commercial mortgage loans with a carrying value of $77,121,000 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.

On December 29, 2016, we sold our commercial real estate lending subsidiary, which was classified as held for sale and had a carrying value of $27,587,000, which was equal to management's estimate of fair value, to a fund managed by an affiliate of CIM Group (Note 16). We did not recognize any gain or loss in connection with the transaction. Management's estimate of fair value was determined with assistance from an independent third party valuation firm. Our gain on sale of our commercial real estate lending subsidiary and our commercial mortgage loans was computed as follows for the years ended December 31, 2016 and 2015, respectively:



	Year Ended December 31,
	2016			2015
	(in thousands)
Proceeds received	$	27,587		$	84,928
Less: Carrying value (1)	(27,587		)	(77,121		)
Gain on sale before transaction costs	—			7,807
Transaction costs (2)	—			(2,656		)
Gain on disposition of assets held for sale	$	—		$	5,151


(1)	For commercial mortgage loans sold during the year ended December 31, 2015, includes unamortized acquisition discounts of $15,951,000 as of the date of sale.


(2)	Transaction costs for the year ended December 31, 2015 include $1,638,000 paid to CIM SBA Staffing, LLC, an affiliate of CIM Group, for reimbursement of costs in connection with the sale of substantially all of our commercial mortgage loans to an unrelated third party.

The following is the detail of the carrying value of assets and liabilities at the time of sale of our commercial real estate lending subsidiary that was sold in December 2016:



	(in thousands)
Assets (1)
Commercial real estate loans, net	$	52,822
Cash and cash equivalents	821
Restricted cash	1,076
Accounts receivable, net	684
Other assets	23
Total assets held for sale, net	55,426
Liabilities (1)
Debt	25,941
Accounts payable and accrued expenses	503
Other liabilities	1,395
Total liabilities associated with assets held for sale	27,839
Carrying value	$	27,587


(1)	Management estimated that the fair value of the assets held for sale and the liabilities associated with assets held for sale approximated their carrying value at the time of the sale. Management's estimate of the fair value of the commercial real estate loans was determined with assistance from an independent third party valuation firm.

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 sheet as of December 31, 2015:



	(in thousands)
Assets held for sale
Loans receivable, net (1)	$	20,338
Cash and cash equivalents	1,471
Accounts receivable, net	253
Total assets held for sale, net	$	22,062
Liabilities associated with assets held for sale
Debt (2)	$	10,000
Accounts payable and accrued expenses	230
Other liabilities	22
Total liabilities associated with assets held for sale	$	10,252


(1)	Represents a commercial real estate loan, subject to secured borrowings, which is a mezzanine loan secured by an indirect ownership interest in an entity that either directly or indirectly owns parcels of commercial real estate. The loan had a variable interest rate.


(2)	Represents a secured borrowing on a commercial real estate loan with a variable interest rate, reset monthly, based on the 30-day London Interbank Offered Rate ("LIBOR"). The secured borrowing had an interest rate of 9.77% and was repaid in June 2016.

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



					From the Acquisition Date through
	Year Ended December 31,				December 31,
	2016		2015		2014
	(in thousands)
Revenue - Interest and other income	$	6,389	$	14,544	$	12,236

Expenses:
Interest expense	1,944		132		—
Fees to related party (1)	550		777		—
General and administrative (1)	42		495		762
Provision for income taxes	—		—		19
Total expenses	2,536		1,404		781
Income from operations of assets held for sale	3,853		13,140		11,455
Gain on disposition of assets held for sale	—		5,151		—
Net income from discontinued operations	$	3,853	$	18,291	$	11,455


(1)	Salaries and related benefits of $664,000 were included in general and administrative expense for the period from the Acquisition Date through December 31, 2014 while, as a result of the transfer of substantially all our lending segment employees to an affiliate (Note 16), such expenses were included in fees to related party for the years ended December 31, 2016 and 2015.

- 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

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

DEBT

Information on our debt is as follows:



	December 31,
	2016			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.	39,134			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.	29,167			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.	26,136			29,201
	532,437			144,791
Deferred loan costs related to mortgage loans	(2,366		)	(897		)
Premiums and discounts on assumed mortgages, net	722			1,178
Total Mortgages Payable	530,793			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 December 31, 2016 and 2015, respectively.	23,122			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 December 31, 2016 and 2015, respectively.	4,777			4,947
	27,899			34,428
Unamortized premiums	2,077			2,693
Total Secured Borrowings—Government Guaranteed Loans	29,976			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	(2,938		)	(5,216		)
Discount on junior subordinated notes	(2,015		)	(2,091		)
Total Other	407,117			511,763
Total Debt	$	967,886		$	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 are 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 $7,122,000 and $10,445,000 are presented net of accumulated amortization of $1,818,000 and $4,332,000 at December 31, 2016 and 2015, respectively, and are a reduction to total debt.

In February 2012, CIM Urban entered into an unsecured revolving line of credit with a bank syndicate, which allowed for maximum borrowings of $100,000,000. Outstanding advances under the line of credit bore interest at LIBOR plus 1.75% to 2.50% until August 2013. In August 2013, the unsecured revolving line was amended, and outstanding advances under the line of credit bore interest at LIBOR plus 1.25% to 1.85%. The line of credit was also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. This line of credit was terminated and repaid in full in September 2014.

In August 2013, CIM Urban entered into another unsecured revolving line of credit with a bank syndicate, as amended in April 2014, which allowed for maximum borrowings of $200,000,000. Outstanding advances under the line of credit bore interest at LIBOR plus 1.25% to 1.85%. The line of credit was also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. This line of credit was terminated and repaid in full in September 2014.

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 December 31, 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 (Note 13), 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 and the remaining portion was used to repurchase shares of our Common Stock in a private repurchase in September 2016.

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 December 31, 2016 and 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 December 31, 2016 and 2015, the variable interest rate on this unsecured term loan facility was 2.22% 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 (Note 14).

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

On April 1, 2015, we paid off a mortgage with an outstanding balance of $12,364,000 using the unsecured credit facility. In addition, on September 1, 2015, we paid off two mortgages with a combined outstanding balance of $58,873,000 using the unsecured credit facility.

At December 31, 2016 and 2015, accrued interest and unused commitment fees payable of $3,133,000 and $1,733,000, respectively, are included in accounts payable and accrued expenses.

Future principal payments on our debt (face value) at December 31, 2016 are as follows:



Years Ending	Secured Borrowings		Mortgages
December 31,	Principal (1)		Payable		Other (2)		Total
	(in thousands)
2017	$	996	$	4,642	$	—	$	5,638
2018	1,032		24,300		—		25,332
2019	1,067		1,519		—		2,586
2020	1,107		1,596		—		2,703
2021	1,148		62,380		—		63,528
Thereafter	22,549		438,000		412,070		872,619
	$	27,899	$	532,437	$	412,070	$	972,406

(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

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED COMPENSATION PLANS

The 2005 Equity Incentive Plan, which expired in June 2015, permitted the grant of options to our employees, executive officers and Board of Directors and restricted stock to our executive officers and Board of Directors for up to 300,000 shares of Common Stock, as amended. The options outstanding under the plan were forfeited on January 31, 2015.

On May 6, 2015, our stockholders approved the 2015 Equity Incentive Plan which permits the grant of restricted shares to our non-employee Board of Directors, other than shares issued as set forth in Note 17, for an aggregate of up to 400,000 shares of Common Stock.

Options—Option awards were granted with an exercise price equal to the market price of Common Stock at the date of grant and vested immediately upon grant with five-year contractual terms. A summary of the status of our stock options as of December 31, 2015 and 2014 and the changes during the years ended are as follows:



	2015
	Number of		Weighted
	Shares		Average
	Underlying		Exercise
	Options		Prices
Outstanding, January 1	17,050		$	20.46
Granted	—		—
Exercised	—		—
Forfeited	(17,050	)	$	20.46
Outstanding and exercisable, December 31	—



	2014
	Number of			Weighted
	Shares			Average
	Underlying			Exercise
	Options			Prices
Outstanding, March 11 (Acquisition Date)	19,700			$	13.96
Granted	11,850			$	23.16
Exercised	(14,500		)	$	13.83
Outstanding and exercisable, December 31	17,050			$	20.46
Weighted-average fair value per share of stock options granted during the year	$	0.66

Effective January 31, 2015, all 17,050 outstanding options were forfeited in accordance with the plan. No stock options were outstanding as of December 31, 2016 and 2015. We recorded compensation expense of $0, $0 and $8,000 during the years ended December 31, 2016, 2015 and 2014, respectively, related to the option grant.

Restricted Shares—A summary of our restricted shares as of December 31, 2016, 2015 and 2014 and the changes during the years ended is as follows:



	2016
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, January 1	8,002		$	18.27
Granted	10,176		$	18.87
Vested	(7,334	)	$	18.10
Balance, December 31	10,844		$	18.75



	2015
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, January 1	7,334		$	21.32
Granted	8,000		$	17.81
Vested	(7,332	)	$	17.82
Balance, December 31	8,002		$	18.27



	2014
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, March 11 (Acquisition Date)	—		$	—
Granted	8,000		$	21.42
Vested	(666	)	$	22.54
Balance, December 31	7,334		$	21.32

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 one 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 one 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 $155,000, $113,000 and $95,000 for the years ended December 31, 2016, 2015 and 2014, 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 $9,000, $39,000 and $29,000 for the years ended December 31, 2016, 2015 and 2014, respectively, related to these restricted shares of Common Stock.

As of December 31, 2016, there was $65,000 of total unrecognized compensation expense related to shares of Common Stock which will be recognized over the next year. The estimated fair value of restricted shares vested during 2016, 2015 and 2014 was $133,000, $131,000 and $15,000, respectively.

EARNINGS PER SHARE (''EPS'')

12 Months Ended

Dec. 31, 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 91,328,000, 97,588,000 and 97,173,000 for the years ended December 31, 2016, 2015 and 2014, respectively. For the years ended December 31, 2016, 2015 and 2014, the diluted weighted average shares of Common Stock outstanding were increased by 0, 0 and 3,000 shares, respectively, to reflect the dilutive effect of stock options. Outstanding shares of Series A Preferred Stock and Warrants were not included in the computation of diluted EPS for the year ended December 31, 2016 because their impact was deemed to be anti-dilutive. Options to purchase 11,850 shares of Common Stock were not included in the computation of diluted EPS for the year ended December 31, 2014 because their impact was deemed to be anti-dilutive.

EPS for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS in the respective periods. In addition, EPS is calculated independently for each component and may not be additive due to rounding.

The following table reconciles the numerator and denominator used in computing our basic and diluted per-share computations for net income available to common stockholders for the years ended December 31, 2016, 2015 and 2014:



	Year Ended December 31,
	2016			2015			2014
	(in thousands, except share and per share amounts)
Numerator:
Net income from continuing operations	$	30,712		$	6,112		$	13,143
Net income attributable to noncontrolling interests	(18		)	(11		)	(220		)
Redeemable preferred stock dividends	(9		)	—			—
Numerator for basic and diluted net income from continuing operations available to common stockholders	30,685			6,101			12,923
Net income from discontinued operations	3,853			18,291			11,455
Numerator for basic and diluted net income available to common stockholders	$	34,538		$	24,392		$	24,378
Denominator:
Basic weighted average shares outstanding	91,328			97,588			97,173
Effect of dilutive securities—contingently issuable shares and stock options	—			—			3
Diluted weighted average shares and common stock equivalents outstanding	91,328			97,588			97,176
Basic and diluted net income available to common stockholders per share:
Continuing operations	$	0.34		$	0.06		$	0.13
Discontinued operations	0.04			0.19			0.12
Net income	$	0.38		$	0.25		$	0.25

REDEEMABLE PREFERRED STOCK

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

REDEEMABLE PREFERRED STOCK

On April 22, 2016, we filed a registration statement with the Securities and Exchange Commission for up to $900,000,000 of units (collectively, the "Units"), with each unit consisting of (i) one share of Series A Preferred Stock, par value $0.001 per share, of the Company (collectively, the "Series A Preferred Stock") with an initial stated value of $25.00 per share ("Stated Value") and (ii) one warrant (collectively, the "Warrants") to purchase 0.25 of a share of Common Stock (Note 13), which was declared effective on July 1, 2016 by the Securities and Exchange Commission (“SEC”). The registration statement allows us to sell up to a maximum of 36,000,000 Units. Our Series A Preferred Stock ranks senior to our Common Stock with respect to payment of dividends and distributions of amounts upon liquidation, dissolution or winding up. Proceeds and expenses from the sale of the Units are allocated to the Series A Preferred Stock and Warrants using their relative fair values on the date of issuance.

Our Series A Preferred Stock is redeemable at the option of the holder (the "Holder") or CIM Commercial. The redemption schedule of the Series A Preferred Stock allows redemptions at the option of the Holder from the date of original issuance of any given shares of Series A Preferred Stock through the second year at Stated Value, plus accrued and unpaid dividends, subject to the payment of a 13.0% redemption fee. After year two, the redemption fee decreases to 10.0% and after year five there is no redemption fee. Also, CIM Commercial has the right to redeem the Series A Preferred Stock after year five at Stated Value, plus accrued and unpaid dividends. At the Company’s discretion, redemptions will be paid in cash or, on or after the first anniversary of the issuance of such shares of Series A Preferred Stock, an equal value of Common Stock based on the volume weighted average price of our Common Stock for the 20 trading days prior to the redemption. As of December 31, 2016, no shares of Series A Preferred Stock have been redeemed.

As of December 31, 2016, we had issued 61,435 Units and received gross proceeds of $1,536,000 ($1,528,000 of which were allocated to the Series A Preferred Stock in temporary equity and the remaining $8,000 were allocated to the Warrants in permanent equity). In connection with such issuance, costs specifically identifiable to the offering of Units, such as commissions, dealer manager fees and other registration fees, totaled $102,000 ($99,000 of which were allocated to the Series A Preferred Stock in temporary equity and the remaining $3,000 were allocated to the Warrants in permanent equity). In addition, non issuance specific costs related to this offering totaling $2,063,000 have been deferred. As of December 31, 2016, we have reclassified $3,000 and a de minimis amount from deferred rent receivable and charges to temporary equity and stockholders' equity, respectively, as a reduction to the gross proceeds received. Such reclassification was based on the number of Units issued during the period relative to the maximum number of Units anticipated to be issued under the offering.

Holders of Series A Preferred Stock are entitled to receive, when, and as authorized by our Board of Directors, and declared by us out of legally available funds, cumulative cash dividends on each share of Series A Preferred Stock at an annual rate of 5.5% of the Stated Value (i.e., the equivalent of $0.34375 per share per quarter). Dividends on each share of Series A Preferred Stock will begin accruing on, and will be cumulative from, the date of issuance. Cash dividends declared on our Series A Preferred Stock for the year ended December 31, 2016 consist of the following:



			Aggregate
Declaration Date	Payment Date	Number of Shares	Dividends Declared
			(in thousands)
December 6, 2016	January 17, 2017	61,435	$	9

On March 8, 2017, we declared a dividend of $0.34375 per share of our Series A Preferred Stock, or portion thereof for issuances during the period from January 1, 2017 to March 31, 2017, to be paid on April 17, 2017 to the holders of Series A Preferred Stock of record on April 5, 2017.

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

STOCKHOLDERS' EQUITY

Dividends

Dividends per share of Common Stock declared during the years ended December 31, 2016 and 2015 consist of the following:



Declaration Date	Payment Date	Dividend Per Common Share
December 6, 2016	December 23, 2016	$	0.21875
September 12, 2016	September 28, 2016	$	0.21875
June 10, 2016	June 28, 2016	$	0.21875
March 8, 2016	March 29, 2016	$	0.21875
December 10, 2015	December 29, 2015	$	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

On March 8, 2017, we declared a common share dividend of $0.21875 per share of Common Stock, to be paid on March 27, 2017 to stockholders of record on March 20, 2017.

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, canceled 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, a fund managed by an affiliate of CIM Group, an affiliate of the Manager and the Advisor (each as defined in Note 16), 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.

In addition, on September 14, 2016, we repurchased, in a privately negotiated transaction, canceled and retired 3,628,116 shares of Common Stock from Urban II. 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. The Company intends to engage in transactions that would allow stockholders that did not participate in the September 2016 private repurchase to receive the economic benefit of the private repurchase in an equitable manner. Such transactions could take many forms, including the declaration and payment of one or more special dividends, additional share repurchases or tender offers.

Warrants

Each Units consists of (i) one share of Series A Preferred Stock (Note 12) and (ii) one Warrant which allows the holder to purchase 0.25 of a share of Common Stock. The Warrants are exercisable beginning on the first anniversary of the date of original issuance until and including the fifth anniversary of the date of such issuance. The exercise price of each Warrant is at a 15.0% premium to the per share estimated net asset value of our Common Stock (as most recently published by us at the time of each issuance).

Proceeds and expenses from the sale of the Units are allocated to the Series A Preferred Stock and Warrants using their relative fair values on the date of issuance. As of December 31, 2016, we had issued 61,435 Warrants in connection with our offering of Units and allocated net proceeds of $5,000, after specifically identifiable offering costs and allocated general offering costs, to the Warrants in permanent equity.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

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

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 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 (Note 9), 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 (Note 3). 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 15 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 December 31, 2016 and 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 December 31, 2016 and 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:



	Year Ended December 31,
	2016			2015			2014
	(in thousands)
Accumulated other comprehensive income (loss), at beginning of period	$	(2,519	)	$	—		$	—
Other comprehensive income (loss) before reclassifications	(2,227		)	(3,381		)	—
Amounts reclassified from accumulated other comprehensive income (loss) (1)	4,237			862			—
Net current period other comprehensive income (loss)	2,010			(2,519		)	—
Accumulated other comprehensive income (loss), at end of period	$	(509	)	$	(2,519	)	$	—


(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 $3,048,000 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.

+ References

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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

Our derivative financial instruments (Note 14) are measured at fair value on a recurring basis and are presented on our consolidated balance sheets 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:



	December 31,					Balance Sheet
	2016		2015		Level	Location
	(in thousands)
Liabilities:
Interest rate swaps	$	509	$	2,519	2	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:



	December 31, 2016				December 31, 2015
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
Loans receivable subject to credit risk	$	43,623	$	43,621	$	43,178	$	43,508	3
SBA 7(a) loans receivable, subject to secured borrowings	29,524		29,976		36,646		37,121		3
Other loans receivable	2,593		2,550		3,278		3,189		3
Commercial real estate loan, subject to secured borrowing	—		—		20,338		20,408		3
Liabilities:
Mortgages payable	530,793		516,892		145,072		147,516		3
Junior subordinated notes	25,055		25,173		24,979		25,046		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 and Other Loans Receivable—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 December 31, 2016, our assumptions included discount rates ranging from 8.25% to 13.25% and prepayment rates ranging from 5.80% to 20.00%. 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 range of prepayment rates of 6.70% to 20.00% at December 31, 2016 and a prepayment rate of 15.00% at December 31, 2015.

Commercial Real Estate Loan, Subject to Secured Borrowing—In order to determine the estimated fair value of our commercial real estate loan receivable which consisted of a mezzanine loan, we used a present value technique for the anticipated future cash flows using certain assumptions including a discount rate of 9.77% at December 31, 2015. For the purpose of fair value determination, there was no prepayment anticipated and no potential credit deterioration anticipated on this loan at December 31, 2015.

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 4.60% to 4.72% and 4.42% to 4.72% at December 31, 2016 and 2015, respectively.

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 4.83% and 4.44% at December 31, 2016 and 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

12 Months Ended

Dec. 31, 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
From Greater of		To and Including		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 $25,753,000, $24,882,000 and $23,223,000 for the years ended December 31, 2016, 2015 and 2014, respectively. At December 31, 2016 and 2015, asset management fees of $6,448,000 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 $5,630,000, $5,814,000 and $5,284,000 for the years ended December 31, 2016, 2015 and 2014, respectively. CIM Urban also reimbursed the CIM Management Entities $8,630,000, $8,319,000 and $7,369,000 during the years ended December 31, 2016, 2015 and 2014, 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 $2,522,000, $697,000 and $1,904,000 for the years ended December 31, 2016, 2015, and 2014, respectively, which were capitalized to deferred charges. In addition, the CIM Management Entities earned construction management fees of $942,000, $1,055,000 and $566,000 for the years ended December 31, 2016, 2015 and 2014, respectively, which were capitalized to investments in real estate.

At December 31, 2016 and 2015, fees payable and expense reimbursements due to the CIM Management Entities of $2,027,000 and $2,230,000, respectively, are included in due to related parties. Also included in due from related parties as of December 31, 2016 and 2015, was $214,000 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 Base Service Fee began to accrue on the Acquisition Date and was pro-rated based on the number of days during the first quarter in which the Master Services Agreement was in effect. For the years ended December 31, 2016, 2015 and 2014, the Manager earned a Base Service Fee of $1,043,000, $1,010,000 and $806,000, 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 years ended December 31, 2016, 2015 and 2014, 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). For the years ended December 31, 2016, 2015 and 2014, we expensed $3,120,000, $2,993,000, and $1,193,000 for such services, respectively, which are included in asset management and other fees to related parties. At December 31, 2016 and 2015, $1,935,000 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. The agreement 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 years ended December 31, 2016 and 2015, we incurred expenses related to services subject to reimbursement by us under this agreement of $3,555,000 and $3,850,000, respectively, which are included in asset management and other fees to related parties for lending segment costs included in continuing operations, $411,000 and $434,000, respectively, for corporate services, which are included in asset management and other fees to related parties, and $550,000 and $777,000, respectively, which are included in discontinued operations. For the year ended December 31, 2015, we expensed $1,638,000 for transaction costs paid to CIM SBA for reimbursement of costs in connection with the sale of substantially all of our commercial mortgage loans to an unrelated third party (Note 8). In addition, for the years ended December 31, 2016, 2015 and 2014, we deferred personnel costs of $249,000, $282,000 and $246,000, 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. For the years ended December 31, 2016, 2015 and 2014, we recorded rental and other property income related to this tenant of $108,000, $104,000 and $100,000, 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, canceled 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.

On November 21, 2016, our Chief Executive Officer purchased 20,000 Units (Note 12) at $25.00 per Unit.

On December 29, 2016, we sold our commercial real estate lending subsidiary, which was classified as held for sale and had a carrying value of $27,587,000, which was equal to management's estimate of fair value, to a fund managed by an affiliate of CIM Group. We did not recognize any gain or loss in connection with the transaction (Note 8). Management's estimate of fair value was determined with assistance from an independent third party valuation firm.

- 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

12 Months Ended

Dec. 31, 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 to fund loans were $13,902,000 at December 31, 2016 and 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 $50,178,000 in future obligations under leases to fund tenant improvements and other future construction obligations at December 31, 2016. At December 31, 2016, $15,399,000 was funded to reserve accounts included in restricted cash on our consolidated balance sheet for these tenant improvement obligations in connection with the mortgage loan agreements entered into in June 2016.

In 2017, the Company received notice from a taxing authority claiming past due real property transfer tax relating to prior years totaling approximately $11,400,000, including penalties and interest. The Company believes that it has defenses to, and intends to vigorously contest, these claims. Due to the early stage of these claims and the uncertainty and risks inherent in claims resolution, the Company cannot predict the ultimate outcome. However, the Company currently does not believe that any loss is probable and reasonably estimable. Accordingly, the Company has not recorded any liability related to these claims as of December 31, 2016 in the accompanying consolidated financial statements.

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, $1,263,000 and $947,000 during the years ended December 31, 2016, 2015 and 2014, 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 December 31, 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, are 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 business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations, to maintain our level of Common Stock or Series A Preferred Stock dividend distributions or to engage in further repurchases of Common Stock.

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 business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations, to maintain our level of Common Stock or Series A Preferred Stock dividend distributions or to engage in further repurchases of Common Stock.

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 business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations, to maintain our level of Common Stock or Series A Preferred Stock dividend distributions or to engage in further repurchases of Common Stock.

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 $1,752,000 for each of the years ended December 31, 2016, 2015 and 2014. We record rent expense on a straight-line basis. Straight-line rent liability of $13,289,000 and $12,180,000 is included in other liabilities in the accompanying consolidated balance sheets as of December 31, 2016 and 2015, respectively.

We lease office space in Dallas, Texas under a lease which expires in May 2018. We recorded rent expense of $226,000, $235,000 and $175,000, for the years ended December 31, 2016 and 2015 and for the period from the Acquisition Date through December 31, 2014, respectively.

Scheduled future noncancelable minimum lease payments at December 31, 2016 are as follows:



Years Ending December 31,	(in thousands)
2017	$	749
2018	607
2019	503
2020	541
2021	578
Thereafter	127,101
	$	130,079

FUTURE MINIMUM LEASE RENTALS

12 Months Ended

Dec. 31, 2016

Leases, Operating [Abstract]

FUTURE MINIMUM LEASE RENTALS

Future minimum rental revenue under long-term operating leases at December 31, 2016, excluding tenant reimbursements of certain costs, are as follows:



	Governmental		Other
Years Ending December 31,	Tenants		Tenants		Total
	(in thousands)
2017	$	51,494	$	111,887	$	163,381
2018	51,921		109,922		161,843
2019	52,985		99,827		152,812
2020	49,067		88,964		138,031
2021	35,183		78,127		113,310
Thereafter	111,323		307,124		418,447
	$	351,973	$	795,851	$	1,147,824

CONCENTRATIONS

12 Months Ended

Dec. 31, 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 19.9%, 22.7% and 24.7% of our rental and other property income for the years ended December 31, 2016, 2015 and 2014, respectively. At December 31, 2016 and 2015, $8,339,000 and $7,968,000, respectively, was due from Governmental Tenants (Note 18).

Geographical Concentrations of Investments in Real Estate—As of December 31, 2016, 2015 and 2014, we owned 20, 20 and 21 office properties, respectively, five multifamily properties, one, three and three hotel properties, respectively, three parking garages, and two, two and one development sites, respectively. The development site that was purchased in August 2015 is being used as a parking lot (Note 4). These properties are located in four states and Washington, D.C.

Our revenue concentrations from properties are as follows:



	Year Ended December 31,
	2016		2015		2014
California	63.4	%	62.2	%	60.4	%
Washington, D.C.	21.3		24.2		24.7
Texas	8.2		7.8		7.7
North Carolina	5.2		4.6		5.1
New York	1.9		1.2		2.1
	100.0	%	100.0	%	100.0	%

Our real estate investments concentrations from properties are as follows:



	December 31,
	2016		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	%

INCOME TAXES

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

INCOME TAXES

We have elected to be taxed as a REIT under the Code. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our taxable income to our stockholders. As a REIT, we generally will not be subject to corporate level federal income tax on net income that is currently distributed to stockholders.

We have wholly-owned TRS’s which are subject to federal and state income taxes. The income generated from the TRS’s is taxed at normal corporate rates.

The provision for income taxes results in effective tax rates that differ from federal and state statutory rates. A reconciliation of the provision for income tax attributable to the TRSs' income from continuing operations computed at federal statutory rates to the income tax provision reported in the financial statements is as follows:



	Year Ended December 31,
	2016			2015			2014
	(in thousands)
Income from continuing operations before income taxes for TRSs	$	5,684		$	3,010		$	5,031

Expected federal income tax provision	$	1,933		$	1,023		$	1,711
State income taxes	21			42			172
Change in valuation allowance	(1,443		)	(302		)	(1,145		)
Other	1,135			43			(134		)
Income tax provision	$	1,646		$	806		$	604

The components of our net deferred tax asset, which are included in other assets, are as follows:



	December 31,
	2016			2015
	(in thousands)
Deferred tax assets:
Net operating losses	$	59		$	1,614
Secured borrowings—government guaranteed loans	706			916
Other	104			264
Total gross deferred tax assets	869			2,794
Valuation allowance	(64		)	(1,507		)
	805			1,287
Deferred tax liabilities:
Loans receivable	(535		)	(618		)
Other	(10		)	(245		)
	(545		)	(863		)
Deferred tax asset, net	$	260		$	424

The net operating loss carryforwards at December 31, 2016 and 2015 were generated by TRSs and are available to offset future taxable income of these TRSs. The net operating loss carryforwards expire from 2027 to 2034.

The periods subject to examination for our federal and state income tax returns are 2012 through 2015. As of December 31, 2016 and 2015, no reserves for uncertain tax positions have been established and we do not anticipate any material changes in the amount of unrecognized tax benefits recorded to occur within the next 12 months.

SEGMENT DISCLOSURE

12 Months Ended

Dec. 31, 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 at December 31, 2015 and 2014 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 Note 3.

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 years ended December 31, 2016, 2015 and 2014 is as follows:



	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Office:
Revenues	$	187,435	$	188,270	$	179,338
Property expenses:
Operating	81,217		80,014		73,666
General and administrative	1,234		771		981
Total property expenses	82,451		80,785		74,647
Segment net operating income—office	104,984		107,485		104,691
Hotel:
Revenues	48,379		61,436		56,096
Property expenses:
Operating	32,177		41,585		39,544
General and administrative	282		389		150
Total property expenses	32,459		41,974		39,694
Segment net operating income—hotel	15,920		19,462		16,402
Multifamily:
Revenues	20,303		18,721		20,719
Property expenses:
Operating	11,309		11,579		13,664
General and administrative	1,048		589		738
Total property expenses	12,357		12,168		14,402
Segment net operating income—multifamily	7,946		6,553		6,317
Lending:
Revenues	9,814		8,521		6,674
Lending expenses:
Interest expense	537		845		1,177
Fees to related party	3,555		3,850		—
General and administrative (1)	1,166		1,032		3,710
Total lending expenses	5,258		5,727		4,887
Segment net operating income—lending	4,556		2,794		1,787
Total segment net operating income	$	133,406	$	136,294	$	129,197


(1)	Salaries and related benefits of $2,866,000 were included in general and administrative expense for the period from the Acquisition Date through December 31, 2014 while, as a result of the transfer of substantially all our lending segment employees to an affiliate (Note 16), such expenses were included in fees to related party for the years ended December 31, 2016 and 2015.

A reconciliation of our segment net operating income to net income attributable to the Company for the years ended December 31, 2016, 2015 and 2014 is as follows:



	Year Ended December 31,
	2016			2015			2014
	(in thousands)
Total segment net operating income	$	133,406		$	136,294		$	129,197
Asset management and other fees to related parties	(30,327		)	(29,319		)	(25,222		)
Interest expense	(33,848		)	(22,785		)	(19,073		)
General and administrative	(4,231		)	(6,621		)	(5,463		)
Transaction costs	(340		)	(1,382		)	(1,563		)
Depreciation and amortization	(71,968		)	(72,361		)	(69,047		)
Bargain purchase gain	—			—			4,918
Gain on sale of real estate	39,666			3,092			—
Income from continuing operations before provision for income taxes	32,358			6,918			13,747
Provision for income taxes	(1,646		)	(806		)	(604		)
Net income from continuing operations	30,712			6,112			13,143
Discontinued operations:
Income from operations of assets held for sale	3,853			13,140			11,455
Gain on disposition of assets held for sale	—			5,151			—
Net income from discontinued operations	3,853			18,291			11,455
Net income	34,565			24,403			24,598
Net income attributable to noncontrolling interests	(18		)	(11		)	(220		)
Net income attributable to the Company	$	34,547		$	24,392		$	24,378

The condensed assets for each of the segments as of December 31, 2016 and 2015, along with capital expenditures and loan originations for the years ended December 31, 2016, 2015, and 2014 are as follows:



	December 31,
	2016		2015
	(in thousands)
Condensed assets:
Office	$	1,568,702	$	1,520,339
Hotel	115,955		176,735
Multifamily	170,159		171,429
Lending assets	91,191		128,992
Non-segment assets	76,877		94,565
Total assets	$	2,022,884	$	2,092,060



	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Capital expenditures (1):
Office	$	30,563	$	27,686	$	26,157
Hotel	733		1,158		1,481
Multifamily	548		2,498		1,241
Total capital expenditures	31,844		31,342		28,879
Loan originations (2)	105,201		59,467		50,971
Total capital expenditures and loan originations	$	137,045	$	90,809	$	79,850


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


(2)	For the year ended December 31, 2016, loan originations includes $966,000 of non cash additions to commercial real estate loans for capitalized interest.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following is a summary of quarterly financial information for the year ended December 31, 2016.



	Three Months Ended
	March 31,			June 30,			September 30,		December 31,
	(in thousands, except per share data)
2016
Revenues from continuing operations	$	68,617		$	68,360		$	64,332	$	64,622
Gain on sale of real estate	24,739			—			14,927		—
Net income (loss) from continuing operations	26,293			(810		)	8,382		(3,153		)
Net income from discontinued operations	690			1,668			703		792
Net income (loss)	26,983			858			9,085		(2,361		)
Net income (loss) attributable to the Company	26,980			849			9,088		(2,370		)
Redeemable preferred stock dividends	—			—			—		(9		)
Net income (loss) available to common stockholders	26,980			849			9,088		(2,379		)
BASIC AND DILUTED NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS PER SHARE (1):
Continuing operations	$	0.27		$	(0.01	)	$	0.10	$	(0.04	)
Discontinued operations	$	0.01		$	0.02		$	0.01	$	0.01
Net income	$	0.28		$	0.01		$	0.10	$	(0.03	)
Weighted average shares of common stock outstanding - basic	97,662			96,683			87,045		84,048
Weighted average shares of common stock outstanding - diluted	97,662			96,683			87,045		84,048

Revenues from continuing operations (2)	$	66,390		$	65,438		$	64,332	$	64,622
Revenues subsequently reclassified from discontinued operations	2,227			2,922			—		—
Revenues from continuing operations, as adjusted	$	68,617		$	68,360		$	64,332	$	64,622

Net income (loss) from continuing operations (2)	$	25,554		$	(1,965	)	$	8,382	$	(3,153	)
Net income from continuing operations subsequently reclassified from discontinued operations	739			1,155			—		—
Net income (loss) from continuing operations, as adjusted	$	26,293		$	(810	)	$	8,382	$	(3,153	)

Net income from discontinued operations (2)	$	1,429		$	2,823		$	703	$	792
Net income from discontinued operations subsequently reclassified to continuing operations	(739		)	(1,155		)	—		—
Net income from discontinued operations, as adjusted	$	690		$	1,668		$	703	$	792


(1)	EPS for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS in the respective periods. In addition, EPS is calculated independently for each component and may not be additive due to rounding.


(2)	For the three months ended March 31, June 30 and September 30, 2016, as previously reported in the respective Form 10-Qs.

The following is a summary of quarterly financial information for the year ended December 31, 2015.



	Three Months Ended
	March 31,			June 30,			September 30,			December 31,
	(in thousands except per share data)
2015
Revenues from continuing operations	$	69,249		$	69,237		$	68,460		$	70,002
Gain on sale of real estate	—			—			—			3,092
Net income from continuing operations	12			1,802			601			3,697
Net income from discontinued operations	2,720			3,180			4,640			7,751
Net income	2,732			4,982			5,241			11,448
Net income attributable to the Company	2,732			4,976			5,242			11,442
Redeemable preferred stock dividends	—			—			—			—
Net income available to common stockholders	2,732			4,976			5,242			11,442
BASIC AND DILUTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE (1):
Continuing operations	$	—		$	0.02		$	0.01		$	0.04
Discontinued operations	$	0.03		$	0.03		$	0.05		$	0.08
Net income	$	0.03		$	0.05		$	0.05		$	0.12
Weighted average shares of common stock outstanding - basic	97,582			97,589			97,590			97,590
Weighted average shares of common stock outstanding - diluted	97,582			97,589			97,590			97,590

Revenues from continuing operations (2)	$	67,239		$	66,919		$	66,395		$	67,874
Revenues subsequently reclassified from discontinued operations	2,010			2,318			2,065			2,128
Revenues from continuing operations, as adjusted	$	69,249		$	69,237		$	68,460		$	70,002

Net income (loss) from continuing operations (2)	$	(230	)	$	998		$	233		$	3,123
Net income from continuing operations subsequently reclassified from discontinued operations	242			804			368			574
Net income from continuing operations, as adjusted	$	12		$	1,802		$	601		$	3,697

Net income from discontinued operations (2)	$	2,962		$	3,984		$	5,008		$	8,325
Net income from discontinued operations subsequently reclassified to continuing operations	(242		)	(804		)	(368		)	(574		)
Net income from discontinued operations, as adjusted	$	2,720		$	3,180		$	4,640		$	7,751


(1)	EPS for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS in the respective periods. In addition, EPS is calculated independently for each component and may not be additive due to rounding.


(2)	For the three months ended March 31, June 30, September 30 and December 31, 2015, as previously reported in the Form 10-K.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2016

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2016

(in thousands)



			Initial Cost				Net Improvements (Write-Offs) Since Acquisition			Gross Amount at Which Carried
Property Name, City and State	Encumbrances		Land		Building and Improvements					Land		Building and Improvements		Total		Acc. Deprec.		Year Built / Renovated	Year of Acquisition
Office
7083 Hollywood Boulevard
Los Angeles, CA	$	21,700	$	6,276	$	13,161	$	3,248		$	6,276	$	16,409	$	22,685	$	5,626	1981	2005
800 N Capitol Street
Washington, DC	—		—		109,948		(6,685		)	—		103,263		103,263		28,168		1991	2005
370 L'Enfant Promenade
Washington, DC	—		33,936		145,796		(5,724		)	33,936		140,072		174,008		39,969		1987	2005
260 Townsend Street
San Francisco, CA	28,200		7,574		13,843		2,219			7,574		16,062		23,636		6,603		1986	2006
830 1st Street
Washington, DC	46,000		18,095		62,017		(1,193		)	18,095		60,824		78,919		15,939		2002	2006
200 S College Street
Charlotte, NC	—		7,702		109,006		8,497			7,702		117,503		125,205		35,792		1977/1997	2007
3601 S Congress Avenue
Austin, TX	—		9,569		18,593		1,900			9,569		20,493		30,062		6,459		1918/2001	2007
899 N Capitol Street
Washington, DC	—		34,641		84,466		12,638			34,641		97,104		131,745		24,517		1969-1973/1999 & 2011	2007
999 N Capitol Street
Washington, DC	—		32,221		86,526		10,710			32,221		97,236		129,457		25,564		1969-1973/1999 & 2011	2007
901 N Capitol Street
Washington, DC	—		27,117		—		4,299			27,117		4,299		31,416		1,216		N/A	2007
1333 Broadway
Oakland, CA	39,500		7,048		41,578		9,910			7,048		51,488		58,536		12,128		1972/1995	2008
1901 Harrison Street
Oakland, CA	42,500		3,838		68,106		5,792			3,838		73,898		77,736		19,870		1985	2008
2100 Franklin Street
Oakland, CA	80,000		4,277		34,033		11,638			4,277		45,671		49,948		13,100		2008	2008
2101 Webster Street
Oakland, CA	83,000		4,752		109,812		31,111			4,752		140,923		145,675		35,951		1984	2008
2353 Webster Street Parking Garage
Oakland, CA	—		—		9,138		29			—		9,167		9,167		1,894		1986	2008
1 Kaiser Plaza
Oakland, CA	97,100		9,261		113,619		16,677			9,261		130,296		139,557		32,194		1970/2008	2008
2 Kaiser Plaza Parking Lot
Oakland, CA	—		10,931		110		653			10,931		763		11,694		29		N/A	2015
980 9th Street
Sacramento, CA	—		3,380		86,939		4,375			3,380		91,314		94,694		17,760		1992	2009
1010 8th Street Parking Garage & Retail
Sacramento, CA	—		1,020		1,980		148			1,020		2,128		3,148		414		1992	2009
211 Main Street
San Francisco, CA	26,136		14,364		106,875		1,837			14,364		108,712		123,076		28,994		1973/1998	2009
11600 Wilshire Boulevard
Los Angeles, CA	—		3,477		18,522		1,650			3,477		20,172		23,649		3,707		1955	2010
11620 Wilshire Boulevard
Los Angeles, CA	—		7,672		51,999		7,678			7,672		59,677		67,349		11,123		1976	2010
4750 Wilshire Boulevard
Los Angeles, CA	—		16,633		28,985		58			16,633		29,043		45,676		2,341		1984/2014	2014
Lindblade Media Center
Los Angeles, CA	—		6,342		11,568		—			6,342		11,568		17,910		847		1930 & 1957 / 2010	2014

(Continued)

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2016

(in thousands)



			Initial Cost				Net Improvements (Write-Offs) Since Acquisition			Gross Amount at Which Carried
Property Name, City and State	Encumbrances		Land		Building and Improvements		Net Improvements (Write-Offs) Since Acquisition			Land		Building and Improvements		Total		Acc. Deprec.		Year Built / Renovated	Year of Acquisition
Multifamily
3636 McKinney Avenue
Dallas, TX	9,363		3,806		11,077		427			3,806		11,504		15,310		2,021		2006	2010
3839 McKinney Avenue
Dallas, TX	6,211		1,679		8,621		254			1,679		8,875		10,554		1,577		2006	2010
4649 Cole Avenue
Dallas, TX	23,560		17,483		16,355		5,420			17,483		21,775		39,258		4,191		1994	2010
4200 Scotland Street
Houston, TX	29,167		9,811		40,150		343			9,811		40,493		50,304		7,030		2009	2010
47 E 34th Street
New York, NY	—		30,612		31,145		1,450			30,612		32,595		63,207		4,226		2009	2011

Hotel
Sheraton Grand Hotel
Sacramento, CA	—		3,497		107,447		(3,729		)	3,497		103,718		107,215		22,899		2001	2008
Sheraton Grand Hotel Parking Garage & Retail
Sacramento, CA	—		6,550		10,996		(111		)	6,550		10,885		17,435		2,403		2001	2008
	$	532,437	$	343,564	$	1,552,411	$	125,519		$	343,564	$	1,677,930	$	2,021,494	$	414,552

The aggregate gross cost of property included above for federal income tax purposes approximates $2,036,225,000 (unaudited) as of December 31, 2016.

The following table reconciles the historical cost of total real estate held for investment from January 1, 2014 to December 31, 2016:



	Year Ended December 31,
	2016			2015			2014
	(in thousands)
Real Estate Assets
Balance, beginning of period	$	2,061,372		$	2,036,794		$	1,953,848

Additions:
Improvements	31,844			31,342			28,879
Property acquisitions	—			11,041			63,528
Deductions:
Asset sales	(61,801		)	(6,237		)	—
Retirements	(9,921		)	(11,568		)	(9,461		)
Balance, end of period	$	2,021,494		$	2,061,372		$	2,036,794

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2016

(in thousands)

The following table reconciles the accumulated depreciation from January 1, 2014 to December 31, 2016:



	Year Ended December 31,
	2016			2015			2014
	(in thousands)
Accumulated Depreciation
Balance, beginning of period	$	(369,661	)	$	(320,857	)	$	(271,683	)

Additions: depreciation	(62,239		)	(61,915		)	(58,635		)
Deductions:
Asset sales	7,427			1,543			—
Retirements	9,921			11,568			9,461
Balance, end of period	$	(414,552	)	$	(369,661	)	$	(320,857	)

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2016

Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

Schedule IV—Mortgage Loans on Real Estate

December 31, 2016

(dollars in thousands, except footnotes)



																Principal
																Amount of
																Loans Subject
Geographic	Number								Final			Carrying				to Delinquent
Dispersion of	of	Size of Loans							Maturity			Amount of				Principal or
Collateral	Loans	From		To		Interest Rate			Date Range			Mortgages (1)				"Interest"

SBA 7(a) Loans - States 2% or greater (2) (3):
Michigan	23	$	10	$	870	5.25%	to	6.25%	10/10/33	—	10/04/41	$	6,354			$	—
Ohio	21	$	—	$	950	5.25%	to	6.25%	10/16/20	—	11/25/41	5,801				—
Indiana	16	$	40	$	1,040	5.00%	to	6.25%	03/17/35	—	11/26/41	4,707				—
Texas (4)	28	$	—	$	650	4.38%	to	6.25%	02/01/17	—	08/25/41	4,090				506
Virginia	8	$	160	$	660	5.75%	to	6.25%	06/20/37	—	11/29/41	2,751				—
Kentucky	7	$	110	$	410	5.50%	to	6.25%	04/09/35	—	08/17/41	1,644				—
Florida	8	$	10	$	360	5.50%	to	6.25%	06/19/19	—	06/14/41	1,545				—
Alabama	6	$	40	$	460	5.25%	to	6.25%	07/27/25	—	05/30/40	1,402				—
Illinois	4	$	60	$	790	5.75%	to	6.25%	09/17/35	—	05/15/42	1,358				—
Missouri	5	$	50	$	440	5.50%	to	6.25%	03/29/22	—	05/26/41	1,309				—
Wisconsin (5)	7	$	10	$	250	5.25%	to	6.25%	04/23/20	—	07/17/38	1,135				249
Arizona	5	$	30	$	440	6.00%	to	6.25%	01/12/33	—	05/21/40	993				—
South Carolina	6	$	—	$	380	5.50%	to	6.25%	08/18/18	—	07/30/41	955				—
North Carolina	3	$	90	$	660	6.00%	to	6.25%	09/08/32	—	06/25/40	909				—
Georgia	5	$	100	$	230	5.75%	to	6.25%	05/23/20	—	06/07/41	834				—
Colorado	5	$	—	$	380	5.00%	to	6.25%	03/04/18	—	02/17/41	833				—
Other	21	$	—	$	480	5.17%	to	6.25%	02/10/20	—	11/17/41	3,983				—
Government guaranteed portions (6)												4,868				—
SBA 7(a) loans, subject to secured borrowings (7)												27,899				—
General reserves												(223		)		—
	178											73,147			(1)	755

Conventional Loans - States 2% or greater (8):
Arizona	1	—		—		6.85%			05/21/25			1,237				—
Ohio (9)	1	—		—		10.85%			11/25/19			926				—
North Carolina (10)	1	—		—		7.50%			02/06/19			430				—
	3											2,593				—

	181											$	75,740		(11)	$	755


(1)	Excludes general reserves of $223,000.


(2)	Includes $151,000 of loans not secured by real estate. Also includes $241,000 of loans with subordinate lien positions.


(3)	Interest rates are variable at spreads over the prime rate unless otherwise noted.


(4)	Includes two loans with retained face values of $11,000 and $33,000 respectively both with a fixed interest rate of 6.00%. Also includes a loan with a retained face value of $598,000, a valuation reserve of $16,000 and a fixed interest rate of 6.25%.


(5)	Includes a loan with a retained face value of $431,000, a valuation reserve of $32,000 and a fixed interest rate of 6.25%.


(6)	Represents the government guaranteed portions of our SBA 7(a) loans detailed above retained by us. As there is no risk of loss to us related to these portions of the guaranteed loans, the geographic information is not presented as it is not meaningful.


(7)	Represents the guaranteed portion of SBA 7(a) loans which were sold with the proceeds received from the sale reflected as secured borrowings. For Federal income tax purposes, these proceeds are treated as sales and reduce the carrying value of loans receivable.


(8)	Conventional loans have both variable and fixed rates of interest.


(9)	Loan is secured by a second lien on the property which is subordinated to our first lien on the property.


(10)	Loan has a face value of $443,000 and a fixed interest rate of 7.50%.


(11)	For Federal income tax purposes, the aggregate cost basis of our loans was $46,817,000 (unaudited).

Schedule IV—Mortgage Loans on Real Estate (Continued)

December 31, 2016

(in thousands)



Balance at March 11, 2014 (1)	$	207,140
Additions during period:
New mortgage loans	50,971
Other - deferral for collection of commitment fees, net of costs	634
Other - accretion of loan fees and discounts	5,442

Deductions during period:
Collections of principal	(49,373		)
Foreclosures	(1,098		)
Cost of mortgages sold, net	(24,522		)
Other - bad debt expense, net of recoveries	(142		)
Balance at December 31, 2014	189,052

Additions during period:
New mortgage loans	59,467
Other - deferral for collection of commitment fees, net of costs	385
Other - accretion of loan fees and discounts	6,841

Deductions during period:
Collections of principal	(44,261		)
Foreclosures	(708		)
Cost of mortgages sold, net	(29,799		)
Other - sale of mortgage loans	(77,121		)
Other - bad debt expense, net of recoveries	(416		)
Balance at December 31, 2015	103,440

Additions during period:
New mortgage loans (2)	105,201
Other - recoveries of bad debts, net of bad debt expense	199
Other - accretion of loan fees and discounts	1,592

Deductions during period:
Collections of principal	(37,336		)
Foreclosures	(92		)
Cost of mortgages sold, net	(41,040		)
Other - collection of commitment fees, net of costs	(739		)
Other - reclassification from secured borrowings	(2,663		)
Other - sale of commercial real estate loans (Note 8)	(52,822		)
Balance at December 31, 2016	$	75,740


(1)	In connection with the reverse merger completed on March 11, 2014 we acquired loans receivable which were recorded at fair value.


(2)	Includes $966,000 of non cash additions to commercial real estate loans for interest.

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

12 Months Ended

Dec. 31, 2016

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Basis of Presentation—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

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.

Cash and Cash Equivalents

Cash and Cash Equivalents—Cash and cash equivalents include short-term liquid investments with initial maturities of three months or less.

Restricted Cash

Loans Receivable

Accounts Receivable

Deferred Rent Receivable and Charges

Noncontrolling Interests

Redeemable Preferred Stock

Purchase Accounting for Acquisition of Investments in Real Estate

Revenue Recognition

Hotel room sales are recognized upon daily occupancy. Other hotel revenues are recognized as earned upon facility use or food and beverage consumption.

Premiums and Discounts on Debt

Stock-Based Compensation Plans

Earnings per Share ("EPS")

Distributions to Stockholders

Distributions—Distributions are recorded on the ex-dividend date.

Assets Held for Sale and Discontinued Operations

Derivative Financial Instruments

Income Taxes

Consolidation Considerations for Our Investments in Real Estate

Use of Estimates

Reclassifications

Concentration of Credit Risk

Fair Value Measurements

Fair Value Measurements—The fair value of our financial assets and liabilities are disclosed in Note 15.

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

Segment Information

Recently Issued Accounting Pronouncements

MERGER (Tables)

12 Months Ended

Dec. 31, 2016

MERGER

Schedule of pro forma consolidated financial information



	(in thousands, except per share amounts)
Pro forma revenue (A)	$	263,845
Pro forma net income	$	19,083
Pro forma basic and diluted earnings per share	$	0.20


(A)	Unaudited pro forma revenue including revenue from the acquired assets included in discontinued operations were $278,398,000 for the year ended December 31, 2014.

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

12 Months Ended

Dec. 31, 2016

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of real estate investment assets



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

ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Schedule of assets sold to third party

Asset

Date of

Sales

Gain on

Property

Type

Sale

Rooms

Price

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

During 2015, we sold a 100% fee-simple interest in Civic Center located at 500 West Santa Ana Boulevard, Santa Ana, California to an unrelated third party.

Asset

Date of

Sales

Gain on

Property

Type

Sale

Square Feet

Price

Sale

(in thousands)

500 West Santa Ana Boulevard, Santa Ana, CA

Office

November 19, 2015

37,116

8,050

3,092

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



					From the Acquisition Date through
	Year Ended December 31,				December 31,
	2016		2015		2014
	(in thousands)
Revenue - Interest and other income	$	6,389	$	14,544	$	12,236

Expenses:
Interest expense	1,944		132		—
Fees to related party (1)	550		777		—
General and administrative (1)	42		495		762
Provision for income taxes	—		—		19
Total expenses	2,536		1,404		781
Income from operations of assets held for sale	3,853		13,140		11,455
Gain on disposition of assets held for sale	—		5,151		—
Net income from discontinued operations	$	3,853	$	18,291	$	11,455


(1)	Salaries and related benefits of $664,000 were included in general and administrative expense for the period from the Acquisition Date through December 31, 2014 while, as a result of the transfer of substantially all our lending segment employees to an affiliate (Note 16), such expenses were included in fees to related party for the years ended December 31, 2016 and 2015.

The following is the detail of the carrying value of assets and liabilities at the time of sale of our commercial real estate lending subsidiary that was sold in December 2016:



	(in thousands)
Assets (1)
Commercial real estate loans, net	$	52,822
Cash and cash equivalents	821
Restricted cash	1,076
Accounts receivable, net	684
Other assets	23
Total assets held for sale, net	55,426
Liabilities (1)
Debt	25,941
Accounts payable and accrued expenses	503
Other liabilities	1,395
Total liabilities associated with assets held for sale	27,839
Carrying value	$	27,587


(1)	Management estimated that the fair value of the assets held for sale and the liabilities associated with assets held for sale approximated their carrying value at the time of the sale. Management's estimate of the fair value of the commercial real estate loans was determined with assistance from an independent third party valuation firm.



	(in thousands)
Assets held for sale
Loans receivable, net (1)	$	20,338
Cash and cash equivalents	1,471
Accounts receivable, net	253
Total assets held for sale, net	$	22,062
Liabilities associated with assets held for sale
Debt (2)	$	10,000
Accounts payable and accrued expenses	230
Other liabilities	22
Total liabilities associated with assets held for sale	$	10,252


(1)	Represents a commercial real estate loan, subject to secured borrowings, which is a mezzanine loan secured by an indirect ownership interest in an entity that either directly or indirectly owns parcels of commercial real estate. The loan had a variable interest rate.


(2)	Represents a secured borrowing on a commercial real estate loan with a variable interest rate, reset monthly, based on the 30-day London Interbank Offered Rate ("LIBOR"). The secured borrowing had an interest rate of 9.77% and was repaid in June 2016.

Schedule of acquisitions



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

Acquisitions during 2014, funded with proceeds from drawdowns on our unsecured credit facilities, consisted of the following:

Asset

Date of

Number

Rentable

Purchase

Property

Type

Acquisition

of Buildings

Square Feet

Price

(in thousands)

4750 Wilshire Boulevard, Los Angeles, CA (1)

Office

April 18, 2014

143,361

44,936

Lindblade Media Center, Los Angeles, CA (2)

Office

October 21, 2014

32,428

18,500


(1)	100% fee-simple interest in an office building built in 1984 and renovated in 2014, located in the Mid-Wilshire submarket of Los Angeles, California.


(2)	100% fee-simple interest in a portfolio of creative office buildings located in the West Los Angeles submarket of Los Angeles, California. Two of the buildings were built in 1930 and the third was built in 1957. The buildings were renovated in 2010.

Schedule of the fair value of the assets acquired and liabilities assumed

The fair values of the net assets acquired for the above-noted acquisitions during the years ended December 31, 2015 and 2014, respectively, are as follows:



	Year Ended December 31,
	2015 (1)		2014 (1)
	(in thousands)
Land	$	10,931	$	22,975
Land improvements	110		535
Buildings and improvements	—		38,821
Tenant improvements	—		1,197
Acquired in-place leases (2)	102		2,396
Acquired below-market leases (3)	—		(2,488		)
Net assets acquired	$	11,143	$	63,436


(1)	The purchase price of the acquisitions completed during the years ended December 31, 2015 and 2014, respectively, were individually less than 5% and in aggregate less than 10% of our total assets as of December 31, 2015 and 2014, respectively.


(2)	Acquired in-place leases have a weighted average amortization period of 3.0 years and 5.1 years for the 2015 and 2014 acquisitions, respectively.


(3)	Acquired below-market leases have a weighted average amortization period of 5.0 years for the 2014 acquisitions.

- 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
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

+ Details

INVESTMENTS IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Schedule of investments in real estate

Investments in real estate consist of the following:



	December 31,
	2016			2015
	(in thousands)
Land	$	343,564		$	363,612
Land improvements	26,177			26,747
Buildings and improvements	1,475,415			1,506,962
Furniture, fixtures, and equipment	4,955			9,720
Tenant improvements	159,677			146,205
Work in progress	11,706			8,126
Investments in real estate	2,021,494			2,061,372
Accumulated depreciation	(414,552		)	(369,661		)
Net investments in real estate	$	1,606,942		$	1,691,711

OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2016 and 2015, is as follows:



	Assets														Liabilities
December 31, 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		$	11,551		$	4,273		$	11,685		$	2,957	$	(18,893	)
Accumulated amortization	(180		)	(8,443		)	(2,873		)	(1,562		)	—		15,317
	$	35		$	3,108		$	1,400		$	10,123		$	2,957	$	(3,576	)
Average useful life (in years)	8			10			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 (Note 4).

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 December 31, 2016, is as follows:



	Assets								Liabilities
	Acquired		Acquired				Acquired		Acquired
	Above-Market		In-Place		Tax		Below-Market		Below-Market
Years Ending December 31,	Leases		Leases		Abatement		Ground Lease		Leases
	(in thousands)
2017	$	26	$	871	$	551	$	140	$	(2,405	)
2018	9		733		551		140		(971		)
2019	—		464		298		140		(200		)
2020	—		207		—		140		—
2021	—		207		—		140		—
Thereafter	—		626		—		9,423		—
	$	35	$	3,108	$	1,400	$	10,123	$	(3,576	)

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2016

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

Schedule of Other Assets

Other assets consist of the following:



	December 31,
	2016		2015
	(in thousands)
SBA 7(a) loans, subject to credit risk	$	43,623	$	43,178
SBA 7(a) loans, subject to secured borrowings	29,524		36,646
Other assets	19,123		22,577
	$	92,270	$	102,401

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Schedule of gain on sale

Our gain on sale of our commercial real estate lending subsidiary and our commercial mortgage loans was computed as follows for the years ended December 31, 2016 and 2015, respectively:



	Year Ended December 31,
	2016			2015
	(in thousands)
Proceeds received	$	27,587		$	84,928
Less: Carrying value (1)	(27,587		)	(77,121		)
Gain on sale before transaction costs	—			7,807
Transaction costs (2)	—			(2,656		)
Gain on disposition of assets held for sale	$	—		$	5,151


(1)	For commercial mortgage loans sold during the year ended December 31, 2015, includes unamortized acquisition discounts of $15,951,000 as of the date of sale.


(2)	Transaction costs for the year ended December 31, 2015 include $1,638,000 paid to CIM SBA Staffing, LLC, an affiliate of CIM Group, for reimbursement of costs in connection with the sale of substantially all of our commercial mortgage loans to an unrelated third party.

Schedule of assets held for sale classified as discontinued operations

Asset

Date of

Sales

Gain on

Property

Type

Sale

Rooms

Price

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

During 2015, we sold a 100% fee-simple interest in Civic Center located at 500 West Santa Ana Boulevard, Santa Ana, California to an unrelated third party.

Asset

Date of

Sales

Gain on

Property

Type

Sale

Square Feet

Price

Sale

(in thousands)

500 West Santa Ana Boulevard, Santa Ana, CA

Office

November 19, 2015

37,116

8,050

3,092

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



					From the Acquisition Date through
	Year Ended December 31,				December 31,
	2016		2015		2014
	(in thousands)
Revenue - Interest and other income	$	6,389	$	14,544	$	12,236

Expenses:
Interest expense	1,944		132		—
Fees to related party (1)	550		777		—
General and administrative (1)	42		495		762
Provision for income taxes	—		—		19
Total expenses	2,536		1,404		781
Income from operations of assets held for sale	3,853		13,140		11,455
Gain on disposition of assets held for sale	—		5,151		—
Net income from discontinued operations	$	3,853	$	18,291	$	11,455


(1)	Salaries and related benefits of $664,000 were included in general and administrative expense for the period from the Acquisition Date through December 31, 2014 while, as a result of the transfer of substantially all our lending segment employees to an affiliate (Note 16), such expenses were included in fees to related party for the years ended December 31, 2016 and 2015.

The following is the detail of the carrying value of assets and liabilities at the time of sale of our commercial real estate lending subsidiary that was sold in December 2016:



	(in thousands)
Assets (1)
Commercial real estate loans, net	$	52,822
Cash and cash equivalents	821
Restricted cash	1,076
Accounts receivable, net	684
Other assets	23
Total assets held for sale, net	55,426
Liabilities (1)
Debt	25,941
Accounts payable and accrued expenses	503
Other liabilities	1,395
Total liabilities associated with assets held for sale	27,839
Carrying value	$	27,587


(1)	Management estimated that the fair value of the assets held for sale and the liabilities associated with assets held for sale approximated their carrying value at the time of the sale. Management's estimate of the fair value of the commercial real estate loans was determined with assistance from an independent third party valuation firm.



	(in thousands)
Assets held for sale
Loans receivable, net (1)	$	20,338
Cash and cash equivalents	1,471
Accounts receivable, net	253
Total assets held for sale, net	$	22,062
Liabilities associated with assets held for sale
Debt (2)	$	10,000
Accounts payable and accrued expenses	230
Other liabilities	22
Total liabilities associated with assets held for sale	$	10,252


(1)	Represents a commercial real estate loan, subject to secured borrowings, which is a mezzanine loan secured by an indirect ownership interest in an entity that either directly or indirectly owns parcels of commercial real estate. The loan had a variable interest rate.


(2)	Represents a secured borrowing on a commercial real estate loan with a variable interest rate, reset monthly, based on the 30-day London Interbank Offered Rate ("LIBOR"). The secured borrowing had an interest rate of 9.77% and was repaid in June 2016.

- Definition

+ References

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+ Details

DEBT (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of debt

Information on our debt is as follows:



	December 31,
	2016			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.	39,134			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.	29,167			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.	26,136			29,201
	532,437			144,791
Deferred loan costs related to mortgage loans	(2,366		)	(897		)
Premiums and discounts on assumed mortgages, net	722			1,178
Total Mortgages Payable	530,793			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 December 31, 2016 and 2015, respectively.	23,122			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 December 31, 2016 and 2015, respectively.	4,777			4,947
	27,899			34,428
Unamortized premiums	2,077			2,693
Total Secured Borrowings—Government Guaranteed Loans	29,976			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	(2,938		)	(5,216		)
Discount on junior subordinated notes	(2,015		)	(2,091		)
Total Other	407,117			511,763
Total Debt	$	967,886		$	693,956

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

Future principal payments on our debt (face value) at December 31, 2016 are as follows:



Years Ending	Secured Borrowings		Mortgages
December 31,	Principal (1)		Payable		Other (2)		Total
	(in thousands)
2017	$	996	$	4,642	$	—	$	5,638
2018	1,032		24,300		—		25,332
2019	1,067		1,519		—		2,586
2020	1,107		1,596		—		2,703
2021	1,148		62,380		—		63,528
Thereafter	22,549		438,000		412,070		872,619
	$	27,899	$	532,437	$	412,070	$	972,406

(1)


(2)	Represents the junior subordinated notes and unsecured term loan facility.

- 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
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-Name Accounting Standards Codification
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+ Details

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of the status of stock options as and the changes during the year

A summary of the status of our stock options as of December 31, 2015 and 2014 and the changes during the years ended are as follows:



	2015
	Number of		Weighted
	Shares		Average
	Underlying		Exercise
	Options		Prices
Outstanding, January 1	17,050		$	20.46
Granted	—		—
Exercised	—		—
Forfeited	(17,050	)	$	20.46
Outstanding and exercisable, December 31	—



	2014
	Number of			Weighted
	Shares			Average
	Underlying			Exercise
	Options			Prices
Outstanding, March 11 (Acquisition Date)	19,700			$	13.96
Granted	11,850			$	23.16
Exercised	(14,500		)	$	13.83
Outstanding and exercisable, December 31	17,050			$	20.46
Weighted-average fair value per share of stock options granted during the year	$	0.66

Summary of restricted shares and the changes during the year

A summary of our restricted shares as of December 31, 2016, 2015 and 2014 and the changes during the years ended is as follows:



	2016
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, January 1	8,002		$	18.27
Granted	10,176		$	18.87
Vested	(7,334	)	$	18.10
Balance, December 31	10,844		$	18.75



	2015
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, January 1	7,334		$	21.32
Granted	8,000		$	17.81
Vested	(7,332	)	$	17.82
Balance, December 31	8,002		$	18.27



	2014
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, March 11 (Acquisition Date)	—		$	—
Granted	8,000		$	21.42
Vested	(666	)	$	22.54
Balance, December 31	7,334		$	21.32

EARNINGS PER SHARE (''EPS'') EARNINGS PER SHARE ("EPS") (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Schedule Of Computation Of Basic And Diluted Earnings (Loss) Per Common Share



	Year Ended December 31,
	2016			2015			2014
	(in thousands, except share and per share amounts)
Numerator:
Net income from continuing operations	$	30,712		$	6,112		$	13,143
Net income attributable to noncontrolling interests	(18		)	(11		)	(220		)
Redeemable preferred stock dividends	(9		)	—			—
Numerator for basic and diluted net income from continuing operations available to common stockholders	30,685			6,101			12,923
Net income from discontinued operations	3,853			18,291			11,455
Numerator for basic and diluted net income available to common stockholders	$	34,538		$	24,392		$	24,378
Denominator:
Basic weighted average shares outstanding	91,328			97,588			97,173
Effect of dilutive securities—contingently issuable shares and stock options	—			—			3
Diluted weighted average shares and common stock equivalents outstanding	91,328			97,588			97,176
Basic and diluted net income available to common stockholders per share:
Continuing operations	$	0.34		$	0.06		$	0.13
Discontinued operations	0.04			0.19			0.12
Net income	$	0.38		$	0.25		$	0.25

REDEEMABLE PREFERRED STOCK (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Dividends Declared

Cash dividends declared on our Series A Preferred Stock for the year ended December 31, 2016 consist of the following:



			Aggregate
Declaration Date	Payment Date	Number of Shares	Dividends Declared
			(in thousands)
December 6, 2016	January 17, 2017	61,435	$	9

Dividends per share of Common Stock declared during the years ended December 31, 2016 and 2015 consist of the following:



Declaration Date	Payment Date	Dividend Per Common Share
December 6, 2016	December 23, 2016	$	0.21875
September 12, 2016	September 28, 2016	$	0.21875
June 10, 2016	June 28, 2016	$	0.21875
March 8, 2016	March 29, 2016	$	0.21875
December 10, 2015	December 29, 2015	$	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

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Dividends Declared

Cash dividends declared on our Series A Preferred Stock for the year ended December 31, 2016 consist of the following:



			Aggregate
Declaration Date	Payment Date	Number of Shares	Dividends Declared
			(in thousands)
December 6, 2016	January 17, 2017	61,435	$	9

Dividends per share of Common Stock declared during the years ended December 31, 2016 and 2015 consist of the following:



Declaration Date	Payment Date	Dividend Per Common Share
December 6, 2016	December 23, 2016	$	0.21875
September 12, 2016	September 28, 2016	$	0.21875
June 10, 2016	June 28, 2016	$	0.21875
March 8, 2016	March 29, 2016	$	0.21875
December 10, 2015	December 29, 2015	$	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)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of forward-starting 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 15 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:



	Year Ended December 31,
	2016			2015			2014
	(in thousands)
Accumulated other comprehensive income (loss), at beginning of period	$	(2,519	)	$	—		$	—
Other comprehensive income (loss) before reclassifications	(2,227		)	(3,381		)	—
Amounts reclassified from accumulated other comprehensive income (loss) (1)	4,237			862			—
Net current period other comprehensive income (loss)	2,010			(2,519		)	—
Accumulated other comprehensive income (loss), at end of period	$	(509	)	$	(2,519	)	$	—


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

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 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:



	December 31,					Balance Sheet
	2016		2015		Level	Location
	(in thousands)
Liabilities:
Interest rate swaps	$	509	$	2,519	2	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:



	December 31, 2016				December 31, 2015
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
Loans receivable subject to credit risk	$	43,623	$	43,621	$	43,178	$	43,508	3
SBA 7(a) loans receivable, subject to secured borrowings	29,524		29,976		36,646		37,121		3
Other loans receivable	2,593		2,550		3,278		3,189		3
Commercial real estate loan, subject to secured borrowing	—		—		20,338		20,408		3
Liabilities:
Mortgages payable	530,793		516,892		145,072		147,516		3
Junior subordinated notes	25,055		25,173		24,979		25,046		3

RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2016

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

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
From Greater of		To and Including		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)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of future noncancelable minimum lease payments

Scheduled future noncancelable minimum lease payments at December 31, 2016 are as follows:



Years Ending December 31,	(in thousands)
2017	$	749
2018	607
2019	503
2020	541
2021	578
Thereafter	127,101
	$	130,079

FUTURE MINIMUM LEASE RENTALS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2016, excluding tenant reimbursements of certain costs, are as follows:



	Governmental		Other
Years Ending December 31,	Tenants		Tenants		Total
	(in thousands)
2017	$	51,494	$	111,887	$	163,381
2018	51,921		109,922		161,843
2019	52,985		99,827		152,812
2020	49,067		88,964		138,031
2021	35,183		78,127		113,310
Thereafter	111,323		307,124		418,447
	$	351,973	$	795,851	$	1,147,824

CONCENTRATIONS (Tables)

12 Months Ended

Dec. 31, 2016

Risks and Uncertainties [Abstract]

Schedule of concentration risk from properties

Our revenue concentrations from properties are as follows:



	Year Ended December 31,
	2016		2015		2014
California	63.4	%	62.2	%	60.4	%
Washington, D.C.	21.3		24.2		24.7
Texas	8.2		7.8		7.7
North Carolina	5.2		4.6		5.1
New York	1.9		1.2		2.1
	100.0	%	100.0	%	100.0	%

Our real estate investments concentrations from properties are as follows:



	December 31,
	2016		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	%

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Reconciliation of our net income to REIT taxable income

A reconciliation of the provision for income tax attributable to the TRSs' income from continuing operations computed at federal statutory rates to the income tax provision reported in the financial statements is as follows:



	Year Ended December 31,
	2016			2015			2014
	(in thousands)
Income from continuing operations before income taxes for TRSs	$	5,684		$	3,010		$	5,031

Expected federal income tax provision	$	1,933		$	1,023		$	1,711
State income taxes	21			42			172
Change in valuation allowance	(1,443		)	(302		)	(1,145		)
Other	1,135			43			(134		)
Income tax provision	$	1,646		$	806		$	604

Components of our net deferred tax asset

The components of our net deferred tax asset, which are included in other assets, are as follows:



	December 31,
	2016			2015
	(in thousands)
Deferred tax assets:
Net operating losses	$	59		$	1,614
Secured borrowings—government guaranteed loans	706			916
Other	104			264
Total gross deferred tax assets	869			2,794
Valuation allowance	(64		)	(1,507		)
	805			1,287
Deferred tax liabilities:
Loans receivable	(535		)	(618		)
Other	(10		)	(245		)
	(545		)	(863		)
Deferred tax asset, net	$	260		$	424

SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2016, 2015 and 2014 is as follows:



	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Office:
Revenues	$	187,435	$	188,270	$	179,338
Property expenses:
Operating	81,217		80,014		73,666
General and administrative	1,234		771		981
Total property expenses	82,451		80,785		74,647
Segment net operating income—office	104,984		107,485		104,691
Hotel:
Revenues	48,379		61,436		56,096
Property expenses:
Operating	32,177		41,585		39,544
General and administrative	282		389		150
Total property expenses	32,459		41,974		39,694
Segment net operating income—hotel	15,920		19,462		16,402
Multifamily:
Revenues	20,303		18,721		20,719
Property expenses:
Operating	11,309		11,579		13,664
General and administrative	1,048		589		738
Total property expenses	12,357		12,168		14,402
Segment net operating income—multifamily	7,946		6,553		6,317
Lending:
Revenues	9,814		8,521		6,674
Lending expenses:
Interest expense	537		845		1,177
Fees to related party	3,555		3,850		—
General and administrative (1)	1,166		1,032		3,710
Total lending expenses	5,258		5,727		4,887
Segment net operating income—lending	4,556		2,794		1,787
Total segment net operating income	$	133,406	$	136,294	$	129,197


(1)	Salaries and related benefits of $2,866,000 were included in general and administrative expense for the period from the Acquisition Date through December 31, 2014 while, as a result of the transfer of substantially all our lending segment employees to an affiliate (Note 16), such expenses were included in fees to related party for the years ended December 31, 2016 and 2015.

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 attributable to the Company for the years ended December 31, 2016, 2015 and 2014 is as follows:



	Year Ended December 31,
	2016			2015			2014
	(in thousands)
Total segment net operating income	$	133,406		$	136,294		$	129,197
Asset management and other fees to related parties	(30,327		)	(29,319		)	(25,222		)
Interest expense	(33,848		)	(22,785		)	(19,073		)
General and administrative	(4,231		)	(6,621		)	(5,463		)
Transaction costs	(340		)	(1,382		)	(1,563		)
Depreciation and amortization	(71,968		)	(72,361		)	(69,047		)
Bargain purchase gain	—			—			4,918
Gain on sale of real estate	39,666			3,092			—
Income from continuing operations before provision for income taxes	32,358			6,918			13,747
Provision for income taxes	(1,646		)	(806		)	(604		)
Net income from continuing operations	30,712			6,112			13,143
Discontinued operations:
Income from operations of assets held for sale	3,853			13,140			11,455
Gain on disposition of assets held for sale	—			5,151			—
Net income from discontinued operations	3,853			18,291			11,455
Net income	34,565			24,403			24,598
Net income attributable to noncontrolling interests	(18		)	(11		)	(220		)
Net income attributable to the Company	$	34,547		$	24,392		$	24,378

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



	December 31,
	2016		2015
	(in thousands)
Condensed assets:
Office	$	1,568,702	$	1,520,339
Hotel	115,955		176,735
Multifamily	170,159		171,429
Lending assets	91,191		128,992
Non-segment assets	76,877		94,565
Total assets	$	2,022,884	$	2,092,060



	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Capital expenditures (1):
Office	$	30,563	$	27,686	$	26,157
Hotel	733		1,158		1,481
Multifamily	548		2,498		1,241
Total capital expenditures	31,844		31,342		28,879
Loan originations (2)	105,201		59,467		50,971
Total capital expenditures and loan originations	$	137,045	$	90,809	$	79,850


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


(2)	For the year ended December 31, 2016, loan originations includes $966,000 of non cash additions to commercial real estate loans for capitalized interest.

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Summary of quarterly financial information

The following is a summary of quarterly financial information for the year ended December 31, 2016.



	Three Months Ended
	March 31,			June 30,			September 30,		December 31,
	(in thousands, except per share data)
2016
Revenues from continuing operations	$	68,617		$	68,360		$	64,332	$	64,622
Gain on sale of real estate	24,739			—			14,927		—
Net income (loss) from continuing operations	26,293			(810		)	8,382		(3,153		)
Net income from discontinued operations	690			1,668			703		792
Net income (loss)	26,983			858			9,085		(2,361		)
Net income (loss) attributable to the Company	26,980			849			9,088		(2,370		)
Redeemable preferred stock dividends	—			—			—		(9		)
Net income (loss) available to common stockholders	26,980			849			9,088		(2,379		)
BASIC AND DILUTED NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS PER SHARE (1):
Continuing operations	$	0.27		$	(0.01	)	$	0.10	$	(0.04	)
Discontinued operations	$	0.01		$	0.02		$	0.01	$	0.01
Net income	$	0.28		$	0.01		$	0.10	$	(0.03	)
Weighted average shares of common stock outstanding - basic	97,662			96,683			87,045		84,048
Weighted average shares of common stock outstanding - diluted	97,662			96,683			87,045		84,048

Revenues from continuing operations (2)	$	66,390		$	65,438		$	64,332	$	64,622
Revenues subsequently reclassified from discontinued operations	2,227			2,922			—		—
Revenues from continuing operations, as adjusted	$	68,617		$	68,360		$	64,332	$	64,622

Net income (loss) from continuing operations (2)	$	25,554		$	(1,965	)	$	8,382	$	(3,153	)
Net income from continuing operations subsequently reclassified from discontinued operations	739			1,155			—		—
Net income (loss) from continuing operations, as adjusted	$	26,293		$	(810	)	$	8,382	$	(3,153	)

Net income from discontinued operations (2)	$	1,429		$	2,823		$	703	$	792
Net income from discontinued operations subsequently reclassified to continuing operations	(739		)	(1,155		)	—		—
Net income from discontinued operations, as adjusted	$	690		$	1,668		$	703	$	792


(1)	EPS for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS in the respective periods. In addition, EPS is calculated independently for each component and may not be additive due to rounding.


(2)	For the three months ended March 31, June 30 and September 30, 2016, as previously reported in the respective Form 10-Qs.

The following is a summary of quarterly financial information for the year ended December 31, 2015.



	Three Months Ended
	March 31,			June 30,			September 30,			December 31,
	(in thousands except per share data)
2015
Revenues from continuing operations	$	69,249		$	69,237		$	68,460		$	70,002
Gain on sale of real estate	—			—			—			3,092
Net income from continuing operations	12			1,802			601			3,697
Net income from discontinued operations	2,720			3,180			4,640			7,751
Net income	2,732			4,982			5,241			11,448
Net income attributable to the Company	2,732			4,976			5,242			11,442
Redeemable preferred stock dividends	—			—			—			—
Net income available to common stockholders	2,732			4,976			5,242			11,442
BASIC AND DILUTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE (1):
Continuing operations	$	—		$	0.02		$	0.01		$	0.04
Discontinued operations	$	0.03		$	0.03		$	0.05		$	0.08
Net income	$	0.03		$	0.05		$	0.05		$	0.12
Weighted average shares of common stock outstanding - basic	97,582			97,589			97,590			97,590
Weighted average shares of common stock outstanding - diluted	97,582			97,589			97,590			97,590

Revenues from continuing operations (2)	$	67,239		$	66,919		$	66,395		$	67,874
Revenues subsequently reclassified from discontinued operations	2,010			2,318			2,065			2,128
Revenues from continuing operations, as adjusted	$	69,249		$	69,237		$	68,460		$	70,002

Net income (loss) from continuing operations (2)	$	(230	)	$	998		$	233		$	3,123
Net income from continuing operations subsequently reclassified from discontinued operations	242			804			368			574
Net income from continuing operations, as adjusted	$	12		$	1,802		$	601		$	3,697

Net income from discontinued operations (2)	$	2,962		$	3,984		$	5,008		$	8,325
Net income from discontinued operations subsequently reclassified to continuing operations	(242		)	(804		)	(368		)	(574		)
Net income from discontinued operations, as adjusted	$	2,720		$	3,180		$	4,640		$	7,751

ORGANIZATION AND OPERATIONS (Details)	Apr. 29, 2014 $ / shares shares	Dec. 31, 2016 $ / shares shares	Dec. 31, 2015 $ / shares shares	Apr. 28, 2014 $ / shares shares
Organization and operations
Common shares authorized		900,000,000	900,000,000
Common shares authorized before amendment with effect to the reverse stock split				900,000,000
Common shares authorized with effect to the reverse stock split	100,000,000
Reverse stock split ratio	0.2
Common stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001	$ 0.001
PMC Commercial
Organization and operations
Common shares authorized before amendment				100,000,000
Common shares authorized				1,000,000,000

MERGER (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 11, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 25, 2014
Merger
Common stock outstanding		84,048,081	97,589,598
Acquisition related expenses		$ 0	$ 107	$ 491
Gain on settlement of a contractual obligation		0	0	1,166
Bargain purchase gain		$ 0	$ 0	$ 4,918
Common Stock
Merger
Shares issued				2,119,244
Common stock outstanding	2,119,244
Urban Partners II, LLC \| PMC Commercial
Merger
Shares issued	2,226,509
Number of shares to be issued on conversion of each preferred stock	1.4
Aggregate shares of common stock issued in the merger	95,440,000
Number of shares to be issued on conversion of preferred stock expressed as a percentage of outstanding stock	97.80%
Merger related costs				$ 467
Acquisition related expenses				3,046
Gain on settlement of a contractual obligation				$ 1,166
Bargain purchase gain	$ 4,918
Urban Partners II, LLC \| Common Stock \| PMC Commercial
Merger
Shares issued	4,400,000
Urban Partners II, LLC \| Preferred Stock \| PMC Commercial
Merger
Shares issued	65,000,000
Treasury stock	107,265
PMC Commercial \| Urban Partners II, LLC
Merger
Special cash dividend issued to shareholders of record at the close of the business day prior to the closing of transactions (in usd per share)					$ 27.50

MERGER - Pro Forma (Details) - Urban Partners II, LLC - PMC Commercial $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($) $ / shares
Pro Forma Financial Information
Pro forma revenue (A)	$ 263,845
Pro forma net income	$ 19,083
Pro forma basic and diluted earnings per share \| $ / shares	$ 0.20
Pro forma revenues including discontinued operations	$ 278,398

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments in Real Estate
Impairment of long-lived assets	$ 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 ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 11, 2014
Loans receivable
Allowance for loan and lease loss recovery of bad debts	$ (206,000)
Impairments on loans receivable		$ 328,000	$ 0
Lending division
Loans receivable
Discount on acquisition				$ 33,907,000
Unamortized acquisition discounts	$ 1,951,000	$ 15,951,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) segment $ / shares	Dec. 31, 2015 USD ($) $ / shares	Dec. 31, 2014 USD ($)
Allowance for uncollectible accounts receivable	$ 876,000	$ 751,000
Deferred Rent Receivable and Charges
Deferred rent receivable	64,010,000	58,612,000
Deferred leasing costs, gross	76,063,000	59,225,000
Deferred leasing costs, accumulated amortization	25,914,000	20,612,000
Deferred offering costs	2,060,000
Noncontrolling Interest
Payment to redeem noncontrolling interest			$ 1,850,000
Revenue Recognition
Lease incentives	13,084,000	13,041,000
Lease incentives, accumulated amortization	4,303,000	3,067,000
Percentage rent	338,000	329,000	230,000
Parking percentage rent	$ 3,156,000	2,290,000	$ 1,562,000
Segment Information
Number of business segments \| segment	3
New Accounting Pronouncements and Changes in Accounting Principles
Debt	$ 967,886,000	693,956,000
Deferred rent receivable and charges, net	(116,354,000)	(97,225,000)
Other Deferred Costs, Gross	$ 135,000	0
Accounting Standards Update 2015-03
New Accounting Pronouncements and Changes in Accounting Principles
Debt		6,113,000
Deferred rent receivable and charges, net		$ 6,113,000
Series A Preferred Stock
Preferred stock stated value (in usd per share) \| $ / shares	$ 25.00	$ 0
Deferred Rent Receivable and Charges
Deferred offering costs	$ 2,063,000
Advance Bookings
Purchase Accounting for Acquisition Of Investments in Real Estate
Intangible assets	$ 0	$ 0
Advance Bookings \| Minimum
Purchase Accounting for Acquisition Of Investments in Real Estate
Amortization period	1 year
Advance Bookings \| Maximum
Purchase Accounting for Acquisition Of Investments in Real Estate
Amortization period	3 years
Franchise Affiliation Fee
Purchase Accounting for Acquisition Of Investments in Real Estate
Intangible assets	$ 0	561,000
Amortization period	10 years
Tax Abatement
Purchase Accounting for Acquisition Of Investments in Real Estate
Intangible assets	$ 1,400,000	$ 1,951,000
Amortization period	8 years

ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands								12 Months Ended
ACQUISITIONS AND DISPOSITIONS (Details) $ in Thousands	Feb. 10, 2017 USD ($)	Jul. 19, 2016 USD ($) room	Feb. 02, 2016 USD ($) room	Nov. 19, 2015 USD ($) ft²	Aug. 26, 2015 USD ($) ft²	Oct. 21, 2014 USD ($) ft² property	Apr. 18, 2014 USD ($) ft² property	Dec. 31, 2016 USD ($) business	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Business Combinations
Number of acquisitions \| business								0
Fair value of the assets acquired and liabilities assumed
Net assets acquired									$ 11,143	$ 63,436
Acquisition related expenses								$ 0	107	491
Abandoned project costs								$ 328	486	132
Acquired in-place Leases
Fair value of the assets acquired and liabilities assumed
Intangible assets									$ 102	2,396
Weighted average amortization period								10 years	8 years
Acquired below-market leases
Fair value of the assets acquired and liabilities assumed
Intangible assets									$ 0	2,488
Land
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment									10,931	22,975
Land improvements
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment									110	535
Buildings and improvements
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment									0	38,821
Tenant improvements
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment									$ 0	$ 1,197
2 Kaiser Plaza
Business Combinations
Rentable space \| ft²					44,642
Purchase price					$ 11,143
4750 Wilshire Boulevard, Los Angeles, CA
Business Combinations
Purchase price							$ 44,936
Number of buildings \| property							1
Rentable square feet \| ft²							143,361
4750 Wilshire Boulevard, Los Angeles, CA \| Acquired in-place Leases
Fair value of the assets acquired and liabilities assumed
Weighted average amortization period									3 years	5 years 1 month 6 days
4750 Wilshire Boulevard, Los Angeles, CA \| Acquired below-market leases
Fair value of the assets acquired and liabilities assumed
Weighted average amortization period										5 years
Lindblade Media Center, Los Angeles, CA
Business Combinations
Purchase price						$ 18,500
Number of buildings \| property						3
Rentable square feet \| ft²						32,428
Acquisitions from 2014 and 2015
Fair value of the assets acquired and liabilities assumed
Percentage represent individualy of assets									0.05	0.05
Percentage represent aggregate of assets									10.00%	10.00%
Courtyard Oakland located in Oakland California
Business Combinations
Number of rooms \| room			162
Sale price			$ 43,800
Gain on sale			$ 24,739
LAX Holiday Inn Los Angeles California
Business Combinations
Number of rooms \| room		405
Sale price		$ 52,500
Gain on sale		$ 14,927
500 West Santa Ana Boulevard, Santa Ana, CA
Business Combinations
Sale price				$ 8,050
Gain on sale				$ 3,092
Rentable space \| ft²				37,116
211 Main Street, San Francisco \| Subsequent Event
Business Combinations
Sale price	$ 293,000

INVESTMENTS IN REAL ESTATE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Land	$ 343,564	$ 363,612
Land improvements	26,177	26,747
Buildings and improvements	1,475,415	1,506,962
Furniture, fixtures, and equipment	4,955	9,720
Tenant improvements	159,677	146,205
Work in progress	11,706	8,126
Investments in real estate	2,021,494	2,061,372
Accumulated depreciation	(414,552)	(369,661)
Net investments in real estate	1,606,942	1,691,711
Depreciation expense	$ 62,239	$ 61,915	$ 58,635

OTHER INTANGIBLE ASSETS (Details) - USD ($)	12 Months Ended
OTHER INTANGIBLE ASSETS (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Intangible liabilities
Net	$ (3,576,000)	$ (6,086,000)
Future accretion of acquisition related intangible liabilities
Net	(3,576,000)	(6,086,000)
Acquired Below-Market Leases
Intangible liabilities
Gross balance	(18,893,000)	(19,722,000)
Accumulated amortization	15,317,000	13,636,000
Net	$ (3,576,000)	$ (6,086,000)
Average useful life	8 years	8 years
Amortization
Amortization expenses, above and below market leases	$ 2,510,000	$ 2,571,000	$ 2,631,000
Future accretion of acquisition related intangible liabilities
2017	(2,405,000)
2018	(971,000)
2019	(200,000)
2020	0
Net	(3,576,000)	(6,086,000)
Acquired Above-Market Leases
Intangible assets
Gross balance	215,000	966,000
Accumulated amortization	(180,000)	(843,000)
Net	$ 35,000	$ 123,000
Average useful life	8 years	7 years
Amortization
Amortization expenses, above and below market leases	$ 88,000	$ 240,000	602,000
Future amortization of acquisition related intangible assets
2017	26,000
2018	9,000
2019	0
Net	35,000	123,000
Acquired in-place Leases
Intangible assets
Gross balance	11,551,000	21,398,000
Accumulated amortization	(8,443,000)	(16,943,000)
Net	$ 3,108,000	$ 4,455,000
Average useful life	10 years	8 years
Amortization
Amortization expenses	$ 1,347,000	$ 1,857,000	2,368,000
Future amortization of acquisition related intangible assets
2017	871,000
2018	733,000
2019	464,000
2020	207,000
2021	207,000
Thereafter	626,000
Net	3,108,000	4,455,000
Tax Abatement
Intangible assets
Gross balance	4,273,000	4,273,000
Accumulated amortization	(2,873,000)	(2,322,000)
Net	$ 1,400,000	$ 1,951,000
Average useful life	8 years	8 years
Amortization
Amortization expenses	$ 551,000	$ 551,000	551,000
Future amortization of acquisition related intangible assets
2017	551,000
2018	551,000
2019	298,000
2020	0
Net	1,400,000	1,951,000
Franchise Affiliation Fee
Intangible assets
Gross balance		3,936,000
Accumulated amortization		(3,375,000)
Net	0	$ 561,000
Average useful life		10 years
Amortization
Amortization expenses	33,000	$ 394,000	394,000
Future amortization of acquisition related intangible assets
Net	0	561,000
Acquired Below-Market Ground Lease
Intangible assets
Gross balance	11,685,000	11,685,000
Accumulated amortization	(1,562,000)	(1,422,000)
Net	$ 10,123,000	$ 10,263,000
Average useful life	84 years	84 years
Amortization
Amortization expenses	$ 140,000	$ 140,000	140,000
Future amortization of acquisition related intangible assets
2017	140,000
2018	140,000
2019	140,000
2020	140,000
2021	140,000
Thereafter	9,423,000
Net	10,123,000	10,263,000
Trade Name And License
Intangible assets
Gross balance	2,957,000	2,957,000
Accumulated amortization	0	0
Net	2,957,000	2,957,000
Future amortization of acquisition related intangible assets
Net	2,957,000	2,957,000
Advance Bookings
Intangible assets
Net	0	0
Amortization
Amortization expenses	0	0	$ 190,000
Future amortization of acquisition related intangible assets
Net	$ 0	$ 0

OTHER ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other Assets [Abstract]
SBA 7(a) loans, subject to credit risk	$ 43,623	$ 43,178
SBA 7(a) loans, subject to secured borrowings	29,524	36,646
Other assets	19,123	22,577
Other assets	$ 92,270	$ 102,401
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, percent current	99.70%	97.60%
Hospitality Industry \| SBA 7(a) loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Concentration risk, percent	94.60%	94.30%
Substandard
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, substandard category classified	$ 804	$ 1,891
Financing Receivables, Greater Than 29 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, greater than 29 days delinquent	$ 249	$ 1,812

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands		1 Months Ended	10 Months Ended	12 Months Ended
DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	Dec. 17, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 29, 2016
DISCONTINUED OPERATIONS
Less: Carrying value (1)					$ 77,121
Gain on disposition of assets held for sale (Note 8)			$ 0	$ 0	5,151	$ 0
Assets held for sale
Assets held for sale, net		$ 22,062		0	22,062
Liabilities of assets held for sale
Total liabilities associated with assets held for sale		$ 10,252		0	$ 10,252
Commercial real estate loan with variable rate
DISCONTINUED OPERATIONS
Interest rate on secured borrowing on commercial real estate loan		9.77%			9.77%
Lending division
DISCONTINUED OPERATIONS
Proceeds received		$ 84,928		27,587
Less: Carrying value (1)	$ 77,121	77,121		27,587
Gain on sale before transaction costs		7,807		0
Transaction costs (2)		(2,656)		0
Gain on disposition of assets held for sale (Note 8)		5,151		0
Unamortized acquisition discounts		15,951		1,951	$ 15,951
Assets held for sale
Commercial real estate loans, net				52,822
Loans receivable, net		20,338			20,338
Cash and cash equivalents		1,471		821	1,471
Restricted cash				1,076
Accounts receivable, net		253		684	253
Other assets				23
Assets held for sale, net		22,062		55,426	22,062
Liabilities of assets held for sale
Debt		10,000		25,941	10,000
Accounts payable and accrued expenses		230		503	230
Other liabilities		22		1,395	22
Total liabilities associated with assets held for sale		10,252		27,839	10,252
Carrying value				27,587			$ 27,587
Lending division \| Held for sale
DISCONTINUED OPERATIONS
Transaction costs from sales				$ 6	$ 675	$ 473
Lending division \| CIM SBA
DISCONTINUED OPERATIONS
Reimbursement of costs		(1,638)
Lending division \| Commercial mortgage loans \| Discontinued operations, disposed of by sale
DISCONTINUED OPERATIONS
Gain on disposition of assets held for sale (Note 8)		$ 5,151

DISCONTINUED OPERATIONS - Revenue and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Revenue - Interest and other income									$ 12,236	$ 6,389	$ 14,544
Expenses:
Interest expense									0	1,944	132
Fees to related party (1)									0	550	777
General and administrative (1)									762	42	495
Provision for income taxes									19	0	0
Total expenses									781	2,536	1,404
Income from operations of assets held for sale									11,455	3,853	13,140	$ 11,455
Gain on disposition of assets held for sale									0	0	5,151	0
NET INCOME FROM DISCONTINUED OPERATIONS	$ 792	$ 703	$ 1,668	$ 690	$ 7,751	$ 4,640	$ 3,180	$ 2,720	11,455	$ 3,853	$ 18,291	$ 11,455
Salaries and related benefits									$ 664

DEBT - Schedule (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt
Total Debt	$ 967,886	$ 693,956
Mortgages payable
Debt
Gross debt	532,437	144,791
Deferred loan costs	(2,366)	(897)
Discounts (Premiums) on debt instruments	722	1,178
Total Debt	530,793	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	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	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	$ 39,134	$ 39,846
Fixed interest rate	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	$ 29,167	$ 29,744
Fixed interest rate	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	$ 26,136	$ 29,201
Fixed interest rate	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	407,117	511,763
Unsecured term loan facility
Debt
Gross debt	385,000	385,000
Junior subordinated notes
Debt
Gross debt	27,070	27,070
Discounts (Premiums) on debt instruments	$ (2,015)	$ (2,091)
Junior subordinated notes \| LIBOR
Debt
Interest rate margin	3.25%	3.25%
Unsecured credit facilities
Debt
Gross debt	$ 0	$ 107,000
Unsecured loans and credit facilities
Debt
Deferred loan costs	(2,938)	(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 December 31, 2016 and 2015, respectively.
Debt
Secured borrowing principal	$ 23,122	$ 29,481
Weighted average rate	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 December 31, 2016 and 2015, respectively.
Debt
Secured borrowing principal	$ 4,777	$ 4,947
Weighted average rate	1.83%	1.58%
Secured borrowings - government guaranteed loans
Debt
Secured borrowing principal	$ 27,899	$ 34,428
Unamortized premiums	2,077	2,693
Total Secured Borrowings—Government Guaranteed Loans	$ 29,976	$ 37,121

DEBT - Narrative (Detail)			1 Months Ended
DEBT - Narrative (Detail)	Sep. 01, 2015 USD ($) swap	Apr. 01, 2015 USD ($)	Jun. 30, 2016 USD ($) loan	May 31, 2015 USD ($)	Sep. 30, 2014 USD ($) swap	Aug. 31, 2013 USD ($)	Feb. 29, 2012 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)	Nov. 02, 2015 USD ($)
Debt
Deferred loan costs, gross								$ 7,122,000		$ 10,445,000
Deferred loan costs, accumulated amortization								(1,818,000)		(4,332,000)
Long-term Debt								972,406,000
Accrued interest and unused commitment fee payable								3,133,000		1,733,000
Mortgages payable
Debt
Number of mortgage loan agreements entered into \| loan			6
Amount drawn under term loan			$ 392,000,000
Long-term Debt								532,437,000
Repayments of debt	$ 58,873,000	$ 12,364,000
Number of mortgages paid off \| swap	2
Unsecured credit facility entered into in September 2014
Debt
Maximum borrowing capacity					$ 850,000,000
Number of extension \| swap					2
Period of extension option					1 year
Amount available for future borrowings								200,000,000	$ 200,000,000	$ 450,000,000
Amount outstanding under the facility								$ 0
Unsecured credit facility entered into in September 2014 \| Maximum
Debt
Interest rate										1.57%
Unsecured revolving line of credit entered into February 2012 \| CIM Urban Partners, L.P
Debt
Maximum borrowing capacity							$ 100,000,000
Unused commitment fee percentage dependent upon amount of aggregate unused commitments, one						0.25%
Unused commitment fee percentage dependent upon amount of aggregate unused commitments, two						0.35%
Unsecured revolving line of credit entered into February 2012 \| CIM Urban Partners, L.P \| Maximum
Debt
Interest rate margin							2.50%
Unsecured revolving line of credit entered into February 2012 \| CIM Urban Partners, L.P \| LIBOR \| Minimum
Debt
Interest rate margin						1.25%	1.75%
Unsecured revolving line of credit entered into February 2012 \| CIM Urban Partners, L.P \| LIBOR \| Maximum
Debt
Interest rate margin						1.85%
Unsecured revolving line of credit entered into August 2013 \| CIM Urban Partners, L.P
Debt
Maximum borrowing capacity						$ 200,000,000
Unused commitment fee percentage dependent upon amount of aggregate unused commitments, one						0.25%
Unused commitment fee percentage dependent upon amount of aggregate unused commitments, two						0.35%
Unsecured revolving line of credit entered into August 2013 \| CIM Urban Partners, L.P \| LIBOR \| Minimum
Debt
Interest rate margin						1.25%
Unsecured revolving line of credit entered into August 2013 \| CIM Urban Partners, L.P \| LIBOR \| Maximum
Debt
Interest rate margin						1.85%
Unsecured credit facility entered into in September 2014, revolver
Debt
Maximum borrowing capacity					$ 450,000,000
Unused commitment fee percentage dependent upon amount of aggregate unused commitments, one					0.15%
Unused commitment fee percentage dependent upon amount of aggregate unused commitments, two					0.25%
Unused line fee percentage					0.25%
Amount outstanding under the facility										$ 0
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, revolver \| Base rate \| Minimum
Debt
Interest rate margin					0.20%
Unsecured credit facility entered into in September 2014, revolver \| Base rate \| Maximum
Debt
Interest rate margin					1.00%
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
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
Unsecured term facility entered into in May 2015
Debt
Maximum borrowing capacity				$ 385,000,000
Unused commitment fee percentage dependent upon amount of aggregate unused commitments, one				0.20%
Interest rate								2.22%		1.84%
Amount drawn under term loan											$ 385,000,000
Long-term Debt								$ 385,000,000		$ 385,000,000
Prepayment fee, percentage				2.00%
Effective interest rate								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 - Schedule of Future Principal Payments (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Debt
2017	$ 5,638
2018	25,332
2019	2,586
2020	2,703
2021	63,528
Thereafter	872,619
Total Debt	972,406
Secured debt
Debt
2017	996
2018	1,032
2019	1,067
2020	1,107
2021	1,148
Thereafter	22,549
Total Debt	27,899
Mortgages payable
Debt
2017	4,642
2018	24,300
2019	1,519
2020	1,596
2021	62,380
Thereafter	438,000
Total Debt	532,437
Other debt
Debt
2017	0
2018	0
2019	0
2020	0
2021	0
Thereafter	412,070
Total Debt	$ 412,070

STOCK-BASED COMPENSATION PLANS - Narrative (Details)					1 Months Ended		10 Months Ended	12 Months Ended
STOCK-BASED COMPENSATION PLANS - Narrative (Details)	Mar. 06, 2015 shares	Jan. 31, 2015 shares	May 06, 2014 swap shares	Mar. 11, 2014 shares	May 31, 2016 shares	Apr. 30, 2015 shares	Dec. 31, 2014 shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($)	Jun. 30, 2015 shares	May 06, 2015 shares
Share-based compensation plans
Outstanding options forfeited		17,050
Stock options outstanding								0	0
Board of directors \| PMC Commercial
Share-based compensation plans
Award granted to each independent members of the board of directors				2,000	3,392	2,000
Granted (in shares)				6,000	10,176	6,000
Independent directors
Share-based compensation plans
Stock-based compensation expense \| $								$ 155,000	$ 113,000	$ 95,000
Restricted share awards
Share-based compensation plans
Granted (in shares)							8,000	10,176	8,000
Unrecognized compensation expense \| $								$ 65,000
Fair value of shares vested \| $								133,000	$ 131,000	15,000
Restricted share awards \| Executive officers
Share-based compensation plans
Stock-based compensation expense \| $								9,000	$ 39,000	29,000
Number of executive officers \| swap			2
Common stock issued (in shares)	2,000		2,000
Award vesting period			2 years
Percentage of award vesting immediately and at the end of each of the next two years			33.00%
Options
Share-based compensation plans
Outstanding options forfeited									17,050
Stock-based compensation expense \| $								$ 0	$ 0	$ 8,000
Equity Incentive Plan 2005 \| Maximum \| Restricted share awards
Share-based compensation plans
Aggregate numbers of shares											300,000
2015 Equity Incentive Plan \| Maximum \| Restricted share awards
Share-based compensation plans
Aggregate numbers of shares												400,000

STOCK-BASED COMPENSATION PLANS - Tables (Details) - $ / shares		10 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Number of Shares Underlying Options
Forfeited (in shares)	(17,050)
Options
Number of Shares Underlying Options
Outstanding at the beginning of period (in shares)		19,700	0	17,050
Granted (in shares)		11,850
Exercised (in shares)		(14,500)
Forfeited (in shares)				(17,050)
Outstanding and exercisable at the end of the period (in shares)		17,050		0
Weighted-average fair value per share of stock options granted during the year		$ 0.66
Weighted Average Exercise Prices
Outstanding at the beginning of the period		13.96		$ 20.46
Granted		23.16
Exercised		13.83
Forfeited				$ 20.46
Outstanding and exercisable at the end of the period		$ 20.46
Restricted share awards
Number of Shares Restricted Stock
Balance at beginning of period (in shares)			8,002	7,334
Granted (in shares)		8,000	10,176	8,000
Vested (in shares)		(666)	(7,334)	(7,332)
Balance at end of period (in shares)		7,334	10,844	8,002
Weighted Average Grant Date Fair Value Per Share
Balance at beginning of period			$ 18.27	$ 21.32
Granted		$ 21.42	18.87	17.81
Vested		22.54	18.10	17.82
Balance at end of period		$ 21.32	$ 18.75	$ 18.27

EARNINGS PER SHARE (''EPS'') (Details) - shares	12 Months Ended
EARNINGS PER SHARE (''EPS'') (Details) - shares	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings per share
Weighted average shares outstanding	91,328,000	97,588,000	97,173,000
Increase in weighted average shares outstanding to reflect the dilutive effect of share options (in shares)	0	0	3,000
Options
Earnings per share
Increase in weighted average shares outstanding to reflect the dilutive effect of share options (in shares)	0	0	3,000
Anti-dilutive securities excluded from calculating diluted EPS (in shares)			11,850

EARNINGS PER SHARE ("EPS") - Computation of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income from continuing operations	$ (3,153)	$ 8,382	$ (810)	$ 26,293	$ 3,697	$ 601	$ 1,802	$ 12		$ 30,712	$ 6,112	$ 13,143
Net income attributable to noncontrolling interests										(18)	(11)	(220)
Redeemable preferred stock dividends	(9)	0	0	0	0	0	0	0		(9)	0	0
Numerator for basic and diluted net income from continuing operations available to common stockholders										30,685	6,101	12,923
Net income from discontinued operations	792	703	1,668	690	7,751	4,640	3,180	2,720	$ 11,455	3,853	18,291	11,455
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$ (2,379)	$ 9,088	$ 849	$ 26,980	$ 11,442	$ 5,242	$ 4,976	$ 2,732		$ 34,538	$ 24,392	$ 24,378
Denominator:
Basic weighted average shares outstanding										91,328	97,588	97,173
Effect of dilutive securities - contingently issuable shares and stock options (in shares)										0	0	3
Weighted average shares of Common Stock outstanding - diluted (in shares)	84,048	87,045	96,683	97,662	97,590	97,590	97,589	97,582		91,328	97,588	97,176
Basic and diluted net income available to common stockholders per share:
Continuing operations	$ (0.04)	$ 0.10	$ (0.01)	$ 0.27	$ 0.04	$ 0.01	$ 0.02	$ 0.00		$ 0.34	$ 0.06	$ 0.13
Discontinued operations	0.01	0.01	0.02	0.01	0.08	0.05	0.03	0.03		0.04	0.19	0.12
Net income	$ (0.03)	$ 0.10	$ 0.01	$ 0.28	$ 0.12	$ 0.05	$ 0.05	$ 0.03		$ 0.38	$ 0.25	$ 0.25

REDEEMABLE PREFERRED STOCK (Details) - USD ($)				12 Months Ended
REDEEMABLE PREFERRED STOCK (Details) - USD ($)	Mar. 08, 2017	Dec. 31, 2016	Apr. 22, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 21, 2016
Class of Stock [Line Items]
Net proceeds from issuance of Series A Preferred Stock		$ 1,536,000		$ 1,429,000	$ 0	$ 0
Offering costs		102,000
Offering costs allocated to temporary equity				3,000
Deferred offering costs		$ 2,060,000		$ 2,060,000
Preferred stock dividends, shares				61,000
Dividends, preferred stock, cash				$ 9,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, stated value (in usd per share)		$ 0.001		$ 0.001	$ 0		$ 25
Warrant right to purchase a share of Common Stock			0.25
Cumulative dividend rate				5.50%
Preferred stock, shares issued		61,435		61,435	0
Net proceeds from issuance of Series A Preferred Stock		$ 1,528,000
Offering costs		99,000
Deferred offering costs		2,063,000		$ 2,063,000
Preferred stock, dividend rate (in usd per share)				$ 0.34375
Warrant
Class of Stock [Line Items]
Net proceeds from issuance of Series A Preferred Stock		8,000
Offering costs		$ 3,000
Registration statement
Class of Stock [Line Items]
Preferred stock, stated value (in usd per share)			$ 25.00
Maximum number of units in offering			36,000,000
Registration statement \| Series A Preferred Stock
Class of Stock [Line Items]
Maximum amount of offering			$ 900,000,000
Preferred stock, stated value (in usd per share)			$ 0.001
Subsequent event \| Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividends per share, declared	$ 0.34375
Preferred stock, redemption period, year two \| Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, redemption fee percentage			13.00%
Preferred stock, redemption period, after year two, before year five \| Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, redemption fee percentage			10.00%
Preferred stock, redemption period, after year five \| Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, redemption fee percentage			0.00%

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands													12 Months Ended
	Mar. 08, 2017	Dec. 31, 2016	Dec. 06, 2016	Sep. 14, 2016	Sep. 12, 2016	Jun. 10, 2016	May 16, 2016	Mar. 08, 2016	Dec. 10, 2015	Sep. 14, 2015	Jun. 12, 2015	Mar. 06, 2015	Dec. 31, 2016	Dec. 31, 2014	Apr. 22, 2016	Dec. 31, 2015
Dividend declared
Dividends declared, common (in usd per share)			$ 0.21875		$ 0.21875	$ 0.21875		$ 0.21875	$ 0.21875	$ 0.21875	$ 0.21875	$ 0.21875
Purchase price, repurchase of common stock													$ 290,134	$ 3
Subsequent event
Dividend declared
Dividends declared, common (in usd per share)	$ 0.21875
Common Stock
Dividend declared
Cash tender offer number of shares							10,000,000
Price per share of cash tender offer (in usd per share)							$ 21.00
Repurchase of common stock (in shares)							10,000,000
Aggregate purchase price							$ 210,000
Tender offer fees and expenses							$ 301
Shares repurchased as percent to outstanding shares							10.24%
Common Stock \| Urban Partners II, LLC
Dividend declared
Repurchase of common stock (in shares)				3,628,116
Aggregate purchase price							$ 208,140
Purchase price, repurchase of common stock				$ 79,819
Share price of stock repurchased (in usd per share)				$ 22.00
Series A Preferred Stock
Dividend declared
Warrant right to purchase a share of Common Stock															0.25
Preferred stock, shares issued		61,435											61,435			0
Warrant
Dividend declared
Net Proceeds From Issuance Of Preferred Stock And Preference Stock		$ 5
Registration statement
Dividend declared
Premium of the exercise price of the warrant as a percent to net asset value of common stock															15.00%

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Details) $ in Thousands	Dec. 31, 2016 USD ($) swap	Dec. 31, 2015	Nov. 02, 2015 USD ($)
Unsecured term loans
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Amount of financing			$ 385,000
Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Number of interest rate swaps \| swap	10
Cash flow hedges \| Interest rate swap
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Derivatives, notional amount	$ 385,000
Cash flow hedges \| Interest rate swap \| Minimum
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Weighted average rate percentage	1.559%
Cash flow hedges \| Interest rate swap \| Maximum
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Weighted average rate percentage	1.569%
Cash flow hedges \| Interest rate swap \| Weighted Average
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Weighted average rate percentage	1.563%
Credit spread rate percentage	1.60%	1.60%
All-in rate percentage	3.16%	3.16%

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	(509)	$ (2,519)
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	3,048
Interest rate swap \| Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss), at beginning of period	(2,519)	0	$ 0
Other comprehensive income (loss) before reclassifications	(2,227)	(3,381)	0
Amounts reclassified from accumulated other comprehensive income (loss) (1)	4,237	862	0
Net current period other comprehensive income (loss)	2,010	(2,519)	0
Accumulated other comprehensive income (loss), at end of period	$ (509)	$ (2,519)	$ 0

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Interest rate swap \| Level 2 \| Other liabilities
Liabilities
Interest rate swaps	$ 509	$ 2,519

FAIR VALUE OF FINANCIAL INSTRUMENTS - Unobservable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Minimum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value	4.60%	4.42%
Maximum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value	4.72%	4.72%
Junior subordinated notes
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value	4.83%	4.44%
Loans receivable subject to credit risk
Fair Value Inputs [Abstract]
Rate of prepayment, percentage		15.00%
Loans receivable subject to credit risk \| Minimum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value	8.25%	8.00%
Rate of prepayment, percentage	5.80%
Loans receivable subject to credit risk \| Maximum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value	13.25%	12.75%
Rate of prepayment, percentage	20.00%
SBA 7(a) loans, subject to secured borrowings
Fair Value Inputs [Abstract]
Rate of prepayment, percentage		15.00%
SBA 7(a) loans, subject to secured borrowings \| Minimum
Fair Value Inputs [Abstract]
Rate of prepayment, percentage	6.70%
SBA 7(a) loans, subject to secured borrowings \| Maximum
Fair Value Inputs [Abstract]
Rate of prepayment, percentage	20.00%
Commercial real estate loan, subject to secured borrowing
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value		9.77%
Carrying Amount
Liabilities:
Mortgages payable	$ 530,793	$ 145,072
Junior subordinated notes	25,055	24,979
Carrying Amount \| Loans receivable subject to credit risk
Assets:
Loans receivable	43,623	43,178
Carrying Amount \| SBA 7(a) loans, subject to secured borrowings
Assets:
Loans receivable	29,524	36,646
Carrying Amount \| Other Loans Receivable
Assets:
Loans receivable	2,593	3,278
Carrying Amount \| Commercial real estate loan, subject to secured borrowing
Assets:
Loans receivable	0	20,338
Estimated Fair Value \| Level 3
Liabilities:
Mortgages payable	516,892	147,516
Junior subordinated notes	25,173	25,046
Estimated Fair Value \| Level 3 \| Loans receivable subject to credit risk
Assets:
Loans receivable	43,621	43,508
Estimated Fair Value \| Level 3 \| SBA 7(a) loans, subject to secured borrowings
Assets:
Loans receivable	29,976	37,121
Estimated Fair Value \| Level 3 \| Other Loans Receivable
Assets:
Loans receivable	2,550	3,189
Estimated Fair Value \| Level 3 \| Commercial real estate loan, subject to secured borrowing
Assets:
Loans receivable	$ 0	$ 20,408

RELATED-PARTY TRANSACTIONS (Details) - USD ($)				1 Months Ended	10 Months Ended	12 Months Ended
RELATED-PARTY TRANSACTIONS (Details) - USD ($)	Sep. 14, 2016	May 16, 2016	Oct. 01, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 29, 2016	Nov. 21, 2016	Mar. 11, 2014
Related-party transactions
Due to related parties				$ 9,472,000		$ 10,196,000	$ 9,472,000
Personnel expenses					$ 0	550,000	$ 777,000
Purchase price, repurchase of common stock						$ 290,134,000		$ 3,000
Common Stock
Related-party transactions
Cash tender offer number of shares		10,000,000
Price per share of cash tender offer (in usd per share)		$ 21.00
Repurchase of common stock (in shares)		10,000,000
Purchase price		$ 210,000,000
Tender offer fees and expenses		301,000
Series A Preferred Stock
Related-party transactions
Preferred stock, shares issued				0		61,435	0
Preferred stock, stated value (in usd per share)				$ 0		$ 0.001	$ 0			$ 25
Series A Preferred Stock \| Officer
Related-party transactions
Preferred stock, shares issued										20,000
C I M Urban R E I T Management L P \| Asset management fees
Related-party transactions
Fees						$ 25,753,000	$ 24,882,000	23,223,000
Due to related parties				$ 6,260,000		6,448,000	6,260,000
C I M Urban R E I T Management L P \| Property management fees
Related-party transactions
Fees						$ 5,630,000	5,814,000	5,284,000
C I M Urban R E I T Management L P \| 0 - 500,000
Related-party transactions
Fee percentage						0.25%
C I M Urban R E I T Management L P \| 0 - 500,000 \| Maximum
Related-party transactions
Daily average adjusted fair value of investments						$ 500,000,000
C I M Urban R E I T Management L P \| 500,000 - 1,000,000
Related-party transactions
Fee percentage						0.2375%
C I M Urban R E I T Management L P \| 500,000 - 1,000,000 \| Minimum
Related-party transactions
Daily average adjusted fair value of investments						$ 500,000,000
C I M Urban R E I T Management L P \| 500,000 - 1,000,000 \| Maximum
Related-party transactions
Daily average adjusted fair value of investments						$ 1,000,000,000
C I M Urban R E I T Management L P \| 1,000,000 - 1,500,000
Related-party transactions
Fee percentage						0.225%
C I M Urban R E I T Management L P \| 1,000,000 - 1,500,000 \| Minimum
Related-party transactions
Daily average adjusted fair value of investments						$ 1,000,000,000
C I M Urban R E I T Management L P \| 1,000,000 - 1,500,000 \| Maximum
Related-party transactions
Daily average adjusted fair value of investments						$ 1,500,000,000
C I M Urban R E I T Management L P \| 1,500,000 - 4,000,000
Related-party transactions
Fee percentage						0.2125%
C I M Urban R E I T Management L P \| 1,500,000 - 4,000,000 \| Minimum
Related-party transactions
Daily average adjusted fair value of investments						$ 1,500,000,000
C I M Urban R E I T Management L P \| 1,500,000 - 4,000,000 \| Maximum
Related-party transactions
Daily average adjusted fair value of investments						$ 4,000,000,000
C I M Urban R E I T Management L P \| 4,000,000 - 20,000,000
Related-party transactions
Fee percentage						0.10%
C I M Urban R E I T Management L P \| 4,000,000 - 20,000,000 \| Minimum
Related-party transactions
Daily average adjusted fair value of investments						$ 4,000,000,000
C I M Urban R E I T Management L P \| 4,000,000 - 20,000,000 \| Maximum
Related-party transactions
Daily average adjusted fair value of investments						20,000,000,000
C I M Management Entities
Related-party transactions
Due to related parties				2,230,000		2,027,000	2,230,000
Leasing commissions						2,522,000	697,000	1,904,000
C I M Management Entities \| Personnel
Related-party transactions
Fees						8,630,000	8,319,000	7,369,000
C I M Management Entities \| Construction management fees
Related-party transactions
Fees						942,000	1,055,000	566,000
C I M Management Entities and Related Parties
Related-party transactions
Due from related parties				274,000		214,000	274,000
C I M Service Provider LLC \| Master services agreement
Related-party transactions
Due to related parties				1,256,000		1,935,000	1,256,000
Fees payable per year under agreement											$ 1,000,000
Compensation expensed for performing other services						3,120,000	2,993,000	1,193,000
C I M Service Provider LLC \| Base service fee
Related-party transactions
Fees						1,043,000	1,010,000	806,000
C I M SBA Staffing LLC \| Personnel
Related-party transactions
Compensation expensed for performing other services							1,638,000
Personnel expenses						550,000	777,000
Fees for services deferred						249,000	282,000	246,000
C I M SBA Staffing LLC \| Expenses related to lending segment subject to reimbursement
Related-party transactions
Fees						3,555,000	3,850,000
C I M SBA Staffing LLC \| Expenses related to corporate services subject to reimbursement
Related-party transactions
Fees						411,000	434,000
C I M Management Entities Affiiate
Related-party transactions
Lease renewal term			5 years
Revenue from related parties						108,000	$ 104,000	$ 100,000
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
Lending division
Related-party transactions
Carrying value						27,587,000			$ 27,587,000
Lending division \| C I M SBA Staffing LLC
Related-party transactions
Compensation expensed for performing other services				$ 1,638,000
Lending division \| Affiliated Entity
Related-party transactions
Carrying value						$ 27,587,000

COMMITMENTS AND CONTINGENCIES (Details)		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jan. 01, 2016 shares	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($) officer	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Commitments and contingencies
Outstanding loan commitments and approvals to fund loans			$ 13,902,000
Future obligations under leases to fund tenant improvements and in other future construction obligation			50,178,000
Restricted cash			32,160,000	$ 8,086,000
Future noncancelable minimum lease payments
2017			749,000
2018			607,000
2019			503,000
2020			541,000
2021			578,000
Thereafter			127,101,000
Total			130,079,000
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%
Adjustment period used to calculate increase in the Consumer Price Index			5 years
Increase in rent payable during the balance of the lease term expressed as a percentage of rent payable during the immediately preceding lease year commencing on June 1, 2040 and 2065			10.00%
Rent expense			$ 1,752,000	1,752,000	$ 1,752,000
Straight line rent liability			13,289,000	12,180,000
Office space in Dallas, Texas
Commitments and contingencies
Office space rent expense			$ 226,000	235,000	175,000
Executive officers \| 2015 Equity Incentive Plan
Commitments and contingencies
Number of employees covered under employment agreement \| officer			2
Employment agreements \| Executive officers \| 2015 Equity Incentive Plan
Commitments and contingencies
Common stock issued (in shares) \| shares	76,423
Accrued payroll taxes				444,000
Stock-based compensation expense			$ 0	$ 1,263,000	$ 947,000
Unrecognized compensation expense			0
Restricted cash for tenant improvement allowance
Commitments and contingencies
Restricted cash			$ 15,399,000
Scenario, Forecast [Member]
Commitments and contingencies
Income Tax Examination, Penalties and Interest Expense		$ 11,400,000

FUTURE MINIMUM LEASE RENTALS (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Future minimum lease rentals
2017	$ 163,381
2018	161,843
2019	152,812
2020	138,031
2021	113,310
Thereafter	418,447
Total	1,147,824
Governmental Tenants
Future minimum lease rentals
2017	51,494
2018	51,921
2019	52,985
2020	49,067
2021	35,183
Thereafter	111,323
Total	351,973
Other Tenants
Future minimum lease rentals
2017	111,887
2018	109,922
2019	99,827
2020	88,964
2021	78,127
Thereafter	307,124
Total	$ 795,851

CONCENTRATIONS (Details) $ in Thousands	12 Months Ended
CONCENTRATIONS (Details) $ in Thousands	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 property
Office properties
Concentrations
Number of real estate properties owned	20	20	21
Multifamily properties
Concentrations
Number of real estate properties owned	5	5	5
Hotel properties
Concentrations
Number of real estate properties owned	1	3	3
Parking garages
Concentrations
Number of real estate properties owned	3	3	3
Development site
Concentrations
Number of real estate properties owned	2	2	1
Revenues \| Tenant revenue concentrations \| Governmental Tenants
Concentrations
Concentration risk, percent	19.90%	22.70%	24.70%
Amount due from Governmental Tenants \| $	$ 8,339	$ 7,968
Revenues \| Geographical concentrations
Concentrations
Concentration risk, percent	100.00%	100.00%	100.00%
Revenues \| Geographical concentrations \| California
Concentrations
Concentration risk, percent	63.40%	62.20%	60.40%
Revenues \| Geographical concentrations \| Washington, D.C.
Concentrations
Concentration risk, percent	21.30%	24.20%	24.70%
Revenues \| Geographical concentrations \| Texas
Concentrations
Concentration risk, percent	8.20%	7.80%	7.70%
Revenues \| Geographical concentrations \| North Carolina
Concentrations
Concentration risk, percent	5.20%	4.60%	5.10%
Revenues \| Geographical concentrations \| New York
Concentrations
Concentration risk, percent	1.90%	1.20%	2.10%
Real estate investments \| Geographical concentrations
Concentrations
Concentration risk, percent	100.00%	100.00%
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%

INCOME TAXES - Deferred Taxes (Details) - USD ($)	12 Months Ended
INCOME TAXES - Deferred Taxes (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of the income tax computed at federal statutory rates to the income tax provision reported
Income from continuing operations before income taxes for TRSs	$ 32,358,000	$ 6,918,000	$ 13,747,000
Income tax provision	1,646,000	806,000	604,000
Deferred tax liabilities:
Reserve for uncertain tax positions	0	0
TRS
Reconciliation of the income tax computed at federal statutory rates to the income tax provision reported
Income from continuing operations before income taxes for TRSs	5,684,000	3,010,000	5,031,000
Expected federal income tax provision	1,933,000	1,023,000	1,711,000
State income taxes	21,000	42,000	172,000
Change in valuation allowance	(1,443,000)	(302,000)	(1,145,000)
Other	1,135,000	43,000	(134,000)
Income tax provision	1,646,000	806,000	$ 604,000
Deferred tax assets:
Net operating losses	59,000	1,614,000
Secured borrowings—government guaranteed loans	706,000	916,000
Other	104,000	264,000
Total gross deferred tax assets	869,000	2,794,000
Valuation allowance	(64,000)	(1,507,000)
Deferred tax asset, net of valuation allowance	805,000	1,287,000
Deferred tax liabilities:
Loans receivable	(535,000)	(618,000)
Other	(10,000)	(245,000)
Deferred tax liabilities	(545,000)	(863,000)
Deferred tax asset, net	$ 260,000	$ 424,000

SEGMENT DISCLOSURE (Details) $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
SEGMENT DISCLOSURE (Details) $ in Thousands	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Segment disclosure
Number of types of commercial real estate properties \| property										3
Revenues	$ 64,622	$ 64,332	$ 68,360	$ 68,617	$ 70,002	$ 68,460	$ 69,237	$ 69,249		$ 265,931	$ 276,948	$ 262,827
Interest expense										34,385	23,630	20,250
Property expenses:
General and administrative										7,961	9,402	11,042
EXPENSES										273,239	273,122	253,998
Reportable segments
Property expenses:
Total segment net operating income										133,406	136,294	129,197
Reportable segments \| Office
Segment disclosure
Revenues										187,435	188,270	179,338
Property expenses:
Operating										81,217	80,014	73,666
General and administrative										1,234	771	981
EXPENSES										82,451	80,785	74,647
Total segment net operating income										104,984	107,485	104,691
Reportable segments \| Hotel
Segment disclosure
Revenues										48,379	61,436	56,096
Property expenses:
Operating										32,177	41,585	39,544
General and administrative										282	389	150
EXPENSES										32,459	41,974	39,694
Total segment net operating income										15,920	19,462	16,402
Reportable segments \| Multi-family
Segment disclosure
Revenues										20,303	18,721	20,719
Property expenses:
Operating										11,309	11,579	13,664
General and administrative										1,048	589	738
EXPENSES										12,357	12,168	14,402
Total segment net operating income										7,946	6,553	6,317
Reportable segments \| Lending division
Segment disclosure
Revenues										9,814	8,521	6,674
Interest expense										537	845	1,177
Fees to related party										3,555	3,850	0
Property expenses:
General and administrative										1,166	1,032	3,710
EXPENSES										5,258	5,727	4,887
Total segment net operating income										$ 4,556	$ 2,794	$ 1,787
Salaries and related benefits included in general and administrative expense									$ 2,866

SEGMENT DISCLOSURE - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment disclosure
Asset management and other fees to related parties										$ (33,882)	$ (33,169)	$ (25,222)
Interest expense										(34,385)	(23,630)	(20,250)
General and administrative										(7,961)	(9,402)	(11,042)
Transaction costs										(340)	(1,382)	(1,563)
Depreciation and amortization										(71,968)	(72,361)	(69,047)
Bargain purchase gain										0	0	4,918
Gain on sale of real estate	$ 0	$ 14,927	$ 0	$ 24,739	$ 3,092	$ 0	$ 0	$ 0		39,666	3,092	0
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES										32,358	6,918	13,747
Provision for income taxes										(1,646)	(806)	(604)
Net income from continuing operations	(3,153)	8,382	(810)	26,293	3,697	601	1,802	12		30,712	6,112	13,143
Discontinued operations:
Income from operations of assets held for sale (Note 8)									$ 11,455	3,853	13,140	11,455
Gain on disposition of assets held for sale									0	0	5,151	0
NET INCOME FROM DISCONTINUED OPERATIONS	792	703	1,668	690	7,751	4,640	3,180	2,720	$ 11,455	3,853	18,291	11,455
NET INCOME	(2,361)	9,085	858	26,983	11,448	5,241	4,982	2,732		34,565	24,403	24,598
Net income attributable to noncontrolling interests										(18)	(11)	(220)
NET INCOME ATTRIBUTABLE TO THE COMPANY	$ (2,370)	$ 9,088	$ 849	$ 26,980	$ 11,442	$ 5,242	$ 4,976	$ 2,732		34,547	24,392	24,378
Reportable segments
Segment disclosure
Total segment net operating income										133,406	136,294	129,197
Reconciliation
Segment disclosure
Asset management and other fees to related parties										(30,327)	(29,319)	(25,222)
Interest expense										(33,848)	(22,785)	(19,073)
General and administrative										(4,231)	(6,621)	(5,463)
Transaction costs										(340)	(1,382)	(1,563)
Depreciation and amortization										(71,968)	(72,361)	(69,047)
Bargain purchase gain										0	0	4,918
Gain on sale of real estate										39,666	3,092	0
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES										$ 32,358	$ 6,918	$ 13,747

SEGMENT DISCLOSURE - Capital Expenditures and Loans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment disclosure
Total assets	$ 2,022,884,000	$ 2,092,060,000
Lending assets	0	22,062,000
Total capital expenditures	31,844,000	31,342,000	$ 28,879,000
Loan originations	105,201,000	59,467,000	50,971,000
Total capital expenditures and loan originations	137,045,000	90,809,000	79,850,000
Non cash additions to commercial real estate loans for interest	966,000
Office
Segment disclosure
Total assets	1,568,702,000	1,520,339,000
Total capital expenditures	30,563,000	27,686,000	26,157,000
Hotel
Segment disclosure
Total assets	115,955,000	176,735,000
Total capital expenditures	733,000	1,158,000	1,481,000
Multi-family
Segment disclosure
Total assets	170,159,000	171,429,000
Total capital expenditures	548,000	2,498,000	$ 1,241,000
Lending division
Segment disclosure
Lending assets	91,191,000	128,992,000
Non-segment
Segment disclosure
Total assets	$ 76,877,000	$ 94,565,000

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Revenues from continuing operations	$ 64,622	$ 64,332	$ 68,360	$ 68,617	$ 70,002	$ 68,460	$ 69,237	$ 69,249		$ 265,931	$ 276,948	$ 262,827
Gain on sale of real estate	0	14,927	0	24,739	3,092	0	0	0		39,666	3,092	0
Net income (loss) from continuing operations	(3,153)	8,382	(810)	26,293	3,697	601	1,802	12		30,712	6,112	13,143
Net income from discontinued operations	792	703	1,668	690	7,751	4,640	3,180	2,720	$ 11,455	3,853	18,291	11,455
Net income (loss)	(2,361)	9,085	858	26,983	11,448	5,241	4,982	2,732		34,565	24,403	24,598
Net income (loss) attributable to the Company	(2,370)	9,088	849	26,980	11,442	5,242	4,976	2,732		34,547	24,392	24,378
Redeemable preferred stock dividends	(9)	0	0	0	0	0	0	0		(9)	0	0
Net income (loss) available to common stockholders	$ (2,379)	$ 9,088	$ 849	$ 26,980	$ 11,442	$ 5,242	$ 4,976	$ 2,732		$ 34,538	$ 24,392	$ 24,378
BASIC AND DILUTED NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS PER SHARE (1):
Continuing operations	$ (0.04)	$ 0.10	$ (0.01)	$ 0.27	$ 0.04	$ 0.01	$ 0.02	$ 0.00		$ 0.34	$ 0.06	$ 0.13
Discontinued operations	0.01	0.01	0.02	0.01	0.08	0.05	0.03	0.03		0.04	0.19	0.12
Net income	$ (0.03)	$ 0.10	$ 0.01	$ 0.28	$ 0.12	$ 0.05	$ 0.05	$ 0.03		$ 0.38	$ 0.25	$ 0.25
Weighted average shares of Common Stock outstanding - basic (in shares)	84,048	87,045	96,683	97,662	97,590	97,590	97,589	97,582		91,328	97,588	97,173
Weighted average shares of Common Stock outstanding - diluted (in shares)	84,048	87,045	96,683	97,662	97,590	97,590	97,589	97,582		91,328	97,588	97,176
Continuing Operations
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Revenues from continuing operations	$ 64,622	$ 64,332	$ 65,438	$ 66,390	$ 67,874	$ 66,395	$ 66,919	$ 67,239
Net income (loss) from continuing operations	(3,153)	8,382	(1,965)	25,554	3,123	233	998	(230)
Subsequently Reclassified From Discontinued Operations
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Revenues from continuing operations	0	0	2,922	2,227	2,128	2,065	2,318	2,010
Net income (loss) from continuing operations	0	0	1,155	739	574	368	804	242
Discontinued Operations
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Net income from discontinued operations	792	703	2,823	1,429	8,325	5,008	3,984	2,962
Subsequently Reclassified To Continuing Operations
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Net income from discontinued operations	$ 0	$ 0	$ (1,155)	$ (739)	$ (574)	$ (368)	$ (804)	$ (242)

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Property Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Assets
Balance, beginning of period	$ 2,061,372	$ 2,036,794	$ 1,953,848
Additions
Improvements	31,844	31,342	28,879
Property acquisitions	0	11,041	63,528
Asset sales	(61,801)	(6,237)	0
Deductions: retirements	(9,921)	(11,568)	(9,461)
Balance, end of period	2,021,494	2,061,372	2,036,794
Accumulated Depreciation
Balance, beginning of period	(369,661)	(320,857)	(271,683)
Additions: Depreciation	(62,239)	(61,915)	(58,635)
Asset sales	7,427	1,543	0
Deductions: retirements	9,921	11,568	9,461
Balance, end of period	$ (414,552)	$ (369,661)	$ (320,857)

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Mortgage Loan Activity (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Movement in Mortgage Loans on Real Estate
Balance at the beginning of the period	$ 207,140	$ 103,440	$ 189,052
Additions during period
New mortgage loans	50,971	105,201	59,467
Other - deferral for collection of commitment fees, net of costs	634		385
Other - recoveries of bad debts, net of bad debt expense		199
Other - accretion of loan fees and discounts	5,442	1,592	6,841
Deductions during period
Collections of principal	(49,373)	(37,336)	(44,261)
Foreclosures	(1,098)	(92)	(708)
Cost of mortgages sold, net	(24,522)	(41,040)	(29,799)
Other - sale of mortgage loans			(77,121)
Other - bad debt expense, net of recoveries	(142)		(416)
Other - collection of commitment fees, net of costs		(739)
Other - reclassification from secured borrowings		(2,663)
Other - sale of commercial real estate loans (Note 8)		(52,822)
Balance at end of the period	$ 189,052	75,740	$ 103,440
Mortgage loans on real estate, non cash additions to commercial real estate loans		$ 966

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 532,437
Initial Cost
Land	343,564
Building and Improvements	1,552,411
Net Improvements (Write-Offs) Since Acquisition	125,519
Gross Amount at Which Carried
Land	343,564
Building and Improvements	1,677,930
Investments in real estate	2,021,494	$ 2,061,372
Accumulated Depreciation	414,552	$ 369,661	$ 320,857	$ 271,683
Other disclosures
Federal tax cost basis (unaudited)	2,036,225
Office \| 7083 Hollywood Blvd Los Angeles, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	21,700
Initial Cost
Land	6,276
Building and Improvements	13,161
Net Improvements (Write-Offs) Since Acquisition	3,248
Gross Amount at Which Carried
Land	6,276
Building and Improvements	16,409
Investments in real estate	22,685
Accumulated Depreciation	5,626
Office \| 800 N Capitol Street Washington, DC
Initial Cost
Building and Improvements	109,948
Net Improvements (Write-Offs) Since Acquisition	(6,685)
Gross Amount at Which Carried
Building and Improvements	103,263
Investments in real estate	103,263
Accumulated Depreciation	28,168
Office \| 370 L'Enfant Prom Washington, DC
Initial Cost
Land	33,936
Building and Improvements	145,796
Net Improvements (Write-Offs) Since Acquisition	(5,724)
Gross Amount at Which Carried
Land	33,936
Building and Improvements	140,072
Investments in real estate	174,008
Accumulated Depreciation	39,969
Office \| 260 Townsend San Francisco, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	28,200
Initial Cost
Land	7,574
Building and Improvements	13,843
Net Improvements (Write-Offs) Since Acquisition	2,219
Gross Amount at Which Carried
Land	7,574
Building and Improvements	16,062
Investments in real estate	23,636
Accumulated Depreciation	6,603
Office \| 830 1st Street Washington, DC
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	46,000
Initial Cost
Land	18,095
Building and Improvements	62,017
Net Improvements (Write-Offs) Since Acquisition	(1,193)
Gross Amount at Which Carried
Land	18,095
Building and Improvements	60,824
Investments in real estate	78,919
Accumulated Depreciation	15,939
Office \| 200 S College Street Charlotte, NC
Initial Cost
Land	7,702
Building and Improvements	109,006
Net Improvements (Write-Offs) Since Acquisition	8,497
Gross Amount at Which Carried
Land	7,702
Building and Improvements	117,503
Investments in real estate	125,205
Accumulated Depreciation	35,792
Office \| 3601 S Congress Avenue Austin, TX
Initial Cost
Land	9,569
Building and Improvements	18,593
Net Improvements (Write-Offs) Since Acquisition	1,900
Gross Amount at Which Carried
Land	9,569
Building and Improvements	20,493
Investments in real estate	30,062
Accumulated Depreciation	6,459
Office \| 899 N Capitol Street Washington, DC
Initial Cost
Land	34,641
Building and Improvements	84,466
Net Improvements (Write-Offs) Since Acquisition	12,638
Gross Amount at Which Carried
Land	34,641
Building and Improvements	97,104
Investments in real estate	131,745
Accumulated Depreciation	24,517
Office \| 999 N Capitol Street Washington, DC
Initial Cost
Land	32,221
Building and Improvements	86,526
Net Improvements (Write-Offs) Since Acquisition	10,710
Gross Amount at Which Carried
Land	32,221
Building and Improvements	97,236
Investments in real estate	129,457
Accumulated Depreciation	25,564
Office \| 901 N Capitol Street Washington, DC
Initial Cost
Land	27,117
Net Improvements (Write-Offs) Since Acquisition	4,299
Gross Amount at Which Carried
Land	27,117
Building and Improvements	4,299
Investments in real estate	31,416
Accumulated Depreciation	1,216
Office \| 1333 Broadway Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	39,500
Initial Cost
Land	7,048
Building and Improvements	41,578
Net Improvements (Write-Offs) Since Acquisition	9,910
Gross Amount at Which Carried
Land	7,048
Building and Improvements	51,488
Investments in real estate	58,536
Accumulated Depreciation	12,128
Office \| 1901 Harrison Street Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	42,500
Initial Cost
Land	3,838
Building and Improvements	68,106
Net Improvements (Write-Offs) Since Acquisition	5,792
Gross Amount at Which Carried
Land	3,838
Building and Improvements	73,898
Investments in real estate	77,736
Accumulated Depreciation	19,870
Office \| 2100 Franklin Street Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	80,000
Initial Cost
Land	4,277
Building and Improvements	34,033
Net Improvements (Write-Offs) Since Acquisition	11,638
Gross Amount at Which Carried
Land	4,277
Building and Improvements	45,671
Investments in real estate	49,948
Accumulated Depreciation	13,100
Office \| 2101 Webster Street Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	83,000
Initial Cost
Land	4,752
Building and Improvements	109,812
Net Improvements (Write-Offs) Since Acquisition	31,111
Gross Amount at Which Carried
Land	4,752
Building and Improvements	140,923
Investments in real estate	145,675
Accumulated Depreciation	35,951
Office \| 2353 Webster Street Parking Garage Oakland, CA
Initial Cost
Building and Improvements	9,138
Net Improvements (Write-Offs) Since Acquisition	29
Gross Amount at Which Carried
Building and Improvements	9,167
Investments in real estate	9,167
Accumulated Depreciation	1,894
Office \| 1 Kaiser Plaza Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	97,100
Initial Cost
Land	9,261
Building and Improvements	113,619
Net Improvements (Write-Offs) Since Acquisition	16,677
Gross Amount at Which Carried
Land	9,261
Building and Improvements	130,296
Investments in real estate	139,557
Accumulated Depreciation	32,194
Office \| 2 Kaiser Plaza Parking Lot Oakland, CA
Initial Cost
Land	10,931
Building and Improvements	110
Net Improvements (Write-Offs) Since Acquisition	653
Gross Amount at Which Carried
Land	10,931
Building and Improvements	763
Investments in real estate	11,694
Accumulated Depreciation	29
Office \| 980 9th Street Sacramento, CA
Initial Cost
Land	3,380
Building and Improvements	86,939
Net Improvements (Write-Offs) Since Acquisition	4,375
Gross Amount at Which Carried
Land	3,380
Building and Improvements	91,314
Investments in real estate	94,694
Accumulated Depreciation	17,760
Office \| 1010 8th Street Parking Garage & Retail Sacramento, CA
Initial Cost
Land	1,020
Building and Improvements	1,980
Net Improvements (Write-Offs) Since Acquisition	148
Gross Amount at Which Carried
Land	1,020
Building and Improvements	2,128
Investments in real estate	3,148
Accumulated Depreciation	414
Office \| 211 Main Street San Francisco, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	26,136
Initial Cost
Land	14,364
Building and Improvements	106,875
Net Improvements (Write-Offs) Since Acquisition	1,837
Gross Amount at Which Carried
Land	14,364
Building and Improvements	108,712
Investments in real estate	123,076
Accumulated Depreciation	28,994
Office \| 11600 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	3,477
Building and Improvements	18,522
Net Improvements (Write-Offs) Since Acquisition	1,650
Gross Amount at Which Carried
Land	3,477
Building and Improvements	20,172
Investments in real estate	23,649
Accumulated Depreciation	3,707
Office \| 11620 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	7,672
Building and Improvements	51,999
Net Improvements (Write-Offs) Since Acquisition	7,678
Gross Amount at Which Carried
Land	7,672
Building and Improvements	59,677
Investments in real estate	67,349
Accumulated Depreciation	11,123
Office \| 4750 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	16,633
Building and Improvements	28,985
Net Improvements (Write-Offs) Since Acquisition	58
Gross Amount at Which Carried
Land	16,633
Building and Improvements	29,043
Investments in real estate	45,676
Accumulated Depreciation	2,341
Office \| Lindblade Media Center Los Angeles, CA
Initial Cost
Land	6,342
Building and Improvements	11,568
Gross Amount at Which Carried
Land	6,342
Building and Improvements	11,568
Investments in real estate	17,910
Accumulated Depreciation	847
Multifamily \| 3636 McKinney Avenue Dallas, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	9,363
Initial Cost
Land	3,806
Building and Improvements	11,077
Net Improvements (Write-Offs) Since Acquisition	427
Gross Amount at Which Carried
Land	3,806
Building and Improvements	11,504
Investments in real estate	15,310
Accumulated Depreciation	2,021
Multifamily \| 3839 McKinney Avenue Dallas, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	6,211
Initial Cost
Land	1,679
Building and Improvements	8,621
Net Improvements (Write-Offs) Since Acquisition	254
Gross Amount at Which Carried
Land	1,679
Building and Improvements	8,875
Investments in real estate	10,554
Accumulated Depreciation	1,577
Multifamily \| 4649 Cole Avenue Dallas, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	23,560
Initial Cost
Land	17,483
Building and Improvements	16,355
Net Improvements (Write-Offs) Since Acquisition	5,420
Gross Amount at Which Carried
Land	17,483
Building and Improvements	21,775
Investments in real estate	39,258
Accumulated Depreciation	4,191
Multifamily \| 4200 Scotland Street Houston, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	29,167
Initial Cost
Land	9,811
Building and Improvements	40,150
Net Improvements (Write-Offs) Since Acquisition	343
Gross Amount at Which Carried
Land	9,811
Building and Improvements	40,493
Investments in real estate	50,304
Accumulated Depreciation	7,030
Multifamily \| 47 E 34th Street New York, NY
Initial Cost
Land	30,612
Building and Improvements	31,145
Net Improvements (Write-Offs) Since Acquisition	1,450
Gross Amount at Which Carried
Land	30,612
Building and Improvements	32,595
Investments in real estate	63,207
Accumulated Depreciation	4,226
Hotel \| Sheraton Grand Hotel Sacramento, CA
Initial Cost
Land	3,497
Building and Improvements	107,447
Net Improvements (Write-Offs) Since Acquisition	(3,729)
Gross Amount at Which Carried
Land	3,497
Building and Improvements	103,718
Investments in real estate	107,215
Accumulated Depreciation	22,899
Hotel \| Sheraton Grand Hotel Parking & Retail Sacramento, CA
Initial Cost
Land	6,550
Building and Improvements	10,996
Net Improvements (Write-Offs) Since Acquisition	(111)
Gross Amount at Which Carried
Land	6,550
Building and Improvements	10,885
Investments in real estate	17,435
Accumulated Depreciation	$ 2,403

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) item
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	181
Carrying amount of mortgages	$ 75,740
Principal amount of loans subject to deliquent principal or interest	$ 755
SBA 7(a) Loans
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	178
Carrying amount of mortgages	$ 73,147
Principal amount of loans subject to deliquent principal or interest	755
Loans not secured by real estate	151
Loans with subordinate lien positions	241
Federal income tax cost basis of mortgage loans (unaudited)	46,817
SBA 7(a) Loans \| Government guaranteed portions
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Carrying amount of mortgages	4,868
SBA 7(a) Loans \| SBA 7(a) loans, subject to secured borrowings
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Carrying amount of mortgages	27,899
SBA 7(a) Loans \| General reserves
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Reserves	$ (223)
SBA 7(a) Loans \| Michigan
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	23
Interest rate (minimum)	5.25%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 6,354
SBA 7(a) Loans \| Michigan \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	10
SBA 7(a) Loans \| Michigan \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 870
SBA 7(a) Loans \| Ohio
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	21
Interest rate (minimum)	5.25%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 5,801
SBA 7(a) Loans \| Ohio \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 950
SBA 7(a) Loans \| Indiana
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	16
Interest rate (minimum)	5.00%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 4,707
SBA 7(a) Loans \| Indiana \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	40
SBA 7(a) Loans \| Indiana \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 1,040
SBA 7(a) Loans \| Texas
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	28
Interest rate (minimum)	4.38%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 4,090
Principal amount of loans subject to deliquent principal or interest	506
SBA 7(a) Loans \| Texas \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 650
SBA 7(a) Loans \| Virginia
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	8
Interest rate (minimum)	5.75%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 2,751
SBA 7(a) Loans \| Virginia \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	160
SBA 7(a) Loans \| Virginia \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 660
SBA 7(a) Loans \| Kentucky
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	7
Interest rate (minimum)	5.50%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 1,644
SBA 7(a) Loans \| Kentucky \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	110
SBA 7(a) Loans \| Kentucky \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 410
SBA 7(a) Loans \| Florida
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	8
Interest rate (minimum)	5.50%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 1,545
SBA 7(a) Loans \| Florida \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	10
SBA 7(a) Loans \| Florida \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 360
SBA 7(a) Loans \| Alabama
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	6
Interest rate (minimum)	5.25%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 1,402
SBA 7(a) Loans \| Alabama \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	40
SBA 7(a) Loans \| Alabama \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 460
SBA 7(a) Loans \| Illinois
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	4
Interest rate (minimum)	5.75%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 1,358
SBA 7(a) Loans \| Illinois \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	60
SBA 7(a) Loans \| Illinois \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 790
SBA 7(a) Loans \| Missouri
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	5
Interest rate (minimum)	5.50%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 1,309
SBA 7(a) Loans \| Missouri \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	50
SBA 7(a) Loans \| Missouri \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 440
SBA 7(a) Loans \| Wisconsin
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	7
Interest rate (minimum)	5.25%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 1,135
Principal amount of loans subject to deliquent principal or interest	249
SBA 7(a) Loans \| Wisconsin \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	10
SBA 7(a) Loans \| Wisconsin \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 250
SBA 7(a) Loans \| Arizona
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	5
Interest rate (minimum)	6.00%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 993
SBA 7(a) Loans \| Arizona \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	30
SBA 7(a) Loans \| Arizona \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 440
SBA 7(a) Loans \| South Carolina
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	6
Interest rate (minimum)	5.50%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 955
SBA 7(a) Loans \| South Carolina \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	0
SBA 7(a) Loans \| South Carolina \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 380
SBA 7(a) Loans \| North Carolina
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	3
Interest rate (minimum)	6.00%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 909
SBA 7(a) Loans \| North Carolina \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	90
SBA 7(a) Loans \| North Carolina \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 660
SBA 7(a) Loans \| Georgia
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	5
Interest rate (minimum)	5.75%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 834
SBA 7(a) Loans \| Georgia \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	100
SBA 7(a) Loans \| Georgia \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 230
SBA 7(a) Loans \| Colorado
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	5
Interest rate (minimum)	5.00%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 833
SBA 7(a) Loans \| Colorado \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	0
SBA 7(a) Loans \| Colorado \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 380
SBA 7(a) Loans \| Other
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	21
Interest rate (minimum)	5.17%
Interest rate (maximum)	6.25%
Carrying amount of mortgages	$ 3,983
SBA 7(a) Loans \| Other \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 480
Conventional Loans
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	3
Carrying amount of mortgages	$ 2,593
Conventional Loans \| Ohio
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	1
Interest rate	10.85%
Carrying amount of mortgages	$ 926
Conventional Loans \| Arizona
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	1
Interest rate	6.85%
Carrying amount of mortgages	$ 1,237
Conventional Loans \| North Carolina
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	1
Interest rate	7.50%
Carrying amount of mortgages	$ 430
Mortgage Loans - $11,000 \| SBA 7(a) Loans \| Texas
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 11
Interest rate	6.00%
Mortgage Loans - $33,000 \| SBA 7(a) Loans \| Texas
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 33
Interest rate	6.00%
Mortgage Loans - $608,000 \| SBA 7(a) Loans \| Texas
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 598
Interest rate	6.25%
Reserves	$ (16)
Mortgage Loans - $431,000 \| SBA 7(a) Loans \| Wisconsin
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 431
Interest rate	6.25%
Reserves	$ (32)
Mortgage Loans - $443,000 \| Conventional Loans \| North Carolina
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 443
Interest rate	7.50%