View Filing Data

Print Document View Excel Document

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2017	Mar. 02, 2018	Jun. 30, 2017
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, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 26.0
Entity Common Stock, Shares Outstanding		43,784,939
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Investments in real estate, net	$ 957,725	$ 1,606,942
Cash and cash equivalents	129,310	144,449
Restricted cash	27,008	32,160
Loans receivable, net	81,056	75,740
Accounts receivable, net	13,627	13,086
Deferred rent receivable and charges, net	84,748	116,354
Other intangible assets, net	6,381	17,623
Other assets	36,533	16,530
TOTAL ASSETS	1,336,388	2,022,884
LIABILITIES:
Debt, net	630,852	967,886
Accounts payable and accrued expenses	26,394	39,155
Intangible liabilities, net	1,070	3,576
Due to related parties	8,814	10,196
Other liabilities	14,629	34,056
Total liabilities	681,759	1,054,869
COMMITMENTS AND CONTINGENCIES (Note 16)
REDEEMABLE PREFERRED STOCK: Series A, $0.001 par value; 36,000,000 shares authorized; 1,225,734 and 1,224,712 shares issued and outstanding, respectively, at December 31, 2017 and 61,435 shares issued and outstanding at December 31, 2016; liquidation preference of $25.00 per share, subject to adjustment	27,924	1,426
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 43,784,939 and 84,048,081 shares issued and outstanding at December 31, 2017 and 2016, respectively	44	84
Additional paid-in capital	792,631	1,566,073
Accumulated other comprehensive income (loss)	1,631	(509)
Distributions in excess of earnings	(399,250)	(599,971)
Total stockholders' equity	625,815	965,677
Noncontrolling interests	890	912
Total equity	626,705	966,589
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	1,336,388	2,022,884
Series A Cumulative Preferred Stock
EQUITY:
Preferred stock	1,508	0
Series L Preferred Stock
EQUITY:
Preferred stock	$ 229,251	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	900,000,000	900,000,000
Common stock, issued shares	43,784,939	84,048,081
Common stock, outstanding shares	43,784,939	84,048,081
Series A Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	36,000,000	36,000,000
Preferred stock, shares issued	1,225,734	61,435
Preferred stock, shares outstanding	1,224,712	61,435
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series A Cumulative Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	36,000,000	36,000,000
Preferred stock, shares issued	61,435	0
Preferred stock, shares outstanding	60,592	0
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series L Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0
Preferred stock, shares authorized	9,000,000	0
Preferred stock, shares issued	8,080,740	0
Preferred stock, shares outstanding	8,080,740	0
Preferred stock, liquidation preference per share (in usd per share)	$ 28.37	$ 0

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUES:
Rental and other property income	$ 202,163	$ 241,413	$ 252,994
Expense reimbursements	16,646	12,502	13,394
Interest and other income	17,567	12,016	10,560
REVENUES	236,376	265,931	276,948
EXPENSES:
Rental and other property operating	101,585	124,703	133,178
Asset management and other fees to related parties	30,251	33,882	33,169
Interest	36,338	34,385	23,630
General and administrative	5,479	7,961	9,402
Transaction costs (Note 16)	11,862	340	1,382
Depreciation and amortization	58,364	71,968	72,361
Impairment of real estate (Note 2)	13,100	0	0
EXPENSES	256,979	273,239	273,122
Gain on sale of real estate (Note 3)	401,737	39,666	3,092
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES	381,134	32,358	6,918
Provision for income taxes	1,376	1,646	806
NET INCOME FROM CONTINUING OPERATIONS	379,758	30,712	6,112
DISCONTINUED OPERATIONS:
Income from operations of assets held for sale (Note 7)	0	3,853	13,140
Gain on disposition of assets held for sale (Note 7)	0	0	5,151
NET INCOME FROM DISCONTINUED OPERATIONS	0	3,853	18,291
NET INCOME	379,758	34,565	24,403
Net income attributable to noncontrolling interests	(21)	(18)	(11)
NET INCOME ATTRIBUTABLE TO THE COMPANY	379,737	34,547	24,392
Redeemable preferred stock dividends (Note 11)	(490)	(9)	0
Redeemable preferred stock redemptions (Note 11)	2	0	0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$ 379,249	$ 34,538	$ 24,392
BASIC AND DILUTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE:
Continuing operations (in usd per share)	$ 5.47	$ 0.34	$ 0.06
Discontinued operations (in usd per share)	0.00	0.04	0.19
Net income (in usd per share)	$ 5.47	$ 0.38	$ 0.25
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	69,062	91,328	97,588
Diluted (in shares)	69,070	91,328	97,588

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 379,758	$ 34,565	$ 24,403
Other comprehensive income (loss): cash flow hedges	2,140	2,010	(2,519)
COMPREHENSIVE INCOME	381,898	36,575	21,884
Comprehensive income attributable to noncontrolling interests	(21)	(18)	(11)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 381,877	$ 36,557	$ 21,873

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions In Excess of Earnings	Treasury Stock	Noncontrolling Interests	Series L Preferred Stock	Series L Preferred Stock Preferred Stock	Series L Preferred Stock Additional Paid-in Capital	Series A Preferred Stock Preferred Stock
Balance (in shares) at Dec. 31, 2014		97,581,598
Balance, at beginning of period at Dec. 31, 2014	$ 1,359,816	$ 98	$ 1,824,381	$ 0	$ (460,623)	$ (4,901)	$ 861
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests	110						110
Distributions to noncontrolling interests	(45)						(45)
Stock based compensation expense (in shares)		8,000
Stock-based compensation expense	971		971
Common dividends	(85,389)				(85,389)
Reclassification of Series A to permanent equity	0
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 end of period at Dec. 31, 2015	1,297,347	$ 98	1,820,451	(2,519)	(521,620)	0	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 (in shares)		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 Series A Preferred Warrants	5		5
Dividends to holders of Series A Preferred Stock ($1.375 per share)	(9)				(9)
Reclassification of Series A to permanent equity	0
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							0		0
Balance, at end of period at Dec. 31, 2016	966,589	$ 84	1,566,073	(509)	(599,971)	$ 0	912		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity
Distributions to noncontrolling interests	(43)						(43)
Stock based compensation expense (in shares)		9,585
Stock-based compensation expense	154		154
Share repurchases (in shares)		(40,272,727)
Share repurchases	(886,010)	$ (40)	(752,218)		(133,752)
Special cash dividends declared to certain common stockholders ($2.990 per share)	(6,447)				(6,447)
Common dividends	(38,327)				(38,327)
Issuance of Series A Preferred Warrants	126		126
Issuance of Series L Preferred Stock (in shares)									8,080,740
Issuance of Series L Preferred Stock								$ 207,845	$ 229,251	$ (21,406)
Dividends to holders of Series A Preferred Stock ($1.375 per share)	(490)				(490)
Reclassification of Series A to permanent equity (in shares)											61,013
Reclassification of Series A to permanent equity	1,417		(101)								$ 1,518
Treasury stock retirement (107,265 shares)	0
Redemption of Series A Preferred Stock (in shares)											(421)
Redemption of Series A Preferred Stock	(7)		3								$ (10)
Other comprehensive income (loss)	2,140			2,140
Net income	379,758				379,737		21
Balance (in shares) at Dec. 31, 2017		43,784,939							8,080,740		60,592
Balance, at end of period at Dec. 31, 2017	$ 626,705	$ 44	$ 792,631	$ 1,631	$ (399,250)		$ 890		$ 229,251		$ 1,508

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Common dividends, per share amount	$ 0.594	$ 0.875	$ 0.875
Preferred dividends, per share amount	1.375	$ 1.375
Treasury stock retirement (in shares)			107,265
Special cash dividends, per share amount	$ 2.990

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended			18 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 22,060	$ (2,361)	$ 379,758	$ 34,565	$ 24,403
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Deferred rent and amortization of intangible assets, liabilities and lease inducements			(2,172)	(6,584)	(6,835)
Depreciation and amortization			58,364	71,968	72,361
Transfer of right to collect supplemental real estate tax reimbursements			(5,097)	0	0
Gain on sale of real estate	(23,005)	0	(401,737)	(39,666)	(3,092)
Impairment of real estate			13,100	0	0
Gain on disposition of assets held for sale			0	0	(5,151)
Straight line rent, below-market ground lease and amortization of intangible assets			1,069	1,766	1,899
Straight line lease termination income			(362)	0	0
Amortization of deferred loan costs			2,870	2,803	3,229
Amortization of premiums and discounts on debt			(590)	(870)	(1,179)
Unrealized premium adjustment			2,447	1,599	1,168
Amortization and accretion on loans receivable, net			96	(1,039)	(6,451)
Bad debt expense			677	161	1,428
Deferred income taxes			271	164	132
Stock-based compensation			154	164	971
Loans funded, held for sale to secondary market			(57,237)	(38,234)	(29,619)
Proceeds from sale of guaranteed loans			51,312	38,536	27,974
Principal collected on loans subject to secured borrowings			6,674	3,866	4,311
Other operating activity			(1,718)	136	(496)
Changes in operating assets and liabilities:
Accounts receivable and interest receivable			(977)	(2,569)	(350)
Other assets			(19,762)	419	(4,036)
Accounts payable and accrued expenses			(14,139)	630	3,678
Deferred leasing costs			(6,973)	(19,885)	(8,580)
Other liabilities			(5,589)	3,219	984
Due to related parties			(1,584)	724	286
Net cash (used in) provided by operating activities			(1,145)	51,873	77,035
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate			(21,101)	(35,414)	(26,614)
Acquisition of real estate properties			(19,631)	0	(11,143)
Proceeds from sale of real estate property, net			1,012,115	94,568	7,786
Proceeds from sale of assets held for sale, net			0	26,766	82,272
Loans funded			(19,079)	(66,001)	(29,848)
Principal collected on loans			10,883	33,470	39,950
Restricted cash			5,152	(25,150)	1,691
Other investing activity			317	1,287	178
Net cash provided by investing activities			968,656	29,526	64,272
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgages payable			0	392,000	0
Payment of mortgages payable			(65,877)	(4,354)	(77,056)
Proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes			120,000	175,000	619,000
Payment of unsecured revolving lines of credit, revolving credit facilities and term notes			(335,000)	(282,000)	(487,000)
Payment of principal on secured borrowings			(6,674)	(13,946)	(4,311)
Proceeds from secured borrowings			0	25,791	10,000
Payment of deferred preferred stock offering costs			(3,832)	(1,960)	0
Payment of deferred loan costs			(304)	(1,994)	(3,596)
Payment of common dividends			(38,327)	(77,316)	(85,389)
Payment of special cash dividends			(4,872)	0	0
Repurchase of Common Stock			(886,010)	(290,134)	0
Contributions from noncontrolling interests			0	0	110
Payment of borrowing costs			(8)	0	0
Net proceeds from issuance of Series A Preferred Warrants			127	5	0	$ 131
Payment of preferred stock dividends			(250)	0	0
Redemption of Series A Preferred Stock			(27)	0	0
Noncontrolling interests' distributions			(43)	(43)	(45)
Net cash used in financing activities			(982,650)	(77,522)	(28,287)
Change in cash balances included in assets held for sale			0	1,471	569
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS			(15,139)	5,348	113,589
CASH AND CASH EQUIVALENTS:
Beginning of period			144,449	139,101	25,512
End of period	129,310	144,449	129,310	144,449	139,101	129,310
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest			35,092	33,060	20,920
Federal income taxes paid			1,595	1,353	805
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Additions to investments in real estate included in accounts payable and accrued expenses			9,024	4,527	8,097
Retirement of treasury stock			0	0	4,901
Additions to investments in real estate included in other assets			0	0	4,244
Net increase (decrease) in fair value of derivatives applied to other comprehensive income (loss)			2,140	2,010	(2,519)
Foreclosure on a loan receivable included in other assets			0	0	708
Reduction of loans receivable and secured borrowings due to the SBA's repurchase of the guaranteed portion of loans			534	2,663	0
Additions to preferred stock offering costs included in accounts payable and accrued expenses			388	238	0
Accrual of dividends payable to preferred stockholders	249	9	249	9	0	249
Preferred stock offering costs offset against redeemable preferred stock in temporary equity			122	3	0
Preferred stock offering costs offset against redeemable preferred stock in permanent equity			2,532	0	0
Reclassification of Series A Preferred Stock from temporary equity to permanent equity			1,417	0	0
Reclassification of Series A Preferred Stock from temporary equity to accounts payable and accrued expenses			13	0	0
Accrual of special cash dividends	1,575	0	1,575	0	0	1,575
Accrual reversed to lease termination income			480	0	0
Payable to related parties included in net proceeds from disposition of real estate	$ 202	$ 0	202	0	0	$ 202
Series A Preferred Stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of Preferred Stock			28,070	1,429	0
Series L Preferred Stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of Preferred Stock			$ 210,377	$ 0	$ 0

ORGANIZATION AND OPERATIONS	12 Months Ended
ORGANIZATION AND OPERATIONS	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	ORGANIZATION AND OPERATIONS CIM Commercial Trust Corporation ("CIM Commercial" or the "Company"), a Maryland corporation and real estate investment trust ("REIT"), or together with its wholly-owned subsidiaries ("we," "us" or "our") primarily acquires, owns, and operates Class A and creative office assets 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" or "CIM"), 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"). As a result of the Merger and related transactions, CIM Urban became our wholly-owned subsidiary. Our common stock, $0.001 par value per share ("Common Stock"), is currently traded on the Nasdaq Global Market ("Nasdaq") and on the Tel Aviv Stock Exchange ("TASE"), in each case under the ticker symbol "CMCT." Our Series L Preferred Stock (as defined in Note 11), $0.001 par value per share, is currently traded on Nasdaq and on the TASE, in each case under the ticker symbol "CMCTP." We have authorized for issuance 900,000,000 shares of common stock and 100,000,000 shares of preferred stock ("Preferred Stock"). CIM Commercial has qualified and intends to continue to qualify as a REIT, as defined in the Internal Revenue Code, as amended (the "Code").

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2017

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 for acquisitions that occurred prior to October 1, 2017. For acquisitions occurring on or after October 1, 2017, we will conduct an analysis to determine if the acquisition constitutes a business combination or an asset purchase. If the acquisition constitutes a business combination, then transaction costs will be expensed as incurred, and if the acquisition constitutes an asset purchase, then transaction costs will be capitalized. 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. We recognized impairment of long-lived assets of $13,100,000, $0 and $0 during the years ended December 31, 2017, 2016 and 2015, respectively (Note 3).

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 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 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 7). Acquisition discounts of $1,301,000 remained as of December 31, 2017, 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, 2017, 2016 and 2015, we recorded $97,000, $(206,000) and $328,000 impairment (recovery) 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 $181,000 and $876,000 as of December 31, 2017 and 2016, respectively.

Deferred Rent Receivable and Charges—Deferred rent receivable and charges consist of deferred rent, deferred leasing costs, deferred offering costs (Note 11) and other deferred costs. Deferred rent receivable is $52,619,000 and $64,010,000 at December 31, 2017 and 2016, 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 $52,414,000 and $76,063,000 are presented net of accumulated amortization of $23,807,000 and $25,914,000 at December 31, 2017 and 2016, respectively. Deferred offering costs represent direct costs incurred in connection with our offering of Series A Preferred Units (as defined in Note 11), excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other registration fees. For a specific issuance of Series A Preferred 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 Series A Preferred Units issued in an issuance to the maximum number of Series A Preferred 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 11) and Series A Preferred Warrants (as defined in Note 11) 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 Series A Preferred Warrants are reductions to temporary equity and permanent equity, respectively. Deferred offering costs of $3,401,000 and $2,060,000 related to our offering of Series A Preferred Units are included in deferred rent receivable and charges at December 31, 2017 and 2016, respectively. Other deferred costs are $121,000 and $135,000 at December 31, 2017 and 2016, respectively.

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

Redeemable Preferred Stock—Beginning on the date of original issuance of any given shares of Series A Preferred Stock (Note 11), the holder of such shares has the right to require the Company to redeem such shares at a redemption price of 100% of the Series A Preferred Stock Stated Value (as defined in Note 11), 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 Series A Preferred Stock 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 Series A Preferred Stock 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 Series A Preferred Warrants (Note 11) in permanent equity. On the first anniversary of the date of original issuance of a particular share of Series A Preferred Stock, we intend to reclassify such share of 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 Series A Preferred Units are allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance.

Our Series L Preferred Stock (as defined in Note 11) is redeemable at the option of the holder or CIM Commercial. From and after the fifth anniversary of the date of original issuance of the Series L Preferred Stock, each holder will have the right to require the Company to redeem, and the Company will also have the option to redeem (subject to certain conditions), such shares of Series L Preferred Stock at a redemption price equal to the Series L Preferred Stock Stated Value (as defined in Note 11), plus, provided certain conditions are met, all accrued and unpaid distributions. Notwithstanding the foregoing, a holder of shares of our Series L Preferred Stock may require us to redeem such shares at any time prior to the fifth anniversary of the date of original issuance of the Series L Preferred Stock if (1) we do not declare and pay in full the distributions on the Series L Preferred Stock for any annual period prior to such fifth anniversary (provided that the first distribution on the Series L Preferred Stock is expected to be payable in January 2019) or (2) we do not declare and pay all accrued and unpaid distributions on the Series L Preferred Stock for all past dividend periods prior to the applicable holder redemption date. The applicable redemption price payable upon redemption of any Series L Preferred Stock will be made, in the Company's sole discretion, in the form of (A) cash in Israeli new shekels ("ILS") at the then-current currency exchange rate determined in accordance with the Articles Supplementary defining the terms of the Series L Preferred Stock, (B) in equal value through the issuance of shares of Common Stock, with the value of such Common Stock to be deemed the lower of (i) our NAV per share of our Common Stock as most recently published by the Company as of the effective date of redemption and (ii) the volume-weighted average price of our Common Stock, determined in accordance with the Articles Supplementary defining the terms of the Series L Preferred Stock, or (C) in a combination of cash in ILS and our Common Stock, based on the conversion mechanisms set forth in (A) and (B), respectively. We recorded the activity related to our Series L Preferred Stock in permanent equity.

Purchase Accounting for Acquisition of Investments in Real Estate—We apply the acquisition method to all acquired real estate assets. The purchase consideration of the real estate, which for real estate acquired on or after October 1, 2017 includes the transaction costs incurred in connection with such acquisitions, 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.

A tax abatement intangible asset was recorded for a property acquired in 2011 and sold in 2017, based on an approval for a property tax abatement, due to the location of the property. The tax abatement intangible asset was amortized over eight years and was written off in connection with the disposition. Tax abatement was $0 and $1,400,000 at December 31, 2017 and 2016, 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 $12,648,000 and $13,084,000 are presented net of accumulated amortization of $5,029,000 and $4,303,000 at December 31, 2017 and 2016, 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, 2017, 2016 and 2015, is $304,000, $338,000 and $329,000, 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, 2017, 2016 and 2015, is $2,614,000, $3,156,000 and $2,290,000, 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 9. 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 Series A Preferred Warrants (Note 12) and preferred stock, including the Series A Preferred Stock (Note 11) and Series L Preferred Stock (Note 11), whose redemption is payable in shares of Common Stock or cash, at the discretion of the Company. The dilutive effect of stock-based compensation awards and warrants, including the Series A Preferred 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 and Series L Preferred Stock, whose redemption is payable in shares of Common Stock or cash, at the discretion of the Company, 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—In the ordinary course of business, we may periodically enter into agreements relating to dispositions of assets. Some of these agreements are non-binding because either they do not obligate either party to pursue any transactions until the execution of a definitive agreement or they provide the potential buyer with the ability to terminate without penalty or forfeiture of any material deposit, subject to certain specified contingencies, such as completion of due diligence at the discretion of such buyer. We do not classify assets that are subject to such non-binding agreements as held for sale.

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, 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.

We have assessed the sale of our multifamily properties (Note 3) in accordance with ASC 205-20, Discontinued Operations. In our assessment, we considered, among other factors, the materiality of the revenue, net operating income, and total assets of our multifamily segment for the years ended December 31, 2017, 2016, and 2015. Based on our qualitative and quantitative assessment, we concluded the disposals do not represent a strategic shift that will have a major effect on our operations and financial results and they should not be classified as discontinued operations on our consolidated financial statements.

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 13 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 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. Penalties, if incurred, will be recorded in general and administrative expense and interest paid or received will be recorded in interest expense or interest income, respectively, in our 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 real estate on 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 14.

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 by performing a present value analysis for the anticipated future cash flows using an appropriate market discount rate taking into consideration the credit risk and 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, 2017 and 2016. 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 was held for sale at December 31, 2015 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 January 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. We currently do not anticipate the adoption of this ASU will have a material impact 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 conducting an evaluation of the impact of the guidance on our consolidated financial statements. We currently believe that the adoption of the standard will not significantly change the accounting for operating leases on our consolidated balance sheet where we are the lessor, and that such leases will be accounted for in a similar method to existing standards with the underlying leased asset being recognized and reported as a real estate asset. We currently expect that certain non-lease components may need to be accounted for separately from the lease components, with the lease components continuing to be recognized on a straight-line basis over the term of the lease and certain non-lease components (such as certain expense reimbursements) being accounted for under the new revenue recognition guidance in ASU 2014-09. We expect to adopt the guidance on a modified retrospective basis.

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 eliminated 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 became effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The adoption of this guidance did not have a material impact 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 currently do not anticipate the adoption of this ASU will have a material impact 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. Upon adoption of this ASU, restricted cash balances will be included in beginning and ending balances of cash and cash equivalents for all periods presented in our consolidated statements of cash flows.

In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, which makes certain technical corrections and improvements to ASU 2014-09, Revenue from Contracts with Customers (Topic 606). In February 2017, the FASB issued ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which provided further clarification on the recognition of gains and losses from the transfer of nonfinancial assets in contracts with noncustomers provided for under ASU 2014-09. This revenue recognition standard became effective for the Company on January 1, 2018. The standard allows the use of a full retrospective or modified retrospective approach to adopt this ASU. The full retrospective approach requires entities to recast their revenues for all periods presented to conform with the new revenue recognition guidance. Revenues that are restated for periods before January 1, 2016 will be reflected as an adjustment to retained earnings as of January 1, 2016. Under the modified retrospective approach, an entity can apply the standard to all contracts existing as of January 1, 2018, or only to uncompleted contracts existing as of January 1, 2018. Any differences in current and new revenue recognition guidance would be reflected as an adjustment to retained earnings as of January 1, 2018 under this approach. Under both approaches, additional disclosures may be required depending on the significance of the revenues impacted. The Company has elected to use the modified retrospective approach for all uncompleted contracts as of January 1, 2018.

The core principle of this revenue recognition standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, with an emphasis on the timing of the transfer of control of these goods or services to the customer. The guidance requires the use of a new five-step model, which includes (i) identifying the contract with a customer, (ii) identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations, and (v) recognizing revenue when (or as) the entities satisfies a performance obligation.

Our revenues and gains that were scoped into the revenue recognition standard were (i) hotel revenues, (ii) gains on sales of real estate, and (iii) certain tenant recoveries outside of the terms of the lease agreement.

For all contracts within the scope of this new revenue recognition standard, which include hotel revenues, sales of real estate, and tenant recoveries outside the lease agreements, the Company determined that there were no differences in the recognition of timing and amount under the current and new guidance. Therefore, the adoption of this standard effective January 1, 2018 will not result in an adjustment to our retained earnings on January 1, 2018. Additionally, a majority of the Company's revenues are primarily concentrated in rental income from leases which are outside of the scope of the new revenue recognition standard. We do not believe that hotel revenues or tenant recoveries outside of the lease agreements are material in relation to the core business, nor will they be material going forward.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU No. 2017-01"), 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. The Company early adopted ASU No. 2017-01 during the fourth quarter of 2017. As a result of such adoption, we capitalized the transaction costs incurred in connection with the acquisition of an office property in San Francisco, California in December 2017 (Note 3). In addition, we expect that transaction costs incurred in connection with future real estate property acquisitions that constitute an asset purchase will be capitalized as part of the purchase price instead of being expensed as incurred to transaction costs.

In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies the scope of modification accounting. Under the guidance, an entity will not apply modification accounting to a share-based payment award if the award's fair value, vesting conditions, and classification as an equity or liability instrument remain the same immediately before and after the change. 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. We currently do not anticipate the adoption of this new accounting guidance will have a material impact on our consolidated financial statements.

In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, which simplifies and expands the eligible hedging strategies for financial and nonfinancial risks by more closely aligning hedge accounting with a company's risk management activities, and also simplifies the application of Topic 815, Derivatives and Hedging, through targeted improvements in key practice areas. In addition, the ASU prescribes how hedging results should be presented and requires incremental disclosures. Further, the ASU provides partial relief on the timing of certain aspects of hedge documentation and eliminates the requirement to recognize hedge ineffectiveness separately in earnings in the current period. For public entities, the ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2018. Early adoption is permitted in any interim period after issuance of the ASU for existing hedging relationships on the date of adoption. 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, 2017

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.

2017 Transactions—On December 29, 2017, we acquired a 100% fee-simple interest in an office property known as 1130 Howard Street from an unrelated third-party. The office property has approximately 21,194 square feet and is located in San Francisco, California. The acquisition was funded with proceeds from our Series L Preferred Stock offering, and the acquired property is reported as part of the office segment (Note 20). During the fourth quarter of 2017, we early adopted ASU No. 2017-01 (Note 2) and, based on our analysis, the acquisition was an asset purchase and not a business combination. As such, transaction costs were capitalized as incurred in connection with this acquisition.



	Asset	Date of		Purchase
Property	Type	Acquisition	Square Feet	Price (1)
				(in thousands)
1130 Howard Street, San Francisco, CA	Office	December 29, 2017	21,194	$	17,717


(1)	Transaction costs that were capitalized and assumption of liabilities totaled $1,915,000, which are excluded from the purchase price above.

We sold 100% fee-simple interests in the following properties, other than 800 N Capitol, in which we sold a 100% leasehold interest, to unrelated third-parties. Transaction costs related to these sales were expensed as incurred.



Property	Asset Type	Date of Sale	Square Feet or Units (1)	Sales Price		Transaction Costs			Gain on Sale
				(in thousands)
211 Main Street, San Francisco, CA	Office	March 28, 2017	417,266	$	292,882	$	2,943	(2)	$	187,734
3636 McKinney Avenue, Dallas, TX	Multifamily	May 30, 2017	103	$	20,000	$	1,320	(2)	$	5,488
3839 McKinney Avenue, Dallas, TX	Multifamily	May 30, 2017	75	$	14,100	$	938	(2)	$	4,224
200 S College Street, Charlotte, NC	Office	June 8, 2017	567,865	$	148,500	$	833		$	45,906
980 9th and 1010 8th Street, Sacramento, CA	Office & Parking Garage	June 20, 2017	485,926	$	120,500	$	1,119		$	34,559
4649 Cole Avenue, Dallas, TX	Multifamily	June 23, 2017	334	$	64,000	$	3,311	(2)	$	25,836
800 N Capitol Street, Washington, D.C.	Office	August 31, 2017	311,593	$	119,750	$	2,388		$	34,456
7083 Hollywood Boulevard, Los Angeles, CA (3)	Office	September 21, 2017	82,193	$	42,300	$	584		$	23,670
47 E 34th Street, New York, NY	Multifamily	September 26, 2017	110	$	80,000	$	3,157		$	16,556
370 L'Enfant Promenade, Washington, D.C. (4)	Office	October 17, 2017	409,897	$	126,680	$	2,451		$	2,994
4200 Scotland Street, Houston, TX (3)	Multifamily	December 15, 2017	308	$	64,025	$	597		$	20,314


(1)	Reflects the square footage of office properties and number of units of multifamily properties.


(2)	Includes a prepayment penalty incurred in connection with the prepayment of the mortgage on the property in the amount of $1,508,000 at 211 Main Street, $1,143,000 at 3636 McKinney Avenue, $758,000 at 3839 McKinney Avenue, and $2,812,000 at 4649 Cole Avenue (Note 8).


(3)	A mortgage collateralized by this property was assumed by the buyer in connection with our sale of the property (Note 8).

(4)

In August 2017, we negotiated an agreement with an unrelated third-party for the sale of this property. We determined the book value of this property exceeded its estimated fair value less costs to sell, and as such, an impairment charge of $13,100,000 was recognized at such time for the year ended December 31, 2017 (Note 2). Our determination of fair value was based on the sales price negotiated with the third-party buyer.

In December 2017, we entered into a purchase and sale agreement with an unrelated third-party for the acquisition of a 100% fee-simple interest in an office property located at 9460 Wilshire Boulevard in Beverly Hills, California. At the time we entered into the purchase and sale agreement, we made a $20,000,000 non-refundable deposit to an escrow account and such deposit is included in other assets on our consolidated balance sheet at December 31, 2017. The acquisition subsequently closed in January 2018 for a purchase price of $132,000,000, which excludes transaction costs of $48,000 that were incurred and capitalized in connection with this acquisition. The property has approximately 68,866 square feet of office space and 22,884 square feet of retail space. The acquisition was funded with proceeds from our Series L Preferred Stock offering, and the acquired property will be reported as part of the office segment (Note 20).

2016 Transactions—There were no acquisitions during the year ended December 31, 2016.

We sold 100% fee-simple interests in the following properties to unrelated third-parties. Transaction costs related to these sales were expensed as incurred.



Property	Asset Type	Date of Sale	Rooms	Sales Price		Transaction Costs		Gain on Sale
				(in thousands)
Courtyard Oakland, Oakland, CA	Hotel	February 2, 2016	162	$	43,800	$	1,026	$	24,739
LAX Holiday Inn, Los Angeles, CA	Hotel	July 19, 2016	405	$	52,500	$	706	$	14,927

2015 Transactions—On August 26, 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 20). Transaction costs were expensed as incurred during the year ended December 31, 2015 related to this acquisition.

Property

Asset Type

Date of Acquisition

Square
Feet

Purchase Price

Transaction Costs

(in thousands)

2 Kaiser Plaza Parking Lot,
Oakland, CA

Surface
Parking Lot

August 26, 2015

44,642

11,143

107

We sold a 100% fee-simple interest in the following property to an unrelated third-party. Transaction costs related to the sale were expensed as incurred.

Property

Asset Type

Date of Sale

Square
Feet

Sales Price

Transaction Costs

Gain on Sale

(in thousands)

500 West Santa Ana Boulevard,
Santa Ana, CA

Office

November 19, 2015

37,116

8,050

264

3,092

The results of operations of the properties we sold have been included in the consolidated statements of operations through each properties' respective disposition date. The following is the detail of the carrying amounts of assets and liabilities at the time of the sales of the properties that occurred during the years ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Assets
Investments in real estate, net	$	631,740	$	54,374	$	4,694
Deferred rent receivable and charges, net	34,071		—		—
Other intangible assets, net	11,283		528		—
Other assets	38		—		—
Total assets	$	677,132	$	54,902	$	4,694
Liabilities
Debt, net (1)	$	115,037	$	—	$	—
Other liabilities	14,029		—		—
Intangible liabilities, net	1,800		—		—
Total liabilities	$	130,866	$	—	$	—


(1)	Net of $665,000 of premium on assumed mortgage. Debt of $50,260,000 was assumed by certain buyers in connection with sales of certain properties.

The results of operations of the properties we acquired have been included in the consolidated statements of operations from the date of acquisition. The fair value of the net assets acquired for the aforementioned acquisitions during the years ended December 31, 2017, 2016 and 2015 are as follows:



	Year Ended December 31,
	2017 (1)			2016		2015 (1)
	(in thousands)
Land	$	8,290		$	—	$	10,931
Land improvements	—			—		110
Buildings and improvements	10,109			—		—
Tenant improvements	371			—		—
Acquired in-place leases (2)	1,184			—		102
Acquired above-market leases (3)	37			—		—
Acquired below-market leases (3)	(360		)	—		—
Net assets acquired	$	19,631		$	—	$	11,143


(1)	The purchase price of the acquisitions completed during the years ended December 31, 2017 and 2015 were individually less than 5% and in aggregate less than 10% of our total assets as of December 31, 2017 and 2015, respectively.


(2)	Acquired in-place leases have a weighted average amortization period of 5.0 years and 3.0 years for the 2017 and 2015 acquisitions, respectively.


(3)	Acquired above and below-market leases have a weighted average amortization period of 7.0 years and 2.0 years, respectively, for the 2017 acquisition.

Abandoned project costs of $16,000, $328,000 and $486,000 were expensed as incurred during the years ended December 31, 2017, 2016 and 2015, respectively.

INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:



	December 31,
	2017			2016
	(in thousands)
Land	$	221,785		$	343,564
Land improvements	17,745			26,177
Buildings and improvements	847,849			1,475,415
Furniture, fixtures, and equipment	3,363			4,955
Tenant improvements	128,876			159,677
Work in progress	9,162			11,706
Investments in real estate	1,228,780			2,021,494
Accumulated depreciation	(271,055		)	(414,552		)
Net investments in real estate	$	957,725		$	1,606,942

For the years ended December 31, 2017, 2016, and 2015, we recorded depreciation expense of $49,427,000, $62,239,000, and $61,915,000, respectively.

LOANS RECEIVABLE

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

LOANS RECEIVABLE

Loans receivable consist of the following:



	December 31,
	2017			2016
	(in thousands)
SBA 7(a) loans, subject to credit risk	$	58,298		$	43,376
SBA 7(a) loans, subject to secured borrowings	21,664			29,456
Commercial mortgage loans	424			2,597
Loans receivable	80,386			75,429
Deferred capitalized costs	1,132			582
Loan loss reserves	(462		)	(271		)
Loans receivable, net	$	81,056		$	75,740

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.

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

At December 31, 2017 and 2016, 100.0% and 99.7%, respectively, of our loans subject to credit risk were current with the remainder ($0 and $249,000, respectively) greater than 29 days delinquent. We classify loans with negative characteristics in substandard categories ranging from special mention to doubtful. At December 31, 2017 and 2016, $388,000 and $804,000, respectively, of loans subject to credit risk were classified in substandard categories.

At December 31, 2017 and 2016, our loans subject to credit risk were 97.3% and 93.6%, respectively, concentrated in the hospitality industry.

- Definition

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

+ References + Details

OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016, is as follows:



	Assets							Liabilities
December 31, 2017	Acquired Above-Market Leases		Acquired In-Place Leases			Trade Name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	37	$	11,087		$	2,957	$	(2,902	)
Accumulated amortization	—		(7,700		)	—		1,832
	$	37	$	3,387		$	2,957	$	(1,070	)
Average useful life (in years)	7		9			Indefinite		5



	Assets														Liabilities
December 31, 2016	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement (1)			Acquired Below-Market Ground Lease (2)			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


(1)	Tax abatement is associated with 47 E 34th Street, which was sold in September 2017 (Note 3).


(2)	Acquired below-market ground lease is associated with 800 N Capitol Street, which was sold in August 2017 (Note 3).

The amortization of the acquired above-market leases which decreased rental and other property income was $3,000, $88,000 and $240,000 for the years ended December 31, 2017, 2016 and 2015, respectively. The amortization of the acquired in-place leases included in depreciation and amortization expense was $808,000, $1,347,000 and $1,857,000 for the years ended December 31, 2017, 2016 and 2015, respectively. Tax abatement amortization included in rental and other property operating expenses was $276,000, $551,000 and $551,000 for the years ended December 31, 2017, 2016 and 2015, respectively. Amortization of acquired below-market ground lease included in rental and other property operating expenses was $93,000, $140,000 and $140,000 for the years ended December 31, 2017, 2016 and 2015, respectively. Included in depreciation and amortization expense was franchise affiliation fee amortization of $0, $33,000 and $394,000 for the years ended December 31, 2017, 2016 and 2015, respectively. The amortization of the acquired below-market leases included in rental and other property income was $1,066,000, $2,510,000 and $2,571,000 for the years ended December 31, 2017, 2016 and 2015, respectively.

A schedule of future amortization and accretion of acquisition related intangible assets and liabilities as of December 31, 2017, is as follows:



	Assets				Liabilities
	Acquired		Acquired		Acquired
	Above-Market		In-Place		Below-Market
Years Ending December 31,	Leases		Leases		Leases
	(in thousands)
2018	$	4	$	932	$	(734	)
2019	5		691		(242		)
2020	5		434		(42		)
2021	5		434		(42		)
2022	5		314		(10		)
Thereafter	13		582		—
	$	37	$	3,387	$	(1,070	)

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2017

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 and $675,000 as incurred during the years ended December 31, 2016 and 2015, 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 15). 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 income from operations of assets held for sale classified as discontinued operations on the consolidated statements of operations:



	Year Ended December 31,
	2016		2015
	(in thousands)
Revenue - Interest and other income	$	6,389	$	14,544

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

During the year ended December 31, 2017, we sold our five multifamily properties to unrelated third parties. We have assessed the sale of our multifamily properties (Note 3) in accordance with ASC 205-20, Discontinued Operations. In our assessment, we considered, among other factors, the materiality of the revenue, net operating income, and total assets of our multifamily segment for the years ended December 31, 2017, 2016, and 2015. Based on our qualitative and quantitative assessment, we concluded the disposals do not represent a strategic shift that will have a major effect on our operations and financial results and they should not be classified as discontinued operations on our consolidated financial statements.

DEBT

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

DEBT

Information on our debt is as follows:



	December 31,
	2017			2016
	(in thousands)
Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $370,300,000 due on July 1, 2026. The loans are nonrecourse. In September 2017, one loan with an outstanding principal balance of $21,700,000 was assumed by the buyer in connection with the sale of the property that was collateral for the loan (Note 3).	$	370,300		$	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 were nonrecourse. The loans were repaid in May and June 2017 in connection with the sale of the properties that were collateral for the loans (Note 3).	—			39,134
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 was nonrecourse. The loan was assumed by the buyer in December 2017 in connection with the sale of the property that was collateral for the loan (Note 3).	—			29,167
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan had a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan was nonrecourse. The loan was repaid in March 2017 in connection with the sale of the property that was collateral for the loan (Note 3).	—			26,136
	416,300			532,437
Deferred loan costs related to mortgage loans	(1,540		)	(2,366		)
Premiums and discounts on assumed mortgages, net	—			722
Total Mortgages Payable	414,760			530,793
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 4.85% and 4.13% at December 31, 2017 and 2016, respectively.	16,812			23,122
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 2.60% and 1.83% at December 31, 2017 and 2016, respectively.	3,879			4,777
	20,691			27,899
Unamortized premiums	1,466			2,077
Total Secured Borrowings—Government Guaranteed Loans	22,157			29,976
Unsecured term loan facility	170,000			385,000
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR (as defined below) plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.	27,070			27,070
Unsecured credit facility	—			—
	197,070			412,070
Deferred loan costs related to unsecured term loan and credit facilities	(1,198		)	(2,938		)
Discount on junior subordinated notes	(1,937		)	(2,015		)
Total Other	193,935			407,117
Total Debt	$	630,852		$	967,886

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. These loans included cash premiums that are 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 $3,843,000 and $7,122,000 are presented net of accumulated amortization of $1,105,000 and $1,818,000 at December 31, 2017 and 2016, respectively, and are a reduction to total debt.

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) the London Interbank Offered Rate ("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%. Proceeds from the unsecured credit facility were used to repay mortgage loans and outstanding balances under our prior unsecured credit facilities, for acquisitions, short-term funding of a Common Stock tender offer in June 2016, short-term funding of a private repurchase of Common Stock in June 2017, and general corporate purposes. 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. The June 2017 borrowing used to fund the private share repurchase was repaid using proceeds from subsequent asset sales. 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 and we permanently reduced the revolving credit commitment under the credit facility to $200,000,000. In August 2017, we exercised the second of two-one year extension options through September 2018 and, in connection with such exercise, we paid an extension fee of $300,000. At December 31, 2017 and 2016, $0 was outstanding under the credit facility. The unused capacity on the unsecured credit facility, based on covenant restrictions at December 31, 2017 and 2016, was approximately $97,000,000 and $200,000,000, respectively.

In May 2015, CIM Commercial entered into an unsecured term loan facility with a bank syndicate pursuant to which CIM Commercial could 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%. The term loan facility matures in May 2022. On November 2, 2015, $385,000,000 was drawn 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, 2017 and 2016, the variable interest rate on this unsecured term loan facility was 2.96% and 2.22%, 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 13). On August 3, 2017, we repaid $65,000,000 of outstanding borrowings on our unsecured term loan facility. In connection with such paydown, we wrote off deferred loan costs of $601,000 and related accumulated amortization of $193,000, a proportionate amount to the borrowings being repaid, and we terminated three interest rate swaps with an aggregate notional value of $65,000,000 (Note 13). Costs incurred to terminate such swaps totaled $38,000 and are included in interest expense on our consolidated statement of operations for the year ended December 31, 2017. Additionally, on November 29, 2017, we repaid $150,000,000 of outstanding borrowings on our unsecured term loan facility. In connection with such paydown, we wrote off deferred loan costs of $1,387,000 and related accumulated amortization of $512,000, a proportionate amount to the borrowings being repaid, and we terminated four interest rate swaps with an aggregate notional value of $150,000,000 (Note 13). Such swaps were in the money at the time of their termination and we received total payments, net of fees, of $1,011,000, which are included in interest expense on our consolidated statement of operations for the year ended December 31, 2017. At December 31, 2017 and 2016, $170,000,000 and $385,000,000, respectively, was outstanding under the term loan facility.

At December 31, 2017 and 2016, 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.

On March 28, 2017, in connection with the sale of an office property in San Francisco, California, we paid off a mortgage with an outstanding balance of $25,331,000 using proceeds from the sale. Additionally, we paid a prepayment penalty of $1,508,000 in connection with the prepayment of this mortgage (Note 3).

On May 30, 2017, in connection with the sale of two multifamily properties, both located in Dallas, Texas, we paid off two mortgages with an aggregate outstanding principal balance of $15,448,000 using proceeds from the sales. Additionally, we paid aggregate prepayment penalties of $1,901,000 in connection with the prepayment of these mortgages (Note 3).

On June 23, 2017, in connection with the sale of a multifamily property in Dallas, Texas, we paid off a mortgage with an outstanding principal balance of $23,333,000 using proceeds from the sale. Additionally, we paid a prepayment penalty of $2,812,000 in connection with the prepayment of this mortgage (Note 3).

On September 21, 2017, in connection with the sale of an office property in Los Angeles, California, a mortgage with an outstanding principal balance of $21,700,000, collateralized by such property, was assumed by the buyer.

On December 15, 2017, in connection with the sale of a multifamily property in Houston, Texas, a mortgage with an outstanding principal balance of $28,560,000, collateralized by such property, was assumed by the buyer.

At December 31, 2017 and 2016, accrued interest and unused commitment fees payable of $2,098,000 and $3,133,000, respectively, are included in accounts payable and accrued expenses.

Future principal payments on our debt (face value) at December 31, 2017 are as follows:



Years Ending December 31,	Secured Borrowings Principal (1)		Mortgages Payable		Other (2)		Total
	(in thousands)
2018	$	536	$	—	$	—	$	536
2019	739		—		—		739
2020	772		—		—		772
2021	806		—		—		806
2022	841		679		170,000		171,520
Thereafter	16,997		415,621		27,070		459,688
	$	20,691	$	416,300	$	197,070	$	634,061

(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, 2017

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 16, for an aggregate of up to 400,000 shares of Common Stock.

Options—No options were granted or outstanding during the years ended December 31, 2017 and 2016. As of January 1, 2015, 17,050 options with a weighted average exercise price of $20.46 were outstanding. On January 31, 2015, such options were forfeited in accordance with the plan and no compensation expense was recognized during the year ended December 31, 2015 related to these options.

Restricted Shares—A summary of our restricted shares as of December 31, 2017, 2016 and 2015 and the changes during the years ended is as follows:



	2017
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, January 1	10,844		$	18.75
Granted	9,585		$	15.65
Vested	(10,844	)	$	18.75
Balance, December 31	9,585		$	15.65



	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

In April 2015, 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) under the 2015 Equity Incentive Plan, which fully vested in April 2016 based on one year of continuous service. In May 2016, we granted awards of 3,392 restricted shares of Common Stock to each of the independent members of the Board of Directors (10,176 in aggregate) under the 2015 Equity Incentive Plan, which fully vested in May 2017 based on one year of continuous service. In June 2017, we granted awards of 3,195 restricted shares of Common Stock to each of the independent members of the Board of Directors (9,585 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 $153,000, $155,000 and $113,000 for the years ended December 31, 2017, 2016 and 2015, respectively, related to these restricted shares of Common Stock.

We issued to two of our executive officers an aggregate of 2,000 restricted shares of Common Stock on May 6, 2014, which fully vested in May 2016, and an aggregate of 2,000 shares of Common Stock on March 6, 2015, which fully vested in March 2017. The restricted shares of Common Stock vested 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 was recognized over the vesting period. We recognized compensation expense of $1,000, $9,000 and $39,000 for the years ended December 31, 2017, 2016 and 2015, respectively, related to these restricted shares of Common Stock.

As of December 31, 2017, there was $61,000 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 2017, 2016 and 2015 was $203,000, $133,000 and $131,000, respectively.

EARNINGS PER SHARE (''EPS'')

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

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 69,062,000, 91,328,000 and 97,588,000 for the years ended December 31, 2017, 2016 and 2015, respectively. For the year ended December 31, 2017, the diluted weighted average shares of Common Stock outstanding were increased by 8,000 shares to reflect the dilutive effect of our Series A Preferred Stock. The computations of diluted EPS do not include outstanding Series A Preferred Warrants for the years ended December 31, 2017 and 2016, outstanding shares of Series A Preferred Stock for the year ended December 31, 2016, and outstanding stock options for the year ended December 31, 2015 because their impacts were deemed to be anti-dilutive. No stock options were outstanding during the years ended December 31, 2017 and 2016 and no shares of Series A Preferred Stock or Series A Preferred Warrants were outstanding during the year ended December 31, 2015.

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 amounts for net income available to common stockholders for the years ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
	2017			2016			2015
	(in thousands, except per share amounts)
Numerator:
Net income from continuing operations	$	379,758		$	30,712		$	6,112
Net income attributable to noncontrolling interests	(21		)	(18		)	(11		)
Redeemable preferred stock dividends accumulated	(1,436		)	—			—
Redeemable preferred stock dividends declared	(490		)	(9		)	—
Redeemable preferred stock redemptions	2			—			—
Numerator for basic net income from continuing operations available to common stockholders	377,813			30,685			6,101
Redeemable preferred stock dividends declared on dilutive shares	9			—			—
Numerator for dilutive net income from continuing operations available to common stockholders	377,822			30,685			6,101

Net income from discontinued operations	—			3,853			18,291

Numerator for basic net income available to common stockholders	$	377,813		$	34,538		$	24,392
Numerator for diluted net income available to common stockholders	$	377,822		$	34,538		$	24,392

Denominator:
Basic weighted average shares outstanding	69,062			91,328			97,588
Effect of dilutive securities—contingently issuable shares	8			—			—
Diluted weighted average shares and common stock equivalents outstanding	69,070			91,328			97,588

Basic and diluted net income available to common stockholders per share:
Continuing operations	$	5.47		$	0.34		$	0.06
Discontinued operations	—			0.04			0.19
Net income	$	5.47		$	0.38		$	0.25

REDEEMABLE PREFERRED STOCK

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

REDEEMABLE PREFERRED STOCK

Series A Preferred Stock—We have an effective registration statement with the Securities and Exchange Commission ("SEC") with respect to the offer and sale of up to $900,000,000 of units (collectively, the "Series A Preferred 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 ("Series A Preferred Stock Stated Value"), subject to adjustment, and (ii) one warrant (collectively, the "Series A Preferred Warrants") to purchase 0.25 of a share of Common Stock (Note 12). The registration statement allows us to sell up to a maximum of 36,000,000 Series A Preferred 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 Series A Preferred Units are allocated to the Series A Preferred Stock and Series A Preferred 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 "Series A Preferred Stock Holder") or CIM Commercial. The redemption schedule of the Series A Preferred Stock allows redemptions at the option of the Series A Preferred Stock Holder from the date of original issuance of any given shares of Series A Preferred Stock through the second year at Series A Preferred Stock 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 the Series A Preferred Stock 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, 2017, we had issued 1,287,169 Series A Preferred Units and received gross proceeds of $32,179,000 ($31,998,000 of which were allocated to the Series A Preferred Stock and the remaining $181,000 were allocated to the Series A Preferred Warrants). In connection with such issuance, costs specifically identifiable to the offering of Series A Preferred Units, such as commissions, dealer manager fees and other registration fees, totaled $2,548,000 ($2,499,000 of which were allocated to the Series A Preferred Stock and the remaining $49,000 were allocated to the Series A Preferred Warrants). In addition, as of December 31, 2017, non issuance specific costs related to this offering totaled $3,527,000. As of December 31, 2017, we have reclassified and allocated $125,000 and $1,000 amount from deferred rent receivable and charges to Series A Preferred Stock and Series A Preferred Warrants, respectively, as a reduction to the gross proceeds received. Such reclassification was based on the number of Series A Preferred Units issued during the period relative to the maximum number of Series A Preferred Units expected to be issued under the offering. During the years ended December 31, 2017 and 2016, 1,265 and 0 shares of Series A Preferred Stock were redeemed. In December 2017, we received a request to redeem 600 shares of Series A Preferred Stock, which were redeemed on January 3, 2018. As of December 31, 2017, such shares are included in accounts payable and accrued expenses on our consolidated balance sheet.

On the first anniversary of the date of original issuance of a particular share of Series A Preferred Stock, we intend to reclassify such share of 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. As of December 31, 2017, we have reclassified $1,417,000 in net proceeds from temporary equity to permanent equity.

Holders of Series A Preferred Stock are entitled to receive, if, as and when 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 Series A Preferred Stock Stated Value (i.e., the equivalent of $0.34375 per share per quarter). Dividends on each share of Series A Preferred Stock begin accruing on, and are cumulative from, the date of issuance. Cash dividends declared on our Series A Preferred Stock for the years ended December 31, 2017 and 2016 consist of the following:



			Aggregate
Declaration Date	Payment Date	Number of Shares	Dividends Declared
			(in thousands)
December 6, 2017	January 16, 2018	1,285,304	$	249
September 7, 2017	October 16, 2017	568,921	$	138
June 12, 2017	July 17, 2017	308,775	$	72
March 8, 2017	April 17, 2017	144,698	$	31

December 6, 2016	January 17, 2017	61,435	$	9

On March 6, 2018, 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, 2018 to March 31, 2018, to be paid on April 16, 2018 to the holders of Series A Preferred Stock of record at the close of business on April 5, 2018.

Series L Preferred Stock—On November 21, 2017, in connection with our registration statement filed with the SEC and the Israel Securities Authority ("ISA") with respect to the offer and sale of up to 900,000 units (collectively, the "Series L Preferred Units"), we issued 808,074 Series L Preferred Units. Each Series L Preferred Unit consists of ten shares of Series L preferred stock, par value $0.001 per share, of the Company (collectively, the "Series L Preferred Stock") with an initial stated value, as converted to U.S. dollars ("USD"), of $28.37 per share ("Series L Preferred Stock Stated Value"), subject to adjustment. We issued 8,080,740 shares of Series L Preferred Stock in connection with the offering. We received gross proceeds of $229,251,000 from the sale of the Series L Preferred Stock, which was reduced by issuance specific offering costs, such as commissions, dealer manager fees, and other registration fees, totaling $15,928,000, a discount of $2,946,000, and non-issuance specific costs of $2,532,000. These fees have been recorded as a reduction to the gross proceeds in permanent equity.

Our Series L Preferred Stock ranks senior to our Common Stock with respect to distributions of amounts upon liquidation, dissolution or winding up and junior to our Series A Preferred Stock and Common Stock with respect to the payment of dividends.

Our Series L Preferred Stock is redeemable at the option of the holder (the "Series L Preferred Stock Holder") or CIM Commercial. From and after the fifth anniversary of the date of original issuance of the Series L Preferred Stock, each holder will have the right to require the Company to redeem, and the Company will also have the option to redeem (subject to certain conditions), such shares of Series L Preferred Stock at a redemption price equal to the Series L Preferred Stock Stated Value, plus, provided certain conditions are met, all accrued and unpaid distributions. Notwithstanding the foregoing, a holder of shares of our Series L Preferred Stock may require us to redeem such shares at any time prior to the fifth anniversary of the date of original issuance of the Series L Preferred Stock if (1) we do not declare and pay in full the distributions on the Series L Preferred Stock for any annual period prior to such fifth anniversary (provided that the first distribution on the Series L Preferred Stock is expected to be payable in January 2019) or (2) we do not declare and pay all accrued and unpaid distributions on the Series L Preferred Stock for all past dividend periods prior to the applicable holder redemption date. The applicable redemption price payable upon redemption of any Series L Preferred Stock will be made, in the Company's sole discretion, in the form of (A) cash in ILS at the then-current currency exchange rate determined in accordance with the Articles Supplementary defining the terms of the Series L Preferred Stock, (B) in equal value through the issuance of shares of Common Stock, with the value of such Common Stock to be deemed the lower of (i) our NAV per share of our Common Stock as most recently published by the Company as of the effective date of redemption and (ii) the volume-weighted average price of our Common Stock, determined in accordance with the Articles Supplementary defining the terms of the Series L Preferred Stock, or (C) in a combination of cash in ILS and our Common Stock, based on the conversion mechanisms set forth in (A) and (B), respectively. As of December 31, 2017, no shares of Series L Preferred Stock have been redeemed.

Holders of Series L Preferred Stock are entitled to receive, if, as and when authorized by our Board of Directors, and declared by us out of legally available funds, cumulative cash dividends on each share of Series L Preferred Stock at an annual rate of 5.5% of the Series L Preferred Stock Stated Value (i.e., the equivalent of $1.56035 per share per year). Dividends on each share of Series L Preferred Stock are cumulative from the date of issuance. Cash dividends on shares of Series L Preferred Stock are paid annually, with the first distribution expected to be payable in January 2019 for the period from the date of issuance through December 31, 2018. If the Company fails to timely declare distributions or fails to timely pay distributions on the Series L Preferred Stock, the annual dividend rate of the Series L Preferred Stock will temporarily increase by 1.0% per year, up to a maximum rate of 8.5%. As such, we have accumulated cash dividends of $1,436,000 on our Series L Preferred Stock as of December 31, 2017, which are included in the numerator for purposes of calculating basic and diluted net income available to common stockholders per share (Note 10).

Until the fifth anniversary of the date of original issuance of our Series L Preferred Stock, we are prohibited from issuing any shares of preferred stock ranking senior to or on parity with the Series L Preferred Stock with respect to the payment of dividends, other distributions, liquidation, and/or dissolution or winding up of the Company unless the Minimum Fixed Charge Coverage Ratio, calculated in accordance with the Articles Supplementary describing the Series L Preferred Stock, is equal to or greater than 1.25:1.00. At December 31, 2017, we were in compliance with the Series L Preferred Stock Minimum Fixed Charge Coverage Ratio.

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

STOCKHOLDERS' EQUITY

Dividends

Dividends per share of Common Stock declared during the years ended December 31, 2017 and 2016 consist of the following:



Declaration Date	Payment Date	Type	Dividend Per Common Share
December 18, 2017	January 11, 2018	Special Cash	$	0.73000
December 6, 2017	December 28, 2017	Regular Quarterly	$	0.12500
September 7, 2017	September 25, 2017	Regular Quarterly	$	0.12500
June 12, 2017	June 27, 2017	Special Cash	$	1.98000
June 12, 2017	June 27, 2017	Regular Quarterly	$	0.12500
April 5, 2017	April 24, 2017	Special Cash	$	0.28000
March 8, 2017	March 27, 2017	Regular Quarterly	$	0.21875
December 6, 2016	December 23, 2016	Regular Quarterly	$	0.21875
September 12, 2016	September 28, 2016	Regular Quarterly	$	0.21875
June 10, 2016	June 28, 2016	Regular Quarterly	$	0.21875
March 8, 2016	March 29, 2016	Regular Quarterly	$	0.21875

On March 6, 2018, we declared a common share dividend of $0.12500 per share of Common Stock, to be paid on March 29, 2018 to stockholders of record at the close of business on March 16, 2018.

We declared the special cash dividends detailed above to allow the common stockholders that did not participate in the share repurchases as described below to receive the economic benefit of such repurchases, Urban Partners II, LLC ("Urban II"), a fund managed by an affiliate of CIM Group, the Administrator and the Operator of CIM Commercial (each as defined in Note 15), and an affiliate of CIM REIT and CIM Urban, waived its right to receive these special cash dividends.

On December 18, 2017, we declared a special cash dividend of $0.73 per share of Common Stock, or $1,575,000 in the aggregate, that was paid on January 11, 2018 to stockholders of record on December 29, 2017.

On June 12, 2017, we declared a special cash dividend of $1.98 per share of Common Stock, or $4,271,000 in the aggregate, that was paid on June 27, 2017 to stockholders of record on June 20, 2017.

On April 5, 2017, we declared a special cash dividend of $0.28 per share of Common Stock, or $601,000 in the aggregate, that was paid on April 24, 2017 to stockholders of record on April 17, 2017.

Share Repurchases

On December 18, 2017, we repurchased, in a privately negotiated transaction, canceled and retired 14,090,909 shares of Common Stock from Urban II. The aggregate purchase price was $310,000,000, or $22.00 per share. We funded the repurchase using available cash from asset sales. As a result of the repurchase, our stockholders' equity was reduced by the amount we paid for the repurchased shares and the related expenses. The Company paid a special cash dividend, as described above, on January 11, 2018 that allowed stockholders that did not participate in the December 18, 2017 private repurchase to receive the economic benefit of such repurchase.

On June 12, 2017, we repurchased, in a privately negotiated transaction, canceled and retired 26,181,818 shares of Common Stock from Urban II. The aggregate purchase price was $576,000,000, or $22.00 per share. We funded the repurchase using available cash from asset sales and short-term borrowings on our unsecured credit facility. As a result of the repurchase, our stockholders' equity was reduced by the amount we paid for the repurchased shares and the related expenses. The Company paid a special cash dividend, as described above, on June 27, 2017 that allowed stockholders that did not participate in the June 12, 2017 private repurchase to receive the economic benefit of such repurchase.

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 reduced by the amount we paid for the repurchased shares and the related expenses. The Company paid a special cash dividend, as described above, on April 24, 2017 that allowed stockholders that did not participate in the September 14, 2016 private repurchase to receive the economic benefit of such repurchase.

On May 16, 2016, we commenced a cash tender offer to purchase up to 10,000,000 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 10,000,000 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. We funded the tender offer using available cash from asset sales and borrowings on our unsecured credit facility. As a result of the repurchase, our stockholders' equity was reduced by the amount we paid for the repurchased shares and the related expenses.

Series A Preferred Warrants

Each Series A Preferred Unit consists of (i) one share of Series A Preferred Stock (Note 11) and (ii) one Series A Preferred Warrant which allows the holder to purchase 0.25 of a share of Common Stock. The Series A Preferred Warrants are exercisable beginning on the first anniversary of the date of their original issuance until and including the fifth anniversary of the date of such issuance. The exercise price of each Series A Preferred 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 Series A Preferred Units are allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance. As of December 31, 2017, we had issued 1,287,169 Series A Preferred Warrants in connection with our offering of Series A Preferred Units and allocated net proceeds of $131,000, after specifically identifiable offering costs and allocated general offering costs, to the Series A Preferred Warrants in permanent equity.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2017

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

Summary of Derivatives

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

Number of Interest

Rate Swaps (1) (2)

Total Notional Amount

Fixed Rates

Floating Rate Index

Effective Date

Expiration

Date

(in thousands)

170,000

1.562% - 1.565%

One-Month LIBOR

11/2/2015

5/8/2020


(1)	See Note 14 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 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, 2017 and 2016, 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, 2017 and 2016, 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,
	2017			2016			2015
	(in thousands)
Accumulated other comprehensive income (loss), at beginning of period	$	(509	)	$	(2,519	)	$	—
Other comprehensive income (loss) before reclassifications	361			(2,227		)	(3,381		)
Amounts reclassified from accumulated other comprehensive income (loss) (1)	1,779			4,237			862
Net current period other comprehensive income (loss)	2,140			2,010			(2,519		)
Accumulated other comprehensive income (loss), at end of period	$	1,631		$	(509	)	$	(2,519	)


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

In July 2017, we determined that we would repay $65,000,000 of outstanding borrowings under our unsecured term loan facility in August 2017. On August 3, 2017, such repayment occurred and we terminated three interest rate swaps with an aggregate notional value of $65,000,000. In connection with such termination, we reclassified $8,000 related to the associated interest rate swaps from accumulated other comprehensive income to interest expense on our consolidated statement of operations for the year ended December 31, 2017. In addition, we incurred a termination fee of $38,000, which is included in interest expense on our consolidated statement of operations for the year ended December 31, 2017.

In November 2017, we determined that we would repay $150,000,000 of outstanding borrowings under our unsecured term loan facility and on November 29, 2017, such repayment occurred and we terminated four interest rate swaps with an aggregate notional value of $150,000,000. In connection with such termination, we reclassified $926,000 related to the associated interest rate swaps from accumulated other comprehensive income to interest expense on our consolidated statement of operations for the year ended December 31, 2017. Such swaps were in the money at the time of their termination and we received termination payments, net of fees, of $1,011,000, which are included in interest expense on our consolidated statement of operations for the year ended December 31, 2017.

We performed an analysis of the probability of the hedged forecasted transaction and whether, in light of the two swap terminations described above, it is still probable of occurring. Based on our analysis and the circumstances giving rise to the two swap terminations during 2017, we believe that the hedged forecasted transaction is still probable.

Future Reclassifications from AOCI

We estimate that $8,000 related to our derivatives designated as cash flow hedges will be reclassified out of AOCI as a decrease to interest expense during the next twelve months.

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

Our derivative financial instruments (Note 13) 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
	2017		2016			Level	Location
	(in thousands)
Assets (Liabilities):
Interest rate swaps	$	1,631	$	(509	)	2	Other assets (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, 2017				December 31, 2016
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
Loans receivable subject to credit risk	$	58,904	$	61,277	$	43,623	$	43,621	3
SBA 7(a) loans receivable, subject to secured borrowings	21,728		22,157		29,524		29,976		3
Commercial mortgage loans	424		424		2,593		2,550		3
Liabilities:
Mortgages payable	414,760		413,819		530,793		516,892		3
Junior subordinated notes	25,133		24,162		25,055		25,173		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 Commercial Mortgage Loans—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, 2017, our assumptions included discount rates ranging from 6.25% to 9.00% and prepayment rates ranging from 7.30% to 17.50%. 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%.

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 15.50% to 17.50% and 6.70% to 20.00% at December 31, 2017 and 2016, respectively.

Mortgages Payable—The fair values of mortgages payable are estimated based on current interest rates available for debt instruments with similar terms. The fair value of our mortgages payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis is generally used to estimate the fair value of our mortgages payable, using rates ranging from 4.15% to 4.28% and 4.60% to 4.72% at December 31, 2017 and 2016, 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 5.94% and 4.83% at December 31, 2017 and 2016, 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, 2017

RELATED PARTY TRANSACTIONS

Asset Management and Other Fees to Related Parties

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 certain 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 and in scope substantially similar to those in the previous agreement, and the previous investment management agreement was terminated. The "Operator" 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 Operator on a quarterly basis in arrears. The fee is calculated as a percentage of the daily average adjusted fair value of CIM Urban's assets:



Daily Average Adjusted Fair Value of CIM Urban's Assets				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 Operator earned asset management fees of $22,229,000, $25,753,000 and $24,882,000 for the years ended December 31, 2017, 2016 and 2015, respectively. At December 31, 2017 and 2016, asset management fees of $4,714,000 and $6,448,000, respectively, were due to the Operator.

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 $5,034,000, $5,630,000 and $5,814,000 for the years ended December 31, 2017, 2016 and 2015, respectively. CIM Urban also reimbursed the CIM Management Entities $8,465,000, $8,630,000 and $8,319,000 during the years ended December 31, 2017, 2016 and 2015, respectively, for the cost of on-site personnel incurred on behalf of CIM Urban, which is included in rental and other property operating expenses. The CIM Management Entities earned leasing commissions of $982,000, $2,522,000 and $697,000 for the years ended December 31, 2017, 2016, and 2015, respectively, which were capitalized to deferred charges. In addition, the CIM Management Entities earned construction management fees of $1,654,000, $942,000 and $1,055,000 for the years ended December 31, 2017, 2016 and 2015, respectively, which were capitalized to investments in real estate.

At December 31, 2017 and 2016, fees payable and expense reimbursements due to the CIM Management Entities of $2,986,000 and $2,027,000, respectively, are included in due to related parties. Also included in due to related parties as of December 31, 2017 and 2016, was $849,000 and $214,000, 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 "Administrator"), an affiliate of CIM Group, pursuant to which the Administrator has agreed 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 administrator of Urban Partners GP, LLC. Under the Master Services Agreement, CIM Commercial pays a base service fee (the "Base Service Fee") to the Administrator 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. For the years ended December 31, 2017, 2016 and 2015, the Administrator earned a Base Service Fee of $1,060,000, $1,043,000 and $1,010,000, respectively. In addition, pursuant to the terms of the Master Services Agreement, the Administrator 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, 2017, 2016 and 2015, such services performed by the Administrator included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources and corporate communications. The Administrator's compensation is based on the salaries and benefits of the employees of the Administrator 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, 2017, 2016 and 2015, we expensed $3,065,000, $3,120,000, and $2,993,000, respectively, for such services which are included in asset management and other fees to related parties. At December 31, 2017 and 2016, $1,963,000 and $1,935,000 was due to the Administrator, 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, 2017, 2016 and 2015, we incurred expenses related to services subject to reimbursement by us under this agreement of $3,464,000, $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, $433,000, $411,000 and $434,000, respectively, for corporate services, which are included in asset management and other fees to related parties, and $0, $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 7). In addition, for the years ended December 31, 2017, 2016 and 2015, we deferred personnel costs of $429,000, $249,000 and $282,000, respectively, associated with services provided for originating loans.

Equity Transactions

On November 21, 2016, our Chief Executive Officer purchased 20,000 Series A Preferred Units (Note 11) at a price of $25.00 per Series A Preferred Unit.

On May 16, 2016, we commenced a cash tender offer to purchase up to 10,000,000 shares of our Common Stock at a price of $21.00 per share. In connection with the tender offer, we repurchased, canceled and retired 10,000,000 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 (Note 12).

Other

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, 2017, 2016 and 2015, we recorded rental and other property income related to this tenant of $108,000, $108,000 and $104,000, respectively.

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 7). Management's estimate of fair value was determined with assistance from an independent third-party valuation firm.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 $16,054,000 at December 31, 2017 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 $23,836,000 in future obligations under leases to fund tenant improvements and other future construction obligations at December 31, 2017. At December 31, 2017, $11,103,000 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. Employment Agreements—We have employment agreements 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, $0 and $1,263,000 during the years ended December 31, 2017, 2016 and 2015, respectively, related to these retention bonuses. In addition, under certain circumstances, each of these employment agreements currently provides for (1) severance payment equal to the annual base salary paid to the officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual base salary paid to the officers. At December 31, 2017, 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 or to maintain our level of distributions on our Common Stock or Preferred Stock. In April 2017, the City and County of San Francisco filed suit against certain of our subsidiaries and us claiming past due real property transfer tax relating to a transaction in a prior year. In June 2017, we filed a demurrer against the City and County of San Francisco. The demurrer was denied in July 2017. We filed a writ to appeal the denial of the demurrer in early August 2017. The writ was denied in August 2017 and, in order to continue to contest the asserted tax obligations, we paid the City and County of San Francisco $11,845,000 in penalties, interest and legal fees in late August 2017, which are reflected in transaction costs on our consolidated statement of operations for the year ended December 31, 2017. We filed claims for refund in January 2018 in an effort to recover the full amounts paid. At this time, we cannot determine the amount, if any, of the previously assessed and currently expensed tax obligations that will be recovered through the refund process. We believe that we have defenses to, and intend to continue to vigorously contest, the asserted tax obligations. 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 or to maintain our level of distributions on our Common Stock or Preferred 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 or to maintain our level of distributions on our Common Stock or Preferred Stock. Rent Expense—Rent expense under a ground lease for a property that was sold in August 2017, which includes straight-line rent and amortization of acquired below-market ground lease, was $1,168,000, $1,752,000 and $1,752,000 the years ended December 31, 2017, 2016 and 2015, respectively. We record rent expense on a straight-line basis. Straight-line rent liability of $13,289,000 is included in other liabilities in the accompanying consolidated balance sheet as of December 31, 2016. We lease office space in Dallas, Texas under a lease which expires in May 2019. We recorded rent expense of $228,000, $226,000 and $235,000, for the years ended December 31, 2017, 2016 and 2015, respectively. At December 31, 2017, our scheduled future noncancelable minimum lease payments were $253,000 and $106,000 for the years ending December 31, 2018 and 2019, respectively.

FUTURE MINIMUM LEASE RENTALS

12 Months Ended

Dec. 31, 2017

Leases, Operating [Abstract]

FUTURE MINIMUM LEASE RENTALS

Future minimum rental revenue under long-term operating leases at December 31, 2017, excluding tenant reimbursements of certain costs, are as follows:



	Governmental		Other
Years Ending December 31,	Tenants		Tenants		Total
	(in thousands)
2018	$	36,767	$	84,468	$	121,235
2019	35,170		84,723		119,893
2020	32,975		76,238		109,213
2021	22,451		63,119		85,570
2022	11,221		59,365		70,586
Thereafter	40,318		144,323		184,641
	$	178,902	$	512,236	$	691,138

CONCENTRATIONS

12 Months Ended

Dec. 31, 2017

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 21.4%, 19.9% and 22.7% of our rental and other property income for the years ended December 31, 2017, 2016 and 2015, respectively. At December 31, 2017 and 2016, $5,130,000 and $8,339,000, respectively, was due from Governmental Tenants (Note 17).

Geographical Concentrations of Investments in Real Estate—As of December 31, 2017, 2016 and 2015, we owned 15, 20 and 20 office properties, respectively; zero, five and five multifamily properties, respectively; one, one and three hotel properties, respectively; two, three and three parking garages, respectively; and two development sites, one of which is being used as a parking lot. As of December 31, 2017, 2016 and 2015, these properties were located in two, four and four states, respectively, and Washington, D.C.

Our revenue concentrations from properties are as follows:



	Year Ended December 31,
	2017		2016		2015
California	63.2	%	63.4	%	62.2	%
Washington, D.C.	25.1		21.3		24.2
Texas	6.9		8.2		7.8
North Carolina	3.1		5.2		4.6
New York	1.7		1.9		1.2
	100.0	%	100.0	%	100.0	%

Our real estate investments concentrations from properties are as follows:



	December 31,
	2017		2016
California	66.4	%	50.8	%
Washington, D.C.	31.2		32.3
Texas	2.4		7.7
North Carolina	—		5.5
New York	—		3.7
	100.0	%	100.0	%

INCOME TAXES

12 Months Ended

Dec. 31, 2017

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,
	2017			2016			2015
	(in thousands)
Income from continuing operations before income taxes for TRSs	$	4,878		$	5,684		$	3,010

Expected federal income tax provision	$	1,658		$	1,933		$	1,023
State income taxes	27			21			42
Change in valuation allowance	(37		)	(1,443		)	(302		)
Other	(272		)	1,135			43
Income tax provision	$	1,376		$	1,646		$	806

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



	December 31,
	2017			2016
	(in thousands)
Deferred tax assets:
Net operating losses	$	39		$	59
Secured borrowings—government guaranteed loans	308			706
Other	111			104
Total gross deferred tax assets	458			869
Valuation allowance	(26		)	(64		)
	432			805
Deferred tax liabilities:
Loans receivable	(333		)	(535		)
Other	—			(10		)
	(333		)	(545		)
Deferred tax asset, net	$	99		$	260

The net operating loss carryforwards at December 31, 2017 and 2016 were generated by TRSs and are available to offset future taxable income of these TRSs. The net operating loss carryforwards expire from 2026 to 2033.

The periods subject to examination for our federal and state income tax returns are 2014 through 2017. As of December 31, 2017 and 2016, 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.

The Tax Cuts and Jobs Act of 2017, signed into law in late December 2017, made sweeping changes to provisions of the Code applicable to businesses. Management has reviewed these statutory changes and determined that the impact to our consolidated financial statements is not material.

SEGMENT DISCLOSURE

12 Months Ended

Dec. 31, 2017

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 was sold during the year ended December 31, 2016, which was included in assets held for sale at December 31, 2015, 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 2.

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, impairment 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, 2017, 2016 and 2015 is as follows:



	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Office:
Revenues	$	174,004	$	187,435	$	188,270
Property expenses:
Operating	68,801		81,217		80,014
General and administrative	981		1,234		771
Total property expenses	69,782		82,451		80,785
Segment net operating income—office	104,222		104,984		107,485
Hotel:
Revenues	38,585		48,379		61,436
Property expenses:
Operating	25,059		32,177		41,585
General and administrative	77		282		389
Total property expenses	25,136		32,459		41,974
Segment net operating income—hotel	13,449		15,920		19,462
Multifamily:
Revenues	13,566		20,303		18,721
Property expenses:
Operating	7,725		11,309		11,579
General and administrative	393		1,048		589
Total property expenses	8,118		12,357		12,168
Segment net operating income—multifamily	5,448		7,946		6,553
Lending:
Revenues	10,221		9,814		8,521
Lending expenses:
Interest expense	414		537		845
Fees to related party	3,464		3,555		3,850
General and administrative	1,010		1,166		1,032
Total lending expenses	4,888		5,258		5,727
Segment net operating income—lending	5,333		4,556		2,794
Total segment net operating income	$	128,452	$	133,406	$	136,294

A reconciliation of our segment net operating income to net income attributable to the Company for the years ended December 31, 2017, 2016 and 2015 is as follows:



	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Total segment net operating income	$	128,452		$	133,406		$	136,294
Asset management and other fees to related parties	(26,787		)	(30,327		)	(29,319		)
Interest expense	(35,924		)	(33,848		)	(22,785		)
General and administrative	(3,018		)	(4,231		)	(6,621		)
Transaction costs	(11,862		)	(340		)	(1,382		)
Depreciation and amortization	(58,364		)	(71,968		)	(72,361		)
Impairment of real estate	(13,100		)	—			—
Gain on sale of real estate	401,737			39,666			3,092
Income from continuing operations before provision for income taxes	381,134			32,358			6,918
Provision for income taxes	(1,376		)	(1,646		)	(806		)
Net income from continuing operations	379,758			30,712			6,112
Discontinued operations:
Income from operations of assets held for sale	—			3,853			13,140
Gain on disposition of assets held for sale	—			—			5,151
Net income from discontinued operations	—			3,853			18,291
Net income	379,758			34,565			24,403
Net income attributable to noncontrolling interests	(21		)	(18		)	(11		)
Net income attributable to the Company	$	379,737		$	34,547		$	24,392

The condensed assets for each of the segments as of December 31, 2017 and 2016, along with capital expenditures and loan originations for the years ended December 31, 2017, 2016, and 2015 are as follows:



	December 31,
	2017		2016
	(in thousands)
Condensed assets:
Office	$	997,808	$	1,568,702
Hotel	107,790		115,955
Lending	92,919		91,191
Multifamily	815		170,159
Non-segment assets	137,056		76,877
Total assets	$	1,336,388	$	2,022,884



	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Capital expenditures (1):
Office	$	24,907	$	30,563	$	27,686
Multifamily	693		548		2,498
Hotel	478		733		1,158
Total capital expenditures	26,078		31,844		31,342
Loan originations (2)	76,316		105,201		59,467
Total capital expenditures and loan originations (3)	$	102,394	$	137,045	$	90,809


(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.


(3)	Includes the activity for dispositions through their respective disposition dates.

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following is a summary of quarterly financial information for the year ended December 31, 2017:



	Three Months Ended
	March 31,			June 30,			September 30,			December 31,
	(in thousands, except per share data)
2017
Revenues from continuing operations	$	66,949		$	61,299		$	55,384		$	52,744
Gain on sale of real estate	187,734			116,283			74,715			23,005
Net income from continuing operations	193,935			91,372			72,391			22,060
Net income	193,935			91,372			72,391			22,060
Net income attributable to the Company	193,930			91,363			72,395			22,049
Redeemable preferred stock dividends	(31		)	(72		)	(138		)	(249		)
Redeemable preferred stock redemptions	—			—			—			2
Net income available to common stockholders	193,899			91,291			72,257			21,802
BASIC AND DILUTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE (1):
Continuing operations	$	2.31		$	1.16		$	1.25		$	0.36
Net income	$	2.31		$	1.16		$	1.25		$	0.36
Weighted average shares of common stock outstanding - basic	84,048			78,871			57,876			55,885
Weighted average shares of common stock outstanding - diluted	84,048			78,871			57,876			55,917


(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.

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


(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.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2017

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, 2017

(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
Office
260 Townsend Street
San Francisco, CA	$	28,200	$	7,574	$	13,843	$	3,333		$	7,574	$	17,176	$	24,750	$	7,042	1986	2006
830 1st Street
Washington, D.C.	46,000		18,095		62,017		(1,104		)	18,095		60,913		79,008		17,712		2002	2006
3601 S Congress Avenue
Austin, TX	—		9,569		18,593		2,281			9,569		20,874		30,443		7,060		1918/2001	2007
899 N Capitol Street
Washington, D.C.	—		34,641		84,466		15,361			34,641		99,827		134,468		28,822		1969-1973/1999 & 2011	2007
999 N Capitol Street
Washington, D.C.	—		32,221		86,526		13,615			32,221		100,141		132,362		29,563		1969-1973/1999 & 2011	2007
901 N Capitol Street
Washington, D.C.	—		27,117		—		4,329			27,117		4,329		31,446		1,349		N/A	2007
1333 Broadway
Oakland, CA	39,500		7,048		41,578		9,386			7,048		50,964		58,012		13,385		1972/1995	2008
1901 Harrison Street
Oakland, CA	42,500		3,838		68,106		9,273			3,838		77,379		81,217		22,176		1985	2008
2100 Franklin Street
Oakland, CA	80,000		4,277		34,033		10,506			4,277		44,539		48,816		14,489		2008	2008
2101 Webster Street
Oakland, CA	83,000		4,752		109,812		32,394			4,752		142,206		146,958		41,100		1984	2008
2353 Webster Street Parking Garage
Oakland, CA	—		—		9,138		29			—		9,167		9,167		2,125		1986	2008
1 Kaiser Plaza
Oakland, CA	97,100		9,261		113,619		18,073			9,261		131,692		140,953		35,942		1970/2008	2008
2 Kaiser Plaza Parking Lot
Oakland, CA	—		10,931		110		1,504			10,931		1,614		12,545		54		N/A	2015
11600 Wilshire Boulevard
Los Angeles, CA	—		3,477		18,522		1,969			3,477		20,491		23,968		4,388		1955	2010
11620 Wilshire Boulevard
Los Angeles, CA	—		7,672		51,999		7,949			7,672		59,948		67,620		13,291		1976	2010
4750 Wilshire Boulevard
Los Angeles, CA	—		16,633		28,985		58			16,633		29,043		45,676		3,206		1984/2014	2014
Lindblade Media Center
Los Angeles, CA	—		6,342		11,568		—			6,342		11,568		17,910		1,235		1930 & 1957 / 2010	2014
1130 Howard Street
San Francisco, CA	—		8,290		10,480		—			8,290		10,480		18,770		—		1930/2016 & 2017	2017

Hotel
Sheraton Grand Hotel
Sacramento, CA	—		3,497		107,447		(3,688		)	3,497		103,759		107,256		25,449		2001	2008
Sheraton Grand Hotel Parking & Retail
Sacramento, CA	—		6,550		10,996		(111		)	6,550		10,885		17,435		2,667		2001	2008
	$	416,300	$	221,785	$	881,838	$	125,157		$	221,785	$	1,006,995	$	1,228,780	$	271,055

The aggregate gross cost of property included above for federal income tax purposes approximates $1,233,414,000 (unaudited) as of December 31, 2017.

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2017

(in thousands)

The following table reconciles our investments in real estate from January 1, 2015 to December 31, 2017:



	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Investments in Real Estate
Balance, beginning of period	$	2,021,494		$	2,061,372		$	2,036,794

Additions:
Improvements	26,078			31,844			31,342
Property acquisitions	18,770			—			11,041
Deductions:
Asset sales	(815,357		)	(61,801		)	(6,237		)
Impairment	(13,100		)	—			—
Retirements	(9,105		)	(9,921		)	(11,568		)
Balance, end of period	$	1,228,780		$	2,021,494		$	2,061,372

The following table reconciles the accumulated depreciation from January 1, 2015 to December 31, 2017:



	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Accumulated Depreciation
Balance, beginning of period	$	(414,552	)	$	(369,661	)	$	(320,857	)

Additions: depreciation	(49,427		)	(62,239		)	(61,915		)
Deductions:
Asset sales	183,819			7,427			1,543
Retirements	9,105			9,921			11,568
Balance, end of period	$	(271,055	)	$	(414,552	)	$	(369,661	)

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2017

Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

Schedule IV—Mortgage Loans on Real Estate

December 31, 2017

(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):
Indiana	25	$	40	$	1,230	5.75%	to	7.00%	01/12/36	—	01/27/42	$	10,074			$	—
Ohio	25	$	—	$	820	6.00%	to	7.00%	10/16/20	—	02/13/43	7,863				—
Michigan	21	$	10	$	540	6.00%	to	7.00%	10/10/33	—	12/20/42	5,495				—
Texas	25	$	—	$	650	5.13%	to	7.00%	12/12/18	—	01/03/43	4,703				—
Virginia	8	$	40	$	790	5.75%	to	7.00%	03/28/27	—	06/29/42	2,806				—
South Carolina	6	$	—	$	800	6.00%	to	7.00%	08/18/18	—	10/25/42	1,671				—
Illinois	5	$	60	$	640	6.00%	to	7.00%	09/17/35	—	08/03/42	1,536				—
Florida	8	$	—	$	350	6.25%	to	7.00%	06/19/19	—	06/14/41	1,499				—
Alabama	6	$	40	$	450	6.00%	to	7.00%	07/27/25	—	12/28/42	1,455				—
Missouri	5	$	40	$	600	6.00%	to	7.00%	03/29/22	—	10/17/42	1,429				—
Kentucky (4)	6	$	100	$	390	6.25%	to	7.00%	04/09/35	—	08/17/41	1,270				—
Pennsylvania	3	$	320	$	520	6.25%	to	7.00%	03/05/40	—	03/16/42	1,172				—
Wisconsin (5)	8	$	—	$	290	6.00%	to	7.00%	04/23/20	—	06/16/42	1,142				130
North Carolina	3	$	80	$	650	6.75%	to	7.00%	09/08/32	—	06/29/42	1,040				—
Georgia	5	$	80	$	370	6.50%	to	7.00%	05/23/20	—	11/21/42	1,019				—
Other	28	$	—	$	560	5.75%	to	7.00%	03/04/18	—	11/29/42	5,477				—
Government guaranteed portions (6)												10,623				—
SBA 7(a) loans, subject to secured borrowings (7)												20,691				—
General reserves												(333		)		—
	187											80,632			(1)	130

Commercial Mortgage Loan:
North Carolina (8)	1	$430				7.50%			02/06/19			424				—

	188											$	81,056		(9)	$	130


(1)	Excludes general reserves of $333,000.


(2)	Includes $114,000 of loans not secured by real estate. Also includes $267,000 of loans with subordinate lien positions.


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


(4)	Includes a loan with a retained face value of $387,000 and a fixed interest rate of 6.50%.


(5)	Includes a loan with a retained face value of $130,000, a valuation reserve of $129,000 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)	Loan has a fixed interest rate.


(9)	For Federal income tax purposes, the aggregate cost basis of our loans was approximately $58,778,000 (unaudited).

Schedule IV—Mortgage Loans on Real Estate (Continued)

December 31, 2017

(in thousands)



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 (1)	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 7)	(52,822		)
Balance at December 31, 2016	75,740

Additions during period:
New loans	76,316
Other - deferral for collection of commitment fees, net of costs	1,706
Other - accretion of loan fees and discounts	676

Deductions during period:
Collections of principal	(17,557		)
Foreclosures	(127		)
Cost of mortgages sold, net	(54,973		)
Other - reclassification from secured borrowings	(534		)
Other - bad debt expense	(191		)
Balance at December 31, 2017	$	81,056


(1)	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, 2017

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

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

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 14.

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

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

12 Months Ended

Dec. 31, 2017

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, 2017

Business Combinations [Abstract]

Schedule of asset acquisitions



	Asset	Date of		Purchase
Property	Type	Acquisition	Square Feet	Price (1)
				(in thousands)
1130 Howard Street, San Francisco, CA	Office	December 29, 2017	21,194	$	17,717


(1)	Transaction costs that were capitalized and assumption of liabilities totaled $1,915,000, which are excluded from the purchase price above.

Schedule of acquisitions

Property

Asset Type

Date of Acquisition

Square
Feet

Purchase Price

Transaction Costs

(in thousands)

2 Kaiser Plaza Parking Lot,
Oakland, CA

Surface
Parking Lot

August 26, 2015

44,642

11,143

107

Schedule of assets sold to third party

We sold a 100% fee-simple interest in the following property to an unrelated third-party. Transaction costs related to the sale were expensed as incurred.

Property

Asset Type

Date of Sale

Square
Feet

Sales Price

Transaction Costs

Gain on Sale

(in thousands)

500 West Santa Ana Boulevard,
Santa Ana, CA

Office

November 19, 2015

37,116

8,050

264

3,092



Property	Asset Type	Date of Sale	Square Feet or Units (1)	Sales Price		Transaction Costs			Gain on Sale
				(in thousands)
211 Main Street, San Francisco, CA	Office	March 28, 2017	417,266	$	292,882	$	2,943	(2)	$	187,734
3636 McKinney Avenue, Dallas, TX	Multifamily	May 30, 2017	103	$	20,000	$	1,320	(2)	$	5,488
3839 McKinney Avenue, Dallas, TX	Multifamily	May 30, 2017	75	$	14,100	$	938	(2)	$	4,224
200 S College Street, Charlotte, NC	Office	June 8, 2017	567,865	$	148,500	$	833		$	45,906
980 9th and 1010 8th Street, Sacramento, CA	Office & Parking Garage	June 20, 2017	485,926	$	120,500	$	1,119		$	34,559
4649 Cole Avenue, Dallas, TX	Multifamily	June 23, 2017	334	$	64,000	$	3,311	(2)	$	25,836
800 N Capitol Street, Washington, D.C.	Office	August 31, 2017	311,593	$	119,750	$	2,388		$	34,456
7083 Hollywood Boulevard, Los Angeles, CA (3)	Office	September 21, 2017	82,193	$	42,300	$	584		$	23,670
47 E 34th Street, New York, NY	Multifamily	September 26, 2017	110	$	80,000	$	3,157		$	16,556
370 L'Enfant Promenade, Washington, D.C. (4)	Office	October 17, 2017	409,897	$	126,680	$	2,451		$	2,994
4200 Scotland Street, Houston, TX (3)	Multifamily	December 15, 2017	308	$	64,025	$	597		$	20,314


(1)	Reflects the square footage of office properties and number of units of multifamily properties.


(2)	Includes a prepayment penalty incurred in connection with the prepayment of the mortgage on the property in the amount of $1,508,000 at 211 Main Street, $1,143,000 at 3636 McKinney Avenue, $758,000 at 3839 McKinney Avenue, and $2,812,000 at 4649 Cole Avenue (Note 8).


(3)	A mortgage collateralized by this property was assumed by the buyer in connection with our sale of the property (Note 8).

(4)

The following is the detail of the carrying amounts of assets and liabilities at the time of the sales of the properties that occurred during the years ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Assets
Investments in real estate, net	$	631,740	$	54,374	$	4,694
Deferred rent receivable and charges, net	34,071		—		—
Other intangible assets, net	11,283		528		—
Other assets	38		—		—
Total assets	$	677,132	$	54,902	$	4,694
Liabilities
Debt, net (1)	$	115,037	$	—	$	—
Other liabilities	14,029		—		—
Intangible liabilities, net	1,800		—		—
Total liabilities	$	130,866	$	—	$	—


(1)	Net of $665,000 of premium on assumed mortgage. Debt of $50,260,000 was assumed by certain buyers in connection with sales of certain properties.

We sold 100% fee-simple interests in the following properties to unrelated third-parties. Transaction costs related to these sales were expensed as incurred.



Property	Asset Type	Date of Sale	Rooms	Sales Price		Transaction Costs		Gain on Sale
				(in thousands)
Courtyard Oakland, Oakland, CA	Hotel	February 2, 2016	162	$	43,800	$	1,026	$	24,739
LAX Holiday Inn, Los Angeles, CA	Hotel	July 19, 2016	405	$	52,500	$	706	$	14,927

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



	Year Ended December 31,
	2016		2015
	(in thousands)
Revenue - Interest and other income	$	6,389	$	14,544

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

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.

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

The fair value of the net assets acquired for the aforementioned acquisitions during the years ended December 31, 2017, 2016 and 2015 are as follows:



	Year Ended December 31,
	2017 (1)			2016		2015 (1)
	(in thousands)
Land	$	8,290		$	—	$	10,931
Land improvements	—			—		110
Buildings and improvements	10,109			—		—
Tenant improvements	371			—		—
Acquired in-place leases (2)	1,184			—		102
Acquired above-market leases (3)	37			—		—
Acquired below-market leases (3)	(360		)	—		—
Net assets acquired	$	19,631		$	—	$	11,143


(1)	The purchase price of the acquisitions completed during the years ended December 31, 2017 and 2015 were individually less than 5% and in aggregate less than 10% of our total assets as of December 31, 2017 and 2015, respectively.


(2)	Acquired in-place leases have a weighted average amortization period of 5.0 years and 3.0 years for the 2017 and 2015 acquisitions, respectively.


(3)	Acquired above and below-market leases have a weighted average amortization period of 7.0 years and 2.0 years, respectively, for the 2017 acquisition.

- 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=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&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=64827811&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=64827811&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=64827811&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=84176398&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=64827811&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=64827811&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=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&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=64827811&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=64827811&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=64827811&loc=SL51721677-107760

+ Details

INVESTMENTS IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Schedule of investments in real estate

Investments in real estate consist of the following:



	December 31,
	2017			2016
	(in thousands)
Land	$	221,785		$	343,564
Land improvements	17,745			26,177
Buildings and improvements	847,849			1,475,415
Furniture, fixtures, and equipment	3,363			4,955
Tenant improvements	128,876			159,677
Work in progress	9,162			11,706
Investments in real estate	1,228,780			2,021,494
Accumulated depreciation	(271,055		)	(414,552		)
Net investments in real estate	$	957,725		$	1,606,942

LOANS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Schedule of loans receivable

Loans receivable consist of the following:



	December 31,
	2017			2016
	(in thousands)
SBA 7(a) loans, subject to credit risk	$	58,298		$	43,376
SBA 7(a) loans, subject to secured borrowings	21,664			29,456
Commercial mortgage loans	424			2,597
Loans receivable	80,386			75,429
Deferred capitalized costs	1,132			582
Loan loss reserves	(462		)	(271		)
Loans receivable, net	$	81,056		$	75,740

OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016, is as follows:



	Assets							Liabilities
December 31, 2017	Acquired Above-Market Leases		Acquired In-Place Leases			Trade Name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	37	$	11,087		$	2,957	$	(2,902	)
Accumulated amortization	—		(7,700		)	—		1,832
	$	37	$	3,387		$	2,957	$	(1,070	)
Average useful life (in years)	7		9			Indefinite		5



	Assets														Liabilities
December 31, 2016	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement (1)			Acquired Below-Market Ground Lease (2)			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


(1)	Tax abatement is associated with 47 E 34th Street, which was sold in September 2017 (Note 3).


(2)	Acquired below-market ground lease is associated with 800 N Capitol Street, which was sold in August 2017 (Note 3).

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, 2017, is as follows:



	Assets				Liabilities
	Acquired		Acquired		Acquired
	Above-Market		In-Place		Below-Market
Years Ending December 31,	Leases		Leases		Leases
	(in thousands)
2018	$	4	$	932	$	(734	)
2019	5		691		(242		)
2020	5		434		(42		)
2021	5		434		(42		)
2022	5		314		(10		)
Thereafter	13		582		—
	$	37	$	3,387	$	(1,070	)

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2017

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

We sold a 100% fee-simple interest in the following property to an unrelated third-party. Transaction costs related to the sale were expensed as incurred.

Property

Asset Type

Date of Sale

Square
Feet

Sales Price

Transaction Costs

Gain on Sale

(in thousands)

500 West Santa Ana Boulevard,
Santa Ana, CA

Office

November 19, 2015

37,116

8,050

264

3,092



Property	Asset Type	Date of Sale	Square Feet or Units (1)	Sales Price		Transaction Costs			Gain on Sale
				(in thousands)
211 Main Street, San Francisco, CA	Office	March 28, 2017	417,266	$	292,882	$	2,943	(2)	$	187,734
3636 McKinney Avenue, Dallas, TX	Multifamily	May 30, 2017	103	$	20,000	$	1,320	(2)	$	5,488
3839 McKinney Avenue, Dallas, TX	Multifamily	May 30, 2017	75	$	14,100	$	938	(2)	$	4,224
200 S College Street, Charlotte, NC	Office	June 8, 2017	567,865	$	148,500	$	833		$	45,906
980 9th and 1010 8th Street, Sacramento, CA	Office & Parking Garage	June 20, 2017	485,926	$	120,500	$	1,119		$	34,559
4649 Cole Avenue, Dallas, TX	Multifamily	June 23, 2017	334	$	64,000	$	3,311	(2)	$	25,836
800 N Capitol Street, Washington, D.C.	Office	August 31, 2017	311,593	$	119,750	$	2,388		$	34,456
7083 Hollywood Boulevard, Los Angeles, CA (3)	Office	September 21, 2017	82,193	$	42,300	$	584		$	23,670
47 E 34th Street, New York, NY	Multifamily	September 26, 2017	110	$	80,000	$	3,157		$	16,556
370 L'Enfant Promenade, Washington, D.C. (4)	Office	October 17, 2017	409,897	$	126,680	$	2,451		$	2,994
4200 Scotland Street, Houston, TX (3)	Multifamily	December 15, 2017	308	$	64,025	$	597		$	20,314


(1)	Reflects the square footage of office properties and number of units of multifamily properties.


(2)	Includes a prepayment penalty incurred in connection with the prepayment of the mortgage on the property in the amount of $1,508,000 at 211 Main Street, $1,143,000 at 3636 McKinney Avenue, $758,000 at 3839 McKinney Avenue, and $2,812,000 at 4649 Cole Avenue (Note 8).


(3)	A mortgage collateralized by this property was assumed by the buyer in connection with our sale of the property (Note 8).

(4)

The following is the detail of the carrying amounts of assets and liabilities at the time of the sales of the properties that occurred during the years ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Assets
Investments in real estate, net	$	631,740	$	54,374	$	4,694
Deferred rent receivable and charges, net	34,071		—		—
Other intangible assets, net	11,283		528		—
Other assets	38		—		—
Total assets	$	677,132	$	54,902	$	4,694
Liabilities
Debt, net (1)	$	115,037	$	—	$	—
Other liabilities	14,029		—		—
Intangible liabilities, net	1,800		—		—
Total liabilities	$	130,866	$	—	$	—


(1)	Net of $665,000 of premium on assumed mortgage. Debt of $50,260,000 was assumed by certain buyers in connection with sales of certain properties.

We sold 100% fee-simple interests in the following properties to unrelated third-parties. Transaction costs related to these sales were expensed as incurred.



Property	Asset Type	Date of Sale	Rooms	Sales Price		Transaction Costs		Gain on Sale
				(in thousands)
Courtyard Oakland, Oakland, CA	Hotel	February 2, 2016	162	$	43,800	$	1,026	$	24,739
LAX Holiday Inn, Los Angeles, CA	Hotel	July 19, 2016	405	$	52,500	$	706	$	14,927

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



	Year Ended December 31,
	2016		2015
	(in thousands)
Revenue - Interest and other income	$	6,389	$	14,544

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

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.

- Definition

+ References

+ Details

DEBT (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Debt

Information on our debt is as follows:



	December 31,
	2017			2016
	(in thousands)
Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $370,300,000 due on July 1, 2026. The loans are nonrecourse. In September 2017, one loan with an outstanding principal balance of $21,700,000 was assumed by the buyer in connection with the sale of the property that was collateral for the loan (Note 3).	$	370,300		$	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 were nonrecourse. The loans were repaid in May and June 2017 in connection with the sale of the properties that were collateral for the loans (Note 3).	—			39,134
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 was nonrecourse. The loan was assumed by the buyer in December 2017 in connection with the sale of the property that was collateral for the loan (Note 3).	—			29,167
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan had a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan was nonrecourse. The loan was repaid in March 2017 in connection with the sale of the property that was collateral for the loan (Note 3).	—			26,136
	416,300			532,437
Deferred loan costs related to mortgage loans	(1,540		)	(2,366		)
Premiums and discounts on assumed mortgages, net	—			722
Total Mortgages Payable	414,760			530,793
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 4.85% and 4.13% at December 31, 2017 and 2016, respectively.	16,812			23,122
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 2.60% and 1.83% at December 31, 2017 and 2016, respectively.	3,879			4,777
	20,691			27,899
Unamortized premiums	1,466			2,077
Total Secured Borrowings—Government Guaranteed Loans	22,157			29,976
Unsecured term loan facility	170,000			385,000
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR (as defined below) plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.	27,070			27,070
Unsecured credit facility	—			—
	197,070			412,070
Deferred loan costs related to unsecured term loan and credit facilities	(1,198		)	(2,938		)
Discount on junior subordinated notes	(1,937		)	(2,015		)
Total Other	193,935			407,117
Total Debt	$	630,852		$	967,886

Future Principal Payments on Debt

Future principal payments on our debt (face value) at December 31, 2017 are as follows:



Years Ending December 31,	Secured Borrowings Principal (1)		Mortgages Payable		Other (2)		Total
	(in thousands)
2018	$	536	$	—	$	—	$	536
2019	739		—		—		739
2020	772		—		—		772
2021	806		—		—		806
2022	841		679		170,000		171,520
Thereafter	16,997		415,621		27,070		459,688
	$	20,691	$	416,300	$	197,070	$	634,061

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2017

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

Summary of restricted shares and the changes during the year

A summary of our restricted shares as of December 31, 2017, 2016 and 2015 and the changes during the years ended is as follows:



	2017
			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		Per Share
Balance, January 1	10,844		$	18.75
Granted	9,585		$	15.65
Vested	(10,844	)	$	18.75
Balance, December 31	9,585		$	15.65



	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

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

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

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



	Year Ended December 31,
	2017			2016			2015
	(in thousands, except per share amounts)
Numerator:
Net income from continuing operations	$	379,758		$	30,712		$	6,112
Net income attributable to noncontrolling interests	(21		)	(18		)	(11		)
Redeemable preferred stock dividends accumulated	(1,436		)	—			—
Redeemable preferred stock dividends declared	(490		)	(9		)	—
Redeemable preferred stock redemptions	2			—			—
Numerator for basic net income from continuing operations available to common stockholders	377,813			30,685			6,101
Redeemable preferred stock dividends declared on dilutive shares	9			—			—
Numerator for dilutive net income from continuing operations available to common stockholders	377,822			30,685			6,101

Net income from discontinued operations	—			3,853			18,291

Numerator for basic net income available to common stockholders	$	377,813		$	34,538		$	24,392
Numerator for diluted net income available to common stockholders	$	377,822		$	34,538		$	24,392

Denominator:
Basic weighted average shares outstanding	69,062			91,328			97,588
Effect of dilutive securities—contingently issuable shares	8			—			—
Diluted weighted average shares and common stock equivalents outstanding	69,070			91,328			97,588

Basic and diluted net income available to common stockholders per share:
Continuing operations	$	5.47		$	0.34		$	0.06
Discontinued operations	—			0.04			0.19
Net income	$	5.47		$	0.38		$	0.25

REDEEMABLE PREFERRED STOCK (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Dividends Declared

Cash dividends declared on our Series A Preferred Stock for the years ended December 31, 2017 and 2016 consist of the following:



			Aggregate
Declaration Date	Payment Date	Number of Shares	Dividends Declared
			(in thousands)
December 6, 2017	January 16, 2018	1,285,304	$	249
September 7, 2017	October 16, 2017	568,921	$	138
June 12, 2017	July 17, 2017	308,775	$	72
March 8, 2017	April 17, 2017	144,698	$	31

December 6, 2016	January 17, 2017	61,435	$	9

Dividends per share of Common Stock declared during the years ended December 31, 2017 and 2016 consist of the following:



Declaration Date	Payment Date	Type	Dividend Per Common Share
December 18, 2017	January 11, 2018	Special Cash	$	0.73000
December 6, 2017	December 28, 2017	Regular Quarterly	$	0.12500
September 7, 2017	September 25, 2017	Regular Quarterly	$	0.12500
June 12, 2017	June 27, 2017	Special Cash	$	1.98000
June 12, 2017	June 27, 2017	Regular Quarterly	$	0.12500
April 5, 2017	April 24, 2017	Special Cash	$	0.28000
March 8, 2017	March 27, 2017	Regular Quarterly	$	0.21875
December 6, 2016	December 23, 2016	Regular Quarterly	$	0.21875
September 12, 2016	September 28, 2016	Regular Quarterly	$	0.21875
June 10, 2016	June 28, 2016	Regular Quarterly	$	0.21875
March 8, 2016	March 29, 2016	Regular Quarterly	$	0.21875

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Dividends Declared

Cash dividends declared on our Series A Preferred Stock for the years ended December 31, 2017 and 2016 consist of the following:



			Aggregate
Declaration Date	Payment Date	Number of Shares	Dividends Declared
			(in thousands)
December 6, 2017	January 16, 2018	1,285,304	$	249
September 7, 2017	October 16, 2017	568,921	$	138
June 12, 2017	July 17, 2017	308,775	$	72
March 8, 2017	April 17, 2017	144,698	$	31

December 6, 2016	January 17, 2017	61,435	$	9

Dividends per share of Common Stock declared during the years ended December 31, 2017 and 2016 consist of the following:



Declaration Date	Payment Date	Type	Dividend Per Common Share
December 18, 2017	January 11, 2018	Special Cash	$	0.73000
December 6, 2017	December 28, 2017	Regular Quarterly	$	0.12500
September 7, 2017	September 25, 2017	Regular Quarterly	$	0.12500
June 12, 2017	June 27, 2017	Special Cash	$	1.98000
June 12, 2017	June 27, 2017	Regular Quarterly	$	0.12500
April 5, 2017	April 24, 2017	Special Cash	$	0.28000
March 8, 2017	March 27, 2017	Regular Quarterly	$	0.21875
December 6, 2016	December 23, 2016	Regular Quarterly	$	0.21875
September 12, 2016	September 28, 2016	Regular Quarterly	$	0.21875
June 10, 2016	June 28, 2016	Regular Quarterly	$	0.21875
March 8, 2016	March 29, 2016	Regular Quarterly	$	0.21875

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2017

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)

170,000

1.562% - 1.565%

One-Month LIBOR

11/2/2015

5/8/2020


(1)	See Note 14 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,
	2017			2016			2015
	(in thousands)
Accumulated other comprehensive income (loss), at beginning of period	$	(509	)	$	(2,519	)	$	—
Other comprehensive income (loss) before reclassifications	361			(2,227		)	(3,381		)
Amounts reclassified from accumulated other comprehensive income (loss) (1)	1,779			4,237			862
Net current period other comprehensive income (loss)	2,140			2,010			(2,519		)
Accumulated other comprehensive income (loss), at end of period	$	1,631		$	(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, 2017

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
	2017		2016			Level	Location
	(in thousands)
Assets (Liabilities):
Interest rate swaps	$	1,631	$	(509	)	2	Other assets (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, 2017				December 31, 2016
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
Loans receivable subject to credit risk	$	58,904	$	61,277	$	43,623	$	43,621	3
SBA 7(a) loans receivable, subject to secured borrowings	21,728		22,157		29,524		29,976		3
Commercial mortgage loans	424		424		2,593		2,550		3
Liabilities:
Mortgages payable	414,760		413,819		530,793		516,892		3
Junior subordinated notes	25,133		24,162		25,055		25,173		3

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2017

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 assets:



Daily Average Adjusted Fair Value of CIM Urban's Assets				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%

FUTURE MINIMUM LEASE RENTALS (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017, excluding tenant reimbursements of certain costs, are as follows:



	Governmental		Other
Years Ending December 31,	Tenants		Tenants		Total
	(in thousands)
2018	$	36,767	$	84,468	$	121,235
2019	35,170		84,723		119,893
2020	32,975		76,238		109,213
2021	22,451		63,119		85,570
2022	11,221		59,365		70,586
Thereafter	40,318		144,323		184,641
	$	178,902	$	512,236	$	691,138

CONCENTRATIONS (Tables)

12 Months Ended

Dec. 31, 2017

Risks and Uncertainties [Abstract]

Schedule of concentration risk from properties

Our real estate investments concentrations from properties are as follows:



	December 31,
	2017		2016
California	66.4	%	50.8	%
Washington, D.C.	31.2		32.3
Texas	2.4		7.7
North Carolina	—		5.5
New York	—		3.7
	100.0	%	100.0	%

Our revenue concentrations from properties are as follows:



	Year Ended December 31,
	2017		2016		2015
California	63.2	%	63.4	%	62.2	%
Washington, D.C.	25.1		21.3		24.2
Texas	6.9		8.2		7.8
North Carolina	3.1		5.2		4.6
New York	1.7		1.9		1.2
	100.0	%	100.0	%	100.0	%

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

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,
	2017			2016			2015
	(in thousands)
Income from continuing operations before income taxes for TRSs	$	4,878		$	5,684		$	3,010

Expected federal income tax provision	$	1,658		$	1,933		$	1,023
State income taxes	27			21			42
Change in valuation allowance	(37		)	(1,443		)	(302		)
Other	(272		)	1,135			43
Income tax provision	$	1,376		$	1,646		$	806

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,
	2017			2016
	(in thousands)
Deferred tax assets:
Net operating losses	$	39		$	59
Secured borrowings—government guaranteed loans	308			706
Other	111			104
Total gross deferred tax assets	458			869
Valuation allowance	(26		)	(64		)
	432			805
Deferred tax liabilities:
Loans receivable	(333		)	(535		)
Other	—			(10		)
	(333		)	(545		)
Deferred tax asset, net	$	99		$	260

SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017, 2016 and 2015 is as follows:



	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Office:
Revenues	$	174,004	$	187,435	$	188,270
Property expenses:
Operating	68,801		81,217		80,014
General and administrative	981		1,234		771
Total property expenses	69,782		82,451		80,785
Segment net operating income—office	104,222		104,984		107,485
Hotel:
Revenues	38,585		48,379		61,436
Property expenses:
Operating	25,059		32,177		41,585
General and administrative	77		282		389
Total property expenses	25,136		32,459		41,974
Segment net operating income—hotel	13,449		15,920		19,462
Multifamily:
Revenues	13,566		20,303		18,721
Property expenses:
Operating	7,725		11,309		11,579
General and administrative	393		1,048		589
Total property expenses	8,118		12,357		12,168
Segment net operating income—multifamily	5,448		7,946		6,553
Lending:
Revenues	10,221		9,814		8,521
Lending expenses:
Interest expense	414		537		845
Fees to related party	3,464		3,555		3,850
General and administrative	1,010		1,166		1,032
Total lending expenses	4,888		5,258		5,727
Segment net operating income—lending	5,333		4,556		2,794
Total segment net operating income	$	128,452	$	133,406	$	136,294

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, 2017, 2016 and 2015 is as follows:



	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Total segment net operating income	$	128,452		$	133,406		$	136,294
Asset management and other fees to related parties	(26,787		)	(30,327		)	(29,319		)
Interest expense	(35,924		)	(33,848		)	(22,785		)
General and administrative	(3,018		)	(4,231		)	(6,621		)
Transaction costs	(11,862		)	(340		)	(1,382		)
Depreciation and amortization	(58,364		)	(71,968		)	(72,361		)
Impairment of real estate	(13,100		)	—			—
Gain on sale of real estate	401,737			39,666			3,092
Income from continuing operations before provision for income taxes	381,134			32,358			6,918
Provision for income taxes	(1,376		)	(1,646		)	(806		)
Net income from continuing operations	379,758			30,712			6,112
Discontinued operations:
Income from operations of assets held for sale	—			3,853			13,140
Gain on disposition of assets held for sale	—			—			5,151
Net income from discontinued operations	—			3,853			18,291
Net income	379,758			34,565			24,403
Net income attributable to noncontrolling interests	(21		)	(18		)	(11		)
Net income attributable to the Company	$	379,737		$	34,547		$	24,392

Schedule of segment condensed assets



	December 31,
	2017		2016
	(in thousands)
Condensed assets:
Office	$	997,808	$	1,568,702
Hotel	107,790		115,955
Lending	92,919		91,191
Multifamily	815		170,159
Non-segment assets	137,056		76,877
Total assets	$	1,336,388	$	2,022,884

Schedule of capital expenditures



	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Capital expenditures (1):
Office	$	24,907	$	30,563	$	27,686
Multifamily	693		548		2,498
Hotel	478		733		1,158
Total capital expenditures	26,078		31,844		31,342
Loan originations (2)	76,316		105,201		59,467
Total capital expenditures and loan originations (3)	$	102,394	$	137,045	$	90,809


(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.


(3)	Includes the activity for dispositions through their respective disposition dates.

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017:



	Three Months Ended
	March 31,			June 30,			September 30,			December 31,
	(in thousands, except per share data)
2017
Revenues from continuing operations	$	66,949		$	61,299		$	55,384		$	52,744
Gain on sale of real estate	187,734			116,283			74,715			23,005
Net income from continuing operations	193,935			91,372			72,391			22,060
Net income	193,935			91,372			72,391			22,060
Net income attributable to the Company	193,930			91,363			72,395			22,049
Redeemable preferred stock dividends	(31		)	(72		)	(138		)	(249		)
Redeemable preferred stock redemptions	—			—			—			2
Net income available to common stockholders	193,899			91,291			72,257			21,802
BASIC AND DILUTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE (1):
Continuing operations	$	2.31		$	1.16		$	1.25		$	0.36
Net income	$	2.31		$	1.16		$	1.25		$	0.36
Weighted average shares of common stock outstanding - basic	84,048			78,871			57,876			55,885
Weighted average shares of common stock outstanding - diluted	84,048			78,871			57,876			55,917


(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.

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


(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.

ORGANIZATION AND OPERATIONS (Details) - $ / shares	Dec. 31, 2017	Nov. 21, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Common stock, par value (in usd per share)	$ 0.001		$ 0.001
Common stock, shares authorized (in shares)	900,000,000		900,000,000
Preferred stock, shares authorized (in shares)	100,000,000
Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001		$ 0
Registration statement \| Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)		$ 0.001

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investments in Real Estate
Impairment of real estate	$ 13,100	$ 0	$ 0
Buildings and improvements \| Minimum
Investments in Real Estate
Estimated useful lives	15 years
Buildings and improvements \| Maximum
Investments in Real Estate
Estimated useful lives	40 years
Furniture, fixtures, and equipment \| Minimum
Investments in Real Estate
Estimated useful lives	3 years
Furniture, fixtures, and equipment \| Maximum
Investments in Real Estate
Estimated useful lives	5 years

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Mar. 11, 2014
Loans receivable
Impairment (recovery) on loans receivable	$ 97	$ (206)	$ 328
PMC Commercial
Loans receivable
Discount on acquisition				$ 33,907
Acquisition discounts	$ 1,301
Commercial mortgage loans
Loans receivable
Unamortized acquisition discounts			$ 15,951

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Allowance for uncollectible accounts receivable	$ 181	$ 876

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Rent Receivable and Charges (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Deferred rent receivable	$ 52,619	$ 64,010
Deferred leasing costs, gross	52,414	76,063
Deferred leasing costs, accumulated amortization	23,807	25,914
Deferred offering costs	3,401	2,060
Other deferred costs	$ 121	$ 135

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Preferred Stock (Details) - Series A Preferred Stock	12 Months Ended
	Dec. 31, 2017
Class of Stock [Line Items]
Preferred stock, percentage of stated value	100.00%
Preferred stock redemption, trading days prior to redemption	20 days

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Purchase Accounting for Acquisition of Investments in Real Estate (Details) - Tax Abatement - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization period	8 years
Intangible assets	$ 0	$ 1,400

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lease incentives	$ 12,648	$ 13,084
Lease incentives, accumulated amortization	5,029	4,303
Percentage rent	304	338	$ 329
Parking percentage rent	$ 2,614	$ 3,156	$ 2,290

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment (Details)	12 Months Ended
	Dec. 31, 2017 property
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of types of commercial real estate properties	3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Gain on sale of real estate	$ 23,005	$ 74,715	$ 116,283	$ 187,734	$ 0	$ 14,927	$ 0	$ 24,739	$ 401,737	$ 39,666	$ 3,092

ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details)			1 Months Ended		12 Months Ended
ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details)	Dec. 29, 2017 USD ($) ft²	Aug. 26, 2015 USD ($) ft²	Jan. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) ft²	Dec. 31, 2017 USD ($) ft²	Dec. 31, 2016 USD ($) business	Dec. 31, 2015 USD ($)
Business Acquisition [Line Items]
Transaction Costs					$ 11,862,000	$ 340,000	$ 1,382,000
Number of acquisitions \| business						0
9460 Wilshire Boulevard in Los Angeles, California
Business Acquisition [Line Items]
Percentage of ownership acquired				100.00%
Escrow Deposit				$ 20,000,000	$ 20,000,000
9460 Wilshire Boulevard in Los Angeles, California - Retail Space
Business Acquisition [Line Items]
Rentable space \| ft²				22,884	22,884
9460 Wilshire Boulevard in Los Angeles, California - Office Space
Business Acquisition [Line Items]
Rentable space \| ft²				68,866	68,866
Two Kaiser Plaza Parking Lot
Business Acquisition [Line Items]
Percentage of ownership acquired		100.00%
Rentable space \| ft²		44,642
Transaction Costs		$ 107,000
Purchase price		$ 11,143,000
Subsequent event \| 9460 Wilshire Boulevard in Los Angeles, California
Business Acquisition [Line Items]
Transaction Costs			$ 48,000
Purchase price			$ 132,000,000
1130 Howard Street, San Francisco, CA
Business Acquisition [Line Items]
Percentage of ownership acquired	100.00%
Rentable space \| ft²	21,194
Closing costs and assumption of liabilities	$ 1,915,000
Asset acquisitions, purchase price	$ 17,717,000

ACQUISITIONS AND DISPOSITIONS - Disposals (Details) $ in Thousands														1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 15, 2017 USD ($) apartment	Oct. 17, 2017 USD ($) ft²	Sep. 26, 2017 USD ($) apartment	Sep. 21, 2017 USD ($) ft²	Aug. 31, 2017 USD ($) ft²	Jun. 23, 2017 USD ($) apartment	Jun. 20, 2017 USD ($) ft²	Jun. 08, 2017 USD ($) ft²	May 30, 2017 USD ($) apartment	Mar. 28, 2017 USD ($) ft²	Jul. 19, 2016 USD ($) room	Feb. 02, 2016 USD ($) room	Nov. 19, 2015 USD ($) ft²	Aug. 31, 2017 USD ($) ft²	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price																							$ 1,012,115	$ 94,568	$ 7,786
Gain on sale of real estate															$ 23,005	$ 74,715	$ 116,283	$ 187,734	$ 0	$ 14,927	$ 0	$ 24,739	401,737	39,666	3,092
Impairment of real estate																							$ 13,100	$ 0	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership sold																							100.00%	100.00%
211 Main Street, San Francisco, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable space \| ft²										417,266
Sales Price										$ 292,882
Transaction Costs										2,943
Gain on sale of real estate										187,734
Prepayment penalties										$ 1,508
3636 McKinney Avenue, Dallas, TX \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Units in Real Estate Property \| apartment									103
Sales Price									$ 20,000
Transaction Costs									1,320
Gain on sale of real estate									5,488
Prepayment penalties									$ 1,143
3839 McKinney Avenue, Dallas, TX \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Units in Real Estate Property \| apartment									75
Sales Price									$ 14,100
Transaction Costs									938
Gain on sale of real estate									4,224
Prepayment penalties									$ 758
200 S College Street, Charlotte, NC \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable space \| ft²								567,865
Sales Price								$ 148,500
Transaction Costs								833
Gain on sale of real estate								$ 45,906
980 9th and 1010 8th Street, Sacramento, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable space \| ft²							485,926
Sales Price							$ 120,500
Transaction Costs							1,119
Gain on sale of real estate							$ 34,559
4649 Cole Avenue, Dallas, TX \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Units in Real Estate Property \| apartment						334
Sales Price						$ 64,000
Transaction Costs						3,311
Gain on sale of real estate						25,836
Prepayment penalties						$ 2,812
800 N Capitol Street, Washington, D.C. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership sold					100.00%
Rentable space \| ft²					311,593									311,593
Sales Price					$ 119,750
Transaction Costs					2,388
Gain on sale of real estate					$ 34,456
7083 Hollywood Boulevard \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable space \| ft²				82,193
Sales Price				$ 42,300
Transaction Costs				584
Gain on sale of real estate				$ 23,670
47 E 34th Street, New York, NY \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Units in Real Estate Property \| apartment			110
Sales Price			$ 80,000
Transaction Costs			3,157
Gain on sale of real estate			$ 16,556
370 L'Enfant Promenade, Washington, D.C. (4)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate														$ 13,100
370 L'Enfant Promenade, Washington, D.C. (4) \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable space \| ft²		409,897
Sales Price		$ 126,680
Transaction Costs		2,451
Gain on sale of real estate		$ 2,994
4200 Scotland Street, Houston, TX \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Units in Real Estate Property \| apartment	308
Sales Price	$ 64,025
Transaction Costs	597
Gain on sale of real estate	$ 20,314
Courtyard Oakland, Oakland, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number Of Rooms \| room												162
Sales Price												$ 43,800
Transaction Costs												1,026
Gain on sale of real estate												$ 24,739
LAX Holiday Inn, Los Angeles, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number Of Rooms \| room											405
Sales Price											$ 52,500
Transaction Costs											706
Gain on sale of real estate											$ 14,927
500 West Santa Ana Boulevard, Santa Ana, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership sold													100.00%
Rentable space \| ft²													37,116
Sales Price													$ 8,050
Transaction Costs													264
Gain on sale of real estate													$ 3,092

ACQUISITIONS AND DISPOSITIONS - Carrying Value of Assets and Liabilities at Time of Sale (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments in real estate, net	$ 631,740	$ 54,374	$ 4,694
Deferred rent receivable and charges, net	34,071	0	0
Other intangible assets, net	11,283	528	0
Other assets	38	0	0
Total assets	677,132	54,902	4,694
Debt, net	115,037	0	0
Other liabilities	14,029	0	0
Intangible liabilities, net	1,800	0	0
Total liabilities	130,866	$ 0	$ 0
Premium on assumed mortgage	665
Debt assumed by buyers	$ 50,260

ACQUISITIONS AND DISPOSITIONS - Fair Value of Net Assets Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Business Acquisition [Line Items]
Net assets acquired	$ 19,631	$ 0	$ 11,143
Percentage represent individualy of assets, less than	0.05
Percentage represent aggregate of assets, less than			10.00%
Abandoned project costs	$ 16	328	$ 486
Land
Business Acquisition [Line Items]
Property, plant and equipment	8,290	0	10,931
Land improvements
Business Acquisition [Line Items]
Property, plant and equipment	0	0	110
Buildings and improvements
Business Acquisition [Line Items]
Property, plant and equipment	10,109	0	0
Tenant improvements
Business Acquisition [Line Items]
Property, plant and equipment	371	0	0
Acquired in-place Leases
Business Acquisition [Line Items]
Intangible assets	$ 1,184	$ 0	102
Weighted average amortization period	9 years	10 years
Acquired above-market leases
Business Acquisition [Line Items]
Intangible assets	$ 37	$ 0	0
Weighted average amortization period	7 years
Acquired below-market leases
Business Acquisition [Line Items]
Intangible assets	$ 360	$ 0	$ 0
Weighted average amortization period	2 years
2017 Acquisitions \| Acquired in-place Leases
Business Acquisition [Line Items]
Weighted average amortization period	5 years
2015 Acquisitions \| Acquired in-place Leases
Business Acquisition [Line Items]
Weighted average amortization period			3 years

INVESTMENTS IN REAL ESTATE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land	$ 221,785	$ 343,564
Land improvements	17,745	26,177
Buildings and improvements	847,849	1,475,415
Furniture, fixtures, and equipment	3,363	4,955
Tenant improvements	128,876	159,677
Work in progress	9,162	11,706
Investments in real estate	1,228,780	2,021,494
Accumulated depreciation	(271,055)	(414,552)
Net investments in real estate	957,725	1,606,942
Depreciation expense	$ 49,427	$ 62,239	$ 61,915

LOANS RECEIVABLE (Details) - USD ($) $ in Thousands	12 Months Ended
LOANS RECEIVABLE (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Loans receivable
Loans receivable	$ 80,386	$ 75,429
Deferred capitalized costs	1,132	582
Loan loss reserves	(462)	(271)
Loans receivable, net	81,056	75,740
SBA 7(a) loans, subject to credit risk
Loans receivable
Loans receivable	$ 58,298	$ 43,376
Loans, percent current	100.00%	99.70%
SBA 7(a) loans receivable, subject to secured borrowings
Loans receivable
Loans receivable	$ 21,664	$ 29,456
Commercial mortgage loans
Loans receivable
Loans receivable	424	2,597
Financing Receivables Equal To Greater Than 30 Days Past Due [Member] \| SBA 7(a) loans, subject to credit risk
Loans receivable
Loans, greater than 29 days delinquent	0	249
Substandard \| SBA 7(a) loans, subject to credit risk
Loans receivable
Loans receivable	$ 388	$ 804
Hospitality Industry \| Loans subject to credit risk
Loans receivable
Concentration risk, percent	97.30%	93.60%

OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Intangible liabilities
Net	$ (1,070)	$ (3,576)
Future accretion of acquisition related intangible liabilities
Net	(1,070)	(3,576)
Acquired Below-Market Leases
Intangible liabilities
Gross balance	(2,902)	(18,893)
Accumulated amortization	1,832	15,317
Net	$ (1,070)	$ (3,576)
Average useful life	5 years	8 years
Amortization
Amortization expenses, above and below market leases	$ 1,066	$ 2,510	$ 2,571
Future accretion of acquisition related intangible liabilities
2018	(734)
2019	(242)
2020	(42)
2021	(42)
2022	(10)
Thereafter	0
Net	(1,070)	(3,576)
Acquired Above-Market Leases
Intangible assets
Gross balance	37	215
Accumulated amortization	0	(180)
Net	$ 37	$ 35
Average useful life	7 years	8 years
Amortization
Amortization expenses, above and below market leases	$ 3	$ 88	240
Future amortization of acquisition related intangible assets
2018	4
2019	5
2020	5
2021	5
2022	5
Thereafter	13
Net	37	35
Acquired in-place Leases
Intangible assets
Gross balance	11,087	11,551
Accumulated amortization	(7,700)	(8,443)
Net	$ 3,387	$ 3,108
Average useful life	9 years	10 years
Amortization
Amortization expenses	$ 808	$ 1,347	1,857
Future amortization of acquisition related intangible assets
2018	932
2019	691
2020	434
2021	434
2022	314
Thereafter	582
Net	3,387	3,108
Tax Abatement
Intangible assets
Gross balance		4,273
Accumulated amortization		(2,873)
Net	0	$ 1,400
Average useful life		8 years
Amortization
Amortization expenses	276	$ 551	551
Future amortization of acquisition related intangible assets
Net	0	1,400
Franchise Affiliation Fee
Amortization
Amortization expenses	0	33	394
Acquired Below-Market Ground Lease
Intangible assets
Gross balance		11,685
Accumulated amortization		(1,562)
Net		$ 10,123
Average useful life		84 years
Amortization
Amortization expenses	93	$ 140	$ 140
Future amortization of acquisition related intangible assets
Net		10,123
Trade Name And License
Intangible assets
Gross balance	2,957	2,957
Accumulated amortization	0	0
Net	2,957	2,957
Future amortization of acquisition related intangible assets
Net	$ 2,957	$ 2,957

DISCONTINUED OPERATIONS - Narrative (Details) $ in Thousands		12 Months Ended
	Dec. 17, 2015 USD ($)	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 29, 2016 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition of assets held for sale		$ 0	$ 0	$ 5,151
Lending division
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value			27,587
Gain on disposition of assets held for sale			0	5,151
Lending division \| Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transaction costs from sales			$ 6	$ 675
Lending Segment, Commercial Mortgage Loans [Member] \| Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value	$ 77,121
Gain on disposition of assets held for sale	$ 5,151
Commercial Real Estate Subsidiary [Member] \| Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value					$ 27,587
Multifamily
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number Of Properties Sold \| property		5

DISCONTINUED OPERATIONS - Gain on Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
DISCONTINUED OPERATIONS
Mortgage Loans on Real Estate, Other Deductions, Sale of Mortgage Loans			$ (77,121)
Gain on disposition of assets held for sale (Note 8)	$ 0	$ 0	5,151
Commercial mortgage loans
DISCONTINUED OPERATIONS
Unamortized acquisition discounts			15,951
Lending division
DISCONTINUED OPERATIONS
Proceeds received		27,587	84,928
Mortgage Loans on Real Estate, Other Deductions, Sale of Mortgage Loans		(27,587)	(77,121)
Gain on sale before transaction costs		0	7,807
Transaction costs (2)		0	(2,656)
Gain on disposition of assets held for sale (Note 8)		$ 0	5,151
Unamortized acquisition discounts			15,951
Lending division \| CIM SBA
DISCONTINUED OPERATIONS
Reimbursement of costs			$ 1,638

DISCONTINUED OPERATIONS - Carrying Value of Assets and Liabilities (Details) - Lending division $ in Thousands	Dec. 31, 2016 USD ($)
Assets held for sale
Commercial real estate loans, net	$ 52,822
Cash and cash equivalents	821
Restricted cash	1,076
Accounts receivable, net	684
Other assets	23
Assets held for sale, net	55,426
Liabilities of assets held for sale
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

DISCONTINUED OPERATIONS - Revenue and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Revenue - Interest and other income						$ 6,389	$ 14,544
Expenses:
Interest expense						1,944	132
Fees to related party						550	777
General and administrative						42	495
Total expenses						2,536	1,404
Income from operations of assets held for sale					$ 0	3,853	13,140
Gain on disposition of assets held for sale					0	0	5,151
NET INCOME FROM DISCONTINUED OPERATIONS	$ 792	$ 703	$ 1,668	$ 690	$ 0	$ 3,853	$ 18,291

DEBT - Schedule (Details) - USD ($)	1 Months Ended	12 Months Ended
DEBT - Schedule (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Debt
Total Debt		$ 630,852,000	$ 967,886,000
Mortgages payable
Debt
Gross debt		416,300,000	532,437,000
Deferred loan costs		(1,540,000)	(2,366,000)
Premiums and discounts		0	722,000
Total Debt		414,760,000	530,793,000
Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $370,300,000 due on July 1, 2026. The loans are nonrecourse. In September 2017, one loan with an outstanding principal balance of $21,700,000 was assumed by the buyer in connection with the sale of the property that was collateral for the loan (Note 3).
Debt
Gross debt		$ 370,300,000	392,000,000
Fixed interest rate		4.14%
Amount of balance due on maturity		$ 370,300,000
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.
Debt
Gross debt		$ 46,000,000	46,000,000
Fixed interest rate		4.50%
Period of amortization schedule		10 years
Amount of balance due on maturity		$ 42,008,000
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 were nonrecourse. The loans were repaid in May and June 2017 in connection with the sale of the properties that were collateral for the loans (Note 3).
Debt
Gross debt		0	$ 39,134,000
Fixed interest rate			5.39%
Amount of balance due on maturity			$ 35,695,000
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 was nonrecourse. The loan was assumed by the buyer in December 2017 in connection with the sale of the property that was collateral for the loan (Note 3).
Debt
Gross debt		0	$ 29,167,000
Fixed interest rate			5.18%
Amount of balance due on maturity			$ 26,232,000
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan had a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan was nonrecourse. The loan was repaid in March 2017 in connection with the sale of the property that was collateral for the loan (Note 3).
Debt
Gross debt		0	$ 26,136,000
Fixed interest rate			6.65%
Period of amortization schedule			25 years
Amount of balance due on maturity			$ 21,136,000
Secured Borrowings - Government Guaranteed Loans
Debt
Gross debt		20,691,000	27,899,000
Premiums and discounts		1,466,000	2,077,000
Total Debt		22,157,000	29,976,000
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 4.85% and 4.13% at December 31, 2017 and 2016, respectively.
Debt
Gross debt		$ 16,812,000	$ 23,122,000
Weighted average rate		4.85%	4.13%
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 2.60% and 1.83% at December 31, 2017 and 2016, respectively.
Debt
Gross debt		$ 3,879,000	$ 4,777,000
Weighted average rate		2.60%	1.83%
Other debt
Debt
Gross debt		$ 197,070,000	$ 412,070,000
Total Debt		193,935,000	407,117,000
Unsecured term loan facility
Debt
Gross debt		170,000,000	385,000,000
Junior subordinated notes
Debt
Gross debt		27,070,000	27,070,000
Premiums and discounts		$ (1,937,000)	(2,015,000)
Junior subordinated notes \| LIBOR
Debt
Interest rate margin		3.25%
Unsecured credit facilities
Debt
Gross debt		$ 0	0
Unsecured term loan and credit facilities
Debt
Deferred loan costs		$ (1,198,000)	$ (2,938,000)
Disposal Group, Held-for-sale, Not Discontinued Operations \| Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $370,300,000 due on July 1, 2026. The loans are nonrecourse. In September 2017, one loan with an outstanding principal balance of $21,700,000 was assumed by the buyer in connection with the sale of the property that was collateral for the loan (Note 3).
Debt
Debt, gross	$ 21,700,000

DEBT - Narrative (Details)										1 Months Ended				12 Months Ended
DEBT - Narrative (Details)	Dec. 15, 2017 USD ($)	Nov. 29, 2017 USD ($) swap	Sep. 21, 2017 USD ($)	Aug. 03, 2017 USD ($) swap	Jun. 23, 2017 USD ($)	May 30, 2017 USD ($)	Mar. 28, 2017 USD ($)	Sep. 01, 2015 USD ($) swap	Apr. 01, 2015 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2016 USD ($) agreement	May 31, 2015 USD ($)	Sep. 30, 2014 USD ($) extension_option	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Aug. 31, 2017 USD ($)	Nov. 02, 2015 USD ($)
Debt
Deferred loan costs, gross														$ 3,843,000	$ 7,122,000
Deferred loan costs, accumulated amortization														1,105,000	1,818,000
Number of swaps terminated \| swap		4		3
Notional amount of terminated swaps		$ 150,000,000		$ 65,000,000
Proceeds from termination payments, net of fees														1,011,000
Payment of derivative fees and accrued interest														38,000
Payment of mortgages payable														65,877,000	4,354,000	$ 77,056,000
Accrued interest and unused commitment fee payable														2,098,000	3,133,000
Unsecured credit facility entered into in September 2014
Debt
Maximum borrowing capacity													$ 850,000,000
Number of extension options \| extension_option													2
Line of credit facility extension option term													1 year
Extension fee																	$ 300,000
Long-term Line of Credit														0	0
Amount available for future borrowings														97,000,000	200,000,000
Unsecured credit facility entered into in September 2014, revolver
Debt
Maximum borrowing capacity													$ 450,000,000	200,000,000
Unsecured credit facility entered into in September 2014, revolver \| Minimum
Debt
Unused commitment fee													0.15%
Unsecured credit facility entered into in September 2014, revolver \| Maximum
Debt
Unused commitment fee													0.25%
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
Unsecured credit facility entered into in September 2014, term loan \| LIBOR \| Minimum
Debt
Interest rate margin													1.15%
Unsecured credit facility entered into in September 2014, term loan \| LIBOR \| Maximum
Debt
Interest rate margin													1.95%
Unsecured credit facility entered into in September 2014, term loan \| Base rate \| Minimum
Debt
Interest rate margin													0.15%
Unsecured credit facility entered into in September 2014, term loan \| Base rate \| Maximum
Debt
Interest rate margin													0.95%
Unsecured credit facility entered into in September 2014, delayed-draw term loan
Debt
Maximum borrowing capacity													$ 75,000,000
Unused commitment fee													0.25%
Mortgages payable
Debt
Number of mortgage loan agreements entered into \| agreement											6
Amount of loan											$ 392,000,000
Mortgages paid off \| swap								2
Unsecured Term Loan Facility Entered Into May 2015
Debt
Deferred loan costs, accumulated amortization		512,000		193,000
Maximum borrowing capacity												$ 385,000,000
Unused commitment fee												0.20%
Amount of loan														$ 170,000,000	$ 385,000,000			$ 385,000,000
Interest rate														2.96%	2.22%
Fixed interest rate														3.16%
Repayments of debt		150,000,000		65,000,000
Write off of deferred loan costs		$ 1,387,000		$ 601,000
Unsecured Term Loan Facility Entered Into May 2015 \| LIBOR \| Minimum
Debt
Interest rate margin												1.60%
Unsecured Term Loan Facility Entered Into May 2015 \| LIBOR \| Maximum
Debt
Interest rate margin												2.25%
Unsecured Term Loan Facility Entered Into May 2015 \| Base rate \| Minimum
Debt
Interest rate margin												0.60%
Unsecured Term Loan Facility Entered Into May 2015 \| Base rate \| Maximum
Debt
Interest rate margin												1.25%
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Debt
Payment of mortgages payable								$ 58,873,000	$ 12,364,000
Disposal Group, Held-for-sale, Not Discontinued Operations \| Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $370,300,000 due on July 1, 2026. The loans are nonrecourse. In September 2017, one loan with an outstanding principal balance of $21,700,000 was assumed by the buyer in connection with the sale of the property that was collateral for the loan (Note 3).
Debt
Mortgage assumed by buyer										$ 21,700,000
211 Main Street, San Francisco, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Debt
Payment of mortgages payable							$ 25,331,000
Mortgage prepayment penalty							$ 1,508,000
3636 McKinney Avenue and 3839 McKinney Avenue, Dallas, Texas \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Debt
Payment of mortgages payable						$ 15,448,000
Mortgage prepayment penalty						$ 1,901,000
4649 Cole Avenue, Dallas, TX \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Debt
Payment of mortgages payable					$ 23,333,000
Mortgage prepayment penalty					$ 2,812,000
7083 Hollywood Boulevard \| Disposal Group, Held-for-sale, Not Discontinued Operations
Debt
Mortgage assumed by buyer			$ 21,700,000
4200 Scotland Street, Houston, TX \| Disposal Group, Held-for-sale, Not Discontinued Operations
Debt
Mortgage assumed by buyer	$ 28,560,000

DEBT - Schedule of Future Principal Payments (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Debt
2018	$ 536
2019	739
2020	772
2021	806
2022	171,520
Thereafter	459,688
Total Debt	634,061
Secured debt
Debt
2018	536
2019	739
2020	772
2021	806
2022	841
Thereafter	16,997
Total Debt	20,691
Mortgages payable
Debt
2018	0
2019	0
2020	0
2021	0
2022	679
Thereafter	415,621
Total Debt	416,300
Other debt
Debt
2018	0
2019	0
2020	0
2021	0
2022	170,000
Thereafter	27,070
Total Debt	$ 197,070

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	May 06, 2014 swap shares	Jun. 30, 2017 shares	May 31, 2016 shares	Apr. 30, 2015 shares	Mar. 06, 2015	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($) shares	Jun. 30, 2015 shares	May 06, 2015 shares	Dec. 31, 2014 $ / shares shares
Share-based compensation plans
Options granted (in shares)							0	0
Stock options outstanding (in shares)							0	0				17,050
Outstanding options forfeited (in shares)									17,050
Weighted average exercise price (in USD per share) \| $ / shares												$ 20.46
Restricted share awards
Share-based compensation plans
Granted (in shares)							9,585	10,176	8,000
Unrecognized compensation expense \| $							$ 61,000
Fair value of shares vested \| $							203,000	$ 133,000	$ 131,000
Restricted share awards \| Board of directors
Share-based compensation plans
Stock-based compensation expense \| $							153,000	155,000	113,000
Award granted to each independent members of the board of directors			3,195	3,392	2,000
Granted (in shares)			9,585	10,176	6,000
Award vesting period			1 year	1 year	1 year
Restricted share awards \| Executive officers
Share-based compensation plans
Stock-based compensation expense \| $							$ 1,000	$ 9,000	39,000
Number of executive officers \| swap		2
Common stock issued (in shares)	2,000	2,000
Award vesting period		2 years				2 years
Options
Share-based compensation plans
Stock-based compensation expense \| $									$ 0
2005 Equity Incentive Plan \| Maximum \| Restricted share awards
Share-based compensation plans
Aggregate numbers of shares (in shares)										300,000
2015 Equity Incentive Plan \| Maximum \| Restricted share awards
Share-based compensation plans
Aggregate numbers of shares (in shares)											400,000

STOCK-BASED COMPENSATION PLANS - Tables (Details) - Restricted share awards - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Shares Restricted Stock
Balance at beginning of period (in shares)	10,844	8,002	7,334
Granted (in shares)	9,585	10,176	8,000
Vested (in shares)	(10,844)	(7,334)	(7,332)
Balance at end of period (in shares)	9,585	10,844	8,002
Weighted Average Grant Date Fair Value Per Share
Balance at beginning of period	$ 18.75	$ 18.27	$ 21.32
Granted	15.65	18.87	17.81
Vested	18.75	18.10	17.82
Balance at end of period	$ 15.65	$ 18.75	$ 18.27

EARNINGS PER SHARE (''EPS'') (Details) - shares	12 Months Ended
EARNINGS PER SHARE (''EPS'') (Details) - shares	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 06, 2017	Sep. 07, 2017	Jun. 12, 2017	Mar. 08, 2017	Dec. 06, 2016	Dec. 31, 2014
Earnings per share
Stock options outstanding (in shares)	0	0							17,050
Weighted average shares outstanding	69,062,000	91,328,000	97,588,000
Increase in weighted average shares outstanding to reflect the dilutive effect of share options (in shares)	8,000
Class of Warrant or Right, Outstanding (in shares)			0
Options
Earnings per share
Increase in weighted average shares outstanding to reflect the dilutive effect of share options (in shares)		0	0
Series A Preferred Stock
Earnings per share
Shares outstanding (in shares)			0	1,285,304	568,921	308,775	144,698	61,435

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								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Net income from continuing operations	$ 22,060	$ 72,391	$ 91,372	$ 193,935	$ (3,153)	$ 8,382	$ (810)	$ 26,293	$ 379,758	$ 30,712	$ 6,112
Net income attributable to noncontrolling interests									(21)	(18)	(11)
Redeemable preferred stock dividends accumulated									(1,436)	0	0
Redeemable preferred stock dividends declared	(249)	(138)	(72)	(31)	(9)	0	0	0	(490)	(9)	0
Redeemable preferred stock redemptions	$ 2	$ 0	$ 0	$ 0					2	0	0
Numerator for basic net income from continuing operations available to common stockholders									377,813	30,685	6,101
Redeemable preferred stock dividends declared on dilutive shares									9	0	0
Numerator for dilutive net income from continuing operations available to common stockholders									377,822	30,685	6,101
Net income from discontinued operations					$ 792	$ 703	$ 1,668	$ 690	0	3,853	18,291
Numerator for basic net income available to common stockholders									377,813	34,538	24,392
Numerator for diluted net income available to common stockholders									$ 377,822	$ 34,538	$ 24,392
Denominator:
Basic weighted average shares outstanding									69,062	91,328	97,588
Effect of dilutive securities—contingently issuable shares									8
Diluted weighted average shares and common stock equivalents outstanding	55,917	57,876	78,871	84,048	84,048	87,045	96,683	97,662	69,070	91,328	97,588
Basic and diluted net income available to common stockholders per share:
Continuing operations (in usd per share)	$ 0.36	$ 1.25	$ 1.16	$ 2.31	$ (0.04)	$ 0.10	$ (0.01)	$ 0.27	$ 5.47	$ 0.34	$ 0.06
Discontinued operations (in usd per share)					0.01	0.01	0.02	0.01	0.00	0.04	0.19
Net income (in usd per share)	$ 0.36	$ 1.25	$ 1.16	$ 2.31	$ (0.03)	$ 0.10	$ 0.01	$ 0.28	$ 5.47	$ 0.38	$ 0.25

REDEEMABLE PREFERRED STOCK (Details) - USD ($)					12 Months Ended			18 Months Ended
REDEEMABLE PREFERRED STOCK (Details) - USD ($)	Mar. 06, 2018	Jan. 03, 2018	Nov. 21, 2017	Apr. 22, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Nov. 21, 2016
Class of Stock [Line Items]
Class of Warrant or Right, Outstanding (in shares)							0
Deferred offering costs					$ 3,401,000	$ 2,060,000		$ 3,401,000
Offering costs allocated to temporary equity								1,417,000
Redeemable preferred stock dividends accumulated					1,436,000	$ 0	$ 0
Series A Preferred Stock
Class of Stock [Line Items]
Proceeds from issuance of preferred stock					31,998,000
Offering costs					2,499,000
Deferred offering costs					3,527,000			$ 3,527,000
Offering costs allocated to temporary equity					$ 125,000
Preferred stock, shares redeemed (in shares)					1,265	0
Cumulative dividend rate					5.50%
Preferred stock, dividend rate (in usd per share)					$ 0.34375
Preferred stock, shares issued (in shares)					1,225,734	61,435		1,225,734
Preferred stock, par value (in usd per share)					$ 0.001	$ 0.001		$ 0.001	$ 25
Preferred stock, conversion amount per share (in usd per share)					$ 25.00	$ 25.00		$ 25.00
Series A Preferred Unit
Class of Stock [Line Items]
Class of Warrant or Right, Outstanding (in shares)					1,287,169			1,287,169
Proceeds from issuance of preferred stock					$ 32,179,000
Offering costs					2,548,000
Warrant
Class of Stock [Line Items]
Proceeds from issuance of preferred stock					181,000
Offering costs					49,000
Offering costs allocated to temporary equity					$ 1,000
Series L Preferred Unit
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			808,074
Series L Preferred Stock
Class of Stock [Line Items]
Proceeds from issuance of preferred stock			$ 229,251,000
Preferred stock, shares redeemed (in shares)					0
Cumulative dividend rate					5.50%
Preferred stock, dividend rate (in usd per share)					$ 1.56035
Preferred stock, shares issued (in shares)			8,080,740		8,080,740	0		8,080,740
Preferred stock, par value (in usd per share)					$ 0.001	$ 0		$ 0.001
Preferred stock, conversion amount per share (in usd per share)					$ 28.37	$ 0		$ 28.37
Offering costs			$ 15,928,000
Discount on shares issued			2,946,000
Offering costs, non-issuance specific			$ 2,532,000
Dividend increase per year for failure to timely declare or pay dividends					1.00%
Dividend increase per year for failure to timely declare or pay dividends, maximum increase					8.50%
Minimum fixed charge coverage ratio					125.00%
Registration statement \| Series A Preferred Stock
Class of Stock [Line Items]
Maximum amount of offering				$ 900,000,000
Preferred stock, par value (in USD per share)				$ 0.001
Preferred stock stated value (in USD per share)				$ 25.00
Warrant right to purchase a share of Common Stock				0.25
Registration statement \| Series A Preferred Unit
Class of Stock [Line Items]
Maximum number of units in offering				36,000,000
Registration statement \| Series L Preferred Unit
Class of Stock [Line Items]
Maximum number of units in offering			900,000
Registration statement \| Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, number of shares per unit			10
Preferred stock, par value (in usd per share)			$ 0.001
Preferred stock, conversion amount per share (in usd per share)			$ 28.37
Subsequent event \| Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares redeemed (in shares)		600
Preferred stock, dividends per share, declared (in USD per share)	$ 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%

REDEEMABLE PREFERRED STOCK - Dividends (Details) - USD ($) $ in Thousands						12 Months Ended
	Dec. 06, 2017	Sep. 07, 2017	Jun. 12, 2017	Mar. 08, 2017	Dec. 06, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Aggregate Dividends Declared						$ 490	$ 9
Series A Preferred Stock
Class of Stock [Line Items]
Shares outstanding (in shares)	1,285,304	568,921	308,775	144,698	61,435			0
Aggregate Dividends Declared	$ 249	$ 138	$ 72	$ 31	$ 9

STOCKHOLDERS' EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands															12 Months Ended
	Mar. 06, 2018	Jan. 11, 2018	Dec. 18, 2017	Dec. 06, 2017	Sep. 07, 2017	Jun. 27, 2017	Jun. 12, 2017	Apr. 24, 2017	Apr. 05, 2017	Mar. 08, 2017	Dec. 06, 2016	Sep. 12, 2016	Jun. 10, 2016	Mar. 08, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Dividend declared
Payment of special cash dividends															$ 4,872	$ 0	$ 0
Subsequent event
Dividend declared
Dividends declared, common (in usd per share)	$ 0.125
Common Stock
Dividend declared
Dividends declared, common (in usd per share)				$ 0.125	$ 0.125		$ 0.125			$ 0.21875	$ 0.21875	$ 0.21875	$ 0.21875	$ 0.21875
Common Stock, Excluding Private Repurchase Participants [Member]
Dividend declared
Dividends declared, common (in usd per share)			$ 0.73				$ 1.98		$ 0.28
Payment of special cash dividends						$ 4,271		$ 601
Common Stock, Excluding Private Repurchase Participants [Member] \| Subsequent event
Dividend declared
Payment of special cash dividends		$ 1,575

STOCKHOLDERS' EQUITY - Share Repurchases (Details) - USD ($)					12 Months Ended
	Dec. 18, 2017	Jun. 12, 2017	Sep. 14, 2016	May 16, 2016	Dec. 31, 2017	Dec. 31, 2016	Apr. 22, 2016
Class of Stock [Line Items]
Aggregate purchase price, repurchase of common stock					$ 886,010,000	$ 290,134,000
Cash Tender Offer
Class of Stock [Line Items]
Shares repurchase fees and expenses				$ 301,000
Cash Tender Offer \| Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)				10,000,000
Aggregate purchase price, repurchase of common stock				$ 210,000,000
Share price of stock repurchased (in usd per share)				$ 21
Urban Partners II, LLC \| December 2017 Share Repurchase \| Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)	14,090,909
Aggregate purchase price, repurchase of common stock	$ 310,000,000
Share price of stock repurchased (in usd per share)	$ 22
Urban Partners II, LLC \| June 2017 Share Repurchase \| Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)		26,181,818
Aggregate purchase price, repurchase of common stock		$ 576,000,000
Share price of stock repurchased (in usd per share)		$ 22
Urban Partners II, LLC \| September 2016 Share Repurchase \| Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)			3,628,116
Aggregate purchase price, repurchase of common stock			$ 79,819,000
Share price of stock repurchased (in usd per share)			$ 22
Urban Partners II, LLC \| Cash Tender Offer \| Common Stock
Class of Stock [Line Items]
Aggregate purchase price, repurchase of common stock				$ 208,140,000
Registration statement \| Series A Preferred Stock
Class of Stock [Line Items]
Warrant right to purchase a share of Common Stock							0.25

STOCKHOLDERS' EQUITY - Warrants (Details) - USD ($) $ in Thousands	12 Months Ended			18 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Apr. 22, 2016
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			0
Net proceeds from issuance of Series A Preferred Warrants	$ 127	$ 5	$ 0	$ 131
Registration statement
Class of Stock [Line Items]
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) - Cash flow hedges - Interest rate swap $ in Thousands	Dec. 31, 2017 USD ($) swap	Dec. 31, 2016
Minimum
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Weighted average rate percentage	1.562%
Maximum
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Weighted average rate percentage	1.565%
Designated as hedging instrument
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Number of interest rate swaps \| swap	3
Derivatives, notional amount \| $	$ 170,000
Designated as hedging instrument \| 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)			12 Months Ended
	Nov. 29, 2017 USD ($) swap	Aug. 03, 2017 USD ($) swap	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Balance, at beginning of period			$ 966,589,000	$ 1,297,347,000	$ 1,359,816,000
Balance, at end of period			626,705,000	966,589,000	1,297,347,000
Number of swaps terminated \| swap	4	3
Notional amount of terminated swaps	$ 150,000,000	$ 65,000,000
Amounts reclassified to interest expense upon interest rate hedge termination	926,000		8,000
Payment of derivative fees and accrued interest			38,000
Proceeds from termination payments, net of fees			1,011,000
Unsecured term facility entered into in May 2015
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Repayments of debt	$ 150,000,000	$ 65,000,000
Changes related to interest rate swaps designated as cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Balance, at beginning of period			(509,000)	(2,519,000)	0
Other comprehensive income (loss) before reclassifications			361,000	(2,227,000)	(3,381,000)
Amounts reclassified from accumulated other comprehensive income (loss)			1,779,000	4,237,000	862,000
Net current period other comprehensive income (loss)			2,140,000	2,010,000	(2,519,000)
Balance, at end of period			1,631,000	$ (509,000)	$ (2,519,000)
Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Amount of gain (loss) expected to be reclassified from AOCI to earnings during the next twelve months			$ 8,000

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Recurring - Interest rate swap - Level 2 - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Other assets
Fair value of financial instruments
Derivative Assets (Liabilities), at Fair Value, Net	$ 1,631
Other liabilities
Fair value of financial instruments
Derivative Assets (Liabilities), at Fair Value, Net		$ (509)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Unobservable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SBA 7(a) loans receivable, subject to secured borrowings \| Minimum
Fair Value Inputs [Abstract]
Rate of prepayment, percentage	15.50%	6.70%
SBA 7(a) loans receivable, subject to secured borrowings \| Maximum
Fair Value Inputs [Abstract]
Rate of prepayment, percentage	17.50%	20.00%
Loans receivable subject to credit risk and Commercial Mortgage Loans \| Minimum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value	6.25%	8.25%
Rate of prepayment, percentage	7.30%	5.80%
Loans receivable subject to credit risk and Commercial Mortgage Loans \| Maximum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value	9.00%	13.25%
Rate of prepayment, percentage	17.50%	20.00%
Nonrecurring \| Carrying Amount
Liabilities:
Junior subordinated notes	$ 25,133	$ 25,055
Nonrecurring \| Carrying Amount \| Loans receivable subject to credit risk
Assets:
Loans receivable	58,904	43,623
Nonrecurring \| Carrying Amount \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	21,728	29,524
Nonrecurring \| Carrying Amount \| Commercial mortgage loans
Assets:
Loans receivable	424	2,593
Nonrecurring \| Estimated Fair Value \| Level 3
Liabilities:
Junior subordinated notes	24,162	25,173
Nonrecurring \| Estimated Fair Value \| Level 3 \| Loans receivable subject to credit risk
Assets:
Loans receivable	61,277	43,621
Nonrecurring \| Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	22,157	29,976
Nonrecurring \| Estimated Fair Value \| Level 3 \| Commercial mortgage loans
Assets:
Loans receivable	$ 424	$ 2,550
Mortgages payable \| Minimum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value	4.15%	4.60%
Mortgages payable \| Maximum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value	4.28%	4.72%
Mortgages payable \| Nonrecurring \| Carrying Amount
Liabilities:
Mortgages payable	$ 414,760	$ 530,793
Mortgages payable \| Nonrecurring \| Estimated Fair Value \| Level 3
Liabilities:
Mortgages payable	$ 413,819	$ 516,892
Junior subordinated notes
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value	5.94%	4.83%

RELATED PARTY TRANSACTIONS (Details) - USD ($)						12 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 18, 2017	Jun. 12, 2017	Sep. 14, 2016	May 16, 2016	Oct. 01, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 29, 2016	Nov. 21, 2016	Mar. 11, 2014
Related-party transactions
Due to related parties						$ 8,814,000	$ 10,196,000
Personnel expenses							550,000	$ 777,000
Aggregate purchase price, repurchase of common stock						$ 886,010,000	$ 290,134,000
Series A Preferred Stock
Related-party transactions
Preferred stock, shares issued						1,225,734	61,435
Preferred stock, stated value (in usd per share)						$ 0.001	$ 0.001			$ 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						$ 22,229,000	$ 25,753,000	24,882,000
Due to related parties						4,714,000	6,448,000
C I M Urban R E I T Management L P \| Property management fees
Related-party transactions
Fees						$ 5,034,000	5,630,000	5,814,000
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 \| Minimum
Related-party transactions
Daily average adjusted fair value of investments						$ 0
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						2,986,000	2,027,000
C I M Management Entities \| Personnel
Related-party transactions
Fees						8,465,000	8,630,000	8,319,000
C I M Management Entities \| Lease commission fees
Related-party transactions
Fees						982,000	2,522,000	697,000
C I M Management Entities \| Construction management fees
Related-party transactions
Fees						1,654,000	942,000	1,055,000
C I M Management Entities and Related Parties
Related-party transactions
Due from related parties						849,000	214,000
C I M Service Provider LLC \| Master services agreement
Related-party transactions
Due to related parties						1,963,000	1,935,000
Fees payable per year under agreement											$ 1,000,000
Compensation expensed for performing other services						3,065,000	3,120,000	2,993,000
C I M Service Provider LLC \| Base service fee
Related-party transactions
Fees						1,060,000	1,043,000	1,010,000
C I M SBA Staffing LLC \| Personnel
Related-party transactions
Compensation expensed for performing other services								1,638,000
Personnel expenses						0	550,000	777,000
Fees for services deferred						429,000	249,000	282,000
C I M SBA Staffing LLC \| Expenses related to lending segment subject to reimbursement
Related-party transactions
Fees						3,464,000	3,555,000	3,850,000
C I M SBA Staffing LLC \| Expenses related to corporate services subject to reimbursement
Related-party transactions
Fees						433,000	411,000	434,000
C I M Management Entities Affiiate
Related-party transactions
Lease renewal term					5 years
Revenue from related parties						$ 108,000	108,000	104,000
Lending division
Related-party transactions
Carrying value							$ 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
September 2016 Share Repurchase \| Urban Partners II, LLC \| Common Stock
Related-party transactions
Repurchase of common stock (in shares)			3,628,116
Aggregate purchase price, repurchase of common stock			$ 79,819,000
Share price of stock repurchased (in usd per share)			$ 22
Cash Tender Offer
Related-party transactions
Shares repurchase fees and expenses				$ 301,000
Cash Tender Offer \| Common Stock
Related-party transactions
Repurchase of common stock (in shares)				10,000,000
Aggregate purchase price, repurchase of common stock				$ 210,000,000
Share price of stock repurchased (in usd per share)				$ 21
Cash Tender Offer \| Urban Partners II, LLC \| Common Stock
Related-party transactions
Aggregate purchase price, repurchase of common stock				$ 208,140,000
December 2017 Share Repurchase \| Urban Partners II, LLC \| Common Stock
Related-party transactions
Repurchase of common stock (in shares)	14,090,909
Aggregate purchase price, repurchase of common stock	$ 310,000,000
Share price of stock repurchased (in usd per share)	$ 22
June 2017 Share Repurchase \| Urban Partners II, LLC \| Common Stock
Related-party transactions
Repurchase of common stock (in shares)		26,181,818
Aggregate purchase price, repurchase of common stock		$ 576,000,000
Share price of stock repurchased (in usd per share)		$ 22

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Aug. 31, 2017 USD ($)	Jan. 31, 2016 shares	Dec. 31, 2017 USD ($) officer	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2017
Commitments and contingencies
Outstanding loan commitments and approvals to fund loans			$ 16,054,000
Future obligations under leases to fund tenant improvements and in other future construction obligation			23,836,000
Restricted cash			27,008,000	$ 32,160,000
Ground lease for one of the project
Commitments and contingencies
Rent expense			1,168,000	1,752,000	$ 1,752,000
Straight line rent liability				13,289,000
Office space in Dallas, Texas
Commitments and contingencies
Rent expense			228,000	226,000	235,000
Noncancelable minimum lease payments in year 2018			253,000
Noncancelable minimum lease payments in year 2019			$ 106,000
Executive officers \| 2015 Equity Incentive Plan
Commitments and contingencies
Number of employees covered under employment agreement \| officer			2
Employment agreements \| Executive officers
Commitments and contingencies
Multiplier to annual base salary paid in event of death						2
Multiplier to annual base salary paid in event of disability						1
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	$ 0	$ 1,263,000
Unrecognized compensation expense			0
Restricted cash for tenant improvement allowance
Commitments and contingencies
Restricted cash			$ 11,103,000
Pending litigation \| City and County of San Francisco Real Property Transfer Tax Case
Commitments and contingencies
Penalties, interest, and legal fees paid	$ 11,845,000

FUTURE MINIMUM LEASE RENTALS (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Future minimum lease rentals
2018	$ 121,235
2019	119,893
2020	109,213
2021	85,570
2022	70,586
Thereafter	184,641
Total	691,138
Governmental Tenants
Future minimum lease rentals
2018	36,767
2019	35,170
2020	32,975
2021	22,451
2022	11,221
Thereafter	40,318
Total	178,902
Other Tenants
Future minimum lease rentals
2018	84,468
2019	84,723
2020	76,238
2021	63,119
2022	59,365
Thereafter	144,323
Total	$ 512,236

CONCENTRATIONS (Details) $ in Thousands	12 Months Ended
CONCENTRATIONS (Details) $ in Thousands	Dec. 31, 2017 USD ($) property state	Dec. 31, 2016 USD ($) property state	Dec. 31, 2015 property state
Concentrations
Number of states in which properties are owned \| state	2	4	4
Office properties
Concentrations
Number of real estate properties owned	15	20	20
Multifamily properties
Concentrations
Number of real estate properties owned	0	5	5
Hotel properties
Concentrations
Number of real estate properties owned	1	1	3
Parking garages
Concentrations
Number of real estate properties owned	2	3	3
Development site
Concentrations
Number of real estate properties owned	2	2	2
Parking lot
Concentrations
Number of real estate properties owned	1	1	1
Revenues \| Tenant revenue concentrations \| Governmental Tenants
Concentrations
Concentration risk, percent	21.40%	19.90%	22.70%
Amount due from Governmental Tenants \| $	$ 5,130	$ 8,339
Revenues \| Geographical concentrations
Concentrations
Concentration risk, percent	100.00%	100.00%	100.00%
Revenues \| Geographical concentrations \| California
Concentrations
Concentration risk, percent	63.20%	63.40%	62.20%
Revenues \| Geographical concentrations \| Washington, D.C.
Concentrations
Concentration risk, percent	25.10%	21.30%	24.20%
Revenues \| Geographical concentrations \| Texas
Concentrations
Concentration risk, percent	6.90%	8.20%	7.80%
Revenues \| Geographical concentrations \| North Carolina
Concentrations
Concentration risk, percent	3.10%	5.20%	4.60%
Revenues \| Geographical concentrations \| New York
Concentrations
Concentration risk, percent	1.70%	1.90%	1.20%
Real estate investments \| Geographical concentrations
Concentrations
Concentration risk, percent	100.00%	100.00%
Real estate investments \| Geographical concentrations \| California
Concentrations
Concentration risk, percent	66.40%	50.80%
Real estate investments \| Geographical concentrations \| Washington, D.C.
Concentrations
Concentration risk, percent	31.20%	32.30%
Real estate investments \| Geographical concentrations \| Texas
Concentrations
Concentration risk, percent	2.40%	7.70%
Real estate investments \| Geographical concentrations \| North Carolina
Concentrations
Concentration risk, percent	0.00%	5.50%
Real estate investments \| Geographical concentrations \| New York
Concentrations
Concentration risk, percent	0.00%	3.70%

INCOME TAXES - Deferred Taxes (Details) - USD ($)	12 Months Ended
INCOME TAXES - Deferred Taxes (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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	$ 381,134,000	$ 32,358,000	$ 6,918,000
Income tax provision	1,376,000	1,646,000	806,000
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	4,878,000	5,684,000	3,010,000
Expected federal income tax provision	1,658,000	1,933,000	1,023,000
State income taxes	27,000	21,000	42,000
Change in valuation allowance	(37,000)	(1,443,000)	(302,000)
Other	(272,000)	1,135,000	43,000
Income tax provision	1,376,000	1,646,000	$ 806,000
Deferred tax assets:
Net operating losses	39,000	59,000
Secured borrowings—government guaranteed loans	308,000	706,000
Other	111,000	104,000
Total gross deferred tax assets	458,000	869,000
Valuation allowance	(26,000)	(64,000)
Deferred tax asset, net of valuation allowance	432,000	805,000
Deferred tax liabilities:
Loans receivable	(333,000)	(535,000)
Other	0	(10,000)
Deferred tax liabilities	(333,000)	(545,000)
Deferred tax asset, net	$ 99,000	$ 260,000

SEGMENT DISCLOSURE (Details) $ in Thousands	3 Months Ended								12 Months Ended
SEGMENT DISCLOSURE (Details) $ in Thousands	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Segment disclosure
Number of types of commercial real estate properties \| property									3
Revenues	$ 52,744	$ 55,384	$ 61,299	$ 66,949	$ 64,622	$ 64,332	$ 68,360	$ 68,617	$ 236,376	$ 265,931	$ 276,948
Interest expense									36,338	34,385	23,630
Property expenses:
General and administrative									5,479	7,961	9,402
EXPENSES									256,979	273,239	273,122
Reportable segments
Property expenses:
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES									128,452	133,406	136,294
Reportable segments \| Office
Segment disclosure
Revenues									174,004	187,435	188,270
Property expenses:
Operating									68,801	81,217	80,014
General and administrative									981	1,234	771
EXPENSES									69,782	82,451	80,785
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES									104,222	104,984	107,485
Reportable segments \| Hotel
Segment disclosure
Revenues									38,585	48,379	61,436
Property expenses:
Operating									25,059	32,177	41,585
General and administrative									77	282	389
EXPENSES									25,136	32,459	41,974
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES									13,449	15,920	19,462
Reportable segments \| Multi-family
Segment disclosure
Revenues									13,566	20,303	18,721
Property expenses:
Operating									7,725	11,309	11,579
General and administrative									393	1,048	589
EXPENSES									8,118	12,357	12,168
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES									5,448	7,946	6,553
Reportable segments \| Lending division
Segment disclosure
Revenues									10,221	9,814	8,521
Interest expense									414	537	845
Fees to related party									3,464	3,555	3,850
Property expenses:
General and administrative									1,010	1,166	1,032
EXPENSES									4,888	5,258	5,727
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES									$ 5,333	$ 4,556	$ 2,794

SEGMENT DISCLOSURE - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment disclosure
Asset management and other fees to related parties									$ (30,251)	$ (33,882)	$ (33,169)
Interest expense									(36,338)	(34,385)	(23,630)
General and administrative									(5,479)	(7,961)	(9,402)
Transaction costs									(11,862)	(340)	(1,382)
Depreciation and amortization									(58,364)	(71,968)	(72,361)
Impairment of real estate									(13,100)	0	0
Gain on sale of real estate	$ 23,005	$ 74,715	$ 116,283	$ 187,734	$ 0	$ 14,927	$ 0	$ 24,739	401,737	39,666	3,092
Provision for income taxes									(1,376)	(1,646)	(806)
Net income from continuing operations	22,060	72,391	91,372	193,935	(3,153)	8,382	(810)	26,293	379,758	30,712	6,112
Discontinued operations:
Income from operations of assets held for sale (Note 7)									0	3,853	13,140
Gain on disposition of assets held for sale									0	0	5,151
NET INCOME FROM DISCONTINUED OPERATIONS					792	703	1,668	690	0	3,853	18,291
NET INCOME	22,060	72,391	91,372	193,935	(2,361)	9,085	858	26,983	379,758	34,565	24,403
Net income attributable to noncontrolling interests									(21)	(18)	(11)
NET INCOME ATTRIBUTABLE TO THE COMPANY	$ 22,049	$ 72,395	$ 91,363	$ 193,930	$ (2,370)	$ 9,088	$ 849	$ 26,980	379,737	34,547	24,392
Reportable segments
Segment disclosure
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES									128,452	133,406	136,294
Reconciliation
Segment disclosure
Asset management and other fees to related parties									(26,787)	(30,327)	(29,319)
Interest expense									(35,924)	(33,848)	(22,785)
General and administrative									(3,018)	(4,231)	(6,621)
Transaction costs									(11,862)	(340)	(1,382)
Depreciation and amortization									(58,364)	(71,968)	(72,361)
Impairment of real estate									(13,100)	0	0
Gain on sale of real estate									401,737	39,666	3,092
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES									$ 381,134	$ 32,358	$ 6,918

SEGMENT DISCLOSURE - Capital Expenditures and Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment disclosure
Total assets	$ 1,336,388	$ 2,022,884
Total capital expenditures	26,078	31,844	$ 31,342
Loan originations	76,316	105,201	59,467
Total capital expenditures and loan originations	102,394	137,045	90,809
Non cash additions to commercial real estate loans for interest		966
Office
Segment disclosure
Total assets	997,808	1,568,702
Total capital expenditures	24,907	30,563	27,686
Hotel
Segment disclosure
Total assets	107,790	115,955
Total capital expenditures	478	733	1,158
Lending division
Segment disclosure
Total assets	92,919	91,191
Multi-family
Segment disclosure
Total assets	815	170,159
Total capital expenditures	693	548	$ 2,498
Non-segment
Segment disclosure
Total assets	$ 137,056	$ 76,877

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Revenues from continuing operations	$ 52,744	$ 55,384	$ 61,299	$ 66,949	$ 64,622	$ 64,332	$ 68,360	$ 68,617	$ 236,376	$ 265,931	$ 276,948
Gain on sale of real estate	23,005	74,715	116,283	187,734	0	14,927	0	24,739	401,737	39,666	3,092
Net income (loss) from continuing operations	22,060	72,391	91,372	193,935	(3,153)	8,382	(810)	26,293	379,758	30,712	6,112
Net income from discontinued operations					792	703	1,668	690	0	3,853	18,291
Net income (loss)	22,060	72,391	91,372	193,935	(2,361)	9,085	858	26,983	379,758	34,565	24,403
Net income (loss) attributable to the Company	22,049	72,395	91,363	193,930	(2,370)	9,088	849	26,980	379,737	34,547	24,392
Redeemable preferred stock dividends declared	(249)	(138)	(72)	(31)	(9)	0	0	0	(490)	(9)	0
Redeemable preferred stock redemptions	2	0	0	0					2	0	0
Net income (loss) available to common stockholders	$ 21,802	$ 72,257	$ 91,291	$ 193,899	$ (2,379)	$ 9,088	$ 849	$ 26,980	$ 379,249	$ 34,538	$ 24,392
BASIC AND DILUTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE (1):
Continuing operations (in usd per share)	$ 0.36	$ 1.25	$ 1.16	$ 2.31	$ (0.04)	$ 0.10	$ (0.01)	$ 0.27	$ 5.47	$ 0.34	$ 0.06
Discontinued operations (in usd per share)					0.01	0.01	0.02	0.01	0.00	0.04	0.19
Net income (in usd per share)	$ 0.36	$ 1.25	$ 1.16	$ 2.31	$ (0.03)	$ 0.10	$ 0.01	$ 0.28	$ 5.47	$ 0.38	$ 0.25
Weighted average shares of Common Stock outstanding - basic (in shares)	55,885	57,876	78,871	84,048	84,048	87,045	96,683	97,662	69,062	91,328	97,588
Weighted average shares of Common Stock outstanding - diluted (in shares)	55,917	57,876	78,871	84,048	84,048	87,045	96,683	97,662	69,070	91,328	97,588

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 416,300
Initial Cost
Land	221,785
Building and Improvements	881,838
Net Improvements (Write-Offs) Since Acquisition	125,157
Gross Amount at Which Carried
Land	221,785
Building and Improvements	1,006,995
Investments in real estate	1,228,780	$ 2,021,494
Accumulated Depreciation	271,055	$ 414,552	$ 369,661	$ 320,857
Other disclosures
Federal tax cost basis (unaudited)	1,233,414
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	3,333
Gross Amount at Which Carried
Land	7,574
Building and Improvements	17,176
Investments in real estate	24,750
Accumulated Depreciation	7,042
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	(1,104)
Gross Amount at Which Carried
Land	18,095
Building and Improvements	60,913
Investments in real estate	79,008
Accumulated Depreciation	17,712
Office \| 3601 S Congress Avenue Austin, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	9,569
Building and Improvements	18,593
Net Improvements (Write-Offs) Since Acquisition	2,281
Gross Amount at Which Carried
Land	9,569
Building and Improvements	20,874
Investments in real estate	30,443
Accumulated Depreciation	7,060
Office \| 899 N Capitol Street Washington, DC
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	34,641
Building and Improvements	84,466
Net Improvements (Write-Offs) Since Acquisition	15,361
Gross Amount at Which Carried
Land	34,641
Building and Improvements	99,827
Investments in real estate	134,468
Accumulated Depreciation	28,822
Office \| 999 N Capitol Street Washington, DC
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	32,221
Building and Improvements	86,526
Net Improvements (Write-Offs) Since Acquisition	13,615
Gross Amount at Which Carried
Land	32,221
Building and Improvements	100,141
Investments in real estate	132,362
Accumulated Depreciation	29,563
Office \| 901 N Capitol Street Washington, DC
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	27,117
Building and Improvements	0
Net Improvements (Write-Offs) Since Acquisition	4,329
Gross Amount at Which Carried
Land	27,117
Building and Improvements	4,329
Investments in real estate	31,446
Accumulated Depreciation	1,349
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	9,386
Gross Amount at Which Carried
Land	7,048
Building and Improvements	50,964
Investments in real estate	58,012
Accumulated Depreciation	13,385
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	9,273
Gross Amount at Which Carried
Land	3,838
Building and Improvements	77,379
Investments in real estate	81,217
Accumulated Depreciation	22,176
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	10,506
Gross Amount at Which Carried
Land	4,277
Building and Improvements	44,539
Investments in real estate	48,816
Accumulated Depreciation	14,489
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	32,394
Gross Amount at Which Carried
Land	4,752
Building and Improvements	142,206
Investments in real estate	146,958
Accumulated Depreciation	41,100
Office \| 2353 Webster Street Parking Garage Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Building and Improvements	9,138
Net Improvements (Write-Offs) Since Acquisition	29
Gross Amount at Which Carried
Land	0
Building and Improvements	9,167
Investments in real estate	9,167
Accumulated Depreciation	2,125
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	18,073
Gross Amount at Which Carried
Land	9,261
Building and Improvements	131,692
Investments in real estate	140,953
Accumulated Depreciation	35,942
Office \| 2 Kaiser Plaza Parking Lot Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	10,931
Building and Improvements	110
Net Improvements (Write-Offs) Since Acquisition	1,504
Gross Amount at Which Carried
Land	10,931
Building and Improvements	1,614
Investments in real estate	12,545
Accumulated Depreciation	54
Office \| 11600 Wilshire Blvd Los Angeles, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	3,477
Building and Improvements	18,522
Net Improvements (Write-Offs) Since Acquisition	1,969
Gross Amount at Which Carried
Land	3,477
Building and Improvements	20,491
Investments in real estate	23,968
Accumulated Depreciation	4,388
Office \| 11620 Wilshire Blvd Los Angeles, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	7,672
Building and Improvements	51,999
Net Improvements (Write-Offs) Since Acquisition	7,949
Gross Amount at Which Carried
Land	7,672
Building and Improvements	59,948
Investments in real estate	67,620
Accumulated Depreciation	13,291
Office \| 4750 Wilshire Blvd Los Angeles, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
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	3,206
Office \| Lindblade Media Center Los Angeles, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	6,342
Building and Improvements	11,568
Net Improvements (Write-Offs) Since Acquisition	0
Gross Amount at Which Carried
Land	6,342
Building and Improvements	11,568
Investments in real estate	17,910
Accumulated Depreciation	1,235
Office \| 1130 Howard Street San Francisco, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	8,290
Building and Improvements	10,480
Net Improvements (Write-Offs) Since Acquisition	0
Gross Amount at Which Carried
Land	8,290
Building and Improvements	10,480
Investments in real estate	18,770
Accumulated Depreciation	0
Hotel \| Sheraton Grand Hotel Sacramento, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	3,497
Building and Improvements	107,447
Net Improvements (Write-Offs) Since Acquisition	(3,688)
Gross Amount at Which Carried
Land	3,497
Building and Improvements	103,759
Investments in real estate	107,256
Accumulated Depreciation	25,449
Hotel \| Sheraton Grand Hotel Parking & Retail Sacramento, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
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	$ 2,667

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) item
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	188
Carrying amount of mortgages	$ 81,056
Principal amount of loans subject to deliquent principal or interest	$ 130
SBA 7(a) Loans
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	187
Carrying amount of mortgages	$ 80,632
Principal amount of loans subject to deliquent principal or interest	130
Loans not secured by real estate	114
Loans with subordinate lien positions	267
Federal income tax cost basis of mortgage loans (unaudited)	58,778
SBA 7(a) Loans \| Government guaranteed portions
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Carrying amount of mortgages	10,623
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| SBA 7(a) loans receivable, subject to secured borrowings
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Carrying amount of mortgages	20,691
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| General reserves
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Reserves	(333)
Principal amount of loans subject to deliquent principal or interest	$ 0
SBA 7(a) Loans \| Indiana
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	25
Carrying amount of mortgages	$ 10,074
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| Indiana \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 40
Interest Rate	5.75%
SBA 7(a) Loans \| Indiana \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 1,230
Interest Rate	7.00%
SBA 7(a) Loans \| Ohio
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	25
Size of loans	$ 0
Carrying amount of mortgages	7,863
Principal amount of loans subject to deliquent principal or interest	$ 0
SBA 7(a) Loans \| Ohio \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Interest Rate	6.00%
SBA 7(a) Loans \| Ohio \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 820
Interest Rate	7.00%
SBA 7(a) Loans \| Michigan
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	21
Carrying amount of mortgages	$ 5,495
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| Michigan \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 10
Interest Rate	6.00%
SBA 7(a) Loans \| Michigan \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 540
Interest Rate	7.00%
SBA 7(a) Loans \| Texas
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	25
Carrying amount of mortgages	$ 4,703
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| Texas \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 0
Interest Rate	5.13%
SBA 7(a) Loans \| Texas \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 650
Interest Rate	7.00%
SBA 7(a) Loans \| Virginia
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	8
Carrying amount of mortgages	$ 2,806
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| Virginia \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 40
Interest Rate	5.75%
SBA 7(a) Loans \| Virginia \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 790
Interest Rate	7.00%
SBA 7(a) Loans \| South Carolina
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	6
Carrying amount of mortgages	$ 1,671
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| South Carolina \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 0
Interest Rate	6.00%
SBA 7(a) Loans \| South Carolina \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 800
Interest Rate	7.00%
SBA 7(a) Loans \| Illinois
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	5
Carrying amount of mortgages	$ 1,536
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| Illinois \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 60
Interest Rate	6.00%
SBA 7(a) Loans \| Illinois \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 640
Interest Rate	7.00%
SBA 7(a) Loans \| Florida
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	8
Carrying amount of mortgages	$ 1,499
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| Florida \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 0
Interest Rate	6.25%
SBA 7(a) Loans \| Florida \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 350
Interest Rate	7.00%
SBA 7(a) Loans \| Alabama
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	6
Carrying amount of mortgages	$ 1,455
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| Alabama \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 40
Interest Rate	6.00%
SBA 7(a) Loans \| Alabama \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 450
Interest Rate	7.00%
SBA 7(a) Loans \| Missouri
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	5
Carrying amount of mortgages	$ 1,429
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| Missouri \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 40
Interest Rate	6.00%
SBA 7(a) Loans \| Missouri \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 600
Interest Rate	7.00%
SBA 7(a) Loans \| Kentucky
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	6
Carrying amount of mortgages	$ 1,270
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| Kentucky \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 100
Interest Rate	6.25%
SBA 7(a) Loans \| Kentucky \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 390
Interest Rate	7.00%
SBA 7(a) Loans \| Pennsylvania
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	3
Carrying amount of mortgages	$ 1,172
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| Pennsylvania \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 320
Interest Rate	6.25%
SBA 7(a) Loans \| Pennsylvania \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 520
Interest Rate	7.00%
SBA 7(a) Loans \| Wisconsin
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	8
Carrying amount of mortgages	$ 1,142
Principal amount of loans subject to deliquent principal or interest	130
SBA 7(a) Loans \| Wisconsin \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 0
Interest Rate	6.00%
SBA 7(a) Loans \| Wisconsin \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 290
Interest Rate	7.00%
SBA 7(a) Loans \| North Carolina
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	3
Carrying amount of mortgages	$ 1,040
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| North Carolina \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 80
Interest Rate	6.75%
SBA 7(a) Loans \| North Carolina \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 650
Interest Rate	7.00%
SBA 7(a) Loans \| Georgia
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	5
Carrying amount of mortgages	$ 1,019
Principal amount of loans subject to deliquent principal or interest	0
SBA 7(a) Loans \| Georgia \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 80
Interest Rate	6.50%
SBA 7(a) Loans \| Georgia \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 370
Interest Rate	7.00%
SBA 7(a) Loans \| Other
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	28
Carrying amount of mortgages	$ 5,477
Principal amount of loans subject to deliquent principal or interest	$ 0
SBA 7(a) Loans \| Other \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Interest Rate	5.75%
SBA 7(a) Loans \| Other \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 560
Interest Rate	7.00%
Conventional Loans \| North Carolina
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of loans \| item	1
Size of loans	$ 430
Interest Rate	7.50%
Carrying amount of mortgages	$ 424
Principal amount of loans subject to deliquent principal or interest	0
Mortgage Loans - $387,000 \| SBA 7(a) Loans \| Kentucky
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 387
Interest Rate	6.50%
Mortgage Loans - $130,000 \| SBA 7(a) Loans \| Wisconsin
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of loans	$ 130
Interest Rate	6.25%
Reserves	$ (129)

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Property Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Assets
Balance, beginning of period	$ 2,021,494	$ 2,061,372	$ 2,036,794
Additions
Improvements	26,078	31,844	31,342
Property acquisitions	18,770	0	11,041
Deductions:
Asset sales	(815,357)	(61,801)	(6,237)
Impairment	(13,100)	0	0
Retirements	(9,105)	(9,921)	(11,568)
Balance, end of period	1,228,780	2,021,494	2,061,372
Accumulated Depreciation
Balance, beginning of period	(414,552)	(369,661)	(320,857)
Additions: Depreciation	(49,427)	(62,239)	(61,915)
Asset sales	183,819	7,427	1,543
Deductions: retirements	9,105	9,921	11,568
Balance, end of period	$ (271,055)	$ (414,552)	$ (369,661)

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Mortgage Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Mortgage Loans on Real Estate
Balance at the beginning of the period	$ 75,740	$ 103,440	$ 189,052
Additions during period
New loans	76,316	105,201	59,467
Other - deferral for collection of commitment fees, net of costs	1,706		385
Other - recoveries of bad debts, net of bad debt expense		199
Other - accretion of loan fees and discounts	676	1,592	6,841
Deductions during period
Collections of principal	(17,557)	(37,336)	(44,261)
Foreclosures	(127)	(92)	(708)
Cost of mortgages sold, net	(54,973)	(41,040)	(29,799)
Other - sale of mortgage loans			(77,121)
Other - bad debt expense, net of recoveries	(191)		(416)
Other - collection of commitment fees, net of costs		(739)
Other - reclassification from secured borrowings	(534)	(2,663)
Other - sale of commercial real estate loans (Note 7)		(52,822)
Balance at end of the period	$ 81,056	75,740	$ 103,440
Mortgage loans on real estate, non cash additions to commercial real estate loans		$ 966