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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2014	Mar. 01, 2015	Jun. 30, 2014
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, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 41.6
Entity Common Stock, Shares Outstanding		97,581,598
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Investments in real estate - net	$ 1,715,937	$ 1,682,165
Cash and cash equivalents	17,615	16,796
Restricted cash	8,861	6,672
Accounts receivable - net	10,754	9,303
Deferred rent receivable and charges - net	97,630	87,606
Other intangible assets - net	20,433	22,282
Other assets	14,653	9,653
Assets held for sale-net	208,799
TOTAL ASSETS	2,094,682	1,834,477
LIABILITIES:
Debt	608,714	395,105
Accounts payable and accrued expenses	35,512	26,109
Intangible liabilities - net	8,657	8,800
Due to related parties	9,186	6,807
Other liabilities	23,006	21,173
Liabilities associated with assets held for sale	49,791
Total liabilities	734,866	457,994
COMMITMENTS AND CONTINGENCIES (Note 14)
EQUITY:
Common stock, $0.001 and $0.05 par value; 200,000,000 and 20,000,000 shares authorized; 97,688,863 and 4,400,000 shares issued; and 97,581,598 and 4,400,000 shares outstanding at December 31, 2014 and 2013, respectively	98	220
Preferred stock, $0.01 par value, none and 65,028,571 shares outstanding at December 31, 2014 and 2013, respectively		650
Additional paid-in capital	1,824,381	1,772,821
Distributions in excess of earnings	(460,623)	(399,953)
Stockholders' equity before treasury stock	1,363,856	1,373,738
Less: Treasury stock, at cost, 107,265 shares outstanding at December 31, 2014	(4,901)
Total stockholders' equity	1,358,955	1,373,738
Noncontrolling interests	861	2,745
Total equity	1,359,816	1,376,483
TOTAL LIABILITIES AND EQUITY	$ 2,094,682	$ 1,834,477

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.001	$ 0.05
Common stock, authorized shares	200,000,000	20,000,000
Common stock, issued shares	97,688,863	4,400,000
Common stock, outstanding shares	97,581,598	4,400,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, outstanding shares		65,028,571
Treasury stock, outstanding shares	107,265

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUES:
Rental and other property income	$ 240,892	$ 223,304	$ 217,900
Expense reimbursements	10,954	9,556	9,194
Interest and other income	4,307	2,953	5,419
REVENUES	256,153	235,813	232,513
EXPENSES:
Rental and other property operating	126,874	105,163	99,588
Asset management fees and other fees to related parties	25,222	21,767	20,924
Interest	19,073	17,929	18,856
General and administrative	7,332	2,568	2,773
Transaction costs	1,563	5,063	632
Depreciation and amortization	69,047	68,644	69,943
EXPENSES	249,111	221,134	212,716
Bargain purchase gain (Note 2)	4,918
INCOME FROM CONTINUING OPERATIONS	11,960	14,679	19,797
Income from operations of assets held for sale	12,638
INCOME FROM DISCONTINUED OPERATIONS	12,638
NET INCOME	24,598	14,679	19,797
Net income attributable to noncontrolling interests	(220)	(213)	(208)
NET INCOME ATTRIBUTABLE TO STOCKHOLDERS	24,378	14,466	19,589
COMPREHENSIVE INCOME	$ 24,378	$ 14,466	$ 19,589
BASIC INCOME PER SHARE:
Continuing operations	$ 0.12	$ 0.15	$ 0.21
Discontinued operations	0.13
Net income	0.25	0.15	0.21
DILUTED INCOME PER SHARE
Continuing operations	0.12	0.15	0.21
Discontinued operations	0.13
Net income	$ 0.25	$ 0.15	$ 0.21
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	97,173	95,440	95,440
Diluted (in shares)	97,176	95,440	95,440

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock	Preferred Stock	Additional Paid-in Capital	Distributions In Excess of Earnings	Treasury Stock	Noncontrolling Interests	Total
Balance at Dec. 31, 2011	$ 220	$ 650	$ 1,772,789	$ (256,986)		$ 2,848	$ 1,519,521
Balance (in shares) at Dec. 31, 2011	4,400,000	65,028,571
Increase (Decrease) in Stockholders' Equity
Distributions				(72,987)		(258)	(73,245)
Net income				19,589		208	19,797
Balance at Dec. 31, 2012	$ 220	$ 650	1,772,789	(310,384)		2,798	1,466,073
Balance (in shares) at Dec. 31, 2012	4,400,000	65,028,571
Increase (Decrease) in Stockholders' Equity
Contributions			32				32
Distributions				(104,035)		(266)	(104,301)
Net income				14,466		213	14,679
Balance at Dec. 31, 2013	$ 220	$ 650	1,772,821	(399,953)		2,745	1,376,483
Balance (in shares) at Dec. 31, 2013	4,400,000	65,028,571
Increase (Decrease) in Stockholders' Equity
Distributions pre-merger				(16,100)			(16,100)
Contributions from noncontrolling interests						10	10
Distributions to noncontrolling interests						(264)	(264)
Redemption of class B shares of subsidiary REITS						(1,850)	(1,850)
Reverse acquisition capital transaction	$ 111		49,400		$ (4,901)		44,610
Reverse acquisition capital transaction (in shares)	2,119,244
Conversion of preferred stock to common stock	$ 910	$ (650)	(260)
Conversion of preferred stock to common stock (in shares)	91,039,999	(65,028,571)
Change in par value	$ (1,143)		1,143
Exercise of stock options			201				201
Exercised (in shares)	14,500
Stock based compensation expense			1,079				1,079
Stock based compensation expense (in shares)	8,000
Retirement of fractional shares			(3)				(3)
Retirement of fractional shares (in shares)	(145)
Common dividends ($0.70625 per share)				(64,363)			(64,363)
Preferred dividends ($0.0705 per share)				(4,585)			(4,585)
Net income				24,378		220	24,598
Balance at Dec. 31, 2014	$ 98		$ 1,824,381	$ (460,623)	$ (4,901)	$ 861	$ 1,359,816
Balance (in shares) at Dec. 31, 2014	97,581,598

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares							12 Months Ended
	Mar. 06, 2015	Dec. 09, 2014	Sep. 12, 2014	Jun. 12, 2014	Apr. 28, 2014	Mar. 24, 2014	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF EQUITY
Dividends declared, common (in dollars per share)	$ 0.21875	$ 0.21875	$ 0.21875	$ 0.21875		$ 0.05	$ 0.70625
Dividends declared, preferred (in dollars per share)					$ 0.0302	$ 0.0403	$ 0.0705

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 24,598	$ 14,679	$ 19,797
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent, and amortization of intangible assets, liabilities and lease inducements	(5,187)	(12,140)	(15,945)
Depreciation and amortization	69,047	68,644	69,943
Bargain purchase gain	(4,918)
Gain on settlement of a contractual obligation	(1,166)
Straight line rent, below-market ground lease and amortization of intangible assets	1,892	1,866	1,866
Amortization of deferred loan costs	2,168	784	657
Amortization of premiums and discounts on debt	(1,192)	(828)	(808)
Unrealized premium adjustment	1,692
Amortization and accretion on loans receivable, net	(5,095)		(810)
Bad debt expense	594	155	79
Deferred income taxes	(58)
Stock-based compensation	1,079
Loans funded, held for sale	(32,407)
Proceeds from sale of guaranteed loans	22,893
Principal collected on loans	4,450
Other operating activity	(460)
Changes in operating assets and liabilities:
Accounts receivable and interest receivable	(2,028)	(1,094)	(2,281)
Other assets	(5,850)	(5,309)	8,369
Accounts payable and accrued expenses	1,728	6,017	(5,887)
Deferred leasing costs	(9,753)	(11,530)	(7,706)
Other liabilities	2,400	(159)	(1,265)
Due to related parties	2,379	742	705
Net cash provided by operating activities	66,806	61,827	66,714
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate	(24,759)	(24,342)	(27,937)
Acquisition of real estate properties	(63,436)		(1,050)
Loans funded	(18,564)
Cash and cash equivalents acquired in connection with the merger	3,185
Principal collected on loans	44,924
Restricted cash	(3,105)	2,159	(23)
Other investing activity	1,454
Net cash used in investing activities	(60,301)	(22,183)	(29,010)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of mortgages payable	(6,472)	(83,698)	(8,098)
Proceeds from unsecured credit facilities	554,700	134,000	30,000
Payment of unsecured credit facilities	(393,400)
Payment of principal on secured borrowings - government guaranteed loans	(4,450)
Proceeds from secured borrowings - government guaranteed loans	5,887
Payment of deferred loan costs	(5,774)	(395)	(1,084)
Payment of dividends	(68,948)
Payment of special dividend and dividend assumed in acquisition	(59,286)
Distributions pre-merger	(16,100)	(104,035)	(72,987)
Contributions		32
Contributions from noncontrolling interests	10
Redemption of class B shares of subsidiary REITS	(1,850)
Proceeds from issuance of stock	201
Retirement of fractional shares of common shares	(3)
Noncontrolling interests' distributions	(264)	(266)	(258)
Net cash provided by (used in) financing activities	4,251	(54,362)	(52,427)
Cash balances included in assets held for sale	(9,937)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	819	(14,718)	(14,723)
CASH AND CASH EQUIVALENTS:
Beginning of period	16,796	31,514	46,237
End of period	17,615	16,796	31,514
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest	19,397	18,303	18,809
Federal income taxes paid	691
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Additions to investments in real estate included in accounts payable and accrued expenses	7,613	3,493	$ 4,329
Stock issued in connection with merger (Note 2)	44,610
Additions to deferred loan costs included in accounts payable and accrued expenses	$ 34
Foreclosure on note receivable included in investments in real estate and other intangible assets (Note 4)		$ 40,100

ORGANIZATION AND OPERATIONS	12 Months Ended
ORGANIZATION AND OPERATIONS	Dec. 31, 2014
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS CIM Commercial Trust Corporation ("CIM Commercial" or the "Company") or together with its wholly-owned subsidiaries, (which, together with CIM Commercial may be referred to as "we," "us" or "our") primarily acquires, owns, and operates Class A and creative office properties 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 also obtain income from the yield and other related fee income earned on our investments from our lending activities, which have principally been to borrowers in the hospitality industry. As discussed in Note 7, the lending segment is held for sale at December 31, 2014. We were originally organized in 1993 as PMC Commercial Trust ("PMC Commercial"), a Texas real estate investment trust. On July 8, 2013, PMC Commercial entered into a merger agreement (the "Merger Agreement") with CIM Urban REIT, LLC ("CIM REIT") and subsidiaries of the respective parties. CIM REIT was a private commercial REIT and was the owner of CIM Urban Partners, LP ("CIM Urban"). The transaction (the "Merger") was completed on March 11, 2014 (the "Acquisition Date"). The Merger was accounted for as a reverse acquisition under the acquisition method of accounting with CIM Urban considered to be the accounting acquirer based upon the terms of the Merger Agreement. Based on the determination that CIM Urban was the accounting acquirer in the transaction, CIM Urban allocated the purchase price to the fair value of PMC Commercial's assets and liabilities as of the Acquisition Date. On April 28, 2014, PMC Commercial's charter was amended to increase the authorized shares of common stock of PMC Commercial from 100,000,000 to 1,000,000,000 shares (20,000,000 and 200,000,000 after giving effect to the reverse stock split described below) and PMC Commercial changed its state of incorporation (the "Reincorporation") from Texas to Maryland by means of a merger of PMC Commercial with and into a newly formed, wholly-owned subsidiary Maryland corporation. On April 28, 2014, we changed our name from "PMC Commercial Trust" to "CIM Commercial Trust Corporation." Our common stock ("Common Stock") is currently traded on the NASDAQ Global Market (symbol "CMCT"). On April 28, 2014, we filed Articles of Amendment (the "Reverse Split Amendment") to effectuate a one-for-five reverse stock split of the Common Stock, effective April 29, 2014. Pursuant to the reverse stock split, each five shares of Common Stock issued and outstanding immediately prior to the effective time of the reverse stock split were converted into one (1) share of Common Stock. Fractional shares of Common Stock were not issued as a result of the reverse stock split; instead, holders of pre-split shares of Common Stock who otherwise would have been entitled to receive a fractional share of Common Stock received an amount in cash equal to the product of the fraction of a share multiplied by the closing price of the Common Stock (as adjusted for the one-for-five reverse stock split). In connection with and immediately following the filing of the Reverse Split Amendment, the Company filed Articles of Amendment (the "Par Value Amendment") to decrease the par value of the Common Stock issued and outstanding to $0.001 per share, effective April 29, 2014, subsequent to the effective time of the Reverse Split Amendment. All per share and outstanding share information has been presented to reflect the reverse stock split. CIM Commercial has qualified and intends to continue to qualify as a Real Estate Investment Trust ("REIT"), as defined in the Internal Revenue Code of 1986, as amended.

MERGER

12 Months Ended

Dec. 31, 2014

MERGER

MERGER

2. MERGER

The Merger Agreement provided for the business combination of CIM REIT's wholly owned subsidiary, CIM Urban and PMC Commercial. Pursuant to the Merger Agreement, an affiliate of CIM REIT received 4,400,000 shares of newly-issued PMC Commercial common stock and approximately 65,000,000 shares of newly-issued PMC Commercial preferred stock. Following the Merger and subsequent increase in our authorized number of shares, each share of preferred stock was converted into 1.4 shares of PMC Commercial common stock, resulting in the issuance of 95,440,000 shares of common stock in the aggregate in connection with the Merger, representing approximately 97.8% of PMC Commercial's outstanding shares of common stock.

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

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

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

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

	(in thousands, except per share data)
PMC Commercial common stock outstanding		2,119
Equity consideration price per share of common stock	$	21.05

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

Total purchase price	$	102,889

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

The following table summarizes the allocation of the purchase price:

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

Total assets acquired		219,433

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

Total liabilities assumed		169,905

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

Net purchase price	$	44,610

In order to allow CIM Commercial to increase its focus in Class A and creative office properties, our board of directors (the "Board of Directors") approved a plan for the lending business that, when completed, will result in the deconsolidation of the lending segment. As a result, the lending segment is held for sale at December 31, 2014 (see Note 7).

Based on an arrangement with PMC Commercial, certain legal and due diligence expenses related to the Merger incurred by PMC Commercial during a certain period of time were reimbursed by CIM Urban. For the years ended December 31, 2014 and 2013, Merger related costs of $467,000 and $3,670,000, respectively, are included in transaction costs.

Unaudited Pro Forma Financial Information—The following unaudited pro forma consolidated results for the years ended December 31, 2014 and 2013 assume the Merger was completed as of January 1, 2013:

	Year Ended December 31,
	2014		2013
	(in thousands, except per share amounts)
Pro forma revenues(A)	$	256,153	$	235,813
Pro forma net income	$	19,083	$	22,837
Pro forma basic earnings per share	$	0.20	$	0.23
Pro forma diluted earnings per share	$	0.20	$	0.23

(A)	Unaudited pro forma revenues including revenues from the acquired assets included in discontinued operations were $278,398,000 and $256,534,000 for the years ended December 31, 2014 and 2013, respectively.

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

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2014

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

Investments in real estate are evaluated for impairment on a quarterly basis or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the future net cash flows, undiscounted and without interest, expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The estimated fair value of the asset group identified for step two testing is based on either the income approach with market discount rate, terminal capitalization rate and rental rate assumptions being most critical, or on the sales comparison approach to similar properties. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. No impairment of long-lived assets was recognized during the years ended December 31, 2014, 2013 and 2012.

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

Restricted Cash—The mortgage loan and hotel management agreements provide for depositing cash into restricted accounts reserved for property taxes, insurance, and capital expenditures.

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

At the Acquisition Date, the carrying value of our loans was adjusted to estimated fair market value and acquisition discounts of $33,907,000 were recorded, which are being accreted to interest income, included in income from operations of assets held for sale, using the effective interest method. Acquisition discounts of $26,495,000 remain as of December 31, 2014 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) if 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 discontinued operations, on a Non-Accrual Loan is recognized on either the cash basis or the cost recovery basis.

We recognized interest income and fees related to the LAX Holiday Inn of $316,000 and $3,034,000 for the years ended December 31, 2013 and 2012, respectively. The note paid interest monthly at the London InterBank Offered Rate ("LIBOR") plus 2.35%, with a LIBOR floor of 4.75%. For the year ended December 31, 2012, and for the period from January 1, 2013, to October 8, 2013, the interest rate was 7.10%. The note was acquired at a discount of $6,015,000, which was amortized from the note acquisition through the original maturity date of the note, August 9, 2012. Discount amortization of $810,000 was recorded in interest and other income for the year ended December 31, 2012. On October 8, 2013, we submitted the highest bid at a foreclosure auction and took possession of the LAX hotel. The mortgage note's investment basis was transferred to the property components at their relative fair values upon title transfer (see Note 4). Due to the borrower's default, which made principal exposure likely but not yet certain, from February 2013 to October 2013, we accounted for the note under the nonaccrual method.

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, 2014, 2013 and 2012, no impairments on our loans receivable were recorded. 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, the general loan loss reserve uses 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 $388,000 and $76,000 as of December 31, 2014 and 2013, respectively.

Deferred Rent Receivable and Charges—Deferred rent receivable and charges consist of deferred rent, deferred loan costs and deferred leasing costs. Deferred rent receivable is $53,622,000 and $49,543,000 at December 31, 2014 and 2013, respectively. Deferred loan costs, which represent legal and third-party fees incurred in connection with our borrowing activities, are capitalized and amortized to interest expense on a straight line basis over the life of the related loan, approximating the effective interest method. Deferred loan costs of $7,521,000 and $3,666,000 are presented net of accumulated amortization of $1,741,000 and $1,538,000 at December 31, 2014 and 2013, respectively. Deferred leasing costs, which represent lease commissions and other direct costs associated with the acquisition of tenants, are capitalized and amortized on a straight line basis over the terms of the related leases. Deferred leasing costs of $55,145,000 and $50,176,000 are presented net of accumulated amortization of $16,917,000 and $14,241,000 at December 31, 2014 and 2013, respectively.

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

Purchase Accounting for Acquisition of Investments in Real Estate—We apply the acquisition method to all acquired real estate investments. The purchase consideration of the real estate is recorded at fair value to the acquired tangible assets, consisting primarily of land, site improvements, and building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases, and value of tenant relationships and acquired ground leases, based in each case on their fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market 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), site improvements, and building 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 noncancelable 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 prospective 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 noncancelable periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are written-off.

For hotels, an intangible value was assigned to expected revenues from advance bookings, which were calculated based on discounted income, and to franchise affiliation, which were calculated based on the difference between the net projected income in the year of acquisition and an estimate of income without the franchise. Advance bookings were $0 and $190,000 at December 31, 2014 and 2013, respectively. Franchise affiliation fees were $955,000 and $1,349,000 at December 31, 2014 and 2013, respectively. Advance bookings are amortized over one to three years, and the franchise affiliation fee is amortized over 10 years. The franchise affiliation fee is fully amortized once the hotel is no longer affiliated with the franchise.

A tax abatement intangible asset was recorded for a property acquired in 2011, based on an approval for a property tax abatement, due to the location of the property. The tax abatement intangible is amortized over eight years. Tax abatement was $2,502,000 and $3,053,000 at December 31, 2014 and 2013, 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 $8,850,000 and $8,337,000 are presented net of accumulated amortization of $2,072,000 and $1,151,000 at December 31, 2014 and 2013, 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 revenues for the years ended December 31, 2014, 2013 and 2012, is $230,000, $99,000 and $162,000, 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 lessee's specific sales targets have been met. Included in rental and other property revenues for the years ended December 31, 2014, 2013 and 2012, is $1,562,000, $1,096,000 and $931,000, 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 our 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 have options outstanding and 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")—EPS is computed by dividing net income by the weighted-average number of shares outstanding. Diluted EPS includes the dilutive effect, if any, of stock-based compensation awards.

Distributions to Stockholders—Distributions to stockholders are recorded on the ex-dividend date.

Discontinued Operations—We classify assets as held for sale 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 believe that we meet these criteria when the plan for sale has been approved by the Board of Directors, there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year.

Assets held for sale are recorded at the lower of cost or estimated fair value less cost to sell. Revenues and expenses of assets that are held for sale are presented as discontinued operations for all periods presented in the consolidated statements of operations and comprehensive income.

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

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

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

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

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

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

Concentration of Credit Risk—Financial instruments that subject us to credit risk consist primarily of cash and cash equivalents. We have our cash and cash equivalents on deposit with high-quality financial institutions. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. 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. metro 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 12.

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. The carrying value of our secured borrowings—government guaranteed loans approximates fair value as they are based on current market interest rates.

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

The carrying amounts of our cash and cash equivalents, restricted cash, accounts receivable, unsecured credit facilities, accounts payable, and accrued expenses approximate their fair values due to their short-term maturities at December 31, 2014 and 2013.

Segment Information—Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four business segments: (i) the acquisition, redevelopment, ownership, and management of office real estate; (ii) multifamily real estate; (iii) hotels; and (iv) lending operations, which was added in connection with the Merger and is classified as held for sale at December 31, 2014. 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 of our hotel segment include revenues generated from the operations of hotel properties, rental income generated from a garage located directly across the street from one of the hotels, and an investment in a note receivable secured by a hotel property, for the period from January 1, 2013 to October 8, 2013, and for the year ended December 31, 2012. The income from our lending segment, which includes income from the yield and other related fee income earned on our loans receivable, included in discontinued operations.

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

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including the guidance on real estate de-recognition for most transactions. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early application is not permitted. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in the ASU. The modified approach provides entities relief from having to restate and present comparable prior-year financial statement information; however, entities will still need to evaluate existing contracts as of the date of initial adoption under the ASU to determine whether a cumulative adjustment is necessary. We are currently in the process of evaluating the impact of adoption of the new accounting guidance on our consolidated financial statements.

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

ACQUISITIONS

12 Months Ended

Dec. 31, 2014

ACQUISITIONS

ACQUISITIONS

4. ACQUISITIONS

The fair value of real estate acquired is recorded to (1) the acquired tangible assets, consisting of land; land improvements; building and improvements; furniture, fixtures, and equipment; tenant improvements; and (2) identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and tenant relationships, 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. Above-market ground leases are recorded based on the respective fair value of the ground leases.

We acquired an office property in 2005 for approximately $120,800,000, paying approximately $41,000,000 in cash and assuming two mortgage loans totaling $79,800,000. The $41,000,000 cash portion of the purchase price was paid by making (a) an approximately $1,000,000 equity investment in the existing property owner and (b) a loan to the existing property owner of approximately $40,000,000, which was converted to equity in 2012. We currently directly own 100% of the property. Prior to the conversion to equity in December 2012, the office property was included in our consolidated financial statements as a variable interest entity.

In October 2013, we foreclosed on the LAX Holiday Inn, a select service hotel, and acquired a 100% fee-simple interest. A subsidiary of CIM Commercial was the first-mortgage lender of the note secured by the hotel. Built in 1973, this hotel has 405 rooms and is located in the LAX submarket of Los Angeles, California.

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

Property

Asset
Type

Date of
Acquisition

Number of
Buildings

Rentable
Square
Feet

Purchase
Price

(in thousands)

4750 Wilshire Boulevard, Los Angeles, CA(1)

Office

April 18, 2014

143,361

44,936

Lindblade Media Center Los Angeles, CA(2)

Office

October 21, 2014

32,428

18,500

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

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

The income and expenses related to the first-mortgage on the LAX Holiday Inn acquired by CIM Commercial through foreclosure in October 2013 are included in the consolidated statements of operations and comprehensive income up until the date we took possession of the hotel. The results of the operations of the properties acquired have been included in the consolidated statements of operations and comprehensive income from the date of acquisition. There were no assets acquired or liabilities assumed during the year ended December 31, 2012. The fair value of the assets acquired and liabilities assumed for the above-noted acquisitions during the year ended December 31, 2014, and 2013, respectively, are as follows:

	Year Ended December 31,
	2014 Acquisitions(1)			2013 Acquisition(1)
	(in thousands)
Land	$	22,975		$	15,662
Land improvements		535			436
Buildings and improvements		38,821			20,256
Tenant improvements		1,197			—
Furniture, fixtures, and equipment		—			2,481
Advance bookings		—			251
Working capital		—			1,014
Acquired in-place leases(2)		2,396			—
Acquired below-market leases(3)		(2,488	)		—
Note receivable		—			(40,100	)

Net assets acquired	$	63,436		$	—

(1)	The purchase price of the two acquisitions and the LAX Holiday Inn foreclosure completed during the years ended December 31, 2014 and 2013, respectively, were individually less than 5% and in aggregate less than 10% of our total assets as of December 31, 2014 and 2013, respectively.
(2)	In-place leases have a weighted average amortization period of 5.1 years.
(3)	Below-market leases have a weighted average amortization period of 5.0 years.

Acquisition related expenses of $491,000 associated with the acquisitions of real estate in 2014 were expensed as incurred during the year ended December 31, 2014. Foreclosure related expenses of $1,393,000 related to the LAX Holiday Inn foreclosure were expensed as incurred during the year ended December 31, 2013. Acquisition related costs of $632,000 associated with the conversion of the office property were expensed as incurred during the year ended December 31, 2012.

Abandoned project costs of $132,000 were expensed as incurred during the year ended December 31, 2014.

- Definition

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

+ References

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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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+ Details

INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2014

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE

5. INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:

	December 31,
	2014			2013
	(in thousands)
Land	$	354,035		$	331,060
Land improvements		28,071			27,536
Buildings and improvements		1,501,603			1,454,854
Furniture, fixtures, and equipment		10,875			12,131
Tenant improvements		131,446			118,280
Work in progress		10,764			9,987

Investments in real estate		2,036,794			1,953,848
Accumulated depreciation		(320,857	)		(271,683	)

Net investments in real estate	$	1,715,937		$	1,682,165

For the years ended December 31, 2014, 2013, and 2012 we recorded depreciation expense of $58,635,000, $58,013,000, and $59,149,000, respectively.

OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2014

OTHER INTANGIBLE ASSETS

OTHER INTANGIBLE ASSETS

6. OTHER INTANGIBLE ASSETS

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

	Assets															Liabilities
December 31, 2014	Acquired Above- Market Leases			Acquired In-Place Leases			Tax Abatement			Franchise Affiliation Fee			Acquired Below- Market Ground Lease			Acquired Below- Market Leases
	(in thousands)
Gross balance	$	2,402		$	22,680		$	4,273		$	3,936		$	11,685		$	(20,333	)
Accumulated amortization		(2,039	)		(16,470	)		(1,771	)		(2,981	)		(1,282	)		11,676

	$	363		$	6,210		$	2,502		$	955		$	10,403		$	(8,657	)


Average useful life (in years)		7			8			8			10			84			8

	Assets																		Liabilities
December 31, 2013	Acquired Above- Market Leases			Acquired In-Place Leases			Tax Abatement			Advance Bookings			Franchise Affiliation Fee			Acquired Below- Market Ground Lease			Acquired Below- Market Leases
	(in thousands)
Gross balance	$	4,145		$	22,593		$	4,273		$	251		$	3,936		$	11,685		$	(20,487	)
Accumulated amortization		(3,180	)		(16,411	)		(1,220	)		(61	)		(2,587	)		(1,142	)		11,687

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


Average useful life (in years)		7			7			8			1			10			84			8

The amortization of the above-market leases which decreased rental and other property income was $602,000, $888,000 and $1,003,000 for the years ended December 31, 2014, 2013 and 2012, respectively. The amortization of the below-market leases included in rental and other property income was $2,631,000, $3,058,000 and $3,814,000 for the years ended December 31, 2014, 2013 and 2012, respectively. The amortization of in-place leases included in depreciation and amortization expense was $2,368,000, $3,368,000 and $5,388,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Included in depreciation and amortization expense is franchise affiliation fee amortization of $394,000 for each of the years ended December 31, 2014, 2013 and 2012, respectively. The amortization of advance bookings included in depreciation and amortization expense was $190,000, $61,000 and $0 for the years ended December 31, 2014, 2013 and 2012, respectively. Tax abatement amortization of $551,000 for each of the years ended December 31, 2014, 2013 and 2012, respectively, and the amortization of below-market ground lease obligation of $140,000 for each of the years ended December 31, 2014, 2013 and 2012, respectively, are included in rental and other property operating expenses.

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

	Assets										Liabilities
Years Ending December 31,	Acquired Above- Market Leases		Acquired In-Place Leases		Tax Abatement		Franchise Affiliation Fee		Acquired Below- Market Ground Lease		Acquired Below- Market Leases
	(in thousands)
2015	$	241	$	1,841	$	551	$	394	$	140	$	(2,569	)
2016		88		1,346		551		394		140		(2,502	)
2017		26		915		551		167		140		(2,399	)
2018		8		666		551		—		140		(963	)
2019		—		488		298		—		140		(224	)
Thereafter		—		954		—		—		9,703		—

	$	363	$	6,210	$	2,502	$	955	$	10,403	$	(8,657	)

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2014

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

7. DISCONTINUED OPERATIONS

We have reflected the lending segment, which was acquired in March 2014 as disclosed in Note 2, as held for sale at December 31, 2014, based on a plan approved by the Board to sell the lending business that, when completed, will result in the deconsolidation of the lending segment. In connection with our plan, we have expensed transaction costs of $473,000 as incurred during the year ended December 31, 2014.

The following is a reconciliation of the carrying amounts of assets and liabilities that are classified as held for sale on the consolidated balance sheet as of December 31, 2014:

	December 31, 2014
	(in thousands)
Assets held for sale
Loans receivable—net	$	189,052
Cash and cash equivalents		9,937
Restricted cash		916
Accounts receivable and interest receivable—net		738
Other intangible assets		2,957
Other assets		5,199

Total assets held for sale	$	208,799


Liabilities associated with assets held for sale
Debt	$	41,901
Accounts payable and accrued expenses		2,709
Other liabilities		5,181

Total liabilities associated with assets held for sale	$	49,791

Loans receivable—net consist of the following:

	December 31, 2014
	(in thousands)
Commercial mortgage loans	$	108,864
SBA 7(a) loans, subject to secured borrowings		41,328
SBA 7(a) loans		38,707

Loans receivable		188,899
Deferred capitalized costs—net		292
Loan loss reserves		(139	)

Net loans receivable	$	189,052

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

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

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

Debt consists of the following:

	December 31, 2014
	(in thousands)
Secured borrowing principal on loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.92%	$	33,654
Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.58%		5,085

		38,739
Premiums on loans sold for a premium and excess spread		3,162

Total Secured borrowings—government guaranteed loans	$	41,901

Secured borrowings—government guaranteed loans—Represents sold SBA 7(a) Program loans which are treated as secured borrowings since the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Transfers and Servicing. To the extent secured borrowings include cash premiums, these premiums are included in secured borrowings and amortized as a reduction to interest expense over the life of the loan using the effective interest method and fully amortized when the loan is repaid in full.

Future principal payments on our debt (face value) at December 31, 2014 are as follows:

Years Ending December 31,	Secured Borrowings Principal(1)
	(in thousands)
2015	$	1,226
2016		1,269
2017		1,311
2018		1,358
2019		1,407
Thereafter		32,168

	$	38,739

(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.

The following is a reconciliation of the revenue and expenses classified as discontinued operations on the consolidated statement of operations and comprehensive income for the period ended December 31, 2014:

	Period Ended December 31, 2014(1)
	(in thousands)
Revenue—Interest and other income	$	18,910

Expenses:
Interest expense		1,177
General and administrative		4,472
Provision for income taxes		623

Total Expenses		6,272

Income from operations of assets held for sale	$	12,638

(1)	For the period from the Acquisition Date, through December 31, 2014.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

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+ Details

DEBT

12 Months Ended

Dec. 31, 2014

DEBT

DEBT

8. DEBT

Information on our debt is as follows:

	December 31,
	2014			2013
	(in thousands)
Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan has a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan is nonrecourse.	$	26,783		$	28,262
Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse.		46,000			46,000
Mortgage loan with a fixed interest rate of 5.56% per annum, with monthly payments of principal and interest. The loan has a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan is nonrecourse.		12,442			12,737
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse.		32,070			34,755
Mortgage loan with a fixed interest rate of 5.06% per annum, with monthly payments of principal and interest, and a balance of $33,068,000 due on September 1, 2015. The loan is nonrecourse.		33,734			34,583
Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and a balance of $35,695,000 due on March 1, 2021. The loans are nonrecourse.		40,526			41,170
Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse.		30,292			30,812

		221,847			228,319
Premiums and discounts on assumed mortgages		1,961			2,786

Total Mortgages Payable		223,808			231,105

Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.		27,070			—
Unsecured credit facilities		360,000			164,000

		387,070			164,000
Discount on junior subordinated notes		(2,164	)		—

Total Other		384,906			164,000

Total Debt	$	608,714		$	395,105

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.

In February 2012, CIM Urban entered into an unsecured revolving line of credit with a bank syndicate, which allowed for maximum borrowings of $100,000,000. Borrowings under the line of credit were limited by certain borrowing base calculations. Outstanding advances under the line of credit bore interest at (i) the base rate, as defined, plus 0.75% to 1.50% or (ii) LIBOR plus 1.75% to 2.50%, depending on the maximum consolidated leverage ratio, as defined, until August 2013. In August 2013, the unsecured revolving line was amended, and outstanding advances under the line bore interest at (i) the base rate, as defined, plus 0.25% to 0.85% or (ii) LIBOR plus 1.25% to 1.85%, depending on the maximum consolidated leverage ratio, as defined. The line of credit was also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. As of December 31, 2013, $100,000,000 was outstanding under the line of credit. This line of credit was terminated and repaid in full in September 2014.

In August 2013, CIM Urban entered into another unsecured revolving line of credit with a bank syndicate. The line of credit provided an additional $125,000,000 of borrowing capacity that was increased to $150,000,000. CIM Urban amended the line of credit in April 2014 to further increase the maximum aggregate borrowing capacity under the revolving credit facility to $200,000,000. Borrowings under the revolving line were limited by certain borrowing base calculations. Outstanding advances under the line bore interest at (i) the base rate, as defined, plus 0.25% to 0.85% or (ii) LIBOR plus 1.25% to 1.85%, depending on the maximum consolidated leverage ratio, as defined. The line of credit was also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. As of December 31, 2013, $64,000,000 was outstanding under the line of credit. This line of credit was terminated and repaid in full in September 2014.

In September 2014, CIM Commercial entered into an $850,000,000 unsecured credit facility with a bank syndicate consisting of a $450,000,000 revolver, a $325,000,000 term loan and a $75,000,000 delayed-draw term loan. The credit facility can be increased to $1,150,000,000, under certain conditions. CIM Commercial is subject to certain financial maintenance covenants and a minimum property ownership condition. Outstanding advances under the revolver bear interest at (i) the base rate, plus 0.20% to 1.00% or (ii) LIBOR plus 1.20% to 2.00%, depending on the maximum consolidated leverage ratio. Outstanding advances under the term loans bear 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 is also subject to an unused line fee of 0.25%. The credit facility matures in September 2016 and provides for two one-year extension options under certain conditions. As of December 31, 2014, $360,000,000 was outstanding under the credit facility and $490,000,000 was available for future borrowings. Proceeds from the unsecured credit facility were used for acquisitions, general corporate purposes and to repay $323,000,000 outstanding under our unsecured credit facilities. At December 31, 2014, the interest rate on our unsecured credit facility ranged from 1.31% to 1.37%.

At December 31, 2014 and 2013, CIM Commercial and CIM Urban, respectively, were in compliance with all of their respective financial covenants.

At December 31, 2014 and 2013, accrued interest and unused commitment fees payable of $967,000 and $1,017,000, respectively, are included in accounts payable and accrued expenses.

Future principal payments on our debt (face value) at December 31, 2014 are as follows:

Years Ending December 31,	Mortgages Payable		Other(1)		Total
	(in thousands)
2015	$	77,055	$	—	$	77,055
2016		4,354		360,000		364,354
2017		4,642		—		4,642
2018		24,300		—		24,300
2019		1,519		—		1,519
Thereafter		109,977		27,070		137,047

	$	221,847	$	387,070	$	608,917

(1)	Represents the junior subordinated notes, and unsecured credit facility.

STOCK BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2014

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS

9. STOCK-BASED COMPENSATION PLANS

On April 28, 2014, our stockholders approved the First Amendment to the PMC Commercial Trust 2005 Equity Incentive Plan (the "Plan Amendment") to increase the aggregate number of shares of Common Stock thereunder from 100,000 to 300,000 shares and increase the annual limitation on restricted Common Stock grants to all independent directors in the aggregate to 100,000 restricted shares of Common Stock and to each executive officer to no more than 4,000 restricted shares of Common Stock during any fiscal year. The plan terminates in June 2015. At December 31, 2014, we had options outstanding under stock-based compensation plans. The options were repriced as of the Acquisition Date.

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

	2014
	Number of Shares Underlying Options			Weighted Average Exercise Prices
Outstanding, March 11 (Acquistion Date)		19,700		$	13.96
Granted		11,850		$	23.16
Excercised		(14,500	)	$	13.83

Outstanding and exercisable, December 31		17,050		$	20.46


Weighted-average fair value per share of stock options granted during the year	$	0.66

The market price of our Common Stock at December 31, 2014 is greater than certain of our stock option exercise prices (3,100 shares). The intrinsic value of these stock options outstanding and exercisable at December 31, 2014 was approximately $6,200.

The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

Assumptions
Expected term (years)	3.0
Risk-free interest rate	0.94	%
Expected dividend yield	3.78	%
Expected volatility	9.37	%
Expected forfeiture rate	1.00	%

The expected term of the options granted represents the period of time that the options are expected to be outstanding and was based on historical data. The risk-free rate was based on the three-year U.S. Treasury rate corresponding to the expected term of the options. We used historical information to determine our expected volatility and forfeiture rate. We recorded compensation expense of $8,000 during the year ended December 31, 2014, respectively, related to this option grant.

The following table summarizes information about stock options outstanding at December 31, 2014:

	Options Outstanding and Exercisable
Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contract Life (in years)		Weighted Average Exercise Price
$11.50		1,400		2.44	$	11.50
$14.25 to $16.25		3,800		1.00	$	15.36
$23.16		11,850		4.45	$	23.16

$11.50 to $23.16		17,050		3.51	$	20.46

Effective January 31, 2015, all 17,050 outstanding options were forfeited in accordance with the plan.

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

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

Balance, December 31		7,334		$	21.32

On March 11, 2014, we granted Common Stock awards of 2,000 restricted shares of Common Stock to each of the independent members of the Board of Directors (6,000 in aggregate) which awards were effective upon the receipt of stockholder approval of the Plan Amendment. The shares of Common Stock vest based on a year of continuous service. Compensation expense related to these restricted shares of Common Stock is being recognized over the vesting period. We recorded compensation expense of $95,000 for the year ended December 31, 2014 related to these restricted shares of Common Stock.

We issued an aggregate of 2,000 restricted shares of Common Stock to two of our executive officers on May 6, 2014. The restricted shares of Common Stock vest based on two years of continuous service with one-third of the shares of Common Stock vesting immediately upon issuance and one-third vesting at the end of each of the next two years. Compensation expense related to these restricted shares of Common Stock is being recognized over the vesting period. We recognized compensation expense of $29,000 for the year ended December 31, 2014 related to these restricted shares of Common Stock.

As of December 31, 2014, there was $48,000 of total unrecognized compensation expense related to shares of Common Stock which will be recognized over the next twelve months. The estimated fair value of restricted shares vested during 2014 was $15,000.

EARNINGS PER SHARE (''EPS'')	12 Months Ended
EARNINGS PER SHARE (''EPS'')	Dec. 31, 2014
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	10. EARNINGS PER SHARE ("EPS") The computations of basic EPS are based on our weighted average shares outstanding. The basic weighted average common shares outstanding was 97,173,000 for the year ended December 31, 2014. For the year ended December 31, 2014, the diluted weighted average common shares outstanding were increased by 3,000 shares to reflect the dilutive effect of stock options. Not included in the computation of diluted EPS were outstanding options to purchase 11,850 shares of Common Stock for the year ended December 31, 2014, because the options' exercise prices were greater than the average market price of the shares. For purposes of calculating basic EPS for the years ended December 31, 2013 and 2012, approximately 65,000,000 shares of preferred stock issued in connection with the Merger were assumed to have been converted into 91,040,000 shares of Common Stock. As of the Acquisition Date, a subsidiary of CIM REIT had agreed to vote its 97.8% post-Merger ownership of CIM Commercial in favor of an increase in the number of authorized CIM Commercial shares of Common Stock to one billion (200,000,000 after giving effect to the reverse stock split), thereby satisfying the condition for the automatic conversion of these shares. The actual conversion of the shares of preferred stock to shares of Common Stock occurred on April 29, 2014.

DIVIDENDS DECLARED	12 Months Ended
DIVIDENDS DECLARED	Dec. 31, 2014
DIVIDENDS DECLARED
DIVIDENDS DECLARED	11. DIVIDENDS DECLARED During the year ended December 31, 2014, CIM Urban paid a distribution of $16,100,000 prior to the Acquisition Date ($0.1685 per share of Common Stock, as converted). On March 24, 2014, we declared a common share dividend of $0.05 per share of Common Stock and a preferred dividend of $0.0403 per share of preferred stock ($0.0285 per share of Common Stock, as converted) which were paid on March 28, 2014. On April 28, 2014, we declared a dividend in the aggregate amount of $1,964,000 to the preferred stockholders ($0.0302 per share of preferred stock and $0.0215 per share of Common Stock, as converted) in connection with the conversion of shares of preferred stock to shares of Common Stock, which was paid on June 27, 2014. On June 12, 2014, we declared a common share dividend of $0.21875 per share of Common Stock which was paid on June 27, 2014. On September 12, 2014, we declared a common share dividend of $0.21875 per share of Common Stock which was paid on September 29, 2014. On December 9, 2014, we declared a common share dividend of $0.21875 per share of Common Stock which was paid on December 29, 2014. On March 6, 2015, we declared a common share dividend of $0.21875 per share of Common Stock, to be paid on March 27, 2015 to stockholders of record on March 20, 2015. In addition, dividends of $59,286,000 ($27.975 per share of Common Stock) were paid to the PMC Commercial stockholders in connection with the Merger, which includes the $27.50 per share of Common Stock special dividend plus the $0.475 pro rata portion of PMC Commercial's regular quarterly cash dividend.

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2014

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

12. FAIR VALUE OF FINANCIAL INSTRUMENTS

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

	December 31, 2014				December 31, 2013
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
	(in thousands)
Assets held for sale:
Loans receivable subject to credit risk	$	147,648	$	154,252	$	—	$	—		3
SBA 7(a) loans receivable, subject to secured borrowings		41,404		41,901		—		—		3
Liabilities:
Secured borrowings—government guaranteed loans, included in liabilities associated with assets held for sale		41,901		41,901		—		—		3
Junior subordinated notes		24,906		24,877		—		—		3
Mortgages payable		223,808		231,806		231,105		231,250		3
Unsecured credit facilities		360,000		360,000		164,000		164,000		3

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

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

Loans receivable subject to credit risk—Represents the government guaranteed portion of loans which were sold with the proceeds received from the sale reflected as a liability associated with assets held for sale on our consolidated balance sheet. There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal. In order to determine the estimated fair value of these loans, we use a present value technique for the anticipated future cash flows taking into consideration the lack of credit risk using a prepayment rate of 15%.

SBA 7(a) loans receivable, subject to secured borrowings—Represents the government guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings—government guaranteed loans (a liability associated with assets held for sale on our consolidated balance sheet (Note 7)). 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 our loans receivable, we use a present value technique for the anticipated future cash flows using certain assumptions including a discount rate based on current market interest rates taking into account the lack of credit risk and prepayment tendencies.

Secured borrowings—government guaranteed loans—The fair value of secured borrowings—government guaranteed loans approximates current market interest rates. Includes the unamortized deferred cash premiums collected on the sale of the government guaranteed portions of the related loans which are included in liabilities associated with assets held for sale.

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 3.83% at December 31, 2014.

Unsecured credit facilities—The carrying amount is a reasonable estimation of fair value as the interest rates on the unsecured credit facilities are variable and are at current market interest rates.

Mortgage notes payable—The fair values of mortgage notes are estimated based on current interest rates available for debt instruments with similar terms. The fair value of our mortgages payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis is generally used to estimate the fair value of our mortgages payable, using rates ranging from 3.92% to 4.12% and 4.85% to 5.00% at December 31, 2014 and 2013, 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, 2014

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

13. RELATED-PARTY TRANSACTIONS

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

Daily Average Gross Fair Value of CIM Urban's Investments
Daily Average Gross Fair Value of CIM Urban's Investments				Quarterly Fee Percentage
From Greater of		To and Including		Quarterly Fee Percentage
(in thousands)
$	—	$	500,000		0.2500	%
	500,000		1,000,000		0.2375	%
	1,000,000		1,500,000		0.2250	%
	1,500,000		4,000,000		0.2125	%
	4,000,000		20,000,000		0.1000	%

The Advisor earned asset management fees of $23,223,000, $21,767,000 and $20,924,000 for the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014 and 2013, asset management fees of $5,867,000 and $5,426,000, respectively, were due to the Advisor.

CIM Management, Inc. and certain of its affiliates (collectively, the "CIM Management Entities"), all affiliates of CIM REIT, 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 $5,284,000, $4,828,000 and $4,171,000 for the years ended December 31, 2014, 2013 and 2012, respectively. CIM Urban also reimbursed the CIM Management Entities $7,369,000, $5,082,000 and $2,726,000 during the years ended December 31, 2014, 2013 and 2012, 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 $1,904,000, $537,000 and $744,000 for the years ended December 31, 2014, 2013, and 2012, respectively, which were capitalized to deferred charges. In addition, the CIM Management Entities earned development management fees of $566,000, $834,000 and $973,000 for the years ended December 31, 2014, 2013 and 2012, respectively, which were capitalized to investments in real estate.

At December 31, 2014 and 2013, fees payable and expense reimbursements due to the CIM Management Entities of $2,518,000 and $1,445,000, respectively, are included in due to related parties. Also included in due to related parties as of December 31, 2014 and 2013, was $76,000 and $(64,000), respectively, due to (from) the CIM Management Entities and related parties.

On the Acquisition Date, pursuant to the terms of the Merger Agreement, CIM Commercial and its subsidiaries entered into the Master Services Agreement (the "Master Services Agreement") with CIM Service Provider, LLC (the "Manager") pursuant to which the Manager provides or arranges for other service providers to provide management and administration services to CIM Commercial and its subsidiaries following the Merger. Pursuant to the Master Services Agreement, CIM Commercial pays a base service fee (the "Base Service Fee") to the Manager equal to $1,000,000 per year (subject to an annual escalation by a specified inflation factor beginning on January 1, 2015), payable quarterly in arrears. The Base Service Fee began to accrue on the Acquisition Date and was pro-rated based on the number of days during the first quarter in which the Master Services Agreement was in effect. For the year ended December 31, 2014, the Manager earned a Base Service Fee of $806,000. In addition, pursuant to the terms of the Master Services Agreement, the Manager may receive compensation for performing certain services for CIM Commercial and its subsidiaries that are not covered under the Base Service Fee. During the year ended December 31, 2014, such services performed by the Manager included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources and corporate communications. The Manager's compensation is based on the salaries and benefits of the employees of the Manager and/or its affiliates who performed these services (allocated based on the percentage of time spent on the affairs of CIM Commercial and its subsidiaries). For the year ended December 31, 2014, we expensed $1,193,000 for such services. At December 31, 2014, $725,000 was due to the Manager.

As of January 1, 2015, all of our employees moved to CIM SBA Staffing, LLC, an affiliate of CIM Group ("CIM SBA"), except for two of our executives, who became jointly employed by us and CIM SBA and their employment agreements with us continue in full force and effect. In connection with this, on January 1, 2015, we entered into a Staffing and Reimbursement Agreement with CIM SBA and our subsidiary, PMC Commercial Lending, LLC, which provides that CIM SBA will provide personnel and resources to us and that we will reimburse CIM SBA for the costs and expenses of providing such personnel and resources.

- Definition

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

+ References + Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2014

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES

14. COMMITMENTS AND CONTINGENCIES

Loan Commitments—Commitments to extend credit are agreements to lend to a customer provided the terms established in the contract are met. Our outstanding loan commitments and approvals to fund loans were $22,910,000 at December 31, 2014, the majority of which were for prime-based loans to be originated by our SBA 7(a) subsidiary, the government guaranteed portion of which is intended to be sold. Commitments generally have fixed expiration dates. Since some commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements.

General—In connection with the ownership and operation of real estate properties, we have certain obligations for the payment of tenant improvement allowances and lease commissions in connection with new leases and renewals. The Company had a total of $19,721,000 in future obligations under leases to fund tenant improvements and other future construction obligations at December 31, 2014.

Employment Agreements—We have employment agreements with two of our executive officers. Under certain circumstances, as defined within the agreements, the agreements provide for (1) severance compensation or change in control payments to the executive officer in an amount equal to 2.99 times the average of the last three years annual compensation paid to the executive officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual salary paid to the executive officer. In addition, to the extent the executive is employed by us on January 1, 2016 and such executive is not entitled to any disability, death or severance payments, the executive would receive restricted share awards as a retention bonus which would vest immediately upon grant. In aggregate, the executive officers would receive 105,000 share awards. We recorded compensation expense of $947,000 during the year ended December 31, 2014 related to these share awards. At December 31, 2014, there was $1,263,000 of total unrecognized compensation expense relating to these awards that will be recognized during 2015.

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

PMC Commercial Trust and CIM REIT entered into various agreements with the plaintiffs to settle their claims, which agreements were effective as of January 28, 2014 and were approved by the court on April 4, 2014 (the "Settlement Agreement"). Under the terms of the Settlement Agreement, the Manager entered into a trading plan (the "Trading Plan") designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934 to provide for the purchase of up to 550,000 shares of CIM Commercial Common Stock at prices up to $25.00 per share. The Trading Plan commenced on March 12, 2014 and expired on August 10, 2014. Pursuant to the Trading Plan, the Manager acquired approximately 254,000 shares of Common Stock. Additionally, CIM Commercial agreed to be responsible for providing and administering notice of the class action settlement to the members of the settlement class and pay for all reasonable costs incurred in providing such notice. As a result of the settlement, CIM Commercial agreed to payment of attorney's fees and expenses of plaintiffs' counsel of $772,000. In addition, pursuant to the terms of the Settlement Agreement, the Manager purchased 100,000 shares of Common Stock owned by REIT Redux and its other "reporting persons" at a price of $25.00 per share in August 2014.

At December 31, 2014, we recorded a liability of $4,475,000 at one of our multifamily investments. Prior to our acquisition of the property, the former owners of the property enrolled the property in a property tax abatement program under Section 421-a of the New York Real Property Tax Law. At the time we acquired the property, the property was being used for corporate housing. This use continued from the time of acquisition and terminated in March 2015. The New York State Attorney General's office recently determined that the use of the property for corporate housing was inconsistent with the tax abatement program. In cooperation with the New York State Attorney General, we agreed to refund the tax abatements received during the period we owned the property while it was being used for corporate housing. This agreement does not affect the ability of the property to receive tax abatements in the future.

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

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

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

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

Rent expense under this lease, which includes straight line rent and amortization of acquired below-market ground lease, was $1,752,000 for the years ended December 31, 2014, 2013 and 2012, respectively. We record rent expense on a straight line basis. Straight line rent liability of $11,038,000 and $9,863,000 is included in other liabilities in the accompanying consolidated balance sheets as of December 31, 2014 and 2013, respectively.

We lease office space in Dallas, Texas under a lease which expires in May 2018. We recorded rent expense of $175,000, included in discontinued operations, for the year ended December 31, 2014.

Scheduled future noncancelable minimum lease payments at December 31, 2014 are as follows:

Years Ending December 31,	(in thousands)
2015	$	616
2016		743
2017		749
2018		607
2019		503
Thereafter		128,528

	$	131,746

FUTURE MINIMUM LEASE RENTALS

12 Months Ended

Dec. 31, 2014

FUTURE MINIMUM LEASE RENTALS

FUTURE MINIMUM LEASE RENTALS

15. FUTURE MINIMUM LEASE RENTALS

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

Years Ending December 31,	Governmental Tenants		Other Tenants		Total
	(in thousands)
2015	$	57,327	$	102,762	$	160,089
2016		46,292		90,663		136,955
2017		41,094		84,112		125,206
2018		39,091		64,589		103,680
2019		37,760		53,395		91,155
Thereafter		117,361		180,052		297,413

	$	338,925	$	575,573	$	914,498

CONCENTRATIONS

12 Months Ended

Dec. 31, 2014

CONCENTRATIONS

CONCENTRATIONS

16. CONCENTRATIONS

Tenant Revenue Concentrations—Rental revenues from the U.S. General Services Administration and other government agencies (collectively, "Governmental Tenants"), which primarily occupy properties located in Washington, D.C., accounted for approximately 24.7%, 27.5% and 28.4% of our rental and other property income for the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014 and 2013, $7,168,000 and $5,596,000, respectively, was due from Governmental Tenants (see Note 15).

Geographical Concentrations of Investments in Real Estate—As of December 31, 2014, 2013 and 2012 we owned 21, 19 and 19 office properties, respectively, five multifamily properties, and three hotel properties (inclusive of one note receivable at December 31, 2012), located in four states and Washington, D.C.

Our revenues concentrations from properties for the years ended December 31, 2014, 2013 and 2012, is as follows:

	Year Ended December 31,
	2014			2013			2012
California		60.4	%		57.1	%		58.0	%
Washington, D.C.		24.7			26.5			25.8
Texas		7.7			8.1			7.6
North Carolina		5.1			6.1			6.5
New York		2.1			2.2			2.1

		100.0	%		100.0	%		100.0	%

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

	December 31,
	2014			2013
California		52.3	%		50.5	%
Washington, D.C.		31.2			32.5
Texas		7.4			7.7
North Carolina		5.5			5.6
New York		3.6			3.7

		100.0	%		100.0	%

INCOME TAXES

12 Months Ended

Dec. 31, 2014

Income Taxes

INCOME TAXES

17. 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. No current or deferred income tax provision was included in income from continuing operations.

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 TRS's 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,
	2014			2013			2012
	(In thousands)
Income/(loss) from continuing operations before income taxes for TRS's	$	2,925		$	(1,084	)	$	(481	)


Expected federal income tax provision	$	995			(368	)		(163	)
State income taxes		172			(61	)		(26	)
Change in valuation allowance		(1,175	)		418			177
Other		8			11			12

Income tax provision	$	—		$	—		$	—

The components of our net deferred tax asset were as follows:

	December 31,
	2014			2013
	(In thousands)
Deferred tax assets:
Net operating losses	$	1,893		$	2,598
Secured borrowings—government guaranteed loans		1,075			—
Other		225			327

Total gross deferred tax assets		3,193			2,925
Valuation allowance		(1,808	)		(2,925	)

		1,385			—
Deferred tax liabilities:
Loans receivable		(681	)		—
Other		(147	)		—

		(828	)		—

Deferred tax asset, net	$	557		$	—


Reported as:
Deferred tax assets	$	—		$	—
Assets held for sale		557			—

Deferred tax assets, net	$	557		$	—

The net operating loss carryforwards at December 31, 2014 were generated by TRS's and are available to offset future taxable income of these TRS's. The net operating loss carryforwards expire from 2027 to 2033. The decrease in the valuation allowance recorded in 2014 was $1,175,000.

The periods subject to examination for our federal and state income returns are 2009 through 2013. As of December 31, 2014, no reserves for uncertain tax positions have been established and we do not anticipate any material changes in the amount of unrecognized tax benefits recorded to occur within the next 12 months.

SEGMENT DISCLOSURE

12 Months Ended

Dec. 31, 2014

SEGMENT DISCLOSURE

SEGMENT DISCLOSURE

18. SEGMENT DISCLOSURE

In accordance with ASC Topic 280, Segment Reporting, our reportable segments consist of three types of commercial real estate properties, namely, office properties, hotel properties (which included an investment in a note receivable secured by a hotel property during the period from January 1, 2013 to October 8, 2013, and for the year ended December 31, 2012) and multifamily properties, as well as a segment for our lending operations, which is held for sale as of December 31, 2014. 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 and are not allocated to the segments. The reportable segments are accounted for on the same basis of accounting as described in Note 3.

We evaluate the performance of our segments based on net operating income for our real estate segment, defined as: rental and other property income and tenant reimbursements less property and related expenses, and excludes nonproperty income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, and transaction costs.

The net operating income of our reportable segments for the years ended December 31, 2014, 2013 and 2012, is as follows:

	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Office properties:
Revenues	$	179,338	$	175,144	$	172,583

Property expenses:
Operating		73,666		67,906		66,230
General and administrative		981		1,078		1,122

Total property expenses		74,647		68,984		67,352

Segment net operating income—office		104,691		106,160		105,231

Hotel properties:
Revenues		56,096		40,680		41,086

Property expenses:
Operating		39,544		28,825		25,951
General and administrative		150		250		184

Total property expenses		39,694		29,075		26,135

Segment net operating income—hotel		16,402		11,605		14,951

Multifamily properties:
Revenues		20,719		19,989		18,844

Property expenses:
Operating		13,664		8,432		7,407
General and administrative		738		114		344

Total property expenses		14,402		8,546		7,751

Segment net operating income—multifamily		6,317		11,443		11,093

Total segment net operating income	$	127,410	$	129,208	$	131,275

A reconciliation of segment net operating income to net income for the years ended December 31, 2014, 2013 and 2012, is as follows:

	Year Ended December 31,
	2014			2013			2012
	(in thousands)
Total segment net operating income	$	127,410		$	129,208		$	131,275
Interest		(19,073	)		(17,929	)		(18,856	)
General and administrative		(5,463	)		(1,126	)		(1,123	)
Asset management fees and other fees to related parties		(25,222	)		(21,767	)		(20,924	)
Transaction costs		(1,563	)		(5,063	)		(632	)
Depreciation and amortization		(69,047	)		(68,644	)		(69,943	)
Bargain purchase gain		4,918			—			—

Income from continuing operations		11,960			14,679			19,797
Discontinued operations
Income from operations of assets held for sale		12,638			—			—

Net income from discontinued operations		12,638			—			—

Net income		24,598			14,679			19,797
Net income attributable to noncontrolling interests		(220	)		(213	)		(208	)

Net income attributable to stockholders	$	24,378		$	14,466		$	19,589

The condensed assets for each of the segments as of December 31, 2014 and 2013, along with capital expenditures and originations for the years ended December 31, 2014, 2013, and 2012 are as follows:

	December 31,
	2014		2013
	(in thousands)
Condensed assets:
Office properties	$	1,534,610	$	1,481,757
Hotel properties		174,679		174,263
Multifamily properties		171,226		173,985
Lending assets held for sale		208,799		—
Non-segment assets		5,368		4,472

Total assets	$	2,094,682	$	1,834,477

	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Capital expenditures(1):
Office properties	$	26,157	$	20,523	$	23,154
Hotel properties		1,481		2,015		598
Multifamily properties		1,241		1,982		1,718

Total capital expenditures		28,879		24,520		25,470

Originations from assets held for sale		50,971		—		—

Total capital expenditures and originations	$	79,850	$	24,520	$	25,470

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

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 33
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

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

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 42
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-Name Accounting Standards Codification
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information (Unaudited)

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

19. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following is a summary of quarterly financial information as of and for the years ended December 31, 2014 and 2013.

	Three months ended(1)
	March 31,		June 30,		September 30,		December 31,
	(in thousands except per share data)
2014(1)
Revenues from continuing operations	$	62,597	$	65,187	$	63,117	$	65,252
Bargain purchase gain		4,918		—		—		—
Income (loss) from continuing operations		10,284		4,170		975		(3,469	)
Income from operations of assets held for sale		933		4,344		3,305		4,056
Net income		11,217		8,514		4,280		587
Net income attributable to stockholders		11,219		8,399		4,285		475
Comprehensive income		11,219		8,399		4,285		475
BASIC INCOME PER SHARE:
Continuing operations	$	0.11	$	0.04	$	0.01	$	(0.04	)
Discontinued operations	$	0.01	$	0.05	$	0.03	$	0.04
Net income	$	0.12	$	0.09	$	0.04	$	—
DILUTED INCOME PER SHARE:
Continuing operations	$	0.11	$	0.04	$	0.01	$	(0.04	)
Discontinued operations	$	0.01	$	0.05	$	0.03	$	0.04
Net income	$	0.12	$	0.09	$	0.04	$	—
Weighted average common shares outstanding—basic		95,934		97,571		97,582		97,582
Weighted average common shares outstanding—diluted		95,936		97,576		97,583		97,583
2013
Revenues from continuing operations	$	58,308	$	59,838	$	57,487	$	60,180
Income from continuing operations		5,822		4,808		1,759		2,290
Net income		5,822		4,808		1,759		2,290
Net income attributable to stockholders		5,826		4,695		1,765		2,180
Comprehensive income		5,826		4,695		1,765		2,180
BASIC INCOME PER SHARE:
Continuing operations	$	0.06	$	0.05	$	0.02	$	0.02
Net income	$	0.06	$	0.05	$	0.02	$	0.02
DILUTED INCOME PER SHARE:
Continuing operations	$	0.06	$	0.05	$	0.02	$	0.02
Net income	$	0.06	$	0.05	$	0.02	$	0.02
Weighted average common shares outstanding—basic		95,440		95,440		95,440		95,440
Weighted average common shares outstanding—diluted		95,440		95,440		95,440		95,440

(1)	The prior quarter results have been reclassified to conform to the current quarter presentation. Specifically, results related to properties sold or held for sale have been reclassified into discontinued operations.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2014

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

Schedule III—Real Estate and Accumulated Depreciation
December 31, 2014
(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
7083 Hollywood Boulevard	$	—	$	6,276	$	13,161	$	3,146		$	6,276	$	16,307	$	22,583	$	4,271	1981	2005
Los Angeles, CA
800 N Capitol Street		—		—		109,948		(8,512	)		—		101,436		101,436		23,037	1991	2005
Washington, DC
370 L'Enfant Promenade		26,783		33,936		145,796		(6,450	)		33,936		139,346		173,282		32,181	1987	2005
Washington, DC		—
260 Townsend		—		7,574		13,843		724			7,574		14,567		22,141		5,651	1986	2006
San Francisco, CA
830 1st Street		46,000		18,095		62,017		(1,398	)		18,095		60,619		78,714		12,450	2002	2006
Washington, DC
BB&T Center		—		7,702		109,006		5,627			7,702		114,633		122,335		28,139	1977/1997	2007
Charlotte, NC
Civic Center		—		1,354		5,496		1,467			1,354		6,963		8,317		2,255	1980/2004	2007
Santa Ana, CA
Penn Field		12,442		9,569		18,593		2,774			9,569		21,367		30,936		5,598	1918/2001	2007
Austin, TX
899 N Capitol Street		—		34,641		84,466		9,762			34,641		94,228		128,869		18,947	1969 - 1973/1999 & 2011	2007
Washington, DC
999 N Capitol Street		—		32,221		86,526		9,868			32,221		96,394		128,615		19,383	1969 - 1973/1999 & 2011	2007
Washington, DC
901 N Capitol Street		—		27,117		—		—			27,117		—		27,117		—	N/A	2007
Washington, DC
1333 Broadway		—		7,048		41,578		5,985			7,048		47,563		54,611		7,572	1972/1995	2008
Oakland, CA
1901 Harrison Street		—		3,838		68,106		5,239			3,838		73,345		77,183		14,426	1985	2008
Oakland, CA
2100 Franklin Street		—		4,277		34,033		12,698			4,277		46,731		51,008		10,086	2008	2008
Oakland, CA
2101 Webster Street		—		4,752		109,812		18,965			4,752		128,777		133,529		26,004	1984	2008
Oakland, CA
2353 Webster Street Parking Garage		—		—		9,138		51			—		9,189		9,189		1,446	1986	2008
Oakland, CA
1 Kaiser Plaza		—		9,261		113,619		8,924			9,261		122,543		131,804		23,933	1970/2008	2008
Oakland, CA
980 9th Street		—		3,380		86,939		4,550			3,380		91,489		94,869		15,584	1992	2009
Sacramento, CA
1010 8th Street Parking Garage & Retail		—		1,020		1,980		96			1,020		2,076		3,096		354	1992	2009
Sacramento, CA
211 Main Street		32,070		14,364		106,875		1,479			14,364		108,354		122,718		20,808	1973/1998	2009
San Francisco, CA
11600 Wilshire Boulevard		—		3,477		18,522		1,113			3,477		19,635		23,112		2,456	1955	2010
Los Angeles, CA
11620 Wilshire Boulevard		33,734		7,672		51,999		5,122			7,672		57,121		64,793		6,902	1976	2010
Los Angeles, CA
4750 Wilshire Boulevard		—		16,633		28,985		59			16,633		29,044		45,677		610	1984/2014	2014
Los Angeles, CA
Lindblade Media Center		—		6,342		11,568		—			6,342		11,568		17,910		75	1930 & 1957 / 2010	2014
Los Angeles, CA
Multifamily
3636 McKinney Avenue		9,696		3,806		11,077		357			3,806		11,434		15,240		1,554	2006	2010
Dallas, TX
3839 McKinney Avenue		6,432		1,679		8,621		311			1,679		8,932		10,611		1,218	2006	2010
Dallas, TX
4649 Cole Avenue		24,398		17,483		16,355		4,806			17,483		21,161		38,644		2,907	1994	2010
Dallas, TX
Memorial Hills		30,292		9,811		40,150		506			9,811		40,656		50,467		5,589	2009	2010
Houston, TX
47 E 34th Street		—		30,612		31,145		312			30,612		31,457		62,069		2,523	2009	2011
New York, NY
Hotel
Courtyard Oakland		—		4,384		16,168		1,170			4,384		17,338		21,722		3,519	2002	2007
Oakland, CA
Sheraton Grand Hotel		—		3,497		107,447		(3,749	)		3,497		103,698		107,195		18,175	2001	2008
Sacramento, CA
Sheraton Grand Hotel Parking & Retail		—		6,552		10,996		(41	)		6,552		10,955		17,507		1,920	2001	2008
Sacramento, CA
LAX Holiday Inn		—		15,662		23,173		660			15,662		23,833		39,495		1,284	1973/2010	2008 / 2013
Los Angeles, CA

	$	221,847	$	354,035	$	1,597,138	$	85,621		$	354,035	$	1,682,759	$	2,036,794	$	320,857

The aggregate gross cost of property included above for federal income tax purposes approximates $2.1 billion as of December 31, 2014.

The following table reconciles the historical cost of total real estate held for investment from January 1, 2012 to December 31, 2014:

	Year Ended December 31,
	2014			2013			2012
Real Estate Assets
Balance, beginning of period	$	1,953,848		$	1,907,903		$	1,895,128
Additions:
Property acquisitions		63,528			38,835			—
Improvements		28,879			24,520			25,470
Deductions: retirements		(9,461	)		(17,410	)		(12,695	)

Balance, end of period	$	2,036,794		$	1,953,848		$	1,907,903

The following table reconciles the accumulated depreciation from January 1, 2012 to December 31, 2014:

	Year Ended December 31,
	2014			2013			2012
Accumulated Depreciation
Balance, beginning of period	$	(271,683	)	$	(231,080	)	$	(184,626	)
Additions: depreciation		(58,635	)		(58,013	)		(59,149	)
Deductions: retirements		9,461			17,410			12,695

Balance, end of period	$	(320,857	)	$	(271,683	)	$	(231,080	)

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2014

MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

Schedule IV—Mortgage Loans on Real Estate
December 31, 2014
(Dollars in thousands, except footnotes)

Conventional Loans—States 2% or greater(1):

												Principal amount of loan subject to delinquent principal or "interest"
			Size of Loans
	Number of Loans		Size of Loans						Carrying Amount of Mortgages
Geographic Dispersion of Collateral	Number of Loans		From		To		Interest Rate(2)	Final Maturity Date	Carrying Amount of Mortgages
Texas(3)		22	$	—	$	2,000	2.98% to 10.78%	1/21/15 - 8/16/31	$	15,188		$	—
Virginia		8	$	500	$	3,900	3.23% to 7.50%	2/25/19 - 7/22/33		13,266			—
Arizona		7	$	200	$	3,100	3.23% to 9.40%	7/8/19 - 5/2/33		9,848			—
Michigan		6	$	600	$	2,900	3.11% to 7.25%	2/10/26 - 5/10/33		7,244			—
North Carolina		10	$	300	$	1,400	3.73% to 9.85%	12/20/16 - 12/27/33		7,119			—
Ohio		5	$	600	$	1,800	3.23% to 10.23%	11/25/19 - 4/21/28		6,310			—
Alabama		6	$	200	$	1,900	3.75% to 9.50%	1/20/15 - 10/1/26		5,620			—
Oregon		5	$	100	$	2,700	4.48% to 9.90%	2/2/18 - 5/13/30		5,490			—
Indiana		5	$	300	$	2,100	4.23% to 8.25%	3/15/15 - 2/26/32		5,382			—
Pennsylvania		3	$	600	$	2,900	4.23% to 10.25%	6/22/20 - 8/1/32		5,254			—
Florida		4	$	100	$	1,800	3.36% to 7.50%	11/1/25 - 2/5/33		4,040			—
Georgia		6	$	100	$	1,200	3.73% to 10.25%	12/26/17 - 12/1/29		3,408			—
California		4	$	100	$	1,400	3.98% to 9.00%	3/22/22 - 12/13/26		3,173			—
Iowa		3	$	300	$	1,500	4.23% to 6.95%	9/30/19 - 5/30/26		2,798			—
Missouri		4	$	200	$	1,100	4.23% to 8.25%	6/27/16 - 12/15/25		2,579			—
Other		16	$	100	$	2,000	2.73% to 9.78%	3/19/17 - 3/21/33		12,143			—

		114							$	108,862	(3)	$	—

(1)	There are two loans which are secured by second liens on the properties which are subordinated to our first liens on the properties.
(2)	Our loans have both variable and fixed rates of interest. The carrying amount of mortgages with a fixed rate of interest was $25,384,000. Certain loans at variable interest rates have interest rate floors which may be in effect.
(3)	For Federal income tax purposes, the cost basis of our mortgage loans on real estate was approximately $131,266,000 (unaudited).

SBA 7(a) Loans—States 2% or greater(1):

												Principal amount of loans subject to delinquent principal or "interest"
			Size of Loans
	Number of Loans		Size of Loans						Carrying Amount of Mortgages(3)
Geographic Dispersion of Collateral	Number of Loans		From		To		Interest Rate(2)	Final Maturity Date	Carrying Amount of Mortgages(3)
Michigan		22	$	10	$	890	5.25% to 6.00%	12/28/17 - 4/2/40	$	6,167		$	—
Ohio		22	$	10	$	710	5.00% to 6.00%	10/16/20 - 3/25/40		5,873			—
Texas(4)		28	$	—	$	680	4.13% to 6.00%	1/23/17 - 10/31/38		3,325			—
Virginia		10	$	150	$	740	6.00%	9/6/36 - 11/12/39		3,058			—
Florida		10	$	10	$	650	5.25% to 6.00%	6/19/19 - 11/26/39		2,554			—
Kentucky		6	$	110	$	530	6.00%	4/9/35 - 10/27/39		1,688			—
Indiana		9	$	—	$	370	4.75% to 6.00%	11/19/19 - 2/10/40		1,508			—
Wisconsin		7	$	10	$	380	5.00% to 6.00%	4/23/20 - 7/17/38		1,401			—
Illinois		5	$	70	$	380	5.75% to 6.00%	9/17/35 - 9/8/39		1,316			—
Missouri		6	$	—	$	460	5.25% to 6.00%	4/16/18 - 4/14/39		1,194			—
North Carolina		5	$	100	$	330	5.75% to 6.00%	9/8/32 - 5/6/38		1,193			—
Arizona		5	$	30	$	470	5.75% to 6.00%	1/12/33 - 3/31/39		945			—
Iowa		4	$	130	$	500	4.92% to 6.00%	12/22/35 - 1/28/39		941			—
Alabama		4	$	50	$	490	5.00% to 6.00%	7/27/25 - 8/25/36		903			—
Tennessee		2	$	330	$	490	5.50% to 6.00%	3/24/39 - 4/14/39		811			—
Georgia		5	$	60	$	260	5.13% to 6.00%	5/23/20 - 9/8/39		769			—
Other(5)		32	$	—	$	570	4.75% to 6.00%	6/15/16 - 11/16/39		4,299			—
Government guaranteed portions(6)										3,619
SBA 7(a) loans, subject to secured borrowings(7)										38,739

		182							$	80,303	(8)	$	—

(1)	Includes approximately $224,000 of loans not secured by real estate. Also includes $242,000 of loans with subordinate lien positions.
(2)	Interest rates are variable at spreads over the prime rate unless otherwise noted.
(3)	Excludes general reserves of $113,000.
(4)	Includes a loan with a face value of $48,000 and a fixed interest rate of 6.00%. Also includes a loan with a face value of $68,000 and a fixed interest rate of 6.00%.
(5)	Includes a loan with a face value of $466,000 and a valuation reserve of $26,000. Also includes a loan with a face value of $334,000 and a fixed interest rate of 5.00%.
(6)	Represents the government guaranteed portions of our SBA 7(a) loans detailed above. 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 loans which were sold with the proceeds received from the sale reflected as secured borrowings.
(8)	For Federal income tax purposes, the cost basis of our loans was approximately $39,445,000 (unaudited).

Schedule IV—Mortgage Loans on Real Estate
December 31, 2014
(Dollars in thousands)

Balance at March 11, 2014(1)	$	207,140
Additions during period:
New mortgage loans		50,971
Other—deferral for collection of commitment fees, net of costs		634
Other—accretion of loan fees and discounts		5,442
Deductions during period:
Collections of principal		(49,373	)
Foreclosures		(1,098	)
Cost of mortgages sold, net		(24,522	)
Other—bad debt expense, net of recoveries		(142	)

Balance at December 31, 2014	$	189,052

(1)	In connection with the Merger, we acquired loans receivable which were recorded at fair value.

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

12 Months Ended

Dec. 31, 2014

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

Restricted Cash—The mortgage loan and hotel management agreements provide for depositing cash into restricted accounts reserved for property taxes, insurance, and capital expenditures.

Loans Receivable

Accounts Receivable

Deferred Rent Receivable and Charges

Noncontrolling Interests

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 to Stockholders—Distributions to stockholders are recorded on the ex-dividend date.

Discontinued Operations

Income Taxes

Consolidation Considerations for Our Investments in Real Estate

Use of Estimates

Concentration of Credit Risk

Fair Value Measurements

Fair Value Measurements—The fair value of our financial assets and liabilities are disclosed in Note 12.

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

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

Level 3 Inputs—Unobservable inputs

Segment Information

Recently Issued Accounting Pronouncements

MERGER (Tables)

12 Months Ended

Dec. 31, 2014

Merger

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

	(in thousands, except per share data)
PMC Commercial common stock outstanding		2,119
Equity consideration price per share of common stock	$	21.05

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

Total purchase price	$	102,889

Schedule of pro forma consolidated financial information

	Year Ended December 31,
	2014		2013
	(in thousands, except per share amounts)
Pro forma revenues(A)	$	256,153	$	235,813
Pro forma net income	$	19,083	$	22,837
Pro forma basic earnings per share	$	0.20	$	0.23
Pro forma diluted earnings per share	$	0.20	$	0.23

(A)	Unaudited pro forma revenues including revenues from the acquired assets included in discontinued operations were $278,398,000 and $256,534,000 for the years ended December 31, 2014 and 2013, respectively.

PMC Commercial

Merger

Schedule of allocation of purchase price

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

Total assets acquired		219,433

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

Total liabilities assumed		169,905

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

Net purchase price	$	44,610

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

12 Months Ended

Dec. 31, 2014

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of real estate investment assets

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

ACQUISITIONS (Tables) - Two acquisitions and a foreclosure

12 Months Ended

Dec. 31, 2014

Acquisitions

Schedule of acquisitions

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

Property

Asset
Type

Date of
Acquisition

Number of
Buildings

Rentable
Square
Feet

Purchase
Price

(in thousands)

4750 Wilshire Boulevard, Los Angeles, CA(1)

Office

April 18, 2014

143,361

44,936

Lindblade Media Center Los Angeles, CA(2)

Office

October 21, 2014

32,428

18,500

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

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

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

	Year Ended December 31,
	2014 Acquisitions(1)			2013 Acquisition(1)
	(in thousands)
Land	$	22,975		$	15,662
Land improvements		535			436
Buildings and improvements		38,821			20,256
Tenant improvements		1,197			—
Furniture, fixtures, and equipment		—			2,481
Advance bookings		—			251
Working capital		—			1,014
Acquired in-place leases(2)		2,396			—
Acquired below-market leases(3)		(2,488	)		—
Note receivable		—			(40,100	)

Net assets acquired	$	63,436		$	—

(1)	The purchase price of the two acquisitions and the LAX Holiday Inn foreclosure completed during the years ended December 31, 2014 and 2013, respectively, were individually less than 5% and in aggregate less than 10% of our total assets as of December 31, 2014 and 2013, respectively.
(2)	In-place leases have a weighted average amortization period of 5.1 years.
(3)	Below-market leases have a weighted average amortization period of 5.0 years.

INVESTMENTS IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2014

INVESTMENTS IN REAL ESTATE

Schedule of investments in real estate

	December 31,
	2014			2013
	(in thousands)
Land	$	354,035		$	331,060
Land improvements		28,071			27,536
Buildings and improvements		1,501,603			1,454,854
Furniture, fixtures, and equipment		10,875			12,131
Tenant improvements		131,446			118,280
Work in progress		10,764			9,987

Investments in real estate		2,036,794			1,953,848
Accumulated depreciation		(320,857	)		(271,683	)

Net investments in real estate	$	1,715,937		$	1,682,165

OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2014

OTHER INTANGIBLE ASSETS

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

	Assets															Liabilities
December 31, 2014	Acquired Above- Market Leases			Acquired In-Place Leases			Tax Abatement			Franchise Affiliation Fee			Acquired Below- Market Ground Lease			Acquired Below- Market Leases
	(in thousands)
Gross balance	$	2,402		$	22,680		$	4,273		$	3,936		$	11,685		$	(20,333	)
Accumulated amortization		(2,039	)		(16,470	)		(1,771	)		(2,981	)		(1,282	)		11,676

	$	363		$	6,210		$	2,502		$	955		$	10,403		$	(8,657	)


Average useful life (in years)		7			8			8			10			84			8

	Assets																		Liabilities
December 31, 2013	Acquired Above- Market Leases			Acquired In-Place Leases			Tax Abatement			Advance Bookings			Franchise Affiliation Fee			Acquired Below- Market Ground Lease			Acquired Below- Market Leases
	(in thousands)
Gross balance	$	4,145		$	22,593		$	4,273		$	251		$	3,936		$	11,685		$	(20,487	)
Accumulated amortization		(3,180	)		(16,411	)		(1,220	)		(61	)		(2,587	)		(1,142	)		11,687

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


Average useful life (in years)		7			7			8			1			10			84			8

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

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

	Assets										Liabilities
Years Ending December 31,	Acquired Above- Market Leases		Acquired In-Place Leases		Tax Abatement		Franchise Affiliation Fee		Acquired Below- Market Ground Lease		Acquired Below- Market Leases
	(in thousands)
2015	$	241	$	1,841	$	551	$	394	$	140	$	(2,569	)
2016		88		1,346		551		394		140		(2,502	)
2017		26		915		551		167		140		(2,399	)
2018		8		666		551		—		140		(963	)
2019		—		488		298		—		140		(224	)
Thereafter		—		954		—		—		9,703		—

	$	363	$	6,210	$	2,502	$	955	$	10,403	$	(8,657	)

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2014

DISCONTINUED OPERATIONS

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

	December 31, 2014
	(in thousands)
Assets held for sale
Loans receivable—net	$	189,052
Cash and cash equivalents		9,937
Restricted cash		916
Accounts receivable and interest receivable—net		738
Other intangible assets		2,957
Other assets		5,199

Total assets held for sale	$	208,799


Liabilities associated with assets held for sale
Debt	$	41,901
Accounts payable and accrued expenses		2,709
Other liabilities		5,181

Total liabilities associated with assets held for sale	$	49,791

Schedule of loans receivable

	December 31, 2014
	(in thousands)
Commercial mortgage loans	$	108,864
SBA 7(a) loans, subject to secured borrowings		41,328
SBA 7(a) loans		38,707

Loans receivable		188,899
Deferred capitalized costs—net		292
Loan loss reserves		(139	)

Net loans receivable	$	189,052

Schedule of debt

	December 31, 2014
	(in thousands)
Secured borrowing principal on loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.92%	$	33,654
Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.58%		5,085

		38,739
Premiums on loans sold for a premium and excess spread		3,162

Total Secured borrowings—government guaranteed loans	$	41,901

Schedule of future principal payments on our debt

Future principal payments on our debt (face value) at December 31, 2014 are as follows:

Years Ending December 31,	Secured Borrowings Principal(1)
	(in thousands)
2015	$	1,226
2016		1,269
2017		1,311
2018		1,358
2019		1,407
Thereafter		32,168

	$	38,739

(1)

Reconciliation of the revenue and expenses classified as discontinued operations

	Period Ended December 31, 2014(1)
	(in thousands)
Revenue—Interest and other income	$	18,910

Expenses:
Interest expense		1,177
General and administrative		4,472
Provision for income taxes		623

Total Expenses		6,272

Income from operations of assets held for sale	$	12,638

(1)	For the period from the Acquisition Date, through December 31, 2014

DEBT (Tables)

12 Months Ended

Dec. 31, 2014

DEBT

Schedule of debt

	December 31,
	2014			2013
	(in thousands)
Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan has a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan is nonrecourse.	$	26,783		$	28,262
Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse.		46,000			46,000
Mortgage loan with a fixed interest rate of 5.56% per annum, with monthly payments of principal and interest. The loan has a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan is nonrecourse.		12,442			12,737
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse.		32,070			34,755
Mortgage loan with a fixed interest rate of 5.06% per annum, with monthly payments of principal and interest, and a balance of $33,068,000 due on September 1, 2015. The loan is nonrecourse.		33,734			34,583
Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and a balance of $35,695,000 due on March 1, 2021. The loans are nonrecourse.		40,526			41,170
Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse.		30,292			30,812

		221,847			228,319
Premiums and discounts on assumed mortgages		1,961			2,786

Total Mortgages Payable		223,808			231,105

Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.		27,070			—
Unsecured credit facilities		360,000			164,000

		387,070			164,000
Discount on junior subordinated notes		(2,164	)		—

Total Other		384,906			164,000

Total Debt	$	608,714		$	395,105

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

Future principal payments on our debt (face value) at December 31, 2014 are as follows:

Years Ending December 31,	Mortgages Payable		Other(1)		Total
	(in thousands)
2015	$	77,055	$	—	$	77,055
2016		4,354		360,000		364,354
2017		4,642		—		4,642
2018		24,300		—		24,300
2019		1,519		—		1,519
Thereafter		109,977		27,070		137,047

	$	221,847	$	387,070	$	608,917

(1)	Represents the junior subordinated notes, and unsecured credit 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=6928386&loc=d3e21475-112644

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

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

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

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

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

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

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

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

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

+ Details

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2014

STOCK BASED COMPENSATION PLANS

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

	2014
	Number of Shares Underlying Options			Weighted Average Exercise Prices
Outstanding, March 11 (Acquistion Date)		19,700		$	13.96
Granted		11,850		$	23.16
Excercised		(14,500	)	$	13.83

Outstanding and exercisable, December 31		17,050		$	20.46


Weighted-average fair value per share of stock options granted during the year	$	0.66

Schedule of assumptions used in valuation of fair value of options

Assumptions
Expected term (years)	3.0
Risk-free interest rate	0.94	%
Expected dividend yield	3.78	%
Expected volatility	9.37	%
Expected forfeiture rate	1.00	%

Summary information about stock options outstanding

The following table summarizes information about stock options outstanding at December 31, 2014:

	Options Outstanding and Exercisable
Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contract Life (in years)		Weighted Average Exercise Price
$11.50		1,400		2.44	$	11.50
$14.25 to $16.25		3,800		1.00	$	15.36
$23.16		11,850		4.45	$	23.16

$11.50 to $23.16		17,050		3.51	$	20.46

Summary of restricted shares and the changes during the year

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

Balance, December 31		7,334		$	21.32

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2014

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

	December 31, 2014				December 31, 2013
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
	(in thousands)
Assets held for sale:
Loans receivable subject to credit risk	$	147,648	$	154,252	$	—	$	—		3
SBA 7(a) loans receivable, subject to secured borrowings		41,404		41,901		—		—		3
Liabilities:
Secured borrowings—government guaranteed loans, included in liabilities associated with assets held for sale		41,901		41,901		—		—		3
Junior subordinated notes		24,906		24,877		—		—		3
Mortgages payable		223,808		231,806		231,105		231,250		3
Unsecured credit facilities		360,000		360,000		164,000		164,000		3

RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2014

RELATED-PARTY TRANSACTIONS

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

Daily Average Gross Fair Value of CIM Urban's Investments
Daily Average Gross Fair Value of CIM Urban's Investments				Quarterly Fee Percentage
From Greater of		To and Including		Quarterly Fee Percentage
(in thousands)
$	—	$	500,000		0.2500	%
	500,000		1,000,000		0.2375	%
	1,000,000		1,500,000		0.2250	%
	1,500,000		4,000,000		0.2125	%
	4,000,000		20,000,000		0.1000	%

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2014

COMMITMENTS AND CONTINGENCIES.

Schedule of future noncancelable minimum lease payments

Scheduled future noncancelable minimum lease payments at December 31, 2014 are as follows:

Years Ending December 31,	(in thousands)
2015	$	616
2016		743
2017		749
2018		607
2019		503
Thereafter		128,528

	$	131,746

FUTURE MINIMUM LEASE RENTALS (Tables)

12 Months Ended

Dec. 31, 2014

FUTURE MINIMUM LEASE RENTALS

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

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

Years Ending December 31,	Governmental Tenants		Other Tenants		Total
	(in thousands)
2015	$	57,327	$	102,762	$	160,089
2016		46,292		90,663		136,955
2017		41,094		84,112		125,206
2018		39,091		64,589		103,680
2019		37,760		53,395		91,155
Thereafter		117,361		180,052		297,413

	$	338,925	$	575,573	$	914,498

CONCENTRATIONS (Tables)

12 Months Ended

Dec. 31, 2014

Revenues

Concentrations

Schedule of concentration risk from properties

	Year Ended December 31,
	2014			2013			2012
California		60.4	%		57.1	%		58.0	%
Washington, D.C.		24.7			26.5			25.8
Texas		7.7			8.1			7.6
North Carolina		5.1			6.1			6.5
New York		2.1			2.2			2.1

		100.0	%		100.0	%		100.0	%

Real estate investments

Concentrations

Schedule of concentration risk from properties

	December 31,
	2014			2013
California		52.3	%		50.5	%
Washington, D.C.		31.2			32.5
Texas		7.4			7.7
North Carolina		5.5			5.6
New York		3.6			3.7

		100.0	%		100.0	%

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Reconciliation of our net income to REIT taxable income

	Year Ended December 31,
	2014			2013			2012
	(In thousands)
Income/(loss) from continuing operations before income taxes for TRS's	$	2,925		$	(1,084	)	$	(481	)


Expected federal income tax provision	$	995			(368	)		(163	)
State income taxes		172			(61	)		(26	)
Change in valuation allowance		(1,175	)		418			177
Other		8			11			12

Income tax provision	$	—		$	—		$	—

Components of our net deferred tax asset

	December 31,
	2014			2013
	(In thousands)
Deferred tax assets:
Net operating losses	$	1,893		$	2,598
Secured borrowings—government guaranteed loans		1,075			—
Other		225			327

Total gross deferred tax assets		3,193			2,925
Valuation allowance		(1,808	)		(2,925	)

		1,385			—
Deferred tax liabilities:
Loans receivable		(681	)		—
Other		(147	)		—

		(828	)		—

Deferred tax asset, net	$	557		$	—


Reported as:
Deferred tax assets	$	—		$	—
Assets held for sale		557			—

Deferred tax assets, net	$	557		$	—

SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 2014

SEGMENT DISCLOSURE

Schedule of net operating income of reportable segments

	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Office properties:
Revenues	$	179,338	$	175,144	$	172,583

Property expenses:
Operating		73,666		67,906		66,230
General and administrative		981		1,078		1,122

Total property expenses		74,647		68,984		67,352

Segment net operating income—office		104,691		106,160		105,231

Hotel properties:
Revenues		56,096		40,680		41,086

Property expenses:
Operating		39,544		28,825		25,951
General and administrative		150		250		184

Total property expenses		39,694		29,075		26,135

Segment net operating income—hotel		16,402		11,605		14,951

Multifamily properties:
Revenues		20,719		19,989		18,844

Property expenses:
Operating		13,664		8,432		7,407
General and administrative		738		114		344

Total property expenses		14,402		8,546		7,751

Segment net operating income—multifamily		6,317		11,443		11,093

Total segment net operating income	$	127,410	$	129,208	$	131,275

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

	Year Ended December 31,
	2014			2013			2012
	(in thousands)
Total segment net operating income	$	127,410		$	129,208		$	131,275
Interest		(19,073	)		(17,929	)		(18,856	)
General and administrative		(5,463	)		(1,126	)		(1,123	)
Asset management fees and other fees to related parties		(25,222	)		(21,767	)		(20,924	)
Transaction costs		(1,563	)		(5,063	)		(632	)
Depreciation and amortization		(69,047	)		(68,644	)		(69,943	)
Bargain purchase gain		4,918			—			—

Income from continuing operations		11,960			14,679			19,797
Discontinued operations
Income from operations of assets held for sale		12,638			—			—

Net income from discontinued operations		12,638			—			—

Net income		24,598			14,679			19,797
Net income attributable to noncontrolling interests		(220	)		(213	)		(208	)

Net income attributable to stockholders	$	24,378		$	14,466		$	19,589

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

	December 31,
	2014		2013
	(in thousands)
Condensed assets:
Office properties	$	1,534,610	$	1,481,757
Hotel properties		174,679		174,263
Multifamily properties		171,226		173,985
Lending assets held for sale		208,799		—
Non-segment assets		5,368		4,472

Total assets	$	2,094,682	$	1,834,477

Schedule of capital expenditures and originations

	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Capital expenditures(1):
Office properties	$	26,157	$	20,523	$	23,154
Hotel properties		1,481		2,015		598
Multifamily properties		1,241		1,982		1,718

Total capital expenditures		28,879		24,520		25,470

Originations from assets held for sale		50,971		—		—

Total capital expenditures and originations	$	79,850	$	24,520	$	25,470

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

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information (Unaudited)

Summary of quarterly financial information

	Three months ended(1)
	March 31,		June 30,		September 30,		December 31,
	(in thousands except per share data)
2014(1)
Revenues from continuing operations	$	62,597	$	65,187	$	63,117	$	65,252
Bargain purchase gain		4,918		—		—		—
Income (loss) from continuing operations		10,284		4,170		975		(3,469	)
Income from operations of assets held for sale		933		4,344		3,305		4,056
Net income		11,217		8,514		4,280		587
Net income attributable to stockholders		11,219		8,399		4,285		475
Comprehensive income		11,219		8,399		4,285		475
BASIC INCOME PER SHARE:
Continuing operations	$	0.11	$	0.04	$	0.01	$	(0.04	)
Discontinued operations	$	0.01	$	0.05	$	0.03	$	0.04
Net income	$	0.12	$	0.09	$	0.04	$	—
DILUTED INCOME PER SHARE:
Continuing operations	$	0.11	$	0.04	$	0.01	$	(0.04	)
Discontinued operations	$	0.01	$	0.05	$	0.03	$	0.04
Net income	$	0.12	$	0.09	$	0.04	$	—
Weighted average common shares outstanding—basic		95,934		97,571		97,582		97,582
Weighted average common shares outstanding—diluted		95,936		97,576		97,583		97,583
2013
Revenues from continuing operations	$	58,308	$	59,838	$	57,487	$	60,180
Income from continuing operations		5,822		4,808		1,759		2,290
Net income		5,822		4,808		1,759		2,290
Net income attributable to stockholders		5,826		4,695		1,765		2,180
Comprehensive income		5,826		4,695		1,765		2,180
BASIC INCOME PER SHARE:
Continuing operations	$	0.06	$	0.05	$	0.02	$	0.02
Net income	$	0.06	$	0.05	$	0.02	$	0.02
DILUTED INCOME PER SHARE:
Continuing operations	$	0.06	$	0.05	$	0.02	$	0.02
Net income	$	0.06	$	0.05	$	0.02	$	0.02
Weighted average common shares outstanding—basic		95,440		95,440		95,440		95,440
Weighted average common shares outstanding—diluted		95,440		95,440		95,440		95,440

(1)	The prior quarter results have been reclassified to conform to the current quarter presentation. Specifically, results related to properties sold or held for sale have been reclassified into discontinued operations.

ORGANIZATION AND OPERATIONS (Details)	Apr. 29, 2014 $ / shares shares	Dec. 31, 2014 $ / shares shares	Apr. 28, 2014 shares	Dec. 31, 2013 $ / shares shares
Organization and operations
Common shares authorized		200,000,000	1,000,000,000	20,000,000
Common shares authorized before amendment with effect to the reverse stock split			20,000,000
Common shares authorized with effect to the reverse stock split	200,000,000
Reverse stock split ratio	0.2
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001		$ 0.05
PMC Commercial
Organization and operations
Common shares authorized before amendment			100,000,000
Common shares authorized			1,000,000,000

MERGER (Details) $ / shares in Units, $ in Thousands			12 Months Ended
MERGER (Details) $ / shares in Units, $ in Thousands	Apr. 29, 2014	Mar. 11, 2014 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) shares	Dec. 31, 2013 shares	Dec. 31, 2012 shares	Mar. 25, 2014 $ / shares
Merger
Treasury stock			107,265
Reverse stock split ratio	0.2
Consideration Transferred
Common stock outstanding			97,581,598	4,400,000
Fair value of the equity consideration \| $			$ 44,610
Common Stock
Merger
Shares issued			2,119,244
Consideration Transferred
Common stock outstanding		2,119,244
CIM Urban REIT
Merger
Number of shares to be issued on conversion of preferred stock expressed as a percentage of outstanding stock		97.80%
CIM Urban REIT \| Preferred Stock
Merger
Shares issued				65,000,000	65,000,000
PMC Commercial \| CIM Urban REIT
Merger
Shares issued		2,226,509
Treasury stock		107,265
Number of shares to be issued on conversion of each preferred stock		1.4
Number of shares to be issued on conversion of preferred stock		95,440,000
Number of shares to be issued on conversion of preferred stock expressed as a percentage of outstanding stock		97.80%
Special cash dividend issued to shareholders of record at the close of the business day prior to the closing of transactions (in dollars per share) \| $ / shares						$ 27.50
Consideration Transferred
Common stock outstanding		2,119,000
Equity consideration price per share of common stock (in dollars per share) \| $ / shares		$ 21.05
Fair value of the equity consideration \| $		$ 44,610
Payment in cash - special dividend \| $		58,279
Total purchase price \| $		$ 102,889
PMC Commercial \| CIM Urban REIT \| Common Stock
Merger
Shares issued		4,400,000
PMC Commercial \| CIM Urban REIT \| Preferred Stock
Merger
Shares issued		65,000,000

MERGER (Details 2) - USD ($)		3 Months Ended	12 Months Ended
MERGER (Details 2) - USD ($)	Mar. 11, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Net assets acquired			$ 63,436,000
Liabilities
Bargain purchase gain		$ (4,918,000)	(4,918,000)
Pro Forma Financial Information
Transaction costs			491,000		$ 632,000
Gain on settlement of a contractual obligation			1,166,000
PMC Commercial
Pro Forma Financial Information
Merger related costs			467,000	$ 3,670,000
PMC Commercial \| CIM Urban Partners, L.P
Assets
Cash and cash equivalents	$ 3,185,000
Loans receivable	207,140,000
Accounts receivable and interest receivable	755,000
Other assets	5,396,000
Intangible assets	2,957,000
Net assets acquired	219,433,000
Liabilities
Debt	99,849,000
Accounts payable and accrued expenses	7,396,000
Special dividend liability and dividend payable	59,286,000
Other liabilities	3,374,000
Total liabilities assumed	169,905,000
Net identifiable assets acquired	49,528,000
Bargain purchase gain	(4,918,000)
Net purchase price	$ 44,610,000
Pro Forma Financial Information
Pro forma revenues			256,153,000	235,813,000
Pro forma net income			$ 19,083,000	$ 22,837,000
Pro forma basic earnings per share (in dollars per share)			$ 0.20	$ 0.23
Pro forma diluted earnings per share (in dollars per share)			$ 0.20	$ 0.23
Pro forma revenues included in discontinued operations			$ 278,398,000	$ 256,534,000
Transaction costs			3,046,000
Gain on settlement of a contractual obligation			$ 1,166,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments in Real Estate
Impairment of long-lived assets	$ 0	$ 0	$ 0
Buildings and improvements \| Minimum
Investments in Real Estate
Estimated useful lives	15 years
Buildings and improvements \| Maximum
Investments in Real Estate
Estimated useful lives	40 years
Furniture, fixtures, and equipment \| Minimum
Investments in Real Estate
Estimated useful lives	3 years
Furniture, fixtures, and equipment \| Maximum
Investments in Real Estate
Estimated useful lives	5 years

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)		10 Months Ended	12 Months Ended
	Mar. 11, 2014	Oct. 23, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Sep. 30, 2013
PMC Commercial
Loans receivable
Discount on acquisition	$ 33,907,000
Acquisition discount					$ 26,495,000
First mortgage note secured by hotel located near Los Angeles Airport \| CIM Urban Partners, L.P
Loans receivable
Interest income and fees			$ 316,000	$ 3,034,000
Interest rate during the period		7.10%
Note acquisition discount				6,015,000
Note discount amortization				$ 810,000
First mortgage note secured by hotel located near Los Angeles Airport \| CIM Urban Partners, L.P \| LIBOR
Loans receivable
Interest rate margin (as a percent)		2.35%		2.35%		2.35%
Variable interest, floor		4.75%		4.75%		4.75%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3)	12 Months Ended
	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Allowance for uncollectible accounts receivable	$ 388,000	$ 76,000
Deferred Rent Receivable and Charges
Deferred rent receivable	53,622,000	49,543,000
Deferred loan costs, gross	7,521,000	3,666,000
Deferred loan costs, accumulated amortization	1,741,000	1,538,000
Deferred leasing costs, gross	55,145,000	50,176,000
Deferred leasing costs, accumulated amortization	16,917,000	14,241,000
Noncontrolling Interest
Payment to redeem noncontrolling interest	1,850,000
Revenue Recognition
Lease incentives	8,850,000	8,337,000
Lease incentives, accumulated amortization	2,072,000	1,151,000
Percentage rent	230,000	99,000	$ 162,000
Parking percentage rent	$ 1,562,000	1,096,000	$ 931,000
Segment Information
Number of businesss segments \| item	4
Advance Bookings
Purchase Accounting for Acquisition Of Investments in Real Estate
Intangible value	$ 0	190,000
Advance Bookings \| Minimum
Purchase Accounting for Acquisition Of Investments in Real Estate
Amortization period	1 year
Advance Bookings \| Maximum
Purchase Accounting for Acquisition Of Investments in Real Estate
Amortization period	3 years
Franchise Affiliation Fee
Purchase Accounting for Acquisition Of Investments in Real Estate
Intangible value	$ 955,000	1,349,000
Amortization period	10 years
Tax Abatement
Purchase Accounting for Acquisition Of Investments in Real Estate
Intangible value	$ 2,502,000	$ 3,053,000
Amortization period	8 years

ACQUISITIONS (Details)			1 Months Ended	12 Months Ended
ACQUISITIONS (Details)	Oct. 21, 2014 USD ($) ft² item	Apr. 18, 2014 USD ($) ft² item	Dec. 31, 2012 USD ($)	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($) item	Oct. 31, 2013 room
Fair value of the assets acquired and liabilities assumed
Net assets acquired				$ 63,436,000
Other disclosures
Acquisition related expenses			$ 632,000	491,000
Abandoned project costs				132,000
Acquired In-Place Leases
Fair value of the assets acquired and liabilities assumed
Intangible assets				$ 2,396,000
Weighted average amortization period				8 years	7 years
Acquired below-market leases
Fair value of the assets acquired and liabilities assumed
Intangible assets				$ (2,488,000)
Land
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment				22,975,000
Land improvements
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment				535,000
Buildings and improvements
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment				38,821,000
Tenant improvements
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment				$ 1,197,000
Office property investment
Acquisitions
Purchase Price			120,800,000
Cash paid			41,000,000
Number of mortgage loans			2
Mortgage loans assumed			79,800,000
Equity investment in the existing property owner			1,000,000
Loan to property owner and converted to equity			$ 40,000,000
Fee-simple interest acquired (as a percent)				100.00%
A select service hotel, located in Los Angeles, CA
Acquisitions
Fee-simple interest acquired (as a percent)						100.00%
Number of rooms \| room						405
Office building located in Los Angeles, CA
Acquisitions
Purchase Price		$ 44,936,000
Number of Buildings \| item		1
Rentable Square Feet \| ft²		143,361
Fair value of the assets acquired and liabilities assumed
Intangible assets					$ 251,000
Working capital					1,014,000
Note receivable					(40,100,000)
Office building located in Los Angeles, CA \| Acquired In-Place Leases
Fair value of the assets acquired and liabilities assumed
Weighted average amortization period				5 years 1 month 6 days
Office building located in Los Angeles, CA \| Acquired below-market leases
Fair value of the assets acquired and liabilities assumed
Weighted average amortization period				5 years
Office building located in Los Angeles, CA \| Land improvements
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment					436,000
Office building located in Los Angeles, CA \| Buildings and improvements
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment					20,256,000
Office building located in Los Angeles, CA \| Furniture, fixtures, and equipment
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment					$ 2,481,000
Creative office buildings located In Los Angeles C A
Acquisitions
Purchase Price	$ 18,500,000
Number of Buildings \| item	3
Rentable Square Feet \| ft²	32,428
Two Acquisitions
Other disclosures
Number of acquisitions \| item				2	2
First mortgage note secured by hotel located near Los Angeles Airport \| Land
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment					$ 15,662,000
First mortgage note secured by hotel located near Los Angeles Airport
Other disclosures
Acquisition related expenses					$ 1,393,000
Maximum \| Two Acquisitions
Other disclosures
Percentage of assets to total assets				5.00%	10.00%

INVESTMENTS IN REAL ESTATE (Details) - USD ($)	12 Months Ended
INVESTMENTS IN REAL ESTATE (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
INVESTMENTS IN REAL ESTATE
Land	$ 354,035,000	$ 331,060,000
Land improvements	28,071,000	27,536,000
Buildings and improvements	1,501,603,000	1,454,854,000
Furniture, fixtures, and equipment	10,875,000	12,131,000
Tenant improvements	131,446,000	118,280,000
Work in progress	10,764,000	9,987,000
Investments in real estate	2,036,794,000	1,953,848,000
Accumulated depreciation	(320,857,000)	(271,683,000)
Net investments in real estate	1,715,937,000	1,682,165,000
Depreciation expense	$ 58,635,000	$ 58,013,000	$ 59,149,000

OTHER INTANGIBLE ASSETS (Details) - USD ($)	12 Months Ended
OTHER INTANGIBLE ASSETS (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Intangible assets and liabilities
Amortization expenses	$ 69,047,000	$ 68,644,000	$ 69,943,000
Intangible liabilities
Net	(8,657,000)	(8,800,000)
Future accretion of acquisition related intangible liabilities
Net	(8,657,000)	(8,800,000)
Acquired Below-Market Leases
Intangible assets and liabilities
Amortization expenses	2,631,000	3,058,000	3,814,000
Intangible liabilities
Gross balance	(20,333,000)	(20,487,000)
Accumulated amortization	11,676,000	11,687,000
Net	$ (8,657,000)	$ (8,800,000)
Average useful life	8 years	8 years
Future accretion of acquisition related intangible liabilities
2015	$ (2,569,000)
2016	(2,502,000)
2017	(2,399,000)
2018	(963,000)
2019	(224,000)
Net	(8,657,000)	$ (8,800,000)
Acquired Above-Market Leases
Intangible assets and liabilities
Amortization expenses	602,000	888,000	1,003,000
Intangible assets
Gross balance	2,402,000	4,145,000
Accumulated amortization	(2,039,000)	(3,180,000)
Net	$ 363,000	$ 965,000
Average useful life	7 years	7 years
Future amortization of acquisition related intangible assets
2015	$ 241,000
2016	88,000
2017	26,000
2018	8,000
Net	363,000	$ 965,000
Acquired In-Place Leases
Intangible assets and liabilities
Amortization expenses	2,368,000	3,368,000	5,388,000
Intangible assets
Gross balance	22,680,000	22,593,000
Accumulated amortization	(16,470,000)	(16,411,000)
Net	$ 6,210,000	$ 6,182,000
Average useful life	8 years	7 years
Future amortization of acquisition related intangible assets
2015	$ 1,841,000
2016	1,346,000
2017	915,000
2018	666,000
2019	488,000
Thereafter	954,000
Net	6,210,000	$ 6,182,000
Tax Abatement
Intangible assets and liabilities
Amortization expenses	551,000	551,000	551,000
Intangible assets
Gross balance	4,273,000	4,273,000
Accumulated amortization	(1,771,000)	(1,220,000)
Net	$ 2,502,000	$ 3,053,000
Average useful life	8 years	8 years
Future amortization of acquisition related intangible assets
2015	$ 551,000
2016	551,000
2017	551,000
2018	551,000
2019	298,000
Net	2,502,000	$ 3,053,000
Advance Bookings
Intangible assets and liabilities
Amortization expenses	190,000	61,000	0
Intangible assets
Gross balance		251,000
Accumulated amortization		(61,000)
Net	0	$ 190,000
Average useful life		1 year
Future amortization of acquisition related intangible assets
Net	0	$ 190,000
Franchise Affiliation Fee
Intangible assets and liabilities
Amortization expenses	394,000	394,000	394,000
Intangible assets
Gross balance	3,936,000	3,936,000
Accumulated amortization	(2,981,000)	(2,587,000)
Net	$ 955,000	$ 1,349,000
Average useful life	10 years	10 years
Future amortization of acquisition related intangible assets
2015	$ 394,000
2016	394,000
2017	167,000
Net	955,000	$ 1,349,000
Acquired Below-Market Ground Lease
Intangible assets and liabilities
Amortization expenses	140,000	140,000	$ 140,000
Intangible assets
Gross balance	11,685,000	11,685,000
Accumulated amortization	(1,282,000)	(1,142,000)
Net	$ 10,403,000	$ 10,543,000
Average useful life	84 years	84 years
Future amortization of acquisition related intangible assets
2015	$ 140,000
2016	140,000
2017	140,000
2018	140,000
2019	140,000
Thereafter	9,703,000
Net	$ 10,403,000	$ 10,543,000

DISCONTINUED OPERATIONS (Details)	12 Months Ended
DISCONTINUED OPERATIONS (Details)	Dec. 31, 2014 USD ($)
DISCONTINUED OPERATIONS
Transaction costs	$ 473,000
Assets of Disposal Group, Including Discontinued Operation [Abstract]
Loans receivable-net	189,052,000
Cash and cash equivalents	9,937,000
Restricted cash	916,000
Accounts receivable and interest receivable-net	738,000
Other intangible assets	2,957,000
Other assets	5,199,000
Assets held for sale	208,799,000
Liabilities of assets held for sale
Debt	41,901,000
Accounts payable and accrued expenses	2,709,000
Other liabilities	5,181,000
Total liabilities associated with assets held for sale	$ 49,791,000

DISCONTINUED OPERATIONS (Details 2) $ in Thousands	Dec. 31, 2014 USD ($)
Loans receivable
Loans receivable	$ 188,899
Deferred capitalized costs - net	292
Loan loss reserves	(139)
Net loans receivable	189,052
Commercial mortgage loans
Loans receivable
Loans receivable	108,864
SBA 7(a) loans, subject to secured borrowings
Loans receivable
Loans receivable	41,328
SBA 7(a) Loans
Loans receivable
Loans receivable	$ 38,707

DISCONTINUED OPERATIONS (Details 3) $ in Thousands	Dec. 31, 2014 USD ($)
Debt
Total Debt	$ 41,901
Secured borrowings - government guaranteed loans
Debt
Gross debt	38,739
Premiums or discounts on debt instruments	3,162
Total Debt	$ 41,901
Secured borrowing principal on loans sold for a premium and excess spread - variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.92%
Debt
Weighted average coupon rate (as a percent)	3.92%
Gross debt	$ 33,654
Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.58%
Debt
Weighted average coupon rate (as a percent)	1.58%
Gross debt	$ 5,085

DISCONTINUED OPERATIONS (Details 4) - Secured borrowings - government guaranteed loans $ in Thousands	Dec. 31, 2014 USD ($)
Principal payments on, and estimated amortization of debt
2015	$ 1,226
2016	1,269
2017	1,311
2018	1,358
2019	1,407
Thereafter	32,168
Debt	$ 38,739

DISCONTINUED OPERATIONS (Details 5) $ in Thousands	12 Months Ended
DISCONTINUED OPERATIONS (Details 5) $ in Thousands	Dec. 31, 2014 USD ($)
DISCONTINUED OPERATIONS
Revenue - Interest and other income	$ 18,910
Expenses:
Interest expense	1,177
General and administrative	4,472
Provision for income taxes	623
Total Expenses	6,272
Income from operations of assets held for sale	$ 12,638

DEBT (Details) - USD ($)	12 Months Ended
DEBT (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Debt
Gross debt	$ 608,917,000
Total Debt	608,714,000	$ 395,105,000
Mortgages Payable
Debt
Gross debt	221,847,000	228,319,000
Premiums and discounts on assumed mortgages	1,961,000	2,786,000
Total Debt	223,808,000	231,105,000
Mortgage loan with a fixed interest of 7.66% per annum, due on December 1, 2015
Debt
Gross debt	$ 26,783,000	$ 28,262,000
Fixed interest rate (as a percent)	7.66%	7.66%
Period of amortization schedule	20 years	20 years
Amount of balance due on maturity	$ 25,324,000	$ 25,324,000
Mortgage loan with a fixed interest of 4.50% per annum, due on January 5, 2027
Debt
Gross debt	$ 46,000,000	$ 46,000,000
Fixed interest rate (as a percent)	4.50%	4.50%
Period of amortization schedule	10 years	10 years
Amount of balance due on maturity	$ 42,008,000	$ 42,008,000
Mortgage loan with a fixed interest of 5.56% per annum, due on July 1, 2015
Debt
Gross debt	$ 12,442,000	$ 12,737,000
Fixed interest rate (as a percent)	5.56%	5.56%
Period of amortization schedule	10 years	10 years
Amount of balance due on maturity	$ 12,288,000	$ 12,288,000
Mortgage loan with a fixed interest of 6.65% per annum, due on July 15, 2018
Debt
Gross debt	$ 32,070,000	$ 34,755,000
Fixed interest rate (as a percent)	6.65%	6.65%
Period of amortization schedule	25 years	25 years
Amount of balance due on maturity	$ 21,136,000	$ 21,136,000
Mortgage loan with a fixed interest of 5.06% per annum, due on September 1, 2015
Debt
Gross debt	$ 33,734,000	$ 34,583,000
Fixed interest rate (as a percent)	5.06%	5.06%
Amount of balance due on maturity	$ 33,068,000	$ 33,068,000
Mortgage loan with a fixed interest of 5.39% per annum, due on March 1, 2021
Debt
Gross debt	$ 40,526,000	$ 41,170,000
Fixed interest rate (as a percent)	5.39%	5.39%
Amount of balance due on maturity	$ 35,695,000	$ 35,695,000
Mortgage loan with a fixed interest of 5.18% per annum, due on June 5, 2021
Debt
Gross debt	$ 30,292,000	$ 30,812,000
Fixed interest rate (as a percent)	5.18%	5.18%
Amount of balance due on maturity	$ 26,232,000	$ 26,232,000
Other debt
Debt
Gross debt	387,070,000	164,000,000
Total Debt	384,906,000	164,000,000
Junior subordinated notes
Debt
Gross debt	27,070,000
Premiums and discounts on assumed mortgages	$ (2,164,000)
Junior subordinated notes \| LIBOR
Debt
Interest rate margin (as a percent)	3.25%
Unsecured credit facilities
Debt
Gross debt	$ 360,000,000	$ 164,000,000
Unsecured credit facilities \| Minimum
Debt
Weighted average rate (as a percent)	1.31%
Unsecured credit facilities \| Maximum
Debt
Weighted average rate (as a percent)	1.37%

DEBT (Detail 2)	1 Months Ended			12 Months Ended
DEBT (Detail 2)	Sep. 30, 2014 USD ($) item	Aug. 31, 2013 USD ($)	Feb. 29, 2012 USD ($)	Dec. 31, 2014 USD ($)	Apr. 30, 2014 USD ($)	Dec. 31, 2013 USD ($)
Debt
Pay-off of unsecured revolving line and term note				$ 393,400,000
Accrued interest and unused commitment fee payable				967,000		$ 1,017,000
Principal payments on, and estimated amortization of debt
2015				77,055,000
2016				364,354,000
2017				4,642,000
2018				24,300,000
2019				1,519,000
Thereafter				137,047,000
Total Debt				608,917,000
Unsecured revolving line of credit entered into February 2012 \| CIM Urban Partners, L.P
Debt
Maximum borrowing capacity			$ 100,000,000
Amount available for future borrowings						0
Amount outstanding under the facility						100,000,000
Unused commitment fee dependent upon amount of aggregate unused commitments, one (as a percent)		0.25%
Unused commitment fee dependent upon amount of aggregate unused commitments, two (as a percent)		0.35%
Unsecured revolving line of credit entered into February 2012 \| Base rate \| CIM Urban Partners, L.P \| Minimum
Debt
Interest rate margin (as a percent)		0.25%	0.75%
Unsecured revolving line of credit entered into February 2012 \| Base rate \| CIM Urban Partners, L.P \| Maximum
Debt
Interest rate margin (as a percent)		0.85%	1.50%
Unsecured revolving line of credit entered into February 2012 \| LIBOR \| CIM Urban Partners, L.P \| Minimum
Debt
Interest rate margin (as a percent)		1.25%	1.75%
Unsecured revolving line of credit entered into February 2012 \| LIBOR \| CIM Urban Partners, L.P \| Maximum
Debt
Interest rate margin (as a percent)		1.85%	2.50%
Unsecured revolving line of credit entered into August 2013 \| CIM Urban Partners, L.P
Debt
Maximum borrowing capacity		$ 125,000,000
Amount available for future borrowings						61,000,000
Amount outstanding under the facility						64,000,000
Unused commitment fee dependent upon amount of aggregate unused commitments, one (as a percent)		0.25%
Unused commitment fee dependent upon amount of aggregate unused commitments, two (as a percent)		0.35%
Maximum borrowing capacity contingent upon certain conditions		$ 150,000,000
Unsecured revolving line of credit entered into August 2013 \| CIM Urban Partners, L.P \| Subsequent event
Debt
Maximum borrowing capacity					$ 200,000,000
Unsecured revolving line of credit entered into August 2013 \| Base rate \| CIM Urban Partners, L.P \| Minimum
Debt
Interest rate margin (as a percent)		0.25%
Unsecured revolving line of credit entered into August 2013 \| Base rate \| CIM Urban Partners, L.P \| Maximum
Debt
Interest rate margin (as a percent)		0.85%
Unsecured revolving line of credit entered into August 2013 \| LIBOR \| CIM Urban Partners, L.P \| Minimum
Debt
Interest rate margin (as a percent)		1.25%
Unsecured revolving line of credit entered into August 2013 \| LIBOR \| CIM Urban Partners, L.P \| Maximum
Debt
Interest rate margin (as a percent)		1.85%
Mortgages Payable
Principal payments on, and estimated amortization of debt
2015				77,055,000
2016				4,354,000
2017				4,642,000
2018				24,300,000
2019				1,519,000
Thereafter				109,977,000
Total Debt				221,847,000		228,319,000
Other debt
Principal payments on, and estimated amortization of debt
2016				360,000,000
Thereafter				27,070,000
Total Debt				387,070,000		164,000,000
Unsecured credit facility entered into in September 2014
Debt
Maximum borrowing capacity	$ 850,000,000
Amount available for future borrowings				490,000,000
Amount outstanding under the facility				360,000,000
Period of extension option	1 year
Upsized borrowing capacity	$ 1,150,000,000
Number of extension \| item	2
Unsecured credit facility entered into in September 2014, revolver
Debt
Maximum borrowing capacity	$ 450,000,000
Unused commitment fee dependent upon amount of aggregate unused commitments, one (as a percent)	0.15%
Unused commitment fee dependent upon amount of aggregate unused commitments, two (as a percent)	0.25%
Principal payments on, and estimated amortization of debt
Unused line fee (as a percent)	0.25%
Unsecured credit facility entered into in September 2014, revolver \| Base rate \| Minimum
Debt
Interest rate margin (as a percent)	0.20%
Unsecured credit facility entered into in September 2014, revolver \| Base rate \| Maximum
Debt
Interest rate margin (as a percent)	1.00%
Unsecured credit facility entered into in September 2014, revolver \| LIBOR \| Minimum
Debt
Interest rate margin (as a percent)	1.20%
Unsecured credit facility entered into in September 2014, revolver \| LIBOR \| Maximum
Debt
Interest rate margin (as a percent)	2.00%
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 \| Base rate \| Minimum
Debt
Interest rate margin (as a percent)	0.15%
Unsecured credit facility entered into in September 2014, term loan \| Base rate \| Maximum
Debt
Interest rate margin (as a percent)	0.95%
Unsecured credit facility entered into in September 2014, term loan \| LIBOR \| Minimum
Debt
Interest rate margin (as a percent)	1.15%
Unsecured credit facility entered into in September 2014, term loan \| LIBOR \| Maximum
Debt
Interest rate margin (as a percent)	1.95%
Unsecured credit facility entered into in September 2014, delayed-draw term loan
Debt
Maximum borrowing capacity	$ 75,000,000
Unsecured credit facilities
Debt
Pay-off of unsecured revolving line and term note	$ 323,000,000
Principal payments on, and estimated amortization of debt
Total Debt				$ 360,000,000		$ 164,000,000

STOCK BASED COMPENSATION PLANS (Details) - USD ($)	10 Months Ended	12 Months Ended
STOCK BASED COMPENSATION PLANS (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2014	Apr. 28, 2014	Apr. 27, 2014
Other disclosures
Out-of-the-money stock options	3,100	3,100
Outstanding and exercisable, intrinsic value	$ 6,200	$ 6,200
Options
Number of Shares Underlying Options
Outstanding at the beginning of period	19,700
Granted (in shares)	11,850
Exercised (in shares)	(14,500)
Outstanding and exercisable at the end of the period	17,050	17,050
Weighted Average Exercise Prices
Outstanding at the beginning of the period	$ 13.96
Granted	23.16
Exercised	13.83
Outstanding and exercisable at the end of the period	20.46	$ 20.46
Other disclosures
Weighted-average fair value per share of stock options granted during the year	$ 0.66
Stock-based compensation expense		$ 8,000
Assumptions
Expected term (years)		3 years
Risk-free interest rate (as a percent)		0.94%
Expected dividend yield (as a percent)		3.78%
Expected volatility (as a percent)		9.37%
Expected forfeiture rate (as a percent)		1.00%
Restricted share awards \| Executive officers
Other disclosures
Stock-based compensation expense		$ 29,000
PMC Commercial \| Restricted share awards \| 2005 Equity Incentive Plan
Share-based compensation plans
Aggregate numbers of shares			300,000	100,000
PMC Commercial \| Restricted share awards \| Independent directors \| 2005 Equity Incentive Plan
Share-based compensation plans
Annual limitation on grants			100,000
PMC Commercial \| Restricted share awards \| Executive officers \| 2005 Equity Incentive Plan
Share-based compensation plans
Annual limitation on grants per awardee			4,000

STOCK BASED COMPENSATION PLANS (Details 2) - $ / shares		12 Months Ended
STOCK BASED COMPENSATION PLANS (Details 2) - $ / shares	Jan. 31, 2015	Dec. 31, 2014
Options Outstanding and Exercisable
Outstanding options forfeited	17,050
$11.50
Options Outstanding and Exercisable
Exercise price		$ 11.50
Number Outstanding		1,400
Weighted Average Reaming Contract Life (in years)		2 years 5 months 9 days
Weighted Average Exercise Price		$ 11.50
$14.25 to $16.25
Options Outstanding and Exercisable
Exercise price, lower limit		14.25
Exercise price, upper limit		$ 16.25
Number Outstanding		3,800
Weighted Average Reaming Contract Life (in years)		1 year
Weighted Average Exercise Price		$ 15.36
$23.16
Options Outstanding and Exercisable
Exercise price		$ 23.16
Number Outstanding		11,850
Weighted Average Reaming Contract Life (in years)		4 years 5 months 12 days
Weighted Average Exercise Price		$ 23.16
$11.50 to $23.16
Options Outstanding and Exercisable
Exercise price, lower limit		11.50
Exercise price, upper limit		$ 23.16
Number Outstanding		17,050
Weighted Average Reaming Contract Life (in years)		3 years 6 months 4 days
Weighted Average Exercise Price		$ 20.46

STOCK BASED COMPENSATION PLANS (Details 3)			10 Months Ended	12 Months Ended
STOCK BASED COMPENSATION PLANS (Details 3)	May 06, 2014 item shares	Mar. 11, 2014 shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Apr. 28, 2014 shares	Dec. 31, 2013 shares
Share-based compensation plans
Common stock, authorized shares			200,000,000	200,000,000	1,000,000,000	20,000,000
Independent directors
Share-based compensation plans
Stock-based compensation expense \| $				$ 95,000
PMC Commercial
Share-based compensation plans
Common shares authorized before amendment (in shares)					100,000,000
Common stock, authorized shares					1,000,000,000
PMC Commercial \| Board of directors
Share-based compensation plans
Granted (in shares)		6,000
Award granted to each independent members of the board of directors		2,000
Restricted share awards
Share-based compensation plans
Granted (in shares)			8,000
Vested (in shares)			(666)
Balance at end of period			7,334	7,334
Granted \| $ / shares			$ 21.42
Vested \| $ / shares			22.54
Balance at end of period \| $ / shares			$ 21.32	$ 21.32
Unrecognized compensation expense \| $			$ 48,000	$ 48,000
Recognition period				12 months
Fair value of shares vested \| $				$ 15,000
Restricted share awards \| Executive officers
Share-based compensation plans
Granted (in shares)	2,000
Stock-based compensation expense \| $				$ 29,000
Number of executive officers \| item	2
Award vesting period	2 years
Percentage of award vesting immediately and at the end of each of the next two years	33.00%

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

EARNINGS PER SHARE (''EPS'') (Details 2) - shares	12 Months Ended
EARNINGS PER SHARE (''EPS'') (Details 2) - shares	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Apr. 29, 2014	Apr. 28, 2014	Mar. 11, 2014
Earnings per share (EPS)
Common Stock, Shares Authorized	20,000,000		200,000,000		1,000,000,000
Common Stock Shares Authorized with Reverse Stock Split Effect				200,000,000
CIM Urban REIT
Earnings per share (EPS)
Number of shares to be issued on conversion of preferred shares	91,040,000	91,040,000
Number of shares to be issued on conversion of preferred stock expressed as a percentage of outstanding stock						97.80%
CIM Urban REIT \| Preferred Stock
Earnings per share (EPS)
Shares issued in connection with the Merger	65,000,000	65,000,000

DIVIDENDS DECLARED (Details) - USD ($)								12 Months Ended
DIVIDENDS DECLARED (Details) - USD ($)	Mar. 06, 2015	Dec. 09, 2014	Sep. 12, 2014	Jun. 12, 2014	Apr. 28, 2014	Mar. 24, 2014	Mar. 10, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Dividend declared
Common stock as converted dividend declared (in dollars per share)					$ 0.0215	$ 0.0285
Dividend paid								$ 16,100,000	$ 104,035,000	$ 72,987,000
Dividend paid								$ 59,286,000
Common stock dividend declared (in dollars per share)	$ 0.21875	$ 0.21875	$ 0.21875	$ 0.21875		0.05		$ 0.70625
Preferred dividend declared (in dollars per share)					$ 0.0302	$ 0.0403		$ 0.0705
Aggregate amount of dividend declared to preferred shareholders					$ 1,964,000			$ 4,585,000
CIM Urban Partners, L.P
Dividend declared
Common stock as converted dividend declared (in dollars per share)								$ 0.1685
Dividend paid								$ 16,100,000
PMC Commercial \| CIM Urban Partners, L.P
Dividend declared
Dividend paid							$ 59,286,000
Dividend paid per common stock (in dollars per share)							$ 27.975
Payment in cash - special dividend (in dollars per share)							27.50
Pro rata portion of regular quarterly cash dividend (in dollars per share)							$ 0.475

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
SBA 7(a) loans, subject to secured borrowings \| Loans receivable
Fair Value Inputs [Abstract]
Rate of prepayment (as a percent)	15.00%
Carrying Amount
Assets:
Loans Receivable Subject to Credit Risk	$ 147,648
SBA 7(a) loans receivable, subject to secured borrowings	41,404
Liabilities:
Secured borrowings-government guaranteed loans, included in liabilities of assets held for sale	41,901
Junior subordinated notes	24,906
Mortgages payable	223,808	$ 231,105
Unsecured credit revolving facilities	360,000	164,000
Estimated Fair Value \| Level 3
Assets:
Loans Receivable Subject to Credit Risk	154,252
SBA 7(a) loans receivable, subject to secured borrowings	41,901
Liabilities:
Secured borrowings-government guaranteed loans, included in liabilities of assets held for sale	41,901
Junior subordinated notes	24,877
Mortgages payable	231,806	231,250
Unsecured credit revolving facilities	$ 360,000	$ 164,000
Mortgages payable. \| Minimum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	3.92%	4.85%
Mortgages payable. \| Maximum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	4.12%	5.00%
Junior subordinated notes
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	3.83%

RELATED-PARTY TRANSACTIONS (Details) - USD ($)		12 Months Ended
RELATED-PARTY TRANSACTIONS (Details) - USD ($)	Mar. 11, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related-party transactions
Due (from) to related parties		$ 9,186,000	$ 6,807,000
Management Company \| Asset management fees
Related-party transactions
Fees		23,223,000	21,767,000	$ 20,924,000
Due (from) to related parties		5,867,000	5,426,000
Management Company \| Property management fees
Related-party transactions
Fees		$ 5,284,000	4,828,000	4,171,000
Management Company \| 0 - 500,000
Related-party transactions
Fee percentage		0.25%
Management Company \| 0 - 500,000 \| Maximum
Related-party transactions
Daily average gross fair value of investments		$ 500,000,000
Management Company \| 500,000 - 1,000,000
Related-party transactions
Fee percentage		0.2375%
Management Company \| 500,000 - 1,000,000 \| Minimum
Related-party transactions
Daily average gross fair value of investments		$ 500,000,000
Management Company \| 500,000 - 1,000,000 \| Maximum
Related-party transactions
Daily average gross fair value of investments		$ 1,000,000,000
Management Company \| 1,000,000 - 1,500,000
Related-party transactions
Fee percentage		0.225%
Management Company \| 1,000,000 - 1,500,000 \| Minimum
Related-party transactions
Daily average gross fair value of investments		$ 1,000,000,000
Management Company \| 1,000,000 - 1,500,000 \| Maximum
Related-party transactions
Daily average gross fair value of investments		$ 1,500,000,000
Management Company \| 1,500,000 - 4,000,000
Related-party transactions
Fee percentage		0.2125%
Management Company \| 1,500,000 - 4,000,000 \| Minimum
Related-party transactions
Daily average gross fair value of investments		$ 1,500,000,000
Management Company \| 1,500,000 - 4,000,000 \| Maximum
Related-party transactions
Daily average gross fair value of investments		$ 4,000,000,000
Management Company \| 4,000,000 - 20,000,000
Related-party transactions
Fee percentage		0.10%
Management Company \| 4,000,000 - 20,000,000 \| Minimum
Related-party transactions
Daily average gross fair value of investments		$ 4,000,000,000
Management Company \| 4,000,000 - 20,000,000 \| Maximum
Related-party transactions
Daily average gross fair value of investments		20,000,000,000
CIM Management Entities
Related-party transactions
Due (from) to related parties		2,518,000	1,445,000
Leasing commissions		1,904,000	537,000	744,000
CIM Management Entities \| On-site personnel
Related-party transactions
Fees		7,369,000	5,082,000	2,726,000
CIM Management Entities \| Development management fees
Related-party transactions
Fees		566,000	834,000	$ 973,000
CIM Management Entities and related parties
Related-party transactions
Due (from) to related parties		76,000	$ (64,000)
Manager \| Master Services Agreement
Related-party transactions
Due (from) to related parties		725,000
Fees payable per year under agreement	$ 1,000,000
Compensation expensed for performing other services		1,193,000
Manager \| Base Service Fee
Related-party transactions
Fees		$ 806,000

COMMITMENTS AND CONTINGENCIES (Details)		1 Months Ended	5 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jan. 28, 2014 USD ($) $ / shares shares	Aug. 31, 2014 shares	Aug. 10, 2014 shares	Dec. 31, 2014 USD ($) item shares	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Commitments and contingencies
Outstanding loan commitments and approvals to fund loans				$ 22,910,000
Future obligations under leases to fund tenant improvements and in other future construction obligation				19,721,000
Liability related to the settlement of a 421a tax abatement dispute				4,475,000
Future noncancelable minimum lease payments
2015				616,000
2016				743,000
2017				749,000
2018				607,000
2019				503,000
Thereafter				128,528,000
Total				131,746,000
Ground lease for one of the project
Commitments and contingencies
Current annual rent				$ 437,000
Period after which the annual rental payment will be increased by greater of 15% or 50% of the increase in the Consumer Price Index				5 years
Increase in annual rental payment after every 5 years, option one (as a percent)				15.00%
Increase in annual rental payment after every 5 years, option two (as a percent)				50.00%
Adjustment period used to calculate increase in the Consumer Price Index				5 years
Increase in rent payable during the balance of the lease term expressed as a percentage of rent payable during the immediately preceding lease year commencing on June 1, 2040 and 2065				10.00%
Rent expense				$ 1,752,000	$ 1,752,000	$ 1,752,000
Straight line rent liability				11,038,000	$ 9,863,000
Office space in Dallas, Texas
Commitments and contingencies
Office space rent expense				175,000
REIT Redux, L.P. et al v. PMC Commercial Trust, et al \| Manager
Commitments and contingencies
Number of common shares acquired as a part of litigation settlement \| shares			254,000
REIT Redux, L.P. et al v. PMC Commercial Trust, et al \| Manager \| Maximum
Commitments and contingencies
Number of common stock agreed to be purchased as a part of litigation settlement \| shares	550,000
Common stock market price (in dollars per share) \| $ / shares	$ 25.00
Attorney's fees and counselor expenses	$ 772,000
Number of common shares agreed to be purchase which are owned by REIT Redux \| shares		100,000
Restricted share awards
Commitments and contingencies
Unrecognized compensation expense				48,000
Executive officers \| Restricted share awards
Commitments and contingencies
Stock-based compensation expense				$ 29,000
Employment agreements \| Executive officers
Commitments and contingencies
Number of employees covered under employment agreement \| item				2
Multiplier used for the calculation of severance compensation or change in control payments \| item				2.99
Period of annual compensation paid to employee used to calculate severance compensation or change in control payments				3 years
Multiplier used for the calculation of payments in the event of death of employee \| item				2
Multiplier used for the calculation of payments in the event of disability to employee \| item				1
Employment agreements \| Executive officers \| Restricted share awards
Commitments and contingencies
Share awards to be granted as retention bonus under employment agreement \| shares				105,000
Stock-based compensation expense				$ 947,000
Unrecognized compensation expense				$ 1,263,000

FUTURE MINIMUM LEASE RENTALS (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Future minimum lease rentals
2015	$ 160,089
2016	136,955
2017	125,206
2018	103,680
2019	91,155
Thereafter	297,413
Total	914,498
Governmental Tenants
Future minimum lease rentals
2015	57,327
2016	46,292
2017	41,094
2018	39,091
2019	37,760
Thereafter	117,361
Total	338,925
Other Tenants
Future minimum lease rentals
2015	102,762
2016	90,663
2017	84,112
2018	64,589
2019	53,395
Thereafter	180,052
Total	$ 575,573

CONCENTRATIONS (Details)	12 Months Ended
CONCENTRATIONS (Details)	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($) item	Dec. 31, 2012 item
Concentrations
Concentration risk (as a percent)			100.00%
Number of states in which real estate properties are owned	4
Office properties
Concentrations
Number of real estate properties owned	21	19	19
Multi-family properties
Concentrations
Number of real estate properties owned	5
Hotel properties
Concentrations
Number of real estate properties owned	3
Revenues \| Tenant Revenue Concentrations \| Governmental Tenants
Concentrations
Concentration risk (as a percent)	24.70%	27.50%	28.40%
Amount due from Governmental Tenants \| $	$ 7,168,000	$ 5,596,000
Revenues \| Geographical concentrations
Concentrations
Concentration risk (as a percent)	100.00%	100.00%
Revenues \| Geographical concentrations \| California
Concentrations
Concentration risk (as a percent)	60.40%	57.10%	58.00%
Revenues \| Geographical concentrations \| Washington, D.C.
Concentrations
Concentration risk (as a percent)	24.70%	26.50%	25.80%
Revenues \| Geographical concentrations \| Texas
Concentrations
Concentration risk (as a percent)	7.70%	8.10%	7.60%
Revenues \| Geographical concentrations \| North Carolina
Concentrations
Concentration risk (as a percent)	5.10%	6.10%	6.50%
Revenues \| Geographical concentrations \| New York
Concentrations
Concentration risk (as a percent)	2.10%	2.20%	2.10%
Real estate investments \| Geographical concentrations
Concentrations
Concentration risk (as a percent)	100.00%	100.00%
Real estate investments \| Geographical concentrations \| California
Concentrations
Concentration risk (as a percent)	52.30%	50.50%
Real estate investments \| Geographical concentrations \| Washington, D.C.
Concentrations
Concentration risk (as a percent)	31.20%	32.50%
Real estate investments \| Geographical concentrations \| Texas
Concentrations
Concentration risk (as a percent)	7.40%	7.70%
Real estate investments \| Geographical concentrations \| North Carolina
Concentrations
Concentration risk (as a percent)	5.50%	5.60%
Real estate investments \| Geographical concentrations \| New York
Concentrations
Concentration risk (as a percent)	3.60%	3.70%

INCOME TAXES (Details)	12 Months Ended
INCOME TAXES (Details)	Dec. 31, 2014 USD ($)
Federal
Current income tax provision	$ 0
Deferred income tax provision	$ 0

INCOME TAXES (Details 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
INCOME TAXES (Details 2) - USD ($) $ in Thousands	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation of the income tax computed at federal statutory rates to the income tax provision reported
Income from continuing operations before income taxes for TRS's	$ (3,469)	$ 975	$ 4,170	$ 10,284	$ 2,290	$ 1,759	$ 4,808	$ 5,822	$ 11,960	$ 14,679	$ 19,797
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 TRS's									2,925	(1,084)	(481)
Expected federal income tax provision									995	(368)	(163)
State income taxes									172	(61)	(26)
Change in valuation allowance									(1,175)	418	177
Other									8	11	12
Income tax provision									0	0	$ 0
Deferred tax assets:
Net operating losses	1,893				2,598				1,893	2,598
Secured borrowings - government guaranteed loans	1,075								1,075
Other	225				327				225	327
Total gross deferred tax assets	3,193				2,925				3,193	2,925
Valuation allowance	(1,808)				$ (2,925)				(1,808)	$ (2,925)
Deferred tax asset, net of valuation allowance	1,385								1,385
Deferred tax liabilities:
Loans receivable	(681)								(681)
Other	(147)								(147)
Deferred tax liabilities	(828)								(828)
Deferred tax asset, net	557								557
Assets held for sale	$ 557								$ 557

SEGMENT DISCLOSURE (Details) $ in Thousands	3 Months Ended								12 Months Ended
SEGMENT DISCLOSURE (Details) $ in Thousands	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 30, 2013 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Segment disclosure
Number of types of commercial real estate properties \| item									3
Revenues	$ 65,252	$ 63,117	$ 65,187	$ 62,597	$ 60,180	$ 57,487	$ 59,838	$ 58,308	$ 256,153	$ 235,813	$ 232,513
Property expenses:
General and administrative									7,332	2,568	2,773
EXPENSES									249,111	221,134	212,716
Reportable segments
Property expenses:
Total segment net operating income									127,410	129,208	131,275
Reportable segments \| Office properties
Segment disclosure
Revenues									179,338	175,144	172,583
Property expenses:
Operating									73,666	67,906	66,230
General and administrative									981	1,078	1,122
EXPENSES									74,647	68,984	67,352
Total segment net operating income									104,691	106,160	105,231
Reportable segments \| Hotel properties
Segment disclosure
Revenues									56,096	40,680	41,086
Property expenses:
Operating									39,544	28,825	25,951
General and administrative									150	250	184
EXPENSES									39,694	29,075	26,135
Total segment net operating income									16,402	11,605	14,951
Reportable segments \| Multi-family properties
Segment disclosure
Revenues									20,719	19,989	18,844
Property expenses:
Operating									13,664	8,432	7,407
General and administrative									738	114	344
EXPENSES									14,402	8,546	7,751
Total segment net operating income									$ 6,317	$ 11,443	$ 11,093

SEGMENT DISCLOSURE (Details 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
SEGMENT DISCLOSURE (Details 2) - USD ($) $ in Thousands	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment disclosure
Interest									$ (19,073)	$ (17,929)	$ (18,856)
General and administrative									(7,332)	(2,568)	(2,773)
Asset management fees and other fees to related parties									(25,222)	(21,767)	(20,924)
Transaction costs									(1,563)	(5,063)	(632)
Depreciation and amortization									(69,047)	(68,644)	(69,943)
Bargain purchase gain				$ 4,918					4,918
INCOME FROM CONTINUING OPERATIONS	$ (3,469)	$ 975	$ 4,170	10,284	$ 2,290	$ 1,759	$ 4,808	$ 5,822	11,960	14,679	19,797
Income from operations of assets held for sale									12,638
INCOME FROM DISCONTINUED OPERATIONS	4,056	3,305	4,344	933					12,638
NET INCOME	587	4,280	8,514	11,217	2,290	1,759	4,808	5,822	24,598	14,679	19,797
Net income attributable to noncontrolling interests									(220)	(213)	(208)
NET INCOME ATTRIBUTABLE TO STOCKHOLDERS	$ 475	$ 4,285	$ 8,399	$ 11,219	$ 2,180	$ 1,765	$ 4,695	$ 5,826	24,378	14,466	19,589
Reportable segments
Segment disclosure
Total segment net operating income									127,410	129,208	131,275
Reconciliation
Segment disclosure
Interest									(19,073)	(17,929)	(18,856)
General and administrative									(5,463)	(1,126)	(1,123)
Asset management fees and other fees to related parties									(25,222)	(21,767)	(20,924)
Transaction costs									(1,563)	(5,063)	(632)
Depreciation and amortization									$ (69,047)	$ (68,644)	$ (69,943)

SEGMENT DISCLOSURE (Details 3) - USD ($) $ in Thousands	12 Months Ended
SEGMENT DISCLOSURE (Details 3) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment disclosure
Total assets	$ 2,094,682	$ 1,834,477
Lending assets held for sale	208,799
Total capital expenditures	28,879	24,520	$ 25,470
Originations from assets held for sale	50,971
Total capital expenditures and originations	79,850	24,520	25,470
Office properties
Segment disclosure
Total capital expenditures	26,157	20,523	23,154
Hotel properties
Segment disclosure
Total capital expenditures	1,481	2,015	598
Multi-family properties
Segment disclosure
Total capital expenditures	$ 1,241	$ 1,982	$ 1,718

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Revenues from continuing operations	$ 65,252	$ 63,117	$ 65,187	$ 62,597	$ 60,180	$ 57,487	$ 59,838	$ 58,308	$ 256,153	$ 235,813	$ 232,513
Bargain purchase gain				4,918					4,918
Income (loss) from continuing operations	(3,469)	975	4,170	10,284	2,290	1,759	4,808	5,822	11,960	14,679	19,797
Income from operations of assets held for sale	4,056	3,305	4,344	933					12,638
Net income	587	4,280	8,514	11,217	2,290	1,759	4,808	5,822	24,598	14,679	19,797
Net income attributable to stockholders	475	4,285	8,399	11,219	2,180	1,765	4,695	5,826	24,378	14,466	19,589
Comprehensive income	$ 475	$ 4,285	$ 8,399	$ 11,219	$ 2,180	$ 1,765	$ 4,695	$ 5,826	$ 24,378	$ 14,466	$ 19,589
BASIC INCOME PER SHARE:
Continuing operations	$ (0.04)	$ 0.01	$ 0.04	$ 0.11	$ 0.02	$ 0.02	$ 0.05	$ 0.06	$ 0.12	$ 0.15	$ 0.21
Discontinued operations	0.04	0.03	0.05	0.01					0.13
Net income		0.04	0.09	0.12	0.02	0.02	0.05	0.06	0.25	0.15	0.21
DILUTED NET INCOME PER SHARE:
Continuing operations	(0.04)	0.01	0.04	0.11	0.02	0.02	0.05	0.06	0.12	0.15	0.21
Discontinued operations	$ 0.04	0.03	0.05	0.01					0.13
Net income		$ 0.04	$ 0.09	$ 0.12	$ 0.02	$ 0.02	$ 0.05	$ 0.06	$ 0.25	$ 0.15	$ 0.21
Weighted average common shares outstanding - basic	97,582	97,582	97,571	95,934	95,440	95,440	95,440	95,440	97,173	95,440	95,440
Weighted average common shares outstanding - diluted	97,583	97,583	97,576	95,936	95,440	95,440	95,440	95,440	97,176	95,440	95,440

Schedule III-REAL ESTATE AND ACCUMULATE DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 221,847
Initial Cost
Land	354,035
Bldg. & Improve.	1,597,138
Net Improvements (Write-Offs) Since Acquisition	85,621
Gross Amount at Which Carried
Land	354,035
Building and Improvements	1,682,759
Total	2,036,794	$ 1,953,848
Accumulated Depreciation	320,857	$ 271,683	$ 231,080	$ 184,626
Other disclosures
Federal tax cost basis	2,100,000
Office \| 7083 Hollywood Blvd Los Angeles, CA
Initial Cost
Land	6,276
Bldg. & Improve.	13,161
Net Improvements (Write-Offs) Since Acquisition	3,146
Gross Amount at Which Carried
Land	6,276
Building and Improvements	16,307
Total	22,583
Accumulated Depreciation	4,271
Office \| 800 N Capitol Street Washington, DC
Initial Cost
Bldg. & Improve.	109,948
Net Improvements (Write-Offs) Since Acquisition	(8,512)
Gross Amount at Which Carried
Building and Improvements	101,436
Total	101,436
Accumulated Depreciation	23,037
Office \| 370 L'Enfant Prom Washington, DC
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	26,783
Initial Cost
Land	33,936
Bldg. & Improve.	145,796
Net Improvements (Write-Offs) Since Acquisition	(6,450)
Gross Amount at Which Carried
Land	33,936
Building and Improvements	139,346
Total	173,282
Accumulated Depreciation	32,181
Office \| 260 Townsend San Francisco, CA
Initial Cost
Land	7,574
Bldg. & Improve.	13,843
Net Improvements (Write-Offs) Since Acquisition	724
Gross Amount at Which Carried
Land	7,574
Building and Improvements	14,567
Total	22,141
Accumulated Depreciation	5,651
Office \| 830 1st Street Washington, DC
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	46,000
Initial Cost
Land	18,095
Bldg. & Improve.	62,017
Net Improvements (Write-Offs) Since Acquisition	(1,398)
Gross Amount at Which Carried
Land	18,095
Building and Improvements	60,619
Total	78,714
Accumulated Depreciation	12,450
Office \| BB&T Center Charlotte, NC
Initial Cost
Land	7,702
Bldg. & Improve.	109,006
Net Improvements (Write-Offs) Since Acquisition	5,627
Gross Amount at Which Carried
Land	7,702
Building and Improvements	114,633
Total	122,335
Accumulated Depreciation	28,139
Office \| Civic Center Santa Ana, CA
Initial Cost
Land	1,354
Bldg. & Improve.	5,496
Net Improvements (Write-Offs) Since Acquisition	1,467
Gross Amount at Which Carried
Land	1,354
Building and Improvements	6,963
Total	8,317
Accumulated Depreciation	2,255
Office \| Penn Field Austin, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	12,442
Initial Cost
Land	9,569
Bldg. & Improve.	18,593
Net Improvements (Write-Offs) Since Acquisition	2,774
Gross Amount at Which Carried
Land	9,569
Building and Improvements	21,367
Total	30,936
Accumulated Depreciation	5,598
Office \| 899 N Capitol Street Washington, DC
Initial Cost
Land	34,641
Bldg. & Improve.	84,466
Net Improvements (Write-Offs) Since Acquisition	9,762
Gross Amount at Which Carried
Land	34,641
Building and Improvements	94,228
Total	128,869
Accumulated Depreciation	18,947
Office \| 999 N Capitol Street Washington, DC
Initial Cost
Land	32,221
Bldg. & Improve.	86,526
Net Improvements (Write-Offs) Since Acquisition	9,868
Gross Amount at Which Carried
Land	32,221
Building and Improvements	96,394
Total	128,615
Accumulated Depreciation	19,383
Office \| 901 N Capitol Street Washington, DC
Initial Cost
Land	27,117
Gross Amount at Which Carried
Land	27,117
Total	27,117
Office \| 1333 Broadway Oakland, CA
Initial Cost
Land	7,048
Bldg. & Improve.	41,578
Net Improvements (Write-Offs) Since Acquisition	5,985
Gross Amount at Which Carried
Land	7,048
Building and Improvements	47,563
Total	54,611
Accumulated Depreciation	7,572
Office \| 1901 Harrison Street Oakland, CA
Initial Cost
Land	3,838
Bldg. & Improve.	68,106
Net Improvements (Write-Offs) Since Acquisition	5,239
Gross Amount at Which Carried
Land	3,838
Building and Improvements	73,345
Total	77,183
Accumulated Depreciation	14,426
Office \| 2100 Franklin Street Oakland, CA
Initial Cost
Land	4,277
Bldg. & Improve.	34,033
Net Improvements (Write-Offs) Since Acquisition	12,698
Gross Amount at Which Carried
Land	4,277
Building and Improvements	46,731
Total	51,008
Accumulated Depreciation	10,086
Office \| 2101 Webster Street Oakland, CA
Initial Cost
Land	4,752
Bldg. & Improve.	109,812
Net Improvements (Write-Offs) Since Acquisition	18,965
Gross Amount at Which Carried
Land	4,752
Building and Improvements	128,777
Total	133,529
Accumulated Depreciation	26,004
Office \| 2353 Webster Street Parking Garage Oakland, CA
Initial Cost
Bldg. & Improve.	9,138
Net Improvements (Write-Offs) Since Acquisition	51
Gross Amount at Which Carried
Building and Improvements	9,189
Total	9,189
Accumulated Depreciation	1,446
Office \| 1 Kaiser Plaza Oakland, CA
Initial Cost
Land	9,261
Bldg. & Improve.	113,619
Net Improvements (Write-Offs) Since Acquisition	8,924
Gross Amount at Which Carried
Land	9,261
Building and Improvements	122,543
Total	131,804
Accumulated Depreciation	23,933
Office \| 980 9th Street Sacramento, CA
Initial Cost
Land	3,380
Bldg. & Improve.	86,939
Net Improvements (Write-Offs) Since Acquisition	4,550
Gross Amount at Which Carried
Land	3,380
Building and Improvements	91,489
Total	94,869
Accumulated Depreciation	15,584
Office \| 1010 8th Street Parking Garage & Retail Sacramento, CA
Initial Cost
Land	1,020
Bldg. & Improve.	1,980
Net Improvements (Write-Offs) Since Acquisition	96
Gross Amount at Which Carried
Land	1,020
Building and Improvements	2,076
Total	3,096
Accumulated Depreciation	354
Office \| 211 Main Street San Francisco, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	32,070
Initial Cost
Land	14,364
Bldg. & Improve.	106,875
Net Improvements (Write-Offs) Since Acquisition	1,479
Gross Amount at Which Carried
Land	14,364
Building and Improvements	108,354
Total	122,718
Accumulated Depreciation	20,808
Office \| 11600 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	3,477
Bldg. & Improve.	18,522
Net Improvements (Write-Offs) Since Acquisition	1,113
Gross Amount at Which Carried
Land	3,477
Building and Improvements	19,635
Total	23,112
Accumulated Depreciation	2,456
Office \| 11620 Wilshire Blvd Los Angeles, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	33,734
Initial Cost
Land	7,672
Bldg. & Improve.	51,999
Net Improvements (Write-Offs) Since Acquisition	5,122
Gross Amount at Which Carried
Land	7,672
Building and Improvements	57,121
Total	64,793
Accumulated Depreciation	6,902
Office \| 4750 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	16,633
Bldg. & Improve.	28,985
Net Improvements (Write-Offs) Since Acquisition	59
Gross Amount at Which Carried
Land	16,633
Building and Improvements	29,044
Total	45,677
Accumulated Depreciation	610
Office \| Lindblade Media Center Los Angeles, CA
Initial Cost
Land	6,342
Bldg. & Improve.	11,568
Gross Amount at Which Carried
Land	6,342
Building and Improvements	11,568
Total	17,910
Accumulated Depreciation	75
Multifamily \| 3636 McKinney Avenue Dallas, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	9,696
Initial Cost
Land	3,806
Bldg. & Improve.	11,077
Net Improvements (Write-Offs) Since Acquisition	357
Gross Amount at Which Carried
Land	3,806
Building and Improvements	11,434
Total	15,240
Accumulated Depreciation	1,554
Multifamily \| 3839 McKinney Avenue Dallas, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	6,432
Initial Cost
Land	1,679
Bldg. & Improve.	8,621
Net Improvements (Write-Offs) Since Acquisition	311
Gross Amount at Which Carried
Land	1,679
Building and Improvements	8,932
Total	10,611
Accumulated Depreciation	1,218
Multifamily \| 4649 Cole Avenue Dallas, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	24,398
Initial Cost
Land	17,483
Bldg. & Improve.	16,355
Net Improvements (Write-Offs) Since Acquisition	4,806
Gross Amount at Which Carried
Land	17,483
Building and Improvements	21,161
Total	38,644
Accumulated Depreciation	2,907
Multifamily \| Memorial Hills Houston, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	30,292
Initial Cost
Land	9,811
Bldg. & Improve.	40,150
Net Improvements (Write-Offs) Since Acquisition	506
Gross Amount at Which Carried
Land	9,811
Building and Improvements	40,656
Total	50,467
Accumulated Depreciation	5,589
Multifamily \| 47 E 34th Street New York, NY
Initial Cost
Land	30,612
Bldg. & Improve.	31,145
Net Improvements (Write-Offs) Since Acquisition	312
Gross Amount at Which Carried
Land	30,612
Building and Improvements	31,457
Total	62,069
Accumulated Depreciation	2,523
Hotel \| Courtyard Oakland Oakland, CA
Initial Cost
Land	4,384
Bldg. & Improve.	16,168
Net Improvements (Write-Offs) Since Acquisition	1,170
Gross Amount at Which Carried
Land	4,384
Building and Improvements	17,338
Total	21,722
Accumulated Depreciation	3,519
Hotel \| Sheraton Grand Hotel Sacramento, CA
Initial Cost
Land	3,497
Bldg. & Improve.	107,447
Net Improvements (Write-Offs) Since Acquisition	(3,749)
Gross Amount at Which Carried
Land	3,497
Building and Improvements	103,698
Total	107,195
Accumulated Depreciation	18,175
Hotel \| Sheraton Grand Hotel Parking & Retail Sacramento, CA
Initial Cost
Land	6,552
Bldg. & Improve.	10,996
Net Improvements (Write-Offs) Since Acquisition	(41)
Gross Amount at Which Carried
Land	6,552
Building and Improvements	10,955
Total	17,507
Accumulated Depreciation	1,920
Hotel \| Los Angeles, CA
Initial Cost
Land	15,662
Bldg. & Improve.	23,173
Net Improvements (Write-Offs) Since Acquisition	660
Gross Amount at Which Carried
Land	15,662
Building and Improvements	23,833
Total	39,495
Accumulated Depreciation	$ 1,284

Schedule III-REAL ESTATE AND ACCUMULATE DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate Assets
Balance, beginning of period	$ 1,953,848	$ 1,907,903	$ 1,895,128
Additions
Property acquisitions	63,528	38,835
Improvements	28,879	24,520	25,470
Deductions: retirements	(9,461)	(17,410)	(12,695)
Balance, end of period	2,036,794	1,953,848	1,907,903
Accumulated Depreciation
Balance, beginning of period	(271,683)	(231,080)	(184,626)
Additions: Depreciation	(58,635)	(58,013)	(59,149)
Deductions: retirements	9,461	17,410	12,695
Balance, end of period	$ (320,857)	$ (271,683)	$ (231,080)

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details)	12 Months Ended
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details)	Dec. 31, 2014 USD ($) loan item
Conventional Loans
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	114
Carrying Amount of Mortgages	$ 108,862,000
Carrying amount of mortgages with a fixed rate of interest	25,384,000
Federal income tax cost basis of mortgage loans	$ 131,266,000
Conventional Loans \| Loans secured by second liens
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| loan	2
Conventional Loans \| Michigan
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	6
Interest Rate (Minimum)	3.11%
Interest Rate (Maximum)	7.25%
Carrying Amount of Mortgages	$ 7,244,000
Conventional Loans \| Michigan \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	600,000
Conventional Loans \| Michigan \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 2,900,000
Conventional Loans \| Ohio
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	5
Interest Rate (Minimum)	3.23%
Interest Rate (Maximum)	10.23%
Carrying Amount of Mortgages	$ 6,310,000
Conventional Loans \| Ohio \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	600,000
Conventional Loans \| Ohio \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 1,800,000
Conventional Loans \| Texas
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	22
Interest Rate (Minimum)	2.98%
Interest Rate (Maximum)	10.78%
Carrying Amount of Mortgages	$ 15,188,000
Conventional Loans \| Texas \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 2,000,000
Conventional Loans \| Virginia
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	8
Interest Rate (Minimum)	3.23%
Interest Rate (Maximum)	7.50%
Carrying Amount of Mortgages	$ 13,266,000
Conventional Loans \| Virginia \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	500,000
Conventional Loans \| Virginia \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 3,900,000
Conventional Loans \| Florida
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	4
Interest Rate (Minimum)	3.36%
Interest Rate (Maximum)	7.50%
Carrying Amount of Mortgages	$ 4,040,000
Conventional Loans \| Florida \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	100,000
Conventional Loans \| Florida \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 1,800,000
Conventional Loans \| Indiana
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	5
Interest Rate (Minimum)	4.23%
Interest Rate (Maximum)	8.25%
Carrying Amount of Mortgages	$ 5,382,000
Conventional Loans \| Indiana \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	300,000
Conventional Loans \| Indiana \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 2,100,000
Conventional Loans \| Missouri
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	4
Interest Rate (Minimum)	4.23%
Interest Rate (Maximum)	8.25%
Carrying Amount of Mortgages	$ 2,579,000
Conventional Loans \| Missouri \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	200,000
Conventional Loans \| Missouri \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 1,100,000
Conventional Loans \| North Carolina
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	10
Interest Rate (Minimum)	3.73%
Interest Rate (Maximum)	9.85%
Carrying Amount of Mortgages	$ 7,119,000
Conventional Loans \| North Carolina \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	300,000
Conventional Loans \| North Carolina \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 1,400,000
Conventional Loans \| Arizona
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	7
Interest Rate (Minimum)	3.23%
Interest Rate (Maximum)	9.40%
Carrying Amount of Mortgages	$ 9,848,000
Conventional Loans \| Arizona \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	200,000
Conventional Loans \| Arizona \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 3,100,000
Conventional Loans \| Iowa
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	3
Interest Rate (Minimum)	4.23%
Interest Rate (Maximum)	6.95%
Carrying Amount of Mortgages	$ 2,798,000
Conventional Loans \| Iowa \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	300,000
Conventional Loans \| Iowa \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 1,500,000
Conventional Loans \| Alabama
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	6
Interest Rate (Minimum)	3.75%
Interest Rate (Maximum)	9.50%
Carrying Amount of Mortgages	$ 5,620,000
Conventional Loans \| Alabama \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	200,000
Conventional Loans \| Alabama \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 1,900,000
Conventional Loans \| Oregon
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	5
Interest Rate (Minimum)	4.48%
Interest Rate (Maximum)	9.90%
Carrying Amount of Mortgages	$ 5,490,000
Conventional Loans \| Oregon \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	100,000
Conventional Loans \| Oregon \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 2,700,000
Conventional Loans \| Pennsylvania
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	3
Interest Rate (Minimum)	4.23%
Interest Rate (Maximum)	10.25%
Carrying Amount of Mortgages	$ 5,254,000
Conventional Loans \| Pennsylvania \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	600,000
Conventional Loans \| Pennsylvania \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 2,900,000
Conventional Loans \| Georgia
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	6
Interest Rate (Minimum)	3.73%
Interest Rate (Maximum)	10.25%
Carrying Amount of Mortgages	$ 3,408,000
Conventional Loans \| Georgia \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	100,000
Conventional Loans \| Georgia \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 1,200,000
Conventional Loans \| California
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	4
Interest Rate (Minimum)	3.98%
Interest Rate (Maximum)	9.00%
Carrying Amount of Mortgages	$ 3,173,000
Conventional Loans \| California \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	100,000
Conventional Loans \| California \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 1,400,000
Conventional Loans \| Other
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	16
Interest Rate (Minimum)	2.73%
Interest Rate (Maximum)	9.78%
Carrying Amount of Mortgages	$ 12,143,000
Conventional Loans \| Other \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	100,000
Conventional Loans \| Other \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 2,000,000
SBA 7(a) Loans
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	182
Carrying Amount of Mortgages	$ 80,303,000
Federal income tax cost basis of mortgage loans	39,445,000
Loans not secured by real estate	224,000
Reserve	113,000
Loans with subordinate lien positions	$ 242,000
SBA 7(a) Loans \| Michigan
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	22
Interest Rate (Minimum)	5.25%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 6,167,000
SBA 7(a) Loans \| Michigan \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	10,000
SBA 7(a) Loans \| Michigan \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 890,000
SBA 7(a) Loans \| Ohio
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	22
Interest Rate (Minimum)	5.00%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 5,873,000
SBA 7(a) Loans \| Ohio \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	10,000
SBA 7(a) Loans \| Ohio \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 710,000
SBA 7(a) Loans \| Texas
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	28
Interest Rate (Minimum)	4.13%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 3,325,000
SBA 7(a) Loans \| Texas \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 680,000
SBA 7(a) Loans \| Virginia
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	10
Interest Rate	6.00%
Carrying Amount of Mortgages	$ 3,058,000
SBA 7(a) Loans \| Virginia \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	150,000
SBA 7(a) Loans \| Virginia \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 740,000
SBA 7(a) Loans \| Florida
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	10
Interest Rate (Minimum)	5.25%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 2,554,000
SBA 7(a) Loans \| Florida \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	10,000
SBA 7(a) Loans \| Florida \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 650,000
SBA 7(a) Loans \| Kentucky
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	6
Interest Rate	6.00%
Carrying Amount of Mortgages	$ 1,688,000
SBA 7(a) Loans \| Kentucky \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	110,000
SBA 7(a) Loans \| Kentucky \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 530,000
SBA 7(a) Loans \| Indiana
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	9
Interest Rate (Minimum)	4.75%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 1,508,000
SBA 7(a) Loans \| Indiana \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 370,000
SBA 7(a) Loans \| Wisconsin
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	7
Interest Rate (Minimum)	5.00%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 1,401,000
SBA 7(a) Loans \| Wisconsin \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	10,000
SBA 7(a) Loans \| Wisconsin \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 380,000
SBA 7(a) Loans \| Illinois
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	5
Interest Rate (Minimum)	5.75%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 1,316,000
SBA 7(a) Loans \| Illinois \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	70,000
SBA 7(a) Loans \| Illinois \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 380,000
SBA 7(a) Loans \| Missouri
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	6
Interest Rate (Minimum)	5.25%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 1,194,000
SBA 7(a) Loans \| Missouri \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 460,000
SBA 7(a) Loans \| North Carolina
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	5
Interest Rate (Minimum)	5.75%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 1,193,000
SBA 7(a) Loans \| North Carolina \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	100,000
SBA 7(a) Loans \| North Carolina \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 330,000
SBA 7(a) Loans \| Arizona
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	5
Interest Rate (Minimum)	5.75%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 945,000
SBA 7(a) Loans \| Arizona \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	30,000
SBA 7(a) Loans \| Arizona \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 470,000
SBA 7(a) Loans \| Iowa
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	4
Interest Rate (Minimum)	4.92%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 941,000
SBA 7(a) Loans \| Iowa \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	130,000
SBA 7(a) Loans \| Iowa \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 500,000
SBA 7(a) Loans \| Alabama
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	4
Interest Rate (Minimum)	5.00%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 903,000
SBA 7(a) Loans \| Alabama \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	50,000
SBA 7(a) Loans \| Alabama \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 490,000
SBA 7(a) Loans \| Tennessee
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	2
Interest Rate (Minimum)	5.50%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 811,000
SBA 7(a) Loans \| Tennessee \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	330,000
SBA 7(a) Loans \| Tennessee \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 490,000
SBA 7(a) Loans \| Georgia
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	5
Interest Rate (Minimum)	5.13%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 769,000
SBA 7(a) Loans \| Georgia \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	60,000
SBA 7(a) Loans \| Georgia \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 260,000
SBA 7(a) Loans \| Other
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	32
Interest Rate (Minimum)	4.75%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 4,299,000
SBA 7(a) Loans \| Other \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	570,000
Mortgage Loans - $48,000 \| SBA 7(a) Loans \| Texas
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 48,000
Interest Rate	6.00%
Mortgage Loans - $68,000 \| SBA 7(a) Loans \| Texas
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 68,000
Interest Rate	6.00%
Mortgage Loans - $466,000 \| SBA 7(a) Loans \| Other
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 466,000
Reserve	26,000
Mortgage Loans - $334,000 \| SBA 7(a) Loans \| Other
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 334,000
Interest Rate	5.00%

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details 2) $ in Thousands	10 Months Ended
	Dec. 31, 2014 USD ($)
MORTGAGE LOANS ON REAL ESTATE
Balance at the beginning of the period	$ 207,140
Additions during period
New mortgage loans	50,971
Other - deferral for collection of commitment fees, net of costs	634
Other - accretion of loan fees and discounts	5,442
Deductions during period
Collections of principal	(49,373)
Foreclosures	(1,098)
Cost of mortgages sold, net	(24,522)
Other - bad debt expense, net of recoveries	(142)
Balance at end of the period	$ 189,052

Label	Element	Value
Preferred Stock [Member]
Shares, Outstanding	us-gaap_SharesOutstanding	65,028,571