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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2015	Mar. 01, 2016	Jun. 30, 2015
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, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 31.1
Entity Common Stock, Shares Outstanding		97,666,021
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Investments in real estate, net	$ 1,691,711	$ 1,715,937
Cash and cash equivalents	124,636	17,615
Restricted cash	7,267	8,861
Accounts receivable, net	10,726	10,754
Deferred rent receivable and charges, net	103,338	97,630
Other intangible assets, net	17,353	20,433
Other assets	14,150	14,653
Assets held for sale-net	128,992	208,799
TOTAL ASSETS	2,098,173	2,094,682
LIABILITIES:
Debt	662,948	608,714
Accounts payable and accrued expenses	40,049	35,512
Intangible liabilities, net	6,086	8,657
Due to related parties	9,472	9,186
Other liabilities	29,531	23,006
Liabilities associated with assets held for sale	52,740	49,791
Total liabilities	800,826	734,866
COMMITMENTS AND CONTINGENCIES (Note 15)
EQUITY:
Common stock, $0.001 par value; 200,000,000 shares authorized; 97,589,598 and 97,688,863 shares issued; and 97,589,598 and 97,581,598 shares outstanding at December 31, 2015 and 2014, respectively	98	98
Additional paid-in capital	1,820,451	1,824,381
Accumulated other comprehensive income (loss)	(2,519)
Distributions in excess of earnings	(521,620)	(460,623)
Stockholders' equity before treasury stock	1,296,410	1,363,856
Less: Treasury stock, at cost, none and 107,265 shares outstanding at December 31, 2015 and 2014, respectively		(4,901)
Total stockholders' equity	1,296,410	1,358,955
Noncontrolling interests	937	861
Total equity	1,297,347	1,359,816
TOTAL LIABILITIES AND EQUITY	$ 2,098,173	$ 2,094,682

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	200,000,000	200,000,000
Common stock, issued shares	97,589,598	97,688,863
Common stock, outstanding shares	97,589,598	97,581,598
Treasury stock, outstanding shares		107,265

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUES:
Rental and other property income	$ 252,994	$ 240,892	$ 223,304
Expense reimbursements	13,394	10,954	9,556
Interest and other income	2,039	4,307	2,953
REVENUES	268,427	256,153	235,813
EXPENSES:
Rental and other property operating	133,178	126,874	105,163
Asset management and other fees to related parties	29,319	25,222	21,767
Interest	22,785	19,073	17,929
General and administrative	8,370	7,332	2,568
Transaction costs	1,382	1,563	5,063
Depreciation and amortization	72,361	69,047	68,644
EXPENSES	267,395	249,111	221,134
Bargain purchase gain (Note 2)		4,918
Gain on sale of real estate (Note 4)	3,092
INCOME FROM CONTINUING OPERATIONS	4,124	11,960	14,679
DISCONTINUED OPERATIONS:
Income from operations of assets held for sale (Note 7)	15,128	12,638
Gain on disposition of assets held for sale (Note 7)	5,151
NET INCOME FROM DISCONTINUED OPERATIONS	20,279	12,638
NET INCOME	24,403	24,598	14,679
Net income attributable to noncontrolling interests	(11)	(220)	(213)
NET INCOME ATTRIBUTABLE TO STOCKHOLDERS	$ 24,392	$ 24,378	$ 14,466
BASIC AND DILUTED INCOME PER SHARE:
Continuing operations	$ 0.04	$ 0.12	$ 0.15
Discontinued operations	0.21	0.13
Net income	$ 0.25	$ 0.25	$ 0.15
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING
Basic (in shares)	97,588	97,173	95,440
Diluted (in shares)	97,588	97,176	95,440

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Comprehensive Income
NET INCOME	$ 24,403	$ 24,598	$ 14,679
Other comprehensive income (loss): cash flow hedges	(2,519)
COMPREHENSIVE INCOME	21,884	24,598	14,679
Comprehensive income attributable to noncontrolling interests	(11)	(220)	(213)
COMPREHENSIVE INCOME ATTRIBUTABLE TO STOCKHOLDERS	$ 21,873	$ 24,378	$ 14,466

Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock	Preferred Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions In Excess of Earnings	Treasury Stock	Noncontrolling Interests	Total
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 of stock options (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					(64,363)			(64,363)
Preferred dividends					(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
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests							110	110
Distributions to noncontrolling interests							(45)	(45)
Stock based compensation expense			971					971
Stock based compensation expense (in shares)	8,000
Common dividends					(85,389)			(85,389)
Treasury stock retirement (107,265 shares)			(4,901)			$ 4,901
Other comprehensive income (loss)				$ (2,519)				(2,519)
Net income					24,392		11	24,403
Balance at Dec. 31, 2015	$ 98		$ 1,820,451	$ (2,519)	$ (521,620)		$ 937	$ 1,297,347
Balance (in shares) at Dec. 31, 2015	97,589,598

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

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 24,403	$ 24,598	$ 14,679
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent and amortization of intangible assets, liabilities and lease inducements	(6,835)	(5,187)	(12,140)
Depreciation and amortization	72,361	69,047	68,644
Bargain purchase gain		(4,918)
Gain on settlement of a contractual obligation		(1,166)
Gain on sale of real estate	(3,092)
Gain on disposition of assets held for sale	(5,151)
Straight line rent, below-market ground lease and amortization of intangible assets	1,899	1,892	1,866
Amortization of deferred loan costs	3,229	2,168	784
Amortization of premiums and discounts on debt	(1,179)	(1,192)	(828)
Unrealized premium adjustment	1,168	1,692
Amortization and accretion on loans receivable, net	(6,451)	(5,095)
Bad debt expense	1,428	594	155
Deferred income taxes	132	(58)
Stock-based compensation	971	1,079
Loans funded, held for sale to secondary market	(29,619)	(32,407)
Proceeds from sale of guaranteed loans	27,974	22,893
Principal collected on loans	4,311	4,450
Other operating activity	(496)	(460)
Changes in operating assets and liabilities:
Accounts receivable and interest receivable	(350)	(2,028)	(1,094)
Other assets	(4,036)	(5,850)	(5,309)
Accounts payable and accrued expenses	3,678	1,728	6,017
Deferred leasing costs	(8,580)	(9,753)	(11,530)
Other liabilities	984	2,400	(159)
Due to related parties	286	2,379	742
Net cash provided by operating activities	77,035	66,806	61,827
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate	(26,614)	(24,759)	(24,342)
Acquisition of real estate properties	(11,143)	(63,436)
Proceeds from sale of real estate property, net	7,786
Proceeds from sale of assets held for sale, net	82,272
Loans funded	(29,848)	(18,564)
Cash and cash equivalents acquired in connection with the merger		3,185
Principal collected on loans	39,950	44,924
Restricted cash	1,691	(3,105)	2,159
Other investing activity	178	1,454
Net cash provided by (used in) investing activities	64,272	(60,301)	(22,183)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of mortgages payable	(77,056)	(6,472)	(83,698)
Proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes	619,000	554,700	134,000
Payment of unsecured revolving lines of credit, revolving credit facilities and term notes	(487,000)	(393,400)
Payment of principal on secured borrowings	(4,311)	(4,450)
Proceeds from secured borrowings	10,000	5,887
Payment of deferred loan costs	(3,596)	(5,774)	(395)
Payment of dividends	(85,389)	(68,948)
Payment of special dividend and dividend assumed in acquisition		(59,286)
Distributions pre-merger		(16,100)	(104,035)
Contributions			32
Contributions from noncontrolling interests	110	10
Redemption of class B shares of subsidiary REITs		(1,850)
Proceeds from issuance of stock		201
Retirement of fractional shares of common stock		(3)
Noncontrolling interests' distributions	(45)	(264)	(266)
Net cash (used in) provided by financing activities	(28,287)	4,251	(54,362)
Change in cash balances included in assets held for sale	(5,999)	(9,937)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	107,021	819	(14,718)
CASH AND CASH EQUIVALENTS:
Beginning of period	17,615	16,796	31,514
End of period	124,636	17,615	16,796
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	20,920	19,397	18,303
Federal income taxes paid	805	691
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Additions to investments in real estate included in accounts payable and accrued expenses	8,097	7,613	3,493
Stock issued in connection with merger (Note 2)		44,610
Additions to investments in real estate included in other assets	4,244
Net decrease in fair value of derivatives applied to other comprehensive income (loss)	(2,519)
Foreclosure on a loan receivable included in other assets	708
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
Treasury Stock
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Retirement of treasury stock	$ 4,901

ORGANIZATION AND OPERATIONS	12 Months Ended
ORGANIZATION AND OPERATIONS	Dec. 31, 2015
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 investments in vibrant and improving urban communities throughout the United States. These communities are located in areas that include traditional downtown areas and suburban main streets, which have high barriers-to-entry, high population density, improving demographic trends and a propensity for growth. We also generate income from the yield and other related fee income earned on our investments from our lending activities. As discussed in Note 7, the lending segment is held for sale at December 31, 2015 and 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, L.P. (“CIM Urban”). The transaction (the “Merger”) was completed on March 11, 2014 (the “Acquisition Date”). The Merger was accounted for as a reverse acquisition under the acquisition method of accounting with CIM Urban considered to be the accounting acquirer based upon the terms of the Merger Agreement. Based on the determination that CIM Urban was the accounting acquirer in the transaction, CIM Urban allocated the purchase price to the fair value of PMC Commercial’s assets and liabilities as of the Acquisition Date. On April 28, 2014, PMC Commercial’s charter was amended to increase the authorized shares of 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 Maryland corporation subsidiary. Also, 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 share of Common Stock. Fractional shares of Common Stock were not issued as a result of the reverse stock split; instead, holders of pre‑split shares of Common Stock who otherwise would have been entitled to receive a fractional share of Common Stock received an amount in cash equal to the product of the fraction of a share multiplied by the closing price of the Common Stock (as adjusted for the one‑for‑five reverse stock split). In connection with and immediately following the filing of the Reverse Split Amendment, we filed Articles of Amendment (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, 2015

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 the 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 sheets as of December 31, 2015 and 2014, respectively and (3) the results of PMC Commercial’s operations and cash flows in the consolidated statements of operations and cash flows from the Acquisition Date. The equity of CIM Commercial is the historical equity of CIM Urban retroactively restated to reflect the number of shares of stock issued by PMC Commercial pursuant to the Merger Agreement. In connection with the reverse acquisition, for purposes of presenting equity for CIM Commercial, the historical stockholders of PMC Commercial were deemed to have been issued 2,119,244 shares of Common Stock (2,226,509 shares of Common Stock, less 107,265 shares of treasury stock) on the Acquisition Date.

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 on Class A and creative office investments, our board of directors (the “Board of Directors”) approved a plan for the lending segment 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, 2015 and 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 and 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, 2015

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 of the impairment testing under GAAP is based on either the income approach with market discount rate, terminal capitalization rate and rental rate assumptions being most critical, or on the sales comparison approach to similar properties. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. No impairment of long‑lived assets was recognized during the years ended December 31, 2015, 2014 and 2013.

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 and other income, included in income from operations of assets held for sale, using the effective interest method. We sold substantially all of our commercial mortgage loans with unamortized acquisition discounts of $15,951,000 to an unrelated third party in December 2015 (see Note 7). Acquisition discounts of $3,274,000 remained as of December 31, 2015 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 for the year ended December 31, 2013. The note paid interest monthly at the London InterBank Offered Rate (“LIBOR”) plus 2.35%, with a LIBOR floor of 4.75%. For the period from January 1, 2013, to October 8, 2013, the interest rate was 7.10%. On October 8, 2013, we submitted the highest bid at a foreclosure auction and took possession of the LAX Holiday Inn. 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 certain, from February 2013 to October 2013, we accounted for the note under the non-accrual 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. The allowance for loan losses on our impaired loans receivable increased by $328,000 during the year ended December 31, 2015. For the years ended December 31, 2014 and 2013, 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, we establish the general loan loss reserve using a consistent methodology to determine a loss percentage to be applied to loan balances. These loss percentages are based on many factors, primarily cumulative and recent loss history and general economic conditions.

Accounts Receivable—Accounts receivable are carried net of the allowances for uncollectible amounts. Management’s determination of the adequacy of these allowances is based primarily upon evaluation of historical loss experience, individual receivables, current economic conditions, and other relevant factors. The allowances are increased or decreased through the provision for bad debts. The allowance for uncollectible accounts receivable was $751,000 and $388,000 as of December 31, 2015 and 2014, 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 $58,612,000 and $53,622,000 at December 31, 2015 and 2014, 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 $10,445,000 and $7,521,000 are presented net of accumulated amortization of $4,332,000 and $1,741,000 at December 31, 2015 and 2014, 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 $59,225,000 and $55,145,000 are presented net of accumulated amortization of $20,612,000 and $16,917,000 at December 31, 2015 and 2014, 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, land improvements, building and improvements, tenant improvements, and furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and tenant relationships and acquired ground leases, if any, based in each case on their respective fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate.

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

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

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

For hotels, an intangible value was assigned to the expected revenues from advance bookings, which were calculated based on discounted income, and to franchise affiliation, which were calculated based on the difference between the net projected income in the year of acquisition and an estimate of income without the franchise. Advance bookings were $0 at each of December 31, 2015 and 2014. Franchise affiliation fees were $561,000 and $955,000 at December 31, 2015 and 2014, 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 $1,951,000 and $2,502,000 at December 31, 2015 and 2014, respectively.

Revenue Recognition—All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased asset. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is recorded as deferred rent. If the lease provides for tenant improvements, we determine whether the tenant improvements, for accounting purposes, are owned by the tenant or us. When we are the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is considered the owner of the improvements, any tenant improvement allowance that is funded is treated as incentive. Lease incentives paid to tenants are included in other assets and amortized as a reduction to rental revenue on a straight-line basis over the term of the related lease. Lease incentives of $13,041,000 and $8,850,000 are presented net of accumulated amortization of $3,067,000 and $2,072,000 at December 31, 2015 and 2014, respectively.

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

In addition to minimum rents, certain leases provide for additional rents based upon varying percentages of tenants' sales in excess of annual minimums. Percentage rent is recognized once lessees' specified sales targets have been met. Included in rental and other property income for the years ended December 31, 2015, 2014 and 2013, is $329,000, $230,000 and $99,000, respectively, of percentage rent.

We derive parking revenues from leases with third-party operators. Our parking leases provide for additional rents based upon varying percentages of tenants’ sales in excess of annual minimums. Parking percentage rent is recognized once lessees’ specific sales targets have been met. Included in rental and other property income for the years ended December 31, 2015, 2014 and 2013, is $2,290,000, $1,562,000 and $1,096,000, 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 had options outstanding and have issued and continue to issue restricted shares under stock-based compensation plans described more fully in Note 9. We use fair value recognition provisions to account for all awards granted, modified or settled.

Earnings per Share (“EPS”)—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.

Assets Held for Sale and Discontinued Operations—We classify assets as held for sale, if material, when they meet the necessary criteria, which include: a) management commits to and actively embarks upon a plan to sell the assets, b) the assets to be sold are available for immediate sale in their present condition, c) the sale is expected to be completed within one year under terms usual and customary for such sales and d) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We 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. In addition, if we were to determine that the asset disposal associated with assets held for sale or disposed of represents a strategic shift, the revenues, expenses and net gain (loss) on dispositions would be recorded in discontinued operations for all periods presented through the date of the applicable disposition.

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

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

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

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

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

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

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

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

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

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

Fair Value Measurements—The fair value of our financial assets and liabilities are disclosed in Note 13.

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 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.

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

The carrying amounts of our cash and cash equivalents, restricted cash, accounts receivable, unsecured credit and term loan facilities, accounts payable, and accrued expenses approximate their fair values due to their short-term maturities at December 31, 2015 and 2014.

Segment Information—Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in the following business segments: the acquisition, redevelopment, ownership, and management of (i) office real estate; (ii) multifamily real estate and (iii) hotels. We also have the lending segment, which was added in connection with the Merger and is classified as held for sale at December 31, 2015 and 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. The income from our lending segment, which includes income from the yield and other related fee income earned on our loans receivable, is included in discontinued operations.

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

In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which is intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

In August 2015, the FASB issued ASU No. 2015-15, Interest–Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff stated that it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in the ASU require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required under the ASU to record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, the ASU requires the entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public business entities, the ASU is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in the ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date of the ASU with earlier adoption permitted for financial statements that have not been issued. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

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

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

ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2015

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS

4. ACQUISITIONS AND DISPOSITIONS

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

During 2015, we acquired a 100% fee-simple interest in a surface parking lot known as 2 Kaiser Plaza from an unrelated third party. The parking lot has approximately 44,642 square feet of land and is located in Oakland, California. The acquisition was funded with proceeds from our unsecured credit facility, and the acquired property is reported as part of the office segment (Note 19).


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

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

Asset

Date of

Sales

Gain on

Property

Type

Sale

Square Feet

Price

Sale

(in thousands)

500 West Santa Ana Boulevard, Santa Ana, CA

Office

November 19, 2015

37,116

8,050

3,092

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

Asset

Date of

Number

Rentable

Purchase

Property

Type

Acquisition

of Buildings

Square Feet

Price

(in thousands)

4750 Wilshire Boulevard, Los Angeles, CA (1)

Office

April 18, 2014

143,361

44,936

Lindblade Media Center, Los Angeles, CA (2)

Office

October 21, 2014

32,428

18,500

(1)

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

(2)

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

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. The income and expenses related to the first-mortgage on the LAX Holiday Inn are included in the consolidated statements of operations up until the date we took possession of the hotel. Built in 1973, this hotel has 405 rooms and is located in the LAX submarket of Los Angeles, California.

In addition, on February 2, 2016, we sold a 100% fee-simple interest in Courtyard Oakland located in Oakland, California to an unrelated third party for $43,800,000 and recognized a gain of approximately $24,700,000.

The results of the operations of the properties acquired have been included in the consolidated statements of operations from the date of acquisition. The fair value of the assets acquired and liabilities assumed for the above-noted acquisitions during the years ended December 31, 2015, 2014, and 2013, respectively, are as follows:


	Year Ended December 31,
	2015 (1)		2014 (1)		2013 (1)
	(in thousands)
Land	$	10,931	$	22,975	$	15,662
Land improvements		110		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)		102		2,396		—
Acquired below-market leases (3)		—		(2,488)		—
Note receivable		—		—		(40,100)
Net assets acquired	$	11,143	$	63,436	$	—

(1)

The purchase price of the acquisitions and the LAX Holiday Inn foreclosure completed during the years ended December 31, 2015, 2014 and 2013, respectively, were individually less than 5% and in aggregate less than 10% of our total assets as of December 31, 2015, 2014 and 2013, respectively.

(2)

In‑place leases have a weighted average amortization period of 3.0 years and 5.1 years for the 2015 and 2014 acquisitions, respectively.

(3)

Below‑market leases have a weighted average amortization period of 5.0 years for the 2014 acquisitions.

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

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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+ Details

INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2015

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE

5. INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:


	December 31,
	2015		2014
	(in thousands)
Land	$	363,612	$	354,035
Land improvements		26,747		28,071
Buildings and improvements		1,506,962		1,501,603
Furniture, fixtures, and equipment		9,720		10,875
Tenant improvements		146,205		131,446
Work in progress		8,126		10,764
Investments in real estate		2,061,372		2,036,794
Accumulated depreciation		(369,661)		(320,857)
Net investments in real estate	$	1,691,711	$	1,715,937

For the years ended December 31, 2015, 2014, and 2013, we recorded depreciation expense of $61,915,000, $58,635,000, and $58,013,000, respectively.

OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014, is as follows:


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


	Assets										Liabilities
	Acquired		Acquired				Franchise		Acquired		Acquired
	Above-Market		In-Place		Tax		Affiliation		Below-Market		Below-Market
December 31, 2014	Leases		Leases		Abatement		Fee		Ground Lease		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

The amortization of the above‑market leases which decreased rental and other property income was $240,000, $602,000 and $888,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The amortization of the below‑market leases included in rental and other property income was $2,571,000, $2,631,000 and $3,058,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The amortization of in‑place leases included in depreciation and amortization expense was $1,857,000, $2,368,000 and $3,368,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Included in depreciation and amortization expense is franchise affiliation fee amortization of $394,000 for each of the years ended December 31, 2015, 2014 and 2013. The amortization of advance bookings included in depreciation and amortization expense was $0, $190,000 and $61,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Tax abatement amortization of $551,000 for each of the years ended December 31, 2015, 2014 and 2013, and the amortization of below‑market ground lease obligation of $140,000 for each of the years ended December 31, 2015, 2014 and 2013, are included in rental and other property operating expenses.

A schedule of future amortization and accretion of acquisition related intangible assets and liabilities as of December 31, 2015, is as follows:


	Assets										Liabilities
	Acquired		Acquired				Franchise		Acquired		Acquired
	Above-Market		In-Place		Tax		Affiliation		Below-Market		Below-Market
Years Ending December 31,	Leases		Leases		Abatement		Fee		Ground Lease		Leases
	(in thousands)
2016	$	88	$	1,380	$	551	$	561	$	140	$	(2,502)
2017		26		949		551		—		140		(2,399)
2018		9		689		551		—		140		(963)
2019		—		488		298		—		140		(222)
2020		—		178		—		—		140		—
Thereafter		—		771		—		—		9,563		—
	$	123	$	4,455	$	1,951	$	561	$	10,263	$	(6,086)

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2015

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

7. DISCONTINUED OPERATIONS

We have reflected the lending segment, which was acquired on the Acquisition Date as disclosed in Note 2, as held for sale at December 31, 2015 and 2014, based on a plan approved by the Board of Directors to sell the lending segment that, when completed, will result in the deconsolidation of the lending segment. During July 2015, to maximize value, we modified our strategy from a strategy of selling the lending segment as a whole to a strategy of soliciting buyers for components of the business. This change in the sale methodology resulted in the need to extend the period to complete the sale of the lending segment beyond one year. In connection with our plan, we have expensed transaction costs of $675,000 and $473,000 as incurred during the years ended December 31, 2015 and 2014, respectively.

In December 2015, pursuant to the modified plan, we sold substantially all of our commercial mortgage loans to an unrelated third party. We are continuing our efforts and are actively soliciting the sale of the remainder of the lending segment. We recognized a gain of $5,151,000 relating to the sale of our commercial mortgage loans, which is included in discontinued operations. Our gain was computed as follows:


	(in thousands)
Proceeds received	$	84,928
Less: Carrying value of commercial mortgage loans (1)		(77,121)
Gain on sale before transaction costs		7,807
Transaction costs (2)		(2,656)
Gain on disposition of assets held for sale	$	5,151

(1)

Includes unamortized acquisition discounts of $15,951,000 as of the date of sale.

(2)

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

The following is 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, 2015 and 2014:


	December 31,
	2015		2014
	(in thousands)
Assets held for sale
Loans receivable, net	$	103,440	$	189,052
Cash and cash equivalents		15,936		9,937
Restricted cash		819		916
Accounts receivable and interest receivable, net		691		738
Other intangible assets		2,957		2,957
Other assets		5,149		5,199
Total assets held for sale	$	128,992	$	208,799
Liabilities associated with assets held for sale
Debt	$	47,121	$	41,901
Accounts payable and accrued expenses		2,302		2,709
Other liabilities		3,317		5,181
Total liabilities associated with assets held for sale	$	52,740	$	49,791

Loans receivable, net consist of the following:


		December 31,
		2015		2014
	(in thousands)
Commercial mortgage loans	$	3,511	$	108,864
SBA 7(a) loans, subject to secured borrowings		36,574		41,328
SBA 7(a) loans		43,096		38,707
Commercial real estate loan, subject to secured borrowing		20,408		—
Loans receivable		103,589		188,899
Deferred capitalized costs, net		406		292
Loan loss reserves		(555)		(139)
Net loans receivable	$	103,440	$	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.

Commercial Real Estate Loan, Subject to Secured Borrowing—Represents a mezzanine loan secured by an indirect ownership interest in an entity that either directly or indirectly owns parcels of commercial real estate. The loan has a variable interest rate.

Debt consists of the following:


	December 31,
	2015		2014
	(in thousands)
Secured Borrowings—Government Guaranteed Loans:
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.90% and 3.92% at December 31, 2015 and 2014, respectively	$	29,481	$	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%		4,947		5,085
		34,428		38,739
Unamortized premiums on loans sold for a premium and excess spread		2,693		3,162
Total Secured Borrowings—Government Guaranteed Loans		37,121		41,901

Secured Borrowing—Commercial Real Estate Loan:
Secured borrowing based on 49% of the principal on a commercial real estate loan with a variable rate, reset monthly, based on 30-day LIBOR and a current coupon rate of 9.77% at December 31, 2015. The secured borrowing matures on March 1, 2017.		10,000		—
Total Secured Borrowings	$	47,121	$	41,901

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

Future principal payments on our lending segment debt (face value) at December 31, 2015 are as follows:


	Secured
Years Ending	Borrowings
December 31,	Principal(1)
	(in thousands)
2016	$	1,172
2017		11,213
2018		1,253
2019		1,297
2020		1,343
Thereafter		28,150
	$	44,428

(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 the detail of income from operations of assets held for sale classified as discontinued operations on the consolidated statement of operations:




			From the Acquisition
	Year Ended		Date through
	December 31, 2015		December 31, 2014
	(in thousands)

Revenue - Interest and other income	$	23,065	$	18,910

Expenses:
Interest expense		977		1,177
Fees to related party (1)		4,627		—
General and administrative (1)		1,527		4,472
Provision for income taxes		806		623
Total Expenses		7,937		6,272
Income from operations of assets held for sale		15,128		12,638
Gain on disposition of assets held for sale		5,151		—
Net income from discontinued operations	$	20,279	$	12,638

(1)

Salaries and related benefits of $3,530,000 were included in general and administrative expense for the period from the Acquisition Date through December 31, 2014 while, as a result of the transfer of substantially all our lending segment employees to an affiliate (see Note 14), such expenses were included in fees to related party for the year ended December 31, 2015.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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+ Details

DEBT

12 Months Ended

Dec. 31, 2015

DEBT

DEBT

8. DEBT

Information on our debt is as follows:


	December 31,
	2015		2014
	(in thousands)
Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan had a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan was nonrecourse. The loan was paid in full in September 2015.	$	—	$	26,783
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 had a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan was nonrecourse. The loan was paid in full in April 2015.		—		12,442
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.		29,201		32,070
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 was nonrecourse. The loan was paid in full in September 2015.		—		33,734
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.		39,846		40,526
Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse.		29,744		30,292
		144,791		221,847
Premiums and discounts on assumed mortgages		1,178		1,961
Total Mortgages Payable		145,969		223,808
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.		27,070		27,070
Unsecured term loan facility		385,000		—
Unsecured credit facility		107,000		360,000
		519,070		387,070
Discount on junior subordinated notes		(2,091)		(2,164)
Total Other		516,979		384,906
Total Debt	$	662,948	$	608,714

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. Outstanding advances under the line of credit bore interest at LIBOR plus 1.75% to 2.50% until August 2013. In August 2013, the unsecured revolving line was amended, and outstanding advances under the line of credit bore interest at LIBOR plus 1.25% to 1.85%. The line of credit was also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. This line of credit was terminated and repaid in full in September 2014.

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

In September 2014, CIM Commercial entered into an $850,000,000 unsecured credit facility with a bank syndicate consisting of a $450,000,000 revolver, a $325,000,000 term loan and a $75,000,000 delayed‑draw term loan. 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 was 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. We intend to either exercise the extension option or identify alternative funding options at debt maturity. As of December 31, 2015 and 2014, $107,000,000 ($0 under the revolver and $107,000,000 under the term loans) and $360,000,000 ($35,000,000 under the revolver and $325,000,000 under the term loans), respectively, was outstanding under the credit facility and $450,000,000 and $490,000,000, respectively, was available for future borrowings. Proceeds from the unsecured credit facility were used for acquisitions and general corporate purposes, and to repay mortgage loans and outstanding balances under our prior unsecured credit facilities. At December 31, 2015, the interest rate on this unsecured credit facility was 1.57%, while at December 31, 2014, the interest rate ranged from 1.31% to 1.37%.

In May 2015, CIM Commercial entered into an unsecured term loan facility with a bank syndicate pursuant to which CIM Commercial can borrow up to a maximum of $385,000,000. The term loan facility ranks pari passu with CIM Commercial’s $850,000,000 credit facility described above; covenants under the term loan facility are substantially the same as those in the $850,000,000 credit facility. Outstanding advances under the term loan facility bear interest at (i) the base rate plus 0.60% to 1.25% or (ii) LIBOR plus 1.60% to 2.25%, depending on the maximum consolidated leverage ratio. The unused portion of the term loan facility was also subject to an unused fee of 0.20%. With some exceptions, any prepayment of the term loan facility prior to May 2017 will be subject to a prepayment fee up to 2% of the outstanding principal amount. The term loan facility matures in May 2022. On November 2, 2015, $385,000,000 was drawn under the term loan facility. Proceeds from the term loan facility were used to repay balances outstanding under our unsecured credit facility. At December 31, 2015, the interest rate on this unsecured term loan facility was 1.84%. The interest rate of the loan has been effectively converted to a fixed rate of 3.16% until May 8, 2020 through interest rate swaps (see Note 12).

At December 31, 2015 and 2014, we were in compliance with all of our respective financial covenants.

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

At December 31, 2015 and 2014, accrued interest and unused commitment fees payable of $1,688,000 and $967,000, respectively, are included in accounts payable and accrued expenses.

Future principal payments on our debt (face value) at December 31, 2015 are as follows:


Years Ending	Mortgages
December 31,	Payable		Other (1)		Total
	(in thousands)
2016	$	4,354	$	107,000	$	111,354
2017		4,642		—		4,642
2018		24,300		—		24,300
2019		1,519		—		1,519
2020		1,596		—		1,596
Thereafter		108,380		412,070		520,450
	$	144,791	$	519,070	$	663,861

(1)

Represents the junior subordinated notes, and unsecured credit and term loan facilities.

STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2015

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS

9. STOCK‑BASED COMPENSATION PLANS

The 2005 Equity Incentive Plan, which expired in June 2015, permitted the grant of options to our employees, executive officers and Board of Directors and restricted stock to our executive officers and Board of Directors for up to 300,000 shares of Common Stock, as amended. At December 31, 2014, we had options outstanding under the plan which were forfeited on January 31, 2015.

On May 6, 2015, our stockholders approved the 2015 Equity Incentive Plan which permits the grant of restricted shares to our non-employee Board of Directors and employees for up to 400,000 shares of common stock.

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, 2015 and 2014 and the changes during the years ended are as follows:


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


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

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

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


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


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

On March 11, 2014, we granted awards of 2,000 restricted shares of Common Stock to each of the independent members of the Board of Directors (6,000 in aggregate) which awards were effective upon the receipt of stockholder approval of the amendment of the 2005 Equity Incentive Plan on April 28, 2014. The shares of Common Stock vested in March 2015 based on a year of continuous service. In April 2015, an additional 2,000 restricted shares of Common Stock were granted to each of the independent members of the Board of Directors (6,000 in aggregate) under the 2015 Equity Incentive Plan, which will vest over a year of continuous service. Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period. We recorded compensation expense of $113,000 and $95,000 for the years ended December 31, 2015 and 2014, respectively, related to these restricted shares of Common Stock.

We issued to two of our executive officers an aggregate of 2,000 shares of Common Stock on May 6, 2014 and an aggregate of 2,000 shares of Common Stock on March 6, 2015. The restricted shares of Common Stock vest based on two years of continuous service with one‑third of the shares of Common Stock vesting immediately upon issuance and one‑third vesting at the end of each of the next two years from the date of issuance. Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period. We recognized compensation expense of $39,000 and $29,000 for the years ended December 31, 2015 and 2014, respectively, related to these restricted shares of Common Stock.

As of December 31, 2015, there was $37,000 of total unrecognized compensation expense related to shares of Common Stock which will be recognized over the next year. The estimated fair value of restricted shares vested during 2015 and 2014 was $131,000 and $15,000, respectively.

EARNINGS PER SHARE (''EPS'')	12 Months Ended
EARNINGS PER SHARE (''EPS'')	Dec. 31, 2015
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 shares of common stock outstanding were 97,588,000 and 97,173,000 for the years ended December 31, 2015 and 2014, respectively. For the years ended December 31, 2015 and 2014, the diluted weighted average shares of common stock outstanding were increased by 0 and 3,000 shares, respectively, 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. EPS for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS in the respective periods. For purposes of calculating basic EPS for the year ended December 31, 2013, the 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, 2015
DIVIDENDS DECLARED
DIVIDENDS DECLARED	11. DIVIDENDS DECLARED Dividends declared during the years ended December 31, 2015 and 2014 consisted of the following: On March 6, 2015, June 12, 2015, September 14, 2015 and December 10, 2015, we declared common share dividends of $0.21875 per share of Common Stock which were paid on March 27, 2015, June 29, 2015, September 30, 2015 and December 29, 2015, respectively. CIM Urban paid a distribution of $16,100,000 in 2014 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, September 12, 2014 and December 9, 2014, we declared common share dividends of $0.21875 per share of Common Stock which were paid on June 27, 2014, September 29, 2014 and December 29, 2014, respectively. On March 8, 2016, we declared a common share dividend of $0.21875 per share of Common Stock, to be paid on March 29, 2016 to stockholders of record on March 21, 2016. 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.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2015

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

12. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Hedges of Interest Rate Risk

In order to manage financing costs and interest rate exposure related to our $385,000,000 unsecured term loan facility (see Note 8), on August 13, 2015, we entered into interest rate swap agreements with multiple counterparties. These swap agreements became effective on November 2, 2015. Each of our interest rate swap agreements meets the criteria for cash flow hedge accounting treatment and we have designated the interest rate swap agreements as cash flow hedges of the risk of variability attributable to changes in the one-month LIBOR on the term loan facility. Accordingly, the interest rate swaps are recorded on the consolidated balance sheets at fair value and the changes in the fair value of the swaps are recorded in OCI and reclassified to earnings as an adjustment to interest expense as interest becomes receivable or payable (see Note 3). We do not expect any significant losses from counterparty defaults related to our swap agreements.

Summary of Derivatives

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

Number of Interest
Rate Swaps (1) (2)

Total Notional Amount

Fixed Rates

Floating Rate Index

Effective Date

Expiration
Date

(in thousands)

385,000

1.559% - 1.569%

One-Month LIBOR

11/2/2015

5/8/2020

(1)

See Note 13 for our fair value disclosures.

(2)

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

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

Credit-Risk-Related Contingent Features

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

Impact of Hedges on AOCI and Consolidated Statements of Operations

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


	Year Ended December 31,
	2015		2014		2013
	(in thousands)

Accumulated other comprehensive income (loss), at beginning of period	$	—	$	—	$	—
Other comprehensive income (loss) before reclassifications		(3,381)		—		—
Amounts reclassified from accumulated other comprehensive income (loss) (1)		862		—		—
Net current period other comprehensive income (loss)		(2,519)		—		—
Accumulated other comprehensive income (loss), at end of period	$	(2,519)	$	—	$	—

(1)

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

Future Reclassifications from AOCI

We estimate that $4,364,000 related to our derivatives designated as cash flow hedges will be reclassified out of AOCI as an increase to interest expense during the next twelve months.

- Definition

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

+ References

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

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2015

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

13. FAIR VALUE OF FINANCIAL INSTRUMENTS

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


	December 31,					Balance Sheet
	2015		2014		Level	Location
	(in thousands)
Liabilities:
Interest rate swaps	$	2,519	$	—	2	Other liabilities

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

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


	December 31, 2015				December 31, 2014
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets held for sale:
Loans receivable subject to credit risk	$	46,456	$	46,697	$	147,648	$	154,252	3
SBA 7(a) loans receivable, subject to secured borrowings		36,646		37,121		41,404		41,901	3
Commercial real estate loan, subject to secured borrowing		20,338		20,408		—		—	3
Liabilities:
Secured borrowings, included in liabilities associated with assets held for sale		47,121		47,121		41,901		41,901	3
Junior subordinated notes		24,979		25,046		24,906		24,877	3
Mortgages payable		145,969		147,516		223,808		231,806	3
Unsecured credit facility		107,000		107,000		360,000		360,000	3
Unsecured term loan facility		385,000		385,000		—		—	3

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

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

Loans Receivable Subject to Credit Risk—Loans receivable were initially recorded at estimated fair value at the Acquisition Date. Loans receivable originated subsequent to the Acquisition Date are recorded at cost upon origination and adjusted by net loan origination fees and discounts. In order to determine the estimated fair value of our loans receivable, we use a present value technique for the anticipated future cash flows using certain assumptions. At December 31, 2015, our assumptions included discount rates ranging from 8.00% to 12.75% and a prepayment rate of 15.00%. At December 31, 2014, our assumptions included discount rates ranging from 5.90% to 14.90% and a prepayment rate of 15.00%.

SBA 7(a) Loans Receivable, Subject to Secured Borrowings—These loans receivable represent the government guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings – government guaranteed loans (a liability associated with assets held for sale on our consolidated balance sheets (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 these loans receivable, we use a present value technique for the anticipated future cash flows taking into consideration the lack of credit risk and using a prepayment rate of 15.00% at both December 31, 2015 and 2014.

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

Secured Borrowings—The carrying amount of secured borrowings approximates fair value, as the interest rates on these secured borrowings approximate current market interest rates, and includes the unamortized deferred cash premiums collected on the sale of certain 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 4.44% and 3.83% at December 31, 2015 and 2014, respectively.

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

Mortgages Payable—The fair values of mortgages payable are estimated based on current interest rates available for debt instruments with similar terms. The fair value of our mortgages payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis is generally used to estimate the fair value of our mortgages payable, using rates ranging from 4.42% to 4.72% and 3.92% to 4.12% at December 31, 2015 and 2014, 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, 2015

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

14. RELATED‑PARTY TRANSACTIONS

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

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


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

The Advisor earned asset management fees of $24,882,000, $23,223,000 and $21,767,000 for the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015 and 2014, asset management fees of $6,260,000 and $5,867,000, respectively, were due to the Advisor.

CIM Management, Inc. and certain of its affiliates (collectively, the “CIM Management Entities”), all affiliates of CIM REIT and CIM Group, provide property management, leasing, and development services to CIM Urban. The CIM Management Entities earned property management fees, which are included in rental and other property operating expenses, totaling $5,814,000, $5,284,000 and $4,828,000 for the years ended December 31, 2015, 2014 and 2013, respectively. CIM Urban also reimbursed the CIM Management Entities $8,319,000, $7,369,000 and $5,082,000 during the years ended December 31, 2015, 2014 and 2013, respectively, for the cost of on‑site personnel incurred on behalf of CIM Urban, which is included in rental and other property operating expenses. The CIM Management Entities earned leasing commissions of $697,000, $1,904,000 and $537,000 for the years ended December 31, 2015, 2014, and 2013, respectively, which were capitalized to deferred charges. In addition, the CIM Management Entities earned construction management fees of $1,055,000, $566,000 and $834,000 for the years ended December 31, 2015, 2014 and 2013, respectively, which were capitalized to investments in real estate.

At December 31, 2015 and 2014, fees payable and expense reimbursements due to the CIM Management Entities of $2,230,000 and $2,518,000, respectively, are included in due to related parties. Also included in due (from) to related parties as of December 31, 2015 and 2014, was ($274,000) and $76,000, respectively, due (from) to the CIM Management Entities and related parties.

On the Acquisition Date, pursuant to the terms of the Merger Agreement, CIM Commercial and its subsidiaries entered into the Master Services Agreement (the “Master Services Agreement”) with CIM Service Provider, LLC (the “Manager”), an affiliate of CIM Group, pursuant to which the Manager agrees to provide or arrange for other service providers to provide management and administration services to CIM Commercial and its subsidiaries following the Merger. Pursuant to the Master Services Agreement, we appointed an affiliate of CIM Group as the manager of Urban Partners GP, LLC. Under the Master Services Agreement, CIM Commercial pays a base service fee (the “Base Service Fee”) to the Manager initially set at $1,000,000 per year (subject to an annual escalation by a specified inflation factor beginning on January 1, 2015), payable quarterly in arrears. Based on the annual escalation factor, the Base Service Fee for 2015 was $1,010,000. The Base Service Fee began to accrue on the Acquisition Date and was pro-rated based on the number of days during the first quarter in which the Master Services Agreement was in effect. For the years ended December 31, 2015 and 2014, the Manager earned a Base Service Fee of $1,010,000 and $806,000, respectively. In addition, pursuant to the terms of the Master Services Agreement, the Manager may receive compensation and/or reimbursements for performing certain services for CIM Commercial and its subsidiaries that are not covered under the Base Service Fee. During the years ended December 31, 2015 and 2014, such services performed by the Manager included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources and corporate communications. The Manager’s compensation is based on the salaries and benefits of the employees of the Manager and/or its affiliates who performed these services (allocated based on the percentage of time spent on the affairs of CIM Commercial and its subsidiaries). For the years ended December 31, 2015 and 2014, we expensed $2,993,000 and $1,193,000 for such services, respectively. At December 31, 2015 and 2014, $1,256,000 and $725,000 was due to the Manager, respectively, for such services.

As of January 1, 2015, substantially all of our lending segment employees moved to CIM SBA Staffing, LLC (“CIM SBA”), an affiliate of CIM Group, except for two of our officers, 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 move, 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. For the year ended December 31, 2015, we incurred expenses related to services subject to reimbursement by us under this agreement of $4,627,000, which are included in discontinued operations and $434,000, which are included in asset management and other fees to related parties. In addition, we expensed $1,638,000 for transaction costs paid to CIM SBA for reimbursement of costs in connection with the sale of substantially all of our commercial mortgage loans to an unrelated third party (Note 7).

On October 1, 2015, an affiliate of CIM Group entered into a 5-year lease renewal with respect to a property owned by the Company. For the years ended December 31, 2015, 2014 and 2013, we recorded rental and other property income related to this lease of $104,000, $100,000 and $97,000, respectively.

- 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, 2015

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES

15. 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 $21,216,000 at December 31, 2015, the majority of which were for prime‑based loans to be originated by our subsidiary engaged in SBA 7(a) Program loans, the government guaranteed portion of which is intended to be sold. Commitments generally have fixed expiration dates. Since some commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements.

General—In connection with the ownership and operation of real estate properties, we have certain obligations for the payment of tenant improvement allowances and lease commissions in connection with new leases and renewals. CIM Commercial had a total of $33,163,000 in future obligations under leases to fund tenant improvements and other future construction obligations at December 31, 2015.

Employment Agreements—We have employment agreements, effective on the Acquisition Date, with two of our officers. Pursuant to these employment agreements, we issued an aggregate of 76,423 shares of common stock under the 2015 Equity Incentive Plan as retention bonuses to these officers on January 1, 2016 (as each executive was not entitled to any disability, death or severance payments on such date). These shares vested immediately. We accrued associated payroll taxes of $444,000 at December 31, 2015 and recorded compensation expenses of $1,263,000 and $947,000 during 2015 and 2014, respectively, related to these retention bonuses. In addition, under certain circumstances, each of these employment agreements currently provides for (1) severance equal to the annual base salary paid to the officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual base salary paid to the officer. At December 31, 2015, there was no unrecognized compensation expense related to these awards.

Litigation—At December 31, 2014, we recorded a liability of $4,475,000 at one of our multifamily investments. The $4,475,000 liability, together with an additional tax abatement reimbursement related to the period from January 1, 2015 to March 11, 2015, was paid in February 2015 for a total of $4,721,000. 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 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 refunded the tax abatements received during the period we owned the property while it was being used for corporate housing. Our agreement with the New York State Attorney General 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 a current annual rent of $503,000, payable quarterly, and increases every five years after July 1, 2015 based on the greater of 15% or 50% of the increase in the Consumer Price Index during a five-year adjustment period. In addition, commencing on July 1, 2040 and July 1, 2065, the rent payable during the balance of the lease term shall be increased by an amount equal to 10% of the rent payable during the immediately preceding lease year. The lease term is through May 31, 2089. If the landlord decides to sell the leased property, we have the right of first refusal.

Rent expense under this lease, which includes straight-line rent and amortization of acquired below‑market ground lease, was $1,752,000 for each of the years ended December 31, 2015, 2014 and 2013. We record rent expense on a straight-line basis. Straight-line rent liability of $12,180,000 and $11,038,000 is included in other liabilities in the accompanying consolidated balance sheets as of December 31, 2015 and 2014, respectively.

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

Scheduled future noncancelable minimum lease payments at December 31, 2015 are as follows:


Years Ending December 31,	(in thousands)
2016	$	743
2017		749
2018		607
2019		503
2020		541
Thereafter		127,679
	$	130,822

FUTURE MINIMUM LEASE RENTALS

12 Months Ended

Dec. 31, 2015

FUTURE MINIMUM LEASE RENTALS

FUTURE MINIMUM LEASE RENTALS

16. FUTURE MINIMUM LEASE RENTALS

Future minimum rental revenues under long-term operating leases at December 31, 2015, excluding tenant reimbursements of certain costs, are as follows:


	Governmental		Other
Years Ending December 31,	Tenants		Tenants		Total
	(in thousands)
2016	$	50,200	$	103,713	$	153,913
2017		43,949		101,458		145,407
2018		41,315		81,587		122,902
2019		38,905		69,448		108,353
2020		35,758		59,363		95,121
Thereafter		84,739		200,730		285,469
	$	294,866	$	616,299	$	911,165

CONCENTRATIONS

12 Months Ended

Dec. 31, 2015

CONCENTRATIONS

CONCENTRATIONS

17. 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 22.7%, 24.7% and 27.5% of our rental and other property income for the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015 and 2014, $7,968,000 and $7,168,000, respectively, was due from Governmental Tenants (see Note 16).

Geographical Concentrations of Investments in Real Estate—As of December 31, 2015, 2014 and 2013, we owned 20, 21 and 19 office properties, respectively, five multifamily properties, three hotel properties, three parking garages, and one development site. In addition, as of December 31, 2015, we owned one development site which was purchased in August 2015 and is being used as a parking lot (see Note 4). These properties are located in four states and Washington, D.C.

Our revenue concentrations from properties are as follows:


	Year Ended December 31,
	2015		2014		2013
California	62.2	%	60.4	%	57.1	%
Washington, D.C.	24.2		24.7		26.5
Texas	7.8		7.7		8.1
North Carolina	4.6		5.1		6.1
New York	1.2		2.1		2.2
	100.0	%	100.0	%	100.0	%

Our real estate investments concentrations from properties are as follows:


	December 31,
	2015		2014
California	52.6	%	52.3	%
Washington, D.C.	31.1		31.2
Texas	7.4		7.4
North Carolina	5.3		5.5
New York	3.6		3.6
	100.0	%	100.0	%

INCOME TAXES

12 Months Ended

Dec. 31, 2015

Income Taxes

INCOME TAXES

18. 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,
	2015		2014		2013
	(in thousands)

Income/(loss) from continuing operations before income taxes for TRS’s	$	645	$	2,925	$	(1,084)

Expected federal income tax provision	$	219	$	995	$	(368)
State income taxes		41		172		(61)
Change in valuation allowance		(301)		(1,175)		418
Other		41		8		11
Income tax provision	$	—	$	—	$	—

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


	December 31,
	2015		2014
	(in thousands)
Deferred tax assets:
Net operating losses	$	1,614	$	1,893
Secured borrowings—government guaranteed loans		916		1,075
Other		264		225
Total gross deferred tax assets		2,794		3,193
Valuation allowance		(1,507)		(1,808)
		1,287		1,385
Deferred tax liabilities:
Loans receivable		(618)		(681)
Other		(245)		(147)
		(863)		(828)
Deferred tax asset, net	$	424	$	557

Reported as:
Deferred tax assets	$	—	$	—
Assets held for sale		424		557
Deferred tax assets, net	$	424	$	557

The net operating loss carryforwards at December 31, 2015 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 2034.

The periods subject to examination for our federal and state income returns are 2011 through 2014. As of December 31, 2015 and 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, 2015

SEGMENT DISCLOSURE

SEGMENT DISCLOSURE

19. SEGMENT DISCLOSURE

In accordance with ASC Topic 280, Segment Reporting, our reportable segments consist of three types of commercial real estate properties, namely, office, hotel (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 multifamily properties, as well as a segment for our lending operations, which is held for sale as of December 31, 2015 and 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. The reportable segments are accounted for on the same basis of accounting as described in Note 3.

We evaluate the performance of our real estate segments based on net operating income, which is defined as rental and other property income and expense reimbursements less property 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, 2015, 2014 and 2013 is as follows:


	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Office:
Revenues	$	188,270	$	179,338	$	175,144
Property expenses:
Operating		80,014		73,666		67,906
General and administrative		771		981		1,078
Total property expenses		80,785		74,647		68,984
Segment net operating income—office		107,485		104,691		106,160
Hotel:
Revenues		61,436		56,096		40,680
Property expenses:
Operating		41,585		39,544		28,825
General and administrative		389		150		250
Total property expenses		41,974		39,694		29,075
Segment net operating income—hotel		19,462		16,402		11,605
Multifamily:
Revenues		18,721		20,719		19,989
Property expenses:
Operating		11,579		13,664		8,432
General and administrative		589		738		114
Total property expenses		12,168		14,402		8,546
Segment net operating income—multifamily		6,553		6,317		11,443
Total segment net operating income	$	133,500	$	127,410	$	129,208

A reconciliation of segment net operating income to net income for the years ended December 31, 2015, 2014 and 2013 is as follows:


	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Total segment net operating income	$	133,500	$	127,410	$	129,208
Interest		(22,785)		(19,073)		(17,929)
General and administrative		(6,621)		(5,463)		(1,126)
Asset management and other fees to related parties		(29,319)		(25,222)		(21,767)
Transaction costs		(1,382)		(1,563)		(5,063)
Depreciation and amortization		(72,361)		(69,047)		(68,644)
Bargain purchase gain		—		4,918		—
Gain on sale of real estate		3,092		—		—
Income from continuing operations		4,124		11,960		14,679
Discontinued operations
Income from operations of assets held for sale		15,128		12,638		—
Gain on disposition of assets held for sale		5,151		—		—
Net income from discontinued operations		20,279		12,638		—
Net income		24,403		24,598		14,679
Net income attributable to noncontrolling interests		(11)		(220)		(213)
Net income attributable to stockholders	$	24,392	$	24,378	$	14,466

The condensed assets for each of the segments as of December 31, 2015 and 2014, along with capital expenditures and loan originations for the years ended December 31, 2015, 2014, and 2013 are as follows:


	December 31,
	2015		2014
	(in thousands)
Condensed assets:
Office	$	1,520,780	$	1,534,610
Hotel		176,735		174,679
Multifamily		171,885		171,226
Lending assets held for sale		128,992		208,799
Non-segment assets		99,781		5,368
Total assets	$	2,098,173	$	2,094,682


	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Capital expenditures(1):
Office	$	27,686	$	26,157	$	20,523
Hotel		1,158		1,481		2,015
Multifamily		2,498		1,241		1,982
Total capital expenditures		31,342		28,879		24,520
Loan originations included in assets held for sale		59,467		50,971		—
Total capital expenditures and loan originations	$	90,809	$	79,850	$	24,520

(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=51669610&loc=d3e8981-108599

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

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information (Unaudited)

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

20. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following is a summary of quarterly financial information as of and for the years ended December 31, 2015 and 2014.


	Three months ended
	March 31,		June 30,		September 30,		December 31,
	(in thousands except per share data)
2015
Revenues from continuing operations	$	67,239	$	66,919	$	66,395	$	67,874
Gain on sale of real estate		—		—		—		3,092
Income (loss) from continuing operations		(230)		998		233		3,123
Income from discontinued operations		2,962		3,984		5,008		8,325
Net income		2,732		4,982		5,241		11,448
Net income attributable to stockholders		2,732		4,976		5,242		11,442
Comprehensive income (loss)		2,732		4,982		(1,071)		15,241
Comprehensive income (loss) attributable to stockholders		2,732		4,976		(1,070)		15,235
BASIC AND DILUTED INCOME PER SHARE:
Continuing operations	$	0.00	$	0.01	$	0.00	$	0.03
Discontinued operations	$	0.03	$	0.04	$	0.05	$	0.09
Net income	$	0.03	$	0.05	$	0.05	$	0.12
Weighted average shares of common stock outstanding - basic		97,582		97,589		97,590		97,590
Weighted average shares of common stock outstanding - diluted		97,582		97,589		97,590		97,590


2014
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 discontinued operations		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		11,217		8,514		4,280		587
Comprehensive income attributable to stockholders		11,219		8,399		4,285		475
BASIC AND 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	$	0.00
Weighted average shares of common stock outstanding - basic		95,934		97,571		97,582		97,582
Weighted average shares of common stock outstanding - diluted		95,936		97,576		97,583		97,583

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2015

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2015

(in thousands)


			Initial Cost						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
Los Angeles, CA	$	—	$	6,276	$	13,161	$	3,170	$	6,276	$	16,331	$	22,607	$	4,857	1981	2005
800 N Capitol Street
Washington, DC		—		—		109,948		(8,808)		—		101,140		101,140		25,592	1991	2005
370 L'Enfant Promenade
Washington, DC		—		33,936		145,796		(5,513)		33,936		140,283		174,219		36,060	1987	2005
260 Townsend Street
San Francisco, CA		—		7,574		13,843		1,882		7,574		15,725		23,299		6,073	1986	2006
830 1st Street
Washington, DC		46,000		18,095		62,017		(1,279)		18,095		60,738		78,833		14,189	2002	2006
200 S College Street
Charlotte, NC		—		7,702		109,006		5,300		7,702		114,306		122,008		31,750	1977/1997	2007
3601 S Congress Avenue
Austin, TX		—		9,569		18,593		2,129		9,569		20,722		30,291		5,632	1918/2001	2007
899 N Capitol Street
Washington, DC		—		34,641		84,466		6,688		34,641		91,154		125,795		20,971	1969-1973/1999 & 2011	2007
999 N Capitol Street
Washington, DC		—		32,221		86,526		12,101		32,221		98,627		130,848		23,204	1969-1973/1999 & 2011	2007
901 N Capitol Street
Washington, DC		—		27,117		—		3,902		27,117		3,902		31,019		1,083	N/A	2007
1333 Broadway
Oakland, CA		—		7,048		41,578		9,553		7,048		51,131		58,179		9,658	1972/1995	2008
1901 Harrison Street
Oakland, CA		—		3,838		68,106		5,893		3,838		73,999		77,837		17,345	1985	2008
2100 Franklin Street
Oakland, CA		—		4,277		34,033		14,071		4,277		48,104		52,381		12,956	2008	2008
2101 Webster Street
Oakland, CA		—		4,752		109,812		22,592		4,752		132,404		137,156		29,834	1984	2008
2353 Webster Street Parking Garage
Oakland, CA		—		—		9,138		51		—		9,189		9,189		1,681	1986	2008
1 Kaiser Plaza
Oakland, CA		—		9,261		113,619		13,195		9,261		126,814		136,075		28,024	1970/2008	2008
980 9th Street
Sacramento, CA		—		3,380		86,939		4,453		3,380		91,392		94,772		16,541	1992	2009
1010 8th Street Parking Garage & Retail
Sacramento, CA		—		1,020		1,980		96		1,020		2,076		3,096		376	1992	2009
211 Main Street
San Francisco, CA		29,201		14,364		106,875		1,339		14,364		108,214		122,578		25,011	1973/1998	2009
11600 Wilshire Boulevard
Los Angeles, CA		—		3,477		18,522		1,483		3,477		20,005		23,482		3,082	1955	2010
11620 Wilshire Boulevard
Los Angeles, CA		—		7,672		51,999		8,013		7,672		60,012		67,684		9,086	1976	2010
4750 Wilshire Boulevard
Los Angeles, CA		—		16,633		28,985		58		16,633		29,043		45,676		1,475	1984/2014	2014
Lindblade Media Center
Los Angeles, CA		—		6,342		11,568		—		6,342		11,568		17,910		460	1930 & 1957 / 2010	2014
2 Kaiser Plaza
Oakland, CA		—		10,931		110		109		10,931		219		11,150		7	N/A	2015

Multifamily
3636 McKinney Avenue
Dallas, TX		9,533		3,806		11,077		383		3,806		11,460		15,266		1,698	2006	2010
3839 McKinney Avenue
Dallas, TX		6,324		1,679		8,621		226		1,679		8,847		10,526		1,325	2006	2010
4649 Cole Avenue
Dallas, TX		23,989		17,483		16,355		5,236		17,483		21,591		39,074		3,377	1994	2010
4200 Scotland Street
Houston, TX		29,744		9,811		40,150		132		9,811		40,282		50,093		5,913	2009	2010
47 E 34th Street
New York, NY		—		30,612		31,145		1,405		30,612		32,550		63,162		3,348	2009	2011

Hotel
Courtyard Oakland
Oakland, CA (1)		—		4,384		16,168		1,223		4,384		17,391		21,775		4,245	2002	2007
Sheraton Grand Hotel
Sacramento, CA		—		3,497		107,447		(4,101)		3,497		103,346		106,843		20,180	2001	2008
Sheraton Grand Hotel Parking & Retail
Sacramento, CA		—		6,552		10,996		(68)		6,552		10,928		17,480		2,134	2001	2008
LAX Holiday Inn
Los Angeles, CA		—		15,662		23,173		1,094		15,662		24,267		39,929		2,494	1973/2010	2008/2013
	$	144,791	$	363,612	$	1,591,752	$	106,008	$	363,612	$	1,697,760	$	2,061,372	$	369,661

(1) This property was sold in February 2016.

The aggregate gross cost of property included above for federal income tax purposes approximates $2.1 billion (unaudited) as of December 31, 2015.

The following table reconciles the historical cost of total real estate held for investment from January 1, 2013 to December 31, 2015:


	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Real Estate Assets
Balance, beginning of period	$	2,036,794	$	1,953,848	$	1,907,903

Additions:
Property acquisitions		11,041		63,528		38,835
Improvements		31,342		28,879		24,520
Deductions:
Asset sales		(6,237)		—		—
Retirements		(11,568)		(9,461)		(17,410)
Balance, end of period	$	2,061,372	$	2,036,794	$	1,953,848

The following table reconciles the accumulated depreciation from January 1, 2013 to December 31, 2015:


	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Accumulated Depreciation
Balance, beginning of period	$	(320,857)	$	(271,683)	$	(231,080)

Additions: depreciation		(61,915)		(58,635)		(58,013)
Deductions:
Asset sales		1,543		—		—
Retirements		11,568		9,461		17,410
Balance, end of period	$	(369,661)	$	(320,857)	$	(271,683)

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2015

MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

Schedule IV—Mortgage Loans on Real Estate

December 31, 2015

(dollars in thousands, except footnotes)


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

Commercial Real Estate Loans - 3% or greater (2):
Florida	1		N/A		N/A	9.77			%		3/1/2017			$	20,338		$	—

SBA 7(a) Loans - States 2% or greater (3) (4):
Michigan	25	$	10	$	880	5.00	%	to	6.00	%	10/10/33	--	6/22/41		6,819			—
Ohio	21	$	—	$	670	5.00	%	to	6.00	%	10/16/20	--	4/27/41		5,459			—
Texas (5)	28	$	—	$	660	4.13	%	to	6.00	%	2/1/17	--	12/29/40		3,782			—
Indiana	13	$	40	$	430	4.75	%	to	6.00	%	3/17/35	--	11/24/40		2,810			—
Florida	11	$	10	$	640	5.25	%	to	6.00	%	6/19/19	--	12/27/40		2,762			—
Virginia	9	$	150	$	720			6.00	%		9/6/36	--	11/12/39		2,628			—
Kentucky	6	$	110	$	520			6.00	%		4/9/35	--	10/27/39		1,660			—
North Carolina	5	$	100	$	670	5.75	%	to	6.00	%	9/8/32	--	6/25/40		1,465			—
Alabama	6	$	40	$	470	5.00	%	to	6.00	%	7/27/25	--	5/30/40		1,441			—
Wisconsin (6)	7	$	10	$	340	5.00	%	to	6.00	%	4/23/20	--	7/17/38		1,268			—
Illinois	5	$	60	$	370	5.75	%	to	6.00	%	9/17/35	--	9/8/39		1,285			—
Missouri	5	$	—	$	450	5.25	%	to	6.00	%	8/12/21	--	4/14/39		1,094			—
Arizona	5	$	30	$	450	5.75	%	to	6.00	%	1/12/33	--	5/21/40		1,031			—
Iowa	4	$	130	$	490	4.92	%	to	6.00	%	12/22/35	--	1/28/39		923			—
Other (7)	38	$	—	$	560	4.75	%	to	6.00	%	6/15/16	--	12/17/40		5,936			357
Government guaranteed portions (8)															5,239			—
SBA 7(a) loans, subject to secured borrowings (9)															34,428			—
General reserves															(206)			—
	188													$	79,824		$	357

Conventional Loans - States 2% or greater (10):
Arizona	1		—		—	6.33			%		5/21/25				1,270			—
Ohio (11)	1		—		—	10.33			%		11/25/19				1,139			—
North Carolina (12)	1		—		—	7.50			%		2/6/19				435			—
Pennsylvania (13)	1		—		—	4.33			%		9/29/25				434			—
	4													$	3,278		$	—

	193													$	103,440	(14)	$	357

(1)

The carrying amounts exclude general reserves of $206,000.

(2)

Represents an interest only mezzanine loan with a face value of $20,408,000. It is secured by an indirect ownership interest in an entity that either directly or indirectly owns parcels of commercial real estate. The loan has a variable interest rate and a prepayment penalty equal to a percentage of the outstanding balance at the time of the prepayment minus any interest paid. The loan is subject to a secured borrowing as 49% was sold.

(3)

Includes approximately $216,000 of loans not secured by real estate. Also includes $185,000 of loans with subordinate lien positions.

(4)

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

(5)

Includes a loan with a face value of $29,000 and a fixed interest rate of 6.00%. Also includes a loan with a face value of $51,000 and a fixed interest rate of 6.00%.

(6)

Includes a loan with a face value of $1,272,000 and a valuation reserve of $27,000.

(7)

Includes a loan with a face value of $357,000, a valuation reserve of $33,000 and a fixed interest rate of 5.00%, and includes a loan with a face value of $436,000, and a valuation reserve of $62,000.

(8)

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

(9)

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

(10)

Our loans have both variable and fixed rates of interest.

(11)

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

(12)

Includes a loan with the face value of $462,000 and a fixed interest rate of 7.50%.

(13)

Includes a loan with a face value of $790,000, and a valuation reserve of $227,000.

(14)

For federal income tax purposes, the aggregate cost basis of our loans was approximately $67,652,000 (unaudited).

Schedule IV—Mortgage Loans on Real Estate

December 31, 2015

(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

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

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

Balance at December 31, 2015	$	103,440

(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, 2015

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.

Assets Held for Sale and Discontinued Operations

Derivative Financial Instruments

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 13.

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

MERGER (Tables)

12 Months Ended

Dec. 31, 2015

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 and diluted earnings per share	$	0.20	$	0.23

(A)

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, 2015

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of real estate investment assets


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

ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2015

2015

Acquisitions

Schedule of acquisitions


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

Schedule of assets sold to third party

Asset

Date of

Sales

Gain on

Property

Type

Sale

Square Feet

Price

Sale

(in thousands)

500 West Santa Ana Boulevard, Santa Ana, CA

Office

November 19, 2015

37,116

8,050

3,092

2014

Acquisitions

Schedule of acquisitions

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

Asset

Date of

Number

Rentable

Purchase

Property

Type

Acquisition

of Buildings

Square Feet

Price

(in thousands)

4750 Wilshire Boulevard, Los Angeles, CA (1)

Office

April 18, 2014

143,361

44,936

Lindblade Media Center, Los Angeles, CA (2)

Office

October 21, 2014

32,428

18,500

(1)

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

(2)

Acquisitions from 2013 to 2015

Acquisitions

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

	Year Ended December 31,
	2015 (1)		2014 (1)		2013 (1)
	(in thousands)
Land	$	10,931	$	22,975	$	15,662
Land improvements		110		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)		102		2,396		—
Acquired below-market leases (3)		—		(2,488)		—
Note receivable		—		—		(40,100)
Net assets acquired	$	11,143	$	63,436	$	—

(1)

(2)

In‑place leases have a weighted average amortization period of 3.0 years and 5.1 years for the 2015 and 2014 acquisitions, respectively.

(3)

Below‑market leases have a weighted average amortization period of 5.0 years for the 2014 acquisitions.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

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

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

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

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

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

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

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

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760

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

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

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

+ Details

INVESTMENTS IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2015

INVESTMENTS IN REAL ESTATE

Schedule of investments in real estate


	December 31,
	2015		2014
	(in thousands)
Land	$	363,612	$	354,035
Land improvements		26,747		28,071
Buildings and improvements		1,506,962		1,501,603
Furniture, fixtures, and equipment		9,720		10,875
Tenant improvements		146,205		131,446
Work in progress		8,126		10,764
Investments in real estate		2,061,372		2,036,794
Accumulated depreciation		(369,661)		(320,857)
Net investments in real estate	$	1,691,711	$	1,715,937

OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2015

OTHER INTANGIBLE ASSETS

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


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


	Assets										Liabilities
	Acquired		Acquired				Franchise		Acquired		Acquired
	Above-Market		In-Place		Tax		Affiliation		Below-Market		Below-Market
December 31, 2014	Leases		Leases		Abatement		Fee		Ground Lease		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

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


	Assets										Liabilities
	Acquired		Acquired				Franchise		Acquired		Acquired
	Above-Market		In-Place		Tax		Affiliation		Below-Market		Below-Market
Years Ending December 31,	Leases		Leases		Abatement		Fee		Ground Lease		Leases
	(in thousands)
2016	$	88	$	1,380	$	551	$	561	$	140	$	(2,502)
2017		26		949		551		—		140		(2,399)
2018		9		689		551		—		140		(963)
2019		—		488		298		—		140		(222)
2020		—		178		—		—		140		—
Thereafter		—		771		—		—		9,563		—
	$	123	$	4,455	$	1,951	$	561	$	10,263	$	(6,086)

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2015

DISCONTINUED OPERATIONS

Schedule of gain on sale


	(in thousands)
Proceeds received	$	84,928
Less: Carrying value of commercial mortgage loans (1)		(77,121)
Gain on sale before transaction costs		7,807
Transaction costs (2)		(2,656)
Gain on disposition of assets held for sale	$	5,151

(1)

Includes unamortized acquisition discounts of $15,951,000 as of the date of sale.

(2)

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


	December 31,
	2015		2014
	(in thousands)
Assets held for sale
Loans receivable, net	$	103,440	$	189,052
Cash and cash equivalents		15,936		9,937
Restricted cash		819		916
Accounts receivable and interest receivable, net		691		738
Other intangible assets		2,957		2,957
Other assets		5,149		5,199
Total assets held for sale	$	128,992	$	208,799
Liabilities associated with assets held for sale
Debt	$	47,121	$	41,901
Accounts payable and accrued expenses		2,302		2,709
Other liabilities		3,317		5,181
Total liabilities associated with assets held for sale	$	52,740	$	49,791

Schedule of loans receivable


		December 31,
		2015		2014
	(in thousands)
Commercial mortgage loans	$	3,511	$	108,864
SBA 7(a) loans, subject to secured borrowings		36,574		41,328
SBA 7(a) loans		43,096		38,707
Commercial real estate loan, subject to secured borrowing		20,408		—
Loans receivable		103,589		188,899
Deferred capitalized costs, net		406		292
Loan loss reserves		(555)		(139)
Net loans receivable	$	103,440	$	189,052

Schedule of debt


	December 31,
	2015		2014
	(in thousands)
Secured Borrowings—Government Guaranteed Loans:
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.90% and 3.92% at December 31, 2015 and 2014, respectively	$	29,481	$	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%		4,947		5,085
		34,428		38,739
Unamortized premiums on loans sold for a premium and excess spread		2,693		3,162
Total Secured Borrowings—Government Guaranteed Loans		37,121		41,901

Secured Borrowing—Commercial Real Estate Loan:
Secured borrowing based on 49% of the principal on a commercial real estate loan with a variable rate, reset monthly, based on 30-day LIBOR and a current coupon rate of 9.77% at December 31, 2015. The secured borrowing matures on March 1, 2017.		10,000		—
Total Secured Borrowings	$	47,121	$	41,901

Schedule of future principal payments on our debt


	Secured
Years Ending	Borrowings
December 31,	Principal(1)
	(in thousands)
2016	$	1,172
2017		11,213
2018		1,253
2019		1,297
2020		1,343
Thereafter		28,150
	$	44,428

(1)

Reconciliation of the revenue and expenses classified as discontinued operations




			From the Acquisition
	Year Ended		Date through
	December 31, 2015		December 31, 2014
	(in thousands)

Revenue - Interest and other income	$	23,065	$	18,910

Expenses:
Interest expense		977		1,177
Fees to related party (1)		4,627		—
General and administrative (1)		1,527		4,472
Provision for income taxes		806		623
Total Expenses		7,937		6,272
Income from operations of assets held for sale		15,128		12,638
Gain on disposition of assets held for sale		5,151		—
Net income from discontinued operations	$	20,279	$	12,638

DEBT (Tables)

12 Months Ended

Dec. 31, 2015

DEBT

Schedule of debt


	December 31,
	2015		2014
	(in thousands)
Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan had a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan was nonrecourse. The loan was paid in full in September 2015.	$	—	$	26,783
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 had a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan was nonrecourse. The loan was paid in full in April 2015.		—		12,442
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.		29,201		32,070
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 was nonrecourse. The loan was paid in full in September 2015.		—		33,734
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.		39,846		40,526
Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse.		29,744		30,292
		144,791		221,847
Premiums and discounts on assumed mortgages		1,178		1,961
Total Mortgages Payable		145,969		223,808
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.		27,070		27,070
Unsecured term loan facility		385,000		—
Unsecured credit facility		107,000		360,000
		519,070		387,070
Discount on junior subordinated notes		(2,091)		(2,164)
Total Other		516,979		384,906
Total Debt	$	662,948	$	608,714

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


Years Ending	Mortgages
December 31,	Payable		Other (1)		Total
	(in thousands)
2016	$	4,354	$	107,000	$	111,354
2017		4,642		—		4,642
2018		24,300		—		24,300
2019		1,519		—		1,519
2020		1,596		—		1,596
Thereafter		108,380		412,070		520,450
	$	144,791	$	519,070	$	663,861

Represents the junior subordinated notes, and unsecured credit and term loan facilities.

- 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=34725769&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

+ Details

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2015

STOCK-BASED COMPENSATION PLANS

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


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


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

Summary of restricted shares and the changes during the year


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


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

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2015

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Schedule of forward-starting interest rate swap contracts

Number of Interest
Rate Swaps (1) (2)

Total Notional Amount

Fixed Rates

Floating Rate Index

Effective Date

Expiration
Date

(in thousands)

385,000

1.559% - 1.569%

One-Month LIBOR

11/2/2015

5/8/2020

(1)

See Note 13 for our fair value disclosures.

(2)

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

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


	Year Ended December 31,
	2015		2014		2013
	(in thousands)

Accumulated other comprehensive income (loss), at beginning of period	$	—	$	—	$	—
Other comprehensive income (loss) before reclassifications		(3,381)		—		—
Amounts reclassified from accumulated other comprehensive income (loss) (1)		862		—		—
Net current period other comprehensive income (loss)		(2,519)		—		—
Accumulated other comprehensive income (loss), at end of period	$	(2,519)	$	—	$	—

(1)

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

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2015

FAIR VALUE OF FINANCIAL INSTRUMENTS

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


	December 31,					Balance Sheet
	2015		2014		Level	Location
	(in thousands)
Liabilities:
Interest rate swaps	$	2,519	$	—	2	Other liabilities

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


	December 31, 2015				December 31, 2014
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets held for sale:
Loans receivable subject to credit risk	$	46,456	$	46,697	$	147,648	$	154,252	3
SBA 7(a) loans receivable, subject to secured borrowings		36,646		37,121		41,404		41,901	3
Commercial real estate loan, subject to secured borrowing		20,338		20,408		—		—	3
Liabilities:
Secured borrowings, included in liabilities associated with assets held for sale		47,121		47,121		41,901		41,901	3
Junior subordinated notes		24,979		25,046		24,906		24,877	3
Mortgages payable		145,969		147,516		223,808		231,806	3
Unsecured credit facility		107,000		107,000		360,000		360,000	3
Unsecured term loan facility		385,000		385,000		—		—	3

RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2015

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

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2015

COMMITMENTS AND CONTINGENCIES.

Schedule of future noncancelable minimum lease payments


Years Ending December 31,	(in thousands)
2016	$	743
2017		749
2018		607
2019		503
2020		541
Thereafter		127,679
	$	130,822

FUTURE MINIMUM LEASE RENTALS (Tables)

12 Months Ended

Dec. 31, 2015

FUTURE MINIMUM LEASE RENTALS

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


	Governmental		Other
Years Ending December 31,	Tenants		Tenants		Total
	(in thousands)
2016	$	50,200	$	103,713	$	153,913
2017		43,949		101,458		145,407
2018		41,315		81,587		122,902
2019		38,905		69,448		108,353
2020		35,758		59,363		95,121
Thereafter		84,739		200,730		285,469
	$	294,866	$	616,299	$	911,165

CONCENTRATIONS (Tables)

12 Months Ended

Dec. 31, 2015

Revenues

Concentrations

Schedule of concentration risk from properties


	Year Ended December 31,
	2015		2014		2013
California	62.2	%	60.4	%	57.1	%
Washington, D.C.	24.2		24.7		26.5
Texas	7.8		7.7		8.1
North Carolina	4.6		5.1		6.1
New York	1.2		2.1		2.2
	100.0	%	100.0	%	100.0	%

Real estate investments

Concentrations

Schedule of concentration risk from properties


	December 31,
	2015		2014
California	52.6	%	52.3	%
Washington, D.C.	31.1		31.2
Texas	7.4		7.4
North Carolina	5.3		5.5
New York	3.6		3.6
	100.0	%	100.0	%

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Reconciliation of our net income to REIT taxable income


	Year Ended December 31,
	2015		2014		2013
	(in thousands)

Income/(loss) from continuing operations before income taxes for TRS’s	$	645	$	2,925	$	(1,084)

Expected federal income tax provision	$	219	$	995	$	(368)
State income taxes		41		172		(61)
Change in valuation allowance		(301)		(1,175)		418
Other		41		8		11
Income tax provision	$	—	$	—	$	—

Components of our net deferred tax asset


	December 31,
	2015		2014
	(in thousands)
Deferred tax assets:
Net operating losses	$	1,614	$	1,893
Secured borrowings—government guaranteed loans		916		1,075
Other		264		225
Total gross deferred tax assets		2,794		3,193
Valuation allowance		(1,507)		(1,808)
		1,287		1,385
Deferred tax liabilities:
Loans receivable		(618)		(681)
Other		(245)		(147)
		(863)		(828)
Deferred tax asset, net	$	424	$	557

Reported as:
Deferred tax assets	$	—	$	—
Assets held for sale		424		557
Deferred tax assets, net	$	424	$	557

SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 2015

SEGMENT DISCLOSURE

Schedule of net operating income of reportable segments


	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Office:
Revenues	$	188,270	$	179,338	$	175,144
Property expenses:
Operating		80,014		73,666		67,906
General and administrative		771		981		1,078
Total property expenses		80,785		74,647		68,984
Segment net operating income—office		107,485		104,691		106,160
Hotel:
Revenues		61,436		56,096		40,680
Property expenses:
Operating		41,585		39,544		28,825
General and administrative		389		150		250
Total property expenses		41,974		39,694		29,075
Segment net operating income—hotel		19,462		16,402		11,605
Multifamily:
Revenues		18,721		20,719		19,989
Property expenses:
Operating		11,579		13,664		8,432
General and administrative		589		738		114
Total property expenses		12,168		14,402		8,546
Segment net operating income—multifamily		6,553		6,317		11,443
Total segment net operating income	$	133,500	$	127,410	$	129,208

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


	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Total segment net operating income	$	133,500	$	127,410	$	129,208
Interest		(22,785)		(19,073)		(17,929)
General and administrative		(6,621)		(5,463)		(1,126)
Asset management and other fees to related parties		(29,319)		(25,222)		(21,767)
Transaction costs		(1,382)		(1,563)		(5,063)
Depreciation and amortization		(72,361)		(69,047)		(68,644)
Bargain purchase gain		—		4,918		—
Gain on sale of real estate		3,092		—		—
Income from continuing operations		4,124		11,960		14,679
Discontinued operations
Income from operations of assets held for sale		15,128		12,638		—
Gain on disposition of assets held for sale		5,151		—		—
Net income from discontinued operations		20,279		12,638		—
Net income		24,403		24,598		14,679
Net income attributable to noncontrolling interests		(11)		(220)		(213)
Net income attributable to stockholders	$	24,392	$	24,378	$	14,466

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


	December 31,
	2015		2014
	(in thousands)
Condensed assets:
Office	$	1,520,780	$	1,534,610
Hotel		176,735		174,679
Multifamily		171,885		171,226
Lending assets held for sale		128,992		208,799
Non-segment assets		99,781		5,368
Total assets	$	2,098,173	$	2,094,682


	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Capital expenditures(1):
Office	$	27,686	$	26,157	$	20,523
Hotel		1,158		1,481		2,015
Multifamily		2,498		1,241		1,982
Total capital expenditures		31,342		28,879		24,520
Loan originations included in assets held for sale		59,467		50,971		—
Total capital expenditures and loan originations	$	90,809	$	79,850	$	24,520

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

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information (Unaudited)

Summary of quarterly financial information


	Three months ended
	March 31,		June 30,		September 30,		December 31,
	(in thousands except per share data)
2015
Revenues from continuing operations	$	67,239	$	66,919	$	66,395	$	67,874
Gain on sale of real estate		—		—		—		3,092
Income (loss) from continuing operations		(230)		998		233		3,123
Income from discontinued operations		2,962		3,984		5,008		8,325
Net income		2,732		4,982		5,241		11,448
Net income attributable to stockholders		2,732		4,976		5,242		11,442
Comprehensive income (loss)		2,732		4,982		(1,071)		15,241
Comprehensive income (loss) attributable to stockholders		2,732		4,976		(1,070)		15,235
BASIC AND DILUTED INCOME PER SHARE:
Continuing operations	$	0.00	$	0.01	$	0.00	$	0.03
Discontinued operations	$	0.03	$	0.04	$	0.05	$	0.09
Net income	$	0.03	$	0.05	$	0.05	$	0.12
Weighted average shares of common stock outstanding - basic		97,582		97,589		97,590		97,590
Weighted average shares of common stock outstanding - diluted		97,582		97,589		97,590		97,590


2014
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 discontinued operations		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		11,217		8,514		4,280		587
Comprehensive income attributable to stockholders		11,219		8,399		4,285		475
BASIC AND 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	$	0.00
Weighted average shares of common stock outstanding - basic		95,934		97,571		97,582		97,582
Weighted average shares of common stock outstanding - diluted		95,936		97,576		97,583		97,583

ORGANIZATION AND OPERATIONS (Details)	Apr. 29, 2014 $ / shares shares	Dec. 31, 2015 $ / shares shares	Dec. 31, 2014 $ / shares shares	Apr. 28, 2014 shares
Organization and operations
Common shares authorized		200,000,000	200,000,000	1,000,000,000
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	$ 0.001
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, 2015 shares	Mar. 25, 2014 $ / shares
Merger
Treasury stock			107,265
Reverse stock split ratio	0.2
Consideration Transferred
Common stock outstanding			97,581,598		97,589,598
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
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
Aggregate shares of common stock issued in the merger		95,440,000
Number of shares to be issued on conversion of preferred stock expressed as a percentage of outstanding stock		97.80%
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 - Financial Position (Details) - USD ($)		3 Months Ended	12 Months Ended
MERGER - Financial Position (Details) - USD ($)	Mar. 11, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Assets
Net assets acquired			$ 63,436,000		$ 11,143,000
Liabilities
Bargain purchase gain		$ (4,918,000)	(4,918,000)
Pro Forma Financial Information
Transaction costs			491,000		$ 107,000
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 and diluted earnings 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, 2015	Dec. 31, 2014	Dec. 31, 2013
Investments in Real Estate
Impairment of long-lived assets	$ 0	$ 0	$ 0
Buildings and improvements \| Minimum
Investments in Real Estate
Estimated useful lives	15 years
Buildings and improvements \| Maximum
Investments in Real Estate
Estimated useful lives	40 years
Furniture, fixtures, and equipment \| Minimum
Investments in Real Estate
Estimated useful lives	3 years
Furniture, fixtures, and equipment \| Maximum
Investments in Real Estate
Estimated useful lives	5 years

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Receivable (Details) - USD ($)	9 Months Ended	12 Months Ended
	Oct. 08, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 11, 2014
Loans receivable
(Decrease) increase in impairment allowance on loans receivable		$ 328,000
Impairments on loans receivable			$ 0	$ 0
Lending division
Loans receivable
Discount on acquisition					$ 33,907,000
Unamortized acquisition discounts		15,951,000
Acquisition discount		$ 3,274,000
First mortgage note secured by hotel located near Los Angeles Airport \| CIM Urban Partners, L.P
Loans receivable
Interest income and fees				$ 316,000
Interest rate during the period	7.10%
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%
Variable interest, floor				4.75%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details)	12 Months Ended
	Dec. 31, 2015 USD ($) item	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Allowance for uncollectible accounts receivable	$ 751,000	$ 388,000
Deferred Rent Receivable and Charges
Deferred rent receivable	58,612,000	53,622,000
Deferred loan costs, gross	10,445,000	7,521,000
Deferred loan costs, accumulated amortization	4,332,000	1,741,000
Deferred leasing costs, gross	59,225,000	55,145,000
Deferred leasing costs, accumulated amortization	20,612,000	16,917,000
Noncontrolling Interest
Payment to redeem noncontrolling interest		1,850,000
Revenue Recognition
Lease incentives	13,041,000	8,850,000
Lease incentives, accumulated amortization	3,067,000	2,072,000
Percentage rent	329,000	230,000	$ 99,000
Parking percentage rent	$ 2,290,000	1,562,000	$ 1,096,000
Segment Information
Number of business segments \| item	3
Advance Bookings
Purchase Accounting for Acquisition Of Investments in Real Estate
Intangible assets	$ 0	0
Advance Bookings \| Minimum
Purchase Accounting for Acquisition Of Investments in Real Estate
Amortization period	1 year
Advance Bookings \| Maximum
Purchase Accounting for Acquisition Of Investments in Real Estate
Amortization period	3 years
Franchise Affiliation Fee
Purchase Accounting for Acquisition Of Investments in Real Estate
Intangible assets	$ 561,000	955,000
Amortization period	10 years
Tax Abatement
Purchase Accounting for Acquisition Of Investments in Real Estate
Intangible assets	$ 1,951,000	$ 2,502,000
Amortization period	8 years

ACQUISITIONS AND DISPOSITIONS (Details)				12 Months Ended
ACQUISITIONS AND DISPOSITIONS (Details)	Feb. 02, 2016 USD ($)	Oct. 21, 2014 USD ($) ft² item	Apr. 18, 2014 USD ($) ft² item	Dec. 31, 2015 USD ($) ft²	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Oct. 31, 2013 room
Fair value of the assets acquired and liabilities assumed
Advance bookings						$ 251,000
Working capital						1,014,000
Note receivable						(40,100,000)
Net assets acquired				$ 11,143,000	$ 63,436,000
Other disclosures
Acquisition related expenses				107,000	491,000
Abandoned project costs				486,000	132,000
Acquired in-place Leases
Fair value of the assets acquired and liabilities assumed
Intangible assets				$ 102,000	$ 2,396,000
Weighted average amortization period				8 years	8 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				$ 10,931,000	22,975,000	15,662,000
Land improvements
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment				$ 110,000	535,000	436,000
Buildings and improvements
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment					38,821,000	20,256,000
Tenant improvements
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment					$ 1,197,000
Furniture, fixtures, and equipment
Fair value of the assets acquired and liabilities assumed
Property, plant and equipment						$ 2,481,000
2 Kaiser Plaza
Acquisitions
Interest acquired (as a percent)				100.00%
Rentable space (in square feet ) \| ft²				44,642
Purchase Price				$ 11,143,000
4750 Wilshire Boulevard, Los Angeles, CA
Acquisitions
Purchase Price			$ 44,936,000
Number of Buildings \| item			1
Rentable Square Feet \| ft²			143,361
4750 Wilshire Boulevard, Los Angeles, CA \| Acquired in-place Leases
Fair value of the assets acquired and liabilities assumed
Weighted average amortization period				3 years	5 years 1 month 6 days
4750 Wilshire Boulevard, Los Angeles, CA \| Acquired below-market leases
Fair value of the assets acquired and liabilities assumed
Weighted average amortization period				5 years
Lindblade Media Center, Los Angeles, CA
Acquisitions
Purchase Price		$ 18,500,000
Number of Buildings \| item		3
Rentable Square Feet \| ft²		32,428
LAX Holiday Inn
Acquisitions
Interest acquired (as a percent)							100.00%
Number of rooms \| room							405
Acquisitions from 2013 to 2015
Other disclosures
Percentage represent individualy of assets				5	5	5
Percentage represent aggregate of assets				10.00%	10.00%	10.00%
500 West Santa Ana Boulevard, Santa Ana, CA
Acquisitions
Rentable space (in square feet ) \| ft²				37,116
Sale Price				$ 8,050,000
Gain on sale				$ 3,092,000
First mortgage note secured by hotel located near Los Angeles Airport
Other disclosures
Acquisition related expenses						$ 1,393,000
Subsequent event \| Courtyard Oakland located in Oakland California
Acquisitions
Sale Price	$ 43,800,000
Gain on sale	$ 24,700,000

INVESTMENTS IN REAL ESTATE (Details) - USD ($)	12 Months Ended
INVESTMENTS IN REAL ESTATE (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
INVESTMENTS IN REAL ESTATE
Land	$ 363,612,000	$ 354,035,000
Land improvements	26,747,000	28,071,000
Buildings and improvements	1,506,962,000	1,501,603,000
Furniture, fixtures, and equipment	9,720,000	10,875,000
Tenant improvements	146,205,000	131,446,000
Work in progress	8,126,000	10,764,000
Investments in real estate	2,061,372,000	2,036,794,000
Accumulated depreciation	(369,661,000)	(320,857,000)
Net investments in real estate	1,691,711,000	1,715,937,000
Depreciation expense	$ 61,915,000	$ 58,635,000	$ 58,013,000

OTHER INTANGIBLE ASSETS (Details) - USD ($)	12 Months Ended
OTHER INTANGIBLE ASSETS (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Intangible assets and liabilities
Amortization expenses	$ 72,361,000	$ 69,047,000	$ 68,644,000
Intangible liabilities
Net	(6,086,000)	(8,657,000)
Future accretion of acquisition related intangible liabilities
Net	(6,086,000)	(8,657,000)
Acquired Below-Market Leases
Intangible assets and liabilities
Amortization expenses	$ 2,571,000	$ 2,631,000	3,058,000
Intangible assets
Average useful life	8 years	8 years
Intangible liabilities
Gross balance	$ (19,722,000)	$ (20,333,000)
Accumulated amortization	13,636,000	11,676,000
Net	(6,086,000)	(8,657,000)
Future accretion of acquisition related intangible liabilities
2016	(2,502,000)
2017	(2,399,000)
2018	(963,000)
2019	(222,000)
Net	(6,086,000)	(8,657,000)
Acquired Above-Market Leases
Intangible assets and liabilities
Amortization expenses	240,000	602,000	888,000
Intangible assets
Gross balance	966,000	2,402,000
Accumulated amortization	(843,000)	(2,039,000)
Net	$ 123,000	$ 363,000
Average useful life	7 years	7 years
Future amortization of acquisition related intangible assets
2016	$ 88,000
2017	26,000
2018	9,000
Net	123,000	$ 363,000
Acquired in-place Leases
Intangible assets and liabilities
Amortization expenses	1,857,000	2,368,000	3,368,000
Intangible assets
Gross balance	21,398,000	22,680,000
Accumulated amortization	(16,943,000)	(16,470,000)
Net	$ 4,455,000	$ 6,210,000
Average useful life	8 years	8 years
Future amortization of acquisition related intangible assets
2016	$ 1,380,000
2017	949,000
2018	689,000
2019	488,000
2020	178,000
Thereafter	771,000
Net	4,455,000	$ 6,210,000
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	(2,322,000)	(1,771,000)
Net	$ 1,951,000	$ 2,502,000
Average useful life	8 years	8 years
Future amortization of acquisition related intangible assets
2016	$ 551,000
2017	551,000
2018	551,000
2019	298,000
Net	1,951,000	$ 2,502,000
Advance Bookings
Intangible assets and liabilities
Amortization expenses	0	190,000	61,000
Intangible assets
Net	0	0
Future amortization of acquisition related intangible assets
Net	0	0
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	(3,375,000)	(2,981,000)
Net	$ 561,000	$ 955,000
Average useful life	10 years	10 years
Future amortization of acquisition related intangible assets
2016	$ 561,000
Net	561,000	$ 955,000
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	(1,422,000)	(1,282,000)
Net	$ 10,263,000	$ 10,403,000
Average useful life	84 years	84 years
Future amortization of acquisition related intangible assets
2016	$ 140,000
2017	140,000
2018	140,000
2019	140,000
2020	140,000
Thereafter	9,563,000
Net	$ 10,263,000	$ 10,403,000

DISCONTINUED OPERATIONS (Details) - USD ($)	1 Months Ended	12 Months Ended
DISCONTINUED OPERATIONS (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
DISCONTINUED OPERATIONS
Less: Carrying value of commercial mortgage loans		$ (77,121,000)
Gain on disposition of assets held for sale		5,151,000
Assets held for sale
Loans receivable, net	$ 103,440,000	103,440,000	$ 189,052,000
Cash and cash equivalents	15,936,000	15,936,000	9,937,000
Restricted cash	819,000	819,000	916,000
Accounts receivable and interest receivable, net	691,000	691,000	738,000
Other intangible assets	2,957,000	2,957,000	2,957,000
Other assets	5,149,000	5,149,000	5,199,000
Assets held for sale	128,992,000	128,992,000	208,799,000
Liabilities of assets held for sale
Debt	47,121,000	47,121,000	41,901,000
Accounts payable and accrued expenses	2,302,000	2,302,000	2,709,000
Other liabilities	3,317,000	3,317,000	5,181,000
Total liabilities associated with assets held for sale	52,740,000	52,740,000	49,791,000
Lending division
DISCONTINUED OPERATIONS
Proceeds received	84,928,000
Less: Carrying value of commercial mortgage loans	(77,121,000)
Gain on sale before transaction costs	7,807,000
Transaction costs	(2,656,000)
Gain on disposition of assets held for sale	5,151,000
Unamortized acquisition discounts	15,951,000	15,951,000
Lending division \| Held for sale
DISCONTINUED OPERATIONS
Transaction costs from sales		$ 675,000	$ 473,000
CIM SBA \| Lending division
DISCONTINUED OPERATIONS
Reimbursement of costs	$ (1,638,000)

DISCONTINUED OPERATIONS - Loans Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Loans receivable
Loans receivable	$ 103,589	$ 188,899
Deferred capitalized costs - net	406	292
Loan loss reserves	(555)	(139)
Net loans receivable	103,440	189,052
Commercial mortgage loans
Loans receivable
Loans receivable	3,511	108,864
SBA 7(a) loans, subject to secured borrowings
Loans receivable
Loans receivable	36,574	41,328
SBA 7(a) Loans
Loans receivable
Loans receivable	43,096	$ 38,707
Commercial Real estate
Loans receivable
Loans receivable	$ 20,408

DISCONTINUED OPERATIONS - Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt
Total Debt	$ 47,121	$ 41,901
Secured borrowings - government guaranteed loans
Debt
Debt	34,428	38,739
Unamortized Premiums or discounts on debt instruments	2,693	3,162
Total Debt	$ 37,121	$ 41,901
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.90% and 3.92% at December 31, 2015 and 2014, respectively
Debt
Weighted average coupon rate (as a percent)	3.90%	3.92%
Debt	$ 29,481	$ 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%	1.58%
Debt	$ 4,947	$ 5,085
Secured borrowing based on 49% of the principal on a commercial real estate loan with a variable rate, reset monthly, based on 30-day LIBOR and a current coupon rate of 9.77% at December 31, 2015. The secured borrowing matures on March 17, 2017
Debt
Percentage of principal on commercial real estate loan	49.00%
Current coupon rate (as a percent)	9.77%
Debt	$ 10,000
Commercial Real estate
Debt
Total Debt	$ 47,121	$ 41,901

DISCONTINUED OPERATIONS - Principal Repayments (Details) - Secured Borrowings $ in Thousands	Dec. 31, 2015 USD ($)
Principal payments on, and estimated amortization of debt
2016	$ 1,172
2017	11,213
2018	1,253
2019	1,297
2020	1,343
Thereafter	28,150
Debt	$ 44,428

DISCONTINUED OPERATIONS - Revenue and Expenses (Details) - USD ($)	1 Months Ended	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
DISCONTINUED OPERATIONS
Revenue - Interest and other income										$ 18,910,000	$ 23,065,000
Expenses:
Interest expense										1,177,000	977,000
Fees to related party											4,627,000
General and administrative										4,472,000	1,527,000
Provision for income taxes										623,000	806,000
Total expenses										6,272,000	7,937,000
Income from operations of assets held for sale										12,638,000	15,128,000	$ 12,638,000
Gain on disposition of assets held for sale											5,151,000
NET INCOME FROM DISCONTINUED OPERATIONS		$ 8,325,000	$ 5,008,000	$ 3,984,000	$ 2,962,000	$ 4,056,000	$ 3,305,000	$ 4,344,000	$ 933,000	12,638,000	$ 20,279,000	$ 12,638,000
Salaries and related benefits										$ 3,530,000
Lending division
Expenses:
Gain on disposition of assets held for sale	$ 5,151,000

DEBT (Details) - USD ($)	12 Months Ended
DEBT (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Debt
Total Debt	$ 662,948,000	$ 608,714,000
Mortgages Payable
Debt
Gross debt	144,791,000	221,847,000
Premiums and discounts on assumed mortgages	1,178,000	1,961,000
Total Debt	$ 145,969,000	223,808,000
Mortgage loan with a fixed interest of 7.66% per annum, due on December 1, 2015
Debt
Gross debt		$ 26,783,000
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
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	$ 29,201,000	$ 32,070,000
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
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	$ 39,846,000	$ 40,526,000
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	$ 29,744,000	$ 30,292,000
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	519,070,000	387,070,000
Premiums and discounts on assumed mortgages	(2,091,000)	(2,164,000)
Total Debt	516,979,000	384,906,000
Junior subordinated notes
Debt
Gross debt	$ 27,070,000	27,070,000
Junior subordinated notes \| LIBOR
Debt
Interest rate margin (as a percent)	3.25%
Unsecured term loan facility
Debt
Gross debt	$ 385,000,000
Unsecured credit facilities
Debt
Gross debt	$ 107,000,000	$ 360,000,000

DEBT - Agreements (Detail)			1 Months Ended				12 Months Ended
DEBT - Agreements (Detail)	Sep. 01, 2015 USD ($) item	Apr. 01, 2015 USD ($)	May 31, 2015 USD ($)	Sep. 30, 2014 USD ($) item	Aug. 31, 2013 USD ($)	Feb. 29, 2012 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Nov. 02, 2015 USD ($)
Debt
Pay-off of unsecured revolving line and term note							$ 487,000,000	$ 393,400,000
Accrued interest and unused commitment fee payable							1,688,000	967,000
Principal payments on, and estimated amortization of debt
2016							111,354,000
2017							4,642,000
2018							24,300,000
2019							1,519,000
2020							1,596,000
Thereafter							520,450,000
Total Debt							663,861,000
Unsecured revolving line of credit entered into February 2012 \| CIM Urban Partners, L.P
Debt
Maximum borrowing capacity						$ 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 \| CIM Urban Partners, L.P \| Maximum
Debt
Interest rate margin (as a percent)						2.50%
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%
Unsecured revolving line of credit entered into August 2013 \| CIM Urban Partners, L.P
Debt
Maximum borrowing capacity					$ 200,000,000
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 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
Debt
Number of mortgages paid off \| item	2
Repayments of debt	$ 58,873,000	$ 12,364,000
Principal payments on, and estimated amortization of debt
2016							4,354,000
2017							4,642,000
2018							24,300,000
2019							1,519,000
2020							1,596,000
Thereafter							108,380,000
Total Debt							144,791,000
Other debt
Principal payments on, and estimated amortization of debt
2016							107,000,000
Thereafter							412,070,000
Total Debt							519,070,000
Unsecured credit facility entered into in September 2014
Debt
Maximum borrowing capacity				$ 850,000,000
Amount outstanding under the facility							$ 450,000,000	$ 490,000,000
Period of extension option				1 year
Upsized borrowing capacity				$ 1,150,000,000
Number of extension \| item				2
Interest rate (as a percent)							1.57%
Unsecured credit facility entered into in September 2014 \| Minimum
Debt
Interest rate (as a percent)								1.31%
Unsecured credit facility entered into in September 2014 \| Maximum
Debt
Interest rate (as a percent)								1.37%
Unsecured credit facility entered into in September 2014, revolver
Debt
Maximum borrowing capacity				$ 450,000,000
Amount outstanding under the facility							$ 0	$ 35,000,000
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
Amount outstanding under the facility							$ 107,000,000	$ 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 term facility entered into in May 2015
Debt
Maximum borrowing capacity			$ 385,000,000
Unused commitment fee dependent upon amount of aggregate unused commitments, one (as a percent)			0.20%
Interest rate (as a percent)							1.84%
Prepayment fee			2.00%
Amount drawn under term loan									$ 385,000,000
Fixed interest rate (as a percent)							3.16%
Unsecured term facility entered into in May 2015 \| Base rate \| Minimum
Debt
Interest rate margin (as a percent)			0.60%
Unsecured term facility entered into in May 2015 \| Base rate \| Maximum
Debt
Interest rate margin (as a percent)			1.25%
Unsecured term facility entered into in May 2015 \| LIBOR \| Minimum
Debt
Interest rate margin (as a percent)			1.60%
Unsecured term facility entered into in May 2015 \| LIBOR \| Maximum
Debt
Interest rate margin (as a percent)			2.25%

STOCK BASED COMPENSATION PLANS (Details) - USD ($)		10 Months Ended	12 Months Ended
STOCK BASED COMPENSATION PLANS (Details) - USD ($)	Jan. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	May 06, 2015
Number of Shares Underlying Options
Forfeited (in shares)	(17,050)
Other disclosures
Outstanding options forfeited	17,050
Options
Number of Shares Underlying Options
Outstanding at the beginning of period		19,700	17,050
Granted (in shares)		11,850
Exercised (in shares)		(14,500)
Forfeited (in shares)			(17,050)
Outstanding and exercisable at the end of the period		17,050		17,050
Weighted Average Exercise Prices
Outstanding at the beginning of the period		$ 13.96	$ 20.46
Granted		23.16
Exercised		13.83
Forfeited			$ 20.46
Outstanding and exercisable at the end of the period		20.46		$ 20.46
Other disclosures
Outstanding options forfeited			17,050
Weighted-average fair value per share of stock options granted during the year		$ 0.66
Stock-based compensation expense			$ 0	$ 8,000
Restricted share awards \| Executive officers
Other disclosures
Stock-based compensation expense			$ 39,000	$ 29,000
Restricted share awards \| Maximum \| 2015 Equity Incentive Plan
Share-based compensation plans
Aggregate numbers of shares					400,000

STOCK BASED COMPENSATION PLANS - Other (Details)				1 Months Ended	10 Months Ended	12 Months Ended
STOCK BASED COMPENSATION PLANS - Other (Details)	Mar. 06, 2015 shares	May 06, 2014 item shares	Mar. 11, 2014 shares	Apr. 30, 2015 shares	Dec. 31, 2014 $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Apr. 28, 2014 shares
Share-based compensation plans
Common stock, authorized shares					200,000,000	200,000,000	200,000,000	1,000,000,000
Independent Directors [Member]
Share-based compensation plans
Stock-based compensation expense \| $						$ 113,000	$ 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	6,000
Award granted to each independent members of the board of directors			2,000	2,000
Restricted share awards
Share-based compensation plans
Balance at beginning of period						7,334
Granted (in shares)					8,000	8,000
Vested (in shares)					(666)	(7,332)
Balance at end of period					7,334	8,002	7,334
Balance at beginning of period \| $ / shares						$ 21.32
Granted \| $ / shares					$ 21.42	17.81
Vested \| $ / shares					22.54	17.82
Balance at end of period \| $ / shares					$ 21.32	$ 18.27	$ 21.32
Unrecognized compensation expense \| $						$ 37,000
Fair value of shares vested \| $						131,000	$ 15,000
Restricted share awards \| Executive officers
Share-based compensation plans
Stock-based compensation expense \| $						$ 39,000	$ 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%
Common stock issued	2,000	2,000

EARNINGS PER SHARE (''EPS'') (Details) - shares	12 Months Ended
EARNINGS PER SHARE (''EPS'') (Details) - shares	Dec. 31, 2015	Dec. 31, 2014
Earnings per share
Increase in weighted average shares outstanding to reflect the dilutive effect of share options (in shares)	0
Weighted average shares outstanding	97,588,000	97,173,000
Options
Earnings per share
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'') - Preferred Stock (Details) - shares		12 Months Ended
	Mar. 11, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Apr. 29, 2014	Apr. 28, 2014
Earnings per share
Common stock, authorized shares			200,000,000	200,000,000		1,000,000,000
Common shares authorized with effect to the reverse stock split					200,000,000
CIM Urban REIT
Earnings per share
Number of shares to be issued on conversion of preferred shares		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
Shares issued in connection with the Merger		65,000,000

DIVIDENDS DECLARED (Details) - USD ($)										12 Months Ended
DIVIDENDS DECLARED (Details) - USD ($)	Mar. 08, 2016	Dec. 10, 2015	Sep. 14, 2015	Jun. 12, 2015	Mar. 06, 2015	Jun. 12, 2014	Apr. 28, 2014	Mar. 24, 2014	Mar. 10, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividend declared
Common stock as converted dividend declared (in dollars per share)							$ 0.0215	$ 0.0285
Dividend paid											$ 16,100,000	$ 104,035,000
Dividend paid											$ 59,286,000
Dividend paid per common stock (in dollars per share)										$ 0.875	$ 0.70625
Dividends declared, common (in dollars per share)		$ 0.21875	$ 0.21875	$ 0.21875	$ 0.21875	$ 0.21875		0.05
Preferred dividend declared (in dollars per share)							$ 0.0302	$ 0.0403
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
Subsequent event
Dividend declared
Dividends declared, common (in dollars per share)	$ 0.21875

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

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - AOCI (Details)	12 Months Ended
	Dec. 31, 2015 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss), at end of period	$ (2,519,000)
Amount of gain (loss) expected to be reclassified from AOCI to earnings during the next twelve months	4,364,000
Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	(3,381,000)
Amounts reclassified from accumulated other comprehensive income (loss)	862,000
Net current period other comprehensive income (loss)	(2,519,000)
Accumulated other comprehensive income (loss), at end of period	$ (2,519,000)

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

FAIR VALUE OF FINANCIAL INSTRUMENTS - Unobservable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Loans receivable subject to credit risk
Fair Value Inputs [Abstract]
Rate of prepayment (as a percent)	15.00%	15.00%
SBA 7(a) loans, subject to secured borrowings
Fair Value Inputs [Abstract]
Rate of prepayment (as a percent)	15.00%	15.00%
Commercial Real estate
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	9.77%
Minimum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	4.42%	3.92%
Minimum \| Loans receivable subject to credit risk
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	8.00%	5.90%
Maximum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	4.72%	4.12%
Maximum \| Loans receivable subject to credit risk
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	12.75%	14.90%
Carrying Amount
Liabilities:
Secured borrowings, government guaranteed loans, included in liabilities of assets held for sale	$ 47,121	$ 41,901
Junior subordinated notes	24,979	24,906
Mortgages payable	145,969	223,808
Unsecured credit facilities	107,000	360,000
Unsecured term loan facility	385,000
Carrying Amount \| Loans receivable subject to credit risk
Assets:
Loans receivable	46,456	147,648
Carrying Amount \| SBA 7(a) loans, subject to secured borrowings
Assets:
Loans receivable	36,646	41,404
Carrying Amount \| Commercial Real estate
Assets:
Loans receivable	20,338
Estimated Fair Value \| Level 3
Liabilities:
Secured borrowings, government guaranteed loans, included in liabilities of assets held for sale	47,121	41,901
Junior subordinated notes	25,046	24,877
Mortgages payable	147,516	231,806
Unsecured credit facilities	107,000	360,000
Unsecured term loan facility	385,000
Estimated Fair Value \| Level 3 \| Loans receivable subject to credit risk
Assets:
Loans receivable	46,697	154,252
Estimated Fair Value \| Level 3 \| SBA 7(a) loans, subject to secured borrowings
Assets:
Loans receivable	37,121	$ 41,901
Estimated Fair Value \| Level 3 \| Commercial Real estate
Assets:
Loans receivable	$ 20,408
Junior subordinated notes
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	4.44%	3.83%

RELATED-PARTY TRANSACTIONS (Details) - USD ($)		12 Months Ended
RELATED-PARTY TRANSACTIONS (Details) - USD ($)	Oct. 01, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 11, 2014
Related-party transactions
Due to related parties		$ 9,472,000	$ 9,186,000
Personnel expenses		4,627,000
Management Company \| Asset management fees
Related-party transactions
Fees		24,882,000	23,223,000	$ 21,767,000
Due to related parties		6,260,000	5,867,000
Management Company \| Property management fees
Related-party transactions
Fees		$ 5,814,000	5,284,000	4,828,000
Management Company \| 0 - 500,000
Related-party transactions
Fee percentage		0.25%
Management Company \| 0 - 500,000 \| Maximum
Related-party transactions
Daily average adjusted 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 adjusted fair value of investments		$ 500,000,000
Management Company \| 500,000 - 1,000,000 \| Maximum
Related-party transactions
Daily average adjusted 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 adjusted fair value of investments		$ 1,000,000,000
Management Company \| 1,000,000 - 1,500,000 \| Maximum
Related-party transactions
Daily average adjusted 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 adjusted fair value of investments		$ 1,500,000,000
Management Company \| 1,500,000 - 4,000,000 \| Maximum
Related-party transactions
Daily average adjusted 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 adjusted fair value of investments		$ 4,000,000,000
Management Company \| 4,000,000 - 20,000,000 \| Maximum
Related-party transactions
Daily average adjusted fair value of investments		20,000,000,000
CIM Management Entities
Related-party transactions
Due to related parties		2,230,000	2,518,000
Leasing commissions		697,000	1,904,000	537,000
CIM Management Entities \| Personnel
Related-party transactions
Fees		8,319,000	7,369,000	5,082,000
CIM Management Entities \| Development management fees
Related-party transactions
Fees		1,055,000	566,000	834,000
An affiliate of CIM Management Entities
Related-party transactions
Lease renewal term	5 years
Revenue from Related Parties		104,000	100,000	$ 97,000
CIM Management Entities and related parties
Related-party transactions
Due from related parties		274,000
Due to related parties			76,000
Manager \| Master Services Agreement
Related-party transactions
Base service fee for the current year		1,010,000
Due to related parties		1,256,000	725,000
Fees payable per year under agreement					$ 1,000,000
Compensation expensed for performing other services		2,993,000	1,193,000
Manager \| Base Service Fee
Related-party transactions
Fees		1,010,000	$ 806,000
CIM SBA
Related-party transactions
Executives jointly employed		2
CIM SBA \| Personnel
Related-party transactions
Fees		4,627,000
Compensation expensed for performing other services		1,638,000
Personnel expenses		$ 434,000

COMMITMENTS AND CONTINGENCIES (Details)				1 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jan. 01, 2016 shares	Mar. 06, 2015 shares	May 06, 2014 shares	Feb. 28, 2015 USD ($)	Dec. 31, 2015 USD ($) item	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Commitments and contingencies
Outstanding loan commitments and approvals to fund loans					$ 21,216,000
Future obligations under leases to fund tenant improvements and in other future construction obligation					33,163,000
Liability related to the settlement of a 421a tax abatement dispute						$ 4,475,000
Settlement of liability related to the settlement of a 421a tax abatement dispute				$ 4,721,000
Future noncancelable minimum lease payments
2016					743,000
2017					749,000
2018					607,000
2019					503,000
2020					541,000
Thereafter					127,679,000
Total					130,822,000
Ground lease for one of the project
Commitments and contingencies
Current annual rent					$ 503,000
Period after which the annual rental payment will be increased by greater of 15% or 50% of the increase in the Consumer Price Index					5 years
Increase in annual rental payment after every 5 years, option one (as a percent)					15.00%
Increase in annual rental payment after every 5 years, option two (as a percent)					50.00%
Adjustment period used to calculate increase in the Consumer Price Index					5 years
Increase in rent payable during the balance of the lease term expressed as a percentage of rent payable during the immediately preceding lease year commencing on June 1, 2040 and 2065					10.00%
Rent expense					$ 1,752,000	1,752,000	$ 1,752,000
Straight line rent liability					12,180,000	11,038,000
Office space in Dallas, Texas
Commitments and contingencies
Office space rent expense					235,000	175,000
Restricted share awards
Commitments and contingencies
Unrecognized compensation expense					$ 37,000
Executive officers \| 2015 Equity Incentive Plan
Commitments and contingencies
Number of employees covered under employment agreement \| item					2
Executive officers \| Restricted share awards
Commitments and contingencies
Common stock issued \| shares		2,000	2,000
Stock-based compensation expense					$ 39,000	29,000
Employment agreements \| Executive officers \| 2015 Equity Incentive Plan
Commitments and contingencies
Accrued payroll taxes					444,000
Stock-based compensation expense					1,263,000	$ 947,000
Unrecognized compensation expense					$ 0
Subsequent event \| Employment agreements \| Executive officers \| 2015 Equity Incentive Plan
Commitments and contingencies
Common stock issued \| shares	76,423

FUTURE MINIMUM LEASE RENTALS (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Future minimum lease rentals
2016	$ 153,913
2017	145,407
2018	122,902
2019	108,353
2020	95,121
Thereafter	285,469
Total	911,165
Governmental Tenants
Future minimum lease rentals
2016	50,200
2017	43,949
2018	41,315
2019	38,905
2020	35,758
Thereafter	84,739
Total	294,866
Other Tenants
Future minimum lease rentals
2016	103,713
2017	101,458
2018	81,587
2019	69,448
2020	59,363
Thereafter	200,730
Total	$ 616,299

CONCENTRATIONS (Details)	12 Months Ended
CONCENTRATIONS (Details)	Dec. 31, 2015 USD ($) state item	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 item
Concentrations
Concentration risk (as a percent)			100.00%
Number of states in which real estate properties are owned \| state	4
Office properties
Concentrations
Number of real estate properties owned	20	21	19
Multifamily properties
Concentrations
Number of real estate properties owned	5	5	5
Hotel properties
Concentrations
Number of real estate properties owned	3	3	3
Parking garages
Concentrations
Number of real estate properties owned	3
Parking lot
Concentrations
Number of real estate properties owned	1
Development site
Concentrations
Number of real estate properties owned	1	1	1
Revenues \| Tenant Revenue Concentrations \| Governmental Tenants
Concentrations
Concentration risk (as a percent)	22.70%	24.70%	27.50%
Amount due from Governmental Tenants \| $	$ 7,968,000	$ 7,168,000
Revenues \| Geographical concentrations
Concentrations
Concentration risk (as a percent)	100.00%	100.00%
Revenues \| Geographical concentrations \| California
Concentrations
Concentration risk (as a percent)	62.20%	60.40%	57.10%
Revenues \| Geographical concentrations \| Washington, D.C.
Concentrations
Concentration risk (as a percent)	24.20%	24.70%	26.50%
Revenues \| Geographical concentrations \| Texas
Concentrations
Concentration risk (as a percent)	7.80%	7.70%	8.10%
Revenues \| Geographical concentrations \| North Carolina
Concentrations
Concentration risk (as a percent)	4.60%	5.10%	6.10%
Revenues \| Geographical concentrations \| New York
Concentrations
Concentration risk (as a percent)	1.20%	2.10%	2.20%
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)	52.60%	52.30%
Real estate investments \| Geographical concentrations \| Washington, D.C.
Concentrations
Concentration risk (as a percent)	31.10%	31.20%
Real estate investments \| Geographical concentrations \| Texas
Concentrations
Concentration risk (as a percent)	7.40%	7.40%
Real estate investments \| Geographical concentrations \| North Carolina
Concentrations
Concentration risk (as a percent)	5.30%	5.50%
Real estate investments \| Geographical concentrations \| New York
Concentrations
Concentration risk (as a percent)	3.60%	3.60%

INCOME TAXES (Details)	12 Months Ended
INCOME TAXES (Details)	Dec. 31, 2015 USD ($)
Federal
Current income tax provision	$ 0
Deferred income tax provision	$ 0

INCOME TAXES - Deferred Taxes (Details) - USD ($)	3 Months Ended								12 Months Ended
INCOME TAXES - Deferred Taxes (Details) - USD ($)	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	$ 3,123,000	$ 233,000	$ 998,000	$ (230,000)	$ (3,469,000)	$ 975,000	$ 4,170,000	$ 10,284,000	$ 4,124,000	$ 11,960,000	$ 14,679,000
Deferred tax liabilities:
Reserve for uncertain tax positions	0				0				0	0
TRS
Reconciliation of the income tax computed at federal statutory rates to the income tax provision reported
Income from continuing operations before income taxes for TRS's									645,000	2,925,000	(1,084,000)
Expected federal income tax provision									219,000	995,000	(368,000)
State income taxes									41,000	172,000	(61,000)
Change in valuation allowance									(301,000)	(1,175,000)	418,000
Other									41,000	8,000	$ 11,000
Deferred tax assets:
Net operating losses	1,614,000				1,893,000				1,614,000	1,893,000
Secured borrowings - government guaranteed loans	916,000				1,075,000				916,000	1,075,000
Other	264,000				225,000				264,000	225,000
Total gross deferred tax assets	2,794,000				3,193,000				2,794,000	3,193,000
Valuation allowance	(1,507,000)				(1,808,000)				(1,507,000)	(1,808,000)
Deferred tax asset, net of valuation allowance	1,287,000				1,385,000				1,287,000	1,385,000
Deferred tax liabilities:
Loans receivable	(618,000)				(681,000)				(618,000)	(681,000)
Other	(245,000)				(147,000)				(245,000)	(147,000)
Deferred tax liabilities	(863,000)				(828,000)				(863,000)	(828,000)
Deferred tax asset, net	424,000				557,000				424,000	557,000
Assets held for sale	$ 424,000				$ 557,000				$ 424,000	$ 557,000

SEGMENT DISCLOSURE (Details) $ in Thousands	3 Months Ended								12 Months Ended
SEGMENT DISCLOSURE (Details) $ in Thousands	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) item	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Segment disclosure
Number of types of commercial real estate properties \| item									3
Revenues	$ 67,874	$ 66,395	$ 66,919	$ 67,239	$ 65,252	$ 63,117	$ 65,187	$ 62,597	$ 268,427	$ 256,153	$ 235,813
Property expenses:
General and administrative									8,370	7,332	2,568
EXPENSES									267,395	249,111	221,134
Reportable segments
Property expenses:
Total segment net operating income									133,500	127,410	129,208
Reportable segments \| Office
Segment disclosure
Revenues									188,270	179,338	175,144
Property expenses:
Operating									80,014	73,666	67,906
General and administrative									771	981	1,078
EXPENSES									80,785	74,647	68,984
Total segment net operating income									107,485	104,691	106,160
Reportable segments \| Hotel
Segment disclosure
Revenues									61,436	56,096	40,680
Property expenses:
Operating									41,585	39,544	28,825
General and administrative									389	150	250
EXPENSES									41,974	39,694	29,075
Total segment net operating income									19,462	16,402	11,605
Reportable segments \| Multi-family
Segment disclosure
Revenues									18,721	20,719	19,989
Property expenses:
Operating									11,579	13,664	8,432
General and administrative									589	738	114
EXPENSES									12,168	14,402	8,546
Total segment net operating income									$ 6,553	$ 6,317	$ 11,443

SEGMENT DISCLOSURE - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment disclosure
Interest										$ (22,785)	$ (19,073)	$ (17,929)
General and administrative										(8,370)	(7,332)	(2,568)
Asset management and other fees to related parties										(29,319)	(25,222)	(21,767)
Transaction costs										(1,382)	(1,563)	(5,063)
Depreciation and amortization										(72,361)	(69,047)	(68,644)
Bargain purchase gain								$ 4,918			4,918
Gain on sale of real estate	$ 3,092									3,092
INCOME FROM CONTINUING OPERATIONS	3,123	$ 233	$ 998	$ (230)	$ (3,469)	$ 975	$ 4,170	10,284		4,124	11,960	14,679
Discontinued Operations
Income from operations of assets held for sale (Note 7)									$ 12,638	15,128	12,638
Gain on disposition of assets held for sale										5,151
INCOME FROM DISCONTINUED OPERATIONS	8,325	5,008	3,984	2,962	4,056	3,305	4,344	933	$ 12,638	20,279	12,638
NET INCOME	11,448	5,241	4,982	2,732	587	4,280	8,514	11,217		24,403	24,598	14,679
Net loss (income) attributable to noncontrolling interests										(11)	(220)	(213)
NET INCOME ATTRIBUTABLE TO STOCKHOLDERS	$ 11,442	$ 5,242	$ 4,976	$ 2,732	$ 475	$ 4,285	$ 8,399	$ 11,219		24,392	24,378	14,466
Reportable segments
Segment disclosure
Total segment net operating income										133,500	127,410	129,208
Reconciliation
Segment disclosure
Interest										(22,785)	(19,073)	(17,929)
General and administrative										(6,621)	(5,463)	(1,126)
Asset management and other fees to related parties										(29,319)	(25,222)	(21,767)
Transaction costs										(1,382)	(1,563)	(5,063)
Depreciation and amortization										(72,361)	(69,047)	(68,644)
Bargain purchase gain											4,918
Gain on sale of real estate										3,092
INCOME FROM CONTINUING OPERATIONS										$ 4,124	$ 11,960	$ 14,679

SEGMENT DISCLOSURE - Capital Expenditures and Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment disclosure
Total assets	$ 2,098,173	$ 2,094,682
Lending assets held for sale	128,992	208,799
Total capital expenditures	31,342	28,879	$ 24,520
Loan originations included in assets held for sale	59,467	50,971
Total capital expenditures and loan originations	90,809	79,850	24,520
Office
Segment disclosure
Total assets	1,520,780	1,534,610
Total capital expenditures	27,686	26,157	20,523
Hotel
Segment disclosure
Total assets	176,735	174,679
Total capital expenditures	1,158	1,481	2,015
Multi-family
Segment disclosure
Total assets	171,885	171,226
Total capital expenditures	2,498	1,241	$ 1,982
Non-segment
Segment disclosure
Total assets	$ 99,781	$ 5,368

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Revenues from continuing operations	$ 67,874	$ 66,395	$ 66,919	$ 67,239	$ 65,252	$ 63,117	$ 65,187	$ 62,597		$ 268,427	$ 256,153	$ 235,813
Gain on sale of real estate	3,092									3,092
Bargain purchase gain								4,918			4,918
Income (loss) from continuing operations	3,123	233	998	(230)	(3,469)	975	4,170	10,284		4,124	11,960	14,679
Income from operations of assets held for sale	8,325	5,008	3,984	2,962	4,056	3,305	4,344	933	$ 12,638	20,279	12,638
Net income	11,448	5,241	4,982	2,732	587	4,280	8,514	11,217		24,403	24,598	14,679
Net income attributable to stockholders	11,442	5,242	4,976	2,732	475	4,285	8,399	11,219		24,392	24,378	14,466
Comprehensive income (loss)	15,241	(1,071)	4,982	2,732	587	4,280	8,514	11,217		21,884	24,598	14,679
Comprehensive income	$ 15,235	$ (1,070)	$ 4,976	$ 2,732	$ 475	$ 4,285	$ 8,399	$ 11,219		$ 21,873	$ 24,378	$ 14,466
BASIC INCOME PER SHARE:
Continuing operations	$ 0.03	$ 0.00	$ 0.01	$ 0.00	$ (0.04)	$ 0.01	$ 0.04	$ 0.11
Discontinued operations	0.09	0.05	0.04	0.03	0.04	0.03	0.05	0.01
Net income	$ 0.12	$ 0.05	$ 0.05	$ 0.03	$ 0.00	$ 0.04	$ 0.09	$ 0.12
Weighted average common shares outstanding - basic	97,590	97,590	97,589	97,582	97,582	97,582	97,571	95,934		97,588	97,173	95,440
Weighted average common shares outstanding - diluted	97,590	97,590	97,589	97,582	97,583	97,583	97,576	95,936		97,588	97,176	95,440

Schedule III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 144,791
Initial Cost
Land	363,612
Bldg. & Improve.	1,591,752
Net Improvements (Write-Offs) Since Acquisition	106,008
Gross Amount at Which Carried
Land	363,612
Building and Improvements	1,697,760
Total	2,061,372	$ 2,036,794
Accumulated Depreciation	369,661	$ 320,857	$ 271,683	$ 231,080
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	3,170
Gross Amount at Which Carried
Land	6,276
Building and Improvements	16,331
Total	22,607
Accumulated Depreciation	4,857
Office \| 800 N Capitol Street Washington, DC
Initial Cost
Bldg. & Improve.	109,948
Net Improvements (Write-Offs) Since Acquisition	(8,808)
Gross Amount at Which Carried
Building and Improvements	101,140
Total	101,140
Accumulated Depreciation	25,592
Office \| 370 L'Enfant Prom Washington, DC
Initial Cost
Land	33,936
Bldg. & Improve.	145,796
Net Improvements (Write-Offs) Since Acquisition	(5,513)
Gross Amount at Which Carried
Land	33,936
Building and Improvements	140,283
Total	174,219
Accumulated Depreciation	36,060
Office \| 260 Townsend San Francisco, CA
Initial Cost
Land	7,574
Bldg. & Improve.	13,843
Net Improvements (Write-Offs) Since Acquisition	1,882
Gross Amount at Which Carried
Land	7,574
Building and Improvements	15,725
Total	23,299
Accumulated Depreciation	6,073
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	(1,279)
Gross Amount at Which Carried
Land	18,095
Building and Improvements	60,738
Total	78,833
Accumulated Depreciation	14,189
Office \| 200 S College Street Charlotte, NC
Initial Cost
Land	7,702
Bldg. & Improve.	109,006
Net Improvements (Write-Offs) Since Acquisition	5,300
Gross Amount at Which Carried
Land	7,702
Building and Improvements	114,306
Total	122,008
Accumulated Depreciation	31,750
Office \| 3601 S Congress Avenue Austin, TX
Initial Cost
Land	9,569
Bldg. & Improve.	18,593
Net Improvements (Write-Offs) Since Acquisition	2,129
Gross Amount at Which Carried
Land	9,569
Building and Improvements	20,722
Total	30,291
Accumulated Depreciation	5,632
Office \| 899 N Capitol Street Washington, DC
Initial Cost
Land	34,641
Bldg. & Improve.	84,466
Net Improvements (Write-Offs) Since Acquisition	6,688
Gross Amount at Which Carried
Land	34,641
Building and Improvements	91,154
Total	125,795
Accumulated Depreciation	20,971
Office \| 999 N Capitol Street Washington, DC
Initial Cost
Land	32,221
Bldg. & Improve.	86,526
Net Improvements (Write-Offs) Since Acquisition	12,101
Gross Amount at Which Carried
Land	32,221
Building and Improvements	98,627
Total	130,848
Accumulated Depreciation	23,204
Office \| 901 N Capitol Street Washington, DC
Initial Cost
Land	27,117
Net Improvements (Write-Offs) Since Acquisition	3,902
Gross Amount at Which Carried
Land	27,117
Building and Improvements	3,902
Total	31,019
Accumulated Depreciation	1,083
Office \| 1333 Broadway Oakland, CA
Initial Cost
Land	7,048
Bldg. & Improve.	41,578
Net Improvements (Write-Offs) Since Acquisition	9,553
Gross Amount at Which Carried
Land	7,048
Building and Improvements	51,131
Total	58,179
Accumulated Depreciation	9,658
Office \| 1901 Harrison Street Oakland, CA
Initial Cost
Land	3,838
Bldg. & Improve.	68,106
Net Improvements (Write-Offs) Since Acquisition	5,893
Gross Amount at Which Carried
Land	3,838
Building and Improvements	73,999
Total	77,837
Accumulated Depreciation	17,345
Office \| 2100 Franklin Street Oakland, CA
Initial Cost
Land	4,277
Bldg. & Improve.	34,033
Net Improvements (Write-Offs) Since Acquisition	14,071
Gross Amount at Which Carried
Land	4,277
Building and Improvements	48,104
Total	52,381
Accumulated Depreciation	12,956
Office \| 2101 Webster Street Oakland, CA
Initial Cost
Land	4,752
Bldg. & Improve.	109,812
Net Improvements (Write-Offs) Since Acquisition	22,592
Gross Amount at Which Carried
Land	4,752
Building and Improvements	132,404
Total	137,156
Accumulated Depreciation	29,834
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	1,681
Office \| 1 Kaiser Plaza Oakland, CA
Initial Cost
Land	9,261
Bldg. & Improve.	113,619
Net Improvements (Write-Offs) Since Acquisition	13,195
Gross Amount at Which Carried
Land	9,261
Building and Improvements	126,814
Total	136,075
Accumulated Depreciation	28,024
Office \| 980 9th Street Sacramento, CA
Initial Cost
Land	3,380
Bldg. & Improve.	86,939
Net Improvements (Write-Offs) Since Acquisition	4,453
Gross Amount at Which Carried
Land	3,380
Building and Improvements	91,392
Total	94,772
Accumulated Depreciation	16,541
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	376
Office \| 211 Main Street San Francisco, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	29,201
Initial Cost
Land	14,364
Bldg. & Improve.	106,875
Net Improvements (Write-Offs) Since Acquisition	1,339
Gross Amount at Which Carried
Land	14,364
Building and Improvements	108,214
Total	122,578
Accumulated Depreciation	25,011
Office \| 11600 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	3,477
Bldg. & Improve.	18,522
Net Improvements (Write-Offs) Since Acquisition	1,483
Gross Amount at Which Carried
Land	3,477
Building and Improvements	20,005
Total	23,482
Accumulated Depreciation	3,082
Office \| 11620 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	7,672
Bldg. & Improve.	51,999
Net Improvements (Write-Offs) Since Acquisition	8,013
Gross Amount at Which Carried
Land	7,672
Building and Improvements	60,012
Total	67,684
Accumulated Depreciation	9,086
Office \| 4750 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	16,633
Bldg. & Improve.	28,985
Net Improvements (Write-Offs) Since Acquisition	58
Gross Amount at Which Carried
Land	16,633
Building and Improvements	29,043
Total	45,676
Accumulated Depreciation	1,475
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	460
Office \| 2 Kaiser Plaza Oakland, CA
Initial Cost
Land	10,931
Bldg. & Improve.	110
Net Improvements (Write-Offs) Since Acquisition	109
Gross Amount at Which Carried
Land	10,931
Building and Improvements	219
Total	11,150
Accumulated Depreciation	7
Multifamily \| 3636 McKinney Avenue Dallas, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	9,533
Initial Cost
Land	3,806
Bldg. & Improve.	11,077
Net Improvements (Write-Offs) Since Acquisition	383
Gross Amount at Which Carried
Land	3,806
Building and Improvements	11,460
Total	15,266
Accumulated Depreciation	1,698
Multifamily \| 3839 McKinney Avenue Dallas, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	6,324
Initial Cost
Land	1,679
Bldg. & Improve.	8,621
Net Improvements (Write-Offs) Since Acquisition	226
Gross Amount at Which Carried
Land	1,679
Building and Improvements	8,847
Total	10,526
Accumulated Depreciation	1,325
Multifamily \| 4649 Cole Avenue Dallas, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	23,989
Initial Cost
Land	17,483
Bldg. & Improve.	16,355
Net Improvements (Write-Offs) Since Acquisition	5,236
Gross Amount at Which Carried
Land	17,483
Building and Improvements	21,591
Total	39,074
Accumulated Depreciation	3,377
Multifamily \| Memorial Hills Houston, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	29,744
Initial Cost
Land	9,811
Bldg. & Improve.	40,150
Net Improvements (Write-Offs) Since Acquisition	132
Gross Amount at Which Carried
Land	9,811
Building and Improvements	40,282
Total	50,093
Accumulated Depreciation	5,913
Multifamily \| 47 E 34th Street New York, NY
Initial Cost
Land	30,612
Bldg. & Improve.	31,145
Net Improvements (Write-Offs) Since Acquisition	1,405
Gross Amount at Which Carried
Land	30,612
Building and Improvements	32,550
Total	63,162
Accumulated Depreciation	3,348
Hotel \| Courtyard Oakland Oakland, CA
Initial Cost
Land	4,384
Bldg. & Improve.	16,168
Net Improvements (Write-Offs) Since Acquisition	1,223
Gross Amount at Which Carried
Land	4,384
Building and Improvements	17,391
Total	21,775
Accumulated Depreciation	4,245
Hotel \| Sheraton Grand Hotel Sacramento, CA
Initial Cost
Land	3,497
Bldg. & Improve.	107,447
Net Improvements (Write-Offs) Since Acquisition	(4,101)
Gross Amount at Which Carried
Land	3,497
Building and Improvements	103,346
Total	106,843
Accumulated Depreciation	20,180
Hotel \| Sheraton Grand Hotel Parking & Retail Sacramento, CA
Initial Cost
Land	6,552
Bldg. & Improve.	10,996
Net Improvements (Write-Offs) Since Acquisition	(68)
Gross Amount at Which Carried
Land	6,552
Building and Improvements	10,928
Total	17,480
Accumulated Depreciation	2,134
Hotel \| Los Angeles, CA
Initial Cost
Land	15,662
Bldg. & Improve.	23,173
Net Improvements (Write-Offs) Since Acquisition	1,094
Gross Amount at Which Carried
Land	15,662
Building and Improvements	24,267
Total	39,929
Accumulated Depreciation	$ 2,494

Schedule III-REAL ESTATE AND ACCUMULATED DEPRECIATION - Property Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Assets
Balance, beginning of period	$ 2,036,794	$ 1,953,848	$ 1,907,903
Additions
Property acquisitions	11,041	63,528	38,835
Improvements	31,342	28,879	24,520
Asset sales	(6,237)
Deductions: retirements	(11,568)	(9,461)	(17,410)
Balance, end of period	2,061,372	2,036,794	1,953,848
Accumulated Depreciation
Balance, beginning of period	(320,857)	(271,683)	(231,080)
Additions: Depreciation	(61,915)	(58,635)	(58,013)
Asset sales	1,543
Deductions: retirements	11,568	9,461	17,410
Balance, end of period	$ (369,661)	$ (320,857)	$ (271,683)

SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE (Details)	12 Months Ended
SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE (Details)	Dec. 31, 2015 USD ($) item
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	193
Carrying Amount of Mortgages	$ 103,440,000
Principal Amount of Loans Subject to Deliquent Principal or "Interest"	$ 357,000
Commercial Real estate \| Florida
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	1
Interest Rate	9.77%
Interest Rate (Minimum)	9.77%
Carrying Amount of Mortgages	$ 20,338,000
SBA 7(a) Loans
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	188
Carrying Amount of Mortgages	$ 79,824,000
Principal Amount of Loans Subject to Deliquent Principal or "Interest"	357,000
Federal income tax cost basis of mortgage loans	67,652,000
Loans not secured by real estate	216,000
Loans with subordinate lien positions	185,000
SBA 7(a) Loans \| Government guaranteed portions
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Carrying Amount of Mortgages	5,239,000
SBA 7(a) Loans \| SBA 7(a) loans, subject to secured borrowings
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Carrying Amount of Mortgages	34,428,000
SBA 7(a) Loans \| General reserves
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
General reserves	$ (206,000)
SBA 7(a) Loans \| Michigan
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	25
Interest Rate (Minimum)	5.00%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 6,819,000
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	$ 880,000
SBA 7(a) Loans \| Ohio
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	21
Interest Rate (Minimum)	5.00%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 5,459,000
SBA 7(a) Loans \| Ohio \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 670,000
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	$ 3,782,000
SBA 7(a) Loans \| Texas \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 660,000
SBA 7(a) Loans \| Indiana
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	13
Interest Rate (Minimum)	4.75%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 2,810,000
SBA 7(a) Loans \| Indiana \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	40,000
SBA 7(a) Loans \| Indiana \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 430,000
SBA 7(a) Loans \| Florida
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	11
Interest Rate (Minimum)	5.25%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 2,762,000
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	$ 640,000
SBA 7(a) Loans \| Virginia
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	9
Interest Rate	6.00%
Carrying Amount of Mortgages	$ 2,628,000
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	$ 720,000
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	$ 1,660,000
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	$ 520,000
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	$ 1,465,000
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	$ 670,000
SBA 7(a) Loans \| Alabama
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	6
Interest Rate (Minimum)	5.00%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 1,441,000
SBA 7(a) Loans \| Alabama \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	40,000
SBA 7(a) Loans \| Alabama \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 470,000
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	$ 1,268,000
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	$ 340,000
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	$ 1,285,000
SBA 7(a) Loans \| Illinois \| Minimum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	60,000
SBA 7(a) Loans \| Illinois \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 370,000
SBA 7(a) Loans \| Missouri
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	5
Interest Rate (Minimum)	5.25%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 1,094,000
SBA 7(a) Loans \| Missouri \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 450,000
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	$ 1,031,000
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	$ 450,000
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	$ 923,000
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	$ 490,000
SBA 7(a) Loans \| Other
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	38
Interest Rate (Minimum)	4.75%
Interest Rate (Maximum)	6.00%
Carrying Amount of Mortgages	$ 5,936,000
Principal Amount of Loans Subject to Deliquent Principal or "Interest"	357,000
SBA 7(a) Loans \| Other \| Maximum
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 560,000
Conventional Loans
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	4
Carrying Amount of Mortgages	$ 3,278,000
Conventional Loans \| Ohio
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	1
Interest Rate	10.33%
Interest Rate (Minimum)	10.33%
Carrying Amount of Mortgages	$ 1,139,000
Conventional Loans \| North Carolina
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	1
Interest Rate	7.50%
Interest Rate (Minimum)	7.50%
Carrying Amount of Mortgages	$ 435,000
Conventional Loans \| Arizona
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	1
Interest Rate	6.33%
Interest Rate (Minimum)	6.33%
Carrying Amount of Mortgages	$ 1,270,000
Conventional Loans \| Pennsylvania
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Number of Loans \| item	1
Interest Rate	4.33%
Interest Rate (Minimum)	4.33%
Carrying Amount of Mortgages	$ 434,000
Mortgage Loans - $20,409,000 \| Commercial Real estate
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 20,408,000
Percentage of secured borrowings sold	49.00%
Mortgage Loans - $29,000 \| SBA 7(a) Loans \| Texas
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 29,000
Interest Rate	6.00%
Mortgage Loans - $51,000 \| SBA 7(a) Loans \| Texas
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 51,000
Interest Rate	6.00%
Mortgage Loans - $1,272,000 \| SBA 7(a) Loans \| Wisconsin
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 1,272,000
Valuation reserve	27,000
Mortgage Loans -$357,000 \| SBA 7(a) Loans \| Other
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 357,000
Interest Rate	5.00%
Valuation reserve	$ 33,000
Mortgage Loans - $436,000 \| SBA 7(a) Loans \| Other
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	436,000
Valuation reserve	62,000
Mortgage Loans - $462,000 \| Conventional Loans \| North Carolina
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 462,000
Interest Rate	7.50%
Mortgage Loans - $790,000 \| Conventional Loans \| Pennsylvania
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
Size of Loans	$ 790,000
General reserves	$ (227,000)

SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE - Mortgage Loan Activity (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015
MORTGAGE LOANS ON REAL ESTATE
Balance at the beginning of the period	$ 207,140	$ 189,052
Additions during period
New mortgage loans	50,971	59,467
Other - deferral for collection of commitment fees, net of costs	634	385
Other - accretion of loan fees and discounts	5,442	6,841
Deductions during period
Collections of principal	(49,373)	(44,261)
Foreclosures	(1,098)	(708)
Cost of mortgages sold, net	(24,522)	(29,799)
Other - sale of mortgage loans		(77,121)
Other - bad debt expense, net of recoveries	(142)	(416)
Balance at end of the period	$ 189,052	$ 103,440