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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2020	Aug. 05, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-13610
Entity Registrant Name	CIM COMMERCIAL TRUST CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	75-6446078
Entity Address, Address Line One	17950 Preston Road,
Entity Address, Address Line Two	Suite 600,
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75252
City Area Code	(972)
Local Phone Number	349-3200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,827,410
Entity Central Index Key	0000908311
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Common Stock, $0.001 Par Value \| Nasdaq Global Market
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	CMCT
Security Exchange Name	NASDAQ
Common Stock, $0.001 Par Value \| Tel Aviv Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	CMCT-L
Series L Preferred Stock, $0.001 Par Value \| Nasdaq Global Market
Entity Information [Line Items]
Title of 12(b) Security	Series L Preferred Stock, $0.001 Par Value
Trading Symbol	CMCTP
Security Exchange Name	NASDAQ
Series L Preferred Stock, $0.001 Par Value \| Tel Aviv Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Series L Preferred Stock, $0.001 Par Value
Trading Symbol	CMCTP

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Investments in real estate, net	$ 507,756	$ 508,707
Cash and cash equivalents	75,192	23,801
Restricted cash	10,960	12,146
Loans receivable, net	77,155	68,079
Accounts receivable, net	2,591	3,520
Deferred rent receivable and charges, net	36,140	34,857
Other intangible assets, net	6,509	7,260
Other assets	9,922	9,222
TOTAL ASSETS	726,225	667,592
LIABILITIES:
Debt, net	371,666	307,421
Accounts payable and accrued expenses	13,063	24,309
Intangible liabilities, net	880	1,282
Due to related parties	8,014	9,431
Other liabilities	8,453	10,113
Total liabilities	402,076	352,556
COMMITMENTS AND CONTINGENCIES (Note 15)
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 14,827,410 shares issued and outstanding at June 30, 2020 and 14,602,149 shares issued and outstanding at December 31, 2019.	15	15
Additional paid-in capital	795,795	794,825
Distributions in excess of earnings	(753,550)	(740,617)
Total stockholders' equity	283,927	277,690
Noncontrolling interests	466	505
Total equity	284,393	278,195
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	726,225	667,592
Series A Preferred Stock
LIABILITIES:
REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, $0.001 par value; 36,000,000 shares authorized; 1,794,461 and 1,763,661 shares issued and outstanding, respectively, at June 30, 2020 and 1,630,821 and 1,630,421 shares issued and outstanding, respectively, at December 31, 2019; liquidation preference of $25.00 per share, subject to adjustment	39,756	36,841
Series A Cumulative Preferred Stock
EQUITY:
Preferred stock	88,660	70,633
Series D Preferred Stock
EQUITY:
Preferred stock	173	0
Series L Preferred Stock
EQUITY:
Preferred stock	$ 152,834	$ 152,834

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	14,827,410	14,602,149
Common stock, shares outstanding (in shares)	14,827,410	14,602,149
Series A Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	36,000,000	36,000,000
Preferred stock, shares issued (in shares)	1,794,461	1,630,821
Preferred stock, shares outstanding (in shares)	1,763,661	1,630,421
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series A Cumulative Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	36,000,000	36,000,000
Preferred stock, shares issued (in shares)	3,614,493	2,853,555
Preferred stock, shares outstanding (in shares)	3,560,448	2,837,094
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series D Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	32,000,000	32,000,000
Preferred stock, shares issued (in shares)	6,900	0
Preferred stock, shares outstanding (in shares)	6,900	0
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series L Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	9,000,000	9,000,000
Preferred stock, shares issued (in shares)	8,080,740	5,387,160
Preferred stock, shares outstanding (in shares)	8,080,740	5,387,160
Preferred stock, liquidation preference per share (in usd per share)	$ 28.37	$ 28.37

Consolidated Statements of Operations - USD ($)
shares in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

REVENUES:

Rental and other property income

$ 13,700,000

$ 22,419,000

$ 28,519,000

$ 56,000,000

Hotel income

869,000

9,549,000

8,628,000

19,353,000

Interest and other income

1,941,000

4,888,000

4,898,000

8,780,000

REVENUES

16,510,000

36,856,000

42,045,000

84,133,000

EXPENSES:

Rental and other property operating

7,492,000

15,658,000

20,007,000

35,911,000

Asset management and other fees to related parties

2,376,000

3,195,000

5,021,000

7,797,000

Interest

2,896,000

2,550,000

6,063,000

6,595,000

General and administrative

1,668,000

1,621,000

3,402,000

3,409,000

Transaction costs

216,000

260,000

Depreciation and amortization

5,197,000

7,185,000

10,455,000

16,815,000

Loss on early extinguishment of debt (Note 7)

4,911,000

29,982,000

Impairment of real estate (Note 3)

2,800,000

69,000,000

EXPENSES

21,242,000

39,229,000

48,055,000

172,146,000

Gain on sale of real estate (Note 3)

55,221,000

432,802,000

(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES

(4,732,000)

52,848,000

(6,010,000)

344,789,000

Provision for income taxes

(691,000)

281,000

(713,000)

599,000

NET (LOSS) INCOME

(4,041,000)

52,567,000

(5,297,000)

344,190,000

Net (income) loss attributable to noncontrolling interests

(2,000)

(1,000)

(6,000)

173,000

NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY

(4,043,000)

52,566,000

(5,303,000)

344,363,000

Redeemable preferred stock dividends declared or accumulated (Note 10)

(3,990,000)

(4,302,000)

(9,346,000)

(8,464,000)

Redeemable preferred stock deemed dividends (Note 10)

(52,000)

(213,000)

Redeemable preferred stock redemptions (Note 10)

(56,000)

(4,000)

(66,000)

(8,000)

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ (8,141,000)

$ 48,260,000

$ (14,928,000)

$ 335,891,000

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:

Basic (in usd per share)

^[1]

$ (0.55)

$ 3.31

$ (1.02)

$ 23.01

Diluted (in usd per share)

^[1]

$ (0.55)

$ 3.20

$ (1.02)

$ 22.08

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:

Basic (in shares)

^[1]

14,782

14,597

14,690

14,598

Diluted (in shares)

^[1]

14,782

15,284

14,690

15,268

Corporate

EXPENSES:

Expense reimbursements to related parties

$ 615,000

$ 542,000

$ 1,427,000

$ 1,189,000

Lending Segment

EXPENSES:

Expense reimbursements to related parties

$ 998,000

$ 551,000

$ 1,680,000

$ 1,188,000

[1]	All share and per share amounts have been adjusted to give retroactive effect to the one-for-three reverse stock split of our common stock effected on September 3, 2019.

Consolidated Statements of Operations (Parenthetical)	Sep. 03, 2019
Income Statement [Abstract]
Reverse stock split ratio, common stock	0.3333

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
NET (LOSS) INCOME	$ (4,041)	$ 52,567	$ (5,297)	$ 344,190
Other comprehensive loss: cash flow hedges	0	0	0	(1,806)
COMPREHENSIVE (LOSS) INCOME	(4,041)	52,567	(5,297)	342,384
Comprehensive (income) loss attributable to noncontrolling interests	(2)	(1)	(6)	173
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	$ (4,043)	$ 52,566	$ (5,303)	$ 342,557

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Consolidated Statements of Equity - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in Capital

Accumulated Other Comprehensive Income

Distributions in Excess of Earnings

Non-controlling Interests

Common Stock

Additional Paid-in Capital

Series A Preferred Stock

Preferred Stock

Series A Preferred Stock

Distributions in Excess of Earnings

Series D Preferred Stock

Preferred Stock

Series D Preferred Stock

Additional Paid-in Capital

Series D Preferred Stock

Distributions in Excess of Earnings

Series L Preferred Stock

Preferred Stock

Beginning balance (in shares) at Dec. 31, 2018

14,598,357

^[1]

1,281,804

8,080,740

Beginning balance at Dec. 31, 2018

$ 617,275

$ 44

^[1]

$ 790,354

$ 1,806

$ (436,883)

$ 837

$ 31,866

$ 229,251

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

Common dividends

^[1]

(5,474)

Issuance of Series A Preferred Warrants

Dividends to holders of Preferred Stock

$ (1,010)

Reclassification of Series A Preferred Stock to permanent equity (in shares)

389,577

Reclassification of Series A Preferred Stock to permanent equity

8,890

(822)

$ 9,712

Redemption of Series A Preferred Stock (in shares)

(1,500)

Redemption of Series A Preferred Stock

(38)

(1)

$ (37)

Other comprehensive income (loss)

(1,806)

Net (loss) income

291,623

291,797

(174)

Ending balance (in shares) at Mar. 31, 2019

14,598,357

^[1]

1,669,881

8,080,740

Ending balance at Mar. 31, 2019

909,507

$ 44

^[1]

789,578

(151,570)

663

$ 41,541

$ 229,251

Beginning balance (in shares) at Dec. 31, 2018

14,598,357

^[1]

1,281,804

8,080,740

Beginning balance at Dec. 31, 2018

617,275

$ 44

^[1]

790,354

1,806

(436,883)

837

$ 31,866

$ 229,251

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Reclassification of Series A Preferred Stock to permanent equity

19,715

Redeemable Preferred Stock deemed dividends

Other comprehensive income (loss)

(1,806)

Net (loss) income

344,190

Ending balance (in shares) at Jun. 30, 2019

14,601,913

^[1]

2,142,676

8,080,740

Ending balance at Jun. 30, 2019

966,260

$ 44

^[1]

788,655

(105,634)

617

$ 53,327

$ 229,251

Beginning balance (in shares) at Mar. 31, 2019

14,598,357

^[1]

1,669,881

8,080,740

Beginning balance at Mar. 31, 2019

909,507

$ 44

^[1]

789,578

(151,570)

663

$ 41,541

$ 229,251

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions to noncontrolling interests

(47)

Stock-based compensation expense (in shares)

^[1]

3,556

Stock-based compensation expense

Common dividends

^[1]

(5,476)

Issuance of Series A Preferred Warrants

Dividends to holders of Preferred Stock

(1,150)

Reclassification of Series A Preferred Stock to permanent equity (in shares)

474,462

Reclassification of Series A Preferred Stock to permanent equity

10,825

(1,002)

$ 11,827

Redemption of Series A Preferred Stock (in shares)

(1,667)

Redemption of Series A Preferred Stock

(41)

(4)

$ (41)

Other comprehensive income (loss)

Net (loss) income

52,567

52,566

Ending balance (in shares) at Jun. 30, 2019

14,601,913

^[1]

2,142,676

8,080,740

Ending balance at Jun. 30, 2019

966,260

$ 44

^[1]

788,655

$ 0

(105,634)

617

$ 53,327

$ 229,251

Beginning balance (in shares) at Dec. 31, 2019

14,602,149

2,837,094

5,387,160

Beginning balance at Dec. 31, 2019

278,195

$ 15

794,825

(740,617)

505

$ 70,633

$ 0

$ 152,834

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

Common dividends

(1,095)

Issuance of Series A Preferred Warrants

Dividends to holders of Preferred Stock

(3,252)

$ (3)

Issuance of Stock (in shares)

5,980

Issuance of Stock

145

(5)

$ 150

Reclassification of Series A Preferred Stock to permanent equity (in shares)

304,274

Reclassification of Series A Preferred Stock to permanent equity

6,948

(640)

$ 7,588

Redeemable Preferred Stock deemed dividends

(161)

Redemption of Series A Preferred Stock (in shares)

(2,452)

Redemption of Series A Preferred Stock

(66)

(10)

$ (61)

Net (loss) income

(1,256)

(1,260)

Ending balance (in shares) at Mar. 31, 2020

14,602,149

3,138,916

5,980

5,387,160

Ending balance at Mar. 31, 2020

279,539

$ 15

794,269

(746,398)

509

$ 78,160

$ 150

$ 152,834

Beginning balance (in shares) at Dec. 31, 2019

14,602,149

2,837,094

5,387,160

Beginning balance at Dec. 31, 2019

278,195

$ 15

794,825

(740,617)

505

$ 70,633

$ 0

$ 152,834

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Reclassification of Series A Preferred Stock to permanent equity

16,687

Redeemable Preferred Stock deemed dividends

(213)

Other comprehensive income (loss)

Net (loss) income

(5,297)

Ending balance (in shares) at Jun. 30, 2020

14,827,410

3,560,448

6,900

5,387,160

Ending balance at Jun. 30, 2020

284,393

$ 15

795,795

(753,550)

466

$ 88,660

$ 173

$ 152,834

Beginning balance (in shares) at Mar. 31, 2020

14,602,149

3,138,916

5,980

5,387,160

Beginning balance at Mar. 31, 2020

279,539

$ 15

794,269

(746,398)

509

$ 78,160

$ 150

$ 152,834

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions to noncontrolling interests

(45)

Stock-based compensation expense (in shares)

21,912

Stock-based compensation expense

Common dividends

(1,112)

Dividends to holders of Preferred Stock

$ (1,886)

(3)

$ (3)

Issuance of Stock (in shares)

203,349

920

Issuance of Stock

$ 2,359

$ 22

$ 23

$ (1)

Reclassification of Series A Preferred Stock to permanent equity (in shares)

427,064

Reclassification of Series A Preferred Stock to permanent equity

9,739

(899)

$ 10,638

Redeemable Preferred Stock deemed dividends

(52)

Redemption of Series A Preferred Stock (in shares)

(5,532)

Redemption of Series A Preferred Stock

(183)

(56)

$ (138)

Other comprehensive income (loss)

Net (loss) income

(4,041)

(4,043)

Ending balance (in shares) at Jun. 30, 2020

14,827,410

3,560,448

6,900

5,387,160

Ending balance at Jun. 30, 2020

$ 284,393

$ 15

$ 795,795

$ (753,550)

$ 466

$ 88,660

$ 173

$ 152,834

[1]	All share and per share amounts have been adjusted to give retroactive effect to the one-for-three reverse stock split of our common stock effected on September 3, 2019.

Consolidated Statements of Equity (Parenthetical)		3 Months Ended
Consolidated Statements of Equity (Parenthetical)	Sep. 03, 2019	Jun. 30, 2020 $ / shares	Mar. 31, 2020 $ / shares	Jun. 30, 2019 $ / shares	Mar. 31, 2019 $ / shares
Common dividends (in usd per share)		$ 0.075	$ 0.075	$ 0.375	$ 0.375
Reverse stock split ratio, common stock	0.3333
Series A Preferred Stock
Preferred dividends, per share amount (in usd per share)		0.34375	0.68750	$ 0.34375	$ 0.34375
Series D Preferred Stock
Preferred dividends, per share amount (in usd per share)		$ 0.35313	$ 0.588542

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended				6 Months Ended		45 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (4,041,000)	$ (1,256,000)	$ 52,567,000	$ 291,623,000	$ (5,297,000)	$ 344,190,000
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent and amortization of intangible assets, liabilities and lease inducements					(1,341,000)	(999,000)
Depreciation and amortization	5,197,000		7,185,000		10,455,000	16,815,000
Reclassification from AOCI to interest expense			0		0	(1,806,000)
Reclassification from other assets to interest expense for swap termination					0	1,421,000
Change in fair value of swaps					0	209,000
Gain on sale of real estate	0		(55,221,000)		0	(432,802,000)
Impairment of real estate	0		2,800,000	66,200,000	0	69,000,000
Loss on early extinguishment of debt	0		4,911,000		0	29,982,000
Amortization of deferred loan costs					548,000	590,000
Amortization of premiums and discounts on debt					(51,000)	(10,000)
Unrealized premium adjustment					518,000	1,007,000
Accretion (Amortization) of Discounts and Premiums, Investments					(261,000)	(247,000)
Bad debt expense (recovery)					302,000	(63,000)
Deferred income taxes					(867,000)	(9,000)
Stock-based compensation					112,000	82,000
Loans funded, held for sale to secondary market					(9,303,000)	(13,892,000)
Proceeds from sale of guaranteed loans					10,902,000	23,826,000
Principal collected on loans subject to secured borrowings					2,613,000	461,000
Other operating activity					(407,000)	(386,000)
Changes in operating assets and liabilities:
Accounts receivable and interest receivable					586,000	817,000
Other assets					578,000	774,000
Accounts payable and accrued expenses					(2,902,000)	(2,208,000)
Deferred leasing costs					(332,000)	(934,000)
Other liabilities					(1,554,000)	(7,142,000)
Due to related parties					942,000	(3,739,000)
Net cash provided by operating activities					5,241,000	24,937,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate					(9,545,000)	(16,103,000)
Proceeds from sale of real estate, net					0	765,116,000
Loans funded					(18,567,000)	(4,631,000)
Principal collected on loans					4,710,000	4,254,000
Other investing activity					59,000	319,000
Net cash (used in) provided by investing activities					(23,343,000)	748,955,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of unsecured revolving lines of credit, revolving credit facility and or term note					(5,000,000)	(130,000,000)
Proceeds from unsecured revolving lines of credit, revolving credit facility and or term note					61,500,000	0
Payment of mortgages payable					0	(46,000,000)
Investments in marketable securities in connection with the legal defeasance of mortgages payable					0	(268,194,000)
Prepayment penalties and other payments for early extinguishment of debt					0	(5,660,000)
Payment of principal on SBA 7(a) loan-backed notes					(5,370,000)	(6,397,000)
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility					15,466,000	0
Payment of principal on secured borrowings					(2,613,000)	(461,000)
Payment of deferred preferred stock offering costs					(501,000)	(336,000)
Payment of deferred loan costs					(70,000)	(34,000)
Payment of other deferred costs					(133,000)	(195,000)
Payment of common dividends					(2,207,000)	(10,950,000)
Net proceeds from issuance of Series A Preferred Warrants					29,000	40,000
Payment of preferred stock dividends					(12,589,000)	(15,945,000)
Redemption of Series A Preferred Stock					(1,626,000)	(153,000)
Noncontrolling interests' distributions					(45,000)	(47,000)
Net cash provided by (used in) financing activities					68,307,000	(466,851,000)
Change in cash balances included in assets held for sale					0	(1,295,000)
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH					50,205,000	305,746,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period		35,947,000		77,171,000	35,947,000	77,171,000
End of period	86,152,000		382,917,000		86,152,000	382,917,000	$ 86,152,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents								$ 75,192,000	$ 23,801,000	$ 372,093,000
Restricted cash								10,960,000	12,146,000	10,824,000
Total cash and cash equivalents and restricted cash	86,152,000	35,947,000	382,917,000	77,171,000	86,152,000	382,917,000	86,152,000	86,152,000	$ 35,947,000	382,917,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest					5,567,000	8,499,000
Federal income taxes paid					100,000	700,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Additions to investments in real estate included in accounts payable and accrued expenses					3,761,000	1,292,000
Additions to deferred costs included in accounts payable and accrued expenses					292,000	79,000
Additions to preferred stock offering costs included in accounts payable and accrued expenses					616,000	355,000
Accrual of dividends payable to preferred stockholders								$ 2,428,000		$ 1,150,000
Preferred stock offering costs offset against redeemable preferred stock in temporary equity					303,000	122,000
Preferred stock offering costs offset against redeemable preferred stock in permanent equity					2,000	0
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	9,739,000	6,948,000	$ 10,825,000	$ 8,890,000	16,687,000	19,715,000	$ 81,640,000
Additions to deferred loan costs included in accounts payable and accrued expenses					165,000	0
Reclassification of loans receivable, net to real estate owned					174,000	243,000
Establishment of right-of use asset and lease liability					0	362,000
Marketable securities transferred in connection with the legal defeasance of mortgages payable					0	268,194,000
Mortgage notes payable legally defeased					0	245,000,000
Mortgage note assumed in connection with our sale of real estate					0	28,200,000
Redeemable preferred stock deemed dividends	$ 52,000	$ 161,000			213,000	0
Issuance of shares of Common Stock for asset management fees					2,359,000	0
Series A Preferred Stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of Series Preferred Stock					21,296,000	17,481,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Redeemable Preferred Stock fees included in accounts payable and accrued expenses					247,000	0
Series D Preferred Stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of Series Preferred Stock					170,000	0
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Redeemable Preferred Stock fees included in accounts payable and accrued expenses					$ 2,000	$ 0

ORGANIZATION AND OPERATIONS	6 Months Ended
ORGANIZATION AND OPERATIONS	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	ORGANIZATION AND OPERATIONS CIM Commercial Trust Corporation ("CIM Commercial" or the "Company"), a Maryland corporation and real estate investment trust ("REIT"), together with its wholly-owned subsidiaries ("we," "us" or "our") primarily acquires, owns, and operates Class A and creative office assets in vibrant and improving metropolitan communities throughout the United States (including improving and developing such assets). These communities are located in areas that include traditional downtown areas and suburban main streets, which have high barriers to entry, high population density, positive population trends and a propensity for growth. We were originally organized in 1993 as PMC Commercial Trust ("PMC Commercial"), a Texas real estate investment trust. On July 8, 2013, PMC Commercial entered into a merger agreement with CIM Urban REIT, LLC ("CIM REIT"), an affiliate of CIM Group, L.P. ("CIM Group" or "CIM"), and subsidiaries of the respective parties. CIM REIT was a private commercial REIT and was the owner of CIM Urban Partners, L.P. ("CIM Urban"). The merger was completed on March 11, 2014 (the "Acquisition Date"). Our common stock, $0.001 par value per share ("Common Stock"), is currently traded on the Nasdaq Global Market ("Nasdaq"), under the ticker symbol "CMCT", and on the Tel Aviv Stock Exchange (the "TASE"), under the ticker symbol "CMCT-L." Our Series L preferred stock, $0.001 par value per share ("Series L Preferred Stock"), is currently traded on Nasdaq and on the TASE, in each case under the ticker symbol "CMCTP." We have authorized for issuance 900,000,000 shares of common stock and 100,000,000 shares of preferred stock ("Preferred Stock"). We filed Articles of Amendment (the "Reverse Stock Split Amendment") to effectuate a one-for-three reverse stock split of our Common Stock, effective on September 3, 2019 (the "Reverse Stock Split"). Pursuant to the Reverse Stock Split Amendment, every three 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, par value $0.003 per share. In connection with the Reverse Split Amendment, the Company filed Articles of Amendment to revert the par value of the Common Stock issued and outstanding from $0.003 per share to $0.001 per share, effective as of September 3, 2019, following the effective time of the Reverse Split Amendment. All Common Stock and per share of Common Stock amounts set forth in this Quarterly Report on Form 10-Q have been adjusted to give retroactive effect to the Reverse Stock Split, unless otherwise stated. CIM Commercial has qualified and intends to continue to qualify as a REIT, as defined in the Internal Revenue Code of 1986, as amended.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

For more information regarding our significant accounting policies and estimates, please refer to "Basis of Presentation and Summary of Significant Accounting Policies" contained in Note 2 to our consolidated financial statements for the year ended December 31, 2019, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 16, 2020.

Interim Financial Information—The accompanying interim consolidated financial statements of CIM Commercial have been prepared by our management in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 given, among other things, the uncertain impact of the novel coronavirus (“COVID-19”) on our operations during the remainder of the year. Our accompanying interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto, included in our Annual Report on Form 10-K filed with the SEC on March 16, 2020.

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 were expensed as incurred for acquisitions that occurred prior to October 1, 2017. For any acquisition occurring on or after October 1, 2017, we have conducted and will conduct an analysis to determine if the acquisition constitutes a business combination or an asset purchase. If the acquisition constitutes a business combination, then the transaction costs will be expensed as incurred, and if the acquisition constitutes an asset purchase, then the transaction costs will be capitalized. Investments in real estate are stated at depreciated cost. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:


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

We capitalize project costs, including pre-construction costs, interest expense, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, or construction of a project, while activities are ongoing to prepare an asset for its intended use. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred.

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 requires significant judgment and estimates and 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 to such analysis, or on the sales comparison approach to similar properties. Assets held for sale are reported at the lower of the asset's carrying amount or fair value, less costs to sell. For the three and six months ended June 30, 2020, we recognized no impairment of long-lived assets. For the three and six months ended June 30, 2019, we recognized impairment of long-lived assets of $2,800,000 and $69,000,000, respectively (Note 3).

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

Changes in the estimated fair value of a derivative (effective and ineffective components) that is highly effective and that is designated and qualifies as a cash flow hedge 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). When an interest rate swap designated as a cash flow hedge no longer qualifies for hedge accounting, we recognize changes in the estimated fair value of the hedge previously deferred to accumulated other comprehensive income ("AOCI"), along with any changes in estimated fair value occurring thereafter, through earnings. We classify cash flows from interest rate swap agreements as net cash provided by 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.

Revenue Recognition—We use a five-step model to recognize revenue for contracts with customers. The five-step model requires that we (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation.

Revenue from leasing activities

We operate as a lessor of real estate assets, primarily in Class A and creative office assets. In determining whether our contracts with our tenants constitute leases, we determined that our contracts explicitly identify the premises and that any substitution rights to relocate the tenant to other premises within the same building stated in the contract are not substantive. Additionally, so long as payments are made timely under these contracts, our tenants have the right to obtain substantially all the economic benefits from the use of this identified asset and can direct how and for what purpose the premises are used to conduct their operations. Therefore, our contracts with our tenants constitute leases.

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 an 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.

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 primarily responsible for fulfilling the promise to provide the specified good or service and control that specified good or service before it is transferred to the tenant. We have elected not to separate lease and non-lease components as the pattern of revenue recognition does not differ for the two components, and the non-lease component is not the primary component in our leases.

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.

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.

For the three and six months ended June 30, 2020 and 2019, we recognized rental income as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	12,567	$	20,640	$	25,912	$	51,536
Variable lease payments (2)	1,133		1,779		2,607		4,464
Rental and other property income	$	13,700	$	22,419	$	28,519	$	56,000

(1)Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above-market leases, below-market leases and lease incentives.

(2)Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from our operating leases.

Revenue from lending activities

Interest income included in interest and other income 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 (as defined below).

Revenue from hotel activities

Hotel revenue is recognized upon establishment of a contract with a customer. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. Various performance obligations of hotel revenues can be categorized as follows:

•cancellable and noncancelable room revenues from reservations and

•ancillary services including facility usage and food or beverage.

Cancellable reservations represent a single performance obligation of providing lodging services at the hotel. The Company satisfies its performance obligation and recognizes revenues associated with these reservations over time as services are rendered to the customer. The Company satisfies its performance obligation and recognizes revenues associated with noncancelable reservations at the earlier of (i) the date on which the customer cancels the reservation or (ii) over time as services are rendered to the customer.

Ancillary services include facilities usage and providing food and beverage. The Company satisfies its performance obligation and recognizes revenues associated with these services at a point in time as the good or service is delivered to the customer.

At inception of these contracts with customers for hotel revenues, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate.

We recognized hotel income of $869,000 and $9,549,000 for the three months ended June 30, 2020 and 2019, respectively, and $8,628,000 and $19,353,000 for the six months ended June 30, 2020 and 2019, respectively. Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 18:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Hotel properties
Hotel income	$	869	$	9,549	$	8,628	$	19,353
Rental and other property income	227		736		689		1,472
Interest and other income	18		45		50		94
Hotel revenues	$	1,114	$	10,330	$	9,367	$	20,919

Tenant recoveries outside of the lease agreements

Tenant recoveries outside of the lease agreements are related to construction projects in which our tenants have agreed to fully reimburse us for all costs related to construction. These services include architectural, permit expediter and construction services. At inception of the contract with the customer, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate. While these individual services are distinct, in the context of the arrangement with the customer, all of these services are bundled together and represent a single package of construction services requested by the customer. The Company satisfies its performance obligation and recognizes revenues associated with these services over time as the construction is completed. Amounts recognized for tenant recoveries outside of the lease agreements were $0 for each of the three months ended June 30, 2020 and 2019, and $0 and $205,000 for the six months ended June 30, 2020 and 2019, respectively, which are included in interest and other income on the consolidated statements of operations. As of June 30, 2020, there were no remaining performance obligations associated with tenant recoveries outside of the lease agreements.

Loans Receivable—Our loans receivable are carried at their unamortized principal balance less unamortized acquisition discounts and premiums, deferred originations fees, retained loan discounts and loan loss reserves. All loans were originated pursuant to programs sponsored by the Small Business Administration (the “SBA”). The programs consist of loans

originated under the SBA 7(a) Small Business Loan Program and, commencing with the quarter ended June 30, 2020, the Paycheck Protection Program.

Pursuant to the SBA 7(a) Small Business Loan 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. Unamortized retained loan discounts were $7,328,000 and $7,622,000 as of June 30, 2020 and December 31, 2019, respectively.

At the Acquisition Date, the carrying value of our loans was adjusted to estimated fair market value and acquisition discounts of $33,907,000 were recorded, which are being accreted to interest and other income using the effective interest method. We sold substantially all of our commercial mortgage loans with unamortized acquisition discounts of $15,951,000 to an unrelated third-party in December 2015. Acquisition discounts of $565,000 and $624,000 remained as of June 30, 2020 and December 31, 2019, respectively.

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

On a quarterly basis, and more frequently if indicators exist, we evaluate the collectability of our loans receivable. Our evaluation of collectability involves significant judgment, estimates, and a review of the ability of the borrower to make principal and interest payments, the underlying collateral and the borrowers' business models and future operations in accordance with Accounting Standards Codification ("ASC") 450-20, Contingencies—Loss Contingencies, and ASC 310-10, Receivables. For the three and six months ended June 30, 2020, we recorded an impairment of $36,000 and a recovery of $16,000, respectively, on our loans receivable. For the three and six months ended June 30, 2019, we recorded an impairment of $1,000 and a recovery of $56,000, respectively, on our loans receivable. There were no material loans receivable subject to credit risk which were considered to be impaired at June 30, 2020 or 2019. We also establish a general loan loss reserve when available information indicates that it is probable a loss has occurred based on the carrying value of the portfolio and the amount of the loss can be reasonably estimated. Significant judgment is required in determining the general loan loss reserve, including estimates of the likelihood of default and the estimated fair value of the collateral. The general loan loss reserve includes those loans, which may have negative characteristics which have not yet become known to us. In addition to the reserves established on loans not considered impaired that have been evaluated under a specific evaluation, we establish the general loan loss reserve using a consistent methodology to determine a loss percentage to be applied to loan balances. These loss percentages are based on many factors, primarily cumulative and recent loss history and general economic conditions.

Deferred Rent Receivable and Charges—Deferred rent receivable and charges consist of deferred rent, deferred leasing costs, deferred offering costs (Note 10) and other deferred costs. Deferred rent receivable is $21,118,000 and $19,988,000 at June 30, 2020 and December 31, 2019, 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. Gross deferred leasing costs of $16,536,000 and $16,881,000 are presented on the consolidated balance sheet net of accumulated amortization of $7,878,000 and $7,438,000 at June 30, 2020 and December 31, 2019, respectively. Deferred offering costs represent direct costs incurred in connection with our offerings of Series A Preferred Units, as described in Note 10, and, after January 2020, Series A Preferred Stock (as defined in Note 10) and Series D Preferred Stock (as defined in Note 10), excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other offering fees and expenses. Generally, for a specific issuance of securities, issuance-specific offering costs are recorded as a reduction of proceeds raised on the issuance date and offering costs incurred but not directly related to a specifically identifiable closing of a security are deferred. Deferred offering costs are first allocated to each issuance of a security on a pro-rata basis equal to the ratio of the number of securities issued in a given issuance to the maximum number of securities that are expected to be issued in the related offering. In the case of the Series A Preferred Units, which were issued prior to February 2020, the issuance-specific offering costs and the deferred offering costs allocated to such issuance were further allocated to the Series A Preferred Stock and Series A Preferred Warrants (as defined in Note 10) issued in such issuance based on the relative fair value of the instruments on the date of issuance. The deferred offering costs allocated to the Series A Preferred Stock are reductions to temporary equity, while the deferred offering costs allocated to Series A Preferred Warrants and Series D Preferred Stock are reductions to permanent equity. Deferred offering costs of $5,823,000 and

$5,275,000 related to our offering of Series A Preferred Stock, Series A Preferred Warrants and Series D Preferred Stock are included in deferred rent receivable and charges at June 30, 2020 and December 31, 2019, respectively. Other deferred costs are $541,000 and $151,000 at June 30, 2020 and December 31, 2019, respectively.

Redeemable Preferred Stock—Beginning on the date of original issuance of any given shares of Series A Preferred Stock or Series D Preferred Stock, the holder of such shares has the right to require the Company to redeem such shares at a redemption price of 100% of the Series A Preferred Stock Stated Value (as defined in Note 10) or Series D Preferred Stock Stated Value (as defined in Note 10), as applicable, plus accrued and unpaid dividends, subject to the payment of a redemption fee until the fifth anniversary of such issuance. From and after the fifth anniversary of the date of the original issuance, the holder will have the right to require the Company to redeem such shares at a redemption price of 100% of the Series A Preferred Stock Stated Value or Series D Preferred Stock Stated Value, as applicable, plus accrued and unpaid dividends, without a redemption fee, and the Company will have the right (but not the obligation) to redeem such shares at 100% of the Series A Preferred Stock Stated Value or Series D Preferred Stock Stated Value, as applicable, plus accrued and unpaid dividends. The applicable redemption price payable upon redemption of any Series A Preferred Stock is payable in cash or, on or after the first anniversary of the issuance of such shares of Series A Preferred Stock to be redeemed, in the Company's sole discretion, in cash or in equal value through the issuance of shares of Common Stock, based on the volume weighted average price of our Common Stock for the 20 trading days prior to the redemption. The applicable redemption price payable upon redemption of any Series D Preferred Stock is payable in cash or, in the Company's sole discretion, in equal value through the issuance of shares of Common Stock, based on the volume weighted average price of our Common Stock for the 20 trading days prior to the redemption. Since a holder of Series A Preferred Stock has the right to request redemption of such shares and redemptions prior to the first anniversary are to be paid in cash, we have recorded the activity related to our Series A Preferred Stock in temporary equity. We recorded the activity related to our Series A Preferred Warrants (Note 10) in permanent equity. We have recorded the activity related to our Series D Preferred Stock (Note 10) in permanent equity. On the first anniversary of the date of original issuance of a particular share of Series A Preferred Stock, we reclassify such share of Series A Preferred Stock from temporary equity to permanent equity because the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapses on the first anniversary date.

From and after the fifth anniversary of the date of original issuance of the Series L Preferred Stock, each holder will have the right to require the Company to redeem, and the Company will also have the option to redeem (subject to certain conditions), such shares of Series L Preferred Stock at a redemption price equal to the Series L Preferred Stock Stated Value (as defined in Note 10), plus, provided certain conditions are met, all accrued and unpaid distributions. Notwithstanding the foregoing, a holder of shares of our Series L Preferred Stock may require us to redeem such shares at any time prior to the fifth anniversary of the date of original issuance of the Series L Preferred Stock if (1) we do not declare and pay in full the distributions on the Series L Preferred Stock for any annual period prior to such fifth anniversary or (2) we do not declare and pay all accrued and unpaid distributions on the Series L Preferred Stock for all past dividend periods prior to the applicable holder redemption date. The applicable redemption price payable upon redemption of any Series L Preferred Stock will be made, in the Company's sole discretion, in the form of (A) cash in Israeli New Shekels ("ILS") at the then-current currency exchange rate determined in accordance with the Articles Supplementary defining the terms of the Series L Preferred Stock, (B) in equal value through the issuance of shares of Common Stock, with the value of such Common Stock to be deemed the lower of (i) our net asset value ("NAV") per share of our Common Stock as most recently published by the Company as of the effective date of redemption and (ii) the volume-weighted average price of our Common Stock, determined in accordance with the Articles Supplementary defining the terms of the Series L Preferred Stock, or (C) in a combination of cash in ILS and our Common Stock, based on the conversion mechanisms set forth in (A) and (B), respectively. We recorded the activity related to our Series L Preferred Stock in permanent equity.

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

Restricted Cash—Our mortgage loan and hotel management agreements provide for depositing cash into restricted accounts reserved for capital expenditures, free rent, tenant improvement and leasing commission obligations. Restricted cash also includes cash required to be segregated in connection with certain of our loans receivable.

related parties—corporate for the three and six months ended June 30, 2019, respectively, and $551,000 and $1,188,000 from asset management and other fees to related parties to expense reimbursements to related parties—lending segment for the three and six months ended June 30, 2019, respectively.

Assets Held for Sale and Discontinued Operations—In the ordinary course of business, we may periodically enter into agreements to dispose of our assets. Some of these agreements are non-binding because either they do not obligate either party to pursue any transactions until the execution of a definitive agreement or they provide the potential buyer with the ability to terminate without penalty or forfeiture of any material deposit, subject to certain specified contingencies, such as completion of due diligence at the discretion of such buyer. We do not classify assets that are subject to such non-binding agreements as held for sale.

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

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

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

Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. We base such estimates on historical experience, information available at the time, and assumptions we believe to be reasonable under the circumstances and at such time, including the impact of extraordinary events such as COVID-19. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements—In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity. The amendments in the ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In November 2018, the FASB issued ASU No. 2018-19, Financial Instruments-Credit Losses (Topic 326): Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarified that receivables arising from operating leases are not within the scope of the credit losses standards. In April 2019, the FASB issued ASU 2019-04, Financial Instruments-Credit Losses (Topic 326): Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarified the following: (i) an entity’s estimate of expected credit losses should include expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off, and (ii) an entity should consider contractual extension or renewal options that it cannot unconditionally cancel when determining the contractual term over which expected credit losses are measured. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which allows entities to irrevocably elect the fair value option for existing financial assets on an instrument-by-instrument basis upon adoption of ASU 2016-13.

Except for existing held-to-maturity debt securities, the alternative is available for all instruments in the scope of ASC 326-20 that are eligible for the fair value option in ASC 825-10. If an entity elects the fair value option, it will recognize a cumulative-effect adjustment for the difference between the fair value of the instrument and its carrying value. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments-Credit Losses (Topic 326), which deferred the effective date of Topic 326 for certain entities, including smaller reporting companies, public entities that are not SEC filers, and entities that are not public business entities. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2019. For smaller reporting companies, public entities that are not SEC filers, and entities that are not public business entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2022. Early adoption is permitted for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2018. In November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which made narrow-scope improvements to the credit losses standard, including, but not limited to, adjustments for transition relief for troubled debt restructurings and disclosures related to accrued interest receivables. In February 2020, the FASB issued ASU No. 2020-02, Financial Instruments - Credit Losses (Topic 326): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119, which aligns the SEC guidance with Topic 326 as it relates to (i) measuring current expected credit losses, (ii) development, governance, and documentation of a systematic methodology to measure credit losses, (iii) documenting the results of a systematic methodology to measure credit losses, and (iv) validating a systematic methodology to measure credit losses. The Company has not yet adopted ASU 2016-13 and remains in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public entities will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. For public entities, the ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2019. We adopted ASU No. 2018-13 beginning January 1, 2020 and the adoption of such ASU did not have a material impact on our consolidated financial statements.

In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (the “SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The guidance permits the use of the OIS rate based on the SOFR as a U.S. benchmark rate for purposes of applying hedge accounting. The SOFR is a volume-weighted median interest rate that is calculated daily based on overnight transactions from the prior day’s activity in specified segments of the U.S. Treasury repo market. It has been selected as the preferred replacement for the U.S. dollar London Interbank Offered Rate ("LIBOR"), which will be phased out by the end of 2021. For public entities, the ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2019. We adopted ASU No. 2018-16 beginning on January 1, 2020 and the adoption of such ASU did not have a material impact on our consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. For public entities, the ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2020. Early adoption is permitted in any interim period after the issuance of the ASU. We adopted ASU No. 2019-12 beginning on January 1, 2020 and the adoption of such ASU did not have a material impact on our consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients for various agreements and contracts that utilize the London Interbank Offered Rate (“LIBOR”) as the benchmark reference rate. To be eligible for the optional expedients under this guidance, modifications of contractual terms that change, or have the potential to change, the amount or timing of contractual cash flows must be related to replacement of a reference rate. As it relates to the Company, the relevant optional expedient for contract modifications provides that entities can account for these modifications as a continuation of the existing contract without additional analysis. The ASU is effective for all business entities for interim and annual periods beginning on March 12, 2020 and provides for temporary relief through December 31, 2022. We are currently in the process of evaluating the impact of the adoption of this new accounting guidance on our consolidated financial statements, but have not yet adopted the optional relief.

On April 10, 2020, the FASB issued a question-and-answer document (the “Q&A”) to address stakeholder questions on the application of the lease accounting guidance for lease concessions related to the effects of COVID-19. The lease modification guidance in Topic 842, Leases, (or Topic 840, Leases) would require the Company to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was made pursuant to the enforceable rights and obligations of the existing lease agreement (precluded from applying the lease modification accounting framework). However, the Q&A provides that the Company may bypass the lease by lease analysis if certain criteria are met, and instead elect to either consistently apply, or consistently not apply, the lease modification framework to groups of leases with similar characteristics and similar circumstances. As described below, the Company has elected not to apply the lease modification guidance to concessions related to the effects of COVID-19 that do not result in a substantial increase in our rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than the total payments required by the original lease.

During the three months ended June 30, 2020, the Company provided rental concessions to certain tenants in response to the impact of COVID-19. The Company’s rental concessions during the three months ended June 30, 2020 primarily provided for a deferral of rental payments or the application of security deposits to rental payments and replenishment of such security deposits with no substantive changes to the consideration provided for in the original lease. Such changes affected the timing, but not the amount, of the rental payments. In accordance with the above, the Company is accounting for these deferrals as if no changes were made to the leases. The Q&A had no material impact on the Company’s consolidated financial statements as of and for the three and six months ended June 30, 2020, however, its future impact on the Company is dependent upon the extent of lease concessions granted to tenants as a result of COVID-19 in future periods and the elections made by the Company at the time of entering into such concessions. Refer to Note 19 for a discussion regarding our lease concessions granted in connection with COVID-19.

ACQUISITIONS AND DISPOSITIONS

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

ACQUISITIONS AND DISPOSITIONS

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

2020 Transactions—There were no acquisitions or dispositions during the six months ended June 30, 2020.

2019 Transactions—There were no acquisitions during the six months ended June 30, 2019.

We sold 100% fee-simple interests in the following properties to unrelated third-parties during the six months ended June 30, 2019. Transaction costs related to these sales were expensed as incurred.


Property	Asset Type	Date of Sale	Square Feet	Sales Price		Transaction Costs		Gain on Sale
				(in thousands)
March Oakland Properties, Oakland, CA (1)	Office / Parking Garage	March 1, 2019	975,596	$	512,016	$	8,971	$	289,779
830 1st Street, Washington, D.C.	Office	March 1, 2019	247,337	116,550		2,438		45,710
260 Townsend Street, San Francisco, CA	Office	March 14, 2019	66,682	66,000		2,539		42,092
1333 Broadway, Oakland, CA	Office	May 16, 2019	254,523	115,430		658		55,221
				$	809,996	$	14,606	$	432,802

(1)The "March Oakland Properties" consist of 1901 Harrison Street, 2100 Franklin Street, 2101 Webster Street, and 2353 Webster Street Parking Garage.

The results of operations of the properties we sold have been included in the consolidated statements of operations through each property's respective disposition date. The following is the detail of the carrying amounts of assets and liabilities

at the time of the sales of the properties that occurred during the six months ended June 30, 2019:


	(in thousands)
Assets
Investments in real estate, net	$	318,918
Deferred rent receivable and charges, net	41,280
Other intangible assets, net	316

Total assets	$	360,514
Liabilities
Debt, net (1) (2)	$	318,072


Total liabilities	$	318,072

(1)Debt, net is presented net of deferred loan costs of $1,704,000 and accumulated amortization of $576,000.

(2)A mortgage loan with an outstanding principal balance of $28,200,000 was assumed by the buyer in connection with the sale of our property in San Francisco, California. A mortgage loan with an outstanding principal balance of $46,000,000 was prepaid in connection with the sale in March 2019 of our property in Washington, D.C. that was collateral for the loan. Mortgage loans with an aggregate outstanding principal balance of $205,500,000 were legally defeased in connection with the sale of the March Oakland Properties that were collateral for the loans. A mortgage loan with an outstanding principal balance of $39,500,000 was legally defeased in connection with the sale in May 2019 of our property in Oakland, California that was collateral for the loan.

In connection with our negotiation of an agreement with an unrelated third-party for the sale of 100% fee-simple interests in two office properties and one development site located in Washington, D.C., which sale was consummated in July 2019, we determined the book value of such properties exceeded their estimated fair value and recognized an impairment charge of $66,200,000 during the three months ended March 31, 2019 under the held-and-used impairment model. Following our signing of the agreement for the sale of the aforementioned properties and our receipt of a non-refundable deposit in respect of their sale in June 2019, such properties were classified as held for sale as of June 30, 2019 and we recognized an additional

impairment charge of $2,800,000 under the held-for-sale impairment model. As such, impairment charges of $2,800,000 and $69,000,000 were recognized during the three and six months ended June 30, 2019, respectively. Our determination of the fair values of these properties was based on negotiations with the third-party buyer and the contract sales price.

INVESTMENTS IN REAL ESTATE

6 Months Ended

Jun. 30, 2020

Real Estate [Abstract]

INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:


	June 30, 2020		December 31, 2019
	(in thousands)
Land	$	134,421	$	134,421
Land improvements	2,713		2,713
Buildings and improvements	448,832		438,349
Furniture, fixtures, and equipment	4,764		4,628
Tenant improvements	35,299		35,667
Work in progress	9,091		13,484
Investments in real estate	635,120		629,262
Accumulated depreciation	(127,364)		(120,555)
Net investments in real estate	$	507,756	$	508,707

We recorded depreciation expense of $4,337,000 and $5,815,000 for the three months ended June 30, 2020 and 2019, respectively, and $8,594,000 and $13,752,000 for the six months ended June 30, 2020 and 2019, respectively.

LOANS RECEIVABLE

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

LOANS RECEIVABLE

Loans receivable consist of the following:


	June 30, 2020		December 31, 2019
	(in thousands)

SBA 7(a) loans receivable, subject to credit risk	$	27,207	$	27,290
SBA 7(a) loans receivable, subject to loan-backed notes	24,491		27,598
SBA 7(a) loans receivable, paycheck protection program	15,466		—
SBA 7(a) loans receivable, subject to secured borrowings	9,941		12,644
Loans receivable	77,105		67,532
Deferred capitalized costs	497		1,145
Loan loss reserves	(447)		(598)
Loans receivable, net	$	77,155	$	68,079

SBA 7(a) Loans Receivable, Subject to Credit Risk—Represents the unguaranteed portions of loans originated under the SBA 7(a) Small Business Loan Program which were retained by the Company and the government guaranteed portions of such loans that have not yet been fully funded or sold.

SBA 7(a) Loans Receivable, Subject to Loan-Backed Notes—Represents the unguaranteed portions of loans originated under the SBA 7(a) Small Business Loan Program which were transferred to a trust and are held as collateral in connection with a securitization transaction. The proceeds received from the transfer are reflected as loan-backed notes payable (Note 7). These loans are subject to credit risk.

SBA 7(a) Loans Receivable, Paycheck Protection Program—Enacted in March 2020, the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act") implemented the Paycheck Protection Program, a new SBA 7(a) loan program that provides small businesses with uncollateralized and unguaranteed loans at an interest rate of 1.00%, with repayment deferred for a period of six months following origination. The loans will be fully forgiven, subject to certain limitations, when used by the borrower for payroll costs, interest on mortgages, rent, and utilities. For those loans that are forgiven, the SBA will remit 100% of the remaining outstanding principal plus accrued interest to us. For those loans whose borrowers do not meet the criteria required for forgiveness, repayment obligations commence after the applicable deferment period in equal installments over the remaining term to maturity. A substantial portion of the loans that we originated under the Paycheck Protection Program have a two-year term and deferment period of six months; however, loans approved by the SBA after June 5, 2020, have a five-year term and deferment period of 16 months. The loans are fully guaranteed by the SBA provided that originating lenders follow the requirements set forth in the Paycheck Protection Program. Accordingly, there is no credit risk associated with these loans since the SBA has guaranteed payment of the principal and interest. Neither the government nor lenders charged borrowers any fees in connection with the Paycheck Protection Program loans; however, the SBA paid lenders a fee upon funding loans under the Paycheck Protection Program.

As a SBA 7(a) licensee, we are an authorized lender under the Paycheck Protection Program and have originated $15,466,000 of loans under the program as of June 30, 2020. We expect a significant portion of these loans will be forgiven and repaid, either in part or in full, by the SBA, including both principal and accrued interest.

SBA 7(a) Loans Receivable, Subject to Secured Borrowings—Represents the government guaranteed portions of loans originated under the SBA 7(a) Small Business Loan Program which were sold with the proceeds received from the sale reflected as secured borrowings—government guaranteed loans. There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal.

At June 30, 2020 and December 31, 2019, 99.9% and 99.6%, respectively, of our loans subject to credit risk were current. We classify loans with negative characteristics in substandard categories ranging from special mention to doubtful. At June 30, 2020 and December 31, 2019, $185,000 and $1,362,000, respectively, of loans subject to credit risk were classified in substandard categories.

At each of June 30, 2020 and December 31, 2019, our loans subject to credit risk were 98.7% concentrated in the hospitality industry.

Section 1112 of the CARES Act (“Section 1112”) provides for six months of subsidy loan payments to be made on all loans originated under the SBA 7(a) Small Business Loan Program in ‘regular’ servicing. Borrowers’ scheduled payments of principal and interest will be made by the SBA and these payments do not have to be repaid by the borrower. The overwhelming majority of borrowers under our SBA 7(a) Small Business Loan Program qualify for relief under Section 1112. The relief also applies to any new borrowers for covered loans made through September 27, 2020. As a result of the relief provided by Section 1112, we do not expect delinquencies to be material in the aggregate for loans serviced under our SBA 7(a) Small Business Loan Program through September 2020.

OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS

A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of June 30, 2020 and December 31, 2019 is as follows:


	Assets								Liabilities
June 30, 2020	Acquired Above-Market Leases		Acquired In-Place Leases		Trade Name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	37	$	12,135	$	2,957	$	(2,368)
Accumulated amortization	(12)		(8,608)		—		1,488
	$	25	$	3,527	$	2,957	$	(880)
Average useful life (in years)	7		9		Indefinite		4


	Assets								Liabilities
December 31, 2019	Acquired Above-Market Leases		Acquired In-Place Leases		Trade Name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	74	$	13,653	$	2,957	$	(3,521)
Accumulated amortization	(42)		(9,382)		—		2,239
	$	32	$	4,271	$	2,957	$	(1,282)
Average useful life (in years)	5		8		Indefinite		4

The amortization of the acquired above-market leases, which decreased rental and other property income, was $1,000 and $21,000 for the three months ended June 30, 2020 and 2019, respectively, and $7,000 and $42,000 for the six months ended June 30, 2020 and 2019, respectively. The amortization of the acquired in-place leases included in depreciation and amortization expense was $303,000 and $540,000 for the three months ended June 30, 2020 and 2019, respectively, and $744,000 and $1,141,000 for the six months ended June 30, 2020 and 2019, respectively. The amortization of the acquired below-market leases included in rental and other property income was $148,000 and $421,000 for the three months ended June 30, 2020 and 2019, respectively, and $402,000 and $934,000 for the six months ended June 30, 2020 and 2019, respectively.

A schedule of future amortization and accretion of acquisition related intangible assets and liabilities as of June 30, 2020, is as follows:


	Assets						Liabilities
Years Ending December 31,	Acquired Above-Market Leases		Acquired In-Place Leases		Acquired Below-Market Leases
	(in thousands)
2020 (Six months ending December 31, 2020)	$	2	$	605	$	(299)
2021	5		899		(347)
2022	5		663		(234)
2023	6		375		—
2024	6		375		—
Thereafter	1		610		—
	$	25	$	3,527	$	(880)

DEBT

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

DEBT

Information on our debt is as follows:


	June 30, 2020		December 31, 2019
	(in thousands)
Mortgage loan with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and a balance of $97,100,000 due on July 1, 2026. The loan is nonrecourse.	$	97,100	$	97,100
Deferred loan costs related to mortgage loans	(161)		(174)
Total Mortgage Payable	96,939		96,926
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 3.88% and 5.68% at June 30, 2020 and December 31, 2019, respectively.	6,727		7,845
Secured borrowing principal on SBA 7(a) loans sold for excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.57% and 3.32% at June 30, 2020 and December 31, 2019, respectively.	2,812		4,307
	9,539		12,152
Unamortized premiums	534		629
Total Secured Borrowings—Government Guaranteed Loans	10,073		12,781
2018 revolving credit facility	209,500		153,000
2020 unsecured revolving credit facility	—		—
Junior subordinated notes with a variable interest rate which resets quarterly based on the three-month LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.	27,070		27,070
SBA 7(a) loan-backed notes with a variable interest rate which resets monthly based on the lesser of the one-month LIBOR plus 1.40% or the prime rate less 1.08%, with payments of interest and principal due monthly. Balance due at maturity in March 20, 2043.	16,912		22,282
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility with a fixed interest rate of 0.35%.	15,466		—
	268,948		202,352
Deferred loan costs related to other debt	(2,567)		(2,867)
Discount on junior subordinated notes	(1,727)		(1,771)
Total Other Debt	264,654		197,714
Total Debt	$	371,666	$	307,421

Our mortgage payable is secured by a deed of trust on the property and assignment of rents. The junior subordinated notes may be redeemed at par at our option.

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

SBA 7(a) loan-backed notes are secured by deeds of trust or mortgages.

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 $4,770,000 and $4,535,000 are presented net of accumulated amortization of $2,042,000 and $1,494,000 at June 30, 2020 and December 31, 2019, respectively, and are a reduction to total debt.

In June 2016, we entered into six mortgage loan agreements with an aggregate principal amount of $392,000,000. A portion of the net proceeds from the loans was used to repay outstanding balances under our previous unsecured credit facility

and the remaining portion was used to repurchase shares of our Common Stock in a private repurchase in September 2016. On September 21, 2017, in connection with the sale of an office property in Los Angeles, California, one mortgage loan with an outstanding principal balance of $21,700,000, collateralized by such property, was assumed by the buyer. On March 1, 2019, additional mortgage loans with an aggregate outstanding principal balance of $205,500,000 at such time, were legally defeased in connection with the sale of the related properties. The cash outlay required for this defeasance in the net amount of $224,086,000 was based on the purchase price of U.S. government securities that will generate sufficient cash flow to fund continued interest payments on the loans from the effective date of this defeasance through the date on which we could repay the loans at par. As a result of this defeasance, we recognized a loss on early extinguishment of debt of $0 and $19,290,000 for the three and six months ended June 30, 2019, respectively, which represented the sum of the difference between the purchase price of U.S. government securities of $224,086,000 and the aggregate outstanding principal balance of the mortgage loans of $205,500,000, the write-off of deferred loan costs of $637,000 and related accumulated amortization of $170,000, and transaction costs of $237,000. On March 14, 2019, in connection with the sale of an office property in San Francisco, California, one mortgage loan with an outstanding principal balance of $28,200,000 at such time was assumed by the buyer. As a result of this assumption, we recognized a loss on early extinguishment of debt of $0 and $178,000 for the three and six months ended June 30, 2019, respectively, which represented the write-off of deferred loan costs of $243,000 and related accumulated amortization of $65,000. On May 16, 2019, one mortgage loan with an outstanding principal balance of $39,500,000 at such time, was legally defeased in connection with the sale of the related property. The cash outlay required for this defeasance in the net amount of $44,108,000 was based on the purchase price of U.S. government securities that will generate sufficient cash flow to fund continued interest payments on the loan from the effective date of this defeasance through the date on which we could repay the loan at par. As a result of this defeasance, we recognized a loss on early extinguishment of debt of $4,911,000 for each of the three and six months ended June 30, 2019, which represented the sum of the difference between the purchase price of U.S. government securities of $44,108,000 and the outstanding principal balance of the mortgage loan of $39,500,000, the write-off of deferred loan costs of $287,000 and related accumulated amortization of $82,000, and transaction costs of $98,000.

On March 1, 2019, in connection with the sale of an office property in Washington, D.C., we prepaid the related mortgage loan with an outstanding principal balance of $46,000,000 at such time, using proceeds from the sale. As a result, we recognized a loss on early extinguishment of debt of $0 and $5,603,000 for the three and six months ended June 30, 2019, respectively, which represented a prepayment penalty of $5,325,000 and the write-off of deferred loan costs of $537,000 and related accumulated amortization of $259,000.

On May 30, 2018, we completed a securitization of the unguaranteed portion of certain of our SBA 7(a) loans receivable with the issuance of $38,200,000 of unguaranteed SBA 7(a) loan-backed notes. The securitization uses a trust formed for the benefit of the note holders (the "Trust") which is considered a variable interest entity ("VIE"). Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 810, Consolidation, the Company determined that it is the primary beneficiary based on its power to direct activities through its role as servicer and its obligations to absorb losses and right to receive benefits. The SBA 7(a) loan-backed notes are collateralized solely by the right to receive payments and other recoveries attributable to the unguaranteed portions of certain of our SBA 7(a) loans receivable. The SBA 7(a) loan-backed notes mature on March 20, 2043, with monthly payments due as payments on the collateralized loans are received. Based on the anticipated repayments of our collateralized SBA 7(a) loans, at issuance, we estimated the weighted average life of the SBA 7(a) loan-backed notes to be approximately two years. The SBA 7(a) loan-backed notes bear interest at the lower of the one-month LIBOR plus 1.40% or the prime rate less 1.08%. We reflect the SBA 7(a) loans receivable as assets on our consolidated balance sheets and the SBA 7(a) loan-backed notes as debt on our consolidated balance sheets. The restricted cash on our consolidated balance sheets as of June 30, 2020 and December 31, 2019 included $2,330,000 and $3,306,000, respectively, of funds related to our SBA 7(a) loan-backed notes.

In October 2018, CIM Commercial entered into a revolving credit facility with a bank syndicate (the “2018 revolving credit facility”) pursuant to which CIM Commercial can borrow up to a maximum of $250,000,000, subject to a borrowing base calculation. The 2018 revolving credit facility is secured by deeds of trust on certain properties. Outstanding advances under the 2018 revolving credit facility bear interest at (i) the base rate plus 0.55% or (ii) LIBOR plus 1.55%. At June 30, 2020 and December 31, 2019, the variable interest rate was 1.80% and 3.29%, respectively. The interest rate on the first $120,000,000 of one-month LIBOR indexed variable rate borrowings on our 2018 revolving credit facility was effectively converted to a fixed rate of 3.11% through interest rate swaps until such swaps were terminated on March 11, 2019. The 2018 revolving credit facility is also subject to an unused commitment fee of 0.15% or 0.25% depending on the amount of aggregate unused commitments. The 2018 revolving credit facility matures in October 2022 and provides for one one-year extension option under certain conditions. On October 30, 2018, we borrowed $170,000,000 on this facility to repay outstanding borrowings on our unsecured term loan facility. On December 28, 2018, we repaid $40,000,000 of outstanding borrowings on our 2018 revolving credit facility and we terminated one interest rate swap with a notional value of $50,000,000 (Note 12). On February 28, 2019

and March 11, 2019, we repaid $10,000,000 and $120,000,000, respectively, of outstanding borrowings on our 2018 revolving credit facility using cash on hand and net proceeds from sales of assets in the first quarter of 2019 (Note 3), and, in connection with the March 11, 2019 repayment, we terminated our two remaining interest rate swaps, which had an aggregate notional value of $120,000,000 (Note 12). At June 30, 2020 and December 31, 2019, $209,500,000 and $153,000,000, respectively, was outstanding under the 2018 revolving credit facility, and approximately $0 and $73,900,000, respectively, was available for future borrowings. The 2018 revolving credit facility contains customary covenants and is not subject to any financial covenants, but is subject to a borrowing base calculation that determines the amount we can borrow. We are in discussions with the administrative agent of the 2018 revolving credit facility to modify the calculation of the borrowing base to mitigate the effect that COVID-19 has on our ability to borrow under our 2018 revolving credit facility. While the terms of the amendment have not been finalized, we expect to repay a portion of the outstanding principal balance of the 2018 revolving credit facility and to agree to a higher rate of interest for the duration of the modification period (approximately one year). There can be no assurance that we will be able to successfully negotiate a modification. If we are unable to amend the borrowing base calculation, we will have to repay a portion of the outstanding principal balance of the 2018 revolving credit facility upon demand. We do not, however, expect any such repayment, if it were to occur, to have a material adverse effect on our financial position or results of operations.

At the beginning of May 2020, to further enhance its liquidity position and maintain financial flexibility, CIM Commercial entered into an unsecured revolving credit facility with a bank (the “2020 unsecured revolving credit facility”) pursuant to which CIM Commercial can borrow up to a maximum of $10,000,000. Outstanding advances under the 2020 unsecured revolving credit facility bear interest at the rate of 1.00%. CIM Commercial also pays a revolving credit facility fee of 1.12% with each advance under the 2020 unsecured revolving credit facility, which fee is subject to a cap of $112,000 in the aggregate. The 2020 unsecured revolving credit facility matures in May 2022. The 2020 unsecured revolving credit facility contains certain customary covenants including a maximum leverage ratio and a minimum fixed charge coverage ratio, as well as certain other conditions. At June 30, 2020 $0 was outstanding under the 2020 unsecured revolving credit facility and $10,000,000 was available for future borrowings.

In June 2020, we borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility (the “PPPLF”). Advances under the PPPLF carry an interest rate of 0.35%, are made on a dollar-for-dollar basis based on the amount of loans originated under the Paycheck Protection Program and are secured by loans made by us under the Paycheck Protection Program. The PPPLF contains customary covenants but is not subject to any financial covenants. The maturity date of PPPLF borrowings is the same as the maturity date of the loans pledged to secure the extension of credit, generally two years. At maturity, both principal and accrued interest are due. The maturity date of a PPPLF borrowing will be accelerated if, among other things, we have been reimbursed by the SBA for a loan forgiveness (to the extent of the forgiveness), we have received payment from the SBA representing exercise of the loan guarantee or we have received payment from the underlying borrower (to the extent of the payment received). No new extensions of credit will be made under the PPPLF after September 30, 2020 unless the Federal Reserve Board and the United States Department of the Treasury decide to extend the PPPLF. We borrowed money under the PPPLF to finance all the loans we originated under the Paycheck Protection Program. As of June 30, 2020, $15,466,000 was outstanding under the PPPLF.

At June 30, 2020 and December 31, 2019, accrued interest and unused commitment fees payable of $604,000 and $650,000, respectively, are included in accounts payable and accrued expenses.

Future principal payments on our debt (face value) at June 30, 2020 are as follows:


Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
	(in thousands)
2020 (Six months ending December 31, 2020)	$	—	$	235	$	—	$	2,859	$	3,094
2021	—		480		—		11,335		11,815
2022	—		495		209,500		5,035		215,030
2023	—		511		—		1,257		1,768
2024	—		527		—		786		1,313
Thereafter	97,100		7,291		—		38,176		142,567
	$	97,100	$	9,539	$	209,500	$	59,448	$	375,587

(1)Principal payments on secured borrowings and SBA 7(a) loan-backed notes, which are included in Other, are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.

(2)Represents the junior subordinated notes, SBA 7(a) loan-backed notes, and borrowed funds from the Federal Reserve through the PPPLF.

STOCK-BASED COMPENSATION PLANS	6 Months Ended
STOCK-BASED COMPENSATION PLANS	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION PLANS	STOCK-BASED COMPENSATION PLANS In May 2018, we granted awards of 1,126 restricted shares of Common Stock to each of the independent members of the Board of Directors (3,378 in aggregate) under the 2015 Equity Incentive Plan, which fully vested in May 2019 based on one year of continuous service. In May 2019, we granted awards of 889 restricted shares of Common Stock to each of the independent members of the Board of Directors (3,556 in aggregate) under the 2015 Equity Incentive Plan, which vested in May 2020 based on one year of continuous service. In July 2019, we granted awards of 81 restricted shares of Common Stock to each of the independent members of the Board of Directors (324 in aggregate) under the 2015 Equity Incentive Plan, which vested in May 2020 concurrent with the vesting of the restricted shares of Common Stock granted in May 2019. In May 2020, we granted awards of 5,478 restricted shares of Common Stock to each of the independent members of the Board of Directors (21,912 in aggregate) under the 2015 Equity Incentive Plan, which vest after one year of continuous service. Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period. We recorded compensation expense related to these restricted shares of Common Stock in the amount of $56,000 and $44,000 for the three months ended June 30, 2020 and 2019, respectively, and $112,000 and $82,000 for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, there was $183,000 of total unrecognized compensation expense related to restricted shares of Common Stock which will be recognized ratably over the remaining vesting period.

EARNINGS PER SHARE (''EPS'')

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")The computations of basic EPS are based on our weighted average shares outstanding. The basic weighted average number of shares of Common Stock outstanding was 14,782,000 and 14,597,000 for the three months ended June 30, 2020 and 2019, respectively, and 14,690,000 and 14,598,000 for the six months ended June 30, 2020 and 2019, respectively. In order to calculate the diluted weighted average number of shares of Common Stock outstanding for the three and six months ended June 30, 2020, the basic weighted average number of shares of Common Stock outstanding was increased by — and 162 shares, respectively, to reflect the dilutive effect of certain shares of our Series A Preferred Stock. In order to calculate the diluted

weighted average number of shares of Common Stock outstanding for the three and six months ended June 30, 2019, the basic weighted average number of shares of Common Stock outstanding was increased by 687,000 and 670,000, respectively, to reflect the dilutive effect of certain shares of our Series A Preferred Stock. No shares of Series D Preferred Stock outstanding as of June 30, 2020 had a dilutive effect and no shares of Series D Preferred Stock were outstanding as of June 30, 2019. Outstanding Series A Preferred Warrants were not included in the computation of diluted EPS for the three and six months ended June 30, 2020 and 2019 because their impact was either anti-dilutive or such warrants were not exercisable during such periods (Note 11). Outstanding shares of Series L Preferred Stock were not included in the computation of diluted EPS for the three and six months ended June 30, 2020 and 2019 because such shares were not redeemable during such periods.

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

The following table reconciles the numerator and denominator used in computing our basic and diluted per-share amounts for net (loss) income attributable to common stockholders for the three and six months ended June 30, 2020 and 2019:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands, except per share amounts)
Numerator:
Net (loss) income attributable to common stockholders	$	(8,141)	$	48,260	$	(14,928)	$	335,891
Redeemable preferred stock dividends declared on dilutive shares	—		659		(1)		1,151
Diluted net (loss) income attributable to common stockholders	$	(8,141)	$	48,919	$	(14,929)	$	337,042
Denominator:
Basic weighted average shares of Common Stock outstanding	14,782		14,597		14,690		14,598
Effect of dilutive securities—contingently issuable shares	—		687		—		670
Diluted weighted average shares and common stock equivalents outstanding	14,782		15,284		14,690		15,268
Net (loss) income attributable to common stockholders per share:
Basic	$	(0.55)	$	3.31	$	(1.02)	$	23.01
Diluted	$	(0.55)	$	3.20	$	(1.02)	$	22.08

REDEEMABLE PREFERRED STOCK

6 Months Ended

Jun. 30, 2020

Temporary Equity Disclosure [Abstract]

REDEEMABLE PREFERRED STOCK

REDEEMABLE PREFERRED STOCKAs of June 30, 2020, we had issued 5,408,954 shares of Series A Preferred Stock, 4,603,287 Series A Preferred Warrants and 6,900 shares of Series D Preferred Stock and received gross proceeds of $135,393,000 ($134,460,000 of which was allocated to the Series A Preferred Stock, $761,000 of which was allocated to the Series A Preferred Warrants, and $172,000 of which was allocated to the Series D Preferred Stock). In connection with such issuance, costs specifically identifiable to the offering of Series A Preferred Stock, Series A Preferred Warrants and Series D Preferred Stock, such as commissions, dealer manager fees and other offering fees and expenses, totaled $10,877,000 ($10,731,000 of which was allocated to the Series A Preferred Stock, $142,000 of which was allocated to the Series A Preferred Warrants, and $4,000 of which was allocated to the Series D Preferred Stock). In addition, as of June 30, 2020, non-issuance-specific costs related to this offering totaled $6,833,000. As of June 30, 2020, we have reclassified and allocated $1,004,000, $5,000 and $1,000 from deferred charges to Series A Preferred Stock, Series A Preferred Warrants and Series D Preferred Stock, respectively, as a reduction to the gross proceeds received. Such reclassification was based on the cumulative number of securities issued relative to the maximum number of securities expected to be issued under the offering. As of June 30, 2020, there were 5,324,109 shares of Series A Preferred Stock outstanding, 4,603,287 Series A Preferred Warrants to purchase 1,194,159 shares of Common Stock outstanding, and 6,900 shares of Series D Preferred Stock outstanding. As of June 30, 2020, 84,845 shares of Series A Preferred Stock and no shares of Series D Preferred Stock have been redeemed.

Series A Preferred Stock—We conducted a continuous public offering of Series A Preferred Units from October 2016 through January 2020, where each Series A Preferred Unit consisted of one share of Series A Preferred Stock, par value $0.001 per share, of the Company (collectively, the "Series A Preferred Stock") with an initial stated value of $25.00 per share (the "Series A Preferred Stock Stated Value"), subject to adjustment, and one warrant (collectively, the "Series A Preferred Warrants") to purchase 0.25 of a share of Common Stock (Note 11). Proceeds and expenses from the sale of the Series A Preferred Units were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance.

Since February 2020, we have been conducting a continuous public offering with respect to shares of our Series A Preferred Stock, which, since such time, is no longer being issued as a unit with an accompanying Series A Preferred Warrant.

With respect to the payment of dividends, the Series A Preferred Stock ranks senior to our Series L Preferred Stock (as defined below) and our Common Stock and on parity with our Series D Preferred Stock (as defined below). With respect to the distribution of amounts upon liquidation, dissolution or winding-up, the Series A Preferred Stock ranks on parity with our Series D Preferred Stock and Series L Preferred Stock, to the extent of the Series L Preferred Stock Stated Value (as defined below), and otherwise ranks senior to our Series L Preferred Stock and our Common Stock.

Our Series A Preferred Stock is redeemable at the option of the holder (the "Series A Preferred Stock Holder") or CIM Commercial. The redemption schedule of the Series A Preferred Stock allows redemptions at the option of the Series A Preferred Stock Holder from the date of original issuance of any given shares of Series A Preferred Stock at the Series A Preferred Stock Stated Value, less a redemption fee applicable prior to the fifth anniversary of the issuance of such shares, plus accrued and unpaid dividends. CIM Commercial has the right to redeem the Series A Preferred Stock after the fifth anniversary of the issuance of such shares at the Series A Preferred Stock Stated Value, plus accrued and unpaid dividends. At the Company's discretion, redemptions will be paid in cash or, on or after the first anniversary of the issuance of such shares of Series A Preferred Stock, an equal value of Common Stock based on the volume weighted average price of our Common Stock for the 20 trading days prior to the redemption.

Net proceeds from the issuance of shares of Series A Preferred Stock are initially recorded in temporary equity at an amount equal to the gross proceeds allocated to such shares of Series A Preferred Stock minus the costs specifically identifiable to the issuance of such shares and the non-issuance specific offering costs allocated to such shares. If the net proceeds from the issuance of shares of Series A Preferred Stock are less than the redemption value of such shares at the time they are issued, or if the redemption value of such shares subsequently becomes greater than the carrying value of such shares, an adjustment is recorded to increase the carrying amount of such shares to their redemption value as of the balance sheet date. Such adjustment is considered a deemed dividend for purposes of calculating basic and diluted EPS. For the three and six months ended June 30, 2020, we recorded redeemable preferred stock deemed dividends of $52,000 and $213,000, respectively, related to such adjustments and, for the three and six months ended June 30, 2019, we recorded no redeemable preferred stock deemed dividends in our consolidated statements of operations.

On the first anniversary of the issuance of a particular share of Series A Preferred Stock, we reclassify such share of Series A Preferred Stock from temporary equity to permanent equity because the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapses on the first anniversary date. As of June 30, 2020, we have reclassified an aggregate of $81,640,000 in net proceeds from temporary equity to permanent equity.

Holders of Series A Preferred Stock are entitled to receive, if, as and when authorized by our Board of Directors, and declared by us out of legally available funds, cumulative cash dividends on each share of Series A Preferred Stock at an annual rate of 5.5% of the Series A Preferred Stock Stated Value (i.e., the equivalent of $0.34375 per share per quarter) (the "Series A Dividend"). Dividends on each share of Series A Preferred Stock begin accruing on, and are cumulative from, the date of issuance.

We expect to pay the Series A Dividend in arrears on a monthly basis in accordance with the foregoing provisions, unless our results of operations, our general financing conditions, general economic conditions, applicable requirements of the Maryland General Corporation Law (the "MGCL") or other factors make it imprudent to do so. The timing and amount of the Series A Dividend will be determined by our Board of Directors, in its sole discretion, and may vary from time to time.

Cash dividends on our Series A Preferred Stock paid in respect of the six months ended June 30, 2020 and 2019 consist of the following:


Declaration Date	Payment Date	Number of Shares	Cash Dividends
			(in thousands)
March 2, 2020	July 15, 2020	5,324,109	$	594
March 2, 2020	June 15, 2020	5,033,203	$	563
March 2, 2020	May 15, 2020	4,853,969	$	554
January 28, 2020	April 15, 2020	4,827,633	$	547
January 28, 2020	March 16, 2020	4,684,453	$	530
January 28, 2020	February 18, 2020	4,581,353	$	516


June 4, 2019	July 15, 2019	3,601,721	$	1,150
February 20, 2019	April 15, 2019	3,149,924	$	1,010

On June 3, 2020, we declared a quarterly cash dividend of $0.34375 per share of our Series A Preferred Stock, or portion thereof for issuances during the period from July 1, 2020 to September 30, 2020. As a result, $0.114583 per share will be paid on August 17, 2020 to holders of record of Series A Preferred Stock at the close of business on August 5, 2020, $0.114583 per share will be paid on September 15, 2020 to holders of record of Series A Preferred Stock at the close of business on September 5, 2020, and $0.114583 per share will be paid on October 15, 2020 to holders of record of Series A Preferred Stock at the close of business on October 5, 2020.

Series D Preferred Stock—Since February 2020, we have been conducting a continuous public offering with respect to shares of our series D preferred stock (the "Series D Preferred Stock"), par value $25.00 per share (the "Series D Preferred Stock Stated Value"), subject to adjustment.

With respect to the payment of dividends, the Series D Preferred Stock ranks senior to our Series L Preferred Stock (as defined below) and our Common Stock and on parity with our Series A Preferred Stock. With respect to the distribution of amounts upon liquidation, dissolution or winding-up, the Series D Preferred Stock ranks on parity with our Series A Preferred Stock and Series L Preferred Stock, to the extent of the Series L Preferred Stock Stated Value (as defined below), and otherwise ranks senior to our Series L Preferred Stock and our Common Stock.

Our Series D Preferred Stock is redeemable at the option of the holder (the "Series D Preferred Stock Holder") or CIM Commercial. The redemption schedule of the Series D Preferred Stock allows redemptions at the option of the Series D Preferred Stock Holder from the date of original issuance of any given shares of Series D Preferred Stock at the Series D Preferred Stock Stated Value, less a redemption fee applicable prior to the fifth anniversary of the issuance of such shares, plus accrued and unpaid dividends. CIM Commercial has the right to redeem the Series D Preferred Stock after the fifth anniversary of the issuance of such shares at the Series D Preferred Stock Stated Value, plus accrued and unpaid dividends. At the Company's discretion, redemptions will be paid in cash or an equal value of Common Stock based on the volume weighted average price of our Common Stock for the 20 trading days prior to the redemption.

Shares of Series D Preferred Stock are recorded in permanent equity at the time of their issuance.

Holders of Series D Preferred Stock are entitled to receive, if, as and when authorized by our Board of Directors, and declared by us out of legally available funds, cumulative cash dividends on each share of Series D Preferred Stock at an annual rate of 5.65% of the Series D Preferred Stock Stated Value (i.e., the equivalent of $0.35313 per share per quarter) (the “Series D Dividend”). Dividends on each share of Series D Preferred Stock begin accruing on, and are cumulative from, the date of issuance.

We expect to pay the Series D Dividend in arrears on a monthly basis in accordance with the foregoing provisions, unless our results of operations, our general financing conditions, general economic conditions, applicable requirements of the MGCL or other factors make it imprudent to do so. The timing and amount of the Series D Dividend will be determined by our Board of Directors, in its sole discretion, and may vary from time to time.

Cash dividends on our Series D Preferred Stock paid in respect of the six months ended June 30, 2020 consist of the following:


Declaration Date	Payment Date	Number of Shares	Cash Dividends
			(in thousands)
March 2, 2020	July 15, 2020	6,900	$	1
March 2, 2020	June 15, 2020	6,900	$	1
March 2, 2020	May 15, 2020	6,580	$	1
March 2, 2020	April 15, 2020	5,980	$	1
March 2, 2020	March 16, 2020	5,600	$	0

On June 3, 2020, we declared a quarterly cash dividend of $0.353125 per share of our Series D Preferred Stock, or portion thereof for issuances during the period from July 1, 2020 to September 30, 2020. As a result, $0.117708 per share will be paid on August 17, 2020 to holders of record of Series D Preferred Stock at the close of business on August 5, 2020, $0.117708 per share will be paid on September 15, 2020 to holders of record of Series D Preferred Stock at the close of business on September 5, 2020, and $0.117708 per share will be paid on October 15, 2020 to holders of record of Series D Preferred Stock at the close of business on October 5, 2020.

Series L Preferred Stock—On November 21, 2017, we issued 8,080,740 shares of Series L Preferred Stock having an initial stated value of $28.37 per share ("Series L Preferred Stock Stated Value"), subject to adjustment. In November 2019, pursuant to a tender offer, we repurchased 2,693,580 shares of Series L Preferred Stock at a purchase price of $29.12 per share (of which $1.39, or $3,744,000 in the aggregate, reflects the amount of accrued and unpaid dividends on the Series L Preferred Stock as of November 20, 2019), as converted to and paid in ILS (the "Tender Offer"). The total cost to repurchase the tendered shares, including professional fees to complete the Tender Offer of $462,000 but excluding the dividends accrued in respect of such shares, was $75,155,000, which was primarily funded from borrowings under the 2018 revolving credit facility (Note 7). We recognized $5,873,000 of redeemable preferred stock redemptions in our consolidated statement of operations for the year ended December 31, 2019 in connection with the Tender Offer. The shares of Series L Preferred Stock accepted for payment by the Company were restored to the status of authorized but unissued shares of preferred stock without designation as to class or series.

With respect to the payment of dividends, the Series L Preferred Stock ranks senior to our Common Stock (except with respect to and only to the extent of the Initial Dividend) and junior to our Series A Preferred Stock, Series D Preferred Stock and Common Stock (with respect to and only to the extent of the Initial Dividend). With respect to the distribution of amounts upon liquidation, dissolution or winding-up, the Series L Preferred Stock ranks senior to our Common Stock, both (i) to the extent of the Series L Preferred Stock Stated Value and (ii) following payment to holders of our Common Stock of an amount equal to any unpaid Initial Dividend, to the extent of any accrued and unpaid dividends on the Series L Preferred Stock, on parity, to the extent of the Series L Preferred Stock Stated Value, with our Series A Preferred Stock and Series D Preferred Stock, and junior, with respect to any accrued and unpaid dividends on the Series L Preferred Stock, to our Series A Preferred Stock, Series D Preferred Stock and Common Stock (to the extent of the Initial Dividend).

From and after the fifth anniversary of the date of original issuance of the Series L Preferred Stock, each holder will have the right to require the Company to redeem, and the Company will also have the option to redeem (subject to certain conditions), such shares of Series L Preferred Stock at a redemption price equal to the Series L Preferred Stock Stated Value, plus, provided certain conditions are met, all accrued and unpaid distributions. Notwithstanding the foregoing, a holder of shares of our Series L Preferred Stock may require us to redeem such shares at any time prior to the fifth anniversary of the date of original issuance of the Series L Preferred Stock if (1) we do not declare and pay in full the distribution on the Series L Preferred Stock for any annual period prior to such fifth anniversary or (2) we do not declare and pay all accrued and unpaid distributions on the Series L Preferred Stock for all past dividend periods prior to the applicable holder redemption date. The applicable redemption price payable upon redemption of any Series L Preferred Stock will be made, in the Company's sole discretion, in the form of (A) cash in ILS at the then-current currency exchange rate determined in accordance with the Articles Supplementary defining the terms of the Series L Preferred Stock, (B) in equal value through the issuance of shares of Common Stock, with the value of such Common Stock to be deemed the lower of (i) the NAV per share of our Common Stock as most recently published by the Company as of the effective date of redemption and (ii) the volume-weighted average price of our Common Stock, determined in accordance with the Articles Supplementary defining the terms of the Series L Preferred Stock,

or (C) in a combination of cash in ILS and our Common Stock, based on the conversion mechanisms set forth in (A) and (B), respectively.

Holders of Series L Preferred Stock are entitled to receive, if, as and when authorized by our Board of Directors, and declared by us out of legally available funds, cumulative cash dividends on each share of Series L Preferred Stock at an annual rate of 5.5% of the Series L Preferred Stock Stated Value (i.e., the equivalent of $1.56035 per share per year). Dividends on each share of Series L Preferred Stock began accruing on, and are cumulative from, the date of issuance.

We expect to pay dividends on the Series L Preferred Stock in arrears on an annual basis in accordance with the foregoing provisions, unless our results of operations, our general financing conditions, general economic conditions, applicable requirements of the MGCL or other factors make it imprudent to do so. If the Company fails to timely declare distributions or fails to timely pay distributions on the Series L Preferred Stock, the annual dividend rate of the Series L Preferred Stock will temporarily increase by 1.0% per year, up to a maximum rate of 8.5% per annum. However, prior to the payment of any distributions on Series L Preferred Stock in respect of a given year, the Company must first declare and pay dividends on the Common Stock in respect of such year in an aggregate amount equal to the Initial Dividend announced by our Board of Directors at the end of the prior fiscal year. On December 20, 2019, our Board of Directors announced an Initial Dividend on shares of our Common Stock for fiscal year 2020 in the aggregate amount of $4,380,644.70, of which $2,207,000 had been paid as of June 30, 2020.

Accumulated cash dividends on our Series L Preferred Stock for the three and six months ended June 30, 2020 and 2019, are included in the numerator for purposes of calculating basic and diluted net (loss) income attributable to common stockholders per share (Note 9), and consist of the following:


Accumulation Period
Start Date	End Date	Number of Shares	Dividends Accumulated
			(in thousands)

April 1, 2020	June 30, 2020	5,387,160	$	2,101
January 1, 2020	March 31, 2020	5,387,160	$	2,101


April 1, 2019	June 30, 2019	8,080,740	$	3,152
January 1, 2019	March 31, 2019	8,080,740	$	3,152

Until the fifth anniversary of the date of original issuance of our Series L Preferred Stock, we are prohibited from issuing any shares of preferred stock ranking senior to or on parity with the Series L Preferred Stock with respect to the payment of dividends, other distributions, liquidation, and or dissolution or winding up of the Company unless the minimum fixed charge coverage ratio, calculated in accordance with the Articles Supplementary describing the Series L Preferred Stock, is equal to or greater than 1.25:1.00 (the "Series L Preferred Stock Minimum Fixed Charge Coverage Ratio"). At June 30, 2020 and December 31, 2019, we were in compliance with the Series L Preferred Stock Minimum Fixed Charge Coverage Ratio.

Refer to Note 14 for a discussion of certain payments the Company has made in shares of Common Stock and in shares of Preferred Stock and may make in shares of Preferred Stock in lieu of cash payments in order to remain in compliance with the Series L Preferred Stock Minimum Fixed Charge Coverage Ratio.

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

Dividends

Cash dividends per share of Common Stock paid in respect of the six months ended June 30, 2020 and 2019 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per Common Share

June 3, 2020

June 29, 2020

Regular Quarterly

0.075

March 2, 2020

March 25, 2020

Regular Quarterly

0.075

June 4, 2019

June 27, 2019

Regular Quarterly

0.375

February 20, 2019

March 25, 2019

Regular Quarterly

0.375

Series A Preferred Warrants

Prior to February 2020, the Series A Preferred Stock was sold as a unit that included one share of Series A Preferred Stock (Note 10) and one Series A Preferred Warrant (Note 10) that allowed holders of Series A Preferred Warrants to purchase 0.25 of a share of Common Stock. The Series A Preferred Warrants are exercisable beginning on the first anniversary of the date of their original issuance until and including the fifth anniversary of the date of such issuance. At the time of issuance, the exercise price of each Series A Preferred Warrant was at a 15.0% premium to the per share estimated NAV of our Common Stock then most recently published and designated as the Applicable NAV. However, in accordance with the terms of the Series A Preferred Warrants, the exercise price of each Series A Preferred Warrant issued prior to the Reverse Stock Split was automatically adjusted to reflect the effect of the Reverse Stock Split and, in the discretion of our Board of Directors, the exercise price and the number of shares issuable upon exercise of each Series A Preferred Warrant issued prior to the special dividend of $42.00 per share of Common Stock ($613,294,000 in the aggregate) paid to stockholders of record at the close of business on August 19, 2019 (the “Special Dividend") was adjusted to reflect the effect of the Special Dividend.

Proceeds and expenses from the sale of the Series A Preferred Units are allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance. As of June 30, 2020, we had issued 4,603,287 Series A Preferred Warrants to purchase 1,194,159 shares of Common Stock in connection with our offering of Series A Preferred Units and allocated net proceeds of $614,000, after specifically identifiable offering costs and allocated general offering costs, to the Series A Preferred Warrants in permanent equity.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Hedges of Interest Rate Risk

In order to manage financing costs and interest rate exposure related to the one-month LIBOR indexed variable rate borrowings, on August 13, 2015, we entered into ten interest rate swap agreements with multiple counterparties totaling $385,000,000 of notional value. These swap agreements became effective on November 2, 2015. During the year ended December 31, 2017, we repaid $215,000,000 of outstanding one-month LIBOR indexed variable rate borrowings and we terminated seven interest rate swaps with an aggregate notional value of $215,000,000, for which we received termination payments, net of fees, of $973,000. On December 28, 2018, we repaid $40,000,000 of outstanding one-month LIBOR indexed variable rate borrowings and we terminated one interest rate swap with a notional value of $50,000,000, for which we received a termination payment, net of fees, of $684,000. On March 11, 2019, we repaid $120,000,000 of outstanding one-month LIBOR indexed variable rate borrowings (Note 7) and we terminated our two remaining interest rate swaps with an aggregate notional value of $120,000,000, for which we received aggregate termination payments, net of fees, of $1,302,000. The fair value of our two remaining swaps at the time of termination was $1,421,000 resulting in a net loss of $0 and $119,000 for the three and six months ended June 30, 2019, respectively, which was recorded as a net increase to interest expense on our consolidated statement of operations.

Each of our interest rate swap agreements initially met the criteria for cash flow hedge accounting treatment and we had designated the interest rate swap agreements as cash flow hedges of the risk of variability attributable to changes in the one-month LIBOR. Accordingly, the interest rate swaps were recorded on our consolidated balance sheets at fair value, and prior to August 1, 2018, the changes in the fair value of the swaps were recorded in OCI and reclassified to earnings as an adjustment to interest expense as interest became receivable or payable (Note 2). On July 31, 2018, we determined the hedged forecasted transaction was no longer probable of occurring so all subsequent changes in the fair value of our interest rate swaps were included in interest expense on our consolidated statements of operations. The balance in AOCI as of July 31, 2018 was reclassified to earnings as an adjustment to interest expense on our consolidated statements of operations as the originally designated forecasted transaction affected earnings. For the three and six months ended June 30, 2019, $0 and $1,806,000, respectively, was reclassified from AOCI, the latter of which decreased interest expense on our consolidated statements of operations, and included a write off of $1,580,000 at the time our two remaining interest rate swaps were terminated. Beginning on August 1, 2018, changes in the fair value of the swaps were recorded in interest expense on our consolidated statements of operations. For the three and six months ended June 30, 2019, $0 and $209,000, respectively, was included as an increase in interest expense on our consolidated statement of operations related to the change in the fair value of our interest rate swaps.

Credit-Risk-Related Contingent Features

Each of our interest rate swap agreements contained a provision under which we could also be declared in default under such agreements if we defaulted on the 2018 revolving credit facility or if we defaulted on the term loan facility. As of March 11, 2019, the date of termination of such swaps, there have been no events of default under our interest rate swap agreements.

Impact of Hedges on AOCI and Consolidated Statements of Operations

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Accumulated other comprehensive income, at beginning of period	$	—	$	—	$	—	$	1,806
Other comprehensive income before reclassifications	—		—		—		—
Amounts reclassified to accumulated other comprehensive income (loss) (1)	—		—		—		(1,806)
Net current period other comprehensive income (loss)	—		—		—		(1,806)
Accumulated other comprehensive income, at end of period	$	—	$	—	$	—	$	—

(1)The amounts from AOCI were reclassified as a decrease to interest expense in our consolidated statement of operations for the six months ended June 30, 2019.

Reclassifications from AOCI

As of July 31, 2018, the hedged forecasted transaction was no longer probable of occurring so the interest rate swaps were no longer eligible for hedge accounting and all future changes in fair value of the interest rate swaps were recorded in interest expense on our consolidated statements of operations and no further amounts were deferred into AOCI. The balance in AOCI as of July 31, 2018 was reclassified to earnings as an adjustment to interest expense on our consolidated statements of operations as the originally designated forecasted transaction affected earnings. On March 11, 2019, the remaining balance in AOCI was reclassified to earnings as a decrease to interest expense on our consolidated statements of operations in connection with the termination of our two remaining interest rate swaps.

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

We determine the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. The hierarchy for inputs used in measuring fair value is as follows:

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

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

Level 3 Inputs—Unobservable inputs

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

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


	June 30, 2020						December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, subject to credit risk	$	27,820	$	29,059	$	27,802	$	29,794	3
SBA 7(a) loans receivable, subject to loan-backed notes	24,463		26,889		27,595		30,076		3
SBA 7(a) loans receivable, paycheck protection program	14,894		15,466		—		—		3
SBA 7(a) loans receivable, subject to secured borrowings	9,978		10,073		12,682		12,780		3
Liabilities:
Mortgage payable	96,939		98,554		96,926		99,764		3
Junior subordinated notes	25,343		24,177		25,299		24,406		3

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

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

The carrying amounts of our secured borrowings—government guaranteed loans, SBA 7(a) loan-backed notes, 2018 revolving credit facility and borrowed funds from the Federal Reserve through the PPPLF approximate their fair values, as the interest rates on these securities are variable and approximate current market interest rates.

SBA 7(a) 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 June 30, 2020, our assumptions included discount rates ranging from 4.25% to 6.75% and prepayment rates ranging from 9.85% to 17.50%. At December 31, 2019, our assumptions included discount rates ranging from 5.25% to 7.75% and prepayment rates ranging from 9.85% to 17.50%.

SBA 7(a) Loans Receivable, Subject to Loan-Backed Notes—These loans receivable represent the unguaranteed portions of loans originated under the SBA 7(a) Small Business Loan Program which were transferred to a trust and are held as collateral in connection with a securitization transaction. The proceeds from the transfer have been recorded as SBA 7(a) loan-backed notes payable. In order to determine the estimated fair value of these loans receivable, we use a present value technique for the anticipated future cash flows using certain assumptions. At June 30, 2020, our assumptions included discount rates ranging from 4.75% to 6.25% and prepayment rates ranging from 13.41% to 16.80%. At December 31, 2019, our assumptions included discount rates ranging from 5.25% to 7.25% and prepayment rates ranging from 13.41% to 16.80%.

SBA 7(a) Loans Receivable, Paycheck Protection Program—These loans receivable represent the loans originated under the Paycheck Protection Program described in Note 5 above. For a borrower who does not meet the criteria required for forgiveness, the loan will convert to a loan with either a twenty-four month or sixty month term and an interest rate of 1.00%. The loans are not secured by any collateral or personal guarantees; however, the loans are fully guaranteed by the SBA provided that we follow the requirements set forth in the Paycheck Protection Program. At June 30, 2020, we estimated the fair value of these loans receivable using a discount rate of 1.00%. There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal.

SBA 7(a) Loans Receivable, Subject to Secured Borrowings—These loans receivable represent the government guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings—government guaranteed loans. There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal. In order to determine the estimated fair value of these loans receivable, we use a present value technique for the anticipated future cash flows taking into consideration the lack of credit risk. At June 30, 2020, our assumptions included discount rates ranging from 5.75% to 6.00% and prepayment rates ranging from and 11.77% to 16.80%. At December 31, 2019, our assumptions included discount rates ranging from 6.75% to 7.50% and prepayment rates ranging from 11.77% to 16.80%.

Mortgage Payable—The fair value of our mortgage payable is estimated based on current interest rates available for debt instruments with similar terms. The fair value of our mortgage payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis is generally used to estimate the fair value of our mortgage payable, using a rate of 3.86% and 3.67% at June 30, 2020 and December 31, 2019, respectively.

Junior Subordinated Notes—The fair value of the junior subordinated notes is estimated based on current interest rates available for debt instruments with similar terms. Discounted cash flow analysis is generally used to estimate the fair value of our junior subordinated notes. The rate used was 4.55% and 6.16% at June 30, 2020 and December 31, 2019, 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

6 Months Ended

Jun. 30, 2020

RELATED-PARTY TRANSACTIONS

Asset Management and Other Fees to Related Parties

In December 2015, CIM Urban and CIM Capital, LLC (formerly CIM Investment Advisors, LLC), an affiliate of CIM REIT and CIM Group ("CIM Capital"), entered into an investment management agreement, pursuant to which CIM Urban engaged CIM Capital to provide certain services to CIM Urban (the “Investment Management Agreement”). On January 1, 2019, CIM Capital assigned its duties under the Investment Management Agreement to its four wholly-owned subsidiaries: CIM Capital Securities Management, LLC, a securities manager, CIM Capital RE Debt Management, LLC, a debt manager, CIM Capital Controlled Company Management, LLC, a controlled company manager, and CIM Capital Real Property Management, LLC, a real property manager. The "Operator" refers to CIM Investment Advisors, LLC from December 10, 2015 to December 31, 2018 and to CIM Capital and its four wholly-owned subsidiaries on and after January 1, 2019.

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


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

The Operator earned asset management fees of $2,376,000 and $2,919,000 for the three months ended June 30, 2020 and 2019, respectively, and $4,739,000 and $7,245,000 for the six months ended June 30, 2020 and 2019, respectively. At June 30, 2020 and December 31, 2019, asset management fees of $2,375,000 and $2,356,000, respectively, were due to the Operator.

On April 10, 2020, in lieu of cash payment of the asset management fee for the first quarter of 2020, the Company issued to the Operator 203,349 shares of our Common Stock, representing approximately 1.4% of the outstanding shares of our Common Stock prior to such issuance. On July 8, 2020, in lieu of cash payment of the asset management fee for the second quarter of 2020, the Company issued to the Operator 95,245 shares of our Series A Preferred Stock, representing approximately 1.8% of the outstanding shares of our Series A Preferred Stock prior to such issuance.

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 $370,000 and $607,000 for the three months ended June 30, 2020 and 2019, respectively, and $797,000 and $1,612,000 for the six months ended June 30, 2020 and 2019, respectively. CIM Urban incurred $615,000 and $1,406,000 for the three months ended June 30, 2020 and 2019, respectively, and $1,584,000 and $3,036,000 for the six months ended June 30, 2020 and 2019, respectively, reimbursable to CIM Management Entities for onsite management costs incurred on behalf of CIM Urban, which are included in rental and other property operating expenses. The CIM Management Entities earned leasing commissions of $43,000 and $556,000 for the three months ended June 30, 2020 and 2019, respectively, and $83,000 and $578,000 for the six months ended June 30, 2020 and 2019, respectively, which were capitalized to deferred charges. In addition, the CIM Management Entities earned construction management fees of $107,000 and $69,000 for the three months ended June 30, 2020 and 2019, respectively, and $277,000 and $169,000 for the six months ended June 30, 2020 and 2019, respectively, which were capitalized to investments in real estate.

At June 30, 2020 and December 31, 2019, fees payable and expense reimbursements due to the CIM Management Entities of $1,272,000 and $4,107,000, respectively, are included in due to related parties. Also included in due to related parties as of June 30, 2020 and December 31, 2019, were $126,000 due from and $97,000 due to, respectively, the CIM Management Entities and certain of its affiliates.

On March 11, 2014, CIM Commercial and its subsidiaries entered into a master services agreement (the "Master Services Agreement") with CIM Service Provider, LLC (the "Administrator"), an affiliate of CIM Group, pursuant to which the Administrator provides, or arranges for other service providers to provide, management and administration services to CIM Commercial and its subsidiaries. Pursuant to the Master Services Agreement, we appointed an affiliate of CIM Group as the administrator of Urban Partners GP, LLC. Under the Master Services Agreement, CIM Commercial paid a base service fee (the "Base Service Fee") to the Administrator initially set at $1,000,000 per year (subject to an annual escalation by a specified inflation factor beginning on January 1, 2015), payable quarterly in arrears. On May 11, 2020, the Master Services Agreement was amended to replace the Base Service Fee with an incentive fee (the “Incentive Fee”) pursuant to which the Administrator will receive, on a quarterly basis, 15.00% of CIM Commercial’s quarterly core funds from operations in excess of a quarterly threshold equal to 1.75% (i.e., 7.00% on an annualized basis) of CIM Commercial’s average adjusted common stockholders’ equity (i.e., common stockholders’ equity plus accumulated depreciation and amortization) for such quarter. The amendment is effective as of April 1, 2020. The Administrator earned a Base Service Fee of $0 and $276,000 for the three months ended June 30, 2020 and 2019, respectively, and $282,000 and $552,000 for the six months ended June 30, 2020 and 2019, respectively. The Administrator did not earn an Incentive Fee for the three months ended June 30, 2020. On July 8, 2020, the Company issued to the Administrator 11,273 shares of our Series A Preferred Stock, representing approximately 0.2% of the outstanding shares of our Series A Preferred Stock prior to such issuance, in lieu of cash as payment of the Base Service Fee for the first quarter of 2020.

In addition, pursuant to the terms of the Master Services Agreement, the Administrator may receive compensation and or reimbursement for performing certain services for CIM Commercial and its subsidiaries that are not covered by the Base Service Fee or the Incentive Fee, as the case may be. During the six months ended June 30, 2020 and 2019, such services performed by the Administrator and its affiliates included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources, corporate communications, and from and after September 2018, operational and on-going support in connection with the Company's offering of Preferred Stock. The Administrator's compensation is based on the salaries and benefits of the employees of the Administrator and or its affiliates who performed these services (allocated based on the percentage of time spent on the affairs of CIM Commercial and its subsidiaries). We expensed $615,000 and $542,000 for the three months ended June 30, 2020 and 2019, respectively, and $1,427,000 and $1,189,000 for the six months ended June 30, 2020 and 2019, respectively, for such services which are included in expense reimbursements to related parties—corporate. At June 30, 2020 and December 31, 2019, $2,198,000 and $1,673,000 was due to the Administrator, respectively, for such services.

On January 1, 2015, we entered into a Staffing and Reimbursement Agreement with CIM SBA Staffing, LLC ("CIM SBA"), an affiliate of CIM Group, and our subsidiary, PMC Commercial Lending, LLC. The agreement provides that CIM SBA will provide personnel and resources to us and that we will reimburse CIM SBA for the costs and expenses of providing

such personnel and resources. For the three months ended June 30, 2020 and 2019, we incurred expenses related to services subject to reimbursement by us under the agreement of $998,000 and $551,000, respectively, for lending costs which are included in expense reimbursements to related parties—lending segment. For the six months ended June 30, 2020 and 2019, we incurred expenses related to such services of $1,680,000 and $1,188,000, respectively, for costs that are included in expense reimbursements to related parties—lending segment. In addition, we deferred personnel costs of $6,000 and $44,000 for the three months ended June 30, 2020 and 2019, respectively, and $37,000 and $50,000 for the six months ended June 30, 2020 and 2019, respectively, associated with services provided for originating loans. At June 30, 2020 and December 31, 2019, $1,660,000 and $1,029,000, respectively, was due to CIM SBA for costs and expenses of providing such personnel and resources.

On May 10, 2018, the Company entered into the wholesaling agreement (the "Wholesaling Agreement") with International Assets Advisors, LLC ("IAA") and CCO Capital, LLC ("CCO Capital"). CCO Capital is a registered broker dealer and is under common control with the Operator and the Administrator. IAA was the exclusive dealer manager for the Company’s public offering of Series A Preferred Units until May 31, 2019. Under the Wholesaling Agreement, among other things, CCO Capital, in its capacity as the wholesaler for the offering, assisted IAA with the sale of Series A Preferred Units. In exchange for such services, IAA paid CCO Capital a fee equal to 2.75% of the selling price of each Series A Preferred Unit for which a sale was completed, reduced by any applicable fee reallowances payable to soliciting dealers pursuant to separate soliciting dealer agreements between IAA and soliciting dealers. The foregoing fee was reduced, and may have been exceeded, by a fixed monthly payment by CCO Capital to IAA for IAA’s services in connection with periodic closings and settlements for the offering.

On May 31, 2019, the Company, IAA and CCO Capital entered into an Amendment, Assignment and Assumption Agreement (the “Assignment Agreement”), pursuant to which CCO Capital assumed all of the rights and obligations of IAA under the dealer manager agreement, dated as of June 28, 2016, as amended, by and between the Company and IAA. As a result of the Assignment Agreement, CCO Capital became the exclusive dealer manager for the Company’s public offering of the Series A Preferred Units effective as of May 31, 2019. In connection with the execution of the Assignment Agreement, the Company terminated the Wholesaling Agreement effective as of May 31, 2019. On January 28, 2020, the Company entered into the Second Amended and Restated Dealer Manager Agreement, pursuant to which CCO Capital acts as the exclusive dealer manager for the Company’s public offering of its Series A Preferred Stock and Series D Preferred Stock. Thereunder, the Company agreed to pay CCO Capital, as the dealer manager for the offering, (1) an upfront dealer manager fee of up to 1.25% of the selling price of each share of Preferred Stock sold, (2) selling commissions of up to 5.50% of the selling price of each share of Series A Preferred Stock sold (with no selling commissions payable in respect of shares of Series D Preferred Stock sold) and (3) a trailing dealer manager fee that accrues daily in an amount equal to 1/365^th of 0.25% per annum of the selling price of each share of Preferred Stock sold. CCO Capital, in its sole discretion, may reallow to another broker-dealer authorized by it to sell shares in the offering a portion of the upfront dealer manager fee earned by it in respect of shares sold by such broker-dealer.

On April 9, 2020, the Company entered into Amendment No. 1 to the Second Amended and Restated Dealer Manager Agreement, pursuant to which the selling commissions were increased from up to 5.50% to up to 7.00% of the selling price of each share of Series A Preferred Stock sold thereafter. The Company has been informed that CCO Capital generally reallows 100% of the selling commissions on sales of Series A Preferred Stock and generally reallows substantially all of the upfront dealer manager fee on sales of Series A Preferred Stock and Series D Preferred Stock, to participating broker-dealers.

In connection with the offering of the Series A Preferred Stock and Series D Preferred Stock, at June 30, 2020 and December 31, 2019, $1,112,000 and $621,000, respectively, was included in deferred costs as reimbursable expenses incurred pursuant to the Master Services Agreement and the then applicable dealer manager agreement with CCO Capital, of which $386,000 and $169,000, respectively, was included in due to related parties. These non-issuance specific costs are allocated against the gross proceeds from the sale of the Series A Preferred Stock and the Series D Preferred Stock on a prorata basis for each issuance as a percentage of the total offering. CCO Capital incurred non-issuance specific costs of $21,000 and $5,000 for the three months ended June 30, 2020 and 2019, respectively, and $45,000 and $7,000 for the six months ended June 30, 2020 and 2019, respectively, which were allocated to the Series A Preferred Stock.

At June 30, 2020 and December 31, 2019, upfront dealer manager and trailing dealer manager fees of $249,000 and $0, respectively, were included in due to related parties. CCO Capital earned upfront dealer manager and trailing dealer manager fees of $349,000 and $313,000 for the three months ended June 30, 2020 and 2019, respectively, and $585,000 and $523,000 for the six months ended June 30, 2020 and 2019, respectively, which were allocated to the Series A Preferred Stock.

CCO Capital earned upfront dealer manager and trailing dealer manager fees of $1,000 for the three months ended June 30, 2020, and $4,000 for the six months ended June 30, 2020, which were allocated to the Series D Preferred Stock.

For the third quarter of 2020, we will, subject to applicable laws and regulations under Nasdaq and the TASE and the agreement of the Operator and or the Administrator, as the case may be, seek to pay some or all of the asset management fees in respect of such quarter in shares of Preferred Stock. For the fourth quarter of 2020, it is likely that we will, subject to applicable laws and regulations under Nasdaq and the TASE and the agreement of the Operator and or the Administrator, as the case may be, seek to pay some or all of the asset management fees in respect of such quarter in shares of Preferred Stock. Furthermore, we may seek to pay some or all of the reimbursements under the Master Services Agreement for the third and fourth quarters of 2020 in shares of Preferred Stock.

Other

On October 1, 2015, an affiliate of CIM Group entered into a 5-year lease renewal with respect to a property owned by the Company, which lease was amended to a month-to-month term in February 2019. We recorded rental and other property income related to this tenant of $29,000 and $28,000 for the three months ended June 30, 2020 and 2019, respectively, and $58,000 and $55,000 for the six months ended June 30, 2020 and 2019, respectively.

On May 15, 2019, CIM Group entered into an approximately eleven-year lease for approximately 32,000 rentable square feet with respect to a property owned by the Company. The lease was amended on August 7, 2019 to reduce the rentable square feet to approximately 30,000 rentable square feet. For the three months ended June 30, 2020 and 2019, we recorded rental and other property income related to this tenant of $370,000 and $206,000, respectively, and $740,000 and $206,000 for the six months ended June 30, 2020 and 2019, respectively.

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Loan Commitments—Commitments to extend credit are agreements to lend to a customer provided the terms established in the contract are met. Our outstanding commitments to fund loans were $14,026,000 at June 30, 2020, the majority of which are for prime-based loans to be originated by our subsidiary engaged in SBA 7(a) Small Business Loan Program lending, the government guaranteed portion of which is intended to be sold. Commitments generally have fixed expiration dates. Since some commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. General—In connection with the ownership and operation of real estate properties, we have certain obligations for the payment of tenant improvement allowances and lease commissions in connection with new leases and renewals. CIM Commercial had a total of $4,543,000 in future obligations under leases to fund tenant improvements and other future construction obligations at June 30, 2020. At June 30, 2020, $2,814,000 was funded to reserve accounts included in restricted cash on our consolidated balance sheet for these tenant improvement obligations in connection with the mortgage loan agreement entered into in June 2016. Employment Agreements—We have employment agreements with two of our officers, one of whom is our President. Under certain circumstances, each of these employment agreements provides for (1) severance payment equal to the annual base salary paid to the officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual base salary paid to the officers. Our President, Jan F. Salit, is retiring effective as of September 16, 2020. In connection with his retirement, the Company entered into an agreement with Mr. Salit pursuant to which, among other things, Mr. Salit will receive a $450,000 payment, representing one year of his base salary, upon the satisfaction of certain conditions specified therein, including the execution of an agreement with the Company that contains, among other things, mutual release and non-disparagement provisions. A portion of such payment will be borne by the Company based on the time that Mr. Salit devoted to the Company relative to other matters relating to CIM Group. Litigation—We are not currently involved in any material pending or threatened legal proceedings nor, to our knowledge, are any material legal proceedings currently threatened against us, other than routine litigation arising in the ordinary course of business. In the normal course of business, we are periodically party to certain legal actions and proceedings involving matters that are generally incidental to our business. While the outcome of these legal actions and proceedings cannot be predicted with certainty, in management's opinion, the resolution of these legal proceedings and actions will not have a material adverse effect on our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock. In September 2018, we filed a lawsuit against the City and County of San Francisco seeking a refund of the $11,845,000 in penalties, interest and legal fees paid by us for real property transfer tax allegedly due for a transaction in a prior year. We disputed that such penalties, interest and legal fees were payable but, in order to contest the asserted tax obligations, we had to pay such amounts to the City and County of San Francisco in August 2017. We have been vigorously pursuing this litigation and intend to continue to do so. A subsidiary of the Company is a defendant in a lawsuit in connection with injuries sustained by a third-party contractor at a property previously owned by such subsidiary. While it is possible that a loss may be incurred, we are unable to estimate a range of potential losses due to the complexity and current status of the lawsuit. However, we maintain insurance coverage to mitigate the impact of adverse exposures in lawsuits of this nature and do not expect this lawsuit to have a material adverse effect on our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock. 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 Paycheck Protection Program or the SBA 7(a) Small Business Loan Program, the SBA may seek recovery of the principal loss related to the deficiency from us. With respect to the guaranteed portion of SBA loans that have been sold, the SBA will first honor its guarantee and then seek compensation from us in the event that a loss is deemed to be attributable to technical deficiencies. Based on historical experience, we do not expect that this contingency is probable to be asserted. However, if asserted, it could have a material adverse effect on our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock. Environmental Matters—In connection with the ownership and operation of real estate properties, we may be potentially liable for costs and damages related to environmental matters, including asbestos-containing materials. We have not been notified by any governmental authority of any noncompliance, liability, or other claim in connection with any of the properties, and we are not aware of any other environmental condition with respect to any of the properties that management believes will have a material adverse effect on our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock.

FUTURE MINIMUM LEASE RENTALS

6 Months Ended

Jun. 30, 2020

Leases, Operating [Abstract]

FUTURE MINIMUM LEASE RENTALS

Future minimum rental revenue under long-term operating leases at June 30, 2020, excluding tenant reimbursements of certain costs, are as follows:


Years Ending December 31,	Total
	(in thousands)
2020 (Six months ending December 31, 2020)	$	23,964
2021	43,578
2022	40,111
2023	35,918
2024	34,575
Thereafter	51,393
	$	229,539

CONCENTRATIONS

6 Months Ended

Jun. 30, 2020

Risks and Uncertainties [Abstract]

CONCENTRATIONS

CONCENTRATIONSTenant Revenue Concentrations—Rental and other property income from Kaiser Foundation Health Plan, Incorporated ("Kaiser"), which occupied space in two of our Oakland, California properties, accounted for approximately 25.2% and 17.0% of our office segment revenues for the three months ended June 30, 2020 and 2019, respectively, and 25.3% and 13.6% for the six months ended June 30, 2020 and 2019, respectively. At June 30, 2020 and December 31, 2019, $13,000 and $23,000, respectively, was due from Kaiser.

Rental and other property income from the U.S. General Services Administration and other government agencies (collectively, "Governmental Tenants"), which primarily occupied space in our properties located in Washington, D.C., which were sold during the year ended December 31, 2019, accounted for approximately 2.4% and 21.9% of our office segment revenues for the three months ended June 30, 2020 and 2019, respectively, and 2.3% and 22.7% for the six months ended June 30, 2020 and 2019, respectively. At June 30, 2020 and December 31, 2019, $102,000 and $282,000, respectively, was due from Governmental Tenants.

Geographical Concentrations of Investments in Real Estate—At June 30, 2020 and December 31, 2019, we owned 8 office properties, one hotel property, one parking garage, and one development site, which is being used as a parking lot. These properties are located in two states and in Washington, D.C. as of June 30, 2019.

Our revenue concentrations from properties are as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
California	88.6	%	74.4	%	90.7	%	75.6	%
Texas	11.4		5.2		9.1		4.3
Washington, D.C.	—		20.4		0.2		20.1
	100.0	%	100.0	%	100.0	%	100.0	%

Our real estate investments concentrations from properties are as follows:


	June 30, 2020		December 31, 2019
California	93.9	%	94.4	%
Texas	6.1		5.6

	100.0	%	100.0	%

SEGMENT DISCLOSURE

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

SEGMENT DISCLOSURE

In accordance with ASC Topic 280, Segment Reporting, our reportable segments during the three and six months ended June 30, 2020 and 2019 consist of two types of commercial real estate properties, namely, office and hotel, as well as a segment for our lending business. Management internally evaluates the operating performance and financial results of the segments based on net operating income. We also have certain general and administrative level activities, including public company expenses, legal, accounting, and tax preparation that are not considered separate operating segments. The reportable segments are accounted for on the same basis of accounting as described in the notes to our audited consolidated financial statements for the year ended December 31, 2019 included in our Annual Report on Form 10-K filed with the SEC on March 16, 2020.

For our real estate segments, we define net operating income (loss) as rental and other property income and expense reimbursements less property related expenses, and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and provision for income taxes. For our lending segment, we define net operating income as interest income net of interest expense and general overhead expenses.

The net operating income (loss) of our segments for the three and six months ended June 30, 2020 and 2019 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Office:
Revenues	$	13,763	$	22,050	$	28,660	$	55,495
Property expenses:
Operating	5,266		8,913		11,312		22,472
General and administrative	238		202		336		356
Total property expenses	5,504		9,115		11,648		22,828
Segment net operating income—office	8,259		12,935		17,012		32,667
Hotel:
Revenues	1,114		10,330		9,367		20,919
Property expenses:
Operating	2,226		6,745		8,695		13,439
General and administrative	6		63		19		77
Total property expenses	2,232		6,808		8,714		13,516
Segment net operating (loss) income—hotel	(1,118)		3,522		653		7,403
Lending:
Revenues	1,598		2,977		3,982		5,901
Lending expenses:
Interest expense	189		536		480		1,118
Expense reimbursements to related parties	998		551		1,680		1,188
General and administrative	521		335		921		838
Total lending expenses	1,708		1,422		3,081		3,144
Segment net operating (loss) income—lending	(110)		1,555		901		2,757
Total segment net operating income	$	7,031	$	18,012	$	18,566	$	42,827

A reconciliation of our segment net operating income to net income attributable to the Company for the three and six months ended June 30, 2020 and 2019 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Total segment net operating income	$	7,031	$	18,012	$	18,566	$	42,827
Interest and other income	35		1,499		36		1,818
Asset management and other fees to related parties	(2,376)		(3,195)		(5,021)		(7,797)
Expense reimbursements to related parties—corporate	(615)		(542)		(1,427)		(1,189)
Interest expense	(2,707)		(2,014)		(5,583)		(5,477)
General and administrative	(903)		(1,021)		(2,126)		(2,138)
Transaction costs	—		(216)		—		(260)
Depreciation and amortization	(5,197)		(7,185)		(10,455)		(16,815)
Loss on early extinguishment of debt	—		(4,911)		—		(29,982)
Impairment of real estate	—		(2,800)		—		(69,000)
Gain on sale of real estate	—		55,221		—		432,802
(Loss) income before provision for income taxes	(4,732)		52,848		(6,010)		344,789
Provision for income taxes	691		(281)		713		(599)
Net (loss) income	(4,041)		52,567		(5,297)		344,190
Net (income) loss attributable to noncontrolling interests	(2)		(1)		(6)		173
Net (loss) income attributable to the Company	$	(4,043)	$	52,566	$	(5,303)	$	344,363

The condensed assets for each of the segments as of June 30, 2020 and December 31, 2019, along with capital expenditures and loan originations for the six months ended June 30, 2020 and 2019, are as follows:


	June 30, 2020		December 31, 2019
	(in thousands)
Condensed assets:
Office	$	465,554	$	460,951
Hotel	101,335		104,029
Lending	94,391		82,140
Non-segment assets	64,945		20,472
Total assets	$	726,225	$	667,592


	Six Months Ended June 30,
	2020		2019
	(in thousands)
Capital expenditures (1):
Office	$	7,087	$	4,363
Hotel	556		1,157
Total capital expenditures	7,643		5,520
Loan originations	27,870		18,523
Total capital expenditures and loan originations	$	35,513	$	24,043

(1)Represents additions and improvements to real estate investments, excluding acquisitions. Includes the activity for dispositions through their respective disposition dates.

- 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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

COVID-19

6 Months Ended

Jun. 30, 2020

Unusual or Infrequent Items, or Both [Abstract]

COVID-19

In March 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic. COVID-19 has spread worldwide, causing significant disruptions to the U.S. and world economies. On March 4, 2020 and March 13, 2020, a state of emergency was declared for the state of California and for the United States, respectively. In response to the issuance of U.S. federal guidelines to contain the spread of COVID-19, U.S. state and local jurisdictions, including those in which the Company operates, implemented various containment and or mitigation measures, including shelter-in-place orders and the temporary closure of non-essential businesses. COVID-19 has triggered a period of significant global economic slowdown, and the impact of COVID-19 on the U.S. economy is expected to continue through the remainder of 2020 and potentially beyond.

The information provided in the two tables below provides insight into the effects of COVID-19 on our rent collections for the three months ended June 30, 2020 and for the month of July 2020, respectively. While we provided similar information last quarter, we undertake no obligation to provide updated rent collection, concession or allowance information in the future. The following information is for the three months ended June 30, 2020, is presented based on collections and agreements with tenants reached as of June 30, 2020, and is preliminary and unaudited:


Tenant Type	Rental and Other Property Income Billed to Tenants		% Collected		% Collected by Applying the Security Deposit		% Deferred		% Recorded as Bad Debt		% Abated
Office and Retail (1)	$	12,940,790	90.2	%	1.0	%	0.3	%	0.1	%	—	%
Parking (2)	$	978,117	21.9	%	—	%	—	%	49.6	%	12.7	%

(1)As of August 5, 2020, the Company collected an additional 5.7% of the $12,940,790 rental and other property income billed to its office and retail tenants for the three months ended June 30, 2020. Additionally, in the month of July 2020, the Company deferred additional rental and other property income billed to its office and retail tenants for the three months ended June 30, 2020 in a de minimis amount.

(2)Two parking tenants whose leases were expiring on April 30, 2020 renewed their respective leases on a month-to-month basis, at reduced rates, retroactive to April 1, 2020, until August 31, 2020, at which time the parties agree to put in place a long-term lease. The April 2020 reduction in rent is presented as an abatement in the table above.

The following information is for the month of July 2020, is presented based on collections and agreements with tenants reached as of July 31, 2020, and is preliminary and unaudited:


Tenant Type	Rental and Other Property Income Billed to Tenants		% Collected		% Collected by Applying the Security Deposit		% Deferred		% Recorded as Bad Debt		% Abated
Office and Retail (1)	$	4,470,553	86.3	%	—	%	—	%	—	%	—	%
Parking	$	360,789	28.8	%	—	%	—	%	—	%	—	%

(1)As of August 5, 2020, the Company collected an additional 5.1% of the $4,470,553 rental and other property income billed to its office and retail tenants for the month of July 2020.

Additionally, the spread of COVID-19 in the United States and the resulting restrictions on travel, meetings and social gatherings that have been implemented from time to time have impacted, and are expected to continue to materially impact so long as they persist, the operations of our hotel in Sacramento, California. For the fourth quarter of 2019, the net operating income of our hotel constituted approximately 22% of our total segment net operating income. For the month of March 2020, the occupancy, average daily rate ("ADR") and revenue per available room ("RevPAR") at our hotel in Sacramento, California were 38.6%, $172.05 and $66.48, respectively, as compared to occupancy, ADR and RevPAR of 85.6%, $176.12 and $150.84 for the month of March 2019, respectively. For the second quarter of 2020, the occupancy, ADR, and RevPAR were 12.5%, $124.49 and $15.61, respectively, as compared to occupancy, ADR and RevPAR of 81.7%, $173.08 and $141.42 for the second quarter of 2019, respectively. For the month of July 2020, the occupancy, ADR and RevPAR were 17.6%, $121.41 and $21.40, respectively, as compared to occupancy, ADR and RevPAR of 76.5%, $136.68 and $104.61 for July 2019.

Our lending division has also been adversely impacted by COVID-19. Loans originated by us through June 30, 2020 under the SBA 7(a) Small Business Loan Program consist primarily of loans to borrowers in the limited service hospitality sector. Currently, our borrowers are experiencing significant cash flow deficits as the travel and leisure industry decline caused by COVID-19 has severely impacted limited service hospitality properties. As a result of the relief provided by the CARES Act, we do not expect delinquencies to be material in the aggregate for loans currently serviced under our SBA 7(a) Small Business Loan Program through September 2020. However, if no further relief is provided by Congress, we expect that borrowers under our SBA 7(a) Small Business Loan Program will be materially and adversely affected by the economic impact of COVID-19, potentially leading to substantially higher delinquencies on our loans. This may lead to increased loan loss reserves and ultimately an increase in loan losses. We sell the portion of loans originated by us under the SBA 7(a) Small Business Loan Program that is guaranteed by the SBA; however, during the second quarter of 2020, the secondary market for the sale of such guaranteed portions declined, both as a result of significantly decreased demand for such loans in general and, specifically, for limited service hospitality loans, which resulted in limited premium income during the second quarter of 2020. The loans funded during the second quarter of 2020 consisted primarily of loans made pursuant to the Paycheck Protection Program.

We have taken steps to adapt to the difficult business environment in which we operate and to strengthen our business to position our business to thrive post COVID-19. These steps include (i) reducing our corporate overhead expenses by realigning certain support functions and reducing employee compensation at our Operator, (ii) not appointing a replacement for our retiring President, (iii) focusing on appropriate cost-reduction measures at our properties, (iv) temporarily suspending the vast majority of activities related to the repositioning of our office building at 4750 Wilshire Boulevard in Los Angeles, California, and renovations at the Sheraton Grand Hotel in Sacramento, California, (v) increasing liquidity by entering into the new 2020 unsecured revolving credit facility in May, accessing the PPPLF in June and negotiating an amendment to our existing 2018 revolving credit facility, and (vi) amending our Master Services Agreement to eliminate the Base Service Fee as described in Note 14.

The extent to which COVID-19 will continue to impact the Company’s operations and those of its tenants and business partners will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the COVID-19 pandemic and actions taken to contain the pandemic or mitigate its impact and the extent to which federal, state and local governments provide relief or assistance to those affected by COVID-19 (including extending the CARES Act). The Company cannot predict the significance, extent or duration of any adverse impact of COVID-19 on its business, financial condition, results of operations, cash flow or its ability to satisfy its debt service

obligations or to maintain its level of distributions on its Common Stock or Preferred Stock. However, the Company’s business, financial condition, results of operations, and liquidity will be adversely affected for the remainder of 2020 if the current effects of COVID-19 continue.

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

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Interim Financial Information

Principles of Consolidation

Investments in Real Estate


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

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

Derivative Financial Instruments

Revenue Recognition

Revenue from leasing activities

Revenue from lending activities

Revenue from hotel activities

•cancellable and noncancelable room revenues from reservations and

•ancillary services including facility usage and food or beverage.

At inception of these contracts with customers for hotel revenues, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate.

Tenant recoveries outside of the lease agreementsTenant recoveries outside of the lease agreements are related to construction projects in which our tenants have agreed to fully reimburse us for all costs related to construction. These services include architectural, permit expediter and construction services. At inception of the contract with the customer, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate. While these individual services are distinct, in the context of the arrangement with the customer, all of these services are bundled together and represent a single package of construction services requested by the customer. The Company satisfies its performance obligation and recognizes revenues associated with these services over time as the construction is completed.

Loans Receivable

originated under the SBA 7(a) Small Business Loan Program and, commencing with the quarter ended June 30, 2020, the Paycheck Protection Program.

Deferred Rent Receivable and Charges

Redeemable Preferred Stock

Noncontrolling Interests

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

Restricted Cash

Reclassifications

Reclassifications—Certain prior period amounts have been reclassified to conform with the current period presentation. To comply with the current year presentation, we reclassified $1,572,000 and $272,000, related to certain funds at our hotel property, from cash to other assets as of June 30, 2019 and December 31, 2018, respectively, which resulted in a $1,300,000 decrease in cash provided by operating activities for the six months ended June 30, 2019. Furthermore, we reclassified $542,000 and $1,189,000 from asset management and other fees to related parties to expense reimbursements to related parties—corporate for the three and six months ended June 30, 2019, respectively, and $551,000 and $1,188,000 from asset management and other fees to related parties to expense reimbursements to related parties—lending segment for the three and six months ended June 30, 2019, respectively.

Assets Held for Sale and Discontinued Operations

Consolidation Considerations for Our Investments in Real Estate

Use of Estimates

Recently Issued Accounting Pronouncements

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

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Estimated Useful Lives of Investments in Real Estate

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

Schedule of Recognized Rental Income

For the three and six months ended June 30, 2020 and 2019, we recognized rental income as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	12,567	$	20,640	$	25,912	$	51,536
Variable lease payments (2)	1,133		1,779		2,607		4,464
Rental and other property income	$	13,700	$	22,419	$	28,519	$	56,000

(2)Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from our operating leases.

Reconciliation of Hotel Revenue

Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 18:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Hotel properties
Hotel income	$	869	$	9,549	$	8,628	$	19,353
Rental and other property income	227		736		689		1,472
Interest and other income	18		45		50		94
Hotel revenues	$	1,114	$	10,330	$	9,367	$	20,919

ACQUISITIONS AND DISPOSITIONS (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of Properties Sold

We sold 100% fee-simple interests in the following properties to unrelated third-parties during the six months ended June 30, 2019. Transaction costs related to these sales were expensed as incurred.


Property	Asset Type	Date of Sale	Square Feet	Sales Price		Transaction Costs		Gain on Sale
				(in thousands)
March Oakland Properties, Oakland, CA (1)	Office / Parking Garage	March 1, 2019	975,596	$	512,016	$	8,971	$	289,779
830 1st Street, Washington, D.C.	Office	March 1, 2019	247,337	116,550		2,438		45,710
260 Townsend Street, San Francisco, CA	Office	March 14, 2019	66,682	66,000		2,539		42,092
1333 Broadway, Oakland, CA	Office	May 16, 2019	254,523	115,430		658		55,221
				$	809,996	$	14,606	$	432,802

(1)The "March Oakland Properties" consist of 1901 Harrison Street, 2100 Franklin Street, 2101 Webster Street, and 2353 Webster Street Parking Garage.

The following is the detail of the carrying amounts of assets and liabilities

at the time of the sales of the properties that occurred during the six months ended June 30, 2019:


	(in thousands)
Assets
Investments in real estate, net	$	318,918
Deferred rent receivable and charges, net	41,280
Other intangible assets, net	316

Total assets	$	360,514
Liabilities
Debt, net (1) (2)	$	318,072


Total liabilities	$	318,072

(1)Debt, net is presented net of deferred loan costs of $1,704,000 and accumulated amortization of $576,000.

- 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.

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+ Details

INVESTMENTS IN REAL ESTATE (Tables)

6 Months Ended

Jun. 30, 2020

Real Estate [Abstract]

Investments in Real Estate

Investments in real estate consist of the following:


	June 30, 2020		December 31, 2019
	(in thousands)
Land	$	134,421	$	134,421
Land improvements	2,713		2,713
Buildings and improvements	448,832		438,349
Furniture, fixtures, and equipment	4,764		4,628
Tenant improvements	35,299		35,667
Work in progress	9,091		13,484
Investments in real estate	635,120		629,262
Accumulated depreciation	(127,364)		(120,555)
Net investments in real estate	$	507,756	$	508,707

LOANS RECEIVABLE (Tables)

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable consist of the following:


	June 30, 2020		December 31, 2019
	(in thousands)

SBA 7(a) loans receivable, subject to credit risk	$	27,207	$	27,290
SBA 7(a) loans receivable, subject to loan-backed notes	24,491		27,598
SBA 7(a) loans receivable, paycheck protection program	15,466		—
SBA 7(a) loans receivable, subject to secured borrowings	9,941		12,644
Loans receivable	77,105		67,532
Deferred capitalized costs	497		1,145
Loan loss reserves	(447)		(598)
Loans receivable, net	$	77,155	$	68,079

OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities and Related Accumulated Amortization and Accretion

A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of June 30, 2020 and December 31, 2019 is as follows:


	Assets								Liabilities
June 30, 2020	Acquired Above-Market Leases		Acquired In-Place Leases		Trade Name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	37	$	12,135	$	2,957	$	(2,368)
Accumulated amortization	(12)		(8,608)		—		1,488
	$	25	$	3,527	$	2,957	$	(880)
Average useful life (in years)	7		9		Indefinite		4


	Assets								Liabilities
December 31, 2019	Acquired Above-Market Leases		Acquired In-Place Leases		Trade Name and License		Acquired Below-Market Leases
	(in thousands)
Gross balance	$	74	$	13,653	$	2,957	$	(3,521)
Accumulated amortization	(42)		(9,382)		—		2,239
	$	32	$	4,271	$	2,957	$	(1,282)
Average useful life (in years)	5		8		Indefinite		4

Schedule of Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities

A schedule of future amortization and accretion of acquisition related intangible assets and liabilities as of June 30, 2020, is as follows:


	Assets						Liabilities
Years Ending December 31,	Acquired Above-Market Leases		Acquired In-Place Leases		Acquired Below-Market Leases
	(in thousands)
2020 (Six months ending December 31, 2020)	$	2	$	605	$	(299)
2021	5		899		(347)
2022	5		663		(234)
2023	6		375		—
2024	6		375		—
Thereafter	1		610		—
	$	25	$	3,527	$	(880)

DEBT (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Information on our debt is as follows:


	June 30, 2020		December 31, 2019
	(in thousands)
Mortgage loan with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and a balance of $97,100,000 due on July 1, 2026. The loan is nonrecourse.	$	97,100	$	97,100
Deferred loan costs related to mortgage loans	(161)		(174)
Total Mortgage Payable	96,939		96,926
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 3.88% and 5.68% at June 30, 2020 and December 31, 2019, respectively.	6,727		7,845
Secured borrowing principal on SBA 7(a) loans sold for excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.57% and 3.32% at June 30, 2020 and December 31, 2019, respectively.	2,812		4,307
	9,539		12,152
Unamortized premiums	534		629
Total Secured Borrowings—Government Guaranteed Loans	10,073		12,781
2018 revolving credit facility	209,500		153,000
2020 unsecured revolving credit facility	—		—
Junior subordinated notes with a variable interest rate which resets quarterly based on the three-month LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.	27,070		27,070
SBA 7(a) loan-backed notes with a variable interest rate which resets monthly based on the lesser of the one-month LIBOR plus 1.40% or the prime rate less 1.08%, with payments of interest and principal due monthly. Balance due at maturity in March 20, 2043.	16,912		22,282
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility with a fixed interest rate of 0.35%.	15,466		—
	268,948		202,352
Deferred loan costs related to other debt	(2,567)		(2,867)
Discount on junior subordinated notes	(1,727)		(1,771)
Total Other Debt	264,654		197,714
Total Debt	$	371,666	$	307,421

Future Principal Payments on Debt

Future principal payments on our debt (face value) at June 30, 2020 are as follows:


Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
	(in thousands)
2020 (Six months ending December 31, 2020)	$	—	$	235	$	—	$	2,859	$	3,094
2021	—		480		—		11,335		11,815
2022	—		495		209,500		5,035		215,030
2023	—		511		—		1,257		1,768
2024	—		527		—		786		1,313
Thereafter	97,100		7,291		—		38,176		142,567
	$	97,100	$	9,539	$	209,500	$	59,448	$	375,587

(2)Represents the junior subordinated notes, SBA 7(a) loan-backed notes, and borrowed funds from the Federal Reserve through the PPPLF.

- 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.

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+ Details

EARNINGS PER SHARE ("EPS") (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Per Share Computations


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands, except per share amounts)
Numerator:
Net (loss) income attributable to common stockholders	$	(8,141)	$	48,260	$	(14,928)	$	335,891
Redeemable preferred stock dividends declared on dilutive shares	—		659		(1)		1,151
Diluted net (loss) income attributable to common stockholders	$	(8,141)	$	48,919	$	(14,929)	$	337,042
Denominator:
Basic weighted average shares of Common Stock outstanding	14,782		14,597		14,690		14,598
Effect of dilutive securities—contingently issuable shares	—		687		—		670
Diluted weighted average shares and common stock equivalents outstanding	14,782		15,284		14,690		15,268
Net (loss) income attributable to common stockholders per share:
Basic	$	(0.55)	$	3.31	$	(1.02)	$	23.01
Diluted	$	(0.55)	$	3.20	$	(1.02)	$	22.08

REDEEMABLE PREFERRED STOCK (Tables)

6 Months Ended

Jun. 30, 2020

Temporary Equity Disclosure [Abstract]

Cash Dividends Paid

Cash dividends on our Series A Preferred Stock paid in respect of the six months ended June 30, 2020 and 2019 consist of the following:


Declaration Date	Payment Date	Number of Shares	Cash Dividends
			(in thousands)
March 2, 2020	July 15, 2020	5,324,109	$	594
March 2, 2020	June 15, 2020	5,033,203	$	563
March 2, 2020	May 15, 2020	4,853,969	$	554
January 28, 2020	April 15, 2020	4,827,633	$	547
January 28, 2020	March 16, 2020	4,684,453	$	530
January 28, 2020	February 18, 2020	4,581,353	$	516


June 4, 2019	July 15, 2019	3,601,721	$	1,150
February 20, 2019	April 15, 2019	3,149,924	$	1,010

Cash dividends on our Series D Preferred Stock paid in respect of the six months ended June 30, 2020 consist of the following:


Declaration Date	Payment Date	Number of Shares	Cash Dividends
			(in thousands)
March 2, 2020	July 15, 2020	6,900	$	1
March 2, 2020	June 15, 2020	6,900	$	1
March 2, 2020	May 15, 2020	6,580	$	1
March 2, 2020	April 15, 2020	5,980	$	1
March 2, 2020	March 16, 2020	5,600	$	0

Cash dividends per share of Common Stock paid in respect of the six months ended June 30, 2020 and 2019 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per Common Share

June 3, 2020

June 29, 2020

Regular Quarterly

0.075

March 2, 2020

March 25, 2020

Regular Quarterly

0.075

June 4, 2019

June 27, 2019

Regular Quarterly

0.375

February 20, 2019

March 25, 2019

Regular Quarterly

0.375

Accumulated Cash Dividends


Accumulation Period
Start Date	End Date	Number of Shares	Dividends Accumulated
			(in thousands)

April 1, 2020	June 30, 2020	5,387,160	$	2,101
January 1, 2020	March 31, 2020	5,387,160	$	2,101


April 1, 2019	June 30, 2019	8,080,740	$	3,152
January 1, 2019	March 31, 2019	8,080,740	$	3,152

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Cash Dividends Paid

Cash dividends on our Series A Preferred Stock paid in respect of the six months ended June 30, 2020 and 2019 consist of the following:


Declaration Date	Payment Date	Number of Shares	Cash Dividends
			(in thousands)
March 2, 2020	July 15, 2020	5,324,109	$	594
March 2, 2020	June 15, 2020	5,033,203	$	563
March 2, 2020	May 15, 2020	4,853,969	$	554
January 28, 2020	April 15, 2020	4,827,633	$	547
January 28, 2020	March 16, 2020	4,684,453	$	530
January 28, 2020	February 18, 2020	4,581,353	$	516


June 4, 2019	July 15, 2019	3,601,721	$	1,150
February 20, 2019	April 15, 2019	3,149,924	$	1,010

Cash dividends on our Series D Preferred Stock paid in respect of the six months ended June 30, 2020 consist of the following:


Declaration Date	Payment Date	Number of Shares	Cash Dividends
			(in thousands)
March 2, 2020	July 15, 2020	6,900	$	1
March 2, 2020	June 15, 2020	6,900	$	1
March 2, 2020	May 15, 2020	6,580	$	1
March 2, 2020	April 15, 2020	5,980	$	1
March 2, 2020	March 16, 2020	5,600	$	0

Cash dividends per share of Common Stock paid in respect of the six months ended June 30, 2020 and 2019 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per Common Share

June 3, 2020

June 29, 2020

Regular Quarterly

0.075

March 2, 2020

March 25, 2020

Regular Quarterly

0.075

June 4, 2019

June 27, 2019

Regular Quarterly

0.375

February 20, 2019

March 25, 2019

Regular Quarterly

0.375

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Changes in the Balance of Each Component of AOCI Related to Interest Rate Swaps

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Accumulated other comprehensive income, at beginning of period	$	—	$	—	$	—	$	1,806
Other comprehensive income before reclassifications	—		—		—		—
Amounts reclassified to accumulated other comprehensive income (loss) (1)	—		—		—		(1,806)
Net current period other comprehensive income (loss)	—		—		—		(1,806)
Accumulated other comprehensive income, at end of period	$	—	$	—	$	—	$	—

(1)The amounts from AOCI were reclassified as a decrease to interest expense in our consolidated statement of operations for the six months ended June 30, 2019.

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Values of Financial Instrument Not Recorded at Fair Value on a Recurring Basis

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


	June 30, 2020						December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, subject to credit risk	$	27,820	$	29,059	$	27,802	$	29,794	3
SBA 7(a) loans receivable, subject to loan-backed notes	24,463		26,889		27,595		30,076		3
SBA 7(a) loans receivable, paycheck protection program	14,894		15,466		—		—		3
SBA 7(a) loans receivable, subject to secured borrowings	9,978		10,073		12,682		12,780		3
Liabilities:
Mortgage payable	96,939		98,554		96,926		99,764		3
Junior subordinated notes	25,343		24,177		25,299		24,406		3

RELATED-PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2020

Asset Management Fees Calculation

The fee is calculated as a percentage of the daily average adjusted fair value of CIM Urban's assets:


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

FUTURE MINIMUM LEASE RENTALS (Tables)

6 Months Ended

Jun. 30, 2020

Leases, Operating [Abstract]

Future Minimum Rental Revenue Under Long-Term Operating Leases

Future minimum rental revenue under long-term operating leases at June 30, 2020, excluding tenant reimbursements of certain costs, are as follows:


Years Ending December 31,	Total
	(in thousands)
2020 (Six months ending December 31, 2020)	$	23,964
2021	43,578
2022	40,111
2023	35,918
2024	34,575
Thereafter	51,393
	$	229,539

CONCENTRATIONS (Tables)

6 Months Ended

Jun. 30, 2020

Risks and Uncertainties [Abstract]

Concentration Risks From Properties

Our revenue concentrations from properties are as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
California	88.6	%	74.4	%	90.7	%	75.6	%
Texas	11.4		5.2		9.1		4.3
Washington, D.C.	—		20.4		0.2		20.1
	100.0	%	100.0	%	100.0	%	100.0	%

Our real estate investments concentrations from properties are as follows:


	June 30, 2020		December 31, 2019
California	93.9	%	94.4	%
Texas	6.1		5.6

	100.0	%	100.0	%

SEGMENT DISCLOSURE (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Net Operating Income (Income)

The net operating income (loss) of our segments for the three and six months ended June 30, 2020 and 2019 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Office:
Revenues	$	13,763	$	22,050	$	28,660	$	55,495
Property expenses:
Operating	5,266		8,913		11,312		22,472
General and administrative	238		202		336		356
Total property expenses	5,504		9,115		11,648		22,828
Segment net operating income—office	8,259		12,935		17,012		32,667
Hotel:
Revenues	1,114		10,330		9,367		20,919
Property expenses:
Operating	2,226		6,745		8,695		13,439
General and administrative	6		63		19		77
Total property expenses	2,232		6,808		8,714		13,516
Segment net operating (loss) income—hotel	(1,118)		3,522		653		7,403
Lending:
Revenues	1,598		2,977		3,982		5,901
Lending expenses:
Interest expense	189		536		480		1,118
Expense reimbursements to related parties	998		551		1,680		1,188
General and administrative	521		335		921		838
Total lending expenses	1,708		1,422		3,081		3,144
Segment net operating (loss) income—lending	(110)		1,555		901		2,757
Total segment net operating income	$	7,031	$	18,012	$	18,566	$	42,827

Reconciliation of Segment Net Operating Income to Net Income Attributable to the Company

A reconciliation of our segment net operating income to net income attributable to the Company for the three and six months ended June 30, 2020 and 2019 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Total segment net operating income	$	7,031	$	18,012	$	18,566	$	42,827
Interest and other income	35		1,499		36		1,818
Asset management and other fees to related parties	(2,376)		(3,195)		(5,021)		(7,797)
Expense reimbursements to related parties—corporate	(615)		(542)		(1,427)		(1,189)
Interest expense	(2,707)		(2,014)		(5,583)		(5,477)
General and administrative	(903)		(1,021)		(2,126)		(2,138)
Transaction costs	—		(216)		—		(260)
Depreciation and amortization	(5,197)		(7,185)		(10,455)		(16,815)
Loss on early extinguishment of debt	—		(4,911)		—		(29,982)
Impairment of real estate	—		(2,800)		—		(69,000)
Gain on sale of real estate	—		55,221		—		432,802
(Loss) income before provision for income taxes	(4,732)		52,848		(6,010)		344,789
Provision for income taxes	691		(281)		713		(599)
Net (loss) income	(4,041)		52,567		(5,297)		344,190
Net (income) loss attributable to noncontrolling interests	(2)		(1)		(6)		173
Net (loss) income attributable to the Company	$	(4,043)	$	52,566	$	(5,303)	$	344,363

Segment Condensed Assets


	June 30, 2020		December 31, 2019
	(in thousands)
Condensed assets:
Office	$	465,554	$	460,951
Hotel	101,335		104,029
Lending	94,391		82,140
Non-segment assets	64,945		20,472
Total assets	$	726,225	$	667,592

Segment Capital Expenditures


	Six Months Ended June 30,
	2020		2019
	(in thousands)
Capital expenditures (1):
Office	$	7,087	$	4,363
Hotel	556		1,157
Total capital expenditures	7,643		5,520
Loan originations	27,870		18,523
Total capital expenditures and loan originations	$	35,513	$	24,043

(1)Represents additions and improvements to real estate investments, excluding acquisitions. Includes the activity for dispositions through their respective disposition dates.

COVID-19 (Tables)

6 Months Ended

Jun. 30, 2020

Unusual or Infrequent Items, or Both [Abstract]

Collections and Agreements with Tenants

The following information is for the three months ended June 30, 2020, is presented based on collections and agreements with tenants reached as of June 30, 2020, and is preliminary and unaudited:


Tenant Type	Rental and Other Property Income Billed to Tenants		% Collected		% Collected by Applying the Security Deposit		% Deferred		% Recorded as Bad Debt		% Abated
Office and Retail (1)	$	12,940,790	90.2	%	1.0	%	0.3	%	0.1	%	—	%
Parking (2)	$	978,117	21.9	%	—	%	—	%	49.6	%	12.7	%

The following information is for the month of July 2020, is presented based on collections and agreements with tenants reached as of July 31, 2020, and is preliminary and unaudited:


Tenant Type	Rental and Other Property Income Billed to Tenants		% Collected		% Collected by Applying the Security Deposit		% Deferred		% Recorded as Bad Debt		% Abated
Office and Retail (1)	$	4,470,553	86.3	%	—	%	—	%	—	%	—	%
Parking	$	360,789	28.8	%	—	%	—	%	—	%	—	%

(1)As of August 5, 2020, the Company collected an additional 5.1% of the $4,470,553 rental and other property income billed to its office and retail tenants for the month of July 2020.

ORGANIZATION AND OPERATIONS (Details)	Sep. 03, 2019 $ / shares	Jun. 30, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares
Class of Stock [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.003	$ 0.001	$ 0.001
Common stock, shares authorized (in shares) \| shares		900,000,000	900,000,000
Preferred stock, shares authorized (in shares) \| shares		100,000,000
Reverse stock split ratio, common stock	0.3333
Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share) \| $ / shares		$ 0.001	$ 0.001

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Real Estate (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments in Real Estate
Impairment of real estate	$ 0	$ 2,800,000	$ 66,200,000	$ 0	$ 69,000,000
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 - Revenue Recognition (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Fixed lease payments	$ 12,567,000	$ 20,640,000	$ 25,912,000	$ 51,536,000
Variable lease payments	1,133,000	1,779,000	2,607,000	4,464,000
Rental and other property income	13,700,000	22,419,000	28,519,000	56,000,000
Hotel income	869,000	9,549,000	8,628,000	19,353,000
Rental and other property income	13,700,000	22,419,000	28,519,000	56,000,000
Interest and other income	1,941,000	4,888,000	4,898,000	8,780,000
REVENUES	16,510,000	36,856,000	42,045,000	84,133,000
Tenant recoveries outside of lease agreements	0	0	0	205,000
Remaining performance obligations	0		0
Hotel
Disaggregation of Revenue [Line Items]
Hotel income	869,000	9,549,000	8,628,000	19,353,000
Rental and other property income	227,000	736,000	689,000	1,472,000
Interest and other income	18,000	45,000	50,000	94,000
REVENUES	$ 1,114,000	$ 10,330,000	$ 9,367,000	$ 20,919,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Receivable (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2015	Mar. 11, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized retained loan discounts	$ 7,328,000		$ 7,328,000		$ 7,622,000
Loan receivable, nonaccrual, past due period (more than)			60 days
Loans receivable, impairment (recovery)	36,000	$ 1,000	$ (16,000)	$ (56,000)
Impaired loans receivable	0	$ 0	0	$ 0
SBA 7(a) loans receivable, subject to secured borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized acquisition discounts related to sold loans						$ 15,951,000
PMC Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount on acquisition							$ 33,907,000
Acquisition discount	$ 565,000		$ 565,000		$ 624,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Rent Receivable and Charges (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Deferred rent receivable	$ 21,118	$ 19,988
Deferred leasing costs	16,536	16,881
Deferred leasing costs, accumulated amortization	7,878	7,438
Deferred offering costs	5,823	5,275
Other deferred costs, net	$ 541	$ 151

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Preferred Stock (Details)	1 Months Ended	6 Months Ended
	Feb. 29, 2020	Jun. 30, 2020
Accounting Policies [Abstract]
Preferred stock, percentage of stated value		100.00%
Preferred stock redemption, trading days prior to redemption	20 days	20 days

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash and cash equivalents	$ 75,192	$ 372,093	$ 75,192	$ 372,093	$ 23,801
Other assets	9,922		9,922		$ 9,222
Decrease to net cash provided by (used in) operating activities			(5,241)	(24,937)
Asset management and other fees to related parties	(2,376)	(3,195)	(5,021)	(7,797)
Non-segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expense reimbursements to related parties	615	542	1,427	1,189
Reportable segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expense reimbursements to related parties	$ 998	551	$ 1,680	1,188
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash and cash equivalents		(1,572)		(1,572)		$ (272)
Other assets		1,572		1,572		$ 272
Decrease to net cash provided by (used in) operating activities				1,300
Revision of Prior Period, Adjustment \| Reclassification, Type, One
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset management and other fees to related parties		542		1,189
Revision of Prior Period, Adjustment \| Reclassification, Type, Two
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset management and other fees to related parties		551		1,188
Revision of Prior Period, Adjustment \| Non-segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expense reimbursements to related parties		542		1,189
Revision of Prior Period, Adjustment \| Reportable segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expense reimbursements to related parties		$ 551		$ 1,188

ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) - acquistion	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Business Combinations [Abstract]
Number of business acquisitions	0	0

ACQUISITIONS AND DISPOSITIONS - Disposals and Impairment (Details)	1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 31, 2019 property	Jun. 30, 2020 USD ($) property	Jun. 30, 2019 USD ($) ft²	Mar. 31, 2019 USD ($)	Jun. 30, 2020 USD ($) property	Jun. 30, 2019 USD ($) ft²	Dec. 31, 2019 property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership sold, percentage						100.00%
Proceeds from Sale of Real Estate Held-for-investment [Abstract]
Sales Price					$ 0	$ 765,116,000
Gain on sale of real estate		$ 0	$ 55,221,000		0	432,802,000
Impairment of real estate		$ 0	$ 2,800,000	$ 66,200,000	$ 0	69,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Proceeds from Sale of Real Estate Held-for-investment [Abstract]
Sales Price						809,996,000
Transaction Costs						14,606,000
Gain on sale of real estate						$ 432,802,000
March Oakland Properties, Oakland, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Proceeds from Sale of Real Estate Held-for-investment [Abstract]
Square Feet \| ft²			975,596			975,596
Sales Price						$ 512,016,000
Transaction Costs						8,971,000
Gain on sale of real estate						$ 289,779,000
830 1st Street, Washington, D.C. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Proceeds from Sale of Real Estate Held-for-investment [Abstract]
Square Feet \| ft²			247,337			247,337
Sales Price						$ 116,550,000
Transaction Costs						2,438,000
Gain on sale of real estate						$ 45,710,000
260 Townsend Street, San Francisco, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Proceeds from Sale of Real Estate Held-for-investment [Abstract]
Square Feet \| ft²			66,682			66,682
Sales Price						$ 66,000,000
Transaction Costs						2,539,000
Gain on sale of real estate						$ 42,092,000
1333 Broadway, Oakland, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Proceeds from Sale of Real Estate Held-for-investment [Abstract]
Square Feet \| ft²			254,523			254,523
Sales Price						$ 115,430,000
Transaction Costs						658,000
Gain on sale of real estate						$ 55,221,000
Two Office Properties and One Developmental Site, Washington, D.C. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership sold, percentage	100.00%
Office properties
Proceeds from Sale of Real Estate Held-for-investment [Abstract]
Number of real estate properties sold \| property		8			8		8
Office properties \| Two Office Properties and One Developmental Site, Washington, D.C. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Proceeds from Sale of Real Estate Held-for-investment [Abstract]
Number of real estate properties sold \| property	2
Development site
Proceeds from Sale of Real Estate Held-for-investment [Abstract]
Number of real estate properties sold \| property		1			1		1
Development site \| Two Office Properties and One Developmental Site, Washington, D.C. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Proceeds from Sale of Real Estate Held-for-investment [Abstract]
Number of real estate properties sold \| property	1

ACQUISITIONS AND DISPOSITIONS - Carrying Value of Assets and Liabilities at Time of Sale (Details) - USD ($) $ in Thousands			6 Months Ended
	Mar. 14, 2019	Mar. 01, 2019	Jun. 30, 2020	Jun. 30, 2019	May 16, 2019
Liabilities
Deferred loan costs				$ 1,704
Debt, accumulated amortization				576
Payment of mortgages payable			$ 0	46,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Assets
Investments in real estate, net				318,918
Deferred rent receivable and charges, net				41,280
Other intangible assets, net				316
Total assets				360,514
Liabilities
Debt, net				318,072
Total liabilities				$ 318,072
Office Property, San Fransisco California \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Liabilities
Outstanding amount	$ 28,200
Office Property, Washington, D.C. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Liabilities
Payment of mortgages payable		$ 46,000
Mortgage loan with a fixed interest of 4.14% per annum, due on July 1, 2026 \| Properties Used As Collateral For Loans \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Liabilities
Defeased amount		$ 205,500
Mortgage loan with a fixed interest of 4.14% per annum, due on July 1, 2026 \| 1333 Broadway, Oakland, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Liabilities
Defeased amount					$ 39,500

INVESTMENTS IN REAL ESTATE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 134,421		$ 134,421		$ 134,421
Land improvements	2,713		2,713		2,713
Buildings and improvements	448,832		448,832		438,349
Furniture, fixtures, and equipment	4,764		4,764		4,628
Tenant improvements	35,299		35,299		35,667
Work in progress	9,091		9,091		13,484
Investments in real estate	635,120		635,120		629,262
Accumulated depreciation	(127,364)		(127,364)		(120,555)
Net investments in real estate	507,756		507,756		$ 508,707
Depreciation expense	$ 4,337	$ 5,815	$ 8,594	$ 13,752

LOANS RECEIVABLE (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
LOANS RECEIVABLE (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 77,105	$ 77,105		$ 67,532
Deferred capitalized costs	497	497		1,145
Loan loss reserves	(447)	(447)		(598)
Loans receivable, net	$ 77,155	77,155		$ 68,079
Loans originated under the Paycheck Protection Program		$ 18,567	$ 4,631
Loans, percent current	99.90%	99.90%		99.60%
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 27,207	$ 27,207		$ 27,290
SBA 7(a) loans receivable, subject to loan-backed notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	24,491	24,491		27,598
SBA 7(a) loans receivable, paycheck protection program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	15,466	15,466		0
Loans originated under the Paycheck Protection Program	15,466
SBA 7(a) loans receivable, subject to secured borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	9,941	9,941		12,644
Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 185	$ 185		$ 1,362
Hospitality Industry \| Loans subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percent		98.70%		98.70%

OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Intangible liabilities
Gross balance	$ (2,368)		$ (2,368)		$ (3,521)
Accumulated amortization	1,488		1,488		2,239
Net	(880)		$ (880)		$ (1,282)
Average useful life (in years)			4 years		4 years
Amortization
Amortization of the acquired below-market leases	148	$ 421	$ 402	$ 934
Future accretion of acquisition related intangible liabilities
Net	(880)		(880)		$ (1,282)
Acquired Below-Market Leases
Intangible liabilities
Net	(880)		(880)
Future accretion of acquisition related intangible liabilities
2020 (Six months ending December 31, 2020)	(299)		(299)
2021	(347)		(347)
2022	(234)		(234)
2023	0		0
2024	0		0
Thereafter	0		0
Net	(880)		(880)
Acquired Above-Market Leases
Intangible assets
Gross balance	37		37		74
Accumulated amortization	(12)		(12)		(42)
Net	25		$ 25		$ 32
Average useful life (in years)			7 years		5 years
Amortization
Amortization expense	1	21	$ 7	42
Future amortization of acquisition related intangible assets
2020 (Six months ending December 31, 2020)	2		2
2021	5		5
2022	5		5
2023	6		6
2024	6		6
Thereafter	1		1
Net	25		25		$ 32
Acquired In-Place Leases
Intangible assets
Gross balance	12,135		12,135		13,653
Accumulated amortization	(8,608)		(8,608)		(9,382)
Net	3,527		$ 3,527		$ 4,271
Average useful life (in years)			9 years		8 years
Amortization
Amortization expense	303	$ 540	$ 744	$ 1,141
Future amortization of acquisition related intangible assets
2020 (Six months ending December 31, 2020)	605		605
2021	899		899
2022	663		663
2023	375		375
2024	375		375
Thereafter	610		610
Net	3,527		3,527		$ 4,271
Trade Name and License
Intangible assets
Gross balance	2,957		2,957		2,957
Accumulated amortization	0		0		0
Net	2,957		2,957		2,957
Future amortization of acquisition related intangible assets
Net	$ 2,957		$ 2,957		$ 2,957

DEBT - Schedule of Debt (Details) - USD ($)	6 Months Ended
DEBT - Schedule of Debt (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total Debt	$ 371,666,000	$ 307,421,000
Mortgages Payable
Debt Instrument [Line Items]
Deferred loan costs	(161,000)	(174,000)
Total Debt	96,939,000	96,926,000
Mortgage loan with a fixed interest of 4.14% per annum, due on July 1, 2026
Debt Instrument [Line Items]
Gross debt	$ 97,100,000	97,100,000
Fixed interest rate	4.14%
Amount of balance due on maturity	$ 97,100,000
Secured Borrowings - Government Guaranteed Loans
Debt Instrument [Line Items]
Gross debt	9,539,000	12,152,000
Premiums and discounts	534,000	629,000
Total Debt	10,073,000	12,781,000
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread
Debt Instrument [Line Items]
Gross debt	$ 6,727,000	$ 7,845,000
Weighted average rate	3.88%	5.68%
Secured borrowing principal on SBA 7(a) loans sold for excess spread
Debt Instrument [Line Items]
Gross debt	$ 2,812,000	$ 4,307,000
Weighted average rate	1.57%	3.32%
Other Debt
Debt Instrument [Line Items]
Gross debt	$ 268,948,000	$ 202,352,000
Total Debt	264,654,000	197,714,000
Junior subordinated notes
Debt Instrument [Line Items]
Gross debt	27,070,000	27,070,000
Premiums and discounts	$ (1,727,000)	(1,771,000)
Junior subordinated notes \| LIBOR
Debt Instrument [Line Items]
Interest rate margin	3.25%
Loan-Backed Notes
Debt Instrument [Line Items]
Gross debt	$ 16,912,000	22,282,000
Loan-Backed Notes \| LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.40%
Loan-Backed Notes \| Prime Rate
Debt Instrument [Line Items]
Interest rate margin	1.08%
Unsecured term loan and credit facilities
Debt Instrument [Line Items]
Deferred loan costs	$ (2,567,000)	(2,867,000)
2018 Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Gross debt	209,500,000	153,000,000
2018 Revolving Credit Facility \| Line of Credit \| Paycheck Protection Program Liquidity Facility, CARES Act
Debt Instrument [Line Items]
Gross debt	15,466,000	0
2018 Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Gross debt	$ 0	$ 0

DEBT - Narrative (Details)											1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
DEBT - Narrative (Details)	May 01, 2020 USD ($)	May 16, 2019 USD ($) mortgageLoan	Mar. 14, 2019 USD ($) mortgageLoan	Mar. 11, 2019 USD ($) swap	Mar. 01, 2019 USD ($)	Feb. 28, 2019 USD ($)	Dec. 28, 2018 USD ($) swap	Oct. 30, 2018 USD ($)	May 30, 2018 USD ($)	Sep. 21, 2017 USD ($) mortgageLoan	Oct. 31, 2018 USD ($) extensionOption	Jun. 30, 2016 USD ($) agreement	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($) swap	Dec. 31, 2017 USD ($) swap	Dec. 31, 2019 USD ($)	Aug. 13, 2015 USD ($)
Debt Instrument [Line Items]
Deferred loan costs													$ 4,770,000		$ 4,770,000			$ 4,535,000
Deferred loan costs, accumulated amortization													2,042,000		2,042,000			1,494,000
Loss on early extinguishment of debt													0	$ 4,911,000	0	$ 29,982,000
Payment of mortgages payable															0	46,000,000
Prepayment penalties and other payments for early extinguishment of debt															0	5,660,000
Restricted cash													10,960,000	10,824,000	10,960,000	$ 10,824,000		12,146,000
Number of swaps terminated \| swap				2			1									2	7
Notional amount of terminated swaps				$ 120,000,000			$ 50,000,000										$ 215,000,000
Accrued interest and unused commitment fee payable													604,000		604,000			650,000
Mortgages Payable
Debt Instrument [Line Items]
Number of mortgage loan agreements \| agreement												6
Amount of loan												$ 392,000,000
Mortgage loan with a fixed interest of 4.14% per annum, due on July 1, 2026
Debt Instrument [Line Items]
Gross debt													$ 97,100,000		$ 97,100,000			97,100,000
Fixed interest rate													4.14%		4.14%
Loan Backed Notes
Debt Instrument [Line Items]
Proceeds from notes payable									$ 38,200,000
Weight average life									2 years
Restricted cash													$ 2,330,000		$ 2,330,000			$ 3,306,000
Loan Backed Notes \| LIBOR
Debt Instrument [Line Items]
Interest rate margin									1.40%
Loan Backed Notes \| Prime Rate
Debt Instrument [Line Items]
Interest rate margin									(1.08%)
2018 Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity											$ 250,000,000
Interest rate													1.80%		1.80%			3.29%
Number of extension options \| extensionOption											1
Extension option, term											1 year
Proceeds from issuance of debt								$ 170,000,000
2018 Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused commitment fee percentage											0.15%
2018 Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee percentage											0.25%
2018 Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Interest rate margin											1.55%
2018 Revolving Credit Facility \| Base rate
Debt Instrument [Line Items]
Interest rate margin											0.55%
7083 Hollywood Boulevard, Los Angeles, California \| Disposal Group, Held-for-sale, Not Discontinued Operations
Debt Instrument [Line Items]
Number of mortgage loans assumed by buyer \| mortgageLoan										1
Outstanding amount										$ 21,700,000
Properties Used As Collateral For Loans \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Mortgage loan with a fixed interest of 4.14% per annum, due on July 1, 2026
Debt Instrument [Line Items]
Defeased amount					$ 205,500,000
Cash outlay required for defeasance					224,086,000
Loss on early extinguishment of debt														0		$ 19,290,000
Write off of deferred loan costs					637,000
Write off of accumulated amortization					170,000
Transaction costs					237,000
Office Property, San Fransisco California \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Debt Instrument [Line Items]
Number of mortgage loans assumed by buyer \| mortgageLoan			1
Outstanding amount			$ 28,200,000
Loss on early extinguishment of debt														0		178,000
Write off of deferred loan costs																243,000
Write off of accumulated amortization																65,000
1333 Broadway, Oakland, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Mortgage loan with a fixed interest of 4.14% per annum, due on July 1, 2026
Debt Instrument [Line Items]
Defeased amount		$ 39,500,000
Cash outlay required for defeasance		44,108,000
Loss on early extinguishment of debt														4,911,000		4,911,000
Write off of deferred loan costs		287,000
Write off of accumulated amortization		82,000
Transaction costs		$ 98,000
Number of mortgage loans defeased \| mortgageLoan		1
Office Property, Washington, D.C. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Debt Instrument [Line Items]
Loss on early extinguishment of debt														$ 0		$ 5,603,000
Write off of deferred loan costs					537,000
Write off of accumulated amortization					259,000
Payment of mortgages payable					46,000,000
Prepayment penalties and other payments for early extinguishment of debt					$ 5,325,000
Interest Rate Swap
Debt Instrument [Line Items]
Total notional amount																			$ 385,000,000
Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedges
Debt Instrument [Line Items]
Total notional amount													$ 120,000,000		$ 120,000,000
Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedges \| Weighted Average
Debt Instrument [Line Items]
All-in rate													3.11%		3.11%
2018 Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Repayments of debt				$ 120,000,000		$ 10,000,000	$ 40,000,000
Gross debt													$ 209,500,000		$ 209,500,000			$ 153,000,000
Remaining borrowing capacity													0		0			73,900,000
Unsecured Revolving Credit Facility Due May 2022 \| 2018 Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000
Fixed interest rate	1.00%
Fee percentage for each advance made	1.12%
Maximum fee amount payable	$ 112,000
Debt outstanding													0		0
Remaining borrowing capacity													10,000,000		10,000,000
Paycheck Protection Program Liquidity Facility, CARES Act \| 2018 Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Gross debt													15,466,000		15,466,000			$ 0
Debt outstanding													$ 15,466,000		$ 15,466,000

DEBT - Schedule of Future Principal Payments (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Future Principal Payments on Debt
2020 (Six months ending December 31, 2020)	$ 3,094
2021	11,815
2022	215,030
2023	1,768
2024	1,313
Thereafter	142,567
Total Debt	375,587
Mortgage Payable
Future Principal Payments on Debt
2020 (Six months ending December 31, 2020)	0
2021	0
2022	0
2023	0
2024	0
Thereafter	97,100
Total Debt	97,100
Secured Borrowings Principal
Future Principal Payments on Debt
2020 (Six months ending December 31, 2020)	235
2021	480
2022	495
2023	511
2024	527
Thereafter	7,291
Total Debt	9,539
2018 Revolving Credit Facility
Future Principal Payments on Debt
2020 (Six months ending December 31, 2020)	0
2021	0
2022	209,500
2023	0
2024	0
Thereafter	0
Total Debt	209,500
Other Debt
Future Principal Payments on Debt
2020 (Six months ending December 31, 2020)	2,859
2021	11,335
2022	5,035
2023	1,257
2024	786
Thereafter	38,176
Total Debt	$ 59,448

STOCK-BASED COMPENSATION PLANS (Details) - Restricted share awards - USD ($) $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended
	May 31, 2020	Jul. 31, 2019	May 31, 2019	May 31, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based compensation plans
Unrecognized compensation expense					$ 183		$ 183
Independent Directors
Share-based compensation plans
Granted to each individual (in shares)	5,478	81	889	1,126
Granted (in shares)	21,912	324	3,556	3,378
Award vesting period	1 year		1 year	1 year
Stock-based compensation expense					$ 56	$ 44	$ 112	$ 82

EARNINGS PER SHARE ('EPS") - Narrative (Details) - shares

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Dec. 31, 2019

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Basic weighted average shares outstanding (in shares)

^[1]

14,782,000

14,597,000

14,690,000

14,598,000

Series A Preferred Stock

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Effect of dilutive share (in shares)

687,000

162

670,000

Preferred stock, shares outstanding (in shares)

1,763,661

1,630,421

Series D Preferred Stock

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Effect of dilutive share (in shares)

Preferred stock, shares outstanding (in shares)

6,900

[1]	All share and per share amounts have been adjusted to give retroactive effect to the one-for-three reverse stock split of our common stock effected on September 3, 2019.

EARNINGS PER SHARE (''EPS'') - Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Per Share Computations (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Numerator:

Net (loss) income attributable to common stockholders

$ (8,141)

$ 48,260

$ (14,928)

$ 335,891

Redeemable preferred stock dividends declared on dilutive shares

659

(1)

1,151

Diluted net (loss) income attributable to common stockholders

$ (8,141)

$ 48,919

$ (14,929)

$ 337,042

Denominator:

Basic weighted average shares outstanding (in shares)

^[1]

14,782,000

14,597,000

14,690,000

14,598,000

Diluted weighted average shares and common stock equivalents outstanding (in shares)

^[1]

14,782,000

15,284,000

14,690,000

15,268,000

Net (loss) income attributable to common stockholders per share:

Basic (in usd per share)

^[1]

$ (0.55)

$ 3.31

$ (1.02)

$ 23.01

Diluted (in usd per share)

^[1]

$ (0.55)

$ 3.20

$ (1.02)

$ 22.08

Series A Preferred Stock

Denominator:

Effect of dilutive securities—contingently issuable shares (in shares)

687,000

162

670,000

[1]	All share and per share amounts have been adjusted to give retroactive effect to the one-for-three reverse stock split of our common stock effected on September 3, 2019.

REDEEMABLE PREFERRED STOCK - Narrative (Details) - USD ($)								1 Months Ended		3 Months Ended				6 Months Ended		12 Months Ended	45 Months Ended
	Oct. 15, 2020	Sep. 15, 2020	Aug. 17, 2020	Jun. 03, 2020	Dec. 20, 2019	Nov. 20, 2019	Nov. 21, 2017	Feb. 29, 2020	Nov. 30, 2019	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jun. 30, 2020
Class of Stock [Line Items]
Proceeds from issuance of preferred stock and warrants														$ 135,393,000
Issuance offering costs for preferred stock and warrants														10,877,000
Non-issuance offering costs for preferred stock and warrants														$ 6,833,000
Preferred stock redemption, trading days prior to redemption								20 days						20 days
Redeemable preferred stock dividends										$ 52,000		$ 0		$ 213,000	$ 0
Reclassification of Series A Preferred Stock from temporary equity to permanent equity										9,739,000	$ 6,948,000	10,825,000	$ 8,890,000	16,687,000	19,715,000		$ 81,640,000
Redeemable preferred stock redemptions										$ 56,000		$ 4,000		66,000	8,000
Initial dividend on common stock					$ 4,380,644.70
Initial dividend, common stock, paid														$ 2,207,000	$ 10,950,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)										5,408,954				5,408,954			5,408,954
Proceeds from issuance of preferred stock and warrants														$ 134,460,000
Issuance offering costs for preferred stock and warrants														10,731,000
Reclassification to deferred rent receivable and charges														$ 1,004,000
Preferred stock, shares outstanding (in shares)										5,324,109				5,324,109			5,324,109
Preferred stock, shares redeemed (in shares)														84,845
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)										6,900				6,900		0	6,900
Proceeds from issuance of preferred stock and warrants														$ 172,000
Issuance offering costs for preferred stock and warrants														4,000
Reclassification to deferred rent receivable and charges														$ 1,000
Preferred stock, shares outstanding (in shares)										6,900		0		6,900	0	0	6,900
Preferred stock, shares redeemed (in shares)														0
Cumulative dividend rate								5.65%
Preferred dividend per share per year (in usd per share)				$ 0.353125				$ 0.35313
Preferred dividends, per share amount (in usd per share)										$ 0.35313	$ 0.588542
Preferred stock, par value (in usd per share)								$ 25.00		0.001				$ 0.001		$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)										$ 25.00				$ 25.00		$ 25.00	$ 25.00
Series A Preferred Unit
Class of Stock [Line Items]
Number of securities called by warrants or rights (in shares)										1,194,159				1,194,159			1,194,159
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)										1,794,461				1,794,461		1,630,821	1,794,461
Preferred stock, shares outstanding (in shares)										1,763,661				1,763,661		1,630,421	1,763,661
Cumulative dividend rate														5.50%
Preferred dividend per share per year (in usd per share)														$ 0.34375
Preferred dividends declared (in usd per share)				$ 0.34375
Preferred dividends, per share amount (in usd per share)										$ 0.34375	$ 0.68750	$ 0.34375	$ 0.34375
Preferred stock, par value (in usd per share)										0.001				0.001		$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)										$ 25.00				$ 25.00		$ 25.00	$ 25.00
Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)							8,080,740			8,080,740				8,080,740		5,387,160	8,080,740
Preferred stock, shares outstanding (in shares)										8,080,740				8,080,740		5,387,160	8,080,740
Cumulative dividend rate							5.50%
Preferred dividend per share per year (in usd per share)							$ 1.56035
Preferred stock, par value (in usd per share)										$ 0.001				$ 0.001		$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)										$ 28.37				$ 28.37		$ 28.37	$ 28.37
Failure to declare or pay distributions, temporary increase per year							1.00%
Failure to declare or pay distributions, temporary increase per year, maximum increase							8.50%
Minimum fixed charge coverage ratio							125.00%
Registration Statement
Class of Stock [Line Items]
Warrant right to purchase a share of common stock (in shares)										0.25				0.25			0.25
Registration Statement \| Series A Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock, par value (in usd per share)										$ 0.001				$ 0.001			$ 0.001
Preferred stock, stated value (in usd per share)										$ 25.00				$ 25.00			$ 25.00
Registration Statement \| Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in usd per share)							$ 28.37
Tender Offer \| Series L Preferred Stock
Class of Stock [Line Items]
Preferred dividends declared (in usd per share)						$ 1.39
Shares repurchased (in shares)									2,693,580
Purchase price (in usd per share)									$ 29.12
Dividends, preferred stock, aggregate value						$ 3,744,000
Professional fees									$ 462,000
Cost to repurchase tendered shares									$ 75,155,000
Redeemable preferred stock redemptions																$ 5,873,000
Forecast \| Series D Preferred Stock
Class of Stock [Line Items]
Preferred dividends, per share amount (in usd per share)	$ 0.117708	$ 0.117708	$ 0.117708
Forecast \| Series A Preferred Stock
Class of Stock [Line Items]
Preferred dividends, per share amount (in usd per share)	$ 0.114583	$ 0.114583	$ 0.114583
Series A Preferred Warrants
Class of Stock [Line Items]
Warrants issued (in shares)										4,603,287				4,603,287			4,603,287
Proceeds from issuance of preferred stock and warrants														$ 761,000
Issuance offering costs for preferred stock and warrants														142,000
Reclassification to deferred rent receivable and charges														$ 5,000
Warrants outstanding (in shares)										4,603,287				4,603,287			4,603,287

REDEEMABLE PREFERRED STOCK - Cash Dividends (Details) - USD ($) $ in Thousands					3 Months Ended
	Mar. 02, 2020	Jan. 28, 2020	Jun. 04, 2019	Feb. 20, 2019	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Series A Preferred Stock
Class of Stock [Line Items]
Number of Shares			3,601,721	3,149,924
Cash Dividends			$ 1,150	$ 1,010	$ 1,886	$ 3,252	$ 1,150	$ 1,010
Series D Preferred Stock
Class of Stock [Line Items]
Cash Dividends					$ 3	$ 3
Dividend Paid, July 15, 2020 \| Series A Preferred Stock
Class of Stock [Line Items]
Number of Shares	5,324,109
Cash Dividends	$ 594
Dividend Paid, July 15, 2020 \| Series D Preferred Stock
Class of Stock [Line Items]
Number of Shares	6,900
Cash Dividends	$ 1
Dividend Paid, June 15, 2020 \| Series A Preferred Stock
Class of Stock [Line Items]
Number of Shares	5,033,203
Cash Dividends	$ 563
Dividend Paid, June 15, 2020 \| Series D Preferred Stock
Class of Stock [Line Items]
Number of Shares	6,900
Cash Dividends	$ 1
Dividend Paid, May 15, 2020 \| Series A Preferred Stock
Class of Stock [Line Items]
Number of Shares	4,853,969
Cash Dividends	$ 554
Dividend Paid, May 15, 2020 \| Series D Preferred Stock
Class of Stock [Line Items]
Number of Shares	6,580
Cash Dividends	$ 1
Dividend Paid, April 15, 2020 \| Series A Preferred Stock
Class of Stock [Line Items]
Number of Shares		4,827,633
Cash Dividends		$ 547
Dividend Paid, April 15, 2020 \| Series D Preferred Stock
Class of Stock [Line Items]
Number of Shares	5,980
Cash Dividends	$ 1
Dividend Paid, March 16, 2020 \| Series A Preferred Stock
Class of Stock [Line Items]
Number of Shares		4,684,453
Cash Dividends		$ 530
Dividend Paid, March 16, 2020 \| Series D Preferred Stock
Class of Stock [Line Items]
Number of Shares	5,600
Cash Dividends	$ 0
Dividend Paid, February 18, 2020 \| Series A Preferred Stock
Class of Stock [Line Items]
Number of Shares		4,581,353
Cash Dividends		$ 516

REDEEMABLE PREFERRED STOCK - Cash Dividends Accumulated (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Class of Stock [Line Items]
Dividends Accumulated	$ 3,990		$ 4,302		$ 9,346	$ 8,464
Series L Preferred Stock
Class of Stock [Line Items]
Series L Preferred Stock outstanding (in shares)	5,387,160	5,387,160	8,080,740	8,080,740	5,387,160	8,080,740
Dividends Accumulated	$ 2,101	$ 2,101	$ 3,152	$ 3,152

STOCKHOLDERS' EQUITY - Cash Dividends Paid (Details) - $ / shares	Jun. 03, 2020	Mar. 02, 2020	Jun. 04, 2019	Feb. 20, 2019
Common Stock
Dividends Payable [Line Items]
Dividends per common share paid (in usd per share)	$ 0.075	$ 0.075	$ 0.375	$ 0.375

STOCKHOLDERS' EQUITY - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	Aug. 19, 2019	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Subsidiary, Sale of Stock [Line Items]
Common dividends (in usd per share)		$ 0.075	$ 0.075	$ 0.375	$ 0.375
Special dividends paid	$ 613,294
Net proceeds from issuance of warrants						$ 29	$ 40
Registration Statement
Subsidiary, Sale of Stock [Line Items]
Warrant right to purchase a share of common stock (in shares)		0.25				0.25
Premium of the exercise price of the warrant as a percent to net asset value of common stock		15.00%				15.00%
Series A Preferred Unit
Subsidiary, Sale of Stock [Line Items]
Number of securities called by warrants or rights (in shares)		1,194,159				1,194,159
Net proceeds from issuance of warrants						$ 614
Special Dividend
Subsidiary, Sale of Stock [Line Items]
Common dividends (in usd per share)	$ 42.00
Series A Preferred Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants issued (in shares)		4,603,287				4,603,287

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details)				3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 11, 2019 USD ($) swap	Feb. 28, 2019 USD ($)	Dec. 28, 2018 USD ($) swap	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($) swap	Dec. 31, 2017 USD ($) swap	Aug. 13, 2015 USD ($) swap
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Number of swaps terminated \| swap	2		1			2	7
Notional amount of terminated swaps	$ 120,000,000		$ 50,000,000				$ 215,000,000
Termination payments, net of fees	1,302,000		684,000				973,000
Reclassification from AOCI to interest expense				$ 0	$ 0	$ 1,806,000
Write-off from swaps being terminated						1,580,000
Loss in fair value of interest rate swaps					$ 0	(209,000)
Unsecured Term Loan Facility Entered Into May 2015
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Repayments of debt							$ 215,000,000
Interest Rate Swap
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Number of interest rate swaps \| swap								10
Total notional amount								$ 385,000,000
Derivative, fair value	1,421,000
Loss on swap				0		119,000
2018 Revolving Credit Facility \| Line of Credit
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Repayments of debt	$ 120,000,000	$ 10,000,000	$ 40,000,000
Interest Expense
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Loss in fair value of interest rate swaps				$ 0		$ 209,000

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - AOCI (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 279,539	$ 909,507	$ 617,275	$ 278,195	$ 617,275
Other comprehensive income before reclassifications	0	0		0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0	0		0	(1,806)
Net current period other comprehensive income (loss)	0	0	(1,806)	0	(1,806)
Ending balance	284,393	966,260	909,507	284,393	966,260
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	0	1,806	0	1,806
Ending balance	$ 0	$ 0	$ 0	$ 0	$ 0

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Amount
Liabilities:
Mortgage payable	$ 96,939	$ 96,926
Junior subordinated notes	25,343	25,299
Carrying Amount \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	27,820	27,802
Carrying Amount \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	24,463	27,595
Carrying Amount \| SBA 7(a) loans receivable, paycheck protection program
Assets:
Loans receivable	14,894	0
Carrying Amount \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	9,978	12,682
Fair Value, Measurements, Nonrecurring \| Estimated Fair Value \| Level 3
Liabilities:
Mortgage payable	98,554	99,764
Junior subordinated notes	24,177	24,406
Fair Value, Measurements, Nonrecurring \| Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	29,059	29,794
Fair Value, Measurements, Nonrecurring \| Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	26,889	30,076
Fair Value, Measurements, Nonrecurring \| Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, paycheck protection program
Assets:
Loans receivable	15,466	0
Fair Value, Measurements, Nonrecurring \| Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	$ 10,073	$ 12,780

RELATED-PARTY TRANSACTIONS (Details) ft² in Thousands						3 Months Ended		6 Months Ended
RELATED-PARTY TRANSACTIONS (Details) ft² in Thousands	May 11, 2020	Apr. 09, 2020	Jan. 28, 2020	Jan. 01, 2019 subsidiary	May 10, 2018	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jul. 08, 2020 shares	Apr. 10, 2020 shares	Dec. 31, 2019 USD ($)	Aug. 07, 2019 ft²	May 15, 2019 ft²	Oct. 01, 2015	Mar. 11, 2014 USD ($)
Related Party Transaction [Line Items]
Due to related parties						$ 8,014,000		$ 8,014,000				$ 9,431,000
Wholesaling agreement, percent of selling price fee per share					2.75%
Related party, stock issuance costs								501,000	$ 336,000
CIM Urban REIT Management, L.P. \| Asset Management Fees
Related Party Transaction [Line Items]
Related party, amount of transaction						2,376,000	$ 2,919,000	4,739,000	7,245,000
Due to related parties						2,375,000		2,375,000				2,356,000
CIM Urban REIT Management, L.P. \| Property Management Fees
Related Party Transaction [Line Items]
Related party, amount of transaction						370,000	607,000	797,000	1,612,000
Affiliated Entity \| Investment Management Agreement
Related Party Transaction [Line Items]
Related party, percent of common stock outstanding											1.40%
CIM Management Entities
Related Party Transaction [Line Items]
Due to related parties						1,272,000		1,272,000				4,107,000
CIM Management Entities \| Personnel Fees
Related Party Transaction [Line Items]
Related party, amount of transaction						615,000	1,406,000	1,584,000	3,036,000
CIM Management Entities \| Lease Commission Fees
Related Party Transaction [Line Items]
Related party, amount of transaction						43,000	556,000	83,000	578,000
CIM Management Entities \| Construction Management Fees
Related Party Transaction [Line Items]
Related party, amount of transaction						107,000	69,000	277,000	169,000
CIM Management Entities And Related Parties
Related Party Transaction [Line Items]
Due from related parties						126,000		126,000
Due to related parties												97,000
CIM Service Provider, LLC \| Base Service Fee
Related Party Transaction [Line Items]
Related party, amount of transaction						0	276,000	282,000	552,000
Related party, fees payable per year under agreement																$ 1,000,000
CIM Service Provider, LLC \| Master Services Agreement
Related Party Transaction [Line Items]
Due to related parties						2,198,000		2,198,000				1,673,000
Related party, compensation expensed for performing other services						615,000	542,000	1,427,000	1,189,000
CIM SBA Staffing, LLC \| Personnel Fees
Related Party Transaction [Line Items]
Due to related parties						1,660,000		1,660,000				1,029,000
Related party, deferred personnel costs						6,000	44,000	37,000	50,000
CIM SBA Staffing, LLC \| Expenses Related to Lending Segment Subject to Reimbursement
Related Party Transaction [Line Items]
Related party, amount of transaction						998,000	551,000	1,680,000	1,188,000
CIM Management Entities Affiliate
Related Party Transaction [Line Items]
Lease renewal term with related party															5 years
Rental and other property income from related party						29,000	28,000	58,000	55,000
CIM Group \| Eleven Year Lease
Related Party Transaction [Line Items]
Rental and other property income from related party						370,000	206,000	740,000	206,000
Lease, term of contract with related party														11 years
Net rentable area with related party (in sq ft) \| ft²													30	32
CIM Capital, LLC
Related Party Transaction [Line Items]
Number of subsidiaries \| subsidiary				4
CCO Capital, LLC \| Second Amended and Restated Dealer Manager Agreement, Amendment No. 1, Reallowance of Selling Commissions
Related Party Transaction [Line Items]
Related party transaction, rate		100.00%
CIM Capital, LLC \| Affiliated Entity \| Investment Management Agreement \| Common Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares) \| shares											203,349
CIM Service Provider, LLC \| Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee
Related Party Transaction [Line Items]
Related party transaction, rate	15.00%
CIM Service Provider, LLC \| Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Per Quarter
Related Party Transaction [Line Items]
Related party transaction, rate	1.75%
CIM Service Provider, LLC \| Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Annualized
Related Party Transaction [Line Items]
Related party transaction, rate	7.00%
CCO Capital, LLC \| Wholesaling Agreement
Related Party Transaction [Line Items]
Due to related parties						386,000		386,000				169,000
Related party, deferred costs						1,112,000		1,112,000				621,000
CCO Capital, LLC \| Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Upfront Dealer Manager Fee
Related Party Transaction [Line Items]
Related party transaction, rate			1.25%
CCO Capital, LLC \| Affiliated Entity \| Second Amended and Restated Dealer Manager Agreement, Selling Commissions Payable
Related Party Transaction [Line Items]
Related party transaction, rate			5.50%
CCO Capital, LLC \| Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Trailing Dealer Manager Fee, Daily Accruing Rate Of Annual Rate
Related Party Transaction [Line Items]
Related party transaction, rate			0.27%
CCO Capital, LLC \| Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Trailing Dealer Manager Fee, Annual
Related Party Transaction [Line Items]
Related party transaction, rate			0.25%
CCO Capital, LLC \| Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Amendment No. 1
Related Party Transaction [Line Items]
Due to related parties						249,000		249,000				$ 0
CCO Capital, LLC \| Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Amendment No. 1 \| Series A Preferred Stock
Related Party Transaction [Line Items]
Related party, stock issuance costs						349,000	313,000	585,000	523,000
CCO Capital, LLC \| Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Amendment No. 1 \| Series D Preferred Stock
Related Party Transaction [Line Items]
Related party, stock issuance costs						1,000		4,000
CCO Capital, LLC \| Affiliated Entity \| Second Amended and Restated Dealer Manager Agreement, Amendment No. 1, Selling Commissions Payable
Related Party Transaction [Line Items]
Related party transaction, rate		7.00%
CCO Capital, LLC \| Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Non-Issuance Specific Costs Incurred by Related Party
Related Party Transaction [Line Items]
Related party, amount of transaction						$ 21,000	$ 5,000	$ 45,000	$ 7,000
Subsequent Event \| CIM Capital, LLC \| Affiliated Entity \| Investment Management Agreement \| Series A Preferred Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares) \| shares										95,245
Related party, shares issued, percentage of outstanding shares										1.80%
Subsequent Event \| CIM Service Provider, LLC \| Affiliated Entity \| Master Services Agreement \| Series A Preferred Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares) \| shares										11,273
Related party, shares issued, percentage of outstanding shares										0.20%

RELATED-PARTY TRANSACTIONS - Asset Management Fees Calculation (Details) - CIM Urban REIT Management, L.P. $ in Thousands	Jun. 30, 2020 USD ($)
0 - 500,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.25%
0 - 500,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 0
0 - 500,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 500,000
500,000 - 1,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.2375%
500,000 - 1,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 500,000
500,000 - 1,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 1,000,000
1,000,000 - 1,500,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.225%
1,000,000 - 1,500,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 1,000,000
1,000,000 - 1,500,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 1,500,000
1,500,000 - 4,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.2125%
1,500,000 - 4,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 1,500,000
1,500,000 - 4,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 4,000,000
4,000,000 - 20,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.10%
4,000,000 - 20,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 4,000,000
4,000,000 - 20,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 20,000,000

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	1 Months Ended	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 30, 2018 USD ($)	Jun. 30, 2020 USD ($) officer	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)
Commitment and Contingencies [Line Items]
Outstanding loan commitments to fund loans		$ 14,026
Future obligations under leases to fund tenant improvements and other future construction obligation		4,543
Restricted cash		10,960	$ 12,146	$ 10,824
Contractual obligation in connection with retirement of current company president		$ 450
Employment agreements \| Executive Officers
Commitment and Contingencies [Line Items]
Number of officers covered under employment agreement \| officer		2
Multiplier used for the calculation of payments in the event of death of employee		2
Multiplier used for the calculation of payments in the event of disability to employee		1
Restricted Cash for Tenant Improvements
Commitment and Contingencies [Line Items]
Restricted cash		$ 2,814
City and County of San Francisco Real Property Transfer Tax Case \| Pending Litigation
Commitment and Contingencies [Line Items]
Refund sought for penalties, interest and legal fees paid for real property transfer tax	$ 11,845

FUTURE MINIMUM LEASE RENTALS (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Leases, Operating [Abstract]
2020 (Six months ending December 31, 2020)	$ 23,964
2021	43,578
2022	40,111
2023	35,918
2024	34,575
Thereafter	51,393
Total	$ 229,539

CONCENTRATIONS (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
CONCENTRATIONS (Details) $ in Thousands	Jun. 30, 2020 USD ($) property	Jun. 30, 2019 state	Jun. 30, 2020 USD ($) property	Jun. 30, 2019 state	Dec. 31, 2019 USD ($) property
Concentration Risk [Line Items]
Number of states in which properties are owned \| state		2		2
Office properties
Concentration Risk [Line Items]
Number of real estate properties owned	8		8		8
Hotel properties
Concentration Risk [Line Items]
Number of real estate properties owned	1		1		1
Parking garages
Concentration Risk [Line Items]
Number of real estate properties owned	1		1		1
Development site
Concentration Risk [Line Items]
Number of real estate properties owned	1		1		1
Revenues \| Tenant Revenue Concentrations \| Kaiser Foundation Health Plan, Inc.
Concentration Risk [Line Items]
Amounts due from tenant revenue concentrations \| $	$ 13		$ 13		$ 23
Revenues \| Tenant Revenue Concentrations \| Kaiser Foundation Health Plan, Inc. \| California
Concentration Risk [Line Items]
Number of properties occupied by tenant revenue concentrations			2
Revenues \| Tenant Revenue Concentrations \| Governmental Tenants
Concentration Risk [Line Items]
Amounts due from tenant revenue concentrations \| $	$ 102		$ 102		$ 282
Revenues \| Geographical concentrations
Concentration Risk [Line Items]
Concentration risk, percent	100.00%	100.00%	100.00%	100.00%
Revenues \| Geographical concentrations \| California
Concentration Risk [Line Items]
Concentration risk, percent	88.60%	74.40%	90.70%	75.60%
Revenues \| Geographical concentrations \| Texas
Concentration Risk [Line Items]
Concentration risk, percent	11.40%	5.20%	9.10%	4.30%
Revenues \| Geographical concentrations \| Washington, D.C.
Concentration Risk [Line Items]
Concentration risk, percent	0.00%	20.40%	0.20%	20.10%
Real Estate Investments \| Geographical concentrations
Concentration Risk [Line Items]
Concentration risk, percent			100.00%		100.00%
Real Estate Investments \| Geographical concentrations \| California
Concentration Risk [Line Items]
Concentration risk, percent			93.90%		94.40%
Real Estate Investments \| Geographical concentrations \| Texas
Concentration Risk [Line Items]
Concentration risk, percent			6.10%		5.60%
Office Properties Segment \| Revenues \| Tenant Revenue Concentrations \| Kaiser Foundation Health Plan, Inc.
Concentration Risk [Line Items]
Concentration risk, percent	25.20%	17.00%	25.30%	13.60%
Office Properties Segment \| Revenues \| Tenant Revenue Concentrations \| Governmental Tenants
Concentration Risk [Line Items]
Concentration risk, percent	2.40%	21.90%	2.30%	22.70%

SEGMENT DISCLOSURE - Segment Net Operating Income (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($) property	Jun. 30, 2019 USD ($) property	Jun. 30, 2020 USD ($) property	Jun. 30, 2019 USD ($) property
Segment Reporting Information [Line Items]
Number of types of commercial real estate properties \| property	2	2	2	2
Revenues	$ 16,510	$ 36,856	$ 42,045	$ 84,133
Expenses:
Interest expense	2,896	2,550	6,063	6,595
General and administrative	1,668	1,621	3,402	3,409
EXPENSES	21,242	39,229	48,055	172,146
Hotel
Segment Reporting Information [Line Items]
Revenues	1,114	10,330	9,367	20,919
Reportable segments
Expenses:
Expense reimbursements to related parties	998	551	1,680	1,188
Segment net operating income (loss)	7,031	18,012	18,566	42,827
Reportable segments \| Office
Segment Reporting Information [Line Items]
Revenues	13,763	22,050	28,660	55,495
Expenses:
Operating	5,266	8,913	11,312	22,472
General and administrative	238	202	336	356
EXPENSES	5,504	9,115	11,648	22,828
Segment net operating income (loss)	8,259	12,935	17,012	32,667
Reportable segments \| Hotel
Segment Reporting Information [Line Items]
Revenues	1,114	10,330	9,367	20,919
Expenses:
Operating	2,226	6,745	8,695	13,439
General and administrative	6	63	19	77
EXPENSES	2,232	6,808	8,714	13,516
Segment net operating income (loss)	(1,118)	3,522	653	7,403
Reportable segments \| Lending
Segment Reporting Information [Line Items]
Revenues	1,598	2,977	3,982	5,901
Expenses:
Interest expense	189	536	480	1,118
Expense reimbursements to related parties	998	551	1,680	1,188
General and administrative	521	335	921	838
EXPENSES	1,708	1,422	3,081	3,144
Segment net operating income (loss)	$ (110)	$ 1,555	$ 901	$ 2,757

SEGMENT DISCLOSURE - Reconciliation of Segment Operating Income to Net Income Attributable to Company (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	$ 1,941,000		$ 4,888,000		$ 4,898,000	$ 8,780,000
Asset management and other fees to related parties	(2,376,000)		(3,195,000)		(5,021,000)	(7,797,000)
Interest expense	(2,896,000)		(2,550,000)		(6,063,000)	(6,595,000)
General and administrative	(1,668,000)		(1,621,000)		(3,402,000)	(3,409,000)
Transaction costs	0		(216,000)		0	(260,000)
Depreciation and amortization	(5,197,000)		(7,185,000)		(10,455,000)	(16,815,000)
Loss on early extinguishment of debt	0		(4,911,000)		0	(29,982,000)
Impairment of real estate	0		(2,800,000)	$ (66,200,000)	0	(69,000,000)
Gain on sale of real estate	0		55,221,000		0	432,802,000
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES	(4,732,000)		52,848,000		(6,010,000)	344,789,000
Provision for income taxes	691,000		(281,000)		713,000	(599,000)
NET (LOSS) INCOME	(4,041,000)	$ (1,256,000)	52,567,000	$ 291,623,000	(5,297,000)	344,190,000
Net (income) loss attributable to noncontrolling interests	(2,000)		(1,000)		(6,000)	173,000
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	(4,043,000)		52,566,000		(5,303,000)	344,363,000
Reportable segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment net operating income	7,031,000		18,012,000		18,566,000	42,827,000
Expense reimbursements to related parties—corporate	(998,000)		(551,000)		(1,680,000)	(1,188,000)
Corporate and Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	35,000		1,499,000		36,000	1,818,000
Asset management and other fees to related parties	(2,376,000)		(3,195,000)		(5,021,000)	(7,797,000)
Interest expense	(2,707,000)		(2,014,000)		(5,583,000)	(5,477,000)
General and administrative	(903,000)		(1,021,000)		(2,126,000)	(2,138,000)
Non-segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Expense reimbursements to related parties—corporate	$ (615,000)		$ (542,000)		$ (1,427,000)	$ (1,189,000)

SEGMENT DISCLOSURE - Assets and Capital Expenditures and Loan Originations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total assets	$ 726,225		$ 667,592
Total capital expenditures	7,643	$ 5,520
Loan originations	27,870	18,523
Total capital expenditures and loan originations	35,513	24,043
Office
Segment Reporting Information [Line Items]
Total assets	465,554		460,951
Total capital expenditures	7,087	4,363
Hotel
Segment Reporting Information [Line Items]
Total assets	101,335		104,029
Total capital expenditures	556	$ 1,157
Lending
Segment Reporting Information [Line Items]
Total assets	94,391		82,140
Non-segment
Segment Reporting Information [Line Items]
Total assets	$ 64,945		$ 20,472

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

COVID-19 - Collections and Agreements with Tenants (Details)		1 Months Ended	3 Months Ended
	Aug. 05, 2020	Jul. 31, 2020 USD ($)	Jun. 30, 2020 USD ($) tenant
Unusual or Infrequent Item, or Both [Line Items]
Number of tenants with expiring lease renewing \| tenant			2
Office and Retail
Unusual or Infrequent Item, or Both [Line Items]
Rental and Other Property Income Billed to Tenants			$ 12,940,790
% Collected			90.20%
% Collected by Applying the Security Deposit			1.00%
% Deferred			0.30%
% Recorded as Bad Debt			0.10%
% Abated			0.00%
Office and Retail \| Subsequent Event
Unusual or Infrequent Item, or Both [Line Items]
Rental and Other Property Income Billed to Tenants		$ 4,470,553
% Collected		86.30%
% Collected by Applying the Security Deposit		0.00%
% Deferred		0.00%
% Recorded as Bad Debt		0.00%
% Abated		0.00%
Office and Retail \| Subsequent Event \| Three Months Ended June 30, 2020
Unusual or Infrequent Item, or Both [Line Items]
Rental and other property income billed to tenants, additionally collected	5.70%
Office and Retail \| Subsequent Event \| July 2020
Unusual or Infrequent Item, or Both [Line Items]
Rental and other property income billed to tenants, additionally collected	5.10%
Parking
Unusual or Infrequent Item, or Both [Line Items]
Rental and Other Property Income Billed to Tenants			$ 978,117
% Collected			21.90%
% Collected by Applying the Security Deposit			0.00%
% Deferred			0.00%
% Recorded as Bad Debt			49.60%
% Abated			12.70%
Parking \| Subsequent Event
Unusual or Infrequent Item, or Both [Line Items]
Rental and Other Property Income Billed to Tenants		$ 360,789
% Collected		28.80%
% Collected by Applying the Security Deposit		0.00%
% Deferred		0.00%
% Recorded as Bad Debt		0.00%
% Abated		0.00%

COVID-19 - Narrative (Details) - USD ($)	1 Months Ended				3 Months Ended
COVID-19 - Narrative (Details) - USD ($)	Jul. 31, 2020	Mar. 31, 2020	Jul. 31, 2019	Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Concentration Risk [Line Items]
Hotel occupancy rate		38.60%	76.50%	85.60%	12.50%		81.70%
Average daily rate		$ 172.05	$ 136.68	$ 176.12	$ 124.49		$ 173.08
Revenue per available room		$ 66.48	$ 104.61	$ 150.84	$ 15.61		$ 141.42
Hotel \| Revenues
Concentration Risk [Line Items]
Concentration risk, percent						22.00%
Subsequent Event
Concentration Risk [Line Items]
Hotel occupancy rate	17.60%
Average daily rate	$ 121.41
Revenue per available room	$ 21.40

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details)	Jun. 30, 2020	Dec. 31, 2019
Measurement Input, Discount Rate \| Mortgages Payable \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for debt	0.0386	0.0367
Measurement Input, Discount Rate \| Junior Subordinated Debt \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for debt	0.0455	0.0616
Measurement Input, Discount Rate \| SBA 7(a) loans receivable, subject to credit risk \| Minimum \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.0425	0.0525
Measurement Input, Discount Rate \| SBA 7(a) loans receivable, subject to credit risk \| Maximum \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.0675	0.0775
Measurement Input, Discount Rate \| SBA 7(a) loans receivable, subject to loan-backed notes \| Minimum \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.0475	0.0525
Measurement Input, Discount Rate \| SBA 7(a) loans receivable, subject to loan-backed notes \| Maximum \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.0625	0.0725
Measurement Input, Discount Rate \| SBA 7(a) loans receivable, paycheck protection program \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.0100
Measurement Input, Discount Rate \| SBA 7(a) loans receivable, subject to secured borrowings \| Minimum \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.0575	0.0675
Measurement Input, Discount Rate \| SBA 7(a) loans receivable, subject to secured borrowings \| Maximum \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.0600	0.0750
Measurement Input, Prepayment Rate \| SBA 7(a) loans receivable, subject to credit risk \| Minimum \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.0985	0.0985
Measurement Input, Prepayment Rate \| SBA 7(a) loans receivable, subject to credit risk \| Maximum \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.1750	0.1750
Measurement Input, Prepayment Rate \| SBA 7(a) loans receivable, subject to loan-backed notes \| Minimum \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.1341	0.1341
Measurement Input, Prepayment Rate \| SBA 7(a) loans receivable, subject to loan-backed notes \| Maximum \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.1680	0.1680
Measurement Input, Prepayment Rate \| SBA 7(a) loans receivable, subject to secured borrowings \| Minimum \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.1177	0.1177
Measurement Input, Prepayment Rate \| SBA 7(a) loans receivable, subject to secured borrowings \| Maximum \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for loans receivable	0.1680	0.1680