Gramercy Property Trust Inactive 10-Q8 Nov 132013 Q3 Quarterly reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2013	Nov. 08, 2013
Document Information [Line Items]	'	'
Entity Registrant Name	'Gramercy Property Trust Inc.	'
Entity Central Index Key	'0001287701	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Trading Symbol	'GKK	'
Entity Common Stock, Shares Outstanding	'	71,244,043
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Assets:	'	'
Land	$43,821	$1,800
Building and improvements	154,474	21,359
Less: accumulated depreciation	-2,279	-50
Total real estate investments, net	196,016	23,109
Cash and cash equivalents	28,747	105,402
Investment in joint ventures	46,800	72,742
Servicing advances receivable	9,973	0
Retained CDO bonds	7,992	0
Assets held-for-sale, net (includes consolidated VIEs of $0 and $1,913,353, respectively)	0	1,952,264
Tenant and other receivables, net	13,056	4,123
Acquired lease assets, net of accumulated amortization of $933 and $42	13,225	4,386
Deferred costs, net of accumulated amortization of $316 and $2,033	2,577	415
Other assets	9,705	6,395
Total assets	328,091	2,168,836
Liabilities and Equity (Deficit):	'	'
Mortgage notes payable	48,436	0
Accounts payable and accrued expenses	7,703	8,908
Dividends payable	35,809	30,438
Deferred revenue	702	33
Below-market lease liabilities, net of accumulated amortization of $211 and $4	3,931	458
Liabilities related to assets held-for-sale (includes consolidated VIEs of $0 and $2,374,516, respectively)	0	2,380,162
Other liabilities	1,023	665
Total liabilities	97,604	2,420,664
Commitments and contingencies	'	0
Equity (deficit):	'	'
Series A cumulative redeemable preferred stock, par value $0.001, liquidation preference $88,146, 4,600,000 shares authorized, 3,525,822 shares issued and outstanding at September 30, 2013 and December 31, 2012.	85,235	85,235
Additional paid-in-capital	1,103,798	1,102,227
Accumulated other comprehensive loss	118	-95,265
Accumulated deficit	-959,585	-1,344,989
Total Gramercy Property Trust Inc. stockholders' equity (deficit)	229,626	-252,731
Non-controlling interest	861	903
Total equity (deficit)	230,487	-251,828
Total liabilities and equity (deficit)	328,091	2,168,836
Common Class A [Member]	'	'
Equity (deficit):	'	'
Common stock Value	58	57
Total equity (deficit)	58	57
Common Class B [Member]	'	'
Equity (deficit):	'	'
Common stock Value	0	2
Total equity (deficit)	0	2
Common Class B Two [Member]	'	'
Equity (deficit):	'	'
Common stock Value	2	2
Total equity (deficit)	$2	$2

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets [Parenthetical] (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Assets held for sale, net (in dollars)	$0	$1,952,264
Acquired lease assets, accumulated amortization (in dollars)	933	42
Deferred costs, accumulated amortization (in dollars)	316	2,033
Below market lease liabilities, accumulated amortization (in dollars)	211	4
Liabilities related to assets held-for-sale (includes consolidated VIEs of $0 and $2,374,516, respectively) (in dollars)	0	2,380,162
Common stock, par value (in dollars per share)	$0.00	'
Common stock, shares authorized	100,000,000	'
Common Stock, shares issued	57,676,005	'
Common Stock, shares outstanding	57,676,005	'
Series A cumulative redeemable preferred stock, par value (in dollars per share)	$0.00	$0.00
Series A cumulative redeemable preferred stock, liquidation preference (in dollars)	88,146	88,146
Series A cumulative redeemable preferred stock, shares authorized	4,600,000	4,600,000
Series A cumulative redeemable preferred stock, shares issued	3,525,822	3,525,822
Series A cumulative redeemable preferred stock, shares outstanding	3,525,822	3,525,822
Common Class A [Member]	'	'
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	98,000,000	96,000,000
Common Stock, shares issued	57,676,005	56,731,002
Common Stock, shares outstanding	57,676,005	56,731,002
Common Class B [Member]	'	'
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	0	2,000,000
Common Stock, shares issued	0	2,000,000
Common Stock, shares outstanding	0	2,000,000
Common Class B Two [Member]	'	'
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	2,000,000	2,000,000
Common Stock, shares issued	2,000,000	2,000,000
Common Stock, shares outstanding	2,000,000	2,000,000
Variable Interest Entity, Primary Beneficiary [Member]	'	'
Assets held for sale, net (in dollars)	0	1,913,353
Liabilities related to assets held-for-sale (includes consolidated VIEs of $0 and $2,374,516, respectively) (in dollars)	$0	$2,374,516

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)	3 Months Ended				9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Revenues	'		'		'		'
Management fees	$8,343		$8,833		$30,275		$26,762
Rental revenue	4,024		0		6,484		0
Investment income	464		299		1,233		299
Operating expense reimbursements	460		0		764		0
Other income	130		25		236		91
Total revenues	13,421		9,157		38,992		27,152
Expenses	'		'		'		'
Property management expenses	4,842		5,666		16,015		17,466
Property operating expenses	479		0		903		0
Total property operating expenses	5,321		5,666		16,918		17,466
Other-than-temporary impairment	0		0		1,682		0
Portion of impairment recognized in other comprehensive loss	0		0		0		0
Net impairment recognized in earnings	0		0		1,682		0
Depreciation and amortization	1,886		44		3,142		130
Interest expense	538		0		623		0
Management, general and administrative	4,672		8,262		13,366		22,708
Acquisition expenses	238		0		1,487		0
Total expenses	12,655		13,972		37,218		40,304
Income (loss) from continuing operations before equity in income (loss) from joint ventures and provisions for taxes	766		-4,815		1,774		-13,152
Equity in net income (loss) of joint ventures	983		31		-2,808		88
Income (loss) from continuing operations before provision for taxes and discontinued operations	1,749		-4,784		-1,034		-13,064
Provision for taxes	-744		39		-5,590		-3,379
Income (loss) from continuing operations	1,005	[1]	-4,745	[1]	-6,624	[1]	-16,443	[1]
Income (loss) from discontinued operations	-514		1,855		9,456		-18,513
Gain on sale of joint venture interest to a director related entity	0		0		1,317		0
Gains from disposals	0		0		389,140		11,996
Provision for taxes	0		0		-2,515		0
Income (loss) from discontinued operations	-514		1,855		397,398		-6,517
Net income (loss) attributable to Gramercy Property Trust Inc.	491		-2,890		390,774		-22,960
Accrued preferred stock dividends	-1,790		-1,790		-5,370		-5,370
Net income (loss) available to common stockholders	-1,299		-4,680		385,404		-28,330
Other comprehensive income (loss):	'		'		'		'
Unrealized holding gains (losses) arising during period	-65		63,455		118		170,800
Other comprehensive income (loss):	-65		63,455		118		170,800
Comprehensive income (loss) attributable to Gramercy Property Trust Inc.	426		60,565		390,892		147,840
Comprehensive income (loss) attributable to common stockholders	($1,364)		$58,775		$385,522		$142,470
Basic earnings per share:	'		'		'		'
Net loss from continuing operations, after preferred dividends (in dollars per share)	($0.01)		($0.13)		($0.21)		($0.42)
Net income (loss) from discontinued operations (in dollars per share)	($0.01)		$0.04		$6.77		($0.13)
Net income (loss) available to common stockholders (in dollars per share)	($0.02)		($0.09)		$6.56		($0.55)
Diluted earnings per share:	'		'		'		'
Net loss from continuing operations, after preferred dividends (in dollars per share)	($0.01)		($0.13)		($0.21)		($0.42)
Net income (loss) from discontinued operations (in dollars per share)	($0.01)		$0.04		$6.77		($0.13)
Net income (loss) available to common stockholders (in dollars per share)	($0.02)		($0.09)		$6.56		($0.55)
Basic weighted average common shares outstanding (in shares)	58,902,708		52,308,653		58,729,491		51,328,443
Diluted weighted average common shares and common share equivalents outstanding (in shares)	58,902,708		52,308,653		58,729,491		51,328,443

[1]	Net income (loss) from continuing operations represents loss before discontinued operations.

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Stockholders' Equity (Deficit) and Non-controlling Interests (USD $)		Total	Common Class A [Member]	Common Class B [Member]	Common Class B Two [Member]	Series A Preferred Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]
In Thousands, except Share data		Total	Common Class A [Member]	Common Class B [Member]	Common Class B Two [Member]	Series A Preferred Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]
Balance at Dec. 31, 2012		($251,828)	$57	$2	$2	$85,235	$1,102,227	($95,265)	($1,344,989)	($252,731)	$903
Balance (in shares) at Dec. 31, 2012		'	56,731,002	2,000,000	2,000,000	'	'	'	'	'	'
Net loss		390,774	0	0	0	0	0	0	390,774	390,774	0
Change in net unrealized loss on derivative instruments		10,100	0	0	0	0	0	10,100	0	10,100	0
Change in net unrealized gain on debt securities		118	0	0	0	0	0	118	0	118	0
Change in net unrealized loss on available - for - sale securities		23,083	0	0	0	0	0	23,083	0	23,083	0
Gramercy Finance disposal		62,040	0	0	0	0	0	62,082	0	62,082	-42
Conversion of Class B-1 share into common stock		0	2	-2	0	0	0	0	0	0	0
Conversion of Class B-1 share into common stock (in shares)		'	2,000,000	-2,000,000	0	'	'	'	'	'	'
Issuance of stock - stock purchase plan		13	0	0	0	0	13	0	0	13	0
Issuance of stock - stock purchase plan (in shares)		'	7,189	0	0	'	'	'	'	'	'
Stock based compensation - fair value	[1]	1,557	-1	0	0	0	1,558	0	0	1,557	0
Stock based compensation - fair value (in shares)	[1]	'	-1,062,186	0	0	'	'	'	'	'	'
Dividends accrued on preferred stock		-5,370	0	0	0	0	0	0	-5,370	-5,370	0
Balance at Sep. 30, 2013		$230,487	$58	$0	$2	$85,235	$1,103,798	$118	($959,585)	$229,626	$861
Balance (in shares) at Sep. 30, 2013		57,676,005	57,676,005	0	2,000,000	'	'	'	'	'	'

[1]	In the first quarter of 2013, the Company excluded unvested restricted share units from the outstanding share count.

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Operating Activities:	'	'
Net income (loss)	$390,774	($22,960)
Adjustments to net cash provided by operating activities:	'	'
Depreciation and amortization	3,565	1,007
Amortization of acquired leases to rental revenue	-125	-155
Amortization of deferred costs	149	2,909
Amortization of discount and other fees	-10,110	-19,319
Straight-line rent adjustment	-1,463	-152
Non-cash impairment charges	9,323	60,791
Net gain on sale of properties and lease terminations	0	-11,996
Net realized gain on sale of joint venture to a director related entity	-1,317	0
Net realized gain on loans	0	765
Net realized gain on disposal of Gramercy Finance	-389,140	0
Equity in net (income) loss of joint ventures	3,612	-88
Stock-based compensation	1,572	2,145
Distributions recieved from joint ventures	6,493	'
Provision for loan losses	0	-7,838
Changes in operating assets and liabilities:	'	'
Restricted cash	-1,033	8,084
Tenant and other receivables	-7,254	-2,838
Accrued interest	5,759	2,453
Other assets	10,983	-1,646
Payment of capitalized tenant leasing costs	0	-67
Accounts payable, accrued expenses and other liabilities	-6,451	2,016
Deferred revenue	1,286	-140
Net cash provided by operating activities	16,623	12,971
Investing Activities:	'	'
Capital expenditures and leasehold costs	-4,011	-1,399
Distribution received from joint ventures	18,391	289
Proceeds from sale of real estate	0	37,259
Proceeds from disposal of Gramercy Finance	6,291	0
Proceeds from sale of joint venture to a director related entity	8,275	0
Proceeds from repayments of servicing advances receivable	4,758	0
Payment of deferred investment costs	0	1,148
New loan investment originations and funded commitments	0	-19,295
Principal collections on investments	34,990	195,052
Investment in joint ventures	-1,750	0
Investment in commercial mortgage-backed securities	0	-535
Acquisition of real estate	-143,203	0
Net cash (used for) provided by investing activities	-76,259	212,519
Financing Activities:	'	'
Repayment of collateralized debt obligations	-85,912	-181,328
Proceeds from mortgage note payables, net	14,500	0
Net proceeds from sale of common stock	0	2,677
Payment of deferred financing costs	-2,621	0
Repayment of mortgage note payable	-298	0
Proceeds from sale of repurchased bonds	34,364	0
Change in restricted cash from financing activities	22,948	-35,347
Net cash used in financing activities	-17,019	-213,998
Net increase (decrease) in cash and cash equivalents	-76,655	11,492
Cash and cash equivalents at beginning of period	105,402	163,725
Cash and cash equivalents at end of period	28,747	175,217
Non-cash activity:	'	'
Deferred gain (loss) and other non-cash activity related to derivatives	0	-8,113
Land acquired for consideration of a note payable	4,839	0
Debt assumed in acquisition of real estate	31,312	0
Supplemental cash flow disclosures:	'	'
Interest paid	16,918	44,029
Income taxes paid	$8,625	$5,621

Business_and_Organization

Business and Organization	9 Months Ended
Business and Organization	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	1. Business and Organization

	Gramercy Property Trust Inc., or the Company, is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates an asset management business that manages for third-parties, including the Company’s Bank of America joint venture, commercial real estate assets throughout the United States primarily leased to financial institutions and affiliated users.

	The Company was founded in 2004 as a specialty finance Real Estate Investment Trust, or REIT, focused on originating and acquiring loans and securities related to commercial and multifamily properties. In July 2012, following a strategic review, the Company’s board of directors announced a repositioning of the Company as an equity REIT focused on acquiring and managing income producing net leased real estate. To reflect this transformation, in April 2013 the Company changed its name from Gramercy Capital Corp. to Gramercy Property Trust Inc. and began trading on the New York Stock Exchange under the new symbol GPT.

	The Company seeks to acquire high quality net leased properties and construct a diversified portfolio that generates stable, predictable cash flows and protects investor capital over a long investment horizon. The Company approaches the net lease market as a value investor, looking to identify and acquire net leased properties that the Company believes offer the most attractive risk adjusted returns throughout market cycles. The Company focuses primarily on industrial and office properties in target markets with strong demographic and economic growth potential. The Company’s goal is to grow its existing portfolio through selective acquisition and become the pre-eminent owner of net leased commercial office and industrial properties.

	As of September 30, 2013, the Company owns, either directly or in joint ventures, a portfolio of 106 net leased industrial and office properties with 96% occupancy. Tenants include Bank of America, Kar Auction Services, YRC Worldwide, Five Below, Nestle Waters and others. As of that date, the Company’s asset management business, which operates under the name Gramercy Asset Management, manages for third-parties approximately $1,500,000 of commercial real estate assets.

	During the three months ended September 30, 2013, the Company acquired four properties aggregating approximately 258,000 square feet for a total purchase price of approximately $17,694. During the nine months ended September 30, 2013, the Company acquired 18 properties aggregating approximately 1,903,800 square feet for a total purchase price of approximately $175,914.

	On March 15, 2013, the Company disposed of its Gramercy Finance segment and exited the commercial real estate finance business. The disposal was completed pursuant to a sale and purchase agreement to transfer the collateral management and sub-special servicing agreements for the Company’s three Collateralized Debt Obligations, or CDOs, to CWCapital Investments LLC, or CWCapital, for proceeds of $6,291 in cash, after expenses. The Company retained its non-investment grade subordinate bonds, preferred shares and ordinary shares, or the Retained CDO Bonds, in the CDOs, which may allow the Company to recoup additional proceeds over the remaining life of the CDOs based upon resolution of underlying assets within the CDOs. However, there is no guarantee that the Company will realize any proceeds from the Retained CDO Bonds or what the timing of these proceeds might be. The carrying value of the Retained CDO Bonds as of September 30, 2013 is $7,992. In February 2013, the Company also sold a portfolio of repurchased notes previously issued by two of its three CDOs, generating cash proceeds of $34,381. In addition, the Company expects to receive additional cash proceeds for past CDO servicing advances when specific assets within the CDOs are liquidated. The Company received reimbursements of $4,746 and $4,758 during the three and nine months ended September 30, 2013, respectively, and the carrying value of the receivable for servicing advance reimbursements as of September 30, 2013 is $9,973, including accrued interest at the prime rate of 3.25%. On March 15, 2013, the Company deconsolidated the assets and liabilities of Gramercy Finance from the Company’s Condensed Consolidated Financial Statements and recognized a gain on the disposal of $389,140 within discontinued operations. For a further discussion regarding the disposal of the Gramercy Finance segment see Note 3 “Dispositions and Assets Held-for-Sale”.

	The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code, and generally will not be subject to U.S. federal income taxes to the extent it distributes its taxable income, if any, to its stockholders. In the past the Company has established, and may in the future establish taxable REIT subsidiaries, or TRSs, to effectuate various taxable transactions. Those TRSs would incur U.S. federal, state and local taxes on the taxable income from their activities. The Company’s Asset Management business is conducted in a TRS and substantially all of the provision for taxes on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) is related to this business.

Significant_Accounting_Policie

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2013
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	2. Significant Accounting Policies

	Basis of Quarterly Presentation

	The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, it does not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. The 2013 operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. The Condensed Consolidated Balance Sheet at December 31, 2012 has been derived from the audited Consolidated Financial Statements at that date, but does not include all the information and footnotes required by GAAP for complete financial statements.

	Reclassification

	Certain prior year balances have been reclassified to conform with current year presentation in the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and footnote disclosures to reflect held-for-sale assets and discontinued operations as of September 30, 2013.

	Principles of Consolidation

	The Condensed Consolidated Financial Statements include the Company’s accounts and those of the Company’s subsidiaries which are wholly-owned or controlled by the Company, or entities which are variable interest entities, or VIEs, in which the Company is the primary beneficiary. The primary beneficiary is the party that absorbs a majority of the VIE’s anticipated losses and/or a majority of the expected returns. The Company has evaluated its investments for potential classification as variable interests by evaluating the sufficiency of each entity’s equity investment at risk to absorb losses. As of December 31, 2012, the Company had consolidated its three CDOs, which were classified as held-for-sale VIEs. On March 15, 2013, following the disposal of the Gramercy Finance segment as more fully discussed in Note 1, the CDOs were deconsolidated as the Company determined that it was no longer the primary beneficiary of the VIEs. For further discussion on the deconsolidation of the CDOs, see the discussion on VIEs below.

	Entities which the Company does not control and are considered VIEs, but where the Company is not the primary beneficiary are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated.

	Variable Interest Entities

	The Company had no consolidated VIEs as of September 30, 2013. The following is a summary of the Company’s involvement with unconsolidated VIEs as of September 30, 2013:

			Company carrying					Company carrying	Face value of		Face value of liabilities
			value-assets					value-liabilities	assets held by the VIEs		issued by the VIEs
	Assets
	Unconsolidated VIEs
	Retained CDO Bonds ⁽¹⁾		$	7,992	(1)		$	-	$	2,213,144	$	1,978,315

		(1) Retained CDO Bonds were previously eliminated in consolidation.

	The following is a summary of the Company’s involvement with VIEs as of December 31, 2012:

			Company carrying				Company carrying		Face value of		Face value of liabilities
			value-assets				value-liabilities		assets held by the VIEs		issued by the VIEs
	Liabilities of assets held for sale
	Consolidated VIEs
	Collateralized debt obligations		$	1,913,353	(1)		$	2,374,516	$	2,469,856	$	2,593,392

		-1	Collateralized debt obligations are a component of non-recourse liabilities of consolidated VIEs held for sale on the Condensed Consolidated Balance Sheets.

	Consolidated VIEs

	Collateralized Debt Obligations

	On March 15, 2013, as a result of the disposal of the Gramercy Finance segment as more fully described in Note 1, the Company deconsolidated three VIEs, the CDOs. The Company was the collateral manager of the three CDOs and in its capacity as collateral manager the Company made decisions related to the collateral that most significantly impacted the economic outcome of the CDOs, which was the basis upon which the Company concluded that it was the primary beneficiary of the CDOs as of December 31, 2012. In connection with the disposal of Gramercy Finance, the Company transferred the collateral management and sub-special servicing agreements for its three CDOs to CWCapital, thereby removing the Company as the collateral manager and its ability to make any and all decisions related to the collateral, including those that would most significantly impact the economic outcome of the CDOs. As of March 15, 2013, the Company had no continuing involvement with the collateral to the CDOs, and as a result, the Company determined that it was no longer the primary beneficiary of the CDOs, and therefore deconsolidated the CDOs.

	The Company has retained its subordinate debt and equity ownership, or the Retained CDO Bonds, in the CDOs, which were previously eliminated in consolidation and were not sold as part of the disposal of Gramercy Finance. The Retained CDO Bonds may provide the potential for the Company to receive continuing cash flows in the future, however, there is no guarantee that the Company will realize any proceeds from the Retained CDO Bonds, or what the timing of these proceeds might be. These interests have been recognized at fair value as the Retained CDO Bonds on the Condensed Consolidated Balance Sheets. For further discussion of the measurement of fair value of the Retained CDO Bonds see Note 9.

	Unconsolidated VIEs

	Investment in Retained CDO Bonds

	As further discussed above, on March 15, 2013, the Company recognized an asset in Retained CDO Bonds in connection with the disposal of the Gramercy Finance segment. The Company is not obligated to provide any financial support to these CDOs. The Company’s maximum exposure to loss is limited to its interest in the Retained CDO Bonds, which is a non-cash loss, and the Company does not control the activities that most significantly impact the VIEs’ economic performance.

	Real Estate Investments

	The Company records acquired real estate investments as business combinations when the real estate is occupied, at least in part, at acquisition. Costs directly related to the acquisition of such investments are expensed as incurred. The Company allocates the purchase price of real estate to land, building, improvements and intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases at the acquisition date. The values of the above- and below-market leases are amortized and recorded as either an increase in the case of below-market leases or a decrease in the case of above-market leases to rental revenue over the remaining term of the associated lease. The values associated with in-place leases are amortized to depreciation and amortization expense over the remaining term of the associated lease. The Company assesses the fair value of the leases at acquisition based upon estimated cash flow projections that utilize appropriate discount and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, the Company amortizes such below-market lease value into rental revenue over the renewal period.

	Acquisitions of real estate that do not meet the definition of a business combination are recorded at cost. Acquired real estate investments which are under construction are considered build-to-suit transactions and are also recorded at cost. In build-to-suit transactions, the Company engages a developer to construct a building and/or improvement or provide funds to a tenant to develop a building and/or improvement. The Company capitalizes the funds provided to the developer/tenant and the internal costs, including interest, real estate taxes and insurance, if applicable, during the construction period. These costs are capitalized as long as the construction activities are in progress. In the event that construction is abandoned or suspended, the Company will stop capitalizing costs until construction activities resume.

	Certain improvements are capitalized when they are determined to increase the useful life of the property. Depreciation is computed using the straight-line method over the shorter of the estimated useful life of the capitalized item not to exceed 40 years for buildings, 15 years for land and building improvements, ten years for equipment and fixtures, and remaining lease term for tenant improvements. Maintenance and repair expenditures are charged to expense as incurred.

	In leasing space, the Company may provide funding to the lessee through a tenant allowance. In accounting for tenant allowances, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership of such improvements. If the Company is considered the owner of the leasehold improvements, the Company capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Factors considered during this evaluation usually include (i) who holds legal title to the improvements, (ii) evidentiary requirements concerning the spending of the tenant allowance, and (iii) other controlling rights provided by the lease agreement (e.g. unilateral control of the tenant space during the build-out process). Determination of the accounting for a tenant allowance is made on a case-by-case basis, considering the facts and circumstances of the individual tenant lease.

	The Company also reviews the recoverability of the property’s carrying value when circumstances indicate a possible impairment of the value of a property. The review of recoverability is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as changes in strategy resulting in an increased or decreased holding period, expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If management determines impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used and for assets held for sale, an impairment loss is recorded to the extent that the carrying value exceeds the fair value less estimated cost to dispose. These assessments are recorded as an impairment loss in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in the period the determination is made. The estimated fair value of the asset becomes its new cost basis. For a depreciable long-lived asset to be held and used, the new cost basis will be depreciated or amortized over the remaining useful life of that asset.

Investments in Joint Ventures

The Company accounts for its investments in joint ventures under the equity method of accounting since it exercises significant influence, but does not unilaterally control the entities, and is not considered to be the primary beneficiary. In the joint ventures, the rights of the other investors are protective and participating. Unless the Company is determined to be the primary beneficiary, these rights preclude it from consolidating the investments. The investments are recorded initially at cost as an investment in joint ventures, and subsequently are adjusted for equity interest in net income (loss) and cash contributions and distributions. Any difference between the carrying amount of the investments on the Condensed Consolidated Balance Sheets and the underlying equity in net assets is evaluated for impairment at each reporting period. None of the joint venture debt is recourse to the Company. As of September 30, 2013 and December 31, 2012, the Company had equity investments of $46,800 and $72,742 in joint ventures, respectively.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.

Assets Held for Sale

As of December 31, 2012, in connection with the Company’s efforts to dispose of Gramercy Finance and exit the commercial real estate finance business, the Company classified the assets and liabilities of Gramercy Finance as held for sale. As of December 31, 2012, the Company had assets classified as held for sale of $1,952,264 related to the disposal of Gramercy Finance. On March 15, 2013, the Company completed the disposal of Gramercy Finance. For further discussion on the disposal of Gramercy Finance see Note 3, “Dispositions and Assets Held for Sale.”

Real estate investments to be disposed of are reported at the lower of carrying amount or estimated fair value, less costs to sell. Once an asset is classified as held for sale, depreciation expense is no longer recorded on real estate assets and current and prior periods are reclassified as “discontinued operations.” As of September 30, 2013 and December 31, 2012, the Company had real estate investments held for sale of $0 and $88,806, respectively. The Company did not record any impairment charges during the three and nine months ended September 30, 2013. The Company recorded impairment charges of $1,981 and $4,620 , respectively, on real estate investments within discontinued operations for the three and nine months ended September 30, 2012.

Tenant and Other Receivables

Tenant and other receivables are derived from the management fees, rental revenue and tenant reimbursements. Management fees, including incentive management fees, are recognized as earned in accordance with the terms of the management agreements. Rental income is recorded on a straight-line basis over the initial term of the lease. Since many leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that will only be received if the tenant makes all rent payments required through the expiration of the initial term of the lease. Tenant and other receivables also include receivables related to tenant reimbursements for common area maintenance expenses and certain other recoverable expenses that are recognized as revenue in the period in which the related expenses are incurred.

Tenant and other receivables are recorded net of the allowances for doubtful accounts, which as of September 30, 2013 and December 31, 2012 were $278 and $211, respectively. The Company continually reviews receivables related to rent, tenant reimbursements and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company increases the allowance for doubtful accounts or records a direct write-off of the receivable.

Servicing Advances Receivable

Servicing advances receivable is comprised of the accrual for the reimbursement of servicing advances recognized as part of the disposal of Gramercy Finance, more fully described in Note 1. The accrual for reimbursement of servicing advances incurred while the Company was the collateral manager of the CDOs includes expenses such as legal fees incurred to negotiate modifications and foreclosures on loan investments, professional fees incurred on certain loans, or fees for services such as appraisals obtained on real estate properties that served as collateral for loan investments. These reimbursement proceeds will be realized when the related assets within the CDOs are liquidated in accordance with the terms of the collateral management and sub-special servicing agreements, which were sold in connection with the disposal of Gramercy Finance. The Company has no control over the timing of the resolution of the related assets, however, the Company earns accrued interest at the prime rate for the time that these reimbursements are outstanding. For the three and nine months ended September 30, 2013, the Company received reimbursements of $4,746 and $4,758, respectively. As of September 30, 2013, the servicing advances receivable is $9,973.

The Company reviews the servicing advances receivable on a quarterly basis and determines collectability by reviewing the expected resolution and timing of the underlying assets of the CDOs. As of September 30, 2013, the Company has reviewed the outstanding servicing advances and has determined that all amounts are collectible.

Retained CDO Bonds

The Retained CDO Bonds are non-investment grade subordinate bonds, preferred shares and ordinary shares of three CDO’s, which the Company recognized at fair value in March 2013 in conjunction with the disposal of Gramercy Finance. Management estimated the timing and amount of cash flows expected to be collected and recognized an investment in the Retained CDO Bonds equal to the net present value of these discounted cash flows. There is no guarantee that the Company will realize any proceeds from this investment, or what the timing of investment income for the expected remaining life of the Retained CDO Bonds. The Company considers these investments to be not of high credit quality and does not expect a full recovery of interest and principal. Therefore, the Company has suspended interest income accruals on these investments. On a quarterly basis, the Company evaluates the Retained CDO Bonds to determine whether significant changes in estimated cash flows or unrealized losses on these investments, if any, reflect a decline in value which is other-than-temporary. If there is a decrease in estimated cash flows and the investment is in an unrealized loss position, the Company will record an other-than-temporary impairment in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). To determine the component of the other-than-temporary impairment related to expected credit losses, the Company compares the amortized cost basis of the Retained CDO Bonds to the present value of its revised expected cash flows, discounted using its pre-impairment yield. Conversely, if the security is in an unrealized gain position and there is a decrease or significant increase in expected cash flows, the Company will prospectively adjust the yield using the effective yield method.

For the three and nine months ended September 30, 2013, the Company recognized an other-than-temporary impairment, or OTTI, of$0 and $1,682, respectively, on its Retained CDO Bonds. A summary of the Company’s Retained CDO Bonds as of September 30, 2013 is as follows:

Description		Number of		Face Value			Amortized		Gross Unrealized		Other-than-temporary		Fair Value		Weighted Average
Description		Securities		Face Value			Cost		Gain (Loss)		impairment		Fair Value		Expected Life
Available for Sale, Non-investment Grade:
Retained CDO		9		$	354,600		$	7,874	$	118	$	1,682	$	7,992	5.7 years
Bonds		9		$	354,600		$	7,874	$	118	$	1,682	$	7,992	5.7 years
Total		9		$	354,600		$	7,874	$	118	$	1,682	$	7,992	5.7 years

The following table summarizes the activity related to credit losses on the Retained CDO Bonds for the nine months ended September 30, 2013:

Balance as of December 31, 2012 of credit losses on Retained CDO Bonds for which	$	-
a portion of an OTTI was recognized in other comprehensive income	$	-
Additions to credit losses:
On Retained CDO Bonds for which an OTTI was not previously recognized		1,682
On Retained CDO Bonds for which an OTTI was previously recognized and a portion		-
of an other-than-temporary impairment was recognized in other
comprehensive income
On Retained CDO Bonds for which an OTTI was previously recognized without any		-
portion of other-than-temporary impairment recognized in other
comprehensive income
Reduction for credit losses:
On Retained CDO Bonds for which no other-than-temporary impairment was		-
recognized in other comprehensive income at current measurement date		-
On Retained CDO Bonds sold during the period		-
On Retained CDO Bonds charged off during the period		-
For increases in cash flows expected to be collected that are recognized over the		-
remaining life of the Retained CDO Bonds		-
Balance as of September 30, 2013 of credit losses on Retained CDO Bonds for which	$	1,682
a portion of an OTTI was recognized in other comprehensive income	$	1,682

Intangible Assets and Liabilities

The Company follows the acquisition method of accounting for business combinations. The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets and liabilities acquired based on their respective fair values. Tangible assets include land, buildings and improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of fair value are made using customary methods, including data from independent appraisals, comparable sales, discounted cash flow analyses and other methods. Identifiable intangible assets and liabilities include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Management also considers information obtained about each property as a result of its pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets and intangible liabilities acquired.

Above-market and below-market lease values for properties acquired are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amount to be paid pursuant to each in-place lease and management’s estimate of the fair market lease rate for each such in-place lease, measured over a period equal to the remaining non-cancelable term of the lease. The above-market lease values are amortized as a reduction of rental revenue over the remaining non-cancelable term of the respective leases. The below-market lease values are amortized as an increase to rental revenue over the remaining non-cancelable term of the respective leases. If a tenant terminates its lease prior to its contractual expiration and no future rental payments will be received, any unamortized balance of the market lease intangibles would be written off to rental revenue.

The aggregate value of intangible assets related to in-place leases is primarily the difference between the property valued with existing in-place leases adjusted to market rental rates and the property valued as-if vacant. Factors considered by management in its analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the anticipated lease-up period. Management also estimates costs to execute similar leases including leasing commissions and other related expenses. The value of in-place leases is amortized to depreciation and amortization expense over the remaining non-cancelable term of the respective leases. In no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease prior to its contractual expiration and no future rental payments will be received, any unamortized balance of the in-place lease intangible would be written off to depreciation and amortization expense.

The Company recorded $336 and $7 of amortization of intangible assets as part of depreciation and amortization, including $0 and $7 within discontinued operations, for the three months ended September 30, 2013 and 2012, respectively. The Company recorded $778 and $43 of amortization of intangible assets as part of depreciation and amortization, including $3 and $43 within discontinued operations, for the nine months ended September 30, 2013 and 2012, respectively.

The Company recorded $49 and $42 of amortization of intangible assets and liabilities as a net increase to rental revenue, including $0 and $42 within discontinued operations, for the three months ended September 30, 2013 and 2012, respectively. The Company recorded $125 and $155 of amortization of intangible assets and liabilities as a net increase to rental revenue, including $34 and $155 within discontinued operations, for the nine months ended September 30, 2013 and 2012, respectively.

Intangible assets and liabilities consist of the following:

		September 30,			December 31,
		2013			2012
Intangible assets:
In-place leases, net of accumulated amortization of $805 and $359		$	12,307		$	3,639
Above-market leases, net of accumulated amortization of $128 and $48			918			935
Amounts related to assets held for sale, net of accumulated amortization of $0 and $365			-			-188
Total intangible assets		$	13,225		$	4,386

Intangible liabilities:
Below-market leases, net of accumulated amortization of $211 and $1,395		$	3,931		$	2,161
Amounts related to liabilities held for sale, net of accumulated amortization of $0 and $1,391			-			-1,703
Total intangible liabilities		$	3,931		$	458

The following table provides the weighted-average amortization period as of September 30, 2013 for intangible assets and liabilities and the projected amortization expense for the next five years.

		Weighted-		October 1 to			2014		2015		2016		2017
		Average		December 31,
		Amortization		2013
		Period
In-place leases		10.6		$	336		$	1,344	$	1,344	$	1,344	$	1,344
Total to be included in depreciation				$	336		$	1,344	$	1,344	$	1,344	$	1,344
and amortization expense				$	336		$	1,344	$	1,344	$	1,344	$	1,344

Above-market lease assets		5.9		$	40		$	162	$	162	$	162	$	162
Below-market lease liabilities		12.8			-89			-358		-358		-358		-358

Total to be included in rental				$	-49		$	-196	$	-196	$	-196	$	-196
revenue				$	-49		$	-196	$	-196	$	-196	$	-196

Other Assets

The Company makes payments for certain expenses such as insurance and property taxes in advance of the period in which it receives the benefit. These payments are classified as other assets and amortized over the respective period of benefit relating to the contractual arrangement. The Company also escrows deposits related to pending acquisitions and financing arrangements, as required by a seller or lender, respectively. Costs prepaid in connection with securing financing for a property are reclassified into deferred financing costs at the time the transaction is completed.

Valuation of Financial Instruments

At December 31, 2012, the Company measured financial instruments, including loans and other lending investments, commercial mortgage-backed securities, or CMBS, and derivative instruments, which were disposed of in the first quarter of 2013 in connection with the disposal of Gramercy Finance at fair value on a recurring basis and non-recurring basis. These financial instruments were deconsolidated at fair value in connection with the disposal of Gramercy Finance on March 15, 2013.

ASC 820-10, “Fair Value Measurements and Disclosures,” among other things, establishes a hierarchical disclosure framework associated with the level of pricing observability utilized in measuring financial instruments at fair value. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. Financial instruments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and will require a lesser degree of judgment to be utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and will require a higher degree of judgment to be utilized in measuring fair value. Pricing observability is generally affected by such items as the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, or an exit price. The level of pricing observability generally correlates to the degree of judgment utilized in measuring the fair value of financial instruments.

The three broad levels are defined as follows:

Level I — This level is comprised of financial instruments that have quoted prices that are available in active markets for identical assets or liabilities. The type of financial instruments included in this category is highly liquid instruments with actively quoted prices.

Level II — This level is comprised of financial instruments that have pricing inputs other than quoted prices in active markets that are either directly or indirectly observable. The nature of these financial instruments includes instruments for which quoted prices are available but traded less frequently and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed.

Level III — This level is comprised of financial instruments that have little to no pricing observability as of the reported date. These financial instruments do not have active markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment and assumptions. Instruments that are generally included in this category are derivatives, whole loans, subordinate interests in whole loans and mezzanine loans.

For a further discussion regarding the measurement of financial instruments see Note 9, “Fair Value of Financial Instruments.”

Revenue Recognition

Real Estate Investments

Rental revenue from leases is recognized on a straight-line basis regardless of when payments are contractually due. Certain lease agreements also contain provisions that require tenants to reimburse the Company for real estate taxes, common area maintenance costs and the amortized cost of capital expenditures with interest. Such amounts are included in both revenues and operating expenses when the Company is the primary obligor for these expenses and assumes the risks and rewards of a principal under these arrangements. Under leases where the tenant pays these expenses directly, such amounts are not included in revenues or expenses.

Deferred revenue represents rental revenue and management fees received prior to the date earned. Deferred revenue also includes rental payments received in excess of rental revenues recognized as a result of straight-line basis accounting.

Other income includes fees paid by tenants to terminate their leases, which are recognized when fees due are determinable, no further actions or services are required to be performed by the Company, and collectability is reasonably assured. In the event of early termination, the unrecoverable net carrying values of the assets or liabilities related to the terminated lease are recognized as depreciation and amortization expense in the period of termination.

Asset Management Business

Certain of the Company’s asset management contracts include provisions that may allow the Company to earn additional fees, generally described as incentive fees or profit participation interests, based on the achievement of a targeted valuation of the managed assets or the achievement of a certain internal rate of return on the managed assets. The Company recognizes incentive fees on its asset management contracts based upon the amount that would be due pursuant to the contract, if the contract were terminated at the reporting date, through the measurement date. If the contact may be terminated at will, revenue will only be recognized to the amount that would be due pursuant to that termination. If the incentive fee is a fixed amount, only a proportionate share of revenue is recognized at the reporting date, with the remaining fees recognized on a straight-line basis over the measurement period. The values of incentive management fees are periodically evaluated by management.

In the second quarter of 2013, after consideration of the termination provisions of the agreement and the sales of real estate assets made to date, the Company recognized incentive fees of $5,700 related to its Asset Management Services Agreement, or the Management Agreement, with KBS Acquisition Sub, LLC, or KBSAS, a wholly-owned subsidiary of KBS Real Estate Investment Trust, Inc., or KBS REIT, pursuant to which the Company provides asset management services to KBSAS with respect to a portfolio of office and banks branches, or the KBS Portfolio. The Management Agreement provides for an incentive fee, or the Threshold Value Profits Participation, in an amount equal to the greater of: (a) $3,500 or (b) 10% of the amount, if any, by which the portfolio equity value exceeds $375,000 (as adjusted for future cash contributions into, and distributions out of, KBSAS by KBS REIT). The Threshold Value Profits Participation is capped at a maximum of $12,000 and is payable 60 days after the earlier to occur of June 30, 2014 (or March 31, 2015 upon satisfaction of certain extension conditions including the payment by KBSAS of a $750 extension fee) and the date on which KBSAS, directly or indirectly sells, conveys or otherwise transfers at least 90% of the KBS portfolio. For the three and nine months ended September 30, 2013, the Company recognized incentive fees of $1,059 and $7,046, respectively.

Commercial Mortgage-Backed Securities

On March 15, 2013, the Company deconsolidated its CMBS in connection with the disposal of Gramercy Finance. On the date of disposal, the Company marked all CMBS to fair value and then recognized an other-than-temporary impairment for all CMBS in an unrealized loss position equal to the entire difference between the amortized cost basis and the fair value, before deconsolidating the Company’s portfolio of CMBS. The Company recorded the unrealized gain portion of CMBS equal to the excess of the fair value over the amortized cost as a component of accumulated other comprehensive income (loss) before deconsolidation. As of December 31, 2012, due to the expected disposal of Gramercy Finance at that reporting date, the Company recognized an other-than-temporary impairment for all CMBS in an unrealized loss position because it could no longer express the intent to hold its CMBS until maturity.

On the date of acquisition of the Company’s CMBS, the Company had determined the appropriate accounting model for impairment and revenue recognition based on management’s assessment of the risk of loss. The Company designated its entire CMBS portfolio as available-for-sale. Securities that were considered to have a remote risk of loss were those securities that management determined were of high credit quality and were sufficiently collateralized to protect the acquired class from losses. Management made this determination based upon an evaluation of the underlying collateral, which was performed on every acquisition, regardless of the acquisition price and rating.

The Company determined the fair value of CMBS based on the types of securities in which the Company had invested. The Company consulted with dealers of securities to periodically obtain updated market pricing for the same or similar instruments. For securities for which there was no active market, the Company may have utilized a pricing model to reflect changes in projected cash flows. The value of the securities was derived by applying discount rates to such cash flows based on current market yields. The yields employed were obtained from the Company’s own experience in the market, advice from dealers when available, and/or information obtained in consultation with other investors in similar instruments. Because fair value estimates, when available, may vary to some degree, the Company made certain judgments and assumptions about the appropriate price to use to calculate the fair values for financial reporting purposes. Different judgments and assumptions could result in materially different presentations of value.

Stock-Based Compensation Plans

The Company has a stock-based compensation plan, described more fully in Note 11. The Company accounts for this plan using the fair value recognition provisions. The Company uses the Black-Scholes option-pricing model to estimate the fair value of a stock option award. This model requires inputs such as expected term, expected volatility and the risk-free interest rate. Further, the forfeiture rate also impacts the amount of aggregate compensation cost. These inputs are highly subjective and generally require significant analysis and judgment to develop.

Compensation cost for stock options, if any, is recognized ratably over the vesting period of the award. The Company’s policy is to grant options with an exercise price equal to the quoted closing market price of its stock on the business day preceding the grant date. Awards of stock or restricted stock are expensed as compensation over the benefit period. For three and nine months ended September 30, 2013 and 2012, basic EPS was determined by dividing net income allocable to common stockholders for the applicable period by the weighted-average number of shares of common stock outstanding during such period. Net income during the applicable period is also allocated to the time-based unvested restricted stock as these grants are entitled to receive dividends and are therefore considered a participating security. Time-based unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders other than the holders of time-based unvested restricted stock. As of September 30, 2013, and December 31, 2012, the Company had 688,965 and 1,383,388 weighted-average unvested restricted shares outstanding, respectively.

The fair value of each stock option granted is estimated on the date of grant for options issued to employees using the Black-Scholes option pricing model with the following weighted average assumptions for grants in 2013 and 2012.

		2013			2012
Dividend yield			5.5	%		5	%
Expected life of option			5.0 years			5.0 years
Risk free interest rate			0.72	%		0.89	%
Expected stock price volatility			53	%		80	%

Income Taxes

The Company elected to be taxed as a REIT, under Sections 856 through 860 of the Internal Revenue Code, beginning with its taxable year ended December 31, 2004. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its ordinary taxable income to stockholders. As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that the Company distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will then be subject to U.S. federal income taxes on taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distributions to stockholders. However, the Company believes that it will be organized and operate in such a manner as to qualify for treatment as a REIT and the Company intends to operate in the foreseeable future in such a manner so that it will qualify as a REIT for U.S. federal income tax purposes. The Company is subject to certain state and local taxes. The Company’s TRSs are subject to federal, state and local taxes.

For the three and nine months ended September 30, 2013, the Company recorded $744 and $8,105 of income tax expense, including $0 and $2,515 within discontinued operations, respectively. For the three and nine months ended September 30, 2012, the Company reversed $39 and recorded $3,379 of income tax expense within continuing operations, respectively. Income taxes, primarily related to the Company’s TRSs, are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided if we believe it is more likely than not that all or a portion of a deferred tax asset will not be realized. Any increase or decrease in a valuation allowance is included in the tax provision when such a change occurs.

The Company’s policy for interest and penalties, if any, on material uncertain tax positions recognized in the Condensed Consolidated Financial Statements is to classify these as interest expense and operating expense, respectively. As of September 30, 2013 and December 31, 2012, the Company did not incur any material interest or penalties.

Earnings Per Share

The Company presents both basic and diluted earnings per share, or EPS. Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, as long as their inclusion would not be anti-dilutive.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash investments, debt investments and accounts receivable. The Company places its cash investments in excess of insured amounts with high quality financial institutions. Prior to the disposal of Gramercy Finance in March 2013, the Company had also performed ongoing analysis of credit risk concentrations in its loan and other lending investment portfolio by evaluating exposure to various markets, underlying property types, investment structure, term, sponsors, tenants and other credit metrics.

One asset management client accounted for 66% and 73% of the Company’s management fee income for the three and nine months ended September 30, 2013, respectively. One asset management client accounted for 100% of the Company’s management fee income for the three and nine months ended September 30, 2012. One tenant accounted for 35% of the Company’s rental revenue for the three months ended September 30, 2013, and one tenant accounted for 23% of the Company’s rental revenue for the nine months ended September 30, 2013.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

In February 2013, the FASB issued additional guidance on comprehensive income (loss) which requires the provision of information about the amounts reclassified out of accumulated other comprehensive income (loss) by component. This guidance also requires presentation on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) or in the notes, significant amounts reclassified out of accumulated other comprehensive income (loss) by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, a cross-reference must be provided to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update is effective for reporting periods beginning after December 15, 2012 with early adoption permitted. The Company’s adoption resulted in increased disclosures; however, it did not have a material effect on the Company’s Condensed Consolidated Financial Statements.

Dispositions_and_Assets_Heldfo

Dispositions and Assets Held-for-Sale	9 Months Ended
Dispositions and Assets Held-for-Sale	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	'
	3. Dispositions and Assets Held-for-Sale

	The Company did not classify any assets as held-for-sale as of September 30, 2013. The following operating results for Gramercy Finance and the assets previously sold for the three and nine months ended September 30, 2013 and 2012, are included in discontinued operations:

			Three Months Ended September 30,				Nine Months Ended September 30,
			2013		2012		2013		2012
	Operating Results:
	Revenues		$	-44	$	40,314	$	33,433	$	123,402
	Operating expenses			-254		-10,582		-3,875		-22,826
	Marketing, general and administrative			-216		-8,844		-2,313		-13,028
	Interest expense			-		-19,735		-14,735		-60,575
	Depreciation and amortization			-		-298		-15		-878
	Loans held for sale and CMBS OTTI			-		-15,372		-7,641		-52,446
	Provision for loan losses			-		16,372		-		7,838
	Expense reimbursements ⁽¹⁾			-		-		5,406		-
	Equity in net income from joint venture			-		-		-804		-
	Net income (loss) from operations			-514		1,855		9,456		-18,513
	Gain on sale of joint venture interests to a director related entity			-		-		1,317		-
	Net gains from disposals			-		-		389,140		11,996
	Provision for taxes			-		-		-2,515		-
	Net income from discontinued operations		$	-514	$	1,855	$	397,398	$	-6,517

		-1	In the first quarter of 2013, the Company received reimbursements for enforcement costs of $5,406 incurred on the behalf of a pari-passu lender for one loan held by the CDOs, which the Company incurred in prior years. The Company fully reserved for these costs when incurred due to the uncertainty of recovery.

	Discontinued operations have not been segregated in the Condensed Consolidated Statements of Cash Flows.

	Gramercy Finance Segment

	On March 15, 2013, the Company disposed of Gramercy Finance and exited the commercial real estate finance business, as discussed more fully in Note 1. The Company recognized a gain of $389,140 in discontinued operations related to the disposal. The gain was calculated based upon the difference between the proceeds received of $6,291, after expenses, the fair value of the Retained CDO Bonds of $8,492, the accrual for the reimbursement of past servicing advances paid plus accrued interest of $14,529 and the net difference of the carrying value of the liabilities and the assets of Gramercy Finance of ($421,911) as of the date of disposal, March 15, 2013.

	The basis of the assets and liabilities of Gramercy Finance were derecognized as follows:

		-	Loans and other lending investments were derecognized at the lower of cost or market value as of the date of disposal. The fair value of the loans was measured by an internally developed model which considered the price that a third-party would pay to assume the loans and other lending investments at the disposal date;
		-	CMBS investments were derecognized at fair value as of the date of disposal. For CMBS investments in an unrealized loss position, the Company recognized an other-than-temporary impairment equal to the entire difference between the investment’s amortized cost basis and its fair value at the date of disposal which is included in net income from discontinued operations. For CMBS investments in an unrealized gain position as of the date of disposal, the Company recorded the unrealized gains as a component of accumulated other comprehensive income (loss) in stockholders’ equity;
		-	Derivative instruments were derecognized at fair value as of March 15, 2013. The derivatives were not terminated, but instead were transferred with the CDOs; and,
		-	The non-recourse CDOs were derecognized at carrying value, which represents the full amount of outstanding liabilities issued by the CDO trusts.

	For a further discussion regarding the measurement of financial instruments see Note 9.

	The Company recognized other assets and other receivables retained in the disposal of Gramercy Finance and previously eliminated in consolidation as follows:

		-	Retained CDO Bonds were recognized at the present value of cash flows expected to be collected, which is based upon management’s assumptions and judgments regarding the resolution of the underlying assets; and,
		-	The accrual for reimbursement of past servicing advances is based upon actual expenses incurred by the Company plus accrued interest at the prime rate for the time from which the expenses were incurred through March 15, 2013.

Acquisitions

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2013
Business Combinations [Abstract]	'
Business Combination Disclosure [Text Block]	'
	4. Acquisitions

	A summary of the Company’s acquisitions for the nine months ended September 30, 2013 is as follows:

					Metropolitan						Building				Gross
					Statistical		Acquisition		Number of		Square		Land		Purchase			Lease
	Property Type		Location		Area (MSA)		Date		Buildings		Feet		Acres		Price			Expiration
	Q1 2013 acquisitions
			Olive Branch,		Memphis,
	Warehouse/Industrial ⁽¹⁾		Mississippi		Tennessee		3/11/13		1		605,000		43		$	24,650		December 2022
			Garland,
	Warehouse/Industrial ⁽¹⁾		Texas		Dallas/Fort Worth		3/19/13		1		342,000		20			10,700		October 2032
	Cross-Dock		East Brunswick,
	Truck Terminal ⁽¹⁾		New Jersey		New York/New Jersey		3/28/13		1		34,000		16			11,650		January 2019
	Total Q1 2013 acquisitions								3		981,000		79			47,000

	Q2 2013 acquisitions

	Cross-Dock		Atlanta,		Atlanta,
	Truck Terminal ⁽¹⁾		Georgia		Georgia		5/6/13		1		130,000		38			7,850		May-20
			Bellmawr,		Philadelphia,
	Warehouse/Industrial ⁽¹⁾		New Jersey		Pennsylvania		5/30/13		1		62,000		4			4,175		October 2022
			Hialeah Gardens,		Miami,
	Build-to-Suit ^(1),(2)		Florida		Florida		5/30/13		-		-		9			5,000		N/A
			Emmaus,		Allentown,
	Banking Center ⁽³⁾		Pennsylvania		Pennsylvania		6/6/13		1		5,000		-			1,610		February 2019
			Calabash,		Myrtle Beach,
	Banking Center ⁽³⁾		North Carolina		South Carolina		6/6/13		1		2,000		-			610		December 2018
	Cross-Dock		Deer Park,
	Truck Terminal ⁽³⁾		New York		New York/New Jersey		6/18/13		1		18,000		5			3,900		December 2019
	Cross-Dock		Elkridge,		Baltimore/
	Truck Terminal ⁽³⁾		Maryland		Washington, D.C.		6/19/13		1		34,000		11			5,900		May-19
	Cross-Dock		Houston,		Houston,
	Truck Terminal ⁽³⁾		Texas		Texas		6/26/13		3		102,000		33			6,914		May-19
	Cross-Dock		Orlando,		Orlando,
	Truck Terminal ⁽³⁾		Florida		Florida		6/26/13		1		46,000		15			5,036		January 2019
			Hutchins,
	Specialty Asset ^(3),(4)		Texas		Dallas/Fort Worth		6/27/13		3		196,000		175			58,500		Jul-29
			Logan Twp.,		Philadelphia,
	Warehouse/Industrial ⁽³⁾		New Jersey		Pennsylvania		6/28/13		1		70,000		11			11,725		May-28
	Total Q2 2013 acquisitions								14		665,000		301			111,220

	Q3 2013 Acquisitions
			Morristown,															Oct-13
	Banking Center (3),(5)		New Jersey		New York/New Jersey		8/1/13		1		42,000		1			4,900		Sep-24
			Atlanta,		Atlanta,
	Warehouse/Industrial ⁽³⁾		Georgia		Georgia		8/22/13		1		133,000		6			4,000		Apr-23
			Manassas Park,		Baltimore/
	Warehouse/Industrial ⁽³⁾		Virginia		Washington, D.C.		9/5/13		2		83,000		5			8,794		December 2024
	Total Q3 2013 Acquisitions								4		258,000		12			17,694

	Total 2013 Acquisitions								21		1,904,000		392			175,914

		-1	The Company analyzed the fair value of the leases and real estate assets of these investments; and, accordingly, the purchase price allocation is finalized. The current allocation of the assets includes $50,272 of net real estate assets, $9,730 of intangible assets and $3,679 of intangible liabilities.
		-2	The build-to-suit property located in Hialeah Gardens, Florida is a commitment to construct a 118,000 square foot cold storage facility which will be 100% leased for an initial term of 25 years when completed in the second quarter of 2014. The Company acquired the land for the property with a $4,990 zero-coupon mortgage note payable to the seller. Total costs are expected to be approximately $25,000, of which the unfunded amounts were estimated to be $20,669 at September 30, 2013.
		-3	The Company is currently analyzing the fair value of the lease and real estate assets; and accordingly, the purchase price allocation is preliminary and subject to change. The initial recording of the assets included $114,894 of real estate assets.
		-4	The Specialty Asset located in Hutchins, Texas is an auto auction facility encumbered with a mortgage of $26,322. The mortgage had a fair value at acquisition of $29,460 and the company capitalized loan assumption costs of $263.
		-5	The original lease term for one tenant of the property located in Morristown, New Jersey expired in October 2013, however an amendment to the lease was signed and effective October 1, 2013, which extended the lease term to October 2018.

	All of the Company’s acquisitions are 100% leased. The Company recorded revenues and net income for the three months ended September 30, 2013 of $3,803 and $5,260, respectively, related to the above acquisitions. The Company recorded revenues and net income for the nine months ended September 30, 2013 of $1,414 and $1,994, respectively, related to the above acquisitions.

	A summary of the Company’s acquisitions for the year ended December 31, 2012 is as follows:

				Metropolitan						Building				Gross
				Statistical		Acquisition		Number of		Square				Purchase			Lease
Property Type		Location		Area		Date		Buildings		Feet		Acres		Price			Expiration

Q4 2012 acquisitions
		Mt. Comfort,		Indianapolis,													Sep-21
Warehouse/Industrial		Indiana		Indiana		11/20/12		1		245,000		13		$	12,035		Dec-18
		Greenwood,		Indianapolis,
Warehouse/Industrial		Indiana		Indiana		11/20/12		1		294,000		21			15,090		Jul-24
Total Q4 2012 acquisitions								2		539,000		34			27,125

Total 2012 acquisitions								2		539,000		34		$	27,125

Pro Forma

The following table summarizes, on an unaudited pro forma basis, the Company’s combined results of operations for the three and nine months ended September 30, 2013 and 2012 as though the acquisitions closed during the periods ended September 30, 2013 and December 31, 2012 were completed on January 1, 2012. The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods.

		Three Months Ended September 30,						Nine Months Ended September 30,
		2013				2012		2013			2012
Pro forma revenues	$	13,533			$	13,523		$	45,087		$	40,251
Pro forma net income (loss) available to common stockholders	$	2,372			$	-3,090		$	393,225		$	-23,614
Pro forma earnings per common share-basic	$	0.04			$	-0.06		$	6.7		$	-0.46
Pro forma earnings per common share-diluted	$	0.04			$	-0.06		$	6.7		$	-0.46
Pro forma common shares-basic		58,902,708				52,308,663			58,729,491			51,328,443
Pro forma common share-diluted		58,902,708				52,308,663			58,729,491			51,328,443

Investments_in_Joint_Ventures

Investments in Joint Ventures	9 Months Ended
Investments in Joint Ventures	Sep. 30, 2013
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]	'
	5. Investments in Joint Ventures

	Bank of America Portfolio

	The Company owns a 50% interest in a joint venture, or the Joint Venture, of a portfolio of 85 properties, or the Bank of America Portfolio, located across the United States totaling approximately 3,500,000 rentable square feet and 98% leased to Bank of America, N.A., under a master lease with expiration dates through 2023, with a total portfolio occupancy of approximately 93%. The Bank of America Portfolio was acquired by the Joint Venture in December of 2012. The acquisition was financed with a $200,000 floating rate, interest-only mortgage note maturing in 2014, collateralized by 67 properties of the portfolio. The mortgage note has three one-year extension options subject to satisfaction of certain terms and conditions. The remaining properties are unencumbered. During the three and nine months ended September 30, 2013, the Joint Venture sold three and 28 properties for proceeds of $1,874 and $33,122, respectively. At September 30, 2013 and December 31, 2012, the investment has a carrying value of $46,800 and $72,541, respectively, and for the three and nine months ended September 30, 2013, the Company recorded its pro rata share of net income (loss) of the Joint Venture of $936 and $(2,917), respectively. During the three and nine months ended September 30, 2013, the Company received distributions of $4,000 and $24,575 from the Joint Venture, respectively. The Joint Venture is currently analyzing the fair value of the leases and accordingly, the purchase price allocation has not been finalized.

	In May 2013, the Joint Venture sold the successor borrower of a defeased mortgage and the related pledged treasury securities. The loan had previously encumbered the Bank of America Portfolio’s properties, which the Joint Venture had acquired at acquisition of the Bank of America Portfolio. The pledged treasury securities were U.S. Treasury bonds designated as collateral for the mortgage note payable. The Joint Venture received proceeds of $3,600 and recognized a loss on sale of $4,535.

	Philips Building

	The Company owns a 25% interest in the equity owner of a fee interest in 200 Franklin Square Drive, a 200,000 square foot building located in Somerset, New Jersey which is 100% net leased to Philips Holdings, USA Inc., a wholly-owned subsidiary of Royal Philips Electronics through December 2021. The property is financed by a $41,000 fixed rate mortgage note with an anticipated repayment date in 2015. As of September 30, 2013 and December 31, 2012, the investment had a carrying value of $0 and $201, respectively. The Company recorded its pro rata share of net income of the joint venture of $47 and $109 for the three and nine months ended September 30, 2013, respectively. The Company recorded its pro rata share of net income of the joint venture of $31 and $88 for the three and nine months ended September 30, 2012, respectively. During the three and nine months ended September 30, 2013, the Company received distributions of $103 and $309 from the joint venture, respectively. During the three and nine months ended September 30, 2012, the Company received distributions of $103 and $289 from the joint venture, respectively.

	The Condensed Consolidated Balance Sheets for the Company’s joint ventures at September 30, 2013 and December 31, 2012 are as follows:

			September 30, 2013		December 31, 2012
	Assets:
	Real estate assets, net		$	382,262	$	452,692
	Other assets ⁽¹⁾			43,943		219,760
	Total assets		$	426,205	$	672,452
	Liabilities and members' equity:
	Mortgages payable ⁽¹⁾		$	241,000	$	553,140
	Other liabilities			89,322		90,255
	Members' equity			95,883		29,057
	Liabilities and members' equity		$	426,205	$	672,452

		-1	In May 2013, the Joint Venture sold a defeased mortgage and the corresponding pool of pledged treasury securities, which were acquired by the Joint Venture at acquisition of the Bank of America Portfolio.

	The Condensed Consolidated Statements of Operations for the Company’s joint ventures for the three and nine months ended September 30, 2013 and 2012 or partial period for acquisitions or dispositions which closed during these periods, are as follows:

			Three Months Ended September 30,				Nine Months Ended September 30,
			2013		2012		2013		2012
	Revenues		$	18,160	$	914	$	55,959	$	2,743
	Operating expenses			9,204		3		28,689		10
	Interest ⁽¹⁾			2,876		525		15,498		1,576
	Depreciation			4,451		268		14,014		805
	Total expenses			16,531		796		58,201		2,391
	Net income (loss) from operations			1,629		118		-2,242		352
	Net loss on disposals			-42		-		-4,577		-
	Net income (loss)		$	1,587	$	118	$	-6,819	$	352
	Company's equity in		$	983	$	31	$	-2,808	$	88
	net income (loss) within
	continuing operations
	Company's equity in net		$	-	$	-	$	-804	$	-
	income within
	discontinued operations

		-1	The Bank of America Portfolio net loss includes interest expense of $0 and $7,092 for the three and nine months ended September 30, 2013 from the defeased mortgage acquired as part of the Joint Venture’s acquisition of the Bank of America Portfolio. The pool of treasury securities pledged as collateral for the mortgage generated sufficient cash flows to cover the debt service requirements, but did not generate income to offset the interest expense. The defeased mortgage and corresponding pool of pledged treasury securities were sold in May 2013 for a loss of $4,535.

Debt_Obligations

Debt Obligations	9 Months Ended
Debt Obligations	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	6. Debt Obligations

	Certain real estate assets are subject to mortgage liens. The following is a summary of mortgage notes payable as of September 30, 2013:


		Encumbered		Balance			Interest Rate		Maturity Date
		Properties		Balance			Interest Rate		Maturity Date
	Fixed-rate mortgages	4		$	45,515		0.00% to 6.95%		June 2014 to June 2029
	Variable-rate mortgages	-			-		n/a		n/a
	Total mortgage notes payable	4			45,515
	Above/below market interest				2,921
	Balance at September 30, 2013	4		$	48,436

	On September 4, 2013, the Company entered into a Credit and Guaranty Agreement, or the Credit Facility, with Deutsche Bank Securities, Inc., as lead arranger and bookrunner, and Deutsche Bank AG New York Branch, as administrative agent, for a $100,000 senior secured revolving credit facility. The aggregate amount of the Credit Facility may be increased to a total of up to $150,000, subject to the approval of the administrative agent and the identification of lenders willing to make available additional amounts. The maturity date of the revolving credit facility is September 2015, with one 12-month extension option exercisable by the Company, subject, among other things, to there being an absence of an event of default under the Credit Facility and to the payment of an extension fee. The Credit Facility is guaranteed by Gramercy Property Trust Inc. and certain subsidiaries and is secured by first priority mortgages on designated properties, or the Borrowing Base. Outstanding borrowings under the Credit Facility are limited to the lesser of (i) the sum of the $100,000 revolving commitment and the maximum $50,000 commitment increase available or (ii) 60.0% of the value of the Borrowing Base. Interest on advances made on the Credit Facility, will be incurred at a floating rate based upon, at the Company’s option, either (i) LIBOR plus the applicable LIBOR margin, or (ii) the applicable base rate which is the greater of the Prime Rate, 0.50% above the Federal Funds Rate, or 30-day LIBOR plus 1.00%. The applicable LIBOR margin will range from 1.90% to 2.75%, depending on the ratio of the Company's outstanding consolidated indebtedness to the value of the Company’s consolidated gross assets. The Credit Facility will have an initial borrowing rate of LIBOR plus 1.90%. The Credit Facility includes a series of financial and other covenants that the Company must comply with in order to borrow under the facility. The Company was in compliance with the covenants under the Credit Facility at September 30, 2013. As of September 30, 2013, there were no borrowings outstanding under the Credit Facility and 13 properties were in the borrowing base.

	During the second quarter of 2013, the Company acquired an auto auction facility located in the Dallas, Texas MSA, and assumed the fully-amortizing, first mortgage note of $26,322, encumbered by the property. The acquired property is 100% leased and the assumed mortgage note is co-terminus with the lease agreement. In addition, during the prior quarter, the Company obtained a $14,500 first mortgage secured by two previously acquired real estate properties and acquired one property with a $4,990 zero-coupon mortgage note payable to the property seller.

	During the three months ended September 30, 2013 and 2012, the Company capitalized $54 and $0, respectively, and $54 and $0, respectively, during the nine months ended September 30, 2013 and 2012, of interest associated with redevelopment activities.

	As of September 30, 2013, four of the Company’s real estate investments were encumbered with mortgage notes with a cumulative outstanding balance of $45,515 and the Company’s secured revolving line of credit had an outstanding balance of $0. Combined aggregate principal maturities of the Company's mortgage notes and credit facility as of September 30, 2013 are as follows:

		Credit Facility			Mortgage			Interest		Total
		Credit Facility			Notes Payable			Payments		Total
	2013 (October 1 - December 31)	$	-		$	302		$	570	$	872
	2014		-			6,247			2,234		8,481
	2015		-			1,335			2,155		3,490
	2016		-			1,420			2,071		3,491
	2017		-			1,509			1,981		3,490
	Thereafter		-			34,702			10,033		44,735
	Above / Below Market Interest		-			-			2,921		2,921
	Total	$	-		$	45,515		$	21,965	$	67,480

Leasing_Agreements

Leasing Agreements	9 Months Ended
Leasing Agreements	Sep. 30, 2013
Leases, Operating [Abstract]	'
Operating Lease Expense [Text Block]	'
	7. Leasing Agreements

	The Company’s properties are leased to tenants under operating leases with expiration dates extending through the year 2032. These leases generally contain rent increases and renewal options.

	Future minimum rental revenue under non-cancelable leases excluding reimbursements for operating expenses as of September 30, 2013 are as follows:

		Operating Leases
	October 1 to December 31, 2013	$	3,693
	2014		16,846
	2015		17,898
	2016		18,060
	2017		18,271
	Thereafter		177,655
	Total minimum lease rental income	$	252,423

Transactions_with_Director_Rel

Transactions with Director Related Entities	9 Months Ended
Transactions with Director Related Entities	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	8. Transactions with Director Related Entities

	The Chief Executive Officer of SL Green Realty Corp. (NYSE: SLG), or SL Green, is one of the Company’s directors. In June 2013, the Company signed a lease agreement with 521 Fifth Fee Owner LLC, an affiliate of SL Green, for new corporate office space located at 521 Fifth Avenue, New York, New York. The lease commenced in September 2013 following the completion of certain improvements to the space. The lease is for approximately 6,580 square feet and carries a term of 10 years with rents of approximately $373 per annum for year one rising to $463 per annum in year ten. The Company commences rent payments on December 30, 2013.

	From May 2005 through September 2013, the Company was party to a lease agreement with SLG Graybar Sublease LLC, an affiliate of SL Green, for its previous corporate offices at 420 Lexington Avenue, New York, New York. The lease was for approximately 7,300 square feet and carried an original term of 10 years with rents of approximately $249 per annum for year one rising to $315 per annum in year ten. In May and June 2009, the Company amended its lease with SLG Graybar Sublease LLC to increase the leased premises by approximately 2,260 square feet. The additional premises was leased on a co-terminus basis with the remainder of the Company’s leased premises and carried rents of approximately $103 per annum during the initial year and $123 per annum during the final lease year. On June 25, 2012, the lease was further amended to reduce the leased premises by approximately 600 square feet and to reduce rents by approximately $29 per annum during the initial year and $38 per annum during the final lease year. All other terms of the lease remained unchanged, except the Company obtained the right to cancel the lease with 90 days notice. For the three and nine months ended September 30, 2013, the Company paid $96 and $287 under this lease, respectively. For the three and nine months ended September 30, 2012, the Company paid $96 and $269 under this lease, respectively. In April 2013, the Company gave notice that that it was cancelling the lease for its corporate offices at 420 Lexington Avenue. The lease agreement with SLG Graybar Sublease LLC was terminated in September 2013.

	In September 2012, the Company, an affiliate of SL Green and several other unrelated parties recapitalized a portfolio of office buildings located in Southern California, or the Southern California Office Portfolio, through the contribution of an existing preferred equity investment to a newly formed joint venture. As of December 31, 2012, the Company’s 10.6% interest in the joint venture had a carrying value of $7,215 and was classified as held for sale in connection with the classification of Gramercy Finance as held for sale. For the three and nine months ended September 30, 2013, the Company recorded its pro rata share of net losses on the joint venture of $0 and $458, within discontinued operations. In January 2013, the Company sold its 10.6% interest in the joint venture of the Southern California Office Portfolio, which was part of the Gramercy Finance segment and was owned within the Company’s CDOs, to an affiliate of SL Green for proceeds of $8,275 and recorded a gain on disposition to a director related entity of $1,317 within discontinued operations.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	9. Fair Value of Financial Instruments

	The Company discloses fair value information about financial instruments, whether or not recognized in the statement of financial condition, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows based upon market yields or by using other valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.

	In connection with the Company’s disposal of Gramercy Finance, more fully described in Note 3, the Company recorded recurring and non-recurring fair value measurements as of the date of disposal for certain financial instruments before derecognition.

	The following table presents the carrying value in the Condensed Consolidated Balance Sheets, and approximate fair value of financial instruments at September 30, 2013 and December 31, 2012:

			30-Sep-13						31-Dec-12
			Carrying Value			Fair Value			Carrying Value			Fair Value
	Financial assets:
	Lending investments ^(1),(2)		$	-		$	-		$	784,135		$	816,283
	CMBS ⁽²⁾		$	-		$	-		$	932,265		$	932,265
	Derivative instruments ⁽²⁾		$	-		$	-		$	173		$	173
	Retained CDO Bonds ⁽³⁾		$	7,992		$	7,992		$	-		$	-
	Financial liabilities:
	Collateralized debt obligations ^(1),(2)		$	-		$	-		$	2,188,579		$	1,474,236
	Derivative instruments ⁽²⁾		$	-		$	-		$	173,623		$	173,623
	Mortgage notes payable ⁽¹⁾		$	48,436		$	48,097		$	-		$	-

	-1	Lending investments, mortgages notes payable, and CDOs are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions.
	-2	In connection with the disposal of Gramercy Finance, lending investments, CMBS investments, derivative instruments, and collateralized debt obligations were classified as held-for-sale as of December 31, 2012.
	-3	Retained CDO Bonds represent the CDOs’ subordinate bonds, preferred shares, and ordinary shares, which were retained subsequent to the disposal of Gramercy Finance and were previously eliminated in consolidation.

	The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the value:

	Cash and cash equivalents, accrued interest, and accounts payable : These balances in the Condensed Consolidated Financial Statements reasonably approximate their fair values due to the short maturities of these items.

	Lending investments : These instruments were presented in the Condensed Consolidated Financial Statements at the lower of cost or market value and not at fair value. The fair values were estimated by using market floating rate and fixed rate yields (as appropriate) for loans with similar credit characteristics.

	CMBS investments : These investments were presented in the Condensed Consolidated Financial Statements at fair value. The fair values were based upon valuations obtained from dealers of those securities, third-party pricing services, and internal models.

	Collateralized debt obligations : These obligations were presented in the Condensed Consolidated Financial Statements on the basis of proceeds received at issuance and not at fair value. The fair value was estimated based upon the amount at which similarly placed financial instruments would be valued at December 31, 2012.


	Derivative instruments : The Company’s derivative instruments, which are primarily comprised of interest rate swap agreements, were carried at fair value in the Condensed Consolidated Financial Statements based upon third-party valuations.

	Retained CDO Bonds: Non-investment grade, subordinate CDO bonds, preferred shares and ordinary shares are presented on the Condensed Consolidated Financial Statements at fair value. The fair value is determined by an internally developed discounted cash flow model.

	Mortgage notes payable: These obligations are presented in the Condensed Consolidated Financial Statements based on the actual balance outstanding and not at fair value. The fair value was estimated using discounted cash flows methodology, using discount rates that best reflect current market rates for financing with similar characteristics and credit quality.

	Disclosure about fair value of financial instruments is based on pertinent information available to the Company at September 30, 2013 and December 31, 2012. Although the Company is not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for the purpose of these Condensed Consolidated Financial Statements since September 30, 2013 and December 31, 2012, and current estimates of fair value may differ significantly from the amounts presented herein.

	The following discussion of fair value was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. Financial instruments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lower degree of judgment utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and a higher degree of judgment utilized in measuring fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts. Determining which category an asset or liability falls within the hierarchy requires significant judgment and the Company evaluates its hierarchy disclosures each quarter.

	Fair Value on a Recurring Basis

	Assets and liabilities measured at fair value on a recurring basis are categorized in the table below based upon the lowest level of significant input to the valuations.

	At September 30, 2013		Total			Level I			Level II			Level III
	Financial assets:
	Retained CDO Bonds:
	Non-investment grade,
	subordinate CDO bonds		$	7,992		$	-		$	-		$	7,992
			$	7,992		$	-		$	-		$	7,992

	At December 31, 2012		Total			Level I			Level II			Level III
	Financial assets:
	Derivative instruments:
	Interest rate caps		$	173		$	-		$	-		$	173
	Interest rate swaps			-			-			-			-
			$	173		$	-		$	-		$	173
	CMBS available for sale:
Investment grade		$	281,495		$	-		$	-		$	281,495
Non-investment grade			650,770			-			-			650,770
		$	932,265		$	-		$	-		$	932,265
Financial liabilities:
Derivative instruments:
Interest rate caps		$	173,623		$	-		$	-		$	173,623
Interest rate swaps			-			-			-			-
		$	173,623		$	-		$	-		$	173,623

Derivative instruments: Interest rate caps and swaps were valued with the assistance of a third-party derivative specialist, who used a combination of observable market-based inputs, such as interest rate curves, and unobservable inputs which required significant judgment such as the credit valuation adjustments due to the risk of non-performance by both the Company and its counterparties. The fair value of derivatives classified as Level III was most sensitive to the credit valuation adjustment as all or a portion of the credit valuation adjustment may be reversed or otherwise adjusted in future periods in the event of changes in the credit risk of the Company or its counterparties.

Total losses or (gains) from derivatives for the period ended March 15, 2013 were $10,100 in accumulated other comprehensive income (loss), and then subsequently on the date of disposal, the Company reclassified the amounts out of accumulated other comprehensive income (loss) and derecognized the derivative instruments. During the three and nine months ended September 30, 2013, the Company entered into no interest rate caps.

CMBS: CMBS were generally valued on a recurring basis by (i) obtaining assessments from third-party dealers who primarily used market-based inputs such as changes in interest rates and credit spreads, along with recent comparable trade data; and (ii) pricing services that used a combination of market-based inputs along with unobservable inputs that require significant judgment, such as assumptions on the underlying loans regarding net property operating income, capitalization rates, debt service coverage ratios and loan-to-value default thresholds, timing of workouts and recoveries, and loan loss severities. Third-party dealer marks, which were used to value the majority of the Company’s CMBS, are indications received from dealers in the respective security, from which the Company could transact at on the valuation date. The Company used all data points obtained, including comparable trades completed by the Company or available in the market place in determining its fair value of CMBS. Pricing service models are designed to replicate a market view of the underlying collateral, however, the models are most sensitive to the unobservable inputs such as timing of loan defaults and severity of loan losses and significant increases (decreases) in any of those inputs in isolation as well as any change in the expected timing of those inputs, would result in a significantly lower (higher) fair value measurement. Due to the inherent uncertainty in the determination of fair value, the Company had designated its CMBS as Level III.

Retained CDO Bonds: Retained CDO Bonds are valued on a recurring basis using an internally developed discounted cash flow model. Management estimates the timing and amount of cash flows expected to be collected and applies a discount rate equal to the yield that the Company would expect to pay for similar securities with similar risks at the valuation date. Future expected cash flows generated by management require significant assumptions and judgment regarding the expected resolution of the underlying collateral, which includes loans and other lending investments, real estate investments, and CMBS. The resolution of the underlying collateral requires further management assumptions regarding capitalization rates, lease-up periods, future occupancy rates, market rental rates, holding periods, capital improvements, net property operating income, timing of workouts and recoveries, loan loss severities and other factors. The models are most sensitive to the unobservable inputs such as the timing of a loan default or property sale and the severity of loan losses. Significant increases (decreases) in any of those inputs in isolation as well as any change in the expected timing of those inputs would result in a significantly lower (higher) fair value measurement. Due to the inherent uncertainty in the determination of fair value, the Company has designated its Retained CDO Bonds as Level III.

Quantitative information regarding the valuation techniques and the range of significant unobservable Level III inputs used to determine fair value measurements of the Retained CDO Bonds on a non-recurring basis as of September 30, 2013 are:

		At September 30, 2013
Financial Asset		Fair Value			Valuation Technique		Unobservable Inputs		Range
Retained CDO Bonds
Non-investment grade, subordinate CDO bonds		$	7,992		Discounted cash flows		Discount rate		25.00% to 40.00%


The following table reconciles the beginning and ending balances of financial assets measured at fair value on a recurring basis using Level III inputs:

		CMBS Available for sale -			CMBS Available for sale -			Derivative			Retained CDO
		Investment Grade			Non- Investment Grade			Instruments			Bonds
Balance as of December 31, 2012		$	281,495		$	650,770		$	173		$	-
Change in CMBS investment			-			-			-			-
Change in CMBS investment status			-1,506			1,506			-			-
Amortization of discounts or premiums			1,264			6,075			-			1,064
Proceeds from CMBS principal repayments			-10,526			-			-			-
Gramercy Finance disposal			-274,133			-670,387			-219			8,492
Adjustments to fair value:
Included in other comprehensive income			3,406			19,677			46			118
Other-than-temporary impairments			-			-7,641			-			-1,682
Balance as of September 30, 2013		$	-		$	-		$	-		$	7,992

The following roll forward table reconciles the beginning and ending balances of financial liabilities measured at fair value on a recurring basis using Level III inputs:
	Derivative
	Instruments - Interest
	Rate Swaps
Balance as of December 31, 2012	$	173,623
Gramercy Finance disposal		-163,716
Adjustments to fair value:
Unrealized loss		-9,907
Balance as of September 30, 2013	$	-


Fair Value on a Non-Recurring Basis

The Company used fair value measurements on a non-recurring basis in its assessment of fair value on loans and other lending investments that had been written down to fair value as a result of valuation allowances established for loan losses and loans and other lending investments classified as held-for-sale to adjust the carrying value to the lower of cost or fair value. As of March 15, 2013, or on the date of disposal of Gramercy Finance, the Company evaluated its loan investments for impairment before derecognizing the loan investments at the lower of cost or fair value. The Company recorded no impairments as of March 15, 2013. This differs from the Company’s determination of allowances for loan losses as the Company considered the value that a purchaser would be willing to acquire the asset at the date of disposal instead of at the ultimate resolution of the asset.

At September 30, 2013, the Company did not measure any assets at fair value on a non-recurring basis. The following table shows the fair value hierarchy for those assets measured at fair value on a non-recurring basis based upon the lowest level of significant input to the valuations for which a non-recurring change in fair value has been recorded during the year ended December 31, 2012.

At December 31, 2012		Total			Level I			Level II			Level III
Financial assets:
Lending investments - held-for-sale (allowance
for loan loss):
Whole loans		$	60,335		$	-		$	-		$	60,335
Subordinate interests in whole loans			9,131			-			-			9,131
Mezzanine loans			-			-			-			-
Preferred equity			-			-			-			-
		$	69,466		$	-		$	-		$	69,466
Lending investments - held-for-sale (impairment
for lower of cost or fair value):
Whole loans		$	174,477		$	-		$	-		$	174,477
Subordinate interests in whole loans			1,649			-			-			1,649
Mezzanine loans			20,422			-			-			20,422
Preferred equity			-			-			-			-
		$	196,548		$	-		$	-		$	196,548
Real estate investments:
Office		$	3,593		$	-		$	-		$	3,593
Land			24,195			-			-			24,195
Hotel			24,034			-			-			24,034
Branch			4,749			-			-			4,749
Industrial			-			-			-			-
		$	56,571		$	-		$	-		$	56,571


Real estate investments: The properties identified for impairment have been classified as assets held-for-sale. The impairment on properties classified as held-for-sale is calculated by comparing the results of the Company’s marketing efforts and unsolicited purchase offers to the carrying value of the respective property. The marketing valuations are based on internally developed discounted cash flow models which include assumptions that require significant management judgment regarding capitalization rates, lease-up periods, future occupancy rates, market rental rates, holding periods, capital improvements and other factors deemed necessary by management. The impairment is calculated by comparing the Company’s internally developed discounted cash flow methodology to the carrying value of the respective property.

Loans subject to impairments or reserves for loan loss: The loans identified for impairment or reserves for loan loss are collateral dependent loans. Impairment or reserves for loan loss are measured by comparing management’s estimated fair value of the underlying collateral to the carrying value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management.

The valuations derived from pricing models may include adjustments to the financial instruments. These adjustments may be made when, in management’s judgment, either the size of the position in the financial instrument or other features of the financial instrument such as its complexity, or the market in which the financial instrument is traded (such as counterparty, credit, concentration or liquidity) require that an adjustment be made to the value derived from the pricing models. Additionally, an adjustment from the price derived from a model typically reflects management’s judgment that other participants in the market for the financial instrument being measured at fair value would also consider such an adjustment in pricing that same financial instrument.

Assets and liabilities presented at fair value and categorized as Level III are generally those that are marked to model using relevant empirical data to extrapolate an estimated fair value. The models’ inputs reflect assumptions that market participants would use in pricing the instrument in a current period transaction and outcomes from the models represent an exit price and expected future cash flows. The parameters and inputs are adjusted for assumptions about risk and current market conditions. Changes to inputs in valuation models are not changes to valuation methodologies; rather, the inputs are modified to reflect direct or indirect impacts on asset classes from changes in market conditions. Accordingly, results from valuation models in one period may not be indicative of future period measurements.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2013
Stockholders Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	10. Stockholders’ Equity

	The Company’s authorized capital stock consists of 125,000,000 shares, $0.001 par value, of which the Company has authorized the issuance of up to 100,000,000 shares of common stock, $0.001 par value per share, and 25,000,000 shares of preferred stock, par value $0.001 per share. As of September 30, 2013, 57,676,005 shares of common stock and 3,525,822 shares of preferred stock were issued and outstanding. In the third quarter of 2013, all 2,000,000 shares of our Class B-1, non-voting common stock, par value $0.0001, issued as consideration for the Company’s contribution to the Joint Venture for its acquisition of the Bank of America Portfolio, were converted into common stock.

	Preferred Stock

	Beginning with the fourth quarter of 2008, the Company’s board of directors elected not to pay the quarterly Series A preferred stock dividends of $0.50781 per share. As of September 30, 2013 and December 31, 2012, the Company accrued Series A preferred stock dividends of $35,809 and $30,438, respectively. The Company may at its option redeem the Series A cumulative redeemable preferred stock at par for cash.

	Equity Incentive Plan

	As part of the Company’s initial public offering, the Company instituted its Equity Incentive Plan. The Equity Incentive Plan, as amended, authorizes (i) grants of shares of restricted and unrestricted common stock; (ii) the grant of stock options that qualify as incentive stock options under Section 422 of the Internal Revenue Code, or ISOs, (iii) the grant of stock options that do not qualify, or NQSOs; and, (iv) the grant of stock options in lieu of cash directors’ fees. The exercise price of stock options will be determined by the compensation committee, but may not be less than 100% of the fair market value of the shares of common stock on the date of grant. At September 30, 2013, 1,809,233 shares of common stock were available for issuance under the Equity Incentive Plan.

	Through September 30, 2013, 1,787,872 restricted shares had been issued under the Equity Incentive Plan, of which 85% have vested. Except for certain performance based awards, the vested and unvested shares are currently entitled to receive distributions on common stock if declared by the Company. Holders of restricted shares are prohibited from selling such shares until they vest but are provided the ability to vote such shares beginning on the date of grant. Compensation expense of $154 and $425 was recorded for the three and nine months ended September 30, 2013 and compensation expense of $523 and $1,170 was recorded for the three and nine months ended September 30, 2012, respectively, related to the issuance of restricted shares. Compensation expense of $1,687 will be recorded over the course of the next 53 months representing the remaining vesting period of equity awards issued under the Equity Incentive Plan as of September 30, 2013.

	In March 2013, the Company granted to four senior officers of the Company pursuant to the Equity Incentive Plan a total of 115,000 time-based restricted stock awards and 345,000 performance-based restricted stock units. The time-based awards vest in five equal annual installments commencing December 15, 2013, subject to continued employment. Vesting of the performance-based units requires, in addition to continued employment over a 5-year period, achievement of absolute increases in either the Company’s stock price or an adjusted funds from operations (as defined by the Company’s compensation committee).

	The Company has granted senior officers equity awards pursuant to the Company’s 2012 Long-Term Outperformance Plan, or 2012 Outperformance Plan, in the form of LTIP units. LTIP units are a class of limited partnership interests in GPT Property Trust LP, the Company’s operating partnership, that are structured to quality as “profits interests” for federal income tax purposes and do not have full parity, on a per unit basis, with the Class A limited partnership interests in the Company or its operating partnership with respect to liquidating distributions.

	In July 2012, the Company adopted the 2012 Outperformance Plan in connection with the hiring of Gordon F. DuGan, Benjamin P. Harris, and Nicholas L. Pell, who joined the Company on July 1, 2012 as Chief Executive Officer, President and Managing Director, respectively, and granted equity awards to these new executives pursuant to the 2012 Outperformance Plan. The LTIP units had a fair value of $1,870 on the date of grant, which was calculated in accordance with ASC 718. The Company used a probabilistic valuation approach to estimate the inherent uncertainty that the LTIP units may have with respect to the Company’s common stock.

	In March 2013, the Company granted four senior officers equity awards pursuant to the Company’s 2012 Long-Term Outperformance Plan, or 2012 Outperformance Plan, in the form of LTIP units having an aggregate maximum value of $4,000, and a fair value of $845, which was calculated in accordance with ASC 718. The Company used a probabilistic valuation approach to estimate the inherent uncertainty that the LTIP units may have with respect to the Company’s common stock. The amount of LTIP units actually earned by the executives under the 2012 Outperformance Plan can range from 20% of the maximum amount if the Company’s common stock price equals a minimum hurdle of $5.00 per share (less any dividends paid during the performance period) to 100% of the maximum amount if the Company’s common stock price equals or exceeds $9.00 per share (less any dividends paid during the performance period) on a valuation date during the four-year performance period. The executives will not earn any LTIP units under the 2012 Outperformance Plan to the extent that the Company’s common stock price on each of the four valuation dates is less than the $5.00 per share minimum hurdle.

	During the performance period, which commenced on July 1, 2012 and ends on June 30, 2016, the executives may earn up to 12%, 24% and 36% of the maximum amount under the 2012 Outperformance Plan at the end of the first, second and third plan years, respectively, if the Company’s common stock price has equaled or exceeded the stock price hurdles as of the end of such years. If the minimum stock price hurdle is met as of the end of any such plan year, the actual amount earned will range on a sliding scale from 20% of the maximum amount that may be earned as of such date (at the minimum stock price hurdle) to 100% of the maximum amount that may be earned as of such date (at the maximum stock price hurdle). Any LTIP units earned under the 2012 Outperformance Plan will remain subject to vesting, with 50% of any LTIP units earned vesting on June 30, 2016 and the remaining 50% vesting on June 30, 2017 based, in each case, on continued employment through the vesting date.

	Compensation expense of $147 and $408 was recorded for the three and nine months ended September 30, 2013 and compensation expense of $105 and $505 was recorded for the three and nine months ended September 30, 2012, respectively, for the 2012 Outperformance Plan. Compensation expense of $2,090 will be recorded over the course of the next 39 months, representing the remaining weighted average vesting period of the LTIP Units as of September 30, 2013.

	As of September 30, 2013, there were approximately 518,075 phantom stock units outstanding, of which 507,575 units are vested.

	Earnings per Share

	Earnings per share for the three and nine months ended September 30, 2013 and 2012 are computed as follows:

			Three Months Ended September 30,						Nine Months Ended September 30,
			2013			2012		2013		2012
	Numerator - Income (loss):
	Net income (loss) from continuing		$	1,005		$	-4,745	$	-6,624	$	-16,443
	operations		$	1,005		$	-4,745	$	-6,624	$	-16,443
	Net income (loss) from discontinued			-514			1,855		397,398		-6,517
	operations			-514			1,855		397,398		-6,517
	Net income (loss)			491			-2,890		390,774		-22,960
	Accrued preferred stock dividends			-1,790			-1,790		-5,370		-5,370
	Numerator for basic income per share -			-1,299			-4,680		385,404		-28,330
	net income (loss) available to common
	stockholders:
	Effect of dilutive securities			-			-		-		-
	Diluted earnings:
	Net income (loss) available to		$	-1,299		$	-4,680	$	385,404	$	-28,330
	common stockholders		$	-1,299		$	-4,680	$	385,404	$	-28,330
	Denominator-Weighted average shares:
	Weighted average shares outstanding			59,570,208			54,551,842		59,418,456		52,379,338
	Less: Unvested restricted shares			-667,500			-2,243,189		-688,965		-1,050,895
	Denominator for basic income per share			58,902,708			52,308,653		58,729,491		51,328,443
	Effect of dilutive securities:
	LTIP			-			-		-		-
	Stock based compensation plans			-			-		-		-
	Phantom stock units			-			-		-		-
	Diluted Shares			58,902,708			52,308,653		58,729,491		51,328,443

	Diluted income (loss) per share assumes the conversion of all common share equivalents into an equivalent number of common shares if the effect is not anti-dilutive. For the three months ended September 30, 2013, 50,828 share options and 518,075 phantom share units were computed using the treasury share method, which due to the net loss from continuing operations were anti-dilutive. For the nine months ended September 30, 2013, 49,136 share options and 518,075 phantom share units were computed using the treasury share method, which due to the net loss from continuing operations were anti-dilutive. For the three months ended September 30, 2012, 16,686 share options and 575,615 phantom share units were computed using the treasury share method, which due to the net loss from continuing operations were anti-dilutive. For the nine months ended September 30, 2012, 17,121 share options and 575,615 phantom share units were computed using the treasury share method, which due to the net loss from continuing operations were anti-dilutive.

	Accumulated other comprehensive income (loss) for the period ended September 30, 2013 and 2012 is comprised of the following:

			As of September 30,
		2013			2012
Net realized and unrealized losses on interest rate swap and cap		$	-		$	-190,214
agreements accounted for as cash flow hedges		$	-		$	-190,214
Net unrealized loss on available-for-sale securities			-			-79,925
Net unrealized gain on debt securities			118			-
Total accumulated other comprehensive income (loss)		$	118		$	-270,139

The Company reclassified unrealized gains on CMBS of $107,774 for the period ended September 30, 2013 into net income as a component of the gain on disposal of Gramercy Finance on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss). The Company also reclassified the unamortized fair value of terminated swaps previously designated as cash flow hedges of $6,359 into net income as a component of the gain on disposal of Gramercy Finance presented Condensed Consolidated Statement of Operations and Comprehensive Income (Loss).

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	11. Commitments and Contingencies

	The Company is obligated under certain tenant leases, to construct the underlying leased property or fund tenant expansions. As of September 30, 2013, the Company had four outstanding commitments: (1) the construction of a 118,000 square foot cold storage facility located in Hialeah Gardens, Florida, of which the unfunded amounts were estimated to be $20,669; (2) the contribution of $1,500 towards tenant improvements on a warehouse/industrial property in Garland, Texas, of which the unfunded amounts were estimated to be $854; (3) the expansion of a property located in Olive Branch, Mississippi, whereby the tenant has a one-time option to expand the building by 250,000 square feet; and (4) the expansion of a property located in Logan Township, New Jersey, whereby the tenant has a one-time option to expand the building by 25,000 square feet. The tenants have not noticed the Company for the building expansion options and as such, no amounts are due and no unfunded amounts have been estimated.

	The Company’s corporate offices at 521 Fifth Avenue, New York, New York are subject to an operating lease agreement with 521 Fifth Fee Owner, LLC, an affiliate of SL Green, effective as of September 2013. The lease is for approximately 6,580 square feet and carries a term of 10 years with rents of approximately $373 per annum for year one rising to $463 per annum in year ten.

	The Company’s previous corporate offices at 420 Lexington Avenue, New York, New York, were subject to an operating lease agreement with SLG Graybar Sublease LLC, an affiliate of SL Green, effective May 1, 2005, which was subsequently amended in May and June 2009 and in June 2012. In April 2013, the Company gave notice that it was cancelling the lease for the corporate offices at 420 Lexington Avenue effective in September 2013 concurrently with the commencement of the lease for the new corporate offices at 521 Fifth Avenue.

	The Company’s regional management office located at 610 Old York Road, Jenkintown, Pennsylvania, is subject to an operating lease with an affiliate of KBS REIT. The lease is for approximately 17,000 square feet, and expires on April 30, 2014, with rents of approximately $322 per annum. The Company’s regional management office located at 800 Market Street, St. Louis, Missouri is subject to an operating lease with St. Louis BOA Plaza, LLC. The lease is for approximately 2,000 square feet, expires on September 30, 2014, and is cancelable with 60 days’ notice. The lease is subject to rents of $32 per annum.

	In December 2010, the Company sold the Company's 45% joint venture interest in the leased fee of the 2 Herald Square property in New York, New York, for approximately $25,600, plus assumed mortgage debt of approximately $86,100, or the 2 Herald Sale Transaction. Subsequent to the closing of the transaction, the New York City Department of Finance, or the NYC DOF, and New York State Department of Taxation, or the NYS DOT, issued notices of determination assessing, in the case of the NYC DOF notice, approximately $2,900 of real property transfer tax, plus interest, and, in the case of the NYS DOT notice, approximately $684 of real property transfer tax, plus interest, collectively the Transfer Tax Assessments, against the Company in connection with the 2 Herald Sale Transaction. The Company believes that the 2 Herald Sale Transaction was exempt from New York City and New York State real property transfer taxes and intends to vigorously defend against the assessments. In September 2013, the Company filed a petition challenging the NYC DOF Transfer Tax Assessment with the New York City Tax Appeal Tribunal, and the Company intends to timely filing a similar petition challenging the NYS DOF Transfer Tax Assessment.

	The Company believes that it has strong defenses against the Transfer Tax Assessments and intends to continue to vigorously assert same. The Company evaluates contingencies based on information currently available, including the advice of counsel. The Company establishes accruals for litigation and claims when a loss contingency is considered probable and the related amount is reasonably estimable. The Company will periodically review these contingences and may adjust the amount of the accrual if circumstances change. The outcome of a contingent matter and the amount or range of potential losses at particular points may be difficult to ascertain. If a range of loss is estimated and an amount within such range appears to be a better estimate than any other amount within that range, then that amount is accrued. As of September 30, 2013, the Company had not established any accrual for the Transfer Tax Assessments, as the Company believes that a potential loss is not probable. If the Company is unsuccessful in its petition to set aside the Transfer Tax Assessments and is otherwise unable to compromise or settle the claim, the Company will incur an expense equal to the assessed tax plus interest within discontinued operations.

Income_Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	12. Income Taxes

	The Company has elected to be taxed as a REIT, under Sections 856 through 860 of the Internal Revenue Code beginning with its taxable year ended December 31, 2004. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its ordinary taxable income to stockholders. As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that it distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will then be subject to U.S. federal income taxes on taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distributions to stockholders. However, the Company believes that it is organized and will operate in such a manner as to qualify for treatment as a REIT and the Company intends to operate in the foreseeable future in such a manner so that it will qualify as a REIT for U.S. federal income tax purposes. The Company may, however, be subject to certain state and local taxes. Our TRSs are subject to federal, state and local taxes. The Company’s Asset and Property management business, Gramercy Asset Management, conducts its business through a wholly-owned TRS. In addition to the limitation on the Company's use of its net operating losses under Section 382, since the Company uses separate taxable REIT subsidiaries to conduct different aspects of its business, losses incurred by the individual TRSs are only available to offset taxable income derived by each respective TRS.

	Beginning with the third quarter of 2008, the Company’s board of directors elected to not pay a dividend to common stockholders. The board of directors also elected not to pay the Series A preferred stock dividend of $0.50781 per share beginning with the fourth quarter of 2008. The unpaid preferred stock dividend has been accrued for twenty quarters as of September 30, 2013. The Company has reevaluated its dividend policy and expects to resume timely payments of dividends on the Company’s Series A cumulative preferred stock, including payment of all accrued and unpaid dividends beginning with the fourth quarter of 2013. The Company also expects that in 2014, the Company will resume quarterly payment of dividends to common stockholders. However, in accordance with the provisions of the Company’s charter, the Company may not pay any dividends on its common stock until all accrued dividends and the dividend for the then current quarter on the Series A preferred stock are paid in full. The record and payment dates for the Company’s dividend payments will be made as and when the same are determined by the Company’s board of directors.

	For the three and nine months ended September 30, 2013, the Company recorded $744 and $8,105 of income tax expense, including $0 and $2,515 within discontinued operations, respectively. For the three and nine months ended September 30, 2012, the Company reversed $39 and recorded $3,379 of income tax expense within continuing operations, respectively. Tax expense for the three and nine months ended September 30, 2013 and 2012 in continuing operations is comprised of federal, state and local taxes primarily attributable to Gramercy Asset Management. Tax expense for the three and nine months ended September 30, 2013 included in discontinued operations is comprised of federal, state and local taxes attributable to the sale of the CDO management contracts to CWCapital.

	Net deferred tax assets of $1,793 and $0 are included in other assets on the accompanying Condensed Consolidated Balance Sheets at September 30, 2013 and December 31, 2012, respectively. Deferred tax assets as of December 31, 2012 relate to net operating loss carry forwards of TRSs, which are fully reserved. Deferred tax assets as of September 30, 2013 relate to the incentive fee from the management agreement with KBSAS earned by our asset management TRS and the fully reserved net operating loss carryforwards.

	The Company’s policy for interest and penalties, if any, on material uncertain tax positions recognized in the Condensed Consolidated Financial Statements is to classify these as interest expense and operating expense, respectively. As of September 30, 2013, and December 31, 2012, the Company did not incur any material interest or penalties.

Segment_Reporting

Segment Reporting	9 Months Ended
Segment Reporting	Sep. 30, 2013
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	13. Segment Reporting

	As of September 30, 2013, the Company has determined that it has two reportable operating segments: Asset Management and Investments/Corporate. On March 15, 2013, the Company disposed of its third reportable segment, Gramercy Finance, as more fully discussed in Note 1. The reportable segments are determined based upon the management approach, which looks to the Company’s internal organizational structure. The Company’s lines of business require different support infrastructures. In 2012, the Company changed the composition of its business segments to separate Asset Management from Investments.

	The Investments/Corporate segment includes all of the Company’s activities related to net lease investments in markets across the United States. The Investments/Corporate segment generates revenues from rental revenues from properties owned by the Company.
	The Asset Management segment includes substantially all of the Company’s activities related to asset and property management services. The Asset Management segment generates revenues from fee income related to the management agreements for properties owned by third-parties.

	The Finance segment was classified as held for sale at December 31, 2012 in connection with the disposal in the first quarter of 2013.

	The Company’s reportable operating segments are summarized as follows:

					Asset		Investments /		Total
			Finance		Management		Corporate		Company
	Three Months Ended September 30, 2013
	Total revenues		$	-	$	8,343	$	5,078	$	13,421
	Equity in net loss from unconsolidated joint ventures			-		-		983		983
	Total operating and interest expense ⁽¹⁾			-		-6,456		-6,943		-13,399
	Net income (loss) from continuing operations ⁽²⁾		$	-	$	1,887	$	-882	$	1,005

						Asset		Investments /		Total
				Finance		Management		Corporate		Company
	Three Months Ended September 30, 2012
	Total revenues		$	-	$	8,833	$	324	$	9,157
	Equity in net loss from unconsolidated joint ventures			-		-		31		31
	Total operating and interest expense ⁽¹⁾			-		-6,859		-7,074		-13,933
	Net income (loss) from continuing operations ⁽²⁾		$	-	$	1,974	$	-6,719	$	-4,745

					Asset		Investments /		Total
			Finance		Management		Corporate		Company
	Nine Months Ended September 30, 2013
	Total revenues		$	-	$	30,275	$	8,717	$	38,992
	Equity in net loss from unconsolidated joint ventures			-		-		-2,808		-2,808
	Total operating and interest expense ⁽¹⁾			-		-23,934		-18,874		-42,808
	Net income (loss) from continuing operations ⁽²⁾		$	-	$	6,341	$	-12,965	$	-6,624

					Asset		Investments /		Total
			Finance		Management		Corporate		Company
	Nine Months Ended September 30, 2012
	Total revenues		$	-	$	26,762	$	390	$	27,152
	Equity in net loss from unconsolidated joint ventures			-		-		88		88
	Total operating and interest expense ⁽¹⁾			-		-24,640		-19,043		-43,683
	Net income (loss) from continuing operations ⁽²⁾		$	-	$	2,122	$	-18,565	$	-16,443

					Asset		Investments /		Total
			Finance		Management		Corporate		Company
	Total Assets:
	30-Sep-13		$	-	$	16,625	$	311,466		328,091
	31-Dec-12		$	1,937,554	$	-	$	231,282	$	2,168,836

		-1	Total operating and interest expense includes operating costs on commercial property assets for the Investments segment and costs to perform required functions under the management agreement for the Asset Management segment. Depreciation and amortization of $1,886 and $44 and provision for taxes of $744 and $(39) for the three months ended September 30, 2013 and 2012, respectively, are included in the amounts presented above. Depreciation and amortization of $3,142 and $130 and provision for taxes of $5,590 and $3,379 for the nine months ended September 30, 2013 and 2012, respectively, are included in the amounts presented above.
		-2	Net income (loss) from continuing operations represents loss before discontinued operations.

Subsequent_Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	14. Subsequent Events

	In October 2013, the Company entered into a common stock purchase agreement and related joinder agreements, or the Purchase Agreement, for the issuance of 11,535,200 unregistered shares of common stock at a purchase price of $4.11 per share, raising gross proceeds of $47,410. Pursuant to the Purchase Agreement, each purchaser has agreed that it will not, without the prior written consent of the Company, offer, sell, contract to sell, pledge or otherwise dispose any or all of the common stock purchased pursuant to the Purchase Agreement until March 25, 2014, or the Lock-Up Period. During the Lock-Up Period, if the Company issues common stock or securities convertible into common stock (except for certain permitted issuances), then the purchasers will have the ability to: (1) purchase their pro rata portion of all or any part of the new issuance and (2) elect the benefit of any different terms provided to the new investors.

	Pursuant to the Purchase Agreement, the Company entered into contingent value rights agreements, or the CVR Agreements, with the Purchasers at the closing of the sale of common stock. Pursuant to each CVR Agreement, the Company issued to each purchaser the number of contingent value rights, or CVRs, equal to the number of common stock purchased. On March 25, 2014, or the CVR Test Date, the Company will calculate the volume-weighted average price, or the VWAP, for the common stock for the 10 trading days period ending on, and including, March 25, 2014, or the CVR Period VWAP. On April 1, 2014, the Company will pay to the holder of the contingent value rights, in immediately available funds, an amount in cash, equal to (a) the number of contingent value rights held by the holder on the CVR Test Date multiplied by (b) the amount, not to exceed $0.46 equal to the difference between the per share purchase price of $4.11 and the CVR Period VWAP.
	In October 2013, the Company announced its intention to resume timely payments of dividends on its Series A cumulative redeemable preferred stock, beginning with the dividend due for the fourth quarter of 2013 and to satisfy and pay all accrued but unpaid preferred stock dividends for prior periods, which as of September 30, 2013, was $35,809. The Company also announced its intention to initiate payment of common stock dividends during 2014. The record and payment dates for all Company dividend payments will be made as and when the same are determined by the Company's board of directors.

	On October 1, 2013, the Company closed on the acquisition of a 220,000 square foot, industrial property located in Yuma, Arizona in an all cash transaction for a purchase price of approximately $17,850. The property is 100% leased to one tenant through September 2033. The Company is currently analyzing the fair value of the leases and real estate assets and accordingly, the purchase price allocation is preliminary and subject to change.

	On October 22, 2013, the Company closed on the acquisition of a 120,000 square foot, industrial property located in Austin, Texas in an all cash transaction for a purchase price of approximately $9,490. The property is 100% leased to one tenant through October 28, 2028. The Company is currently analyzing the fair value of the leases and real estate assets and accordingly, the purchase price allocation is preliminary and subject to change.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2013
Accounting Policies [Abstract]	'
Reclassification, Policy [Policy Text Block]	'
	Reclassification

	Certain prior year balances have been reclassified to conform with current year presentation in the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and footnote disclosures to reflect held-for-sale assets and discontinued operations as of September 30, 2013.

Principles Of Consolidation [Policy Text Block]	'
	Principles of Consolidation

	The Condensed Consolidated Financial Statements include the Company’s accounts and those of the Company’s subsidiaries which are wholly-owned or controlled by the Company, or entities which are variable interest entities, or VIEs, in which the Company is the primary beneficiary. The primary beneficiary is the party that absorbs a majority of the VIE’s anticipated losses and/or a majority of the expected returns. The Company has evaluated its investments for potential classification as variable interests by evaluating the sufficiency of each entity’s equity investment at risk to absorb losses. As of December 31, 2012, the Company had consolidated its three CDOs, which were classified as held-for-sale VIEs. On March 15, 2013, following the disposal of the Gramercy Finance segment as more fully discussed in Note 1, the CDOs were deconsolidated as the Company determined that it was no longer the primary beneficiary of the VIEs. For further discussion on the deconsolidation of the CDOs, see the discussion on VIEs below.

	Entities which the Company does not control and are considered VIEs, but where the Company is not the primary beneficiary are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated.

Variable Interest Entities [Policy Text Block]	'
	Variable Interest Entities

	The Company had no consolidated VIEs as of September 30, 2013. The following is a summary of the Company’s involvement with unconsolidated VIEs as of September 30, 2013:

			Company carrying					Company carrying		Face value of			Face value of liabilities
			value-assets					value-liabilities		assets held by the VIEs			issued by the VIEs
	Assets
	Unconsolidated VIEs
	Retained CDO Bonds ⁽¹⁾		$	7,992	(1)		$	-		$	2,213,144		$	1,978,315

		(1) Retained CDO Bonds were previously eliminated in consolidation.

	The following is a summary of the Company’s involvement with VIEs as of December 31, 2012:

			Company carrying				Company carrying			Face value of			Face value of liabilities
			value-assets				value-liabilities			assets held by the VIEs			issued by the VIEs
	Liabilities of assets held for sale
	Consolidated VIEs
	Collateralized debt obligations		$	1,913,353	(1)		$	2,374,516		$	2,469,856		$	2,593,392

		-1	Collateralized debt obligations are a component of non-recourse liabilities of consolidated VIEs held for sale on the Condensed Consolidated Balance Sheets.

Consolidated Vies [Policy Text Block]	'
	Consolidated VIEs

	Collateralized Debt Obligations

	On March 15, 2013, as a result of the disposal of the Gramercy Finance segment as more fully described in Note 1, the Company deconsolidated three VIEs, the CDOs. The Company was the collateral manager of the three CDOs and in its capacity as collateral manager the Company made decisions related to the collateral that most significantly impacted the economic outcome of the CDOs, which was the basis upon which the Company concluded that it was the primary beneficiary of the CDOs as of December 31, 2012. In connection with the disposal of Gramercy Finance, the Company transferred the collateral management and sub-special servicing agreements for its three CDOs to CWCapital, thereby removing the Company as the collateral manager and its ability to make any and all decisions related to the collateral, including those that would most significantly impact the economic outcome of the CDOs. As of March 15, 2013, the Company had no continuing involvement with the collateral to the CDOs, and as a result, the Company determined that it was no longer the primary beneficiary of the CDOs, and therefore deconsolidated the CDOs.

	The Company has retained its subordinate debt and equity ownership, or the Retained CDO Bonds, in the CDOs, which were previously eliminated in consolidation and were not sold as part of the disposal of Gramercy Finance. The Retained CDO Bonds may provide the potential for the Company to receive continuing cash flows in the future, however, there is no guarantee that the Company will realize any proceeds from the Retained CDO Bonds, or what the timing of these proceeds might be. These interests have been recognized at fair value as the Retained CDO Bonds on the Condensed Consolidated Balance Sheets. For further discussion of the measurement of fair value of the Retained CDO Bonds see Note 9.

Unconsolidated Vies [Policy Text Block]	'
	Unconsolidated VIEs

	Investment in Retained CDO Bonds

	As further discussed above, on March 15, 2013, the Company recognized an asset in Retained CDO Bonds in connection with the disposal of the Gramercy Finance segment. The Company is not obligated to provide any financial support to these CDOs. The Company’s maximum exposure to loss is limited to its interest in the Retained CDO Bonds, which is a non-cash loss, and the Company does not control the activities that most significantly impact the VIEs’ economic performance.

Real Estate and Ctl Investments [Policy Text Block]	'
	Real Estate Investments

	The Company records acquired real estate investments as business combinations when the real estate is occupied, at least in part, at acquisition. Costs directly related to the acquisition of such investments are expensed as incurred. The Company allocates the purchase price of real estate to land, building, improvements and intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases at the acquisition date. The values of the above- and below-market leases are amortized and recorded as either an increase in the case of below-market leases or a decrease in the case of above-market leases to rental revenue over the remaining term of the associated lease. The values associated with in-place leases are amortized to depreciation and amortization expense over the remaining term of the associated lease. The Company assesses the fair value of the leases at acquisition based upon estimated cash flow projections that utilize appropriate discount and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, the Company amortizes such below-market lease value into rental revenue over the renewal period.

	Acquisitions of real estate that do not meet the definition of a business combination are recorded at cost. Acquired real estate investments which are under construction are considered build-to-suit transactions and are also recorded at cost. In build-to-suit transactions, the Company engages a developer to construct a building and/or improvement or provide funds to a tenant to develop a building and/or improvement. The Company capitalizes the funds provided to the developer/tenant and the internal costs, including interest, real estate taxes and insurance, if applicable, during the construction period. These costs are capitalized as long as the construction activities are in progress. In the event that construction is abandoned or suspended, the Company will stop capitalizing costs until construction activities resume.

	Certain improvements are capitalized when they are determined to increase the useful life of the property. Depreciation is computed using the straight-line method over the shorter of the estimated useful life of the capitalized item not to exceed 40 years for buildings, 15 years for land and building improvements, ten years for equipment and fixtures, and remaining lease term for tenant improvements. Maintenance and repair expenditures are charged to expense as incurred.

	In leasing space, the Company may provide funding to the lessee through a tenant allowance. In accounting for tenant allowances, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership of such improvements. If the Company is considered the owner of the leasehold improvements, the Company capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Factors considered during this evaluation usually include (i) who holds legal title to the improvements, (ii) evidentiary requirements concerning the spending of the tenant allowance, and (iii) other controlling rights provided by the lease agreement (e.g. unilateral control of the tenant space during the build-out process). Determination of the accounting for a tenant allowance is made on a case-by-case basis, considering the facts and circumstances of the individual tenant lease.

	The Company also reviews the recoverability of the property’s carrying value when circumstances indicate a possible impairment of the value of a property. The review of recoverability is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as changes in strategy resulting in an increased or decreased holding period, expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If management determines impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used and for assets held for sale, an impairment loss is recorded to the extent that the carrying value exceeds the fair value less estimated cost to dispose. These assessments are recorded as an impairment loss in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in the period the determination is made. The estimated fair value of the asset becomes its new cost basis. For a depreciable long-lived asset to be held and used, the new cost basis will be depreciated or amortized over the remaining useful life of that asset.

Investments In Joint Ventures [Policy Text Block]	'
	Investments in Joint Ventures

	The Company accounts for its investments in joint ventures under the equity method of accounting since it exercises significant influence, but does not unilaterally control the entities, and is not considered to be the primary beneficiary. In the joint ventures, the rights of the other investors are protective and participating. Unless the Company is determined to be the primary beneficiary, these rights preclude it from consolidating the investments. The investments are recorded initially at cost as an investment in joint ventures, and subsequently are adjusted for equity interest in net income (loss) and cash contributions and distributions. Any difference between the carrying amount of the investments on the Condensed Consolidated Balance Sheets and the underlying equity in net assets is evaluated for impairment at each reporting period. None of the joint venture debt is recourse to the Company. As of September 30, 2013 and December 31, 2012, the Company had equity investments of $46,800 and $72,742 in joint ventures, respectively.

Cash and Cash Equivalents, Policy [Policy Text Block]	'
	Cash and Cash Equivalents

	The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.

Assets Held For Sale [Policy Text Block]	'
	Assets Held for Sale

	As of December 31, 2012, in connection with the Company’s efforts to dispose of Gramercy Finance and exit the commercial real estate finance business, the Company classified the assets and liabilities of Gramercy Finance as held for sale. As of December 31, 2012, the Company had assets classified as held for sale of $1,952,264 related to the disposal of Gramercy Finance. On March 15, 2013, the Company completed the disposal of Gramercy Finance. For further discussion on the disposal of Gramercy Finance see Note 3, “Dispositions and Assets Held for Sale.”

	Real estate investments to be disposed of are reported at the lower of carrying amount or estimated fair value, less costs to sell. Once an asset is classified as held for sale, depreciation expense is no longer recorded on real estate assets and current and prior periods are reclassified as “discontinued operations.” As of September 30, 2013 and December 31, 2012, the Company had real estate investments held for sale of $0 and $88,806, respectively. The Company did not record any impairment charges during the three and nine months ended September 30, 2013. The Company recorded impairment charges of $1,981 and $4,620 , respectively, on real estate investments within discontinued operations for the three and nine months ended September 30, 2012.

Tenant and Other Receivables [Policy Text Block]	'
	Tenant and Other Receivables

	Tenant and other receivables are derived from the management fees, rental revenue and tenant reimbursements. Management fees, including incentive management fees, are recognized as earned in accordance with the terms of the management agreements. Rental income is recorded on a straight-line basis over the initial term of the lease. Since many leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that will only be received if the tenant makes all rent payments required through the expiration of the initial term of the lease. Tenant and other receivables also include receivables related to tenant reimbursements for common area maintenance expenses and certain other recoverable expenses that are recognized as revenue in the period in which the related expenses are incurred.

	Tenant and other receivables are recorded net of the allowances for doubtful accounts, which as of September 30, 2013 and December 31, 2012 were $278 and $211, respectively. The Company continually reviews receivables related to rent, tenant reimbursements and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company increases the allowance for doubtful accounts or records a direct write-off of the receivable.

Receivables From Servicing Advance [Policy Text Block]	'
	Servicing Advances Receivable

	Servicing advances receivable is comprised of the accrual for the reimbursement of servicing advances recognized as part of the disposal of Gramercy Finance, more fully described in Note 1. The accrual for reimbursement of servicing advances incurred while the Company was the collateral manager of the CDOs includes expenses such as legal fees incurred to negotiate modifications and foreclosures on loan investments, professional fees incurred on certain loans, or fees for services such as appraisals obtained on real estate properties that served as collateral for loan investments. These reimbursement proceeds will be realized when the related assets within the CDOs are liquidated in accordance with the terms of the collateral management and sub-special servicing agreements, which were sold in connection with the disposal of Gramercy Finance. The Company has no control over the timing of the resolution of the related assets, however, the Company earns accrued interest at the prime rate for the time that these reimbursements are outstanding. For the three and nine months ended September 30, 2013, the Company received reimbursements of $4,746 and $4,758, respectively. As of September 30, 2013, the servicing advances receivable is $9,973.

	The Company reviews the servicing advances receivable on a quarterly basis and determines collectability by reviewing the expected resolution and timing of the underlying assets of the CDOs. As of September 30, 2013, the Company has reviewed the outstanding servicing advances and has determined that all amounts are collectible.

Collateralized Debt Obligations Bonds [Policy Text Block]	'
	Retained CDO Bonds

	The Retained CDO Bonds are non-investment grade subordinate bonds, preferred shares and ordinary shares of three CDO’s, which the Company recognized at fair value in March 2013 in conjunction with the disposal of Gramercy Finance. Management estimated the timing and amount of cash flows expected to be collected and recognized an investment in the Retained CDO Bonds equal to the net present value of these discounted cash flows. There is no guarantee that the Company will realize any proceeds from this investment, or what the timing of investment income for the expected remaining life of the Retained CDO Bonds. The Company considers these investments to be not of high credit quality and does not expect a full recovery of interest and principal. Therefore, the Company has suspended interest income accruals on these investments. On a quarterly basis, the Company evaluates the Retained CDO Bonds to determine whether significant changes in estimated cash flows or unrealized losses on these investments, if any, reflect a decline in value which is other-than-temporary. If there is a decrease in estimated cash flows and the investment is in an unrealized loss position, the Company will record an other-than-temporary impairment in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). To determine the component of the other-than-temporary impairment related to expected credit losses, the Company compares the amortized cost basis of the Retained CDO Bonds to the present value of its revised expected cash flows, discounted using its pre-impairment yield. Conversely, if the security is in an unrealized gain position and there is a decrease or significant increase in expected cash flows, the Company will prospectively adjust the yield using the effective yield method.

	For the three and nine months ended September 30, 2013, the Company recognized an other-than-temporary impairment, or OTTI, of$0 and $1,682, respectively, on its Retained CDO Bonds. A summary of the Company’s Retained CDO Bonds as of September 30, 2013 is as follows:

	Description		Number of		Face Value			Amortized			Gross Unrealized			Other-than-temporary		Fair Value		Weighted Average
	Description		Securities		Face Value			Cost			Gain (Loss)			impairment		Fair Value		Expected Life
	Available for Sale, Non-investment Grade:
	Retained CDO		9		$	354,600		$	7,874		$	118		$	1,682	$	7,992	5.7 years
	Bonds		9		$	354,600		$	7,874		$	118		$	1,682	$	7,992	5.7 years
	Total		9		$	354,600		$	7,874		$	118		$	1,682	$	7,992	5.7 years

	The following table summarizes the activity related to credit losses on the Retained CDO Bonds for the nine months ended September 30, 2013:

	Balance as of December 31, 2012 of credit losses on Retained CDO Bonds for which	$	-
	a portion of an OTTI was recognized in other comprehensive income	$	-
	Additions to credit losses:
	On Retained CDO Bonds for which an OTTI was not previously recognized		1,682
	On Retained CDO Bonds for which an OTTI was previously recognized and a portion		-
	of an other-than-temporary impairment was recognized in other
	comprehensive income
	On Retained CDO Bonds for which an OTTI was previously recognized without any		-
	portion of other-than-temporary impairment recognized in other
	comprehensive income
	Reduction for credit losses:
	On Retained CDO Bonds for which no other-than-temporary impairment was		-
	recognized in other comprehensive income at current measurement date		-
	On Retained CDO Bonds sold during the period		-
	On Retained CDO Bonds charged off during the period		-
	For increases in cash flows expected to be collected that are recognized over the		-
	remaining life of the Retained CDO Bonds		-
	Balance as of September 30, 2013 of credit losses on Retained CDO Bonds for which	$	1,682
	a portion of an OTTI was recognized in other comprehensive income	$	1,682

Intangible Assets, Finite-Lived, Policy [Policy Text Block]	'
	Intangible Assets and Liabilities

	The Company follows the acquisition method of accounting for business combinations. The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets and liabilities acquired based on their respective fair values. Tangible assets include land, buildings and improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of fair value are made using customary methods, including data from independent appraisals, comparable sales, discounted cash flow analyses and other methods. Identifiable intangible assets and liabilities include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Management also considers information obtained about each property as a result of its pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets and intangible liabilities acquired.

	Above-market and below-market lease values for properties acquired are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amount to be paid pursuant to each in-place lease and management’s estimate of the fair market lease rate for each such in-place lease, measured over a period equal to the remaining non-cancelable term of the lease. The above-market lease values are amortized as a reduction of rental revenue over the remaining non-cancelable term of the respective leases. The below-market lease values are amortized as an increase to rental revenue over the remaining non-cancelable term of the respective leases. If a tenant terminates its lease prior to its contractual expiration and no future rental payments will be received, any unamortized balance of the market lease intangibles would be written off to rental revenue.

	The aggregate value of intangible assets related to in-place leases is primarily the difference between the property valued with existing in-place leases adjusted to market rental rates and the property valued as-if vacant. Factors considered by management in its analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the anticipated lease-up period. Management also estimates costs to execute similar leases including leasing commissions and other related expenses. The value of in-place leases is amortized to depreciation and amortization expense over the remaining non-cancelable term of the respective leases. In no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease prior to its contractual expiration and no future rental payments will be received, any unamortized balance of the in-place lease intangible would be written off to depreciation and amortization expense.

	The Company recorded $336 and $7 of amortization of intangible assets as part of depreciation and amortization, including $0 and $7 within discontinued operations, for the three months ended September 30, 2013 and 2012, respectively. The Company recorded $778 and $43 of amortization of intangible assets as part of depreciation and amortization, including $3 and $43 within discontinued operations, for the nine months ended September 30, 2013 and 2012, respectively.

	The Company recorded $49 and $42 of amortization of intangible assets and liabilities as a net increase to rental revenue, including $0 and $42 within discontinued operations, for the three months ended September 30, 2013 and 2012, respectively. The Company recorded $125 and $155 of amortization of intangible assets and liabilities as a net increase to rental revenue, including $34 and $155 within discontinued operations, for the nine months ended September 30, 2013 and 2012, respectively.

	Intangible assets and liabilities consist of the following:

			September 30,			December 31,
			2013			2012
	Intangible assets:
	In-place leases, net of accumulated amortization of $805 and $359		$	12,307		$	3,639
	Above-market leases, net of accumulated amortization of $128 and $48			918			935
	Amounts related to assets held for sale, net of accumulated amortization of $0 and $365			-			-188
	Total intangible assets		$	13,225		$	4,386

	Intangible liabilities:
	Below-market leases, net of accumulated amortization of $211 and $1,395		$	3,931		$	2,161
	Amounts related to liabilities held for sale, net of accumulated amortization of $0 and $1,391			-			-1,703
	Total intangible liabilities		$	3,931		$	458

	The following table provides the weighted-average amortization period as of September 30, 2013 for intangible assets and liabilities and the projected amortization expense for the next five years.

			Weighted-		October 1 to			2014			2015			2016		2017
			Average		December 31,
			Amortization		2013
			Period
	In-place leases		10.6		$	336		$	1,344		$	1,344		$	1,344	$	1,344
	Total to be included in depreciation				$	336		$	1,344		$	1,344		$	1,344	$	1,344
	and amortization expense				$	336		$	1,344		$	1,344		$	1,344	$	1,344

	Above-market lease assets		5.9		$	40		$	162		$	162		$	162	$	162
	Below-market lease liabilities		12.8			-89			-358			-358			-358		-358

	Total to be included in rental				$	-49		$	-196		$	-196		$	-196	$	-196
	revenue				$	-49		$	-196		$	-196		$	-196	$	-196

Other Assets [Policy Text Block]	'
	Other Assets

	The Company makes payments for certain expenses such as insurance and property taxes in advance of the period in which it receives the benefit. These payments are classified as other assets and amortized over the respective period of benefit relating to the contractual arrangement. The Company also escrows deposits related to pending acquisitions and financing arrangements, as required by a seller or lender, respectively. Costs prepaid in connection with securing financing for a property are reclassified into deferred financing costs at the time the transaction is completed.

Fair Value of Financial Instruments, Policy [Policy Text Block]	'
	Valuation of Financial Instruments

	At December 31, 2012, the Company measured financial instruments, including loans and other lending investments, commercial mortgage-backed securities, or CMBS, and derivative instruments, which were disposed of in the first quarter of 2013 in connection with the disposal of Gramercy Finance at fair value on a recurring basis and non-recurring basis. These financial instruments were deconsolidated at fair value in connection with the disposal of Gramercy Finance on March 15, 2013.

	ASC 820-10, “Fair Value Measurements and Disclosures,” among other things, establishes a hierarchical disclosure framework associated with the level of pricing observability utilized in measuring financial instruments at fair value. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. Financial instruments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and will require a lesser degree of judgment to be utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and will require a higher degree of judgment to be utilized in measuring fair value. Pricing observability is generally affected by such items as the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.

	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, or an exit price. The level of pricing observability generally correlates to the degree of judgment utilized in measuring the fair value of financial instruments.

	The three broad levels are defined as follows:

	Level I — This level is comprised of financial instruments that have quoted prices that are available in active markets for identical assets or liabilities. The type of financial instruments included in this category is highly liquid instruments with actively quoted prices.

	Level II — This level is comprised of financial instruments that have pricing inputs other than quoted prices in active markets that are either directly or indirectly observable. The nature of these financial instruments includes instruments for which quoted prices are available but traded less frequently and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed.

	Level III — This level is comprised of financial instruments that have little to no pricing observability as of the reported date. These financial instruments do not have active markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment and assumptions. Instruments that are generally included in this category are derivatives, whole loans, subordinate interests in whole loans and mezzanine loans.

	For a further discussion regarding the measurement of financial instruments see Note 9, “Fair Value of Financial Instruments.”

Revenue Recognition, Policy [Policy Text Block]	'
	Revenue Recognition

	Real Estate Investments

	Rental revenue from leases is recognized on a straight-line basis regardless of when payments are contractually due. Certain lease agreements also contain provisions that require tenants to reimburse the Company for real estate taxes, common area maintenance costs and the amortized cost of capital expenditures with interest. Such amounts are included in both revenues and operating expenses when the Company is the primary obligor for these expenses and assumes the risks and rewards of a principal under these arrangements. Under leases where the tenant pays these expenses directly, such amounts are not included in revenues or expenses.

	Deferred revenue represents rental revenue and management fees received prior to the date earned. Deferred revenue also includes rental payments received in excess of rental revenues recognized as a result of straight-line basis accounting.

	Other income includes fees paid by tenants to terminate their leases, which are recognized when fees due are determinable, no further actions or services are required to be performed by the Company, and collectability is reasonably assured. In the event of early termination, the unrecoverable net carrying values of the assets or liabilities related to the terminated lease are recognized as depreciation and amortization expense in the period of termination.

	Asset Management Business

	Certain of the Company’s asset management contracts include provisions that may allow the Company to earn additional fees, generally described as incentive fees or profit participation interests, based on the achievement of a targeted valuation of the managed assets or the achievement of a certain internal rate of return on the managed assets. The Company recognizes incentive fees on its asset management contracts based upon the amount that would be due pursuant to the contract, if the contract were terminated at the reporting date, through the measurement date. If the contact may be terminated at will, revenue will only be recognized to the amount that would be due pursuant to that termination. If the incentive fee is a fixed amount, only a proportionate share of revenue is recognized at the reporting date, with the remaining fees recognized on a straight-line basis over the measurement period. The values of incentive management fees are periodically evaluated by management.

	In the second quarter of 2013, after consideration of the termination provisions of the agreement and the sales of real estate assets made to date, the Company recognized incentive fees of $5,700 related to its Asset Management Services Agreement, or the Management Agreement, with KBS Acquisition Sub, LLC, or KBSAS, a wholly-owned subsidiary of KBS Real Estate Investment Trust, Inc., or KBS REIT, pursuant to which the Company provides asset management services to KBSAS with respect to a portfolio of office and banks branches, or the KBS Portfolio. The Management Agreement provides for an incentive fee, or the Threshold Value Profits Participation, in an amount equal to the greater of: (a) $3,500 or (b) 10% of the amount, if any, by which the portfolio equity value exceeds $375,000 (as adjusted for future cash contributions into, and distributions out of, KBSAS by KBS REIT). The Threshold Value Profits Participation is capped at a maximum of $12,000 and is payable 60 days after the earlier to occur of June 30, 2014 (or March 31, 2015 upon satisfaction of certain extension conditions including the payment by KBSAS of a $750 extension fee) and the date on which KBSAS, directly or indirectly sells, conveys or otherwise transfers at least 90% of the KBS portfolio. For the three and nine months ended September 30, 2013, the Company recognized incentive fees of $1,059 and $7,046, respectively.

Commercial Mortgage Backed Securities [Policy Text Block]	'
	Commercial Mortgage-Backed Securities

	On March 15, 2013, the Company deconsolidated its CMBS in connection with the disposal of Gramercy Finance. On the date of disposal, the Company marked all CMBS to fair value and then recognized an other-than-temporary impairment for all CMBS in an unrealized loss position equal to the entire difference between the amortized cost basis and the fair value, before deconsolidating the Company’s portfolio of CMBS. The Company recorded the unrealized gain portion of CMBS equal to the excess of the fair value over the amortized cost as a component of accumulated other comprehensive income (loss) before deconsolidation. As of December 31, 2012, due to the expected disposal of Gramercy Finance at that reporting date, the Company recognized an other-than-temporary impairment for all CMBS in an unrealized loss position because it could no longer express the intent to hold its CMBS until maturity.

	On the date of acquisition of the Company’s CMBS, the Company had determined the appropriate accounting model for impairment and revenue recognition based on management’s assessment of the risk of loss. The Company designated its entire CMBS portfolio as available-for-sale. Securities that were considered to have a remote risk of loss were those securities that management determined were of high credit quality and were sufficiently collateralized to protect the acquired class from losses. Management made this determination based upon an evaluation of the underlying collateral, which was performed on every acquisition, regardless of the acquisition price and rating.

	The Company determined the fair value of CMBS based on the types of securities in which the Company had invested. The Company consulted with dealers of securities to periodically obtain updated market pricing for the same or similar instruments. For securities for which there was no active market, the Company may have utilized a pricing model to reflect changes in projected cash flows. The value of the securities was derived by applying discount rates to such cash flows based on current market yields. The yields employed were obtained from the Company’s own experience in the market, advice from dealers when available, and/or information obtained in consultation with other investors in similar instruments. Because fair value estimates, when available, may vary to some degree, the Company made certain judgments and assumptions about the appropriate price to use to calculate the fair values for financial reporting purposes. Different judgments and assumptions could result in materially different presentations of value.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	'
	Stock-Based Compensation Plans

	The Company has a stock-based compensation plan, described more fully in Note 11. The Company accounts for this plan using the fair value recognition provisions. The Company uses the Black-Scholes option-pricing model to estimate the fair value of a stock option award. This model requires inputs such as expected term, expected volatility and the risk-free interest rate. Further, the forfeiture rate also impacts the amount of aggregate compensation cost. These inputs are highly subjective and generally require significant analysis and judgment to develop.

	Compensation cost for stock options, if any, is recognized ratably over the vesting period of the award. The Company’s policy is to grant options with an exercise price equal to the quoted closing market price of its stock on the business day preceding the grant date. Awards of stock or restricted stock are expensed as compensation over the benefit period. For three and nine months ended September 30, 2013 and 2012, basic EPS was determined by dividing net income allocable to common stockholders for the applicable period by the weighted-average number of shares of common stock outstanding during such period. Net income during the applicable period is also allocated to the time-based unvested restricted stock as these grants are entitled to receive dividends and are therefore considered a participating security. Time-based unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders other than the holders of time-based unvested restricted stock. As of September 30, 2013, and December 31, 2012, the Company had 688,965 and 1,383,388 weighted-average unvested restricted shares outstanding, respectively.

	The fair value of each stock option granted is estimated on the date of grant for options issued to employees using the Black-Scholes option pricing model with the following weighted average assumptions for grants in 2013 and 2012.

			2013			2012
	Dividend yield			5.5	%		5	%
	Expected life of option			5.0 years			5.0 years
	Risk free interest rate			0.72	%		0.89	%
	Expected stock price volatility			53	%		80	%

Income Tax, Policy [Policy Text Block]	'
	Income Taxes

	The Company elected to be taxed as a REIT, under Sections 856 through 860 of the Internal Revenue Code, beginning with its taxable year ended December 31, 2004. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its ordinary taxable income to stockholders. As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that the Company distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will then be subject to U.S. federal income taxes on taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distributions to stockholders. However, the Company believes that it will be organized and operate in such a manner as to qualify for treatment as a REIT and the Company intends to operate in the foreseeable future in such a manner so that it will qualify as a REIT for U.S. federal income tax purposes. The Company is subject to certain state and local taxes. The Company’s TRSs are subject to federal, state and local taxes.

	For the three and nine months ended September 30, 2013, the Company recorded $744 and $8,105 of income tax expense, including $0 and $2,515 within discontinued operations, respectively. For the three and nine months ended September 30, 2012, the Company reversed $39 and recorded $3,379 of income tax expense within continuing operations, respectively. Income taxes, primarily related to the Company’s TRSs, are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided if we believe it is more likely than not that all or a portion of a deferred tax asset will not be realized. Any increase or decrease in a valuation allowance is included in the tax provision when such a change occurs.

	The Company’s policy for interest and penalties, if any, on material uncertain tax positions recognized in the Condensed Consolidated Financial Statements is to classify these as interest expense and operating expense, respectively. As of September 30, 2013 and December 31, 2012, the Company did not incur any material interest or penalties.

Earnings Per Share, Policy [Policy Text Block]	'
	Earnings Per Share

	The Company presents both basic and diluted earnings per share, or EPS. Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, as long as their inclusion would not be anti-dilutive.

Concentration Risk, Credit Risk, Policy [Policy Text Block]	'
	Concentrations of Credit Risk

	Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash investments, debt investments and accounts receivable. The Company places its cash investments in excess of insured amounts with high quality financial institutions. Prior to the disposal of Gramercy Finance in March 2013, the Company had also performed ongoing analysis of credit risk concentrations in its loan and other lending investment portfolio by evaluating exposure to various markets, underlying property types, investment structure, term, sponsors, tenants and other credit metrics.

	One asset management client accounted for 66% and 73% of the Company’s management fee income for the three and nine months ended September 30, 2013, respectively. One asset management client accounted for 100% of the Company’s management fee income for the three and nine months ended September 30, 2012. One tenant accounted for 35% of the Company’s rental revenue for the three months ended September 30, 2013, and one tenant accounted for 23% of the Company’s rental revenue for the nine months ended September 30, 2013.

Use of Estimates, Policy [Policy Text Block]	'
	Use of Estimates

	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

New Accounting Pronouncements, Policy [Policy Text Block]	'
	Recently Issued Accounting Pronouncements

	In February 2013, the FASB issued additional guidance on comprehensive income (loss) which requires the provision of information about the amounts reclassified out of accumulated other comprehensive income (loss) by component. This guidance also requires presentation on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) or in the notes, significant amounts reclassified out of accumulated other comprehensive income (loss) by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, a cross-reference must be provided to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update is effective for reporting periods beginning after December 15, 2012 with early adoption permitted. The Company’s adoption resulted in increased disclosures; however, it did not have a material effect on the Company’s Condensed Consolidated Financial Statements.

Significant_Accounting_Policie2

Significant Accounting Policies (Tables)	9 Months Ended
Significant Accounting Policies (Tables)	Sep. 30, 2013
Accounting Policies [Abstract]	'
Schedule of Variable Interest Entities [Table Text Block]	'
	The following is a summary of the Company’s involvement with unconsolidated VIEs as of September 30, 2013:

			Company carrying					Company carrying		Face value of			Face value of liabilities
			value-assets					value-liabilities		assets held by the VIEs			issued by the VIEs
	Assets
	Unconsolidated VIEs
	Retained CDO Bonds ⁽¹⁾		$	7,992	(1)		$	-		$	2,213,144		$	1,978,315

		(1) Retained CDO Bonds were previously eliminated in consolidation.

	The following is a summary of the Company’s involvement with VIEs as of December 31, 2012:

			Company carrying				Company carrying			Face value of			Face value of liabilities
			value-assets				value-liabilities			assets held by the VIEs			issued by the VIEs
	Liabilities of assets held for sale
	Consolidated VIEs
	Collateralized debt obligations		$	1,913,353	(1)		$	2,374,516		$	2,469,856		$	2,593,392

		-1	Collateralized debt obligations are a component of non-recourse liabilities of consolidated VIEs held for sale on the Condensed Consolidated Balance Sheets.

Schedule of Retained Collateralized Debt Obligation Bonds [Table Text Block]	'
	For the three and nine months ended September 30, 2013, the Company recognized an other-than-temporary impairment, or OTTI, of$0 and $1,682, respectively, on its Retained CDO Bonds. A summary of the Company’s Retained CDO Bonds as of September 30, 2013 is as follows:

	Description		Number of		Face Value			Amortized			Gross Unrealized			Other-than-temporary		Fair Value		Weighted Average
	Description		Securities		Face Value			Cost			Gain (Loss)			impairment		Fair Value		Expected Life
	Available for Sale, Non-investment Grade:
	Retained CDO		9		$	354,600		$	7,874		$	118		$	1,682	$	7,992	5.7 years
	Bonds		9		$	354,600		$	7,874		$	118		$	1,682	$	7,992	5.7 years
	Total		9		$	354,600		$	7,874		$	118		$	1,682	$	7,992	5.7 years

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]	'
	The following table summarizes the activity related to credit losses on the Retained CDO Bonds for the nine months ended September 30, 2013:

	Balance as of December 31, 2012 of credit losses on Retained CDO Bonds for which	$	-
	a portion of an OTTI was recognized in other comprehensive income	$	-
	Additions to credit losses:
	On Retained CDO Bonds for which an OTTI was not previously recognized		1,682
	On Retained CDO Bonds for which an OTTI was previously recognized and a portion		-
	of an other-than-temporary impairment was recognized in other
	comprehensive income
	On Retained CDO Bonds for which an OTTI was previously recognized without any		-
	portion of other-than-temporary impairment recognized in other
	comprehensive income
	Reduction for credit losses:
	On Retained CDO Bonds for which no other-than-temporary impairment was		-
	recognized in other comprehensive income at current measurement date		-
	On Retained CDO Bonds sold during the period		-
	On Retained CDO Bonds charged off during the period		-
	For increases in cash flows expected to be collected that are recognized over the		-
	remaining life of the Retained CDO Bonds		-
	Balance as of September 30, 2013 of credit losses on Retained CDO Bonds for which	$	1,682
	a portion of an OTTI was recognized in other comprehensive income	$	1,682

Schedule Of Intangible Assets And Acquired Lease Obligations [Table Text Block]	'
	Intangible assets and liabilities consist of the following:

			September 30,			December 31,
			2013			2012
	Intangible assets:
	In-place leases, net of accumulated amortization of $805 and $359		$	12,307		$	3,639
	Above-market leases, net of accumulated amortization of $128 and $48			918			935
	Amounts related to assets held for sale, net of accumulated amortization of $0 and $365			-			-188
	Total intangible assets		$	13,225		$	4,386

	Intangible liabilities:
	Below-market leases, net of accumulated amortization of $211 and $1,395		$	3,931		$	2,161
	Amounts related to liabilities held for sale, net of accumulated amortization of $0 and $1,391			-			-1,703
	Total intangible liabilities		$	3,931		$	458

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	'
	The following table provides the weighted-average amortization period as of September 30, 2013 for intangible assets and liabilities and the projected amortization expense for the next five years.

			Weighted-		October 1 to			2014			2015			2016		2017
			Average		December 31,
			Amortization		2013
			Period
	In-place leases		10.6		$	336		$	1,344		$	1,344		$	1,344	$	1,344
	Total to be included in depreciation				$	336		$	1,344		$	1,344		$	1,344	$	1,344
	and amortization expense				$	336		$	1,344		$	1,344		$	1,344	$	1,344

	Above-market lease assets		5.9		$	40		$	162		$	162		$	162	$	162
	Below-market lease liabilities		12.8			-89			-358			-358			-358		-358

	Total to be included in rental				$	-49		$	-196		$	-196		$	-196	$	-196
	revenue				$	-49		$	-196		$	-196		$	-196	$	-196

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
	The fair value of each stock option granted is estimated on the date of grant for options issued to employees using the Black-Scholes option pricing model with the following weighted average assumptions for grants in 2013 and 2012.

			2013			2012
	Dividend yield			5.5	%		5	%
	Expected life of option			5.0 years			5.0 years
	Risk free interest rate			0.72	%		0.89	%
	Expected stock price volatility			53	%		80	%

Dispositions_and_Assets_Heldfo1

Dispositions and Assets Held-for-Sale (Tables)	9 Months Ended
Dispositions and Assets Held-for-Sale (Tables)	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Schedule Of Operating Results Of Assets Held For Sale Including In Discontinued Operations [Table Text Block]	'
	The Company did not classify any assets as held-for-sale as of September 30, 2013. The following operating results for Gramercy Finance and the assets previously sold for the three and nine months ended September 30, 2013 and 2012, are included in discontinued operations:

			Three Months Ended September 30,				Nine Months Ended September 30,
			2013		2012		2013		2012
	Operating Results:
	Revenues		$	-44	$	40,314	$	33,433	$	123,402
	Operating expenses			-254		-10,582		-3,875		-22,826
	Marketing, general and administrative			-216		-8,844		-2,313		-13,028
	Interest expense			-		-19,735		-14,735		-60,575
	Depreciation and amortization			-		-298		-15		-878
	Loans held for sale and CMBS OTTI			-		-15,372		-7,641		-52,446
	Provision for loan losses			-		16,372		-		7,838
	Expense reimbursements ⁽¹⁾			-		-		5,406		-
	Equity in net income from joint venture			-		-		-804		-
	Net income (loss) from operations			-514		1,855		9,456		-18,513
	Gain on sale of joint venture interests to a director related entity			-		-		1,317		-
	Net gains from disposals			-		-		389,140		11,996
	Provision for taxes			-		-		-2,515		-
	Net income from discontinued operations		$	-514	$	1,855	$	397,398	$	-6,517

		-1	In the first quarter of 2013, the Company received reimbursements for enforcement costs of $5,406 incurred on the behalf of a pari-passu lender for one loan held by the CDOs, which the Company incurred in prior years. The Company fully reserved for these costs when incurred due to the uncertainty of recovery.

Acquisitions_Tables

Acquisitions (Tables)	9 Months Ended
Acquisitions (Tables)	Sep. 30, 2013
Business Combinations [Abstract]	'
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	'
	A summary of the Company’s acquisitions for the nine months ended September 30, 2013 is as follows:

					Metropolitan						Building				Gross
					Statistical		Acquisition		Number of		Square		Land		Purchase			Lease
	Property Type		Location		Area (MSA)		Date		Buildings		Feet		Acres		Price			Expiration
	Q1 2013 acquisitions
			Olive Branch,		Memphis,
	Warehouse/Industrial ⁽¹⁾		Mississippi		Tennessee		3/11/13		1		605,000		43		$	24,650		December 2022
			Garland,
	Warehouse/Industrial ⁽¹⁾		Texas		Dallas/Fort Worth		3/19/13		1		342,000		20			10,700		October 2032
	Cross-Dock		East Brunswick,
	Truck Terminal ⁽¹⁾		New Jersey		New York/New Jersey		3/28/13		1		34,000		16			11,650		January 2019
	Total Q1 2013 acquisitions								3		981,000		79			47,000

	Q2 2013 acquisitions

	Cross-Dock		Atlanta,		Atlanta,
	Truck Terminal ⁽¹⁾		Georgia		Georgia		5/6/13		1		130,000		38			7,850		May-20
			Bellmawr,		Philadelphia,
	Warehouse/Industrial ⁽¹⁾		New Jersey		Pennsylvania		5/30/13		1		62,000		4			4,175		October 2022
			Hialeah Gardens,		Miami,
	Build-to-Suit ^(1),(2)		Florida		Florida		5/30/13		-		-		9			5,000		N/A
			Emmaus,		Allentown,
	Banking Center ⁽³⁾		Pennsylvania		Pennsylvania		6/6/13		1		5,000		-			1,610		February 2019
			Calabash,		Myrtle Beach,
	Banking Center ⁽³⁾		North Carolina		South Carolina		6/6/13		1		2,000		-			610		December 2018
	Cross-Dock		Deer Park,
	Truck Terminal ⁽³⁾		New York		New York/New Jersey		6/18/13		1		18,000		5			3,900		December 2019
	Cross-Dock		Elkridge,		Baltimore/
	Truck Terminal ⁽³⁾		Maryland		Washington, D.C.		6/19/13		1		34,000		11			5,900		May-19
	Cross-Dock		Houston,		Houston,
	Truck Terminal ⁽³⁾		Texas		Texas		6/26/13		3		102,000		33			6,914		May-19
	Cross-Dock		Orlando,		Orlando,
	Truck Terminal ⁽³⁾		Florida		Florida		6/26/13		1		46,000		15			5,036		January 2019
			Hutchins,
	Specialty Asset ^(3),(4)		Texas		Dallas/Fort Worth		6/27/13		3		196,000		175			58,500		Jul-29
			Logan Twp.,		Philadelphia,
	Warehouse/Industrial ⁽³⁾		New Jersey		Pennsylvania		6/28/13		1		70,000		11			11,725		May-28
	Total Q2 2013 acquisitions								14		665,000		301			111,220

	Q3 2013 Acquisitions
			Morristown,															Oct-13
	Banking Center (3),(5)		New Jersey		New York/New Jersey		8/1/13		1		42,000		1			4,900		Sep-24
			Atlanta,		Atlanta,
	Warehouse/Industrial ⁽³⁾		Georgia		Georgia		8/22/13		1		133,000		6			4,000		Apr-23
			Manassas Park,		Baltimore/
	Warehouse/Industrial ⁽³⁾		Virginia		Washington, D.C.		9/5/13		2		83,000		5			8,794		December 2024
	Total Q3 2013 Acquisitions								4		258,000		12			17,694

	Total 2013 Acquisitions								21		1,904,000		392			175,914

		-1	The Company analyzed the fair value of the leases and real estate assets of these investments; and, accordingly, the purchase price allocation is finalized. The current allocation of the assets includes $50,272 of net real estate assets, $9,730 of intangible assets and $3,679 of intangible liabilities.
		-2	The build-to-suit property located in Hialeah Gardens, Florida is a commitment to construct a 118,000 square foot cold storage facility which will be 100% leased for an initial term of 25 years when completed in the second quarter of 2014. The Company acquired the land for the property with a $4,990 zero-coupon mortgage note payable to the seller. Total costs are expected to be approximately $25,000, of which the unfunded amounts were estimated to be $20,669 at September 30, 2013.
		-3	The Company is currently analyzing the fair value of the lease and real estate assets; and accordingly, the purchase price allocation is preliminary and subject to change. The initial recording of the assets included $114,894 of real estate assets.
		-4	The Specialty Asset located in Hutchins, Texas is an auto auction facility encumbered with a mortgage of $26,322. The mortgage had a fair value at acquisition of $29,460 and the company capitalized loan assumption costs of $263.
		-5	The original lease term for one tenant of the property located in Morristown, New Jersey expired in October 2013, however an amendment to the lease was signed and effective October 1, 2013, which extended the lease term to October 2018.

	A summary of the Company’s acquisitions for the year ended December 31, 2012 is as follows:

					Metropolitan						Building				Gross
					Statistical		Acquisition		Number of		Square				Purchase			Lease
	Property Type		Location		Area		Date		Buildings		Feet		Acres		Price			Expiration

Q4 2012 acquisitions
		Mt. Comfort,		Indianapolis,													Sep-21
Warehouse/Industrial		Indiana		Indiana		11/20/12		1		245,000		13		$	12,035		Dec-18
		Greenwood,		Indianapolis,
Warehouse/Industrial		Indiana		Indiana		11/20/12		1		294,000		21			15,090		Jul-24
Total Q4 2012 acquisitions								2		539,000		34			27,125

Total 2012 acquisitions								2		539,000		34		$	27,125

Business Acquisition, Pro Forma Information [Table Text Block]	'
	The following table summarizes, on an unaudited pro forma basis, the Company’s combined results of operations for the three and nine months ended September 30, 2013 and 2012 as though the acquisitions closed during the periods ended September 30, 2013 and December 31, 2012 were completed on January 1, 2012. The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods.

			Three Months Ended September 30,						Nine Months Ended September 30,
			2013				2012		2013			2012
	Pro forma revenues	$	13,533			$	13,523		$	45,087		$	40,251
	Pro forma net income (loss) available to common stockholders	$	2,372			$	-3,090		$	393,225		$	-23,614
	Pro forma earnings per common share-basic	$	0.04			$	-0.06		$	6.7		$	-0.46
	Pro forma earnings per common share-diluted	$	0.04			$	-0.06		$	6.7		$	-0.46
	Pro forma common shares-basic		58,902,708				52,308,663			58,729,491			51,328,443
	Pro forma common share-diluted		58,902,708				52,308,663			58,729,491			51,328,443

Investments_in_Joint_Ventures_

Investments in Joint Ventures (Tables)	9 Months Ended
Investments in Joint Ventures (Tables)	Sep. 30, 2013
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Schedule Of Combined Balance Sheet For The Company's Joint Venture [Table Text Block]	'
	The Condensed Consolidated Balance Sheets for the Company’s joint ventures at September 30, 2013 and December 31, 2012 are as follows:

			September 30, 2013		December 31, 2012
	Assets:
	Real estate assets, net		$	382,262	$	452,692
	Other assets ⁽¹⁾			43,943		219,760
	Total assets		$	426,205	$	672,452
	Liabilities and members' equity:
	Mortgages payable ⁽¹⁾		$	241,000	$	553,140
	Other liabilities			89,322		90,255
	Members' equity			95,883		29,057
	Liabilities and members' equity		$	426,205	$	672,452

		-1	In May 2013, the Joint Venture sold a defeased mortgage and the corresponding pool of pledged treasury securities, which were acquired by the Joint Venture at acquisition of the Bank of America Portfolio.

Schedule Of Combined Income Statement For The Company's Joint Venture [Table Text Block]	'
	The Condensed Consolidated Statements of Operations for the Company’s joint ventures for the three and nine months ended September 30, 2013 and 2012 or partial period for acquisitions or dispositions which closed during these periods, are as follows:

			Three Months Ended September 30,				Nine Months Ended September 30,
			2013		2012		2013		2012
	Revenues		$	18,160	$	914	$	55,959	$	2,743
	Operating expenses			9,204		3		28,689		10
	Interest ⁽¹⁾			2,876		525		15,498		1,576
	Depreciation			4,451		268		14,014		805
	Total expenses			16,531		796		58,201		2,391
	Net income (loss) from operations			1,629		118		-2,242		352
	Net loss on disposals			-42		-		-4,577		-
	Net income (loss)		$	1,587	$	118	$	-6,819	$	352
	Company's equity in		$	983	$	31	$	-2,808	$	88
	net income (loss) within
	continuing operations
	Company's equity in net		$	-	$	-	$	-804	$	-
	income within
	discontinued operations

		-1	The Bank of America Portfolio net loss includes interest expense of $0 and $7,092 for the three and nine months ended September 30, 2013 from the defeased mortgage acquired as part of the Joint Venture’s acquisition of the Bank of America Portfolio. The pool of treasury securities pledged as collateral for the mortgage generated sufficient cash flows to cover the debt service requirements, but did not generate income to offset the interest expense. The defeased mortgage and corresponding pool of pledged treasury securities were sold in May 2013 for a loss of $4,535.

Debt_Obligations_Tables

Debt Obligations (Tables)	9 Months Ended
Debt Obligations (Tables)	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Schedule Of Mortgage Notes Payable [Table Text Block]	'
	Certain real estate assets are subject to mortgage liens. The following is a summary of mortgage notes payable as of September 30, 2013:


		Encumbered		Balance			Interest Rate		Maturity Date
		Properties		Balance			Interest Rate		Maturity Date
	Fixed-rate mortgages	4		$	45,515		0.00% to 6.95%		June 2014 to June 2029
	Variable-rate mortgages	-			-		n/a		n/a
	Total mortgage notes payable	4			45,515
	Above/below market interest				2,921
	Balance at September 30, 2013	4		$	48,436

Schedule of Maturities of Long-term Debt [Table Text Block]	'
	Combined aggregate principal maturities of the Company's mortgage notes and credit facility as of September 30, 2013 are as follows:

		Credit Facility			Mortgage			Interest		Total
		Credit Facility			Notes Payable			Payments		Total
	2013 (October 1 - December 31)	$	-		$	302		$	570	$	872
	2014		-			6,247			2,234		8,481
	2015		-			1,335			2,155		3,490
	2016		-			1,420			2,071		3,491
	2017		-			1,509			1,981		3,490
	Thereafter		-			34,702			10,033		44,735
	Above / Below Market Interest		-			-			2,921		2,921
	Total	$	-		$	45,515		$	21,965	$	67,480

Leasing_Agreements_Tables

Leasing Agreements (Tables)	9 Months Ended
Leasing Agreements (Tables)	Sep. 30, 2013
Leases, Operating [Abstract]	'
Schedule Of Future Minimum Rental Payments For Leasing Agreements [Table Text Block]	'
	Future minimum rental revenue under non-cancelable leases excluding reimbursements for operating expenses as of September 30, 2013 are as follows:

		Operating Leases
	October 1 to December 31, 2013	$	3,693
	2014		16,846
	2015		17,898
	2016		18,060
	2017		18,271
	Thereafter		177,655
	Total minimum lease rental income	$	252,423

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Schedule Of Carrying Value And Fair Value Disclosure [Table Text Block]	'
	The following table presents the carrying value in the Condensed Consolidated Balance Sheets, and approximate fair value of financial instruments at September 30, 2013 and December 31, 2012:

			30-Sep-13					31-Dec-12
			Carrying Value		Fair Value			Carrying Value		Fair Value
	Financial assets:
	Lending investments ^(1),(2)		$	-	$	-		$	784,135	$	816,283
	CMBS ⁽²⁾		$	-	$	-		$	932,265	$	932,265
	Derivative instruments ⁽²⁾		$	-	$	-		$	173	$	173
	Retained CDO Bonds ⁽³⁾		$	7,992	$	7,992		$	-	$	-
	Financial liabilities:
	Collateralized debt obligations ^(1),(2)		$	-	$	-		$	2,188,579	$	1,474,236
	Derivative instruments ⁽²⁾		$	-	$	-		$	173,623	$	173,623
	Mortgage notes payable ⁽¹⁾		$	48,436	$	48,097		$	-	$	-

	-1	Lending investments, mortgages notes payable, and CDOs are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions.
	-2	In connection with the disposal of Gramercy Finance, lending investments, CMBS investments, derivative instruments, and collateralized debt obligations were classified as held-for-sale as of December 31, 2012.
	-3	Retained CDO Bonds represent the CDOs’ subordinate bonds, preferred shares, and ordinary shares, which were retained subsequent to the disposal of Gramercy Finance and were previously eliminated in consolidation.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	'
	Assets and liabilities measured at fair value on a recurring basis are categorized in the table below based upon the lowest level of significant input to the valuations.

	At September 30, 2013		Total		Level I			Level II		Level III
	Financial assets:
	Retained CDO Bonds:
	Non-investment grade,
	subordinate CDO bonds		$	7,992	$	-		$	-	$	7,992
			$	7,992	$	-		$	-	$	7,992

	At December 31, 2012		Total		Level I			Level II		Level III
	Financial assets:
	Derivative instruments:
	Interest rate caps		$	173	$	-		$	-	$	173
	Interest rate swaps			-		-			-		-
			$	173	$	-		$	-	$	173
	CMBS available for sale:
	Investment grade		$	281,495	$	-		$	-	$	281,495
	Non-investment grade			650,770		-			-		650,770
			$	932,265	$	-		$	-	$	932,265
	Financial liabilities:
	Derivative instruments:
	Interest rate caps		$	173,623	$	-		$	-	$	173,623
	Interest rate swaps			-		-			-		-
			$	173,623	$	-		$	-	$	173,623

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]	'
	Quantitative information regarding the valuation techniques and the range of significant unobservable Level III inputs used to determine fair value measurements of the Retained CDO Bonds on a non-recurring basis as of September 30, 2013 are:

			At September 30, 2013
	Financial Asset		Fair Value		Valuation Technique		Unobservable Inputs		Range
	Retained CDO Bonds
	Non-investment grade, subordinate CDO bonds		$	7,992	Discounted cash flows		Discount rate		25.00% to 40.00%

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	'
	The following table reconciles the beginning and ending balances of financial assets measured at fair value on a recurring basis using Level III inputs:

			CMBS Available for sale -		CMBS Available for sale -			Derivative		Retained CDO
			Investment Grade		Non- Investment Grade			Instruments		Bonds
	Balance as of December 31, 2012		$	281,495	$	650,770		$	173	$	-
	Change in CMBS investment			-		-			-		-
	Change in CMBS investment status			-1,506		1,506			-		-
	Amortization of discounts or premiums			1,264		6,075			-		1,064
	Proceeds from CMBS principal repayments			-10,526		-			-		-
	Gramercy Finance disposal			-274,133		-670,387			-219		8,492
	Adjustments to fair value:
	Included in other comprehensive income			3,406		19,677			46		118
	Other-than-temporary impairments			-		-7,641			-		-1,682
	Balance as of September 30, 2013		$	-	$	-		$	-	$	7,992

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	'
	The following roll forward table reconciles the beginning and ending balances of financial liabilities measured at fair value on a recurring basis using Level III inputs:
		Derivative
		Instruments - Interest
		Rate Swaps
	Balance as of December 31, 2012	$	173,623
	Gramercy Finance disposal		-163,716
	Adjustments to fair value:
	Unrealized loss		-9,907
	Balance as of September 30, 2013	$	-

Fair Value Measurements, Nonrecurring [Table Text Block]	'
	The following table shows the fair value hierarchy for those assets measured at fair value on a non-recurring basis based upon the lowest level of significant input to the valuations for which a non-recurring change in fair value has been recorded during the year ended December 31, 2012.

	At December 31, 2012		Total		Level I			Level II		Level III
	Financial assets:
	Lending investments - held-for-sale (allowance
	for loan loss):
	Whole loans		$	60,335	$	-		$	-	$	60,335
	Subordinate interests in whole loans			9,131		-			-		9,131
	Mezzanine loans			-		-			-		-
	Preferred equity			-		-			-		-
			$	69,466	$	-		$	-	$	69,466
	Lending investments - held-for-sale (impairment
	for lower of cost or fair value):
	Whole loans		$	174,477	$	-		$	-	$	174,477
	Subordinate interests in whole loans			1,649		-			-		1,649
	Mezzanine loans			20,422		-			-		20,422
	Preferred equity			-		-			-		-
			$	196,548	$	-		$	-	$	196,548
	Real estate investments:
	Office		$	3,593	$	-		$	-	$	3,593
	Land			24,195		-			-		24,195
	Hotel			24,034		-			-		24,034
	Branch			4,749		-			-		4,749
	Industrial			-		-			-		-
			$	56,571	$	-		$	-	$	56,571

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 2013
Stockholders Equity Note [Abstract]	'
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]	'
	Earnings per share for the three and nine months ended September 30, 2013 and 2012 are computed as follows:

		Three Months Ended September 30,					Nine Months Ended September 30,
		2013		2012		2013		2012
	Numerator - Income (loss):
	Net income (loss) from continuing	$	1,005	$	-4,745	$	-6,624	$	-16,443
	operations	$	1,005	$	-4,745	$	-6,624	$	-16,443
	Net income (loss) from discontinued		-514		1,855		397,398		-6,517
	operations		-514		1,855		397,398		-6,517
	Net income (loss)		491		-2,890		390,774		-22,960
	Accrued preferred stock dividends		-1,790		-1,790		-5,370		-5,370
	Numerator for basic income per share -		-1,299		-4,680		385,404		-28,330
	net income (loss) available to common
	stockholders:
	Effect of dilutive securities		-		-		-		-
	Diluted earnings:
	Net income (loss) available to	$	-1,299	$	-4,680	$	385,404	$	-28,330
	common stockholders	$	-1,299	$	-4,680	$	385,404	$	-28,330
	Denominator-Weighted average shares:
	Weighted average shares outstanding		59,570,208		54,551,842		59,418,456		52,379,338
	Less: Unvested restricted shares		-667,500		-2,243,189		-688,965		-1,050,895
	Denominator for basic income per share		58,902,708		52,308,653		58,729,491		51,328,443
	Effect of dilutive securities:
	LTIP		-		-		-		-
	Stock based compensation plans		-		-		-		-
	Phantom stock units		-		-		-		-
	Diluted Shares		58,902,708		52,308,653		58,729,491		51,328,443


Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	'
	Accumulated other comprehensive income (loss) for the period ended September 30, 2013 and 2012 is comprised of the following:

		As of September 30,
		2013		2012
	Net realized and unrealized losses on interest rate swap and cap	$	-	$	-190,214
	agreements accounted for as cash flow hedges	$	-	$	-190,214
	Net unrealized loss on available-for-sale securities		-		-79,925
	Net unrealized gain on debt securities		118		-
	Total accumulated other comprehensive income (loss)	$	118	$	-270,139

Segment_Reporting_Tables

Segment Reporting (Tables)	9 Months Ended
Segment Reporting (Tables)	Sep. 30, 2013
Segment Reporting [Abstract]	'
Schedule Of Evaluation Of Performance Based On Financials Measure For Each Segment [Table Text Block]	'
	The Company’s reportable operating segments are summarized as follows:

					Asset		Investments /		Total
			Finance		Management		Corporate		Company
	Three Months Ended September 30, 2013
	Total revenues		$	-	$	8,343	$	5,078	$	13,421
	Equity in net loss from unconsolidated joint ventures			-		-		983		983
	Total operating and interest expense ⁽¹⁾			-		-6,456		-6,943		-13,399
	Net income (loss) from continuing operations ⁽²⁾		$	-	$	1,887	$	-882	$	1,005

						Asset		Investments /		Total
				Finance		Management		Corporate		Company
	Three Months Ended September 30, 2012
	Total revenues		$	-	$	8,833	$	324	$	9,157
	Equity in net loss from unconsolidated joint ventures			-		-		31		31
	Total operating and interest expense ⁽¹⁾			-		-6,859		-7,074		-13,933
	Net income (loss) from continuing operations ⁽²⁾		$	-	$	1,974	$	-6,719	$	-4,745

					Asset		Investments /		Total
			Finance		Management		Corporate		Company
	Nine Months Ended September 30, 2013
	Total revenues		$	-	$	30,275	$	8,717	$	38,992
	Equity in net loss from unconsolidated joint ventures			-		-		-2,808		-2,808
	Total operating and interest expense ⁽¹⁾			-		-23,934		-18,874		-42,808
	Net income (loss) from continuing operations ⁽²⁾		$	-	$	6,341	$	-12,965	$	-6,624

					Asset		Investments /		Total
			Finance		Management		Corporate		Company
	Nine Months Ended September 30, 2012
	Total revenues		$	-	$	26,762	$	390	$	27,152
	Equity in net loss from unconsolidated joint ventures			-		-		88		88
	Total operating and interest expense ⁽¹⁾			-		-24,640		-19,043		-43,683
	Net income (loss) from continuing operations ⁽²⁾		$	-	$	2,122	$	-18,565	$	-16,443

					Asset		Investments /		Total
			Finance		Management		Corporate		Company
	Total Assets:
	30-Sep-13		$	-	$	16,625	$	311,466		328,091
	31-Dec-12		$	1,937,554	$	-	$	231,282	$	2,168,836

		-1	Total operating and interest expense includes operating costs on commercial property assets for the Investments segment and costs to perform required functions under the management agreement for the Asset Management segment. Depreciation and amortization of $1,886 and $44 and provision for taxes of $744 and $(39) for the three months ended September 30, 2013 and 2012, respectively, are included in the amounts presented above. Depreciation and amortization of $3,142 and $130 and provision for taxes of $5,590 and $3,379 for the nine months ended September 30, 2013 and 2012, respectively, are included in the amounts presented above.
		-2	Net income (loss) from continuing operations represents loss before discontinued operations.

Business_and_Organization_Deta

Business and Organization (Details Textual) (USD $)	0 Months Ended	3 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Mar. 15, 2013	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Proceeds From Sale Of Repurchased Notes	'	'	'	'	$34,381	'	'
Net gains from disposals	389,140	0	'	0	389,140	11,996	'
Servicing advances receivable	'	9,973	'	'	9,973	'	0
Retained CDO bonds	'	7,992	'	'	7,992	'	0
Collateralized Debt Obligations Accrued Interest	'	'	'	'	3.25%	'	'
Disposal Group Cash Proceeds On Disposal After Expenses	6,291	'	'	'	'	'	'
Percentage of occupancy for leased office and industrial property	'	96.00%	'	'	96.00%	'	'
Reimbursement Revenue	'	460	5,406	0	764	0	'
Three Properties [Member]	'	'	'	'	'	'	'
Number of Properties acquired	'	4	'	'	'	'	'
Area Of Land	'	258,000	'	'	258,000	'	'
Business Acquisition Purchase Price Allocation	'	17,694	'	'	'	'	'
Seventeen Properties [Member]	'	'	'	'	'	'	'
Number of Properties acquired	'	'	'	'	18	'	'
Area Of Land	'	1,903,800	'	'	1,903,800	'	'
Business Acquisition Purchase Price Allocation	'	'	'	'	175,914	'	'
Commercial Lease Properties [Member]	'	'	'	'	'	'	'
Available For Sale Securities and Other Investments	'	$1,500,000	'	'	$1,500,000	'	'

Significant_Accounting_Policie3

Significant Accounting Policies (Details) (USD $)	Mar. 15, 2013	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified	Mar. 15, 2013	Collateralized Debt Obligations [Member]		Collateralized Debt Obligations [Member]
Company carrying value-assets	$8,492	$7,992	[1]	$1,913,353	[2]
Company carrying value - liabilities	'	0		2,374,516
Face value of assets held by the VIEs	'	2,213,144		2,469,856
Face value of liabilities issued by the VIEs	'	$1,978,315		$2,593,392

[1]	Retained CDO Bonds were previously eliminated in consolidation.
[2]	Collateralized debt obligations are a component of non-recourse liabilities of consolidated VIEs held for sale on the Condensed Consolidated Balance Sheets.

Significant_Accounting_Policie4

Significant Accounting Policies (Details 1) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
	Numbers
Retained Collateralized Debt Obligations, Number of Securities	9
Retained Collateralized Debt Obligations Bonds, Face Value	$354,600
Retained Collateralized Debt Obligations Bonds, Amortized Cost	7,874
Retained Collateralized Debt Obligations Bonds, Gross Unrealized Gain	118
Retained Collateralized Debt Obligations Bonds, Other Than Temporary Impairment	1,682
Retained Collateralized Debt Obligations Bonds, Fair Value	7,992
Retained Collateralized Debt Obligations Bonds, Weighted Average Expected Life	'5 years 8 months 12 days
Held-to-maturity Securities [Member]	'
Retained Collateralized Debt Obligations, Number of Securities	9
Retained Collateralized Debt Obligations Bonds, Face Value	354,600
Retained Collateralized Debt Obligations Bonds, Amortized Cost	7,874
Retained Collateralized Debt Obligations Bonds, Gross Unrealized Gain	118
Retained Collateralized Debt Obligations Bonds, Other Than Temporary Impairment	1,682
Retained Collateralized Debt Obligations Bonds, Fair Value	$7,992
Retained Collateralized Debt Obligations Bonds, Weighted Average Expected Life	'5 years 8 months 12 days

Significant_Accounting_Policie5

Significant Accounting Policies (Details 2) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Balance as of December 31, 2012 of credit losses on Retained CDO Bonds for which a portion of an OTTI was recognized in other comprehensive income	$0
Additions to credit losses:	'
On Retained CDO Bonds for which an OTTI was not previously recognized	1,682
On Retained CDO Bonds for which an OTTI was previously recognized and a portion of an other-than-temporary impairment was recognized in other comprehensive income	0
On Retained CDO Bonds for which an OTTI was previously recognized without any portion of other-than-temporary impairment recognized in other comprehensive income	0
Reduction for credit losses:	'
On Retained CDO Bonds for which no other-than-temporary impairment was recognized in other comprehensive income at current measurement date	0
On Retained CDO Bonds sold during the period	0
On Retained CDO Bonds charged off during the period	0
For increases in cash flows expected to be collected that are recognized over the remaining life of the Retained CDO Bonds	0
Balance as of September 30, 2013 of credit losses on Retained CDO Bonds for which a portion of an OTTI was recognized in other comprehensive income	$1,682

Significant_Accounting_Policie6

Significant Accounting Policies (Details 3) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Intangible assets:	'	'
Total intangible assets	$13,225	$4,386
Intangible liabilities:	'	'
Total intangible liabilities	3,931	458
Assets Held-for-sale [Member]	'	'
Intangible assets:	'	'
Total intangible assets	0	-188
Leases, Acquired-in-Place [Member]	'	'
Intangible assets:	'	'
Total intangible assets	12,307	3,639
Leases, Acquired-in-Place, Market Adjustment [Member]	'	'
Intangible assets:	'	'
Total intangible assets	918	935
Intangible liabilities:	'	'
Total intangible liabilities	3,931	2,161
Liabilities Held For Sale [Member]	'	'
Intangible liabilities:	'	'
Total intangible liabilities	$0	($1,703)

Significant_Accounting_Policie7

Significant Accounting Policies (Details 4) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Leases, Acquired-in-Place [Member]	'
Weighted-Average Amortization Period	'10 years 7 months 6 days
October 1 to Demember 31, 2013	$336
2014	1,344
2015	1,344
2016	1,344
2017	1,344
Depreciation and Amortization Expense [Member]	'
October 1 to Demember 31, 2013	336
2014	1,344
2015	1,344
2016	1,344
2017	1,344
Above Market Leases [Member]	'
Weighted-Average Amortization Period	'5 years 10 months 24 days
October 1 to Demember 31, 2013	40
2014	162
2015	162
2016	162
2017	162
Below Market Lease [Member]	'
Weighted-Average Amortization Period	'12 years 9 months 18 days
October 1 to Demember 31, 2013	-89
2014	-358
2015	-358
2016	-358
2017	-358
Rental Revenue [Member]	'
October 1 to Demember 31, 2013	-49
2014	-196
2015	-196
2016	-196
2017	($196)

Significant_Accounting_Policie8

Significant Accounting Policies (Details 5)	9 Months Ended
Significant Accounting Policies (Details 5)	Sep. 30, 2013	Sep. 30, 2012
Dividend yield	5.50%	5.00%
Expected life of option	'5 years	'5 years
Risk free interest rate	0.72%	0.89%
Expected stock price volatility	53.00%	80.00%

Significant_Accounting_Policie9

Significant Accounting Policies (Details Textual) (USD $)	3 Months Ended				9 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Investment in joint ventures	$46,800	'	'	'	$46,800	'	$72,742
Real Estate Held-for-sale	0	'	'	'	0	'	88,806
Allowance for Doubtful Accounts Receivable	278	'	'	'	278	'	211
Minimum Percentage Of Ordinary Taxable Income To Stockholders	'	'	'	'	90.00%	'	'
Assets Held-for-sale, at Carrying Value, Total	0	'	'	'	0	'	1,952,264
Amortization of Intangible Assets	336	'	'	7	778	43	'
Depreciation and Amortization, Discontinued Operations	0	'	'	7	3	43	'
Amortization Of Off Market Lease Unfavorable and Off Market Lease Favorable	49	'	'	42	125	155	'
Amortization Of Intangible Assets and Liabilities Discontinued Operations	0	'	'	42	34	155	'
Weighted Average Number Of Shares, Restricted Stock	667,500	'	'	2,243,189	688,965	1,050,895	1,383,388
Management Fee Percentage	66.00%	'	'	100.00%	73.00%	100.00%	'
Income Tax Expense (Benefit)	744	'	'	-39	5,590	3,379	'
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations, Extraordinary Items	0	'	'	'	2,515	'	'
Percentage Of Rental Revenue	35.00%	'	'	'	23.00%	'	'
Impairment Of Real Estate	'	'	'	'	9,323	60,791	'
Finite-Lived Intangible Assets, Accumulated Amortization	933	'	'	'	933	'	42
Asset management incentive fee	1,059	5,700	'	'	7,046	'	'
Asset management business description	'	'The Management Agreement provides for an incentive fee, or the Threshold Value Profits Participation, in an amount equal to the greater of: (a) $3,500 or (b) 10% of the amount, if any, by which the portfolio equity value exceeds $375,000 (as adjusted for future cash contributions into, and distributions out of, KBSAS by KBS REIT). The Threshold Value Profits Participation is capped at a maximum of $12,000 and is payable 60 days after the earlier to occur of June 30, 2014 (or March 31, 2015 upon satisfaction of certain extension conditions including the payment by KBSAS of a $750 extension fee) and the date on which KBSAS, directly or indirectly sells, conveys or otherwise transfers at least 90% of the KBS portfolio.	'	'	'	'	'
Reimbursement Revenue	460	'	5,406	0	764	0	'
Leases, Acquired-in-Place [Member]	'	'	'	'	'	'	'
Finite-Lived Intangible Assets, Accumulated Amortization	805	'	'	'	805	'	359
Above Market Leases [Member]	'	'	'	'	'	'	'
Finite-Lived Intangible Assets, Accumulated Amortization	128	'	'	'	128	'	48
Assets Held-for-sale [Member]	'	'	'	'	'	'	'
Finite-Lived Intangible Assets, Accumulated Amortization	0	'	'	'	0	'	365
Liabilities Held For Sale [Member]	'	'	'	'	'	'	'
Finite Lived Intangible Liabilities Accumulated Amortization	0	'	'	'	0	'	1,391
Below Market Lease [Member]	'	'	'	'	'	'	'
Finite Lived Intangible Liabilities Accumulated Amortization	$211	'	'	'	$211	'	$1,395
Building [Member]	'	'	'	'	'	'	'
Property, Plant and Equipment, Useful Life	'	'	'	'	'40 years	'	'
Building Equipment And Fixtures [Member]	'	'	'	'	'	'	'
Property, Plant and Equipment, Useful Life	'	'	'	'	'15 years	'	'

Dispositions_and_Assets_Heldfo2

Dispositions and Assets Held-for-Sale (Details) (USD $)	0 Months Ended	3 Months Ended					9 Months Ended
In Thousands, unless otherwise specified	Mar. 15, 2013	Sep. 30, 2013		Mar. 31, 2013	Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Operating Results:	'	'		'	'		'		'
Interest expense	'	($538)		'	$0		($623)		$0
Provision for loan losses	'	'		'	'		0		7,838
Expense reimbursements	'	460		5,406	0		764		0
Net income (loss) from operations	'	-514		'	1,855		9,456		-18,513
Gain on sale of joint venture interests to a director related entity	'	0		'	0		1,317		0
Net gains from disposals	389,140	0		'	0		389,140		11,996
Provision for taxes	'	0		'	0		-2,515		0
Net income from discontinued operations	'	-514		'	1,855		397,398		-6,517
Assets Held-for-sale [Member]	'	'		'	'		'		'
Operating Results:	'	'		'	'		'		'
Revenues	'	-44		'	40,314		33,433		123,402
Operating expenses	'	-254		'	-10,582		-3,875		-22,826
Marketing, general and administrative	'	-216		'	-8,844		-2,313		-13,028
Interest expense	'	0		'	-19,735		-14,735		-60,575
Depreciation and amortization	'	0		'	-298		-15		-878
Loans held for sale and CMBS OTTI	'	0		'	-15,372		-7,641		-52,446
Provision for loan losses	'	0		'	16,372		0		7,838
Expense reimbursements	'	0	[1]	'	0	[1]	5,406	[1]	0	[1]
Equity in net income from joint venture	'	0		'	0		-804		0
Net income (loss) from operations	'	-514		'	1,855		9,456		-18,513
Gain on sale of joint venture interests to a director related entity	'	0		'	0		1,317		0
Net gains from disposals	'	0		'	0		389,140		11,996
Provision for taxes	'	0		'	0		-2,515		0
Net income from discontinued operations	'	($514)		'	$1,855		$397,398		($6,517)

[1]	In the first quarter of 2013, the Company received reimbursements for enforcement costs of $5,406 incurred on the behalf of a pari-passu lender for one loan held by the CDOs, which the Company incurred in prior years. The Company fully reserved for these costs when incurred due to the uncertainty of recovery.

Dispositions_and_Assets_Heldfo3

Dispositions and Assets Held-for-Sale (Details Textual) (USD $)	0 Months Ended	3 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Mar. 15, 2013	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net gains from disposals	$389,140	$0	'	$0	$389,140	$11,996
Collateral Debt Obligations	6,291	'	'	'	'	'
Company carrying value-assets	8,492	'	'	'	'	'
Proceeds From Servicing Advances	14,529	'	'	'	'	'
Reimbursement Revenue	'	460	5,406	0	764	0
Changes in assets and liabilities carrying value	($421,911)	'	'	'	'	'

Acquisitions_Details

Acquisitions (Details) (USD $)	3 Months Ended							9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012
	acre		acre		sqft		acre	sqft	Numbers
	sqft		Numbers		acre		Numbers	Numbers	sqft
	Numbers		sqft		Numbers		sqft	acre	acre
Business Acquisition Number Of Buildings	4		14		3		2	21	2
Area Of Land Acquired	258,000		665,000		981,000		539,000	1,904,000	539,000
Number of Acres acquired	12		301		79		34	392	34
Business Acquisition Purchase Price	$17,694		$111,220		$47,000		$27,125	$175,914	$27,125
Warehouse [Member]	'		'		'		'	'	'
Business Acquisition Location	'Atlanta, Georgia	[1]	'Bellmawr, New Jersey	[2]	'Olive Branch, Mississippi	[2]	'	'	'
Business Acquisition Metropolitan Statistical Area	'Atlanta, Georgia	[1]	'Philadelphia, Pennsylvania	[2]	'Memphis, Tennessee	[2]	'	'	'
Business Acquisition, Effective Date of Acquisition	22-Aug-13	[1]	30-May-13	[2]	11-Mar-13	[2]	20-Nov-12	'	'
Business Acquisition Number Of Buildings	1	[1]	1	[2]	1	[2]	1	'	'
Area Of Land Acquired	133,000	[1]	62,000	[2]	605,000	[2]	245,000	'	'
Number of Acres acquired	6	[1]	4	[2]	43	[2]	13	'	'
Business Acquisition Purchase Price	4,000	[1]	4,175	[2]	24,650	[2]	12,035	'	'
Business Acquisition Lease Expiration Date	30-Apr-23	[1]	1-Oct-22	[2]	1-Dec-22	[2]	30-Sep-21	'	'
Warehouse [Member] \| Minimum [Member]	'		'		'		'	'	'
Business Acquisition Lease Expiration Date	'		'		'		31-Dec-18	'	'
Warehouse [Member] \| Maximum [Member]	'		'		'		'	'	'
Business Acquisition Lease Expiration Date	'		'		'		30-Sep-21	'	'
Industrial Property [Member]	'		'		'		'	'	'
Business Acquisition Location	'		'		'		'	'	'Mt. Comfort, Indiana
Business Acquisition Metropolitan Statistical Area	'		'		'		'	'	'Indianapolis Indiana
Cross Dock Truck Terminal One [Member]	'		'		'		'	'	'
Business Acquisition Location	'		'Atlanta, Georgia	[2]	'East Brunswick, New Jersey	[2]	'	'	'
Business Acquisition Metropolitan Statistical Area	'		'Atlanta, Georgia	[2]	'		'	'	'
Business Acquisition, Effective Date of Acquisition	'		6-May-13	[2]	28-Mar-13	[2]	'	'	'
Business Acquisition Number Of Buildings	'		1	[2]	1	[2]	'	'	'
Area Of Land Acquired	'		130,000	[2]	34,000	[2]	'	'	'
Number of Acres acquired	'		38	[2]	16	[2]	'	'	'
Business Acquisition Purchase Price	'		7,850	[2]	11,650	[2]	'	'	'
Business Acquisition Lease Expiration Date	'		31-May-20	[2]	1-Jan-19	[2]	'	'	'
Build To Suit [Member]	'		'		'		'	'	'
Business Acquisition Location	'		'Hialeah Gardens, Florida	[2],[3]	'		'	'	'
Business Acquisition Metropolitan Statistical Area	'		'Miami, Florida	[2],[3]	'		'	'	'
Business Acquisition, Effective Date of Acquisition	'		30-May-13	[2],[3]	'		'	'	'
Business Acquisition Number Of Buildings	'		0	[2],[3]	'		'	'	'
Area Of Land Acquired	'		0	[2],[3]	'		'	'	'
Number of Acres acquired	'		9	[2],[3]	'		'	'	'
Business Acquisition Purchase Price	'		5,000	[2],[3]	'		'	'	'
Bank Branch One [Member]	'		'		'		'	'	'
Business Acquisition Location	'Morristown, New Jersey	[1],[4]	'Emmaus, Pennsylvania	[1]	'		'	'	'
Business Acquisition Metropolitan Statistical Area	'New York/New Jersey	[1],[4]	'Allentown, Pennsylvania	[1]	'New York/New Jersey	[2]	'	'	'
Business Acquisition, Effective Date of Acquisition	1-Aug-13	[1],[4]	6-Jun-13	[1]	'		'	'	'
Business Acquisition Number Of Buildings	1	[1],[4]	1	[1]	'		'	'	'
Area Of Land Acquired	42,000	[1],[4]	5,000	[1]	'		'	'	'
Number of Acres acquired	1	[1],[4]	0	[1]	'		'	'	'
Business Acquisition Purchase Price	4,900	[1],[4]	1,610	[1]	'		'	'	'
Business Acquisition Lease Expiration Date	30-Sep-24	[1],[4]	1-Feb-19	[1]	'		'	'	'
Bank Branch One [Member] \| Minimum [Member]	'		'		'		'	'	'
Business Acquisition Lease Expiration Date	31-Oct-18		'		'		'	'	'
Bank Branch One [Member] \| Maximum [Member]	'		'		'		'	'	'
Business Acquisition Lease Expiration Date	30-Sep-24		'		'		'	'	'
Bank Branch Two [Member]	'		'		'		'	'	'
Business Acquisition Location	'		'Calabash, North Carolina	[1]	'		'	'	'
Business Acquisition Metropolitan Statistical Area	'		'Myrtle Beach, South Carolina	[1]	'		'	'	'
Business Acquisition, Effective Date of Acquisition	'		6-Jun-13	[1]	'		'	'	'
Business Acquisition Number Of Buildings	'		1	[1]	'		'	'	'
Area Of Land Acquired	'		2,000	[1]	'		'	'	'
Number of Acres acquired	'		0	[1]	'		'	'	'
Business Acquisition Purchase Price	'		610	[1]	'		'	'	'
Business Acquisition Lease Expiration Date	'		1-Dec-18	[1]	'		'	'	'
Cross Dock Truck Terminal Two [Member]	'		'		'		'	'	'
Business Acquisition Location	'		'Deer Park, New York	[1]	'		'	'	'
Business Acquisition Metropolitan Statistical Area	'		'New York/New Jersey	[1]	'		'	'	'
Business Acquisition, Effective Date of Acquisition	'		18-Jun-13	[1]	'		'	'	'
Business Acquisition Number Of Buildings	'		1	[1]	'		'	'	'
Area Of Land Acquired	'		18,000	[1]	'		'	'	'
Number of Acres acquired	'		5	[1]	'		'	'	'
Business Acquisition Purchase Price	'		3,900	[1]	'		'	'	'
Business Acquisition Lease Expiration Date	'		1-Dec-19	[1]	'		'	'	'
Cross Dock Truck Terminal Three [Member]	'		'		'		'	'	'
Business Acquisition Location	'		'Elkridge, Maryland	[1]	'		'	'	'
Business Acquisition Metropolitan Statistical Area	'		'Baltimore/Washington, D.C.	[1]	'		'	'	'
Business Acquisition, Effective Date of Acquisition	'		19-Jun-13	[1]	'		'	'	'
Business Acquisition Number Of Buildings	'		1	[1]	'		'	'	'
Area Of Land Acquired	'		34,000	[1]	'		'	'	'
Number of Acres acquired	'		11	[1]	'		'	'	'
Business Acquisition Purchase Price	'		5,900	[1]	'		'	'	'
Business Acquisition Lease Expiration Date	'		31-May-19	[1]	'		'	'	'
Industrial Property One [Member]	'		'		'		'	'	'
Business Acquisition Location	'		'		'		'	'	'Greenwood, Indiana
Business Acquisition Metropolitan Statistical Area	'		'		'		'	'	'Indianapolis Indiana
Cross Dock Truck Terminal Four [Member]	'		'		'		'	'	'
Business Acquisition Location	'		'Houston, Texas	[1]	'		'	'	'
Business Acquisition Metropolitan Statistical Area	'		'Houston, Texas	[1]	'		'	'	'
Business Acquisition, Effective Date of Acquisition	'		26-Jun-13	[1]	'		'	'	'
Business Acquisition Number Of Buildings	'		3	[1]	'		'	'	'
Area Of Land Acquired	'		102,000	[1]	'		'	'	'
Number of Acres acquired	'		33	[1]	'		'	'	'
Business Acquisition Purchase Price	'		6,914	[1]	'		'	'	'
Business Acquisition Lease Expiration Date	'		31-May-19	[1]	'		'	'	'
Cross Dock Truck Terminal Five [Member]	'		'		'		'	'	'
Business Acquisition Location	'		'Orlando, Florida	[1]	'		'	'	'
Business Acquisition Metropolitan Statistical Area	'		'Orlando, Florida	[1]	'		'	'	'
Business Acquisition, Effective Date of Acquisition	'		26-Jun-13	[1]	'		'	'	'
Business Acquisition Number Of Buildings	'		1	[1]	'		'	'	'
Area Of Land Acquired	'		46,000	[1]	'		'	'	'
Number of Acres acquired	'		15	[1]	'		'	'	'
Business Acquisition Purchase Price	'		5,036	[1]	'		'	'	'
Business Acquisition Lease Expiration Date	'		1-Jan-19	[1]	'		'	'	'
Specialty Asset Type [Member]	'		'		'		'	'	'
Business Acquisition Location	'		'Hutchins, Texas	[1],[5]	'		'	'	'
Business Acquisition Metropolitan Statistical Area	'		'Dallas/Fort Worth	[1],[5]	'		'	'	'
Business Acquisition, Effective Date of Acquisition	'		27-Jun-13	[1],[5]	'		'	'	'
Business Acquisition Number Of Buildings	'		3	[1],[5]	'		'	'	'
Area Of Land Acquired	'		196,000	[1],[5]	'		'	'	'
Number of Acres acquired	'		175	[1],[5]	'		'	'	'
Business Acquisition Purchase Price	'		58,500	[1],[5]	'		'	'	'
Business Acquisition Lease Expiration Date	'		31-Jul-29	[1],[5]	'		'	'	'
Warehouse One [Member]	'		'		'		'	'	'
Business Acquisition Location	'Manassas Park, Virginia	[1]	'Logan Twp., New Jersey	[1]	'Garland, Texas	[2]	'	'	'
Business Acquisition Metropolitan Statistical Area	'Baltimore/Washington, D.C.	[1]	'Philadelphia, Pennsylvania	[1]	'Dallas/Fort Worth	[2]	'	'	'
Business Acquisition, Effective Date of Acquisition	5-Sep-13	[1]	28-Jun-13	[1]	19-Mar-13	[2]	20-Nov-12	'	'
Business Acquisition Number Of Buildings	2	[1]	1	[1]	1	[2]	1	'	'
Area Of Land Acquired	83,000	[1]	70,000	[1]	342,000	[2]	294,000	'	'
Number of Acres acquired	5	[1]	11	[1]	20	[2]	21	'	'
Business Acquisition Purchase Price	$8,794	[1]	$11,725	[1]	$10,700	[2]	$15,090	'	'
Business Acquisition Lease Expiration Date	1-Dec-24	[1]	31-May-28	[1]	1-Oct-32	[2]	31-Jul-24	'	'

[1]	The Company is currently analyzing the fair value of the lease and real estate assets; and accordingly, the purchase price allocation is preliminary and subject to change. The initial recording of the assets included $114,894 of real estate assets.
[2]	The Company analyzed the fair value of the leases and real estate assets of these investments; and, accordingly, the purchase price allocation is finalized. The current allocation of the assets includes $50,272 of net real estate assets, $9,730 of intangible assets and $3,679 of intangible liabilities.
[3]	The build-to-suit property located in Hialeah Gardens, Florida is a commitment to construct a 120,000 square foot cold storage facility which will be 100% leased for an initial term of 25 years when completed in the second quarter of 2014. The Company acquired the land for the property with a $4,990 zero-coupon mortgage note payable to the seller. Total costs are expected to be approximately $25,000, of which the unfunded amounts were estimated to be $20,571 at September 30, 2013.
[4]	The original lease term for one tenant of the property located in Morristown, New Jersey expired in October 2013, however an amendment to the lease was signed and effective October 1, 2013, which extended the lease term to October 2018.
[5]	The Specialty Asset located in Hutchins, Texas is an auto auction facility encumbered with a mortgage of $26,322. The mortgage had a fair value at acquisition of $29,460 and the company capitalized loan assumption costs of $263.

Acquisitions_Details_1

Acquisitions (Details 1) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Pro forma revenues	$13,533	$13,523	$45,087	$40,251
Pro forma net income (loss) available to common stockholders	$2,372	($3,090)	$393,225	($23,614)
Pro forma earnings per common share-basic (in dollars per share)	$0.04	($0.06)	$6.70	($0.46)
Pro forma earnings per common share-diluted (in dollars per share)	$0.04	($0.06)	$6.70	($0.46)
Pro forma common shares-basic (in shares)	58,902,708	52,308,663	58,729,491	51,328,443
Pro forma common share-diluted (in shares)	58,902,708	52,308,663	58,729,491	51,328,443

Acquisitions_Details_Textual

Acquisitions (Details Textual) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013
Percentage Of Land Leased	100.00%	100.00%	'	'
Business Acquistion Real Estate Assets	'	'	$114,894	$50,272
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets	'	'	'	9,730
Business Acquistion Purchase Price Allocation Intangible Liabilities	'	'	'	3,679
Revenue Towards Acquisition	3,803	5,260	'	'
Net Income Towards Acquisition	1,414	1,994	'	'
Lease Agreement Term	'25 years	'	'	'
Hutchins, Texas [Member]	'	'	'	'
Business Acquistion Real Estate Assets	26,322	26,322	'	'
Business Acquistion Real Estate Assets Fair Value	29,460	29,460	'	'
Capitalized Loan Assumption Costs	263	263	'	'
Build to suit property [Member]	'	'	'	'
Business Acquisition Area of Land	'	'	118,000	'
Percentage Of Land Leased	'	'	100.00%	'
Mortgage Note Payable	'	'	4,990	'
Acquisition Costs Of Land	'	'	25,000	'
Unfunded Amount Towards Land Cost	$20,669	$20,669	'	'

Investments_in_Joint_Ventures_1

Investments in Joint Ventures (Details) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Assets:	'		'
Other assets	$9,705		$6,395
Total assets	328,091		2,168,836
Liabilities and members' equity:	'		'
Other liabilities	1,023		665
Liabilities and members' equity	328,091		2,168,836
Corporate Joint Venture [Member]	'		'
Assets:	'		'
Real estate assets, net	382,262		452,692
Other assets	43,943	[1]	219,760	[1]
Total assets	426,205		672,452
Liabilities and members' equity:	'		'
Mortgages payable	241,000	[1]	553,140	[1]
Other liabilities	89,322		90,255
Members' equity	95,883		29,057
Liabilities and members' equity	$426,205		$672,452

[1]	In May 2013, the Joint Venture sold a defeased mortgage and the corresponding pool of pledged treasury securities, which were acquired by the Joint Venture at acquisition of the Bank of America Portfolio.

Investments_in_Joint_Ventures_2

Investments in Joint Ventures (Details 1) (USD $)	0 Months Ended	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Mar. 15, 2013	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Interest	'	$538		$0		$623		$0
Total expenses	'	12,655		13,972		37,218		40,304
Net income (loss) from operations	'	1,005	[1]	-4,745	[1]	-6,624	[1]	-16,443	[1]
Net gain (loss) on disposals	389,140	0		0		389,140		11,996
Net income (loss)	'	491		-2,890		390,774		-22,960
Company's equity in net income (loss) within continuing operations	'	983		31		-2,808		88
Corporate Joint Venture [Member]	'	'		'		'		'
Revenues	'	18,160		914		55,959		2,743
Operating expenses	'	9,204		3		28,689		10
Interest	'	2,876	[2]	525	[2]	15,498	[2]	1,576	[2]
Depreciation	'	4,451		268		14,014		805
Total expenses	'	16,531		796		58,201		2,391
Net income (loss) from operations	'	1,629		118		-2,242		352
Net gain (loss) on disposals	'	-42		0		-4,577		0
Net income (loss)	'	1,587		118		-6,819		352
Company's equity in net income (loss) within continuing operations	'	983		31		-2,808		88
Company's equity in net income within discontinued operations	'	$0		$0		($804)		$0

[1]	Net income (loss) from continuing operations represents loss before discontinued operations.
[2]	The Bank of America Portfolio net loss includes interest expense of $0 and $XXX for the three and nine months ended September 30, 2013 from the defeased mortgage acquired as part of the Joint Venturebs acquisition of the Bank of America Portfolio. The pool of treasury securities pledged as collateral for the mortgage generated sufficient cash flows to cover the debt service requirements, but did not generate income to offset the interest expense. The defeased mortgage and corresponding pool of pledged treasury securities were sold in May 2013 for a loss of $4,535.

Investments_in_Joint_Ventures_3

Investments in Joint Ventures (Details Textual) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

31-May-13

Sep. 30, 2013

Dec. 31, 2012

acre

Bank Of America [Member]

Philips Building [Member]

Bank of America Portfolio [Member]

sqft

Noncontrolling Interest, Ownership Percentage by Parent

25.00%

Business Acquisition Area of Land

200,000

Percentage Of Net Leased To Related Party

100.00%

Investment in joint ventures

$46,800

$72,742

$201

Net Income (loss)

491

-2,890

390,774

-22,960

109

Equity Method Investment, Ownership Percentage

50.00%

Land Subject to Ground Leases

3,500,000

Portfolio Share Percentage

93.00%

Mortgage Loan To Finance Joint Venture Acquisition

200,000

41,000

200,000

Real Estate Investments, Joint Ventures

46,800

72,541

Number Of Realty Properties

Lease Expiration Description

'expiration dates through 2023

Percentage Of Land Leased

100.00%

Proceeds From Divestiture Of Interest In Joint Venture

8,275

1,874

33,122

Income (Loss) From Equity Method Investments

983

-2,808

Proceeds From Distributions Received From Joint Venture

4,000

24,575

103

309

289

3,600

1,874

33,122

Interest Expense, Total

538

623

7,092

Gain (Loss) on Disposition of Oil and Gas and Timber Property

$4,535

Debt_Obligations_Details

Debt Obligations (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Mortgage Notes Payable, Encumbered Properties	4
Mortgage Notes Payable, Balance	$48,436
Fixed Rate mortgages [Member]	'
Mortgage Notes Payable, Encumbered Properties	4
Mortgage Notes Payable, Balance	45,515
Mortgage Notes Payable, Minimum Interest Rate in Range	0.00%
Mortgage Notes Payable, Maximum Interest Rate in Range	6.95%
Fixed Rate mortgages [Member] \| Minimum [Member]	'
Mortgage Notes Payable, Maturity Date	30-Jun-14
Fixed Rate mortgages [Member] \| Maximum [Member]	'
Mortgage Notes Payable, Maturity Date	30-Jun-29
Variable Rate mortgage [Member]	'
Mortgage Notes Payable, Encumbered Properties	0
Mortgage Notes Payable, Balance	0
Mortgage Notes Payable [Member]	'
Mortgage Notes Payable, Encumbered Properties	4
Mortgage Notes Payable, Balance	45,515
Above Below Market Interest [Member]	'
Mortgage Notes Payable, Balance	$2,921

Debt_Obligations_Details_1

Debt Obligations (Details 1) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Credit Facility	$0
Mortgage Notes Payable	45,515
Interest Payments	21,965
Total	67,480
Mortgage Notes Payable [Member] \| Debt Instrument, Redemption, Period One [Member]	'
Credit Facility	0
Mortgage Notes Payable	302
Interest Payments	570
Total	872
Mortgage Notes Payable [Member] \| Debt Instrument, Redemption, Period Two [Member]	'
Credit Facility	0
Mortgage Notes Payable	6,247
Interest Payments	2,234
Total	8,481
Mortgage Notes Payable [Member] \| Debt Instrument, Redemption, Period Three [Member]	'
Credit Facility	0
Mortgage Notes Payable	1,335
Interest Payments	2,155
Total	3,490
Mortgage Notes Payable [Member] \| Debt Instrument, Redemption, Period Four [Member]	'
Credit Facility	0
Mortgage Notes Payable	1,420
Interest Payments	2,071
Total	3,491
Mortgage Notes Payable [Member] \| Debt Instrument, Redemption, Period Five [Member]	'
Credit Facility	0
Mortgage Notes Payable	1,509
Interest Payments	1,981
Total	3,490
Mortgage Notes Payable [Member] \| Debt Instrument Redemption Period Thereafter [Member]	'
Credit Facility	0
Mortgage Notes Payable	34,702
Interest Payments	10,033
Total	44,735
Mortgage Notes Payable [Member] \| Debt Instrument Redemption Period Above Below Market Interest [Member]	'
Credit Facility	0
Mortgage Notes Payable	0
Interest Payments	2,921
Total	$2,921

Debt_Obligations_Details_Textu

Debt Obligations (Details Textual) (USD $)	3 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 04, 2013
Line of Credit Facility, Maximum Borrowing Capacity	'	'	'	'	'	$150,000
Line of Credit Facility, Expiration Date	'	'	'	30-Sep-15	'	'
Line of Credit Facility, Borrowing Capacity, Description	'	'	'	'(i) the sum of the $100,000 revolving commitment and the maximum $50,000 commitment increase available or (ii) 60.0% of the value of the Borrowing Base.	'	'
Line of Credit Facility, Interest Rate Description	'	'	'	'(i) LIBOR plus the applicable LIBOR margin, or (ii) the applicable base rate which is the greater of the Prime Rate, 0.50% above the Federal Funds Rate, or 30-day LIBOR plus 1.00%. The applicable LIBOR margin will range from 1.90% to 2.75%, depending on the ratio of the Company's outstanding consolidated indebtedness to the value of the Companys consolidated gross assets. The Credit Facility will have an initial borrowing rate of LIBOR plus 1.90%.	'	'
Interest Costs Capitalized	54	'	0	54	0	'
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	48,436	'	'	48,436	'	'
Line of Credit Facility, Amount Outstanding	45,515	'	'	45,515	'	'
Mortgage Loans on Real Estate, New Mortgage Loans	'	26,322	'	'	'	'
Percentage Of Land Leased	100.00%	'	'	100.00%	'	'
Senior Secured Revolving Credit Facility [Member]	'	'	'	'	'	'
Line of Credit Facility, Current Borrowing Capacity	'	'	'	'	'	100,000
Line of Credit Facility, Amount Outstanding	0	'	'	0	'	'
Zero Coupon Mortgage Note Payable [Member]	'	'	'	'	'	'
Mortgage Loans on Real Estate, New Mortgage Loans	'	'	'	14,500	'	'
Mortgage Note Payable	$4,990	'	'	$4,990	'	'

Leasing_Agreements_Details

Leasing Agreements (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified	Sep. 30, 2013
October 1 to December 31, 2013	$3,693
2014	16,846
2015	17,898
2016	18,060
2017	18,271
Thereafter	177,655
Total minimum lease rental income	$252,423

Transactions_with_Director_Rel1

Transactions with Director Related Entities (Details Textual) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

2 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

In Thousands, unless otherwise specified

Mar. 15, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Jun. 25, 2012

31-May-05

Jun. 30, 2009

31-May-05

Jan. 31, 2013

Sep. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Slg Graybar Sublease Llc [Member]

Sl Green [Member]

Fifth Fee Owner Llc [Member]

sqft

Minimum [Member]

Maximum [Member]

sqft

Minimum [Member]

Maximum [Member]

Business Acquisition Area of Land

600

7,300

2,260

6,580

Lease Term

'10 years

Additional Rent Carried For Initial Lease Year

$103

Additional Rent Carried For Final Lease Year

123

Rent Reduced For Initial Lease Year

Rent Reduced For Final Lease Year

Operating Leases, Rent Expense, Net

287

269

249

315

373

463

Equity Method Investment, Ownership Percentage

10.60%

Carrying Value Of Interest In Joint Venture

7,215

Net gains from disposals

389,140

11,996

458

Sale Of Joint Venture Interest

10.60%

Proceeds from sale of joint venture to a director related entity

8,275

Net realized gain on sale of joint venture investment

$1,317

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Financial assets:	'		'
Lending Investments, Carrying Value	$0	[1],[2]	$784,135	[1],[2]
Lending investments, Fair Value	0	[1],[2]	816,283	[1],[2]
CMBS, Carrying Value	0	[2]	932,265	[2]
CMBS, Fair Value	0	[2]	932,265	[2]
Derivative instruments, Carrying Value	0	[2]	173	[2]
Derivative instruments, Fair Value	0	[2]	173	[2]
Retained CDO Bonds, Carrying Value	7,992	[3]	0	[3]
Retained CDO Bonds, Fair Value	7,992	[3]	0	[3]
Financial liabilities:	'		'
Collateralized debt obligations, Carrying Value	0	[1],[2]	2,188,579	[1],[2]
Collateralized debt obligations, Fair Value	0	[1],[2]	1,474,236	[1],[2]
Derivative instruments, Carrying Value	0	[2]	173,623	[2]
Derivative instruments, Fair Value	0	[2]	173,623	[2]
Mortgage note payable, Carrying Value	48,436	[1]	0	[1]
Mortgage note payable, Fair Value	$48,097	[1]	$0	[1]

[1]	Lending investments, mortgages notes payable, and CDOs are classified as Level III due to the significance of unobservable inputs which are based upon management assumptions.
[2]	In connection with the disposal of Gramercy Finance, lending investments, CMBS investments, derivative instruments, and collateralized debt obligations were classified as held-for-sale as of December 31, 2012.
[3]	Retained CDO Bonds represent the CDOsb subordinate bonds, preferred shares, and ordinary shares, which were retained subsequent to the disposal of Gramercy Finance and were previously eliminated in consolidation.

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Details 1) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Financial Assets:	$0	[1]	$173	[1]
Retained CDO Bonds:	7,992		0
CMBS available for sale:	0	[1]	932,265	[1]
Fair Value, Measurements, Recurring [Member]	'		'
Financial Assets:	'		173
Retained CDO Bonds:	7,992		'
CMBS available for sale:	'		932,265
Financial Liabilities:	'		173,623
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
Financial Assets:	'		0
Retained CDO Bonds:	0		'
CMBS available for sale:	'		0
Financial Liabilities:	'		0
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
Financial Assets:	'		0
Retained CDO Bonds:	0		'
CMBS available for sale:	'		0
Financial Liabilities:	'		0
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
Financial Assets:	'		173
Retained CDO Bonds:	7,992		'
CMBS available for sale:	'		932,265
Financial Liabilities:	'		173,623
Fair Value, Measurements, Recurring [Member] \| Interest Rate Cap [Member]	'		'
Financial Assets:	'		173
Financial Liabilities:	'		173,623
Fair Value, Measurements, Recurring [Member] \| Interest Rate Cap [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
Financial Assets:	'		0
Financial Liabilities:	'		0
Fair Value, Measurements, Recurring [Member] \| Interest Rate Cap [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
Financial Assets:	'		0
Financial Liabilities:	'		0
Fair Value, Measurements, Recurring [Member] \| Interest Rate Cap [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
Financial Assets:	'		173
Financial Liabilities:	'		173,623
Fair Value, Measurements, Recurring [Member] \| Interest Rate Swap [Member]	'		'
Financial Assets:	'		0
Financial Liabilities:	'		0
Fair Value, Measurements, Recurring [Member] \| Interest Rate Swap [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
Financial Assets:	'		0
Financial Liabilities:	'		0
Fair Value, Measurements, Recurring [Member] \| Interest Rate Swap [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
Financial Assets:	'		0
Financial Liabilities:	'		0
Fair Value, Measurements, Recurring [Member] \| Interest Rate Swap [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
Financial Assets:	'		0
Financial Liabilities:	'		0
Subordinate CDO Bonds [Member] \| Fair Value, Measurements, Recurring [Member]	'		'
Retained CDO Bonds:	7,992		'
Subordinate CDO Bonds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
Retained CDO Bonds:	0		'
Subordinate CDO Bonds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
Retained CDO Bonds:	0		'
Subordinate CDO Bonds [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
Retained CDO Bonds:	7,992		'
External Credit Rating, Investment Grade [Member] \| Fair Value, Measurements, Recurring [Member]	'		'
CMBS available for sale:	'		281,495
External Credit Rating, Investment Grade [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
CMBS available for sale:	'		0
External Credit Rating, Investment Grade [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
CMBS available for sale:	'		0
External Credit Rating, Investment Grade [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
CMBS available for sale:	'		281,495
External Credit Rating, Non Investment Grade [Member] \| Fair Value, Measurements, Recurring [Member]	'		'
CMBS available for sale:	'		650,770
External Credit Rating, Non Investment Grade [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]	'		'
CMBS available for sale:	'		0
External Credit Rating, Non Investment Grade [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]	'		'
CMBS available for sale:	'		0
External Credit Rating, Non Investment Grade [Member] \| Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]	'		'
CMBS available for sale:	'		$650,770

[1]	In connection with the disposal of Gramercy Finance, lending investments, CMBS investments, derivative instruments, and collateralized debt obligations were classified as held-for-sale as of December 31, 2012.

Fair_Value_of_Financial_Instru4

Fair Value of Financial Instruments (Details 2) (USD $)	Sep. 30, 2013		Dec. 31, 2012		Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified					Collateralized Debt Obligations Bonds [Member]	Minimum [Member]	Maximum [Member]
						Collateralized Debt Obligations Bonds [Member]	Collateralized Debt Obligations Bonds [Member]
Retained CDO Bonds, Fair Value	$7,992	[1]	$0	[1]	$7,992	'	'
Retained CDO Bonds, Valuation Technique	'		'		'Discounted cash flows	'	'
Retained CDO Bonds, Unobservable Inputs	'		'		'Discount rate	'	'
Retained CDO Bonds, Discount Rate Range	'		'		'	25.00%	40.00%

[1]	Retained CDO Bonds represent the CDOsb subordinate bonds, preferred shares, and ordinary shares, which were retained subsequent to the disposal of Gramercy Finance and were previously eliminated in consolidation.

Fair_Value_of_Financial_Instru5

Fair Value of Financial Instruments (Details 3) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Derivative Financial Instruments, Assets [Member]	'
Balance as of December 31, 2012	$173
Change in CMBS investment status	0
Amortization of discounts or premiums	0
Proceeds from CMBS principal repayments	0
Gramercy Finance disposal	-219
Adjustments to fair value:	'
Included in other comprehensive income	46
Other-than-temporary impairments	0
Balance as of September 30, 2013	0
Commercial Mortgage Backed Securities [Member] \| External Credit Rating, Investment Grade [Member]	'
Balance as of December 31, 2012	281,495
Change in CMBS investment status	-1,506
Amortization of discounts or premiums	1,264
Proceeds from CMBS principal repayments	-10,526
Gramercy Finance disposal	-274,133
Adjustments to fair value:	'
Included in other comprehensive income	3,406
Other-than-temporary impairments	0
Balance as of September 30, 2013	0
Commercial Mortgage Backed Securities [Member] \| External Credit Rating, Non Investment Grade [Member]	'
Balance as of December 31, 2012	650,770
Change in CMBS investment status	1,506
Amortization of discounts or premiums	6,075
Proceeds from CMBS principal repayments	0
Gramercy Finance disposal	-670,387
Adjustments to fair value:	'
Included in other comprehensive income	19,677
Other-than-temporary impairments	-7,641
Balance as of September 30, 2013	0
Collateralized Debt Obligations Bonds [Member]	'
Balance as of December 31, 2012	0
Change in CMBS investment status	0
Amortization of discounts or premiums	1,064
Proceeds from CMBS principal repayments	0
Gramercy Finance disposal	8,492
Adjustments to fair value:	'
Included in other comprehensive income	118
Other-than-temporary impairments	-1,682
Balance as of September 30, 2013	$7,992

Fair_Value_of_Financial_Instru6

Fair Value of Financial Instruments (Details 4) (Interest Rate Swap [Member], Fair Value, Inputs, Level 3 [Member], USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Interest Rate Swap [Member] \| Fair Value, Inputs, Level 3 [Member]	'
Balance as of December 31, 2012	$173,623
Gramercy Finance disposal	-163,716
Adjustments to fair value:	'
Unrealized loss	-9,907
Balance as of September 30, 2013	$0

Fair_Value_of_Financial_Instru7

Fair Value of Financial Instruments (Details 5) (Fair Value, Measurements, Nonrecurring [Member], USD $)	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2012
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	$69,466
Lending Investments Held For Sale Impairment Of Fair Value	196,548
Real Estate Investments, Fair Value	56,571
Office [Member]	'
Real Estate Investments, Fair Value	3,593
Hotel [Member]	'
Real Estate Investments, Fair Value	24,034
Branch [Member]	'
Real Estate Investments, Fair Value	4,749
Industrial [Member]	'
Real Estate Investments, Fair Value	0
Land [Member]	'
Real Estate Investments, Fair Value	24,195
Whole Loans [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	60,335
Lending Investments Held For Sale Impairment Of Fair Value	174,477
Subordinate Interest In Whole Loans [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	9,131
Lending Investments Held For Sale Impairment Of Fair Value	1,649
Mezzanine Loans [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	20,422
Preferred Equity [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	0
Fair Value, Inputs, Level 1 [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	0
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 1 [Member] \| Office [Member]	'
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 1 [Member] \| Hotel [Member]	'
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 1 [Member] \| Branch [Member]	'
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 1 [Member] \| Industrial [Member]	'
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 1 [Member] \| Land [Member]	'
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 1 [Member] \| Whole Loans [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	0
Fair Value, Inputs, Level 1 [Member] \| Subordinate Interest In Whole Loans [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	0
Fair Value, Inputs, Level 1 [Member] \| Mezzanine Loans [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	0
Fair Value, Inputs, Level 1 [Member] \| Preferred Equity [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	0
Fair Value, Inputs, Level 2 [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	0
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 2 [Member] \| Office [Member]	'
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 2 [Member] \| Hotel [Member]	'
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 2 [Member] \| Branch [Member]	'
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 2 [Member] \| Industrial [Member]	'
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 2 [Member] \| Land [Member]	'
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 2 [Member] \| Whole Loans [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	0
Fair Value, Inputs, Level 2 [Member] \| Subordinate Interest In Whole Loans [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	0
Fair Value, Inputs, Level 2 [Member] \| Mezzanine Loans [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	0
Fair Value, Inputs, Level 2 [Member] \| Preferred Equity [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	0
Fair Value, Inputs, Level 3 [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	69,466
Lending Investments Held For Sale Impairment Of Fair Value	196,548
Real Estate Investments, Fair Value	56,571
Fair Value, Inputs, Level 3 [Member] \| Office [Member]	'
Real Estate Investments, Fair Value	3,593
Fair Value, Inputs, Level 3 [Member] \| Hotel [Member]	'
Real Estate Investments, Fair Value	24,034
Fair Value, Inputs, Level 3 [Member] \| Branch [Member]	'
Real Estate Investments, Fair Value	4,749
Fair Value, Inputs, Level 3 [Member] \| Industrial [Member]	'
Real Estate Investments, Fair Value	0
Fair Value, Inputs, Level 3 [Member] \| Land [Member]	'
Real Estate Investments, Fair Value	24,195
Fair Value, Inputs, Level 3 [Member] \| Whole Loans [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	60,335
Lending Investments Held For Sale Impairment Of Fair Value	174,477
Fair Value, Inputs, Level 3 [Member] \| Subordinate Interest In Whole Loans [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	9,131
Lending Investments Held For Sale Impairment Of Fair Value	1,649
Fair Value, Inputs, Level 3 [Member] \| Mezzanine Loans [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	20,422
Fair Value, Inputs, Level 3 [Member] \| Preferred Equity [Member]	'
Lending Investments Held For Sale Allowance For Loan Loss Fair Value	0
Lending Investments Held For Sale Impairment Of Fair Value	$0

Fair_Value_of_Financial_Instru8

Fair Value of Financial Instruments (Details Textual) (USD $)	0 Months Ended
In Thousands, unless otherwise specified	Mar. 15, 2013
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax	$10,100

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Numerator - Income (loss):	'	'	'	'	'
Net income (loss) from continuing operations	$1,005	($4,745)	($6,624)	($16,443)	'
Net income (loss) from discontinued operations	-514	1,855	397,398	-6,517	'
Net income (loss)	491	-2,890	390,774	-22,960	'
Accrued preferred stock dividends	-1,790	-1,790	-5,370	-5,370	'
Numerator for basic income per share - net income (loss) available to common stockholders:	-1,299	-4,680	385,404	-28,330	'
Effect of dilutive securities	0	0	0	0	'
Diluted earnings:	'	'	'	'	'
Net income (loss) available to common stockholders	($1,299)	($4,680)	$385,404	($28,330)	'
Denominator-Weighted average shares:	'	'	'	'	'
Weighted average shares outstanding (in shares)	59,570,208	54,551,842	59,418,456	52,379,338	'
Less: Unvested restricted shares (in shares)	-667,500	-2,243,189	-688,965	-1,050,895	-1,383,388
Denominator for basic income per share (in shares)	58,902,708	52,308,653	58,729,491	51,328,443	'
Effect of dilutive securities:	'	'	'	'	'
LTIP (in shares)	0	0	0	0	'
Stock based compensation plans (in shares)	0	0	0	0	'
Phantom stock units (in shares)	0	0	0	0	'
Diluted Shares (in shares)	58,902,708	52,308,653	58,729,491	51,328,443	'

Stockholders_Equity_Details_1

Stockholders' Equity (Details 1) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012
Net realized and unrealized losses on interest rate swap and cap agreements accounted for as cash flow hedges	$0	'	($190,214)
Net unrealized loss on available-for-sale securities	0	'	-79,925
Net unrealized gain on debt securities	118	'	0
Total accumulated other comprehensive income (loss)	$118	($95,265)	($270,139)

Stockholders_Equity_Details_Te

Stockholders' Equity (Details Textual) (USD $)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

In Thousands, except Share data, unless otherwise specified

Jul. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2008

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2012

Dec. 31, 2012

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Mar. 31, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Mar. 31, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Employee Stock Option [Member]

June 30, 2016 [Member]

June 30, 2017 [Member]

Minimum [Member]

Maximum [Member]

Phantom Share Units [Member]

Equity Option [Member]

Time Based Restricted Stock [Member]

Performance Based Restricted Stock [Member]

Equity Incentive Plan [Member]

2012 Outperformance Plan [Member]

Common Class B [Member]

Bank of America Portfolio [Member]

Capital Stock Authorized

125,000,000

Capital Stock Par Value

$0.00

Common Stock, Shares Authorized

100,000,000

2,000,000

Common Stock, Par or Stated Value Per Share

$0.00

Preferred Stock, Shares Authorized

4,600,000

Preferred Stock, Par or Stated Value Per Share

$0.00

Common Stock, shares issued

57,676,005

2,000,000

Common Stock, shares outstanding

57,676,005

2,000,000

Series A cumulative redeemable preferred stock, shares issued

3,525,822

Preferred Stock, Shares Outstanding

3,525,822

Dividends, Preferred Stock, Cash

$35,809

$30,438

Preferred Stock, Dividends, Per Share, Cash Paid

$0.51

Allocated Share-based Compensation Expense

154

523

425

1,170

147

105

408

505

Equity Incentive Vested Percentage

85.00%

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount

518,075

575,615

50,828

16,686

Stock Issued During Period, Shares, New Issues

1,809,233

Weighted Average Number Of Shares, Restricted Stock

667,500

2,243,189

688,965

1,050,895

1,383,388

1,787,872

Share Based Compensation Expense Remaining Weighted Average Vesting Period

2,090

1,687

Share Price

Incentive Earnings Percentage First Year

12.00%

Incentive Earnings Percentage Second Year

24.00%

Incentive Earnings Percentage Third Year

36.00%

Actual Incentive Earned Percentage

20.00%

100.00%

Shares Vesting Percentage

50.00%

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number

507,575

Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period

17,121

575,615

115,000

345,000

Share Based Compensation Arrangement By Share Based Payment Award Share Price Description

'The amount of LTIP units actually earned by the executives under the 2012 Outperformance Plan can range from 20% of the maximum amount if the Company's common stock price equals a minimum hurdle of $5.00 per share (less any dividends paid during the performance period) to 100% of the maximum amount if the Company's common stock price equals or exceeds $9.00 per share (less any dividends paid during the performance period) on a valuation date during the four-year performance period. The executives will not earn any LTIP units under the 2012 Outperformance Plan to the extent that the Companys common stock price on each of the four valuation dates is less than the $5.00 per share minimum hurdle.

Unrealized Gain On Collateralized Mortgage Securities

107,774

Unamortized Fair Value Of Terminated Swaps

6,359

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance

518,075

Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Maximum Value

4,000

Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Fair Value

845

Long Term Incentive Plan Fair Value Of Grant

$1,870

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

'5 years

Commitments_and_Contingencies_

Commitments and Contingencies (Details Textual) (USD $)	1 Months Ended	9 Months Ended		1 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2010	Dec. 31, 2010	Dec. 31, 2010
	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Herald Square Property [Member]	NYC DOF [Member]	NYS DOT [Member]
Description of Lessee Leasing Arrangements, Operating Leases	'The lease is for approximately 6,580 square feet and carries a term of 10 years with rents of approximately $373 per annum for year one rising to $463 per annum in year ten.	'The Companys regional management office located at 610 Old York Road, Jenkintown, Pennsylvania, is subject to an operating lease with an affiliate of KBS REIT. The lease is for approximately 17,000 square feet, and expires on April 30, 2014, with rents of approximately $322 per annum. The Companys regional management office located at 800 Market Street, St. Louis, Missouri is subject to an operating lease with St. Louis BOA Plaza, LLC. The lease is for approximately 2,000 square feet, expires on September 30, 2014, and is cancelable with 60 days notice. The lease is subject to rents of $32 per annum.	'	'	'	'
Description Of Tenant Leasing Arrangements Of Expansion	'	'The Company is obligated under certain tenant leases, to construct the underlying leased property or fund tenant expansions. As of September 30, 2013, the Company had four outstanding commitments: (1) the construction of a 118,000 square foot cold storage facility located in Hialeah Gardens, Florida, of which the unfunded amounts were estimated to be $20,669; (2) the contribution of $1,500 towards tenant improvements on a warehouse/industrial property in Garland, Texas, of which the unfunded amounts were estimated to be $854; (3) the expansion of a property located in Olive Branch, Mississippi, whereby the tenant has a one-time option to expand the building by 250,000 square feet; and (4) the expansion of a property located in Logan Township, New Jersey, whereby the tenant has a one-time option to expand the building by 25,000 square feet. The tenants have not noticed the Company for the building expansion options and as such, no amounts are due and no unfunded amounts have been estimated.	'	'	'	'
Noncontrolling Interest, Ownership Percentage By Parent	'	'	'	45.00%	'	'
Mortgage Debt	'	'	'	$86,100	'	'
Real Estate Tax Expense	'	'	'	'	2,900	684
Proceeds From Divestiture Of Interest In Joint Venture	'	$8,275	$0	$25,600	'	'

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	3 Months Ended			9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2008	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Minimum Percentage Of Ordinary Taxable Income To Stockholders	'	'	'	90.00%	'	'
Preferred Stock, Dividends, Per Share, Cash Paid	'	'	$0.51	'	'	'
Total income tax benefit (provision)	$744	($39)	'	$5,590	$3,379	'
Provision for taxes	0	0	'	2,515	0	'
Deferred Tax Assets, Net of Valuation Allowance, Total	$1,793	'	'	$1,793	'	$0

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012		Dec. 31, 2012
Total revenues	$13,421		$9,157		$38,992		$27,152		'
Equity in net loss from unconsolidated joint ventures	983		31		-2,808		88		'
Total operating and interest expense	-13,399	[1]	-13,933	[1]	-42,808	[1]	-43,683	[1]	'
Net income (loss) from continuing operation	1,005	[2]	-4,745	[2]	-6,624	[2]	-16,443	[2]	'
Assets:	'		'		'		'		'
Total assets	328,091		'		328,091		'		2,168,836
Finance [Member]	'		'		'		'		'
Total revenues	0		0		0		0		'
Equity in net loss from unconsolidated joint ventures	0		0		0		0		'
Total operating and interest expense	0	[1]	0	[1]	0	[1]	0	[1]	'
Net income (loss) from continuing operation	0	[2]	0	[2]	0	[2]	0	[2]	'
Assets:	'		'		'		'		'
Total assets	0		'		0		'		1,937,554
Assets Management [Member]	'		'		'		'		'
Total revenues	8,343		8,833		30,275		26,762		'
Equity in net loss from unconsolidated joint ventures	0		0		0		0		'
Total operating and interest expense	-6,456	[1]	-6,859	[1]	-23,934	[1]	-24,640	[1]	'
Net income (loss) from continuing operation	1,887	[2]	1,974	[2]	6,341	[2]	2,122	[2]	'
Assets:	'		'		'		'		'
Total assets	16,625		'		16,625		'		0
Realty / Corporate [Member]	'		'		'		'		'
Total revenues	5,078		324		8,717		390		'
Equity in net loss from unconsolidated joint ventures	983		31		-2,808		88		'
Total operating and interest expense	-6,943	[1]	-7,074	[1]	-18,874	[1]	-19,043	[1]	'
Net income (loss) from continuing operation	-882	[2]	-6,719	[2]	-12,965	[2]	-18,565	[2]	'
Assets:	'		'		'		'		'
Total assets	$311,466		'		$311,466		'		$231,282

[1]	Total operating and interest expense includes operating costs on commercial property assets for the Investments segment and costs to perform required functions under the management agreement for the Asset Management segment. Depreciation and amortization of $1,886 and $44 and provision for taxes of $744 and $(39) for the three months ended September 30, 2013 and 2012, respectively, are included in the amounts presented above. Depreciation and amortization of $3,142 and $130 and provision for taxes of $5,590 and $3,379 for the nine months ended September 30, 2013 and 2012, respectively, are included in the amounts presented above.
[2]	Net income (loss) from continuing operations represents loss before discontinued operations.

Segment_Reporting_Details_Text

Segment Reporting (Details Textual) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Depreciation and amortization	$1,886	$44	$3,142	$130
Total income tax benefit (provision)	$744	($39)	$5,590	$3,379

Subsequent_Events_Details_Text

Subsequent Events (Details Textual) (USD $)	9 Months Ended			1 Months Ended				1 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Oct. 31, 2013	Oct. 31, 2013	Oct. 01, 2013	Sep. 30, 2013	Oct. 31, 2013	Oct. 22, 2013
				Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
					Industrial Property [Member]	Industrial Property [Member]	Industrial Property [Member]	Industrial Property [Member]	Industrial Property [Member]
					Yuma, Arizona [Member]	Yuma, Arizona [Member]	Yuma, Arizona [Member]	Austin, Texas [Member]	Austin, Texas [Member]
						acre			acre
Business Acquisition Area of Land	'	'	'	'	'	220,000	'	'	120,000
Acquisition of real estate	$143,203	$0	'	'	$17,850	'	'	$9,490	'
Percentage Of Land Leased	100.00%	'	'	'	'	'	100.00%	'	100.00%
Purchase Of Unregistered Common Equity Shares	'	'	'	11,535,200	'	'	'	'	'
Purchase Of Unregistered Common Equity Price Per Share	'	'	'	$4.11	'	'	'	'	'
Proceeds from Issuance of Common Stock	0	2,677	'	47,410	'	'	'	'	'
Subsequent Event, Description	'On March 25, 2014, or the CVR Test Date, the Company will calculate the volume-weighted average price, or the VWAP, for the common stock for the 10 trading days period ending on, and including, March 25, 2014, or the CVR Period VWAP. On April 1, 2014, the Company will pay to the holder of the contingent value rights, in immediately available funds, an amount in cash, equal to (a) the number of contingent value rights held by the holder on the CVR Test Date multiplied by (b) the amount, not to exceed $0.46 equal to the difference between the per share purchase price of $4.11 and the CVR Period VWAP.	'	'	'	'	'	'	'	'
Dividends Payable	$35,809	'	$30,438	'	'	'	'	'	'
Lease Expiration Description	'	'	'	'	'The fair value of each stock option granted is estimated on the date of grant for options issued to employees using the Black-Scholes option pricing model with the following weighted average assumptions for grants in 2013 and 2012. 2013 2012 Dividend yield 5.50 % 5.00 % Expected life of option 5.0 years 5.0 years Risk free interest rate 0.72 % 0.89 % Expected stock price volatility 53.00 % 80.00 %	'	'	'October 28, 2028	'