Creative Media & Community Trust (CMCT) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 05, 2015
Document and Entity Information
Entity Registrant Name	CIM Commercial Trust Corp
Entity Central Index Key	908,311
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		97,589,598
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Investments in real estate - net	$ 1,700,414	$ 1,715,937
Cash and cash equivalents	22,552	17,615
Restricted cash	7,612	8,861
Accounts receivable - net	12,450	10,754
Deferred rent receivable and charges - net	100,052	97,630
Other intangible assets - net	18,683	20,433
Other assets	11,607	14,653
Assets held for sale-net	217,418	208,799
TOTAL ASSETS	2,090,788	2,094,682
LIABILITIES:
Debt	647,644	608,714
Accounts payable and accrued expenses	29,840	35,512
Intangible liabilities - net	7,347	8,657
Due to related parties	9,807	9,186
Other liabilities	25,142	23,006
Liabilities associated with assets held for sale	45,382	49,791
Total liabilities	$ 765,162	$ 734,866
COMMITMENTS AND CONTINGENCIES (Note 13)
EQUITY:
Common stock, $0.001 par value; 200,000,000 shares authorized; 97,696,863 and 97,688,863 shares issued; and 97,589,598 and 97,581,598 shares outstanding at June 30, 2015 and December 31, 2014, respectively	$ 98	$ 98
Additional paid-in capital	1,825,098	1,824,381
Distributions in excess of earnings	(495,608)	(460,623)
Stockholders' equity before treasury stock	1,329,588	1,363,856
Less: Treasury stock, at cost, 107,265 shares outstanding	(4,901)	(4,901)
Total stockholders' equity	1,324,687	1,358,955
Noncontrolling interests	939	861
Total equity	1,325,626	1,359,816
TOTAL LIABILITIES AND EQUITY	$ 2,090,788	$ 2,094,682

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	200,000,000	200,000,000
Common stock, issued shares	97,696,863	97,688,863
Common stock, outstanding shares	97,589,598	97,581,598
Treasury stock, outstanding shares	107,265	107,265

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUES:
Rental and other property income	$ 63,171	$ 60,804	$ 126,569	$ 120,626
Expense reimbursements	3,263	2,646	6,444	4,997
Interest and other income	485	1,737	1,145	2,161
REVENUES	66,919	65,187	134,158	127,784
EXPENSES:
Rental and other property operating	32,985	30,439	65,694	60,025
Asset management fees and other fees to related parties	7,456	6,338	14,665	12,075
Interest	5,586	4,565	10,989	8,602
General and administrative	1,955	2,357	4,547	3,131
Transaction costs	373	32	801	500
Depreciation and amortization	17,566	17,286	36,694	33,915
EXPENSES	65,921	61,017	133,390	118,248
Bargain purchase gain (Note 2)				4,918
INCOME FROM CONTINUING OPERATIONS	998	4,170	768	14,454
DISCONTINUED OPERATIONS:
Income from operations of assets held for sale	3,984	4,344	6,946	5,277
INCOME FROM DISCONTINUED OPERATIONS	3,984	4,344	6,946	5,277
NET INCOME	4,982	8,514	7,714	19,731
Net income attributable to noncontrolling interests	(6)	(115)	(6)	(113)
NET INCOME ATTRIBUTABLE TO STOCKHOLDERS	4,976	8,399	7,708	19,618
COMPREHENSIVE INCOME	$ 4,976	$ 8,399	$ 7,708	$ 19,618
BASIC AND DILUTED INCOME PER SHARE:
Continuing operations	$ 0.01	$ 0.04	$ 0.01	$ 0.15
Discontinued operations	0.04	0.05	0.07	0.05
Net income	$ 0.05	$ 0.09	$ 0.08	$ 0.20
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	97,589	97,571	97,586	96,758
Diluted (in shares)	97,589	97,576	97,586	96,764

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock	Preferred Stock	Additional Paid-in Capital	Distributions In Excess of Earnings	Treasury Stock	Noncontrolling Interests	Total
Balance at Dec. 31, 2013	$ 220	$ 650	$ 1,772,821	$ (399,953)		$ 2,745	$ 1,376,483
Balance (in shares) at Dec. 31, 2013	4,400,000	65,028,571
Increase (Decrease) in Stockholders' Equity
Distributions pre-merger				(16,100)			(16,100)
Contributions from noncontrolling interests						10	10
Distributions to noncontrolling interests						(148)	(148)
Reverse acquisition capital transaction	$ 111		49,400		$ (4,901)		44,610
Reverse acquisition capital transaction (in shares)	2,119,244
Conversion of preferred stock to common stock	$ 910	$ (650)	(260)
Conversion of preferred stock to common stock (in shares)	91,039,999	(65,028,571)
Change in par value	$ (1,143)		1,143
Exercise of stock options			201				201
Exercised (in shares)	14,500
Stock based compensation expense			373				373
Stock based compensation expense (in shares)	8,000
Retirement of fractional shares			(3)				(3)
Retirement of fractional shares (in shares)	(145)
Common dividends				(21,671)			(21,671)
Preferred dividends				(4,585)			(4,585)
Net income (loss)				19,618		113	19,731
Balance at Jun. 30, 2014	$ 98		1,823,675	(422,691)	(4,901)	2,720	1,398,901
Balance (in shares) at Jun. 30, 2014	97,581,598
Balance at Dec. 31, 2014	$ 98		1,824,381	(460,623)	(4,901)	861	1,359,816
Balance (in shares) at Dec. 31, 2014	97,581,598
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interests						110	110
Distributions to noncontrolling interests						(38)	(38)
Stock based compensation expense			717				717
Stock based compensation expense (in shares)	8,000
Common dividends				(42,693)			(42,693)
Net income (loss)				7,708		6	7,714
Balance at Jun. 30, 2015	$ 98		$ 1,825,098	$ (495,608)	$ (4,901)	$ 939	$ 1,325,626
Balance (in shares) at Jun. 30, 2015	97,589,598

CONSOLIDATED STATEMENTS OF EQU6

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Jun. 12, 2014	Apr. 28, 2014	Mar. 24, 2014	Jun. 12, 2015	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF EQUITY
Dividends declared, common (in dollars per share)	$ 0.21875	$ 0.0215	$ 0.05	$ 0.21875	$ 0.4375	$ 0.26875
Dividends declared, preferred (in dollars per share)		$ 0.0302	$ 0.0403			$ 0.0705

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 7,714	$ 19,731
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent and amortization of intangible assets, liabilities and lease inducements	(2,893)	(1,874)
Depreciation and amortization	36,694	33,915
Bargain purchase gain		(4,918)
Straight line rent, below-market ground lease and amortization of intangible assets	1,000	933
Amortization of deferred loan costs	1,538	652
Amortization of premiums and discounts on debt	(634)	(562)
Unrealized premium adjustment	727	782
Amortization and accretion on loans receivable, net	(2,234)	(1,837)
Bad debt expense	982	126
Deferred income taxes	(26)	55
Stock-based compensation	717	373
Loans funded, held for sale to secondary market	(16,438)	(16,753)
Proceeds from sale of guaranteed loans	17,365	12,999
Principal collected on loans	2,365	2,071
Other operating activity	(192)	(300)
Changes in operating assets and liabilities:
Accounts receivable and interest receivable	(2,045)	(58)
Other assets	(1,681)	(2,151)
Accounts payable and accrued expenses	(3,956)	(6,287)
Deferred leasing costs	(2,926)	(4,542)
Other liabilities	352	2,232
Due to related parties	621	2,083
Net cash provided by operating activities	37,050	36,670
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate	(14,074)	(12,903)
Acquisition of real estate properties		(44,936)
Loans funded	(24,683)	(8,438)
Cash and cash equivalents acquired in connection with the merger		3,185
Principal collected on loans	13,058	25,348
Restricted cash	1,200	(536)
Other investing activity	184	160
Net cash used in investing activities	(24,315)	(38,120)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of mortgages payable	(15,692)	(3,194)
Proceeds from unsecured credit facilities, revolving credit facility and term note, net	55,000	110,000
Payment of principal on secured borrowings - government guaranteed loans	(2,365)	(2,071)
Proceeds from secured borrowings - government guaranteed loans		1,978
Payment of deferred loan costs	(3,415)	(447)
Payment of dividends	(42,693)	(26,256)
Payment of special dividend and dividend assumed in acquisition		(59,286)
Distributions pre-merger		(16,100)
Contributions from noncontrolling interests	110	10
Proceeds from issuance of stock		201
Retirement of fractional shares of common shares		(3)
Noncontrolling interests' distributions	(38)	(148)
Net cash (used in) provided by financing activities	(9,093)	4,684
Change in Cash balances included in assets held for sale	1,295	(2,593)
NET INCREASE IN CASH AND CASH EQUIVALENTS	4,937	641
CASH AND CASH EQUIVALENTS:
Beginning of period	17,615	16,796
End of period	22,552	17,437
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest	10,520	9,055
Federal income taxes paid	505	334
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Additions to investments in real estate included in accounts payable and accrued expenses	5,115	3,168
Additions to investments in real estate included in other assets	4,244
Additions to deferred loan costs included in accounts payable and accrued expenses	$ 67	$ 120

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	6 Months Ended
	Jun. 30, 2015
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS CIM Commercial Trust Corporation ("CIM Commercial") together with its wholly-owned subsidiaries (which, together with CIM Commercial may be referred to as "we," "us" or "our") primarily acquires, owns, and operates Class A and creative office properties in vibrant and improving urban communities throughout the United States. These communities are located in areas that include traditional downtown areas and suburban main streets, which have high barriers to entry, high population density, improving demographic trends and a propensity for growth. We also obtain income from the yield and other related fee income earned on our investments from our lending activities, which have principally been to borrowers in the hospitality industry. As discussed in Note 6, the lending segment is held for sale at June 30, 2015 and December 31, 2014. We were originally organized in 1993 as PMC Commercial Trust ("PMC Commercial"), a Texas real estate investment trust. On July 8, 2013, PMC Commercial entered into a merger agreement (the "Merger Agreement") with CIM Urban REIT, LLC ("CIM REIT") and subsidiaries of the respective parties. CIM REIT was a private commercial REIT and was the owner of CIM Urban Partners, LP ("CIM Urban"). The transaction (the "Merger") was completed on March 11, 2014 (the "Acquisition Date"). The Merger was accounted for as a reverse acquisition under the acquisition method of accounting with CIM Urban considered to be the accounting acquirer based upon the terms of the Merger Agreement. Based on the determination that CIM Urban was the accounting acquirer in the transaction, CIM Urban allocated the purchase price to the fair value of PMC Commercial's assets and liabilities as of the Acquisition Date. On April 28, 2014, PMC Commercial's charter was amended to increase the authorized shares of common stock of PMC Commercial from 100,000,000 to 1,000,000,000 shares (20,000,000 and 200,000,000 after giving effect to the reverse stock split described below) and PMC Commercial changed its state of incorporation (the "Reincorporation") from Texas to Maryland by means of a merger of PMC Commercial with and into a newly formed, wholly-owned Maryland corporation subsidiary. Also on April 28, 2014, we changed our name from "PMC Commercial Trust" to "CIM Commercial Trust Corporation." Our common stock ("Common Stock") is currently traded on the NASDAQ Global Market (symbol "CMCT"). On April 28, 2014, we filed Articles of Amendment (the "Reverse Split Amendment") to effectuate a one-for-five reverse stock split of the Common Stock, effective April 29, 2014. Pursuant to the reverse stock split, each five shares of Common Stock issued and outstanding immediately prior to the effective time of the reverse stock split were converted into one share of Common Stock. Fractional shares of Common Stock were not issued as a result of the reverse stock split; instead, holders of pre-split shares of Common Stock who otherwise would have been entitled to receive a fractional share of Common Stock received an amount in cash equal to the product of the fraction of a share multiplied by the closing price of the Common Stock (as adjusted for the one-for-five reverse stock split). In connection with and immediately following the filing of the Reverse Split Amendment, we filed Articles of Amendment (the "Par Value Amendment") to decrease the par value of the Common Stock issued and outstanding to $0.001 per share, effective April 29, 2014, subsequent to the effective time of the Reverse Split Amendment. All per share and outstanding share information has been presented to reflect the reverse stock split. CIM Commercial has qualified and intends to continue to qualify as a real estate investment trust ("REIT"), as defined in the Internal Revenue Code of 1986, as amended.

MERGER

MERGER	6 Months Ended
	Jun. 30, 2015
MERGER
MERGER	2. MERGER The Merger Agreement provided for the business combination of CIM REIT's wholly owned subsidiary, CIM Urban, and PMC Commercial. Pursuant to the Merger Agreement, an affiliate of CIM REIT received 4,400,000 shares of newly-issued PMC Commercial Common Stock and approximately 65,000,000 shares of newly-issued PMC Commercial preferred stock. Following the Merger and subsequent increase in our authorized number of shares, each share of preferred stock was converted into 1.4 shares of PMC Commercial Common Stock, resulting in the issuance of 95,440,000 shares of common stock in the aggregate in connection with the Merger, representing approximately 97.8% of PMC Commercial's outstanding shares of common stock. All shares of PMC Commercial Common Stock that were outstanding immediately prior to the closing of the Merger continued to remain outstanding following the Acquisition Date. In addition, stockholders of record of PMC Commercial at the close of the business day prior to the Acquisition Date received a special cash dividend of $27.50 per share of common stock plus that pro-rata portion of PMC Commercial's regular quarterly cash dividend accrued through the Acquisition Date, each of which was paid on March 25, 2014. The Merger was accounted for as a reverse acquisition under the acquisition method of accounting with CIM Urban considered to be the accounting acquirer based upon the terms of the Merger Agreement. Based on the determination that CIM Urban was the accounting acquirer in the transaction, CIM Urban allocated the purchase price to the fair value of PMC Commercial's assets and liabilities as of the Acquisition Date. Accordingly, the accompanying financial statements include (1) the historical financial information for CIM Urban for all periods presented, (2) the assets and liabilities of PMC Commercial acquired on March 11, 2014 and still owned or held by us in the consolidated balance sheet as of December 31, 2014 and June 30, 2015, respectively, and (3) the results of PMC Commercial's operations and cash flows in the consolidated statements of operations and comprehensive income and cash flows from the Acquisition Date. The equity of CIM Commercial is the historical equity of CIM Urban retroactively restated to reflect the number of shares of stock issued by PMC Commercial pursuant to the Merger Agreement. In connection with the reverse acquisition, for purposes of presenting equity for CIM Commercial, the historical stockholders of PMC Commercial were deemed to have been issued 2,119,244 shares of Common Stock (2,226,509 shares of Common Stock, less 107,265 shares of treasury stock) on the Acquisition Date. Consideration Transferred —The fair value of the consideration transferred in the reverse acquisition is determined based on the number of shares of stock the accounting acquirer would have to issue to the stockholders of the accounting acquiree in order to provide the same ratio of ownership in the combined entity following the completion of the Merger, and was determined to be the outstanding stock of PMC Commercial as of the Acquisition Date. The fair value of the consideration transferred was based on the most reliable measure, which was determined to be the market price of PMC Commercial stock as of the Acquisition Date. The computation of the fair value of the consideration transferred, based on the market price of PMC Commercial stock on the Acquisition Date, is as follows: (in thousands, except per share data) PMC Commercial common stock outstanding Equity consideration price per share of common stock $ ​ ​ ​ ​ ​ Fair value of the equity consideration Payment in cash—special dividend ​ ​ ​ ​ ​ Total purchase price $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase Price Allocation —As CIM Urban was the accounting acquirer in the business combination, it has allocated the purchase price to PMC Commercial's individually identifiable assets acquired and liabilities assumed based on their estimated fair values on the Acquisition Date. A bargain purchase gain was recorded as of the Acquisition Date in the amount equal to the excess of the fair value of the identifiable net assets acquired over the total purchase price. The following table summarizes the allocation of the purchase price: (in thousands) Assets Cash and cash equivalents $ Loans receivable Accounts receivable and interest receivable Other assets Intangible assets ​ ​ ​ ​ ​ Total assets acquired ​ ​ ​ ​ ​ Liabilities Debt Accounts payable and accrued expenses Special dividend liability and dividend payable Other liabilities ​ ​ ​ ​ ​ Total liabilities assumed ​ ​ ​ ​ ​ Net identifiable assets acquired Bargain purchase gain ) ​ ​ ​ ​ ​ Net purchase price $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In order to allow CIM Commercial to increase its focus on Class A and creative office properties, our board of directors (the "Board of Directors") approved a plan for the lending business that, when completed, will result in the deconsolidation of the lending segment. As a result, the lending segment was held for sale at June 30, 2015 and December 31, 2014 (see Note 6). For the three and six months ended June 30, 2014, Merger related costs of $0 and $468,000, respectively, were included in transaction costs.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES For more information regarding our significant accounting policies and estimates, please refer to "Basis of Presentation and Summary of Significant Accounting Policies" contained in Note 3 to our consolidated financial statements for the year ended December 31, 2014, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 16, 2015. Interim Financial Information —The accompanying interim consolidated financial statements of CIM Commercial have been prepared by our management in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Our accompanying interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto, included in our Annual Report on Form 10-K filed with the SEC on March 16, 2015. Principles of Consolidation —The consolidated financial statements include the accounts of CIM Commercial and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Investments in Real Estate —Real estate acquisitions are recorded at cost as of the acquisition date. Costs related to the acquisition of properties are expensed as incurred. Investments in real estate are stated at depreciated cost. Depreciation and amortization are recorded on a straight line basis over the estimated useful lives as follows: Buildings and improvements 15 - 40 years Furniture, fixtures, and equipment 3 - 5 years Tenant improvements Shorter of the useful lives or the terms of the related leases Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred. Investments in real estate are evaluated for impairment on a quarterly basis or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the future net cash flows, undiscounted and without interest, expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The estimated fair value of the asset group identified for step two of the impairment testing under U.S. GAAP is based on either the income approach with market discount rate, terminal capitalization rate and rental rate assumptions being most critical, or on the sales comparison approach to similar properties. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. No impairment of long-lived assets was recognized during the three and six months ended June 30, 2015 and 2014. Loans Receivable —Our loans receivable included in assets held for sale are carried at their unamortized principal balance less unamortized acquisition discounts and premiums, retained loan discounts and loan loss reserves. For loans originated under the Small Business Administration's ("SBA") 7(a) Guaranteed Loan Program ("SBA 7(a) Program"), we sell the portion of the loan that is guaranteed by the SBA. Upon sale of the SBA guaranteed portion of the loan, the unguaranteed portion of the loan retained by us is valued on a fair value basis and a discount (the "Retained Loan Discount") is recorded as a reduction in basis of the retained portion of the loan. At the Acquisition Date, the carrying value of our loans was adjusted to the estimated fair market value and acquisition discounts of $33,907,000 were recorded, which are being accreted to interest income, included in income from operations of assets held for sale, using the effective interest method. The amount of acquisition discounts that have not yet been accreted to income at June 30, 2015 was $23,828,000. A loan receivable is generally classified as non-accrual (a "Non- Accrual Loan") if (i) it is past due as to payment of principal or interest for a period of 60 days or more, (ii) any portion of the loan is classified as doubtful or is charged-off or (iii) the repayment in full of the principal and/or interest is in doubt. Generally, loans are charged-off when management determines that we will be unable to collect any remaining amounts due under the loan agreement, either through liquidation of collateral or other means. Interest income, included in income from operations of assets held for sale, on a Non-Accrual Loan is recognized on either the cash basis or the cost recovery basis. On a quarterly basis, and more frequently if indicators exist, we evaluate the collectability of our loans receivable. Our evaluation of collectability involves judgment, estimates, and a review of the ability of the borrower to make principal and interest payments, the underlying collateral and the borrowers' business models and future operations in accordance with Accounting Standards Codification ("ASC") 450-20, Contingencies—Loss Contingencies , and ASC 310-10, Receivables . The allowance for losses on our impaired loans receivable decreased by $36,000 and increased by $65,000 during the three and six months ended June 30, 2015, respectively. No impairment on loans receivable was recorded for the three and six months ended June 30, 2014. We establish a general loan loss reserve when available information indicates that it is probable a loss has occurred based on the carrying value of the portfolio and the amount of the loss can be reasonably estimated. Significant judgment is required in determining the general loan loss reserve, including estimates of the likelihood of default and the estimated fair value of the collateral. The general loan loss reserve includes those loans, which may have negative characteristics which have not yet become known to us. In addition to the reserves established on loans not considered impaired that have been evaluated under a specific evaluation, we establish the general loan loss reserve using a consistent methodology to determine a loss percentage to be applied to loan balances. These loss percentages are based on many factors, primarily cumulative and recent loss history and general economic conditions. Deferred Rent Receivable and Charges —Deferred rent receivable and charges consist of deferred rent, deferred loan costs and deferred leasing costs. Deferred rent receivable was $55,313,000 and $53,622,000 at June 30, 2015 and December 31, 2014, respectively. Deferred loan costs, which represent legal and third-party fees incurred in connection with our borrowing activities, are capitalized and amortized to interest expense on a straight line basis over the life of the related loan, approximating the effective interest method. Deferred loan costs of $10,941,000 and $7,521,000 are presented net of accumulated amortization of $3,251,000 and $1,741,000 at June 30, 2015 and December 31, 2014, respectively. Deferred leasing costs, which represent lease commissions and other direct costs associated with the acquisition of tenants, are capitalized and amortized on a straight line basis over the terms of the related leases. Deferred leasing costs of $56,511,000 and $55,145,000 are presented net of accumulated amortization of $19,462,000 and $16,917,000 at June 30, 2015 and December 31, 2014, respectively. Noncontrolling Interests —Noncontrolling interests represent the interests in various properties owned by third parties. Discontinued Operations —We classify assets as held for sale when they meet the necessary criteria, which include: a) management commits to and actively embarks upon a plan to sell the assets, b) the assets to be sold are available for immediate sale in their present condition, c) the sale is expected to be completed within one year under terms usual and customary for such sales and d) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We believe that we meet these criteria because the plan for sale has been approved by the Board of Directors, there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year. Assets held for sale are recorded at the lower of cost or estimated fair value less cost to sell. Revenues and expenses related to assets held for sale are presented as discontinued operations for all periods presented in the consolidated statements of operations and comprehensive income. Consolidation Considerations for Our Investments in Real Estate —ASC 810-10, Consolidation , addresses how a business enterprise should evaluate whether it has a controlling interest in an entity through means other than voting rights that would require the entity to be consolidated. We analyze our investments in real estate in accordance with this accounting standard to determine whether they are variable interest entities, and if so, whether we are the primary beneficiary. Our judgment with respect to our level of influence or control over an entity and whether we are the primary beneficiary of a variable interest entity involves consideration of various factors, including the form of our ownership interest, our voting interest, the size of our investment (including loans), and our ability to participate in major policy-making decisions. Our ability to correctly assess our influence or control over an entity affects the presentation of these investments in our consolidated financial statements. Use of Estimates —The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications —Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications had no effect on previously reported net income or cash flows. Recently Issued Accounting Pronouncements —In April 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the definition of a discontinued operation and requires entities to provide additional disclosures about disposal transactions that do not meet the discontinued-operations criteria. The revised guidance is effective prospectively to all disposals (or classifications as held for sale) that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014, with early adoption permitted. Entities are prohibited from applying the new ASU to any component, equity method investment, or acquired business that is classified as held for sale before the adoption date. We early adopted this guidance during the second quarter of 2014, and the adoption did not have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including the guidance on real estate de-recognition for most transactions. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is permitted for annual periods beginning after December 15, 2016. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in the ASU. The modified approach provides entities relief from having to restate and present comparable prior-year financial statement information; however, entities will still need to evaluate existing contracts as of the date of initial adoption under the ASU to determine whether a cumulative adjustment is necessary. We are currently in the process of evaluating the impact of adoption of the new accounting guidance on our consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15 Presentation of Financial Statements—Going Concern (Subtopic 205-40) which requires an entity's management to evaluate whether there are conditions or events, when considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued. The ASU is effective for the annual reporting period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification and improves current U.S. GAAP by: placing more emphasis on risk of loss when determining a controlling financial interest; reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE); and changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. ASU 2015-02 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In March 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which is intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE	6 Months Ended
	Jun. 30, 2015
INVESTMENTS IN REAL ESTATE
INVESTMENTS IN REAL ESTATE	4. INVESTMENTS IN REAL ESTATE Investments in real estate consist of the following: June 30, 2015 December 31, 2014 (in thousands) Land $ $ Land improvements Buildings and improvements Furniture, fixtures, and equipment Tenant improvements Work in progress ​ ​ ​ ​ ​ ​ ​ ​ Investments in real estate Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net investments in real estate $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ We recorded depreciation expense of $15,063,000 and $14,705,000 for the three months ended June 30, 2015 and 2014, respectively, and $31,343,000 and $28,852,000 for the six months ended June 30, 2015 and 2014, respectively.

OTHER INTANGIBLE ASSETS

OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2015
OTHER INTANGIBLE ASSETS
OTHER INTANGIBLE ASSETS	5. OTHER INTANGIBLE ASSETS A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of June 30, 2015 and December 31, 2014 is as follows: Assets Liabilities June 30, 2015 Acquired Above-Market Leases Acquired In-Place Leases Tax Abatement Franchise Affiliation Fee Acquired Below-Market Ground Lease Acquired Below-Market Leases (in thousands) Gross balance $ $ $ $ $ $ ) Accumulated amortization ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average useful life (in years) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Liabilities December 31, 2014 Acquired Above-Market Leases Acquired In-Place Leases Tax Abatement Franchise Affiliation Fee Acquired Below-Market Ground Lease Acquired Below-Market Leases (in thousands) Gross balance $ $ $ $ $ $ ) Accumulated amortization ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average useful life (in years) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The amortization of the above-market leases which decreased rental and other property income was $79,000 and $98,000 for the three months ended June 30, 2015 and 2014, respectively, and $158,000 and $435,000 for the six months ended June 30, 2015 and 2014, respectively. The amortization of the below-market leases included in rental and other property income was $655,000 and $697,000 for the three months ended June 30, 2015 and 2014, respectively, and $1,310,000 and $1,345,000 for the six months ended June 30, 2015 and 2014, respectively. The amortization of in-place leases included in depreciation and amortization expense was $519,000 and $587,000 for the three months ended June 30, 2015 and 2014, respectively, and $1,048,000 and $1,199,000 for the six months ended June 30, 2015 and 2014, respectively. Included in depreciation and amortization expense is franchise affiliation fee amortization of $99,000 for each of the three months ended June 30, 2015 and 2014, and $198,000 for each of the six months ended June 30, 2015 and 2014. The amortization of advance bookings included in depreciation and amortization expense was $0 and $67,000 for the three months ended June 30, 2015 and 2014, respectively, and $0 and $134,000 for the six months ended June 30, 2015 and 2014, respectively. Tax abatement amortization of $138,000 for each of the three months ended June 30, 2015 and 2014, and $276,000 for each of the six months ended June 30, 2015 and 2014 is included in rental and other property operating expenses. Amortization of below-market ground lease obligation of $35,000 for each of the three months ended June 30, 2015 and 2014, and $70,000 for each of the six months ended June 30, 2015 and 2014 is included in rental and other property operating expenses. A schedule of future amortization and accretion of acquisition related intangible assets and liabilities as of June 30, 2015 is as follows: Assets Liabilities Years Ending December 31, Acquired Above-Market Leases Acquired In-Place Leases Tax Abatement Franchise Affiliation Fee Acquired Below-Market Ground Lease Acquired Below-Market Leases (in thousands) 2015 (Six months ending December 31, 2015) $ $ $ $ $ $ ) 2016 ) 2017 ) 2018 — ) 2019 — — ) Thereafter — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2015
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	6. DISCONTINUED OPERATIONS We have reflected the lending segment, which was acquired on the Acquisition Date as disclosed in Note 2, as held for sale at June 30, 2015 and December 31, 2014, based on a plan approved by the Board of Directors to sell the lending business that, when completed, will result in the deconsolidation of the lending segment. In connection with our plan, we have expensed transaction costs of $61,000 and $224,000 during the three and six months ended June 30, 2015, respectively. The following is a reconciliation of the carrying amounts of assets and liabilities that are classified as held for sale on the consolidated balance sheets as of June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 (in thousands) Assets held for sale Loans receivable, net $ $ Cash and cash equivalents Restricted cash Accounts receivable and interest receivable, net Other intangible assets Other assets ​ ​ ​ ​ ​ ​ ​ ​ Total assets held for sale $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities associated with assets held for sale Debt $ $ Accounts payable and accrued expenses Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities associated with assets held for sale $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans receivable, net consist of the following: June 30, 2015 December 31, 2014 (in thousands) Commercial mortgage loans $ $ SBA 7(a) loans, subject to secured borrowings SBA 7(a) loans Commercial real estate loans — ​ ​ ​ ​ ​ ​ ​ ​ Loans receivable Deferred capitalized costs, net Loan loss reserves ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net loans receivable $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Mortgage Loans —Represents loans to small businesses collateralized by first liens on the real estate of the related business. SBA 7(a) Loans, Subject to Secured Borrowings —Represents the government guaranteed portion of loans which were sold with the proceeds received from the sale reflected as "secured borrowings—government guaranteed loans." There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal. SBA 7(a) Loans —Represents the non-government guaranteed retained portion of loans originated under the SBA 7(a) Program and the government guaranteed portion of loans that have not yet been fully funded or sold. Commercial Real Estate Loans —Represents a mezzanine loan secured by an indirect ownership interest in an entity that either directly or indirectly owns parcels of commercial real estate. It is short term and has a variable interest rate. Debt consists of the following: June 30, 2015 December 31, 2014 (in thousands) Secured borrowing principal on loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.03% and 3.92% at June 30, 2015 and December 31, 2014, respectively $ $ Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.58% ​ ​ ​ ​ ​ ​ ​ ​ Unamortized premiums on loans sold for a premium and excess spread ​ ​ ​ ​ ​ ​ ​ ​ Total secured borrowings—government guaranteed loans $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured Borrowings—Government Guaranteed Loans —Represents sold SBA 7(a) Program loans which are treated as secured borrowings since the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Transfers and Servicing . To the extent secured borrowings include cash premiums, these premiums are included in secured borrowings and amortized as a reduction to interest expense over the life of the loan using the effective interest method and fully amortized when the loan is repaid in full. Future principal payments on the debt (face value) at June 30, 2015 are as follows: Years Ending December 31, Secured Borrowings Principal(1) (in thousands) 2015 (Six months ending December 31, 2015) $ 2016 2017 2018 2019 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Principal payments are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled principal payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans. The following is the detail of income from operations of assets held for sale classified as discontinued operations on the consolidated statement of operations and comprehensive income: Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 (in thousands) Revenue —Interest and other income $ $ ​ ​ ​ ​ ​ ​ ​ ​ Expenses: Interest expense Fees to related party(1) — General and administrative(1) Provision for income taxes ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ​ ​ ​ ​ ​ ​ ​ ​ Income from operations of assets held for sale $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Salaries and related benefits of $1,018,000 were included in general and administrative expense for the three months ended June 30, 2014 while, as a result of the transfer of our employees to an affiliate (see Note 12), such expenses were included in fees to related party for the three months ended June 30, 2015. Six Months Ended June 30, 2015 From the Acquisition Date through June 30, 2014 (in thousands) Revenue —Interest and other income $ $ ​ ​ ​ ​ ​ ​ ​ ​ Expenses: Interest expense Fees to related party(1) — General and administrative(1) Provision for income taxes ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ​ ​ ​ ​ ​ ​ ​ ​ Income from operations of assets held for sale $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Salaries and related benefits of $1,325,000 were included in general and administrative expense for the period from the Acquisition Date through June 30, 2014 while, as a result of the transfer of our employees to an affiliate (see Note 12), such expenses were included in fees to related party for the six months ended June 30, 2015.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2015
DEBT
DEBT	7. DEBT Information on our debt is as follows: June 30, 2015 December 31, 2014 (in thousands) Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan has a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan is nonrecourse. $ $ Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse. Mortgage loan with a fixed interest rate of 5.56% per annum, with monthly payments of principal and interest. The loan had a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan was nonrecourse. The loan was paid in full in April 2015. — Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse. Mortgage loan with a fixed interest rate of 5.06% per annum, with monthly payments of principal and interest, and a balance of $33,068,000 due on September 1, 2015. The loan is nonrecourse. Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and a balance of $35,695,000 due on March 1, 2021. The loans are nonrecourse. Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse. ​ ​ ​ ​ ​ ​ ​ ​ Premiums and discounts on assumed mortgages ​ ​ ​ ​ ​ ​ ​ ​ Total Mortgages Payable ​ ​ ​ ​ ​ ​ ​ ​ Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035. Unsecured credit facilities ​ ​ ​ ​ ​ ​ ​ ​ Discount on junior subordinated notes ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total Other ​ ​ ​ ​ ​ ​ ​ ​ Total Debt $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The mortgages payable are secured by deeds of trust on certain of the properties and assignments of rents. The junior subordinated notes may be redeemed at par at our option. In February 2012, CIM Urban entered into an unsecured revolving line of credit with a bank syndicate, which allowed for maximum borrowings of $100,000,000. Outstanding advances under the line of credit bore interest at LIBOR plus 1.75% to 2.50% until August 2013. In August 2013, the unsecured revolving line was amended, and outstanding advances under the line of credit bore interest at LIBOR plus 1.25% to 1.85%. The line of credit was also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. This line of credit was terminated and repaid in full in September 2014. In August 2013, CIM Urban entered into another unsecured revolving line of credit with a bank syndicate, as amended in April 2014, which allowed for maximum borrowings of $200,000,000. Outstanding advances under the line of credit bore interest at LIBOR plus 1.25% to 1.85%. The line of credit was also subject to an unused commitment fee of 0.25% or 0.35% depending on the amount of aggregate unused commitments. This line of credit was terminated and repaid in full in September 2014. In September 2014, CIM Commercial entered into an $850,000,000 unsecured credit facility with a bank syndicate consisting of a $450,000,000 revolver, a $325,000,000 term loan and a $75,000,000 delayed-draw term loan. The credit facility can be increased to $1,150,000,000 under certain conditions. CIM Commercial is subject to certain financial maintenance covenants and a minimum property ownership condition. Outstanding advances under the revolver bear interest at (i) the base rate, plus 0.20% to 1.00% or (ii) LIBOR plus 1.20% to 2.00%, depending on the maximum consolidated leverage ratio. Outstanding advances under the term loans bear interest at (i) the base rate, plus 0.15% to 0.95% or (ii) LIBOR plus 1.15% to 1.95%, depending on the maximum consolidated leverage ratio. The revolver is also subject to an unused commitment fee of 0.15% or 0.25% depending on the amount of aggregate unused commitments. The delayed draw term loan was also subject to an unused line fee of 0.25%. The credit facility matures in September 2016 and provides for two one-year extension options under certain conditions. As of June 30, 2015 and December 31, 2014, $415,000,000 ($15,000,000 under the revolver and $400,000,000 under the term loans) and $360,000,000 ($35,000,000 under the revolver and $325,000,000 under the term loans), respectively, was outstanding under the credit facility and $435,000,000 and $490,000,000, respectively, was available for future borrowings. Proceeds from the unsecured credit facility were used for acquisitions and general corporate purposes and to repay $323,000,000 outstanding under our prior unsecured credit facilities. At June 30, 2015 and December 31, 2014, the interest rate on this unsecured credit facility ranged from 1.34% to 1.39% and 1.31% to 1.37%, respectively. In May 2015, CIM Commercial entered into an unsecured term loan facility with a bank syndicate pursuant to which CIM Commercial can borrow up to a maximum of $385,000,000. The term loan facility ranks pari passu with CIM Commercial's $850,000,000 credit facility described above; covenants under the term loan facility are substantially the same as those in the $850,000,000 credit facility. Outstanding advances under the term loan facility bear interest at (i) the base rate plus 0.60% to 1.25% or (ii) LIBOR plus 1.60% to 2.25%, depending on the maximum consolidated leverage ratio. The unused portion of the term loan facility is also subject to an unused fee of 0.20%. With some exceptions, any prepayment of the term loan facility prior to May 2017 will be subject to a prepayment fee up to 2% of the outstanding principal amount. The term loan facility matures in May 2022. As of August 5, 2015, no amount has been drawn under the term loan facility. We have six months from the effective date to draw on the term loan facility and anticipate that we will fully draw on this facility prior to November 2015. Proceeds from the term loan facility may be used for acquisitions, refinancing of certain existing debt and other general corporate purposes. At June 30, 2015 and December 31, 2014, we were in compliance with all of our respective financial covenants. On April 1, 2015, we paid off a mortgage with an outstanding balance of $12,364,000 using the unsecured credit facility. At June 30, 2015 and December 31, 2014, accrued interest and unused commitment fees payable of $976,000 and $967,000, respectively, are included in accounts payable and accrued expenses. Future principal payments on our debt (face value) at June 30, 2015 are as follows: Years Ending December 31, Mortgages Payable Other(1) Total (in thousands) 2015 (Six Months Ending December 31, 2015) $ $ — $ 2016 2017 — 2018 — 2019 — Thereafter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the junior subordinated notes and unsecured credit facility.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	6 Months Ended
	Jun. 30, 2015
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS	8. STOCK-BASED COMPENSATION PLANS On March 11, 2014, we granted awards of 2,000 restricted shares of Common Stock to each of the independent members of the Board of Directors (6,000 in aggregate) which awards were effective upon the receipt of stockholder approval of the amendment of the 2005 Equity Incentive Plan on April 28, 2014. The shares of Common Stock vested in March 2015 based on a year of continuous service. In April 2015, an additional 2,000 restricted shares of Common Stock were granted to each of the independent members of the Board of Directors (6,000 in aggregate) under the 2005 Equity Incentive Plan, which will vest over a year of continuous service. Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period. We recorded compensation expense of $27,000 and $31,000 for the three months ended June 30, 2015 and 2014, respectively, and $59,000 and $31,000 for the six months ended June 30, 2015 and 2014, respectively, related to these restricted shares of Common Stock. We issued an aggregate of 4,000 restricted shares of Common Stock to two of our executive officers comprised of 2,000 shares of Common Stock issued on May 6, 2014 and 2,000 shares of Common Stock issued on March 6, 2015. The restricted shares of Common Stock vest based on two years of continuous service with one-third of the shares of Common Stock vesting immediately upon issuance and one-third vesting at the end of each of the next two years. Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period. We recognized compensation expense of $8,000 and $19,000 for the three months ended June 30, 2015 and 2014, respectively, and $26,000 and $19,000 for the six months ended June 30, 2015 and 2014, respectively, related to these restricted shares of Common Stock. As of June 30, 2015, there was $103,000 of total unrecognized compensation expense related to these restricted shares of Common Stock which will be recognized over the next two years. In addition, on June 12, 2014, we granted 11,850 options with an exercise price of $23.16 (the closing price of our Common Stock on such date). We recorded compensation expense of $8,000 for the three and six months ended June 30, 2014 related to this option grant. These options were forfeited effective January 31, 2015.

EARNINGS PER SHARE (''EPS'')

EARNINGS PER SHARE (''EPS'')	6 Months Ended
	Jun. 30, 2015
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	9. EARNINGS PER SHARE ("EPS") The computations of basic EPS are based on our weighted average shares outstanding. The basic weighted average common shares outstanding were 97,589,000 and 97,571,000 for the three months ended June 30, 2015 and 2014, respectively, and 97,586,000 and 96,758,000 for the six months ended June 30, 2015 and 2014, respectively. For the three months ended June 30, 2015 and 2014, the weighted average shares outstanding were increased by 0 and 5,000 shares, respectively, to reflect the dilutive effect of stock options; for the six months ended June 30, 2015 and 2014, the dilutive effect of stock options was 0 and 6,000 shares, respectively. EPS for the year to date period may differ from the sum of quarterly EPS amounts due to the required method of computing EPS in the respective periods. For purposes of calculating basic EPS for the three and six months ended June 30, 2014, the approximately 65,000,000 shares of preferred stock issued in connection with the Merger were assumed to have been converted into approximately 91,040,000 shares of Common Stock. As of the Acquisition Date, a subsidiary of CIM REIT had agreed to vote its 97.8% post-Merger ownership of CIM Commercial in favor of an increase in the number of authorized CIM Commercial shares of Common Stock to one billion (200,000,000 after giving effect to the reverse stock split), thereby satisfying the condition for the automatic conversion of these shares. The actual conversion of the shares of preferred stock to shares of Common Stock occurred on April 29, 2014.

DIVIDENDS DECLARED

DIVIDENDS DECLARED	6 Months Ended
	Jun. 30, 2015
DIVIDENDS DECLARED
DIVIDENDS DECLARED	10. DIVIDENDS DECLARED Dividends declared during the six months ended June 30, 2015 and 2014 consisted of the following: On March 6, 2015 and June 12, 2015, we declared common share dividends of $0.21875 per share of Common Stock which were paid on March 27, 2015 and June 29, 2015, respectively. CIM Urban paid a distribution of $16,100,000 in 2014 prior to the Acquisition Date ($0.1685 per share of Common Stock, as converted). On March 24, 2014, we declared a common share dividend of $0.05 per share of Common Stock and a preferred dividend of $0.0403 per share of preferred stock ($0.0285 per share of Common Stock as converted) which were paid on March 28, 2014. On April 28, 2014, we declared a dividend in the aggregate amount of $1,964,000 to the preferred stockholders ($0.0302 per share of preferred stock and $0.0215 per share of Common Stock as converted) in connection with the conversion of shares of preferred stock to shares of Common Stock, which was paid on June 27, 2014. On June 12, 2014, we declared a common share dividend of $0.21875 per share of Common Stock which was paid on June 27, 2014. In addition, dividends of $59,286,000 ($27.975 per share of Common Stock) were paid to the PMC Commercial stockholders in connection with the Merger, which includes the $27.50 per share of Common Stock special dividend plus the $0.475 pro rata portion of PMC Commercial's regular quarterly cash dividend.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	11. FAIR VALUE OF FINANCIAL INSTRUMENTS A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs —Quoted prices in active markets for identical assets or liabilities Level 2 Inputs —Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs —Unobservable inputs In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on our consolidated balance sheets were as follows: June 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level (in thousands) Assets held for sale: Loans receivable subject to credit risk $ $ $ $ SBA 7(a) loans receivable, subject to secured borrowings Commercial real estate loans — — Liabilities: Secured borrowings—government guaranteed loans, included in liabilities associated with assets held for sale Junior subordinated notes Mortgages payable Unsecured credit facilities Management's estimation of the fair value of our financial instruments is based on a Level 3 valuation in the fair value hierarchy established for disclosure of how a company values its financial instruments. In general, quoted market prices from active markets for the identical financial instrument (Level 1 inputs), if available, should be used to value a financial instrument. If quoted prices are not available for the identical financial instrument, then a determination should be made if Level 2 inputs are available. Level 2 inputs include quoted prices for similar financial instruments in active markets for identical or similar financial instruments in markets that are not active (i.e., markets in which there are few transactions for the financial instruments, the prices are not current, price quotations vary substantially, or in which little information is released publicly). There is limited reliable market information for our financial instruments and we utilize other methodologies based on unobservable inputs for valuation purposes since there are no Level 1 or Level 2 inputs available. Accordingly, Level 3 inputs are used to measure fair value. In general, estimates of fair value may differ from the carrying amounts of the financial assets and liabilities primarily as a result of the effects of discounting future cash flows. Considerable judgment is required to interpret market data and develop estimates of fair value. Accordingly, the estimates presented are made at a point in time and may not be indicative of the amounts we could realize in a current market exchange. Loans Receivable Subject to Credit Risk —Loans receivable were initially recorded at estimated fair value at the Acquisition Date. Loans receivable originated subsequent to the Acquisition Date are recorded at cost upon origination and adjusted by net loan origination fees and discounts. In order to determine the estimated fair value of our loans receivable, we use a present value technique for the anticipated future cash flows using certain assumptions. At June 30, 2015, our assumptions included discount rates ranging from 6.75% to 15.00% and prepayment rates of 15.00%. At December 31, 2014, our assumptions included discount rates ranging from 5.90% to 14.90% and prepayment rates of 15.00%. SBA 7(a) Loans Receivable, Subject to Secured Borrowings —These loans receivable represent the government guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings-government guaranteed loans (a liability associated with assets held for sale on our consolidated balance sheets (Note 6)). There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal. In order to determine the estimated fair value of these loans receivable, we use a present value technique for the anticipated future cash flows taking into consideration the lack of credit risk using a prepayment rate of 15.00%. Commercial Real Estate Loans —In order to determine the estimated fair value of our commercial real estate loan receivable which consists of one mezzanine loan, we use a present value technique for the anticipated future cash flows using certain assumptions including a discount rate of 9.72%. There is no prepayment anticipated and no potential credit deterioration anticipated on this loan. Secured Borrowings—Government Guaranteed Loans —The carrying amount of secured borrowings-government guaranteed loans approximates fair value, as the interest rates on these secured borrowings approximate current market interest rates, and includes the unamortized deferred cash premiums collected on the sale of the government guaranteed portions of the related loans, which are included in liabilities associated with assets held for sale. Junior Subordinated Notes —The fair value of the junior subordinated notes is estimated based on current interest rates available for debt instruments with similar terms. Discounted cash flow analysis is generally used to estimate the fair value of our junior subordinated notes. The rate used was 4.11% and 3.83% at June 30, 2015 and December 31, 2014, respectively. Unsecured Credit Facilities —The carrying amount is a reasonable estimation of fair value as the interest rates on the unsecured credit facilities are variable and are at current market interest rates. Mortgage Notes Payable —The fair values of mortgage notes are estimated based on current interest rates available for debt instruments with similar terms. The fair value of our mortgages payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis is generally used to estimate the fair value of our mortgages payable, using rates ranging from 4.20% to 4.55% at June 30, 2015 and 3.92% to 4.12% at December 31, 2014.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	12. RELATED-PARTY TRANSACTIONS CIM Urban REIT Management, LP (the "Advisor"), an affiliate of CIM REIT, provides asset management services to CIM Urban. For these services, CIM Urban pays asset management fees to the Advisor on a quarterly basis in arrears. The fee is calculated as a percentage of the daily average adjusted fair value of our investments, as defined, as follows: Daily Average Adjusted Fair Value of CIM Urban's Investments Quarterly Fee Percentage From Greater of To and Including (in thousands) $ — $ % % % % % The Advisor earned asset management fees of $6,176,000 and $5,798,000 for the three months ended June 30, 2015 and 2014, respectively, and $12,318,000 and $11,479,000 for the six months ended June 30, 2015 and 2014, respectively. At June 30, 2015 and December 31, 2014, asset management fees of $6,285,000 and $5,867,000, respectively, were due to the Advisor. CIM Management, Inc. and certain of its affiliates (collectively, the "CIM Management Entities"), all affiliates of CIM REIT, provide property management, leasing, and development services to CIM Urban. The CIM Management Entities earned property management fees, which are included in rental and other property operating expenses, totaling $1,463,000 and $1,272,000 for the three months ended June 30, 2015 and 2014, respectively, and $2,926,000 and $ 2,531,000 for the six months ended June 30, 2015 and 2014, respectively. CIM Urban also reimbursed the CIM Management Entities $2,229,000 and $1,749,000 during the three months ended June 30, 2015 and 2014, respectively, and $4,286,000 and $3,793,000 for the six months ended June 30, 2015 and 2014, respectively, for the cost of on-site personnel incurred on behalf of CIM Urban, which is included in rental and other property operating expenses. The CIM Management Entities earned leasing commissions of $40,000 and $839,000 for the three months ended June 30, 2015 and 2014, respectively, and $93,000 and $1,351,000 for the six months ended June 30, 2015 and 2014, respectively, which were capitalized to deferred charges. In addition, the CIM Management Entities earned development management fees of $222,000 and $157,000 for the three months ended June 30, 2015 and 2014, respectively, and $447,000 and $244,000 for the six months ended June 30, 2015 and 2014, respectively, which were capitalized to investments in real estate. At June 30, 2015 and December 31, 2014, fees payable and expense reimbursements due to the CIM Management Entities of $1,785,000 and $2,518,000, respectively, were included in due to related parties. Also included in due to related parties at June 30, 2015 and December 31, 2014 was ($88,000) and $76,000, respectively, due (from) to the CIM Management Entities and related parties. On the Acquisition Date, pursuant to the terms of the Merger Agreement, CIM Commercial and its subsidiaries entered into the Master Services Agreement (the "Master Services Agreement") with CIM Service Provider, LLC (the "Manager") pursuant to which the Manager provides or arranges for other service providers to provide management and administration services to CIM Commercial and its subsidiaries following the Merger. Pursuant to the Master Services Agreement, CIM Commercial pays a base service fee (the "Base Service Fee") to the Manager initially set at $1,000,000 per year (subject to an annual escalation by a specified inflation factor beginning on January 1, 2015), payable quarterly in arrears. Based on the annual escalation factor, the Base Service Fee for 2015 is $1,010,000. The Base Service Fee began to accrue on the Acquisition Date and was pro-rated based on the number of days during the first quarter in which the Master Services Agreement was in effect. The Manager earned a Base Service Fee of $253,000 and $250,000 for the three months ended June 30, 2015 and 2014, respectively, and $506,000 and $306,000 for the six months ended June 30, 2015 and 2014, respectively. In addition, pursuant to the terms of the Master Services Agreement, the Manager may receive compensation for performing certain services for CIM Commercial and its subsidiaries that are not covered under the Base Service Fee. During the six months ended June 30, 2015 and 2014, such services performed by the Manager included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources and corporate communications. The Manager's compensation is based on the salaries and benefits of the employees of the Manager and/or its affiliates who performed these services (allocated based on the percentage of time spent on the affairs of CIM Commercial and its subsidiaries). We expensed $899,000 and $290,000 for the three months ended June 30, 2015 and 2014, respectively, and $1,590,000 and $290,000 for the six months ended June 30, 2015 and 2014, respectively, for such services. At June 30, 2015 and December 31, 2014, $1,825,000 and $725,000 was due to the Manager, respectively, for such services. As of January 1, 2015, all of our employees moved to CIM SBA Staffing, LLC, ("CIM SBA"), an affiliate of CIM Group, L.P. ("CIM Group"), except for two of our executives, who became jointly employed by us and CIM SBA and their employment agreements with us continue in full force and effect. In connection with this move, on January 1, 2015, we entered into a Staffing and Reimbursement Agreement with CIM SBA and our subsidiary, PMC Commercial Lending, LLC, which provides that CIM SBA will provide personnel and resources to us and that we will reimburse CIM SBA for the costs and expenses of providing such personnel and resources. For the three months ended June 30, 2015, we expensed $1,093,000 and $128,000 related to services subject to reimbursement by us under this agreement which are included in discontinued operations and asset management and other fees to related parties, respectively; for the six months ended June 30, 2015, we expensed $2,236,000 and $251,000 related to such services which are included in discontinued operations and asset management and other fees to related parties, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Loan Commitments —Commitments to extend credit are agreements to lend to a customer provided the terms established in the contract are met. Our outstanding loan commitments and approvals to fund loans were $20,384,000 at June 30, 2015, the majority of which were for prime-based loans to be originated by our subsidiary engaged in SBA 7(a) Program loans, the government guaranteed portion of which is intended to be sold. Commitments generally have fixed expiration dates. Since some commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. General —In connection with the ownership and operation of real estate properties, we have certain obligations for the payment of tenant improvement allowances and lease commissions in connection with new leases and renewals. CIM Commercial had a total of $23,883,000 in future obligations under leases to fund tenant improvements and other future construction obligations at June 30, 2015. Employment Agreements —We have employment agreements with two of our executive officers. Under certain circumstances, as defined within the agreements, the agreements provide for (1) severance compensation or change in control payments to the executive officer in an amount equal to 2.99 times the average of the last three years' annual compensation paid to the executive officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual salary paid to the executive officer. In addition, to the extent the executive is employed by us on January 1, 2016 and such executive is not entitled to any disability, death or severance payments, the executive would receive share awards as a retention bonus which would vest immediately upon grant. In aggregate, the executive officers would receive 105,000 share awards. We recorded compensation expense of $316,000 and $315,000 for the three months ended June 30, 2015 and 2014, respectively, related to these share awards; for the six months ended June 30, 2015 and 2014, such compensation expense was $632,000 and $315,000, respectively. At June 30, 2015, there was $631,000 of total unrecognized compensation expense relating to these share awards that will be recognized during 2015. Litigation —At December 31, 2014, we recorded a liability of $4,475,000 at one of our multifamily investments. The $4,475,000 liability, together with an additional tax abatement reimbursement related to the period from January 1, 2015 to March 11, 2015, was settled in February 2015 for a total of $4,721,000. Prior to our acquisition of the property, the former owners of the property enrolled the property in a property tax abatement program under Section 421-a of the New York Real Property Tax Law. At the time we acquired the property, the property was being used for corporate housing. This use continued from the time of acquisition and terminated in March 2015. The New York State Attorney General's office recently determined that the use of the property for corporate housing was inconsistent with the tax abatement program. In cooperation with the New York State Attorney General, we refunded the tax abatements received during the period we owned the property while it was being used for corporate housing. Our agreement with the New York State Attorney General does not affect the ability of the property to receive tax abatements in the future. We are not currently involved in any other material pending or threatened legal proceeding nor, to our knowledge, is any material legal proceeding currently threatened against us, other than routine litigation arising in the ordinary course of business. In the normal course of business, we are periodically a party to certain legal actions and proceedings involving matters that are generally incidental to our business. While the outcome of these legal actions and proceedings cannot be predicted with certainty, in management's opinion, the resolution of these legal proceedings and actions will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. SBA Related —If the SBA establishes that a loss on an SBA guaranteed loan is attributable to significant technical deficiencies in the manner in which the loan was originated, funded or serviced under the SBA 7(a) Program, the SBA may seek recovery of the principal loss related to the deficiency from us. With respect to the guaranteed portion of SBA loans that have been sold, the SBA will first honor its guarantee and then seek compensation from us in the event that a loss is deemed to be attributable to technical deficiencies. Based on historical experience, we do not expect that this contingency is probable to be asserted. However, if asserted, it could have a material adverse effect on our consolidated financial position, results of operations or cash flows. Environmental Matters —In connection with the ownership and operation of real estate properties, we may be potentially liable for costs and damages related to environmental matters, including asbestos-containing materials. We have not been notified by any governmental authority of any noncompliance, liability, or other claim in connection with any of the properties, and we are not aware of any other environmental condition with respect to any of the properties that management believes will have a material adverse effect on our consolidated financial position, results of operations or cash flows. Rent Expense —The ground lease for a property provides for current annual rent of $503,000, payable quarterly, inclusive of an increase on June 1, 2015, and increases every five years thereafter based on the greater of 15% or 50% of the increase in the Consumer Price Index during a five-year adjustment period. In addition, commencing on June 1, 2040 and June 1, 2065, the rent payable during the balance of the lease term shall be increased by an amount equal to 10% of the rent payable during the immediately preceding lease year. The lease term is through May 31, 2089. If the landlord decides to sell the leased property, we have the right of first refusal. Rent expense under this lease, which includes straight line rent and amortization of acquired below-market ground lease, was $438,000 for each of the three months ended June 30, 2015 and 2014, and $876,000 for each of the six months ended June 30, 2015 and 2014. We record rent expense on a straight line basis. Straight line rent liability of $11,625,000 and $11,038,000 is included in other liabilities in the accompanying consolidated balance sheets as of June 30, 2015 and December 31, 2014, respectively. We lease office space in Dallas, Texas under a lease which expires in May 2018. We recorded rent expense of $72,000 and $49,000 for the three months ended June 30, 2015 and 2014, respectively, and $130,000 and $65,000 for the six months ended June 30, 2015 and the period from the Acquisition Date through June 30, 2014, respectively, which is included in discontinued operations. Scheduled future noncancelable minimum lease payments at June 30, 2015 are as follows: Years Ending December 31, (in thousands) 2015 (Six months ending December 31, 2015) $ 2016 2017 2018 2019 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FUTURE MINIMUM LEASE RENTALS

FUTURE MINIMUM LEASE RENTALS	6 Months Ended
	Jun. 30, 2015
FUTURE MINIMUM LEASE RENTALS
FUTURE MINIMUM LEASE RENTALS	14. FUTURE MINIMUM LEASE RENTALS Future minimum rental revenues under long-term operating leases at June 30, 2015, excluding tenant reimbursements of certain costs, are as follows: Years Ending December 31, Governmental Tenants Other Tenants Total (in thousands) 2015 (Six months ending December 31, 2015) $ $ $ 2016 2017 2018 2019 Thereafter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

CONCENTRATIONS

CONCENTRATIONS	6 Months Ended
	Jun. 30, 2015
CONCENTRATIONS
CONCENTRATIONS	15. CONCENTRATIONS Tenant Revenue Concentrations —Rental revenues from the U.S. General Services Administration and other government agencies (collectively, "Governmental Tenants"), which primarily occupy properties located in Washington, D.C., accounted for approximately 22.9% and 24.5% of our rental and other property income for the three months ended June 30, 2015 and 2014, respectively, and 22.8% and 25.1% for the six months ended June 30, 2015 and 2014, respectively. At June 30, 2015 and December 31, 2014, $6,915,000 and $7,168,000, respectively, was due from Governmental Tenants (see Note 14). Geographical Concentrations of Investments in Real Estate —As of June 30, 2015 and December 31, 2014, we owned 21 office properties, five multifamily properties, and three hotel properties, located in four states and Washington, D.C. Our revenue concentrations from properties are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 California % % % % Washington, D.C. Texas North Carolina New York ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our real estate investment concentrations from properties are as follows: June 30, 2015 December 31, 2014 California % % Washington, D.C. Texas North Carolina New York ​ ​ ​ ​ ​ ​ ​ ​ % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SEGMENT DISCLOSURE

SEGMENT DISCLOSURE	6 Months Ended
	Jun. 30, 2015
SEGMENT DISCLOSURE
SEGMENT DISCLOSURE	16. SEGMENT DISCLOSURE In accordance with ASC Topic 280, Segment Reporting , our reportable segments consist of three types of commercial real estate properties, namely, office, hotel and multifamily, as well as a segment for our lending operations, which is held for sale as of June 30, 2015. Management internally evaluates the operating performance and financial results of the segments based on net operating income. We also have certain general and administrative level activities, including public company expenses, legal, accounting, and tax preparation that are not considered separate operating segments. The reportable segments are accounted for on the same basis of accounting as described in the notes to our audited consolidated financial statements for the year ended December 31, 2014 included in our Annual Report on Form 10-K filed with the SEC on March 16, 2015. We evaluate the performance of our real estate segments based on net operating income, which is defined as rental and other property income and tenant reimbursements less property and related expenses, and excludes nonproperty income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, and transaction costs. The net operating income of our reportable segments is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Office: Revenues $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property expenses: Operating General and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total property expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment net operating income—office ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel: Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property expenses: Operating General and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total property expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment net operating income—hotel ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multifamily: Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property expenses: Operating General and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total property expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment net operating income—multifamily ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total segment net operating income $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A reconciliation of segment net operating income to net income is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Total segment net operating income $ $ $ $ Interest ) ) ) ) General and administrative ) ) ) ) Asset management fees and other fees to related parties ) ) ) ) Transaction costs ) ) ) ) Depreciation and amortization ) ) ) ) Bargain purchase gain — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from continuing operations Discontinued operations Income from operations of assets held for sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from discontinued operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income Net income attributable to noncontrolling interests ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to stockholders $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The condensed assets for each of the segments as of June 30, 2015 and December 31, 2014, along with capital expenditures and loan originations for the six months ended June 30, 2015 and 2014, are as follows: June 30, 2015 December 31, 2014 (in thousands) Condensed assets: Office $ $ Hotel Multifamily Lending assets held for sale Non-segment assets ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2015 2014 (in thousands) Capital expenditures(1): Office $ $ Hotel Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Total capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ Loan originations included in assets held for sale ​ ​ ​ ​ ​ ​ ​ ​ Total capital expenditures and loan originations $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents additions and improvements to real estate investments, excluding acquisitions.

BASIS OF PRESENTATION AND SUM24

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim Financial Information	Interim Financial Information —The accompanying interim consolidated financial statements of CIM Commercial have been prepared by our management in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Our accompanying interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto, included in our Annual Report on Form 10-K filed with the SEC on March 16, 2015.
Principles of Consolidation	Principles of Consolidation —The consolidated financial statements include the accounts of CIM Commercial and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Investments in Real Estate	Investments in Real Estate —Real estate acquisitions are recorded at cost as of the acquisition date. Costs related to the acquisition of properties are expensed as incurred. Investments in real estate are stated at depreciated cost. Depreciation and amortization are recorded on a straight line basis over the estimated useful lives as follows: Buildings and improvements 15 - 40 years Furniture, fixtures, and equipment 3 - 5 years Tenant improvements Shorter of the useful lives or the terms of the related leases Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred. Investments in real estate are evaluated for impairment on a quarterly basis or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the future net cash flows, undiscounted and without interest, expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The estimated fair value of the asset group identified for step two of the impairment testing under U.S. GAAP is based on either the income approach with market discount rate, terminal capitalization rate and rental rate assumptions being most critical, or on the sales comparison approach to similar properties. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. No impairment of long-lived assets was recognized during the three and six months ended June 30, 2015 and 2014.
Loans Receivable	Loans Receivable —Our loans receivable included in assets held for sale are carried at their unamortized principal balance less unamortized acquisition discounts and premiums, retained loan discounts and loan loss reserves. For loans originated under the Small Business Administration's ("SBA") 7(a) Guaranteed Loan Program ("SBA 7(a) Program"), we sell the portion of the loan that is guaranteed by the SBA. Upon sale of the SBA guaranteed portion of the loan, the unguaranteed portion of the loan retained by us is valued on a fair value basis and a discount (the "Retained Loan Discount") is recorded as a reduction in basis of the retained portion of the loan. At the Acquisition Date, the carrying value of our loans was adjusted to the estimated fair market value and acquisition discounts of $33,907,000 were recorded, which are being accreted to interest income, included in income from operations of assets held for sale, using the effective interest method. The amount of acquisition discounts that have not yet been accreted to income at June 30, 2015 was $23,828,000. A loan receivable is generally classified as non-accrual (a "Non- Accrual Loan") if (i) it is past due as to payment of principal or interest for a period of 60 days or more, (ii) any portion of the loan is classified as doubtful or is charged-off or (iii) the repayment in full of the principal and/or interest is in doubt. Generally, loans are charged-off when management determines that we will be unable to collect any remaining amounts due under the loan agreement, either through liquidation of collateral or other means. Interest income, included in income from operations of assets held for sale, on a Non-Accrual Loan is recognized on either the cash basis or the cost recovery basis. On a quarterly basis, and more frequently if indicators exist, we evaluate the collectability of our loans receivable. Our evaluation of collectability involves judgment, estimates, and a review of the ability of the borrower to make principal and interest payments, the underlying collateral and the borrowers' business models and future operations in accordance with Accounting Standards Codification ("ASC") 450-20, Contingencies—Loss Contingencies , and ASC 310-10, Receivables . The allowance for losses on our impaired loans receivable decreased by $36,000 and increased by $65,000 during the three and six months ended June 30, 2015, respectively. No impairment on loans receivable was recorded for the three and six months ended June 30, 2014. We establish a general loan loss reserve when available information indicates that it is probable a loss has occurred based on the carrying value of the portfolio and the amount of the loss can be reasonably estimated. Significant judgment is required in determining the general loan loss reserve, including estimates of the likelihood of default and the estimated fair value of the collateral. The general loan loss reserve includes those loans, which may have negative characteristics which have not yet become known to us. In addition to the reserves established on loans not considered impaired that have been evaluated under a specific evaluation, we establish the general loan loss reserve using a consistent methodology to determine a loss percentage to be applied to loan balances. These loss percentages are based on many factors, primarily cumulative and recent loss history and general economic conditions.
Deferred Rent Receivable and Charges	Deferred Rent Receivable and Charges —Deferred rent receivable and charges consist of deferred rent, deferred loan costs and deferred leasing costs. Deferred rent receivable was $55,313,000 and $53,622,000 at June 30, 2015 and December 31, 2014, respectively. Deferred loan costs, which represent legal and third-party fees incurred in connection with our borrowing activities, are capitalized and amortized to interest expense on a straight line basis over the life of the related loan, approximating the effective interest method. Deferred loan costs of $10,941,000 and $7,521,000 are presented net of accumulated amortization of $3,251,000 and $1,741,000 at June 30, 2015 and December 31, 2014, respectively. Deferred leasing costs, which represent lease commissions and other direct costs associated with the acquisition of tenants, are capitalized and amortized on a straight line basis over the terms of the related leases. Deferred leasing costs of $56,511,000 and $55,145,000 are presented net of accumulated amortization of $19,462,000 and $16,917,000 at June 30, 2015 and December 31, 2014, respectively.
Noncontrolling Interests	Noncontrolling Interests —Noncontrolling interests represent the interests in various properties owned by third parties.
Discontinued Operations	Discontinued Operations —We classify assets as held for sale when they meet the necessary criteria, which include: a) management commits to and actively embarks upon a plan to sell the assets, b) the assets to be sold are available for immediate sale in their present condition, c) the sale is expected to be completed within one year under terms usual and customary for such sales and d) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We believe that we meet these criteria because the plan for sale has been approved by the Board of Directors, there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year. Assets held for sale are recorded at the lower of cost or estimated fair value less cost to sell. Revenues and expenses related to assets held for sale are presented as discontinued operations for all periods presented in the consolidated statements of operations and comprehensive income.
Consolidation Considerations for Our Investments in Real Estate	Consolidation Considerations for Our Investments in Real Estate —ASC 810-10, Consolidation , addresses how a business enterprise should evaluate whether it has a controlling interest in an entity through means other than voting rights that would require the entity to be consolidated. We analyze our investments in real estate in accordance with this accounting standard to determine whether they are variable interest entities, and if so, whether we are the primary beneficiary. Our judgment with respect to our level of influence or control over an entity and whether we are the primary beneficiary of a variable interest entity involves consideration of various factors, including the form of our ownership interest, our voting interest, the size of our investment (including loans), and our ability to participate in major policy-making decisions. Our ability to correctly assess our influence or control over an entity affects the presentation of these investments in our consolidated financial statements.
Use of Estimates	Use of Estimates —The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications —Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications had no effect on previously reported net income or cash flows.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements —In April 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the definition of a discontinued operation and requires entities to provide additional disclosures about disposal transactions that do not meet the discontinued-operations criteria. The revised guidance is effective prospectively to all disposals (or classifications as held for sale) that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014, with early adoption permitted. Entities are prohibited from applying the new ASU to any component, equity method investment, or acquired business that is classified as held for sale before the adoption date. We early adopted this guidance during the second quarter of 2014, and the adoption did not have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including the guidance on real estate de-recognition for most transactions. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is permitted for annual periods beginning after December 15, 2016. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in the ASU. The modified approach provides entities relief from having to restate and present comparable prior-year financial statement information; however, entities will still need to evaluate existing contracts as of the date of initial adoption under the ASU to determine whether a cumulative adjustment is necessary. We are currently in the process of evaluating the impact of adoption of the new accounting guidance on our consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15 Presentation of Financial Statements—Going Concern (Subtopic 205-40) which requires an entity's management to evaluate whether there are conditions or events, when considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued. The ASU is effective for the annual reporting period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification and improves current U.S. GAAP by: placing more emphasis on risk of loss when determining a controlling financial interest; reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE); and changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. ASU 2015-02 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In March 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which is intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

MERGER (Tables)

MERGER (Tables)	6 Months Ended
	Jun. 30, 2015
Merger
Schedule of fair value of consideration transferred, based on market price of PMC Commercial shares on Acquisition Date	(in thousands, except per share data) PMC Commercial common stock outstanding Equity consideration price per share of common stock $ ​ ​ ​ ​ ​ Fair value of the equity consideration Payment in cash—special dividend ​ ​ ​ ​ ​ Total purchase price $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
PMC Commercial
Merger
Schedule of allocation of purchase price	(in thousands) Assets Cash and cash equivalents $ Loans receivable Accounts receivable and interest receivable Other assets Intangible assets ​ ​ ​ ​ ​ Total assets acquired ​ ​ ​ ​ ​ Liabilities Debt Accounts payable and accrued expenses Special dividend liability and dividend payable Other liabilities ​ ​ ​ ​ ​ Total liabilities assumed ​ ​ ​ ​ ​ Net identifiable assets acquired Bargain purchase gain ) ​ ​ ​ ​ ​ Net purchase price $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

BASIS OF PRESENTATION AND SUM26

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2015
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives of real estate investment assets	Buildings and improvements 15 - 40 years Furniture, fixtures, and equipment 3 - 5 years Tenant improvements Shorter of the useful lives or the terms of the related leases

INVESTMENTS IN REAL ESTATE (Tab

INVESTMENTS IN REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2015
INVESTMENTS IN REAL ESTATE
Schedule of investments in real estate	June 30, 2015 December 31, 2014 (in thousands) Land $ $ Land improvements Buildings and improvements Furniture, fixtures, and equipment Tenant improvements Work in progress ​ ​ ​ ​ ​ ​ ​ ​ Investments in real estate Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net investments in real estate $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

OTHER INTANGIBLE ASSETS (Tables

OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2015
OTHER INTANGIBLE ASSETS
Schedule of intangible assets and liabilities and related accumulated amortization and accretion	Assets Liabilities June 30, 2015 Acquired Above-Market Leases Acquired In-Place Leases Tax Abatement Franchise Affiliation Fee Acquired Below-Market Ground Lease Acquired Below-Market Leases (in thousands) Gross balance $ $ $ $ $ $ ) Accumulated amortization ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average useful life (in years) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Liabilities December 31, 2014 Acquired Above-Market Leases Acquired In-Place Leases Tax Abatement Franchise Affiliation Fee Acquired Below-Market Ground Lease Acquired Below-Market Leases (in thousands) Gross balance $ $ $ $ $ $ ) Accumulated amortization ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average useful life (in years) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of future amortization and accretion of acquisition related intangible assets and liabilities	Assets Liabilities Years Ending December 31, Acquired Above-Market Leases Acquired In-Place Leases Tax Abatement Franchise Affiliation Fee Acquired Below-Market Ground Lease Acquired Below-Market Leases (in thousands) 2015 (Six months ending December 31, 2015) $ $ $ $ $ $ ) 2016 ) 2017 ) 2018 — ) 2019 — — ) Thereafter — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2015
DISCONTINUED OPERATIONS
Reconciliation of the carrying amounts of assets and liabilities that are classified as held for sale	June 30, 2015 December 31, 2014 (in thousands) Assets held for sale Loans receivable, net $ $ Cash and cash equivalents Restricted cash Accounts receivable and interest receivable, net Other intangible assets Other assets ​ ​ ​ ​ ​ ​ ​ ​ Total assets held for sale $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities associated with assets held for sale Debt $ $ Accounts payable and accrued expenses Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities associated with assets held for sale $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of loans receivable	June 30, 2015 December 31, 2014 (in thousands) Commercial mortgage loans $ $ SBA 7(a) loans, subject to secured borrowings SBA 7(a) loans Commercial real estate loans — ​ ​ ​ ​ ​ ​ ​ ​ Loans receivable Deferred capitalized costs, net Loan loss reserves ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net loans receivable $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of debt	June 30, 2015 December 31, 2014 (in thousands) Secured borrowing principal on loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.03% and 3.92% at June 30, 2015 and December 31, 2014, respectively $ $ Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.58% ​ ​ ​ ​ ​ ​ ​ ​ Unamortized premiums on loans sold for a premium and excess spread ​ ​ ​ ​ ​ ​ ​ ​ Total secured borrowings—government guaranteed loans $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of future principal payments on our debt	Years Ending December 31, Secured Borrowings Principal(1) (in thousands) 2015 (Six months ending December 31, 2015) $ 2016 2017 2018 2019 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Principal payments are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled principal payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.
Reconciliation of the revenue and expenses classified as discontinued operations	Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 (in thousands) Revenue —Interest and other income $ $ ​ ​ ​ ​ ​ ​ ​ ​ Expenses: Interest expense Fees to related party(1) — General and administrative(1) Provision for income taxes ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ​ ​ ​ ​ ​ ​ ​ ​ Income from operations of assets held for sale $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Salaries and related benefits of $1,018,000 were included in general and administrative expense for the three months ended June 30, 2014 while, as a result of the transfer of our employees to an affiliate (see Note 12), such expenses were included in fees to related party for the three months ended June 30, 2015. Six Months Ended June 30, 2015 From the Acquisition Date through June 30, 2014 (in thousands) Revenue —Interest and other income $ $ ​ ​ ​ ​ ​ ​ ​ ​ Expenses: Interest expense Fees to related party(1) — General and administrative(1) Provision for income taxes ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ​ ​ ​ ​ ​ ​ ​ ​ Income from operations of assets held for sale $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Salaries and related benefits of $1,325,000 were included in general and administrative expense for the period from the Acquisition Date through June 30, 2014 while, as a result of the transfer of our employees to an affiliate (see Note 12), such expenses were included in fees to related party for the six months ended June 30, 2015.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2015
DEBT
Schedule of debt	June 30, 2015 December 31, 2014 (in thousands) Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan has a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan is nonrecourse. $ $ Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse. Mortgage loan with a fixed interest rate of 5.56% per annum, with monthly payments of principal and interest. The loan had a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan was nonrecourse. The loan was paid in full in April 2015. — Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse. Mortgage loan with a fixed interest rate of 5.06% per annum, with monthly payments of principal and interest, and a balance of $33,068,000 due on September 1, 2015. The loan is nonrecourse. Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and a balance of $35,695,000 due on March 1, 2021. The loans are nonrecourse. Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse. ​ ​ ​ ​ ​ ​ ​ ​ Premiums and discounts on assumed mortgages ​ ​ ​ ​ ​ ​ ​ ​ Total Mortgages Payable ​ ​ ​ ​ ​ ​ ​ ​ Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035. Unsecured credit facilities ​ ​ ​ ​ ​ ​ ​ ​ Discount on junior subordinated notes ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total Other ​ ​ ​ ​ ​ ​ ​ ​ Total Debt $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of principal payments on, and estimated amortization of debt (face value)	Years Ending December 31, Mortgages Payable Other(1) Total (in thousands) 2015 (Six Months Ending December 31, 2015) $ $ — $ 2016 2017 — 2018 — 2019 — Thereafter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the junior subordinated notes and unsecured credit facility.

FAIR VALUE OF FINANCIAL INSTR31

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of estimated fair values of financial instruments not recorded at fair value on consolidated balance sheets	June 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level (in thousands) Assets held for sale: Loans receivable subject to credit risk $ $ $ $ SBA 7(a) loans receivable, subject to secured borrowings Commercial real estate loans — — Liabilities: Secured borrowings—government guaranteed loans, included in liabilities associated with assets held for sale Junior subordinated notes Mortgages payable Unsecured credit facilities

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2015
RELATED-PARTY TRANSACTIONS
Schedule of calculation of asset management fees payable to related party as a percentage of the daily average gross fair value of investments	Daily Average Adjusted Fair Value of CIM Urban's Investments Quarterly Fee Percentage From Greater of To and Including (in thousands) $ — $ % % % % %

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES.
Schedule of future noncancelable minimum lease payments	Years Ending December 31, (in thousands) 2015 (Six months ending December 31, 2015) $ 2016 2017 2018 2019 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FUTURE MINIMUM LEASE RENTALS (T

FUTURE MINIMUM LEASE RENTALS (Tables)	6 Months Ended
	Jun. 30, 2015
FUTURE MINIMUM LEASE RENTALS
Summary of future minimum rental revenues under long-term operating leases excluding tenant reimbursements of certain costs	Years Ending December 31, Governmental Tenants Other Tenants Total (in thousands) 2015 (Six months ending December 31, 2015) $ $ $ 2016 2017 2018 2019 Thereafter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

CONCENTRATIONS (Tables)

CONCENTRATIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Revenues
Concentrations
Schedule of concentration risk from properties	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 California % % % % Washington, D.C. Texas North Carolina New York ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Real estate investments
Concentrations
Schedule of concentration risk from properties	June 30, 2015 December 31, 2014 California % % Washington, D.C. Texas North Carolina New York ​ ​ ​ ​ ​ ​ ​ ​ % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SEGMENT DISCLOSURE (Tables)

SEGMENT DISCLOSURE (Tables)	6 Months Ended
	Jun. 30, 2015
SEGMENT DISCLOSURE
Schedule of net operating income of reportable segments	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Office: Revenues $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property expenses: Operating General and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total property expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment net operating income—office ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel: Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property expenses: Operating General and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total property expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment net operating income—hotel ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multifamily: Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property expenses: Operating General and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total property expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment net operating income—multifamily ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total segment net operating income $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of reconciliation of segment net operating income to net income attributable to stockholders	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Total segment net operating income $ $ $ $ Interest ) ) ) ) General and administrative ) ) ) ) Asset management fees and other fees to related parties ) ) ) ) Transaction costs ) ) ) ) Depreciation and amortization ) ) ) ) Bargain purchase gain — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from continuing operations Discontinued operations Income from operations of assets held for sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from discontinued operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income Net income attributable to noncontrolling interests ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to stockholders $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of reconciliation of condensed assets of segments to consolidated total assets	June 30, 2015 December 31, 2014 (in thousands) Condensed assets: Office $ $ Hotel Multifamily Lending assets held for sale Non-segment assets ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of capital expenditures and loan originations	Six Months Ended June 30, 2015 2014 (in thousands) Capital expenditures(1): Office $ $ Hotel Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Total capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ Loan originations included in assets held for sale ​ ​ ​ ​ ​ ​ ​ ​ Total capital expenditures and loan originations $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents additions and improvements to real estate investments, excluding acquisitions.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Apr. 29, 2014$ / sharesshares	Jun. 30, 2015$ / sharesshares	Dec. 31, 2014$ / sharesshares	Apr. 28, 2014shares
Organization and operations
Common shares authorized		200,000,000	200,000,000	1,000,000,000
Common shares authorized before amendment with effect to the reverse stock split				20,000,000
Common shares authorized with effect to the reverse stock split	200,000,000
Reverse stock split ratio	0.2
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001	$ 0.001
PMC Commercial
Organization and operations
Common shares authorized before amendment				100,000,000
Common shares authorized				1,000,000,000

MERGER (Details)

MERGER (Details) $ / shares in Units, $ in Thousands	Apr. 29, 2014	Mar. 11, 2014USD ($)$ / sharesshares	Jun. 30, 2014shares	Jun. 30, 2014shares	Jun. 30, 2015shares	Dec. 31, 2014shares	Mar. 25, 2014$ / shares
Merger
Treasury stock					107,265	107,265
Reverse stock split ratio	0.2
Consideration Transferred
Common stock outstanding					97,589,598	97,581,598
Common Stock
Merger
Shares issued				2,119,244
Consideration Transferred
Common stock outstanding		2,119,244
CIM Urban REIT
Merger
Shares issued			91,040,000	91,040,000
Number of shares to be issued on conversion of preferred stock expressed as a percentage of outstanding stock		97.80%
CIM Urban REIT | Preferred Stock
Merger
Shares issued			65,000,000	65,000,000
PMC Commercial | CIM Urban REIT
Merger
Shares issued		2,226,509
Treasury stock		107,265
Number of shares to be issued on conversion of each preferred stock		1.4
Aggregate shares of common stock issued in the merger		95,440,000
Number of shares to be issued on conversion of preferred stock expressed as a percentage of outstanding stock		97.80%
Special cash dividend issued to shareholders of record at the close of the business day prior to the closing of transactions (in dollars per share) | $ / shares							$ 27.50
Consideration Transferred
Common stock outstanding		2,119,000
Equity consideration price per share of common stock (in dollars per share) | $ / shares		$ 21.05
Fair value of the equity consideration | $		$ 44,610
Payment in cash - special dividend | $		58,279
Total purchase price | $		$ 102,889
PMC Commercial | CIM Urban REIT | Common Stock
Merger
Shares issued		4,400,000
PMC Commercial | CIM Urban REIT | Preferred Stock
Merger
Shares issued		65,000,000

MERGER (Details 2)

MERGER (Details 2) - USD ($)	Mar. 11, 2014	Jun. 30, 2014	Jun. 30, 2014
Liabilities
Bargain purchase gain			$ (4,918,000)
PMC Commercial
Liabilities
Merger related costs		$ 0	$ 468,000
PMC Commercial | CIM Urban Partners, L.P
Assets
Cash and cash equivalents	$ 3,185,000
Loans receivable	207,140,000
Accounts receivable and interest receivable	755,000
Other assets	5,396,000
Intangible assets	2,957,000
Net assets acquired	219,433,000
Liabilities
Debt	99,849,000
Accounts payable and accrued expenses	7,396,000
Special dividend liability and dividend payable	59,286,000
Other liabilities	3,374,000
Total liabilities assumed	169,905,000
Net identifiable assets acquired	49,528,000
Bargain purchase gain	(4,918,000)
Net purchase price	$ 44,610,000

BASIS OF PRESENTATION AND SUM40

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investments in Real Estate
Impairment of long-lived assets	$ 0	$ 0	$ 0	$ 0
Buildings and improvements | Minimum
Investments in Real Estate
Estimated useful lives			15 years
Buildings and improvements | Maximum
Investments in Real Estate
Estimated useful lives			40 years
Furniture, fixtures, and equipment | Minimum
Investments in Real Estate
Estimated useful lives			3 years
Furniture, fixtures, and equipment | Maximum
Investments in Real Estate
Estimated useful lives			5 years

BASIS OF PRESENTATION AND SUM41

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - PMC Commercial - USD ($)	Jun. 30, 2015	Mar. 11, 2014
Loans receivable
Discount on acquisition		$ 33,907,000
Unamortized amount of acquisition discounts of loans receivable	$ 23,828,000

BASIS OF PRESENTATION AND SUM42

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Loans Receivable
(Decrease) increase in impairment allowance on loans receivable	$ 36,000		$ (65,000)
Impairments on loans receivable		$ 0		$ 0
Deferred Rent Receivable and Charges
Deferred rent receivable	55,313,000		55,313,000		$ 53,622,000
Deferred loan costs, gross	10,941,000		10,941,000		7,521,000
Deferred loan costs, accumulated amortization	3,251,000		3,251,000		1,741,000
Deferred leasing costs, gross	56,511,000		56,511,000		55,145,000
Deferred leasing costs, accumulated amortization	$ 19,462,000		$ 19,462,000		$ 16,917,000

INVESTMENTS IN REAL ESTATE (Det

INVESTMENTS IN REAL ESTATE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
INVESTMENTS IN REAL ESTATE
Land	$ 354,035,000		$ 354,035,000		$ 354,035,000
Land improvements	28,071,000		28,071,000		28,071,000
Buildings and improvements	1,504,902,000		1,504,902,000		1,501,603,000
Furniture, fixtures, and equipment	8,914,000		8,914,000		10,875,000
Tenant improvements	142,306,000		142,306,000		131,446,000
Work in progress	5,862,000		5,862,000		10,764,000
Investments in real estate	2,044,090,000		2,044,090,000		2,036,794,000
Accumulated depreciation	(343,676,000)		(343,676,000)		(320,857,000)
Net investments in real estate	1,700,414,000		1,700,414,000		$ 1,715,937,000
Depreciation expense	$ 15,063,000	$ 14,705,000	$ 31,343,000	$ 28,852,000

OTHER INTANGIBLE ASSETS (Detail

OTHER INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Intangible assets and liabilities
Amortization expenses	$ 17,566,000	$ 17,286,000	$ 36,694,000	$ 33,915,000
Intangible liabilities
Net	(7,347,000)		(7,347,000)		$ (8,657,000)
Future accretion of acquisition related intangible liabilities
Net	(7,347,000)		(7,347,000)		(8,657,000)
Acquired Below-Market Leases
Intangible assets and liabilities
Amortization expenses	655,000	697,000	1,310,000	1,345,000
Intangible liabilities
Gross balance	(19,750,000)		(19,750,000)		(20,333,000)
Accumulated amortization	12,403,000		12,403,000		11,676,000
Net	(7,347,000)		$ (7,347,000)		$ (8,657,000)
Average useful life			8 years		8 years
Future accretion of acquisition related intangible liabilities
2015 (Six months ending December 31, 2015)	(1,259,000)		$ (1,259,000)
2,016	(2,502,000)		(2,502,000)
2,017	(2,399,000)		(2,399,000)
2,018	(963,000)		(963,000)
2,019	(224,000)		(224,000)
Net	(7,347,000)		(7,347,000)		$ (8,657,000)
Acquired Above-Market Leases
Intangible assets and liabilities
Amortization expenses	79,000	98,000	158,000	435,000
Intangible assets
Gross balance	1,072,000		1,072,000		2,402,000
Accumulated amortization	(867,000)		(867,000)		(2,039,000)
Net	205,000		$ 205,000		$ 363,000
Average useful life			6 years		7 years
Future amortization of acquisition related intangible assets
2015 (Six months ending December 31, 2015)	83,000		$ 83,000
2,016	88,000		88,000
2,017	26,000		26,000
2,018	8,000		8,000
Net	205,000		205,000		$ 363,000
Acquired In-Place Leases
Intangible assets and liabilities
Amortization expenses	519,000	587,000	1,048,000	1,199,000
Intangible assets
Gross balance	21,431,000		21,431,000		22,680,000
Accumulated amortization	(16,269,000)		(16,269,000)		(16,470,000)
Net	5,162,000		$ 5,162,000		$ 6,210,000
Average useful life			8 years		8 years
Future amortization of acquisition related intangible assets
2015 (Six months ending December 31, 2015)	793,000		$ 793,000
2,016	1,346,000		1,346,000
2,017	915,000		915,000
2,018	666,000		666,000
2,019	488,000		488,000
Thereafter	954,000		954,000
Net	5,162,000		5,162,000		$ 6,210,000
Tax Abatement
Intangible assets and liabilities
Amortization expenses	138,000	138,000	276,000	276,000
Intangible assets
Gross balance	4,273,000		4,273,000		4,273,000
Accumulated amortization	(2,047,000)		(2,047,000)		(1,771,000)
Net	2,226,000		$ 2,226,000		$ 2,502,000
Average useful life			8 years		8 years
Future amortization of acquisition related intangible assets
2015 (Six months ending December 31, 2015)	275,000		$ 275,000
2,016	551,000		551,000
2,017	551,000		551,000
2,018	551,000		551,000
2,019	298,000		298,000
Net	2,226,000		2,226,000		$ 2,502,000
Advance Bookings
Intangible assets and liabilities
Amortization expenses	0	67,000	0	134,000
Franchise Affiliation Fee
Intangible assets and liabilities
Amortization expenses	99,000	99,000	198,000	198,000
Intangible assets
Gross balance	3,936,000		3,936,000		3,936,000
Accumulated amortization	(3,179,000)		(3,179,000)		(2,981,000)
Net	757,000		$ 757,000		$ 955,000
Average useful life			10 years		10 years
Future amortization of acquisition related intangible assets
2015 (Six months ending December 31, 2015)	196,000		$ 196,000
2,016	394,000		394,000
2,017	167,000		167,000
Net	757,000		757,000		$ 955,000
Acquired Below-Market Ground Lease
Intangible assets and liabilities
Amortization expenses	35,000	$ 35,000	70,000	$ 70,000
Intangible assets
Gross balance	11,685,000		11,685,000		11,685,000
Accumulated amortization	(1,352,000)		(1,352,000)		(1,282,000)
Net	10,333,000		$ 10,333,000		$ 10,403,000
Average useful life			84 years		84 years
Future amortization of acquisition related intangible assets
2015 (Six months ending December 31, 2015)	70,000		$ 70,000
2,016	140,000		140,000
2,017	140,000		140,000
2,018	140,000		140,000
2,019	140,000		140,000
Thereafter	9,703,000		9,703,000
Net	$ 10,333,000		$ 10,333,000		$ 10,403,000

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Assets held for sale	$ 217,418,000	$ 217,418,000	$ 208,799,000
Liabilities of assets held for sale
Total liabilities associated with assets held for sale	45,382,000	45,382,000	49,791,000
Lending division | Held for sale
DISCONTINUED OPERATIONS
Transaction costs	61,000	224,000
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Loans receivable-net	198,851,000	198,851,000	189,052,000
Cash and cash equivalents	8,642,000	8,642,000	9,937,000
Restricted cash	965,000	965,000	916,000
Accounts receivable and interest receivable-net	733,000	733,000	738,000
Other intangible assets	2,957,000	2,957,000	2,957,000
Other assets	5,270,000	5,270,000	5,199,000
Assets held for sale	217,418,000	217,418,000	208,799,000
Liabilities of assets held for sale
Debt	39,280,000	39,280,000	41,901,000
Accounts payable and accrued expenses	2,101,000	2,101,000	2,709,000
Other liabilities	4,001,000	4,001,000	5,181,000
Total liabilities associated with assets held for sale	$ 45,382,000	$ 45,382,000	$ 49,791,000

DISCONTINUED OPERATIONS (Deta46

DISCONTINUED OPERATIONS (Details 2) - Lending division - Held for sale - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Loans receivable
Loans receivable	$ 198,760	$ 188,899
Deferred capitalized costs - net	347	292
Loan loss reserves	(256)	(139)
Net loans receivable	198,851	189,052
Commercial mortgage loans
Loans receivable
Loans receivable	99,955	108,864
SBA 7(a) loans, subject to secured borrowings
Loans receivable
Loans receivable	38,719	41,328
SBA 7(a) Loans
Loans receivable
Loans receivable	40,447	$ 38,707
Commercial real estate loans
Loans receivable
Loans receivable	$ 19,639

DISCONTINUED OPERATIONS (Deta47

DISCONTINUED OPERATIONS (Details 3) - Lending division - Held for sale - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt
Debt	$ 36,374
Total Debt	39,280	$ 41,901
Secured borrowings - government guaranteed loans
Debt
Debt	36,374	38,739
Unamortized Premiums or discounts on debt instruments	2,906	3,162
Total Debt	$ 39,280	$ 41,901
Secured borrowing principal on loans sold for a premium and excess spread-variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.03% and 3.92% at June 30, 2015 and December 31 , 2014 ,respectively
Debt
Weighted average coupon rate (as a percent)	4.03%	3.92%
Debt	$ 31,358	$ 33,654
Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.58%
Debt
Weighted average coupon rate (as a percent)	1.58%	1.58%
Debt	$ 5,016	$ 5,085

DISCONTINUED OPERATIONS (Deta48

DISCONTINUED OPERATIONS (Details 4) - Held for sale - Lending division - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Principal payments on, and estimated amortization of debt
2015 (Six months ending December 31, 2015)	$ 895
2,016	1,229
2,017	1,269
2,018	1,314
2,019	1,361
Thereafter	30,306
Debt	36,374
Secured borrowings - government guaranteed loans
Principal payments on, and estimated amortization of debt
Debt	$ 36,374	$ 38,739

DISCONTINUED OPERATIONS (Deta49

DISCONTINUED OPERATIONS (Details 5) - USD ($)	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Expenses:
Income from operations of assets held for sale	$ 3,984,000	$ 4,344,000		$ 6,946,000	$ 5,277,000
Salaries and related benefits		1,018,000	$ 1,325,000
Lending division | Held for sale
DISCONTINUED OPERATIONS
Revenue - Interest and other income	5,768,000	6,271,000	7,797,000	10,946,000
Expenses:
Interest expense	120,000	374,000	554,000	421,000
Fees to related party	1,093,000			2,236,000
General and administrative	294,000	1,253,000	1,658,000	868,000
Provision for income taxes	277,000	300,000	308,000	475,000
Total expenses	1,784,000	1,927,000	2,520,000	4,000,000
Income from operations of assets held for sale	$ 3,984,000	$ 4,344,000	$ 5,277,000	$ 6,946,000

DEBT (Details)

DEBT (Details) - Range [Domain] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt
Gross debt	$ 648,225,000
Total Debt	647,644,000	$ 608,714,000
Mortgages Payable
Debt
Gross debt	206,155,000	221,847,000
Premiums and discounts on assumed mortgages	1,547,000	1,961,000
Total Debt	207,702,000	223,808,000
Mortgage loan with a fixed interest of 7.66% per annum, due on December 1, 2015
Debt
Gross debt	$ 26,000,000	$ 26,783,000
Fixed interest rate (as a percent)	7.66%	7.66%
Period of amortization schedule	20 years	20 years
Amount of balance due on maturity	$ 25,324,000	$ 25,324,000
Mortgage loan with a fixed interest of 4.50% per annum, due on January 5, 2027
Debt
Gross debt	$ 46,000,000	$ 46,000,000
Fixed interest rate (as a percent)	4.50%	4.50%
Period of amortization schedule	10 years	10 years
Amount of balance due on maturity	$ 42,008,000	$ 42,008,000
Mortgage loan with a fixed interest of 5.56% per annum, due on July 1, 2015
Debt
Gross debt		$ 12,442,000
Fixed interest rate (as a percent)	5.56%	5.56%
Period of amortization schedule	10 years	10 years
Amount of balance due on maturity		$ 12,288,000
Mortgage loan with a fixed interest of 6.65% per annum, due on July 15, 2018
Debt
Gross debt	$ 30,656,000	$ 32,070,000
Fixed interest rate (as a percent)	6.65%	6.65%
Period of amortization schedule	25 years	25 years
Amount of balance due on maturity	$ 21,136,000	$ 21,136,000
Mortgage loan with a fixed interest of 5.06% per annum, due on September 1, 2015
Debt
Gross debt	$ 33,290,000	$ 33,734,000
Fixed interest rate (as a percent)	5.06%	5.06%
Amount of balance due on maturity	$ 33,068,000	$ 33,068,000
Mortgage loan with a fixed interest of 5.39% per annum, due on March 1, 2021
Debt
Gross debt	$ 40,188,000	$ 40,526,000
Fixed interest rate (as a percent)	5.39%	5.39%
Amount of balance due on maturity	$ 35,695,000	$ 35,695,000
Mortgage loan with a fixed interest of 5.18% per annum, due on June 5, 2021
Debt
Gross debt	$ 30,021,000	$ 30,292,000
Fixed interest rate (as a percent)	5.18%	5.18%
Amount of balance due on maturity	$ 26,232,000	$ 26,232,000
Other debt
Debt
Gross debt	442,070,000	387,070,000
Total Debt	439,942,000	384,906,000
Junior subordinated notes
Debt
Gross debt	27,070,000	27,070,000
Premiums and discounts on assumed mortgages	(2,128,000)	(2,164,000)
Face amount	$ 27,070,000	$ 27,070,000
Junior subordinated notes | LIBOR
Debt
Interest rate margin (as a percent)	3.25%	3.25%
Unsecured credit facilities
Debt
Gross debt	$ 415,000,000	$ 360,000,000

DEBT (Detail 2)

DEBT (Detail 2)	Apr. 01, 2015USD ($)	May. 31, 2015USD ($)	Sep. 30, 2014USD ($)item	Aug. 31, 2013USD ($)	Feb. 29, 2012USD ($)	Aug. 05, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Debt
Accrued interest and unused commitment fee payable							$ 976,000	$ 967,000
Principal payments on, and estimated amortization of debt
2015 (Six Months Ending December 31, 2015)							61,363,000
2,016							419,354,000
2,017							4,642,000
2,018							24,300,000
2,019							1,519,000
Thereafter							137,047,000
Total Debt							648,225,000
Unsecured revolving line of credit entered into February 2012 | CIM Urban Partners, L.P
Debt
Maximum borrowing capacity					$ 100,000,000
Unused commitment fee dependent upon amount of aggregate unused commitments, one (as a percent)				0.25%
Unused commitment fee dependent upon amount of aggregate unused commitments, two (as a percent)				0.35%
Unsecured revolving line of credit entered into February 2012 | LIBOR | CIM Urban Partners, L.P | Minimum
Debt
Interest rate margin (as a percent)				1.25%	1.75%
Unsecured revolving line of credit entered into February 2012 | LIBOR | CIM Urban Partners, L.P | Maximum
Debt
Interest rate margin (as a percent)				1.85%	2.50%
Unsecured revolving line of credit entered into August 2013 | CIM Urban Partners, L.P
Debt
Maximum borrowing capacity				$ 200,000,000
Unused commitment fee dependent upon amount of aggregate unused commitments, one (as a percent)				0.25%
Unused commitment fee dependent upon amount of aggregate unused commitments, two (as a percent)				0.35%
Unsecured revolving line of credit entered into August 2013 | LIBOR | CIM Urban Partners, L.P | Minimum
Debt
Interest rate margin (as a percent)				1.25%
Unsecured revolving line of credit entered into August 2013 | LIBOR | CIM Urban Partners, L.P | Maximum
Debt
Interest rate margin (as a percent)				1.85%
Mortgages Payable
Debt
Repayments of debt	$ 12,364,000
Principal payments on, and estimated amortization of debt
2015 (Six Months Ending December 31, 2015)							61,363,000
2,016							4,354,000
2,017							4,642,000
2,018							24,300,000
2,019							1,519,000
Thereafter							109,977,000
Total Debt							206,155,000	221,847,000
Other debt
Principal payments on, and estimated amortization of debt
2,016							415,000,000
Thereafter							27,070,000
Total Debt							442,070,000	387,070,000
Unsecured credit facility entered into in September 2014
Debt
Maximum borrowing capacity			$ 850,000,000
Amount available for future borrowings							435,000,000	490,000,000
Amount outstanding under the facility							$ 415,000,000	$ 360,000,000
Period of extension option			1 year
Upsized borrowing capacity			$ 1,150,000,000
Number of extension | item			2
Unsecured credit facility entered into in September 2014 | Minimum
Debt
Interest rate (as a percent)							1.34%	1.31%
Unsecured credit facility entered into in September 2014 | Maximum
Debt
Interest rate (as a percent)							1.39%	1.37%
Unsecured credit facility entered into in September 2014, revolver
Debt
Maximum borrowing capacity			$ 450,000,000
Amount outstanding under the facility							$ 15,000,000	$ 35,000,000
Unused commitment fee dependent upon amount of aggregate unused commitments, one (as a percent)			0.15%
Unused commitment fee dependent upon amount of aggregate unused commitments, two (as a percent)			0.25%
Principal payments on, and estimated amortization of debt
Unused line fee (as a percent)			0.25%
Unsecured credit facility entered into in September 2014, revolver | Base rate | Minimum
Debt
Interest rate margin (as a percent)			0.20%
Unsecured credit facility entered into in September 2014, revolver | Base rate | Maximum
Debt
Interest rate margin (as a percent)			1.00%
Unsecured credit facility entered into in September 2014, revolver | LIBOR | Minimum
Debt
Interest rate margin (as a percent)			1.20%
Unsecured credit facility entered into in September 2014, revolver | LIBOR | Maximum
Debt
Interest rate margin (as a percent)			2.00%
Unsecured credit facility entered into in September 2014, term loan
Debt
Maximum borrowing capacity			$ 325,000,000
Amount outstanding under the facility							400,000,000	325,000,000
Unsecured credit facility entered into in September 2014, term loan | Base rate | Minimum
Debt
Interest rate margin (as a percent)			0.15%
Unsecured credit facility entered into in September 2014, term loan | Base rate | Maximum
Debt
Interest rate margin (as a percent)			0.95%
Unsecured credit facility entered into in September 2014, term loan | LIBOR | Minimum
Debt
Interest rate margin (as a percent)			1.15%
Unsecured credit facility entered into in September 2014, term loan | LIBOR | Maximum
Debt
Interest rate margin (as a percent)			1.95%
Unsecured credit facility entered into in September 2014, delayed-draw term loan
Debt
Maximum borrowing capacity			$ 75,000,000
Unsecured term facility entered into in May 2015
Debt
Maximum borrowing capacity		$ 385,000,000
Amount outstanding under the facility						$ 0
Unused commitment fee dependent upon amount of aggregate unused commitments, one (as a percent)		0.20%
Prepayment fee		2.00%
Period to draw on the term facility		6 months
Unsecured term facility entered into in May 2015 | Base rate | Minimum
Debt
Interest rate margin (as a percent)		0.60%
Unsecured term facility entered into in May 2015 | Base rate | Maximum
Debt
Interest rate margin (as a percent)		1.25%
Unsecured term facility entered into in May 2015 | LIBOR | Minimum
Debt
Interest rate margin (as a percent)		1.60%
Unsecured term facility entered into in May 2015 | LIBOR | Maximum
Debt
Interest rate margin (as a percent)		2.25%
Unsecured credit facilities
Debt
Pay-off of unsecured revolving line and term note			$ 323,000,000
Principal payments on, and estimated amortization of debt
Total Debt							$ 415,000,000	$ 360,000,000

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Details)	Mar. 06, 2015shares	Jun. 12, 2014$ / sharesshares	May. 06, 2014shares	Mar. 11, 2014shares	Apr. 30, 2015shares	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Mar. 05, 2015itemshares
Share-based compensation plans
Options granted		11,850
Restricted share awards
Share-based compensation plans
Unrecognized compensation expense | $						$ 103,000		$ 103,000
Recognition period								2 years
Options
Share-based compensation plans
Stock-based compensation expense | $							$ 8,000		$ 8,000
Option exercise price | $ / shares		$ 23.16
Independent directors | Restricted share awards
Share-based compensation plans
Award granted to each independent members of the board of directors				2,000	2,000
Granted (in shares)				6,000	6,000
Stock-based compensation expense | $						27,000	31,000	$ 59,000	31,000
Executive officers | Restricted share awards
Share-based compensation plans
Granted (in shares)	2,000		2,000							4,000
Stock-based compensation expense | $						$ 8,000	$ 19,000	$ 26,000	$ 19,000
Number of executive officers | item										2
Award vesting period										2 years
Percentage of award vesting immediately and at the end of each of the next two years										33.00%

EARNINGS PER SHARE (''EPS'') (D

EARNINGS PER SHARE (''EPS'') (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
EARNINGS PER SHARE ("EPS")
Weighted average shares outstanding	97,589,000	97,571,000	97,586,000	96,758,000
Options
Earnings per share
Increase in weighted average shares outstanding to reflect the dilutive effect of share options (in shares)	0	5,000	0	6,000

EARNINGS PER SHARE (''EPS'') 54

EARNINGS PER SHARE (''EPS'') (Details 2) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014	Apr. 29, 2014	Apr. 28, 2014	Mar. 11, 2014
Earnings per share
Common stock, authorized shares			200,000,000	200,000,000		1,000,000,000
Common shares authorized with effect to the reverse stock split					200,000,000
CIM Urban REIT
Earnings per share
Shares issued in connection with the Merger	91,040,000	91,040,000
Number of shares to be issued on conversion of preferred stock expressed as a percentage of outstanding stock							97.80%
CIM Urban REIT | Preferred Stock
Earnings per share
Shares issued in connection with the Merger	65,000,000	65,000,000

DIVIDENDS DECLARED (Details)

DIVIDENDS DECLARED (Details) - USD ($)	Jun. 12, 2014	Apr. 28, 2014	Mar. 24, 2014	Mar. 10, 2014	Jun. 12, 2015	Jun. 30, 2015	Jun. 30, 2014
Dividend declared
Common stock as converted dividend declared (in dollars per share)			$ 0.0285
Dividend paid							$ 16,100,000
Dividend paid							$ 59,286,000
Common stock dividend declared (in dollars per share)	$ 0.21875	$ 0.0215	0.05		$ 0.21875	$ 0.4375	$ 0.26875
Preferred dividend declared (in dollars per share)		$ 0.0302	$ 0.0403				$ 0.0705
Aggregate amount of dividend declared to preferred shareholders		$ 1,964,000					$ 4,585,000
CIM Urban Partners, L.P
Dividend declared
Common stock as converted dividend declared (in dollars per share)				$ 0.1685
Dividend paid				$ 16,100,000
PMC Commercial | CIM Urban Partners, L.P
Dividend declared
Dividend paid				$ 59,286,000
Dividend paid per common stock (in dollars per share)				$ 27.975
Payment in cash - special dividend (in dollars per share)				27.50
Pro rata portion of regular quarterly cash dividend (in dollars per share)				$ 0.475

FAIR VALUE OF FINANCIAL INSTR56

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Jun. 30, 2015	Dec. 31, 2014
Loans receivable subject to credit risk
Fair Value Inputs [Abstract]
Rate of prepayment (as a percent)	15.00%	15.00%
SBA 7(a) loans, subject to secured borrowings
Fair Value Inputs [Abstract]
Rate of prepayment (as a percent)		15.00%
Commercial real estate loans
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)		9.72%
Rate of prepayment (as a percent)		0.00%
Potential credit deterioration (as a percent)		0.00%
Minimum | Loans receivable subject to credit risk
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)		6.75%	5.90%
Maximum | Loans receivable subject to credit risk
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)		15.00%	14.90%
Carrying Amount
Liabilities:
Junior subordinated notes	$ 24,906	$ 24,942	$ 24,906
Mortgages payable	223,808	207,702	223,808
Unsecured credit facilities	360,000	415,000	360,000
Secured borrowings - government guaranteed loans	41,901	39,280	41,901
Carrying Amount | Loans receivable subject to credit risk
Assets:
Loans receivable	147,648	140,385	147,648
Carrying Amount | SBA 7(a) loans, subject to secured borrowings
Assets:
Loans receivable	41,404	38,793	41,404
Carrying Amount | Commercial real estate loans
Assets:
Loans receivable		19,673
Estimated Fair Value | Level 3
Liabilities:
Junior subordinated notes	24,877	24,955	24,877
Mortgages payable	231,806	211,953	231,806
Unsecured credit facilities	360,000	415,000	360,000
Secured borrowings - government guaranteed loans	41,901	39,280	41,901
Estimated Fair Value | Level 3 | Loans receivable subject to credit risk
Assets:
Loans receivable	154,252	146,482	154,252
Estimated Fair Value | Level 3 | SBA 7(a) loans, subject to secured borrowings
Assets:
Loans receivable	$ 41,901	39,596	$ 41,901
Estimated Fair Value | Level 3 | Commercial real estate loans
Assets:
Loans receivable		$ 19,639
Mortgages payable. | Minimum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)		4.20%	3.92%
Mortgages payable. | Maximum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)		4.55%	4.12%
Junior subordinated notes
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)		4.11%	3.83%

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Mar. 11, 2014
Related-party transactions
Due (from) to related parties	$ 9,807,000		$ 9,807,000		$ 9,186,000
Management Company | Asset management fees
Related-party transactions
Fees	6,176,000	$ 5,798,000	12,318,000	$ 11,479,000
Due (from) to related parties	6,285,000		6,285,000		5,867,000
Management Company | Property management fees
Related-party transactions
Fees	$ 1,463,000	1,272,000	$ 2,926,000	2,531,000
Management Company | 0 - 500,000
Related-party transactions
Fee percentage	0.25%		0.25%
Management Company | 0 - 500,000 | Maximum
Related-party transactions
Daily average gross fair value of investments	$ 500,000,000		$ 500,000,000
Management Company | 500,000 - 1,000,000
Related-party transactions
Fee percentage	0.2375%		0.2375%
Management Company | 500,000 - 1,000,000 | Minimum
Related-party transactions
Daily average gross fair value of investments	$ 500,000,000		$ 500,000,000
Management Company | 500,000 - 1,000,000 | Maximum
Related-party transactions
Daily average gross fair value of investments	$ 1,000,000,000		$ 1,000,000,000
Management Company | 1,000,000 - 1,500,000
Related-party transactions
Fee percentage	0.225%		0.225%
Management Company | 1,000,000 - 1,500,000 | Minimum
Related-party transactions
Daily average gross fair value of investments	$ 1,000,000,000		$ 1,000,000,000
Management Company | 1,000,000 - 1,500,000 | Maximum
Related-party transactions
Daily average gross fair value of investments	$ 1,500,000,000		$ 1,500,000,000
Management Company | 1,500,000 - 4,000,000
Related-party transactions
Fee percentage	0.2125%		0.2125%
Management Company | 1,500,000 - 4,000,000 | Minimum
Related-party transactions
Daily average gross fair value of investments	$ 1,500,000,000		$ 1,500,000,000
Management Company | 1,500,000 - 4,000,000 | Maximum
Related-party transactions
Daily average gross fair value of investments	$ 4,000,000,000		$ 4,000,000,000
Management Company | 4,000,000 - 20,000,000
Related-party transactions
Fee percentage	0.10%		0.10%
Management Company | 4,000,000 - 20,000,000 | Minimum
Related-party transactions
Daily average gross fair value of investments	$ 4,000,000,000		$ 4,000,000,000
Management Company | 4,000,000 - 20,000,000 | Maximum
Related-party transactions
Daily average gross fair value of investments	20,000,000,000		20,000,000,000
CIM Management Entities
Related-party transactions
Due (from) to related parties	1,785,000		1,785,000		2,518,000
Leasing commissions	40,000	839,000	93,000	1,351,000
CIM Management Entities | Personnel
Related-party transactions
Fees	2,229,000	1,749,000	4,286,000	3,793,000
CIM Management Entities | Development management fees
Related-party transactions
Fees	222,000	157,000	447,000	244,000
CIM Management Entities and related parties
Related-party transactions
Due (from) to related parties	(88,000)		(88,000)		76,000
Manager | Master Services Agreement
Related-party transactions
Base service fee for the current year	1,010,000		1,010,000
Due (from) to related parties	1,825,000		1,825,000		$ 725,000
Fees payable per year under agreement						$ 1,000,000
Compensation expensed for performing other services	899,000	290,000	1,590,000	290,000
Manager | Base Service Fee
Related-party transactions
Fees	253,000	$ 250,000	506,000	$ 306,000
CIM SBA
Related-party transactions
Executives jointly employed			2
CIM SBA | Personnel
Related-party transactions
Fees	128,000		251,000
Personnel expenses	$ 1,093,000		$ 2,236,000

COMMITMENTS AND CONTINGENCIES58

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended	3 Months Ended		4 Months Ended	6 Months Ended
	Feb. 28, 2015USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)itemshares	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Commitments and contingencies
Outstanding loan commitments and approvals to fund loans		$ 20,384,000			$ 20,384,000
Future obligations under leases to fund tenant improvements and in other future construction obligation		23,883,000			23,883,000
Liability related to the settlement of a 421a tax abatement dispute							$ 4,475,000
Settlement of liability related to the settlement of a 421a tax abatement dispute	$ 4,721,000
Future noncancelable minimum lease payments
2015 (Six months ending December 31, 2015)		361,000			361,000
2,016		743,000			743,000
2,017		749,000			749,000
2,018		607,000			607,000
2,019		503,000			503,000
Thereafter		128,528,000			128,528,000
Total		131,491,000			131,491,000
Ground lease for one of the project
Commitments and contingencies
Current annual rent					$ 503,000
Period after which the annual rental payment will be increased by greater of 15% or 50% of the increase in the Consumer Price Index					5 years
Increase in annual rental payment after every 5 years, option one (as a percent)					15.00%
Increase in annual rental payment after every 5 years, option two (as a percent)					50.00%
Adjustment period used to calculate increase in the Consumer Price Index					5 years
Increase in rent payable during the balance of the lease term expressed as a percentage of rent payable during the immediately preceding lease year commencing on June 1, 2040 and 2065					10.00%
Rent expense		438,000	$ 438,000		$ 876,000	$ 876,000
Straight line rent liability		11,625,000			11,625,000		$ 11,038,000
Office space in Dallas, Texas
Commitments and contingencies
Rent expense		72,000	49,000	$ 65,000	130,000
Restricted share awards
Commitments and contingencies
Unrecognized compensation expense		$ 103,000			$ 103,000
Executive officers
Commitments and contingencies
Number of employees covered under employment agreement | item					2
Multiplier used for the calculation of severance compensation or change in control payments | item		2.99			2.99
Period of annual compensation paid to employee used to calculate severance compensation or change in control payments					3 years
Multiplier used for the calculation of payments in the event of death of employee | item		2			2
Multiplier used for the calculation of payments in the event of disability to employee | item		1			1
Executive officers | Restricted share awards
Commitments and contingencies
Stock-based compensation expense		$ 8,000	19,000		$ 26,000	19,000
Employment agreements | Executive officers | Restricted share awards
Commitments and contingencies
Share awards to be granted as retention bonus under employment agreement | shares					105,000
Stock-based compensation expense		316,000	$ 315,000		$ 632,000	$ 315,000
Unrecognized compensation expense		$ 631,000			$ 631,000

FUTURE MINIMUM LEASE RENTALS (D

FUTURE MINIMUM LEASE RENTALS (Details) $ in Thousands	Jun. 30, 2015USD ($)
Future minimum lease rentals
2015 (Six months ending December 31, 2015)	$ 80,980
2,016	143,284
2,017	133,441
2,018	110,896
2,019	97,139
Thereafter	322,413
Total	888,153
Governmental Tenants
Future minimum lease rentals
2015 (Six months ending December 31, 2015)	27,985
2,016	48,608
2,017	43,210
2,018	40,568
2,019	38,207
Thereafter	118,653
Total	317,231
Other Tenants
Future minimum lease rentals
2015 (Six months ending December 31, 2015)	52,995
2,016	94,676
2,017	90,231
2,018	70,328
2,019	58,932
Thereafter	203,760
Total	$ 570,922

CONCENTRATIONS (Details)

CONCENTRATIONS (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)item	Jun. 30, 2014	Jun. 30, 2015USD ($)item	Jun. 30, 2014	Dec. 31, 2014USD ($)item
Concentrations
Concentration risk (as a percent)			100.00%	100.00%
Number of states in which real estate properties are owned	4		4		4
Office
Concentrations
Number of real estate properties owned	21		21		21
Multi-family
Concentrations
Number of real estate properties owned	5		5		5
Hotel
Concentrations
Number of real estate properties owned	3		3		3
California
Concentrations
Concentration risk (as a percent)			62.80%	60.30%
Washington, D.C.
Concentrations
Concentration risk (as a percent)			24.20%	24.30%
Texas
Concentrations
Concentration risk (as a percent)			7.60%	7.70%
North Carolina
Concentrations
Concentration risk (as a percent)			4.50%	5.60%
New York
Concentrations
Concentration risk (as a percent)			0.90%	2.10%
Revenues | Tenant Revenue Concentrations | Governmental Tenants
Concentrations
Concentration risk (as a percent)	22.90%	24.50%	22.80%	25.10%
Amount due from Governmental Tenants | $	$ 6,915,000		$ 6,915,000		$ 7,168,000
Revenues | Geographical concentrations
Concentrations
Concentration risk (as a percent)	100.00%	100.00%
Revenues | Geographical concentrations | California
Concentrations
Concentration risk (as a percent)	63.00%	60.20%
Revenues | Geographical concentrations | Washington, D.C.
Concentrations
Concentration risk (as a percent)	24.50%	23.90%
Revenues | Geographical concentrations | Texas
Concentrations
Concentration risk (as a percent)	7.80%	7.70%
Revenues | Geographical concentrations | North Carolina
Concentrations
Concentration risk (as a percent)	4.50%	6.10%
Revenues | Geographical concentrations | New York
Concentrations
Concentration risk (as a percent)	0.20%	2.10%
Real estate investments | Geographical concentrations
Concentrations
Concentration risk (as a percent)			100.00%		100.00%
Real estate investments | Geographical concentrations | California
Concentrations
Concentration risk (as a percent)			52.50%		52.30%
Real estate investments | Geographical concentrations | Washington, D.C.
Concentrations
Concentration risk (as a percent)			31.10%		31.20%
Real estate investments | Geographical concentrations | Texas
Concentrations
Concentration risk (as a percent)			7.40%		7.40%
Real estate investments | Geographical concentrations | North Carolina
Concentrations
Concentration risk (as a percent)			5.40%		5.50%
Real estate investments | Geographical concentrations | New York
Concentrations
Concentration risk (as a percent)			3.60%		3.60%

SEGMENT DISCLOSURE (Details)

SEGMENT DISCLOSURE (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)
Segment disclosure
Number of types of commercial real estate properties | item			3
Revenues	$ 66,919	$ 65,187	$ 134,158	$ 127,784
Property expenses:
General and administrative	1,955	2,357	4,547	3,131
EXPENSES	65,921	61,017	133,390	118,248
Reportable segments
Property expenses:
Total segment net operating income	33,693	34,582	67,786	67,215
Reportable segments | Office
Segment disclosure
Revenues	47,084	45,181	93,699	88,455
Property expenses:
Operating	20,060	17,933	39,451	35,586
General and administrative	113	76	426	392
EXPENSES	20,173	18,009	39,877	35,978
Total segment net operating income	26,911	27,172	53,822	52,477
Reportable segments | Hotel
Segment disclosure
Revenues	15,822	14,798	31,541	29,137
Property expenses:
Operating	9,987	9,923	20,664	19,769
General and administrative	38	36	79	73
EXPENSES	10,025	9,959	20,743	19,842
Total segment net operating income	5,797	4,839	10,798	9,295
Reportable segments | Multi-family
Segment disclosure
Revenues	4,013	5,208	8,918	10,192
Property expenses:
Operating	2,938	2,583	5,579	4,670
General and administrative	90	54	173	79
EXPENSES	3,028	2,637	5,752	4,749
Total segment net operating income	$ 985	$ 2,571	$ 3,166	$ 5,443

SEGMENT DISCLOSURE (Details 2)

SEGMENT DISCLOSURE (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment disclosure
Interest	$ (5,586)	$ (4,565)	$ (10,989)	$ (8,602)
General and administrative	(1,955)	(2,357)	(4,547)	(3,131)
Asset management fees and other fees to related parties	(7,456)	(6,338)	(14,665)	(12,075)
Transaction costs	(373)	(32)	(801)	(500)
Depreciation and amortization	(17,566)	(17,286)	(36,694)	(33,915)
Bargain purchase gain				4,918
INCOME FROM CONTINUING OPERATIONS	998	4,170	768	14,454
Income from operations of assets held for sale	3,984	4,344	6,946	5,277
INCOME FROM DISCONTINUED OPERATIONS	3,984	4,344	6,946	5,277
NET INCOME	4,982	8,514	7,714	19,731
Net income attributable to noncontrolling interests	(6)	(115)	(6)	(113)
NET INCOME ATTRIBUTABLE TO STOCKHOLDERS	4,976	8,399	7,708	19,618
Reportable segments
Segment disclosure
Total segment net operating income	33,693	34,582	67,786	67,215
Reconciliation
Segment disclosure
Interest	(5,586)	(4,565)	(10,989)	(8,602)
General and administrative	(1,714)	(2,191)	(3,869)	(2,587)
Asset management fees and other fees to related parties	(7,456)	(6,338)	(14,665)	(12,075)
Transaction costs	(373)	(32)	(801)	(500)
Depreciation and amortization	$ (17,566)	$ (17,286)	$ (36,694)	$ (33,915)

SEGMENT DISCLOSURE (Details 3)

SEGMENT DISCLOSURE (Details 3) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment disclosure
Total assets	$ 2,090,788		$ 2,094,682
Lending assets held for sale	217,418		208,799
Total capital expenditures	15,820	$ 12,578
Loan originations included in assets held for sale	41,121	25,191
Total capital expenditures and loan originations	56,941	37,769
Office
Segment disclosure
Total capital expenditures	14,200	11,428
Hotel
Segment disclosure
Total capital expenditures	738	721
Multi-family
Segment disclosure
Total capital expenditures	882	$ 429
Reportable segments
Segment disclosure
Lending assets held for sale	217,418		208,799
Reportable segments | Office
Segment disclosure
Total assets	1,517,155		1,534,610
Reportable segments | Hotel
Segment disclosure
Total assets	177,284		174,679
Reportable segments | Multi-family
Segment disclosure
Total assets	170,241		171,226
Non-segment
Segment disclosure
Total assets	$ 8,690		$ 5,368