Creative Media & Community Trust (CMCT) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 03, 2016
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, 2016
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		87,676,197
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Investments in real estate, net	$ 1,625,070	$ 1,691,711
Cash and cash equivalents	37,593	124,636
Restricted cash	82,460	7,267
Accounts receivable, net	11,111	10,726
Deferred rent receivable and charges, net	103,104	97,225
Other intangible assets, net	15,634	17,353
Other assets	95,097	14,150
Assets held for sale-net	181,028	128,992
TOTAL ASSETS	2,151,097	2,092,060
LIABILITIES:
Debt	939,767	656,835
Accounts payable and accrued expenses	39,639	40,049
Intangible liabilities, net	4,824	6,086
Due to related parties	9,773	9,472
Other liabilities	40,129	29,531
Liabilities associated with assets held for sale	52,994	52,740
Total liabilities	1,087,126	794,713
COMMITMENTS AND CONTINGENCIES (Note 14)
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 87,676,197 and 97,589,598 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	88	98
Additional paid-in capital	1,633,735	1,820,451
Accumulated other comprehensive income (loss)	(12,889)	(2,519)
Distributions in excess of earnings	(557,876)	(521,620)
Total stockholders' equity	1,063,058	1,296,410
Noncontrolling interests	913	937
Total equity	1,063,971	1,297,347
TOTAL LIABILITIES AND EQUITY	$ 2,151,097	$ 2,092,060

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	900,000,000	900,000,000
Common stock, issued shares	87,676,197	97,589,598
Common stock, outstanding shares	87,676,197	97,589,598

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUES:
Rental and other property income	$ 61,624	$ 63,171	$ 124,472	$ 126,569
Expense reimbursements	3,316	3,263	6,244	6,444
Interest and other income	498	485	1,112	1,145
REVENUES	65,438	66,919	131,828	134,158
EXPENSES:
Rental and other property operating	32,299	32,985	63,577	65,694
Asset management and other fees to related parties	7,492	7,456	15,193	14,665
Interest	7,302	5,586	13,928	10,989
General and administrative	1,712	1,955	3,475	4,547
Transaction costs	118	373	267	801
Depreciation and amortization	18,480	17,566	36,538	36,694
EXPENSES	67,403	65,921	132,978	133,390
Gain on sale of real estate			24,739
INCOME (LOSS) FROM CONTINUING OPERATIONS	(1,965)	998	23,589	768
DISCONTINUED OPERATIONS:
Income from operations of assets held for sale	2,823	3,984	4,252	6,946
NET INCOME FROM DISCONTINUED OPERATIONS	2,823	3,984	4,252	6,946
NET INCOME	858	4,982	27,841	7,714
Net income attributable to noncontrolling interests	(9)	(6)	(12)	(6)
NET INCOME ATTRIBUTABLE TO STOCKHOLDERS	$ 849	$ 4,976	$ 27,829	$ 7,708
BASIC AND DILUTED INCOME (LOSS) PER SHARE:
Continuing operations (in dollars per share)	$ (0.02)	$ 0.01	$ 0.24	$ 0.01
Discontinued operations (in dollars per share)	0.03	0.04	0.04	0.07
Net income (in dollars per share)	$ 0.01	$ 0.05	$ 0.29	$ 0.08
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING
Basic (in shares)	96,683	97,589	97,173	97,586
Diluted (in shares)	96,683	97,589	97,173	97,586

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Consolidated Statements of Comprehensive Income
NET INCOME	$ 858	$ 4,982	$ 27,841	$ 7,714
Other comprehensive income (loss): cash flow hedges	(2,445)		(10,370)
COMPREHENSIVE INCOME (LOSS)	(1,587)	4,982	17,471	7,714
Comprehensive income attributable to noncontrolling interests	(9)	(6)	(12)	(6)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS	$ (1,596)	$ 4,976	$ 17,459	$ 7,708

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions In Excess of Earnings	Treasury Stock	Noncontrolling Interests	Total
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				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
Balance at Dec. 31, 2015	$ 98	1,820,451	$ (2,519)	(521,620)		937	1,297,347
Balance (in shares) at Dec. 31, 2015	97,589,598
Increase (Decrease) in Stockholders' Equity
Distributions to noncontrolling interests						(36)	(36)
Stock-based compensation expense		65					65
Stock-based compensation expense (in shares)	10,176
Issuance of shares pursuant to employment agreement (in shares)	76,423
Repurchase of common stock	$ (10)	(186,781)		(23,541)			(210,332)
Repurchase of common stock (in shares)	(10,000,000)
Common dividends				(40,544)			(40,544)
Other comprehensive income (loss)			(10,370)				(10,370)
Net income				27,829		12	27,841
Balance at Jun. 30, 2016	$ 88	$ 1,633,735	$ (12,889)	$ (557,876)		$ 913	$ 1,063,971
Balance (in shares) at Jun. 30, 2016	87,676,197

Consolidated Statements of Equ7

Consolidated Statements of Equity (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Consolidated Statements of Equity
Common dividends, per share amount	$ 0.4375	$ 0.4375

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 27,841	$ 7,714
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent and amortization of intangible assets, liabilities and lease inducements	(2,637)	(2,893)
Depreciation and amortization	36,538	36,694
Gain on sale of real estate	(24,739)
Straight line rent, below-market ground lease and amortization of intangible assets	885	1,000
Amortization of deferred loan costs	1,967	1,538
Amortization of premiums and discounts on debt	(543)	(634)
Unrealized premium adjustment	835	727
Amortization and accretion on loans receivable, net	(419)	(2,234)
Bad debt expense	(60)	982
Deferred income taxes	76	(26)
Stock-based compensation	65	717
Loans funded, held for sale to secondary market	(22,105)	(16,438)
Proceeds from sale of guaranteed loans	21,579	17,365
Principal collected on loans subject to secured borrowings	1,883	2,365
Other operating activity	1,020	(192)
Changes in operating assets and liabilities:
Accounts receivable and interest receivable	(1,574)	(2,045)
Other assets	(1,107)	(1,681)
Accounts payable and accrued expenses	(1,779)	(3,956)
Deferred leasing costs	(6,532)	(2,926)
Other liabilities	2,063	352
Due to related parties	301	621
Net cash provided by operating activities	33,558	37,050
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate	(18,121)	(14,074)
Proceeds from sale of real estate property, net	42,782
Loans funded	(27,871)	(24,683)
Principal collected on loans	26,164	13,058
Restricted cash	(76,956)	1,200
Other investing activity	1,042	184
Net cash used in investing activities	(52,960)	(24,315)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (payment of) mortgages loans, net	309,170	(15,692)
(Payment of) proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes, net	(107,000)	55,000
Payment of principal on secured borrowings	(11,965)	(2,365)
Proceeds from secured borrowings	9,956
Payment of deferred preferred stock offering costs	(362)
Payment of deferred loan costs	(1,076)	(3,415)
Payment of dividends	(40,544)	(42,693)
Repurchase of common stock	(210,060)
Contributions from noncontrolling interests		110
Noncontrolling interests' distributions	(36)	(38)
Net cash used in by financing activities	(51,917)	(9,093)
Change in cash balances included in assets held for sale	(15,724)	1,295
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(87,043)	4,937
CASH AND CASH EQUIVALENTS:
Beginning of period	124,636	17,615
End of period	37,593	22,552
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	13,717	10,520
Federal income taxes paid	50	505
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Additions to investments in real estate included in accounts payable and accrued expenses	9,392	5,115
Additions to investments in real estate included in other assets		4,224
Net decrease in fair value of derivatives applied to other comprehensive income (loss)	(10,370)
Reduction of loan receivable and secured borrowing due to the SBA's repurchase of the guaranteed portion of loans	2,663
Additions to deferred loan costs included in accounts payable and accrued expenses	626	$ 67
Expenses related to repurchase of common stock included in accounts payable and accrued expenses	272
Proceeds receivable from closed mortgage loans included loans included in other assets	80,687
Additions to deferred preferred stock offering costs included in accounts payable and accrued expenses	$ 984

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	6 Months Ended
	Jun. 30, 2016
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS CIM Commercial Trust Corporation ("CIM Commercial" or the "Company") or together with its wholly-owned subsidiaries, (which, together with CIM Commercial, may be referred to as "we," "us" or "our") primarily invests in, owns, and operates Class A and creative office investments in vibrant and improving urban communities throughout the United States. These communities are located in areas that include traditional downtown areas and suburban main streets, which have high barriers-to-entry, high population density, improving demographic trends and a propensity for growth. We also generate income from the yield and other related fee income earned on our investments from our lending activities. As discussed in Note 6, the lending segment is held for sale at June 30, 2016 and December 31, 2015. We were originally organized in 1993 as PMC Commercial Trust ("PMC Commercial"), a Texas real estate investment trust. On July 8, 2013, PMC Commercial entered into a merger agreement (the "Merger Agreement") with CIM Urban REIT, LLC ("CIM REIT") and subsidiaries of the respective parties. CIM REIT was a private commercial REIT and was the owner of CIM Urban Partners, L.P. ("CIM Urban"). The transaction (the "Merger") was completed on March 11, 2014 (the "Acquisition Date"). The Merger was accounted for as a reverse acquisition under the acquisition method of accounting with CIM Urban considered to be the accounting acquirer based upon the terms of the Merger Agreement. Based on the determination that CIM Urban was the accounting acquirer in the transaction, CIM Urban allocated the purchase price to the fair value of PMC Commercial's assets and liabilities as of the Acquisition Date. Pursuant to the Merger Agreement, an affiliate of CIM REIT and CIM Urban received 4,400,000 shares of newly-issued PMC Commercial common stock ("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 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 at the time. On April 28, 2014, PMC Commercial's charter was amended to increase the authorized shares of stock of PMC Commercial from 100,000,000 to 1,000,000,000 shares and PMC Commercial changed its state of incorporation 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 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 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.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2016
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. 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, 2015, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 15, 2016. Interim Financial Information —The accompanying interim consolidated financial statements of CIM Commercial have been prepared by our management in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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 15, 2016. Principles of Consolidation —The consolidated financial statements include the accounts of CIM Commercial and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Investments in Real Estate —Real estate acquisitions are recorded at cost as of the acquisition date. Costs related to the acquisition of properties are expensed as incurred. Investments in real estate are stated at depreciated cost. Depreciation and amortization are recorded on a straight line basis over the estimated useful lives as follows: Buildings and improvements 15 - 40 years Furniture, fixtures, and equipment 3 - 5 years Tenant improvements Shorter of the useful lives or the terms of the related leases Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred. Investments in real estate are evaluated for impairment on a quarterly basis or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the future net cash flows, undiscounted and without interest, expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The estimated fair value of the asset group identified for step two of the impairment testing under GAAP is based on either the income approach with market discount rate, terminal capitalization rate and rental rate assumptions being most critical, or on the sales comparison approach to similar properties. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. No impairment of long-lived assets was recognized during the three and six months ended June 30, 2016 and 2015. Derivative Financial Instruments —As part of risk management and operational strategies, from time to time, we may enter into derivative contracts with various counterparties. All derivatives are recognized on the balance sheet at their estimated fair value. On the date that we enter into a derivative contract, we designate the derivative as a fair value hedge, a cash flow hedge, a foreign currency fair value or cash flow hedge, a hedge of a net investment in a foreign operation, or a trading or non-hedging instrument. Changes in the estimated fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are initially recorded in other comprehensive income ("OCI"), and are subsequently reclassified into earnings as a component of interest expense when the variability of cash flows of the hedged transaction affects earnings (e.g., when periodic settlements of a variable-rate asset or liability are recorded in earnings). Any hedge ineffectiveness (which represents the amount by which the changes in the estimated fair value of the derivative differ from the variability in the cash flows of the forecasted transaction) is recognized in current-period earnings as a component of interest expense. When an interest rate swap designated as a cash flow hedge no longer qualifies for hedge accounting, we recognize changes in estimated fair value of the hedge previously deferred to accumulated other comprehensive income ("AOCI"), along with any changes in estimated fair value occurring thereafter, through earnings. We classify cash flows from interest rate swap agreements as net cash provided from operating activities on the consolidated statements of cash flows as our accounting policy is to present the cash flows from the hedging instruments in the same category in the consolidated statements of cash flows as the category for the cash flows from the hedged items. See Note 11 for disclosures about our derivative financial instruments and hedging activities. Loans Receivable —Our loans receivable included in assets held for sale are carried at their unamortized principal balance less unamortized acquisition discounts and premiums, retained loan discounts and loan loss reserves. For loans originated under the Small Business Administration's ("SBA") 7(a) Guaranteed Loan Program ("SBA 7(a) Program"), we sell the portion of the loan that is guaranteed by the SBA. Upon sale of the SBA guaranteed portion of the loans, which are accounted for as sales, the unguaranteed portion of the loan retained by us is valued on a fair value basis and a discount (the "Retained Loan Discount") is recorded as a reduction in basis of the retained portion of the loan. At the Acquisition Date, the carrying value of our loans was adjusted to estimated fair market value and acquisition discounts of $33,907,000 were recorded, which are being accreted to interest and other income, included in income from operations of assets held for sale, using the effective interest method. We sold substantially all of our commercial mortgage loans with unamortized acquisition discounts of $15,951,000 to an unrelated third party in December 2015 (see Note 6). Acquisition discounts of $2,602,000 remained as of June 30, 2016 which have not yet been accreted to income. A loan receivable is generally classified as non-accrual (a "Non-Accrual Loan") if (i) it is past due as to payment of principal or interest for a period of 60 days or more, (ii) any portion of the loan is classified as doubtful or is charged-off or (iii) the repayment in full of the principal and/or interest is in doubt. Generally, loans are charged-off when management determines that we will be unable to collect any remaining amounts due under the loan agreement, either through liquidation of collateral or other means. Interest income, included in discontinued operations, on a Non-Accrual Loan is recognized on either the cash basis or the cost recovery basis. On a quarterly basis, and more frequently if indicators exist, we evaluate the collectability of our loans receivable. Our evaluation of collectability involves judgment, estimates, and a review of the ability of the borrower to make principal and interest payments, the underlying collateral and the borrowers' business models and future operations in accordance with Accounting Standards Codification ("ASC") 450-20, Contingencies—Loss Contingencies , and ASC 310-10, Receivables . For the three and six months ended June 30, 2016, we recorded a net impairment of $7,000 and a net recovery of $236,000 on our loans receivable, respectively. For the three and six months ended June 30, 2015, we recorded a net recovery of $36,000 and a net impairment of $65,000 on our loans receivable, respectively. 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 leasing costs, and deferred charges associated with the preferred stock offering (see Note 10). Deferred rent receivable is $60,667,000 and $58,612,000 at June 30, 2016 and December 31, 2015, 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 $64,678,000 and $59,225,000 are presented net of accumulated amortization of $23,587,000 and $20,612,000 at June 30, 2016 and December 31, 2015, respectively. Deferred charges associated with the preferred stock offering are $1,346,000 and $0 at June 30, 2016 and December 31, 2015, respectively. Noncontrolling Interests —Noncontrolling interests represent the interests in various properties owned by third parties. Restricted Cash —Our mortgage loan and hotel management agreements provide for depositing cash into restricted accounts reserved for property taxes, insurance, capital expenditures, free rent, tenant improvement and leasing commission obligations. Restricted cash also includes cash proceeds from dispositions that are temporarily held at qualified intermediaries for purposes of facilitating like-kind exchanges under Section 1031 of the Internal Revenue Code ("Section 1031 Exchange"), which allows the gain on sale of real estate to be deferred for income tax purposes. As of June 30, 2016, net proceeds of $42,782,000 from the sale of a hotel property in February 2016 (see Note 3) held at a qualified intermediary in connection with a Section 1031 Exchange is included in restricted cash. The proceeds were released to us by the qualified intermediary in August 2016 as we decided not to pursue like-kind exchanges within the required period. Assets Held for Sale and Discontinued Operations —We classify assets as held for sale, if material, when they meet the necessary criteria, which include: a) management commits to and actively embarks upon a plan to sell the assets, b) the assets to be sold are available for immediate sale in their present condition, c) the sale is expected to be completed within one year under terms usual and customary for such sales and d) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally believe that we meet these criteria when the plan for sale has been approved by our board of directors (the "Board of Directors"), there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year. Assets held for sale are recorded at the lower of cost or estimated fair value less cost to sell. In addition, if we were to determine that the asset disposal associated with assets held for sale or disposed of represents a strategic shift, the revenues, expenses and net gain (loss) on dispositions would be recorded in discontinued operations for all periods presented through the date of the applicable disposition. Consolidation Considerations for Our Investments in Real Estate —ASC 810-10, Consolidation , addresses how a business enterprise should evaluate whether it has a controlling interest in an entity through means other than voting rights that would require the entity to be consolidated. We analyze our investments in real estate in accordance with this accounting standard to determine whether they are variable interest entities, and if so, whether we are the primary beneficiary. Our judgment with respect to our level of influence or control over an entity and whether we are the primary beneficiary of a variable interest entity involves consideration of various factors, including the form of our ownership interest, our voting interest, the size of our investment (including loans), and our ability to participate in major policy-making decisions. Our ability to correctly assess our influence or control over an entity affects the presentation of these investments in our consolidated financial statements. Use of Estimates —The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. We adopted ASU 2015-03 retrospectively in our fiscal quarter ended March 31, 2016. As a result of the retrospective adoption, we reclassified unamortized debt issuance costs of $6,113,000 as of December 31, 2015 from deferred rent receivable and charges to debt on the accompanying consolidated balance sheets. Adoption of this standard did not impact results of operations, retained earnings, or cash flows in the current or previous interim and annual reporting periods. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which is designed to improve the recognition and measurement of financial instruments through targeted changes to existing GAAP. The ASU requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price; and (v) assess a valuation allowance on deferred tax assets related to unrealized losses of available-for-sale debt securities in combination with other deferred tax assets. In addition, the ASU provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The ASU also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. For public business entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption by public entities to financial statements that have not yet been issued is permitted only for the provision related to instrument-specific credit risk. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which is intended to improve financial reporting about leasing transactions. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires a lessee to recognize only capital leases on the balance sheet, the new ASU will require a lessee to recognize both types of leases on the balance sheet. The lessor accounting will remain largely unchanged from current GAAP. However, the ASU contains some targeted improvements that are intended to align, where necessary, lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2018. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815) , which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not require de-designation of that hedging relationship provided that all other hedging criteria continue to be met. The new standard is effective for public entities for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016 with early adoption permitted. We are currently evaluating the impact, if any, the new standard may have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations included in Topic 606 by clarifying the following: (i) an entity determines whether it is a principal or an agent for each specified good or service promised to the customer; (ii) an entity determines the nature of each specified good or service; (iii) when another party is involved in providing goods or services to a customer, an entity that is a principal obtains control of (a) a good or another asset from the other party, (b) a right to a service that will be performed by another party, or (c) a good or service from the other party that it combines with other goods or services; and (iv) the purpose of the indicators in the guidance is to support or assist in the assessment of control. 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 reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for share-based payment transactions, including accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, minimum statutory tax withholding requirements, and classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. In addition, the ASU eliminates certain guidance in ASC 718, which was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment . For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is permitted and an entity that elects early adoption must adopt all of the amendments in the same period. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which is intended to clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The amendments in the ASU are expected to reduce the cost and complexity of applying the guidance on identifying promised goods or services and improve the operability and understandability of the licensing implementation guidance. 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 reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity. The amendments in the ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2019. Early adoption is permitted for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2018. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 2016
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS	3. ACQUISITIONS AND DISPOSITIONS The fair value of real estate acquired is recorded to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, and furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, in-place leases and acquired ground leases, if any, based in each case on their respective fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market rate loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate. There were no acquisitions during the six months ended June 30, 2016 and 2015. On February 2, 2016, we sold a 100% fee-simple interest in the Courtyard Oakland located in Oakland, California to an unrelated third party. Property Asset Type Date of Sale Rooms Sales Price Gain on Sale (in thousands) Courtyard Oakland, Oakland, CA Hotel February 2, 2016 $ $ In addition, on July 19, 2016, we sold a 100% fee-simple interest in LAX Holiday Inn located in Los Angeles, California to an unrelated third party for $52,500,000 and recognized a gain of approximately $16,382,000. LAX Holiday Inn was held for sale as of June 30, 2016. The following is a reconciliation of the carrying amounts of assets and liabilities of LAX Holiday Inn that are classified as held for sale on the consolidated balance sheets as of June 30, 2016: (in thousands) Assets Investments in real estate, net $ Cash and cash equivalents Restricted cash Accounts receivable, net Other assets ​ ​ ​ ​ ​ Total assets $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Accounts payable and accrued expenses $ Other liabilities ​ ​ ​ ​ ​ Total liabilities $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE	6 Months Ended
	Jun. 30, 2016
INVESTMENTS IN REAL ESTATE
INVESTMENTS IN REAL ESTATE	4. INVESTMENTS IN REAL ESTATE Investments in real estate consist of the following: June 30, 2016 December 31, 2015 (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 $16,030,000 and $15,063,000 for the three months ended June 30, 2016 and 2015, respectively, and $31,703,000 and $31,343,000 for the six months ended June 30, 2016 and 2015, respectively.

OTHER INTANGIBLE ASSETS

OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 is as follows: Assets Liabilities June 30, 2016 Acquired Above-Market Leases Acquired In-Place Leases Tax Abatement Acquired Below-Market Ground Lease Acquired Below-Market Leases (in thousands) Gross balance $ $ $ $ $ ) Accumulated amortization ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average useful life (in years) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Liabilities December 31, 2015 Acquired Above-Market Leases Acquired In-Place Leases Tax Abatement Franchise Affiliation Fee(1) Acquired Below-Market Ground Lease Acquired Below-Market Leases (in thousands) Gross balance $ $ $ $ $ $ ) Accumulated amortization ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average useful life (in years) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Franchise affiliation fee is associated with the Courtyard Oakland, which was sold in February 2016 (see Note 3). The amortization of the above-market leases which decreased rental and other property income was $26,000 and $79,000 for the three months ended June 30, 2016 and 2015, respectively, and $64,000 and $158,000 for the six months ended June 30, 2016 and 2015, respectively. The amortization of the below-market leases included in rental and other property income was $631,000 and $655,000 for the three months ended June 30, 2016 and 2015, respectively, and $1,262,000 and $1,310,000 for the six months ended June 30, 2016 and 2015, respectively. The amortization of in-place leases included in depreciation and amortization expense was $368,000 and $519,000 for the three months ended June 30, 2016 and 2015, respectively, and $748,000 and $1,048,000 for the six months ended June 30, 2016 and 2015, respectively. Included in depreciation and amortization expense was franchise affiliation fee amortization of $0 and $99,000 for the three months ended June 30, 2016 and 2015, respectively, and $33,000 and $198,000 for the six months ended June 30, 2016 and 2015, respectively. Tax abatement amortization of $138,000 for each of the three months ended June 30, 2016 and 2015, and $276,000 for each of the six months ended June 30, 2016 and 2015 was included in rental and other property operating expenses. The amortization of below-market ground lease obligation of $35,000 for each of the three months ended June 30, 2016 and 2015, and $70,000 for each of the six months ended June 30, 2016 and 2015 was 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, 2016 is as follows: Assets Liabilities Years Ending December 31, Acquired Above-Market Leases Acquired In-Place Leases Tax Abatement Acquired Below-Market Ground Lease Acquired Below-Market Leases (in thousands) 2016 (Six months ending December 31, 2016) $ $ $ $ $ ) 2017 ) 2018 ) 2019 — ) 2020 — — — Thereafter — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2016
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	6. DISCONTINUED OPERATIONS We have reflected the lending segment, which was acquired on the Acquisition Date, as held for sale at June 30, 2016 and December 31, 2015, based on a plan approved by the Board of Directors to sell the lending segment that, when completed, will result in the deconsolidation of the lending segment. During July 2015, to maximize value, we modified our strategy from a strategy of selling the lending segment as a whole to a strategy of soliciting buyers for components of the business. This change in the sale methodology resulted in the need to extend the period to complete the sale of the lending segment beyond one year. In connection with our plan, we have expensed transaction costs of $11,000 and $61,000 as incurred during the three months ended June 30, 2016 and 2015, respectively, and $20,000 and $224,000 during the six months ended June 30, 2016 and 2015, respectively. In December 2015, pursuant to the modified plan, we sold substantially all of our commercial mortgage loans to an unrelated third party and recognized a gain of $5,151,000. We are continuing our efforts and are actively soliciting the sale of the remainder of the lending segment. The following is a reconciliation of the carrying amounts of assets and liabilities of the lending segment that are classified as held for sale on the consolidated balance sheets as of June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 (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, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2016 December 31, 2015 (in thousands) Commercial mortgage loans $ $ SBA 7(a) loans, subject to secured borrowings SBA 7(a) loans Commercial real estate loans, subject to secured borrowings ​ ​ ​ ​ ​ ​ ​ ​ Loans receivable Deferred capitalized costs, net Loan loss reserves ) ) ​ ​ ​ ​ ​ ​ ​ ​ Loans receivable, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, Subject to Secured Borrowings —Represents mezzanine loans secured by an indirect ownership interest in entities that either directly or indirectly own parcels of commercial real estate. These loans have a variable interest rate. Debt consists of the following: June 30, 2016 December 31, 2015 (in thousands) Secured Borrowings—Government Guaranteed Loans: Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.14% and 3.90% at June 30, 2016 and December 31, 2015, respectively $ $ Secured borrowing principal on loans sold for excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.83% and 1.58% at June 30, 2016 and December 31, 2015, respectively ​ ​ ​ ​ ​ ​ ​ ​ Total Secured Borrowings—Government Guaranteed Loans ​ ​ ​ ​ ​ ​ ​ ​ Secured Borrowings—Commercial Real Estate Loans: Secured borrowings based on 49% of the principal on commercial real estate loans with variable interest rates, reset monthly, based on 30-day LIBOR with weighted average coupon rate of 12.50% and 9.77% at June 30, 2016 and December 31, 2015, respectively ​ ​ ​ ​ ​ ​ ​ ​ Total Secured Borrowings—Commercial Real Estate Loans ​ ​ ​ ​ ​ ​ ​ ​ Unamortized premiums and discounts, net ​ ​ ​ ​ ​ ​ ​ ​ Total Secured Borrowings $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured Borrowings —Represents sold loans which are treated as secured borrowings since the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Secured Borrowing and Collateral . To the extent secured borrowings are for government guaranteed loans, they may include cash premiums which are included in secured borrowings and amortized as a reduction to interest expense over the life of the loan using the effective interest method and fully amortized when the underlying loan is repaid in full. Future principal payments on our lending segment debt (face value) at June 30, 2016 are as follows: Years Ending December 31, Secured Borrowings Principal(1) (in thousands) 2016 (Six months ending December 31, 2016) $ 2017 2018 2019 2020 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 statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) Revenue —Interest and other income $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses: Interest expense Fees to related party General and administrative Provision for income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from operations of assets held for sale $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

DEBT

DEBT	6 Months Ended
	Jun. 30, 2016
DEBT
DEBT	7. DEBT Information on our debt is as follows: June 30, 2016 December 31, 2015 (in thousands) Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $392,000,000 due on July 1, 2026. The loans are 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 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 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 balances totaling $26,232,000 due on June 5, 2021. The loan is nonrecourse. ​ ​ ​ ​ ​ ​ ​ ​ Deferred loan costs related to mortgage loans ) ) Premiums and discounts on assumed mortgages, net ​ ​ ​ ​ ​ ​ ​ ​ 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 term loan facility Unsecured credit facility — ​ ​ ​ ​ ​ ​ ​ ​ Deferred loan costs related to unsecured term loan and 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. 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 $12,147,000 and $10,445,000 are presented net of accumulated amortization of $6,299,000 and $4,332,000 at June 30, 2016 and December 31, 2015, respectively. 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) London Interbank Offered Rate ("LIBOR") plus 1.20% to 2.00%, depending on the maximum consolidated leverage ratio. Outstanding advances under the term loans bore 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, under certain conditions, two one-year extension options. We intend to exercise the first extension option in August 2016. At June 30, 2016, $0 was outstanding under the credit facility and $450,000,000 was available for future borrowings, while at December 31, 2015, $107,000,000 ($0 under the revolver and $107,000,000 under the term loans) was outstanding under the credit facility and $450,000,000 was available for future borrowings. Proceeds from the unsecured credit facility were used for acquisitions, funding of the tender offer (see Note 10), general corporate purposes, and to repay mortgage loans and outstanding balances under our prior unsecured credit facilities. In June 2016, we entered into six mortgage loan agreements with an aggregate principal amount of $392,000,000. A portion of the net proceeds from the loans was used to repay outstanding balances under our unsecured credit facility. At December 31, 2015, the interest rate on the outstanding balances under this unsecured credit facility was 1.57%. 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 unsecured credit facility described above; covenants under the term loan facility are substantially the same as those in the $850,000,000 unsecured credit facility. Outstanding advances under the term loan facility bear interest at (i) the base rate plus 0.60% to 1.25% or (ii) LIBOR plus 1.60% to 2.25%, depending on the maximum consolidated leverage ratio. The unused portion of the term loan facility was also subject to an unused fee of 0.20%. With some exceptions, any prepayment of the term loan facility prior to May 2017 will be subject to a prepayment fee up to 2% of the outstanding principal amount. The term loan facility matures in May 2022. On November 2, 2015, $385,000,000 was drawn under the term loan facility. At June 30, 2016 and December 31, 2015, $385,000,000 was outstanding under the term loan facility. Proceeds from the term loan facility were used to repay balances outstanding under our unsecured credit facility. At June 30, 2016 and December 31, 2015, the variable interest rate on this unsecured term loan facility was 2.06% and 1.84%, respectively. The interest rate of the loan has been effectively converted to a fixed rate of 3.16% until May 8, 2020 through interest rate swaps (see Note 11). At June 30, 2016 and December 31, 2015, we were in compliance with all of our respective financial covenants. At June 30, 2016 and December 31, 2015, accrued interest and unused commitment fees payable of $1,525,000 and $1,688,000, respectively, are included in accounts payable and accrued expenses. Future principal payments on our debt (face value) at June 30, 2016 are as follows: Years Ending December 31, Mortgages Payable Other(1) Total (in thousands) 2016 (Six months ending December 31, 2016) $ $ — $ 2017 — 2018 — 2019 — 2020 — Thereafter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the junior subordinated notes and unsecured term loan facility.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	6 Months Ended
	Jun. 30, 2016
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 2015 Equity Incentive Plan, which vested in April 2016 based on a year of continuous service. In addition, in May 2016, 3,392 restricted shares of Common Stock were granted to each of the independent members of the Board of Directors (10,176 in aggregate) under the 2015 Equity Incentive Plan, which will vest over a year of continuous service. Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period. We recorded compensation expense of $32,000 and $27,000 for the three months ended June 30, 2016 and 2015, respectively, and $59,000 for each of the six months ended June 30, 2016 and 2015, related to these restricted shares of Common Stock. We issued to two of our executive officers an aggregate of 2,000 shares of Common Stock on May 6, 2014 and an aggregate of 2,000 shares of Common Stock on March 6, 2015. The restricted shares of Common Stock vest based on two years of continuous service with one-third of the shares of Common Stock vesting immediately upon issuance and one-third vesting at the end of each of the next two years from the date of issuance. Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period. We recognized compensation expense of $1,000 and $8,000 for the three months ended June 30, 2016 and 2015, respectively, and $6,000 and $26,000 for the six months ended June 30, 2016 and 2015, respectively, related to these restricted shares of Common Stock. As of June 30, 2016, there was $164,000 of total unrecognized compensation expense related to shares of Common Stock which will be recognized over the next year.

EARNINGS PER SHARE (''EPS'')

EARNINGS PER SHARE (''EPS'')	6 Months Ended
	Jun. 30, 2016
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 shares of Common Stock outstanding were 96,683,000 and 97,589,000 for the three months ended June 30, 2016 and 2015, respectively, and 97,173,000 and 97,586,000 for the six months ended June 30, 2016 and 2015, respectively. We had no dilutive securities outstanding for each of the three and six months ended June 30, 2016 and 2015. 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. In addition, EPS are calculated independently for each component and may not be additive due to rounding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2016
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	10. STOCKHOLDERS' EQUITY Dividends Dividends per share of Common Stock declared during the six months ended June 30, 2016 and 2015 consisted of the following: Declaration Date Payment Date Dividend Per Common Share June 10, 2016 June 28, 2016 $ March 8, 2016 March 29, 2016 June 12, 2015 June 29, 2015 March 6, 2015 March 27, 2015 Tender Offer On May 16, 2016, we announced a cash tender offer to purchase up to 10 million shares of our Common Stock at a price of $21.00 per share. The tender offer expired on June 13, 2016. The tender offer was oversubscribed and pursuant to the terms of the tender offer, shares of Common Stock were accepted on a pro rata basis. In connection with the tender offer, we repurchased and retired 10 million shares of our Common Stock for an aggregate purchase price of $210 million, excluding fees and expenses related to the tender offer, which were $332,000. Based on the actual total number of shares tendered, CIM REIT received approximately $208 million of the aggregate purchase price paid. We funded the tender offer using available cash from asset sales and borrowings on our unsecured credit facility. The purchased shares represented approximately 10.24% of our then-outstanding shares of Common Stock. As a result of the repurchase, our stockholders' equity was reduced by the amount we paid for the repurchased shares and the related expenses. For further information regarding the terms and conditions of the tender offer, please refer to information in the Tender Offer Statement on Schedule TO filed with the SEC on May 16, 2016 and subsequent amendments thereto. Preferred Stock On April 22, 2016, we filed a registration statement with the SEC for up to $900 million of Series A Preferred Stock, par value $0.001 per share, of the Company (the "Series A Preferred Stock") and warrants ("Warrants") to purchase 0.25 of a share of Common Stock, which was declared effective on July 1, 2016 by the SEC. The registration statement allows us to offer up to a maximum of 36 million units (each a "Unit"), with each Unit consisting of one share of Series A Preferred Stock having a $25 stated value per share and one Warrant to purchase 0.25 of a share of Common Stock. Holders of Series A Preferred Stock are entitled to receive, when, and as declared by the Board of Directors, cumulative cash dividends on each share of Series A Preferred Stock at an annual rate of 5.5% of the stated value. The exercise price of each Warrant will be at a 15% premium to the per share estimated net asset value of our Common Stock (as most recently published by us at the time of the issuance). For further information regarding the terms and conditions of the offering of Series A Preferred Stock and warrants, please refer to information in the Registration Statement on Form S-11 filed with the SEC on April 22, 2016 and the subsequent amendment thereto. The offering is being conducted on a reasonable best efforts basis. At June 30, 2016, no shares of Series A Preferred Stock are outstanding.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2016
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	11. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Hedges of Interest Rate Risk In order to manage financing costs and interest rate exposure related to our $385,000,000 unsecured term loan facility (see Note 7), on August 13, 2015, we entered into interest rate swap agreements with multiple counterparties. These swap agreements became effective on November 2, 2015. Each of our interest rate swap agreements meets the criteria for cash flow hedge accounting treatment and we have designated the interest rate swap agreements as cash flow hedges of the risk of variability attributable to changes in the one-month LIBOR on the term loan facility. Accordingly, the interest rate swaps are recorded on the consolidated balance sheets at fair value and the changes in the fair value of the swaps are recorded in OCI and reclassified to earnings as an adjustment to interest expense as interest becomes receivable or payable (see Note 2). We do not expect any significant losses from counterparty defaults related to our swap agreements. Summary of Derivatives The following table sets forth the key terms of our interest rate swap contracts: Number of Interest Rate Swaps(1)(2) Total Notional Amount Fixed Rates Floating Rate Index Effective Date Expiration Date (in thousands) 10 $ 1.559% - 1.569% One-Month LIBOR 11/2/2015 5/8/2020 (1) See Note 12 for our fair value disclosures. (2) Our interest rate swaps are not subject to master netting arrangements. These swaps hedge the future cash flows of interest payments on our $385,000,000 unsecured term loan facility by fixing the rate until May 8, 2020 at a weighted average rate of 1.563% plus the credit spread, which was 1.60% at June 30, 2016 and December 31, 2015, or an all-in rate of 3.16%. Credit-Risk-Related Contingent Features Each of our interest rate swap agreements contains a provision under which we could also be declared in default under such agreements if we default on the term loan facility. As of June 30, 2016 and December 31, 2015, there have been no events of default under our interest rate swap agreements. Impact of Hedges on AOCI and Consolidated Statements of Operations The changes in the balance of each component of AOCI related to our interest rate swaps designated as cash flow hedges are as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) Accumulated other comprehensive income (loss), at beginning of period $ ) $ — $ ) $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) before reclassifications ) — ) — Amounts reclassified from accumulated other comprehensive income (loss)(1) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current period other comprehensive income (loss) ) — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive income (loss), at end of period $ ) $ — $ ) $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The amounts from AOCI are reclassified as an increase to interest expense in the statements of operations. Future Reclassifications from AOCI We estimate that $4,227,000 related to our derivatives designated as cash flow hedges will be reclassified out of AOCI as an increase to interest expense during the next twelve months.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	12. FAIR VALUE OF FINANCIAL INSTRUMENTS We determine the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs — Quoted prices in active markets for identical assets or liabilities Level 2 Inputs — Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs — Unobservable inputs In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Our derivative financial instruments (see Note 11) are measured at fair value on a recurring basis and are presented on the balance sheet at fair value, on a gross basis, excluding accrued interest. The table below presents the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets: June 30, 2016 December 31, 2015 Level Balance Sheet Location (in thousands) Liabilities: Interest rate swaps $ $ Other liabilities Interest Rate Swaps —We estimate the fair value of our interest rate swaps by calculating the credit-adjusted present value of the expected future cash flows of each swap. The calculation incorporates the contractual terms of the derivatives, observable market interest rates which we consider to be Level 2 inputs, and credit risk adjustments, if any, to reflect the counterparty's as well as our own nonperformance risk. The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on our consolidated balance sheets were as follows: June 30, 2016 December 31, 2015 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, subject to secured borrowings Liabilities: Junior subordinated notes Mortgages payable Management's estimation of the fair value of our financial instruments other than our interest rate swaps is based on a Level 3 valuation in the fair value hierarchy established for disclosure of how a company values its financial instruments. In general, quoted market prices from active markets for the identical financial instrument (Level 1 inputs), if available, should be used to value a financial instrument. If quoted prices are not available for the identical financial instrument, then a determination should be made if Level 2 inputs are available. Level 2 inputs include quoted prices for similar financial instruments in active markets for identical or similar financial instruments in markets that are not active (i.e., markets in which there are few transactions for the financial instruments, the prices are not current, price quotations vary substantially, or in which little information is released publicly). There is limited reliable market information for our financial instruments other than our interest rate swaps and we utilize other methodologies based on unobservable inputs for valuation purposes since there are no Level 1 or Level 2 inputs available. Accordingly, Level 3 inputs are used to measure fair value. In general, estimates of fair value may differ from the carrying amounts of the financial assets and liabilities primarily as a result of the effects of discounting future cash flows. Considerable judgment is required to interpret market data and develop estimates of fair value. Accordingly, the estimates presented are made at a point in time and may not be indicative of the amounts we could realize in a current market exchange. The carrying amounts of our secured borrowings, included in liabilities associated with assets held for sale, and unsecured credit and term loan facilities approximate their fair values, as the interest rates on these securities are variable and approximate current market interest rates. 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, 2016, our assumptions included discount rates ranging from 8.25% to 13.00% and a prepayment rate of 15.00%. At December 31, 2015, our assumptions included discount rates ranging from 8.00% to 12.75% and a prepayment rate of 15.00%. SBA 7(a) Loans Receivable, Subject to Secured Borrowings —These loans receivable represent the government guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings—government guaranteed loans (a liability associated with assets held for sale on our consolidated balance sheets (Note 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 and using a prepayment rate of 15.00% at both June 30, 2016 and December 31, 2015. Commercial Real Estate Loans, Subject to Secured Borrowings —In order to determine the estimated fair value of our commercial real estate loans receivable which consist of mezzanine loans, we use a present value technique for the anticipated future cash flows using certain assumptions including a discount rate of 12.50% and 9.77% at June 30, 2016 and December 31, 2015, respectively. For the purpose of fair value determination, there is no prepayment anticipated and no potential credit deterioration anticipated on our loans at both June 30, 2016 and December 31, 2015. 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 4.48% and 4.44% at June 30, 2016 and December 31, 2015, respectively. Mortgages Payable —The fair values of mortgages payable are estimated based on current interest rates available for debt instruments with similar terms. The fair value of our mortgages payable is sensitive to fluctuations in interest rates. Discounted cash flow analysis is generally used to estimate the fair value of our mortgages payable, using rates ranging from 3.84% to 4.19% and 4.42% to 4.72% at June 30, 2016 and December 31, 2015, respectively.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2016
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	13. RELATED-PARTY TRANSACTIONS In May 2005, CIM Urban and CIM Urban REIT Management L.P., each an affiliate of CIM REIT and CIM Group, L.P. ("CIM Group" or "CIM"), entered into an Investment Management Agreement, pursuant to which CIM Urban engaged CIM Urban REIT Management L.P. to provide investment advisory services to CIM Urban. CIM Investment Advisors, LLC, an affiliate of CIM REIT and CIM Group, registered with the SEC as an investment adviser and, in connection with such registration, CIM Urban entered into a new Investment Management Agreement with CIM Investment Advisors, LLC, in December 2015, on terms substantially similar to those in the previous Investment Management Agreement, pursuant to which CIM Urban engaged CIM Investment Advisors, LLC to provide investment advisory services, and the previous Investment Management Agreement was terminated. "Advisor" refers to CIM Urban REIT Management L.P. prior to December 10, 2015 and to CIM Investment Advisors, LLC on and after December 10, 2015. CIM Urban pays asset management fees to the Advisor on a quarterly basis in arrears. The fee is calculated as a percentage of the daily average adjusted fair value of CIM Urban's investments, as defined, as follows: Daily Average Adjusted Fair Value of CIM Urban's Investments Quarterly Fee Percentage From Greater of To and Including (in thousands) $ — $ % % % % % The Advisor earned asset management fees of $6,238,000 and $6,176,000 for the three months ended June 30, 2016 and 2015, respectively, and $12,716,000 and $12,318,000 for the six months ended June 30, 2016 and 2015, respectively. At June 30, 2016 and December 31, 2015, asset management fees of $6,305,000 and $6,260,000, respectively, were due to the Advisor. CIM Management, Inc. and certain of its affiliates (collectively, the "CIM Management Entities"), all affiliates of CIM REIT and CIM Group, provide property management, leasing, and development services to CIM Urban. The CIM Management Entities earned property management fees, which are included in rental and other property operating expenses, totaling $1,405,000 and $1,463,000 for the three months ended June 30, 2016 and 2015, respectively, and $2,815,000 and $2,926,000 for the six months ended June 30, 2016 and 2015, respectively. CIM Urban also reimbursed the CIM Management Entities $2,245,000 and $2,229,000 during the three months ended June 30, 2016 and 2015, respectively, and $4,007,000 and $4,286,000 for the six months ended June 30, 2016 and 2015, 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 $688,000 and $40,000 for the three months ended June 30, 2016 and 2015, respectively, and $754,000 and $93,000 for the six months ended June 30, 2016 and 2015, respectively, which were capitalized to deferred charges. In addition, the CIM Management Entities earned construction management fees of $410,000 and $222,000 for the three months ended June 30, 2016 and 2015, respectively, and $668,000 and $447,000 for the six months ended June 30, 2016 and 2015, respectively, which were capitalized to investments in real estate. At June 30, 2016 and December 31, 2015, fees payable and expense reimbursements due to the CIM Management Entities of $2,247,000 and $2,230,000, respectively, are included in due to related parties. Also included in due (from) to related parties as of June 30, 2016 and December 31, 2015, was ($474,000) and ($274,000), respectively, due (from) the CIM Management Entities and related parties. On the Acquisition Date, pursuant to the terms of the Merger Agreement, CIM Commercial and its subsidiaries entered into the Master Services Agreement (the "Master Services Agreement") with CIM Service Provider, LLC (the "Manager"), an affiliate of CIM Group, pursuant to which the Manager agrees to provide or arrange for other service providers to provide management and administration services to CIM Commercial and its subsidiaries following the Merger. Pursuant to the Master Services Agreement, we appointed an affiliate of CIM Group as the manager of Urban Partners GP, LLC. Under the Master Services Agreement, CIM Commercial pays a base service fee (the "Base Service Fee") to the Manager initially set at $1,000,000 per year (subject to an annual escalation by a specified inflation factor beginning on January 1, 2015), payable quarterly in arrears. The Manager earned a Base Service Fee of $271,000 and $253,000 for the three months ended June 30, 2016 and 2015, respectively, and $525,000 and $506,000 for the six months ended June 30, 2016 and 2015, respectively. In addition, pursuant to the terms of the Master Services Agreement, the Manager may receive compensation and/or reimbursement 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, 2016 and 2015, 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 $860,000 and $899,000 for the three months ended June 30, 2016 and 2015, respectively, and $1,726,000 and $1,590,000 for the six months ended June 30, 2016 and 2015, respectively, for such services. At June 30, 2016 and December 31, 2015, $1,695,000 and $1,256,000 was due to the Manager, respectively, for such services. On January 1, 2015, we entered into a Staffing and Reimbursement Agreement with CIM SBA Staffing, LLC ("CIM SBA"), an affiliate of CIM Group and our subsidiary, PMC Commercial Lending, LLC, 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, 2016 and 2015, we incurred expenses related to services subject to reimbursement by us under this agreement of $1,032,000 and $1,093,000, respectively, which are included in discontinued operations, and $123,000 and $128,000, respectively, which are included in asset management and other fees to related parties; for the six months ended June 30, 2016 and 2015, we incurred expenses related to such services of $2,094,000 and $2,236,000, respectively, which are included in discontinued operations, and $226,000 and $251,000, respectively, which are included in asset management and other fees to related parties. In addition, we deferred $70,000 and $106,000 for the three months ended June 30, 2016 and 2015, respectively, and $149,000 and $141,000 for the six months ended June 30, 2016 and 2015, respectively, associated with services rendered for originating loans, which are included in loans receivable in our assets held for sale. On October 1, 2015, an affiliate of CIM Group entered into a 5-year lease renewal with respect to a property owned by the Company. We recorded rental and other property income related to this tenant of $27,000 and $26,000 for the three months ended June 30, 2016 and 2015, respectively, and $54,000 and $52,000 for the six months ended June 30, 2016 and 2015, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Loan Commitments —Commitments to extend credit are agreements to lend to a customer provided the terms established in the contract are met. Our outstanding loan commitments (including the unfunded balance of loans which have closed) to fund loans were $162,778,000 at June 30, 2016. Of the total commitments, $144,585,000 was for the unfunded balance of closed commercial real estate loans, approximately $70,900,000 of which is expected to be funded by a participant in those loans through loan participation agreements; the remaining commitments were for prime-based loans to be originated by our subsidiary engaged in SBA 7(a) Program lending, the government guaranteed portion of which is intended to be sold. Commitments generally have fixed expiration dates. Since some commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. General —In connection with the ownership and operation of real estate properties, we have certain obligations for the payment of tenant improvement allowances and lease commissions in connection with new leases and renewals. CIM Commercial had a total of $35,388,000 in future obligations under leases to fund tenant improvements and other future construction obligations at June 30, 2016. At June 30, 2016, $22,346,000 was funded to reserve accounts included in restricted cash on our consolidated balance sheets for tenant improvement obligations in connection with the mortgage loan agreements entered into in June 2016. Employment Agreements —We have employment agreements, effective on the Acquisition Date, with two of our officers. Pursuant to these employment agreements, we issued an aggregate of 76,423 shares of Common Stock under the 2015 Equity Incentive Plan as retention bonuses to these officers in January 2016 (as each executive was not entitled to any disability, death or severance payments on such date). These shares vested immediately. We accrued associated payroll taxes of $444,000 at December 31, 2015, which were paid in January 2016, and recorded compensation expenses of $0 and $316,000 during the three months ended June 30, 2016 and 2015, respectively, and $0 and $632,000 during the six months ended June 30, 2016 and 2015, respectively, related to these retention bonuses. In addition, under certain circumstances, each of these employment agreements currently provides for (1) severance payment equal to the annual base salary paid to the officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual base salary paid to the officers. At June 30, 2016, there was no unrecognized compensation expense related to these awards. Litigation —We are not currently involved in any material pending or threatened legal proceedings nor, to our knowledge, is any material legal proceedings currently threatened against us, other than routine litigation arising in the ordinary course of business. In the normal course of business, we are periodically party to certain legal actions and proceedings involving matters that are generally incidental to our business. While the outcome of these legal actions and proceedings cannot be predicted with certainty, in management's opinion, the resolution of these legal proceedings and actions will not have a material adverse effect on our 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, with increases every five years after July 1, 2015 based on the greater of 15% or 50% of the increase in the Consumer Price Index during a five-year adjustment period. In addition, commencing on July 1, 2040 and July 1, 2065, the rent payable during the balance of the lease term shall be increased by an amount equal to 10% of the rent payable during the immediately preceding lease year. The lease term is through May 31, 2089. If the landlord decides to sell the leased property, we have the right of first refusal. Rent expense under this lease, which includes straight-line rent and amortization of acquired below-market ground lease, was $438,000 for each of the three months ended June 30, 2016 and 2015 and $876,000 for each of the six months ended June 30, 2016 and 2015. We record rent expense on a straight-line basis. Straight-line rent liability of $12,735,000 and $12,180,000 is included in other liabilities in the accompanying consolidated balance sheets as of June 30, 2016 and December 31, 2015, respectively. We lease office space in Dallas, Texas under a lease which expires in May 2018. We recorded rent expense of $56,000 and $72,000 for the three months ended June 30, 2016 and 2015, respectively, and $114,000 and $130,000 for the six months ended June 30, 2016 and 2015, respectively, which is included in discontinued operations. Scheduled future noncancelable minimum lease payments at June 30, 2016 are as follows: Years Ending December 31, (in thousands) 2016 (Six months ending December 31, 2016) $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FUTURE MINIMUM LEASE RENTALS

FUTURE MINIMUM LEASE RENTALS	6 Months Ended
	Jun. 30, 2016
FUTURE MINIMUM LEASE RENTALS
FUTURE MINIMUM LEASE RENTALS	15. FUTURE MINIMUM LEASE RENTALS Future minimum rental revenues under long-term operating leases at June 30, 2016, excluding tenant reimbursements of certain costs, are as follows: Years Ending December 31, Governmental Tenants Other Tenants Total (in thousands) 2016 (Six months ending December 31, 2016) $ $ $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

CONCENTRATIONS

CONCENTRATIONS	6 Months Ended
	Jun. 30, 2016
CONCENTRATIONS
CONCENTRATIONS	16. CONCENTRATIONS Tenant Revenue Concentrations —Rental revenues from the U.S. General Services Administration and other government agencies (collectively, "Governmental Tenants"), which primarily occupy properties located in Washington, D.C., accounted for approximately 19.0% and 22.9% of our rental and other property income for the three months ended June 30, 2016 and 2015, respectively, and 19.5% and 22.8% for the six months ended June 30, 2016 and 2015, respectively. At June 30, 2016 and December 31, 2015, $7,734,000 and $7,968,000, respectively, was due from Governmental Tenants (see Note 15). Geographical Concentrations of Investments in Real Estate —As of June 30, 2016 and December 31, 2015, we owned 20 office properties, five multifamily properties, two and three hotel properties, respectively, three parking garages, and two development sites, one of which is being used as a parking lot. These properties are 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, 2016 2015 2016 2015 California % % % % Washington, D.C. Texas North Carolina New York ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our real estate investments concentrations from properties are as follows: June 30, 2016 December 31, 2015 California (1) % % Washington, D.C. Texas North Carolina New York ​ ​ ​ ​ ​ ​ ​ ​ % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Includes the assets of LAX Holiday Inn that were held for sale at June 30, 2016 (see Note 3).

SEGMENT DISCLOSURE

SEGMENT DISCLOSURE	6 Months Ended
	Jun. 30, 2016
SEGMENT DISCLOSURE
SEGMENT DISCLOSURE	17. 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 properties, as well as a segment for our lending operations, which is held for sale as of June 30, 2016 and 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, 2015 included in our Annual Report on Form 10-K filed with the SEC on March 15, 2016. We evaluate the performance of our real estate segments based on net operating income, which is defined as rental and other property income and expense reimbursements less property related expenses, and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, and transaction costs. The net operating income of our reportable segments included in continuing operations for the three and six months ended June 30, 2016 and 2015 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (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 for the three and six months ended June 30, 2016 and 2015 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) Total segment net operating income $ $ $ $ Asset management and other fees to related parties ) ) ) ) Interest expense ) ) ) ) General and administrative ) ) ) ) Transaction costs ) ) ) ) Depreciation and amortization ) ) ) ) Gain on sale of real estate — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) 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, 2016 and December 31, 2015, along with capital expenditures and loan originations for the six months ended June 30, 2016 and 2015, are as follows: June 30, 2016 December 31, 2015 (in thousands) Condensed assets: Office $ $ Hotel(1) Multifamily Lending assets held for sale Non-segment assets ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2016 2015 (in thousands) Capital expenditures(2): Office $ $ Hotel Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Total capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ Loan originations included in assets held for sale ​ ​ ​ ​ ​ ​ ​ ​ Total capital expenditures and loan originations $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Includes the assets of LAX Holiday Inn that were held for sale at June 30, 2016 (see Note 3). (2) Represents additions and improvements to real estate investments, excluding acquisitions.

BASIS OF PRESENTATION AND SUM26

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
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 ("GAAP"). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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 15, 2016.
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 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, 2016 and 2015.
Derivative Financial Instruments	Derivative Financial Instruments —As part of risk management and operational strategies, from time to time, we may enter into derivative contracts with various counterparties. All derivatives are recognized on the balance sheet at their estimated fair value. On the date that we enter into a derivative contract, we designate the derivative as a fair value hedge, a cash flow hedge, a foreign currency fair value or cash flow hedge, a hedge of a net investment in a foreign operation, or a trading or non-hedging instrument. Changes in the estimated fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are initially recorded in other comprehensive income ("OCI"), and are subsequently reclassified into earnings as a component of interest expense when the variability of cash flows of the hedged transaction affects earnings (e.g., when periodic settlements of a variable-rate asset or liability are recorded in earnings). Any hedge ineffectiveness (which represents the amount by which the changes in the estimated fair value of the derivative differ from the variability in the cash flows of the forecasted transaction) is recognized in current-period earnings as a component of interest expense. When an interest rate swap designated as a cash flow hedge no longer qualifies for hedge accounting, we recognize changes in estimated fair value of the hedge previously deferred to accumulated other comprehensive income ("AOCI"), along with any changes in estimated fair value occurring thereafter, through earnings. We classify cash flows from interest rate swap agreements as net cash provided from operating activities on the consolidated statements of cash flows as our accounting policy is to present the cash flows from the hedging instruments in the same category in the consolidated statements of cash flows as the category for the cash flows from the hedged items. See Note 11 for disclosures about our derivative financial instruments and hedging activities.
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 loans, which are accounted for as sales, the unguaranteed portion of the loan retained by us is valued on a fair value basis and a discount (the "Retained Loan Discount") is recorded as a reduction in basis of the retained portion of the loan. At the Acquisition Date, the carrying value of our loans was adjusted to estimated fair market value and acquisition discounts of $33,907,000 were recorded, which are being accreted to interest and other income, included in income from operations of assets held for sale, using the effective interest method. We sold substantially all of our commercial mortgage loans with unamortized acquisition discounts of $15,951,000 to an unrelated third party in December 2015 (see Note 6). Acquisition discounts of $2,602,000 remained as of June 30, 2016 which have not yet been accreted to income. A loan receivable is generally classified as non-accrual (a "Non-Accrual Loan") if (i) it is past due as to payment of principal or interest for a period of 60 days or more, (ii) any portion of the loan is classified as doubtful or is charged-off or (iii) the repayment in full of the principal and/or interest is in doubt. Generally, loans are charged-off when management determines that we will be unable to collect any remaining amounts due under the loan agreement, either through liquidation of collateral or other means. Interest income, included in discontinued operations, on a Non-Accrual Loan is recognized on either the cash basis or the cost recovery basis. On a quarterly basis, and more frequently if indicators exist, we evaluate the collectability of our loans receivable. Our evaluation of collectability involves judgment, estimates, and a review of the ability of the borrower to make principal and interest payments, the underlying collateral and the borrowers' business models and future operations in accordance with Accounting Standards Codification ("ASC") 450-20, Contingencies—Loss Contingencies , and ASC 310-10, Receivables . For the three and six months ended June 30, 2016, we recorded a net impairment of $7,000 and a net recovery of $236,000 on our loans receivable, respectively. For the three and six months ended June 30, 2015, we recorded a net recovery of $36,000 and a net impairment of $65,000 on our loans receivable, respectively. 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 leasing costs, and deferred charges associated with the preferred stock offering (see Note 10). Deferred rent receivable is $60,667,000 and $58,612,000 at June 30, 2016 and December 31, 2015, 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 $64,678,000 and $59,225,000 are presented net of accumulated amortization of $23,587,000 and $20,612,000 at June 30, 2016 and December 31, 2015, respectively. Deferred charges associated with the preferred stock offering are $1,346,000 and $0 at June 30, 2016 and December 31, 2015, respectively.
Noncontrolling Interests	Noncontrolling Interests —Noncontrolling interests represent the interests in various properties owned by third parties.
Restricted Cash	Restricted Cash —Our mortgage loan and hotel management agreements provide for depositing cash into restricted accounts reserved for property taxes, insurance, capital expenditures, free rent, tenant improvement and leasing commission obligations. Restricted cash also includes cash proceeds from dispositions that are temporarily held at qualified intermediaries for purposes of facilitating like-kind exchanges under Section 1031 of the Internal Revenue Code ("Section 1031 Exchange"), which allows the gain on sale of real estate to be deferred for income tax purposes. As of June 30, 2016, net proceeds of $42,782,000 from the sale of a hotel property in February 2016 (see Note 3) held at a qualified intermediary in connection with a Section 1031 Exchange is included in restricted cash. The proceeds were released to us by the qualified intermediary in August 2016 as we decided not to pursue like-kind exchanges within the required period.
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations —We classify assets as held for sale, if material, when they meet the necessary criteria, which include: a) management commits to and actively embarks upon a plan to sell the assets, b) the assets to be sold are available for immediate sale in their present condition, c) the sale is expected to be completed within one year under terms usual and customary for such sales and d) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally believe that we meet these criteria when the plan for sale has been approved by our board of directors (the "Board of Directors"), there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year. Assets held for sale are recorded at the lower of cost or estimated fair value less cost to sell. In addition, if we were to determine that the asset disposal associated with assets held for sale or disposed of represents a strategic shift, the revenues, expenses and net gain (loss) on dispositions would be recorded in discontinued operations for all periods presented through the date of the applicable disposition.
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 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 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. We adopted ASU 2015-03 retrospectively in our fiscal quarter ended March 31, 2016. As a result of the retrospective adoption, we reclassified unamortized debt issuance costs of $6,113,000 as of December 31, 2015 from deferred rent receivable and charges to debt on the accompanying consolidated balance sheets. Adoption of this standard did not impact results of operations, retained earnings, or cash flows in the current or previous interim and annual reporting periods. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which is designed to improve the recognition and measurement of financial instruments through targeted changes to existing GAAP. The ASU requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price; and (v) assess a valuation allowance on deferred tax assets related to unrealized losses of available-for-sale debt securities in combination with other deferred tax assets. In addition, the ASU provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The ASU also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. For public business entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption by public entities to financial statements that have not yet been issued is permitted only for the provision related to instrument-specific credit risk. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which is intended to improve financial reporting about leasing transactions. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires a lessee to recognize only capital leases on the balance sheet, the new ASU will require a lessee to recognize both types of leases on the balance sheet. The lessor accounting will remain largely unchanged from current GAAP. However, the ASU contains some targeted improvements that are intended to align, where necessary, lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2018. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815) , which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not require de-designation of that hedging relationship provided that all other hedging criteria continue to be met. The new standard is effective for public entities for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016 with early adoption permitted. We are currently evaluating the impact, if any, the new standard may have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations included in Topic 606 by clarifying the following: (i) an entity determines whether it is a principal or an agent for each specified good or service promised to the customer; (ii) an entity determines the nature of each specified good or service; (iii) when another party is involved in providing goods or services to a customer, an entity that is a principal obtains control of (a) a good or another asset from the other party, (b) a right to a service that will be performed by another party, or (c) a good or service from the other party that it combines with other goods or services; and (iv) the purpose of the indicators in the guidance is to support or assist in the assessment of control. 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 reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for share-based payment transactions, including accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, minimum statutory tax withholding requirements, and classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. In addition, the ASU eliminates certain guidance in ASC 718, which was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment . For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is permitted and an entity that elects early adoption must adopt all of the amendments in the same period. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which is intended to clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The amendments in the ASU are expected to reduce the cost and complexity of applying the guidance on identifying promised goods or services and improve the operability and understandability of the licensing implementation guidance. 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 reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity. The amendments in the ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2019. Early adoption is permitted for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2018. We are currently in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements.

BASIS OF PRESENTATION AND SUM27

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2016
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives of real estate investment assets	Buildings and improvements 15 - 40 years Furniture, fixtures, and equipment 3 - 5 years Tenant improvements Shorter of the useful lives or the terms of the related leases

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Disposition
Schedule of assets sold to third party	Property Asset Type Date of Sale Rooms Sales Price Gain on Sale (in thousands) Courtyard Oakland, Oakland, CA Hotel February 2, 2016 $ $
Held for sale | LAX Holiday Inn located in the LAX submarket of Los Angeles, California
Disposition
Reconciliation of the carrying amounts of assets and liabilities that are classified as held for sale	The following is a reconciliation of the carrying amounts of assets and liabilities of LAX Holiday Inn that are classified as held for sale on the consolidated balance sheets as of June 30, 2016: (in thousands) Assets Investments in real estate, net $ Cash and cash equivalents Restricted cash Accounts receivable, net Other assets ​ ​ ​ ​ ​ Total assets $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Accounts payable and accrued expenses $ Other liabilities ​ ​ ​ ​ ​ Total liabilities $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INVESTMENTS IN REAL ESTATE (Tab

INVESTMENTS IN REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2016
INVESTMENTS IN REAL ESTATE
Schedule of investments in real estate	June 30, 2016 December 31, 2015 (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, 2016
OTHER INTANGIBLE ASSETS
Schedule of intangible assets and liabilities and related accumulated amortization and accretion	Assets Liabilities June 30, 2016 Acquired Above-Market Leases Acquired In-Place Leases Tax Abatement Acquired Below-Market Ground Lease Acquired Below-Market Leases (in thousands) Gross balance $ $ $ $ $ ) Accumulated amortization ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average useful life (in years) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Liabilities December 31, 2015 Acquired Above-Market Leases Acquired In-Place Leases Tax Abatement Franchise Affiliation Fee(1) Acquired Below-Market Ground Lease Acquired Below-Market Leases (in thousands) Gross balance $ $ $ $ $ $ ) Accumulated amortization ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average useful life (in years) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Franchise affiliation fee is associated with the Courtyard Oakland, which was sold in February 2016 (see Note 3).
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 Acquired Below-Market Ground Lease Acquired Below-Market Leases (in thousands) 2016 (Six months ending December 31, 2016) $ $ $ $ $ ) 2017 ) 2018 ) 2019 — ) 2020 — — — Thereafter — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables) - Held for sale - Lending division	6 Months Ended
	Jun. 30, 2016
Reconciliation of the carrying amounts of assets and liabilities that are classified as held for sale	June 30, 2016 December 31, 2015 (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, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2016 December 31, 2015 (in thousands) Commercial mortgage loans $ $ SBA 7(a) loans, subject to secured borrowings SBA 7(a) loans Commercial real estate loans, subject to secured borrowings ​ ​ ​ ​ ​ ​ ​ ​ Loans receivable Deferred capitalized costs, net Loan loss reserves ) ) ​ ​ ​ ​ ​ ​ ​ ​ Loans receivable, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of debt	June 30, 2016 December 31, 2015 (in thousands) Secured Borrowings—Government Guaranteed Loans: Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.14% and 3.90% at June 30, 2016 and December 31, 2015, respectively $ $ Secured borrowing principal on loans sold for excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.83% and 1.58% at June 30, 2016 and December 31, 2015, respectively ​ ​ ​ ​ ​ ​ ​ ​ Total Secured Borrowings—Government Guaranteed Loans ​ ​ ​ ​ ​ ​ ​ ​ Secured Borrowings—Commercial Real Estate Loans: Secured borrowings based on 49% of the principal on commercial real estate loans with variable interest rates, reset monthly, based on 30-day LIBOR with weighted average coupon rate of 12.50% and 9.77% at June 30, 2016 and December 31, 2015, respectively ​ ​ ​ ​ ​ ​ ​ ​ Total Secured Borrowings—Commercial Real Estate Loans ​ ​ ​ ​ ​ ​ ​ ​ Unamortized premiums and discounts, net ​ ​ ​ ​ ​ ​ ​ ​ Total Secured Borrowings $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of future principal payments on our debt	Future principal payments on our lending segment debt (face value) at June 30, 2016 are as follows: Years Ending December 31, Secured Borrowings Principal(1) (in thousands) 2016 (Six months ending December 31, 2016) $ 2017 2018 2019 2020 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, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) Revenue —Interest and other income $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses: Interest expense Fees to related party General and administrative Provision for income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from operations of assets held for sale $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2016
DEBT
Schedule of debt	June 30, 2016 December 31, 2015 (in thousands) Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $392,000,000 due on July 1, 2026. The loans are 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 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 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 balances totaling $26,232,000 due on June 5, 2021. The loan is nonrecourse. ​ ​ ​ ​ ​ ​ ​ ​ Deferred loan costs related to mortgage loans ) ) Premiums and discounts on assumed mortgages, net ​ ​ ​ ​ ​ ​ ​ ​ 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 term loan facility Unsecured credit facility — ​ ​ ​ ​ ​ ​ ​ ​ Deferred loan costs related to unsecured term loan and credit facilities ) ) Discount on junior subordinated notes ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total Other ​ ​ ​ ​ ​ ​ ​ ​ Total Debt $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of future principal payments on our debt (face value)	Future principal payments on our debt (face value) at June 30, 2016 are as follows: Years Ending December 31, Mortgages Payable Other(1) Total (in thousands) 2016 (Six months ending December 31, 2016) $ $ — $ 2017 — 2018 — 2019 — 2020 — Thereafter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the junior subordinated notes and unsecured term loan facility.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2016
STOCKHOLDERS' EQUITY
Schedule of dividends declared and paid	Dividends per share of Common Stock declared during the six months ended June 30, 2016 and 2015 consisted of the following: Declaration Date Payment Date Dividend Per Common Share June 10, 2016 June 28, 2016 $ March 8, 2016 March 29, 2016 June 12, 2015 June 29, 2015 March 6, 2015 March 27, 2015

DERIVATIVE FINANCIAL INSTRUME34

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2016
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Schedule of interest rate swap contracts	Number of Interest Rate Swaps(1)(2) Total Notional Amount Fixed Rates Floating Rate Index Effective Date Expiration Date (in thousands) 10 $ 1.559% - 1.569% One-Month LIBOR 11/2/2015 5/8/2020 (1) See Note 12 for our fair value disclosures. (2) Our interest rate swaps are not subject to master netting arrangements.
Schedule of changes in the balance of each component of AOCI related to our cash flow hedges	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands) Accumulated other comprehensive income (loss), at beginning of period $ ) $ — $ ) $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) before reclassifications ) — ) — Amounts reclassified from accumulated other comprehensive income (loss)(1) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current period other comprehensive income (loss) ) — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive income (loss), at end of period $ ) $ — $ ) $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The amounts from AOCI are reclassified as an increase to interest expense in the statements of operations.

FAIR VALUE OF FINANCIAL INSTR35

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of fair value of derivatives and their classification on consolidated balance sheets	June 30, 2016 December 31, 2015 Level Balance Sheet Location (in thousands) Liabilities: Interest rate swaps $ $ Other liabilities
Schedule of estimated fair values of financial instruments not recorded at fair value on consolidated balance sheets	June 30, 2016 December 31, 2015 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, subject to secured borrowings Liabilities: Junior subordinated notes Mortgages payable

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2016
RELATED-PARTY TRANSACTIONS
Schedule of calculation of asset management fees payable to related party as a percentage of the daily average adjusted 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, 2016
COMMITMENTS AND CONTINGENCIES
Schedule of future noncancelable minimum lease payments	Scheduled future noncancelable minimum lease payments at June 30, 2016 are as follows: Years Ending December 31, (in thousands) 2016 (Six months ending December 31, 2016) $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FUTURE MINIMUM LEASE RENTALS (T

FUTURE MINIMUM LEASE RENTALS (Tables)	6 Months Ended
	Jun. 30, 2016
FUTURE MINIMUM LEASE RENTALS
Summary of future minimum rental revenues under long-term operating leases excluding tenant reimbursements of certain costs	Future minimum rental revenues under long-term operating leases at June 30, 2016, excluding tenant reimbursements of certain costs, are as follows: Years Ending December 31, Governmental Tenants Other Tenants Total (in thousands) 2016 (Six months ending December 31, 2016) $ $ $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

CONCENTRATIONS (Tables)

CONCENTRATIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Revenues
Concentrations
Schedule of concentration risk from properties	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 California % % % % Washington, D.C. Texas North Carolina New York ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Real estate investments
Concentrations
Schedule of concentration risk from properties	June 30, 2016 December 31, 2015 California (1) % % Washington, D.C. Texas North Carolina New York ​ ​ ​ ​ ​ ​ ​ ​ % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Includes the assets of LAX Holiday Inn that were held for sale at June 30, 2016 (see Note 3).

SEGMENT DISCLOSURE (Tables)

SEGMENT DISCLOSURE (Tables)	6 Months Ended
	Jun. 30, 2016
SEGMENT DISCLOSURE
Schedule of net operating income of reportable segments	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (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, 2016 2015 2016 2015 (in thousands) Total segment net operating income $ $ $ $ Asset management and other fees to related parties ) ) ) ) Interest expense ) ) ) ) General and administrative ) ) ) ) Transaction costs ) ) ) ) Depreciation and amortization ) ) ) ) Gain on sale of real estate — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) 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, 2016 December 31, 2015 (in thousands) Condensed assets: Office $ $ Hotel(1) Multifamily Lending assets held for sale Non-segment assets ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Includes the assets of LAX Holiday Inn that were held for sale at June 30, 2016 (see Note 3).
Schedule of capital expenditures and loan originations	Six Months Ended June 30, 2016 2015 (in thousands) Capital expenditures(2): Office $ $ Hotel Multifamily ​ ​ ​ ​ ​ ​ ​ ​ Total capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ Loan originations included in assets held for sale ​ ​ ​ ​ ​ ​ ​ ​ Total capital expenditures and loan originations $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Represents additions and improvements to real estate investments, excluding acquisitions.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Apr. 29, 2014$ / shares	Mar. 11, 2014shares	Jun. 30, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares	Apr. 28, 2014shares
Organization and operations
Common shares authorized			900,000,000	900,000,000
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
PMC Commercial | CIM Urban REIT
Organization and operations
Number of shares issued on conversion of each preferred stock		1.4
Aggregate shares of common stock issued in the merger		95,440,000
Number of shares issued on conversion of preferred stock expressed as a percentage of outstanding stock		97.80%
PMC Commercial | CIM Urban REIT | Common Stock
Organization and operations
Shares issued		4,400,000
PMC Commercial | CIM Urban REIT | Preferred Stock
Organization and operations
Shares issued		65,000,000

BASIS OF PRESENTATION AND SUM42

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Real Estat (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
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 SUM43

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Receivable (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Mar. 11, 2014
Loans receivable
Impairments on loans receivable	$ 7,000			$ 65,000
Net recovery		$ 36,000	$ 236,000
PMC Commercial
Loans receivable
Discount on acquisition						$ 33,907,000
Acquisition discount	$ 2,602,000		$ 2,602,000
Commercial mortgage loans
Loans receivable
Unamortized acquisition discounts related to sold loans					$ 15,951,000

BASIS OF PRESENTATION AND SUM44

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Rent Receivable and Charges (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Deferred Rent Receivable and Charges
Deferred rent receivable	$ 60,667,000	$ 58,612,000
Deferred leasing costs, gross	64,678,000	59,225,000
Deferred leasing costs, accumulated amortization	23,587,000	20,612,000
Deferred offering costs	$ 1,346,000	$ 0

BASIS OF PRESENTATION AND SUM45

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Restricted cash	$ 82,460,000	$ 7,267,000
Courtyard Oakland located in Oakland California
Restricted cash	$ 42,782,000

BASIS OF PRESENTATION AND SUM46

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Pronouncements (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Recently Issued and Adopted Accounting Pronouncements
Deferred rent receivable and charges, net	$ 103,104,000	$ 97,225,000
Debt	$ 939,767,000	656,835,000
ASU No. 2015-03, Interest-Imputation of Interest
Recently Issued and Adopted Accounting Pronouncements
Deferred rent receivable and charges, net		(6,113,000)
Debt		$ (6,113,000)

ACQUISITIONS AND DISPOSITIONS47

ACQUISITIONS AND DISPOSITIONS (Details)	Jul. 19, 2016USD ($)	Feb. 02, 2016USD ($)room	Jun. 30, 2016item	Jun. 30, 2015item
Other disclosures
Number of acquisitions | item			0	0
Courtyard Oakland located in Oakland California
Disposition
Ownership sold (as a percent)		100.00%
Number of rooms | room		162
Sale Price		$ 43,800,000
Gain on sale		$ 24,739,000
LAX Holiday Inn located in the LAX submarket of Los Angeles, California
Disposition
Ownership sold (as a percent)	100.00%
Sale Price	$ 52,500,000
Gain on sale	$ 16,382,000

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Assets and Liabilties (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets
Total assets held for sale, net	$ 181,028	$ 128,992
Liabilities
Total liabilities associated with assets held for sale	52,994	$ 52,740
LAX Holiday Inn located in the LAX submarket of Los Angeles, California | Held for sale
Assets
Investment in real estate, net	36,839
Cash and cash equivalents	3,986
Restricted cash	709
Accounts receivable, net	799
Other assets	286
Total assets held for sale, net	42,619
Liabilities
Accounts payable and accrued expenses	1,152
Other liabilities	40
Total liabilities associated with assets held for sale	$ 1,192

INVESTMENTS IN REAL ESTATE (Det

INVESTMENTS IN REAL ESTATE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
INVESTMENTS IN REAL ESTATE
Land	$ 343,564,000		$ 343,564,000		$ 363,612,000
Land improvements	26,177,000		26,177,000		26,747,000
Buildings and improvements	1,473,060,000		1,473,060,000		1,506,962,000
Furniture, fixtures, and equipment	4,458,000		4,458,000		9,720,000
Tenant improvements	159,793,000		159,793,000		146,205,000
Work in progress	7,891,000		7,891,000		8,126,000
Investments in real estate	2,014,943,000		2,014,943,000		2,061,372,000
Accumulated depreciation	(389,873,000)		(389,873,000)		(369,661,000)
Net investments in real estate	1,625,070,000		1,625,070,000		$ 1,691,711,000
Depreciation expense	$ 16,030,000	$ 15,063,000	$ 31,703,000	$ 31,343,000

OTHER INTANGIBLE ASSETS (Detail

OTHER INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Intangible assets
Net	$ 15,634,000		$ 15,634,000		$ 17,353,000
Intangible liabilities
Net	(4,824,000)		(4,824,000)		(6,086,000)
Future amortization of acquisition related intangible assets
Net	15,634,000		15,634,000		17,353,000
Future accretion of acquisition related intangible liabilities
Net	(4,824,000)		(4,824,000)		(6,086,000)
Acquired Below-Market Leases
Intangible liabilities
Gross balance	(19,722,000)		(19,722,000)		(19,722,000)
Accumulated amortization	14,898,000		14,898,000		13,636,000
Net	(4,824,000)		$ (4,824,000)		$ (6,086,000)
Average useful life			8 years		8 years
Amortization
Amortization expenses	631,000	$ 655,000	$ 1,262,000	$ 1,310,000
Future accretion of acquisition related intangible liabilities
2016 (Six months ending December 31, 2016)	(1,248,000)		(1,248,000)
2,017	(2,405,000)		(2,405,000)
2,018	(971,000)		(971,000)
2,019	(200,000)		(200,000)
Net	(4,824,000)		(4,824,000)		$ (6,086,000)
Acquired Above-Market Leases
Intangible assets
Gross balance	612,000		612,000		966,000
Accumulated amortization	(553,000)		(553,000)		(843,000)
Net	59,000		$ 59,000		$ 123,000
Average useful life			7 years		7 years
Amortization
Amortization expenses	26,000	79,000	$ 64,000	158,000
Future amortization of acquisition related intangible assets
2016 (Six months ending December 31, 2016)	24,000		24,000
2,017	26,000		26,000
2,018	9,000		9,000
Net	59,000		59,000		$ 123,000
Acquired in-place Leases
Intangible assets
Gross balance	21,137,000		21,137,000		21,398,000
Accumulated amortization	(17,430,000)		(17,430,000)		(16,943,000)
Net	3,707,000		$ 3,707,000		$ 4,455,000
Average useful life			8 years		8 years
Amortization
Amortization expenses	368,000	519,000	$ 748,000	1,048,000
Future amortization of acquisition related intangible assets
2016 (Six months ending December 31, 2016)	599,000		599,000
2,017	871,000		871,000
2,018	733,000		733,000
2,019	464,000		464,000
2,020	207,000		207,000
Thereafter	833,000		833,000
Net	3,707,000		3,707,000		$ 4,455,000
Tax Abatement
Intangible assets
Gross balance	4,273,000		4,273,000		4,273,000
Accumulated amortization	(2,598,000)		(2,598,000)		(2,322,000)
Net	1,675,000		$ 1,675,000		$ 1,951,000
Average useful life			8 years		8 years
Amortization
Amortization expenses	138,000	138,000	$ 276,000	276,000
Future amortization of acquisition related intangible assets
2016 (Six months ending December 31, 2016)	275,000		275,000
2,017	551,000		551,000
2,018	551,000		551,000
2,019	298,000		298,000
Net	1,675,000		1,675,000		$ 1,951,000
Franchise Affiliation Fee
Intangible assets
Gross balance					3,936,000
Accumulated amortization					(3,375,000)
Net					$ 561,000
Average useful life					10 years
Amortization
Amortization expenses	0	99,000	33,000	198,000
Future amortization of acquisition related intangible assets
Net					$ 561,000
Acquired Below-Market Ground Lease
Intangible assets
Gross balance	11,685,000		11,685,000		11,685,000
Accumulated amortization	(1,492,000)		(1,492,000)		(1,422,000)
Net	10,193,000		$ 10,193,000		$ 10,263,000
Average useful life			84 years		84 years
Amortization
Amortization expenses	35,000	$ 35,000	$ 70,000	$ 70,000
Future amortization of acquisition related intangible assets
2016 (Six months ending December 31, 2016)	70,000		70,000
2,017	140,000		140,000
2,018	140,000		140,000
2,019	140,000		140,000
2,020	140,000		140,000
Thereafter	9,563,000		9,563,000
Net	$ 10,193,000		$ 10,193,000		$ 10,263,000

DISCONTINUED OPERATIONS - Asset

DISCONTINUED OPERATIONS - Assets and Liabilties (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Assets held for sale
Total assets held for sale, net	$ 128,992,000	$ 181,028,000		$ 181,028,000
Liabilities associated with assets held for sale
Total liabilities associated with assets held for sale	52,740,000	52,994,000		52,994,000
Lending division | Discontinued Operations, Held-for-sale or Disposed of by Sale
DISCONTINUED OPERATIONS
Transaction costs		11,000	$ 61,000	20,000	$ 224,000
Lending division | Held for sale
Assets held for sale
Loans receivable, net	103,440,000	100,664,000		100,664,000
Cash and cash equivalents	15,936,000	27,674,000		27,674,000
Restricted cash	819,000	1,873,000		1,873,000
Accounts receivable and interest receivable, net	691,000	990,000		990,000
Other intangible assets	2,957,000	2,957,000		2,957,000
Other assets	5,149,000	4,251,000		4,251,000
Total assets held for sale, net	128,992,000	138,409,000		138,409,000
Liabilities associated with assets held for sale
Debt	47,121,000	42,021,000		42,021,000
Accounts payable and accrued expenses	2,302,000	2,958,000		2,958,000
Other liabilities	3,317,000	6,823,000		6,823,000
Total liabilities associated with assets held for sale	52,740,000	$ 51,802,000		$ 51,802,000
Lending division | Commercial mortgage loans | Sold
DISCONTINUED OPERATIONS
Gain on disposition of assets held for sale	$ 5,151,000

DISCONTINUED OPERATIONS - Loans

DISCONTINUED OPERATIONS - Loans Receivable (Details) - Lending division - Held for sale - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Loans receivable
Loans receivable	$ 100,558	$ 103,589
Deferred capitalized costs, net	385	406
Loan loss reserves	(279)	(555)
Loans receivable, net	100,664	103,440
Commercial mortgage loans
Loans receivable
Loans receivable	2,826	3,511
SBA 7(a) loans receivable, subject to secured borrowings
Loans receivable
Loans receivable	31,601	36,574
SBA 7(a) Loans
Loans receivable
Loans receivable	45,791	43,096
Commercial Real estate loans, subject to secured borrowings
Loans receivable
Loans receivable	$ 20,340	$ 20,408

DISCONTINUED OPERATIONS - Debt

DISCONTINUED OPERATIONS - Debt (Details) - Lending division - Held for sale - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt
Debt	$ 39,849
Unamortized Premiums or discounts on debt instruments	2,172	$ 2,693
Total Debt	42,021	47,121
Secured borrowings - government guaranteed loans
Debt
Debt	$ 29,882	$ 34,428
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread-variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.14% and 3.90% at June 30, 2016 and December 31 , 2015, respectively
Debt
Weighted average coupon rate (as a percent)	4.14%	3.90%
Debt	$ 25,014	$ 29,481
Secured borrowing principal on loans sold for excess spread-variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.83% and 1.58% at June 30, 2016 and December 31, 2015, respectively
Debt
Weighted average coupon rate (as a percent)	1.83%	1.58%
Debt	$ 4,868	$ 4,947
Secured borrowings based on 49% of the principal on commercial real estate loans with variable interest rates, reset monthly, based on 30-day LIBOR with weighted average coupon rate of 12.50% and 9.77 % at June 30, 2016 and December 31 , 2015, respectively
Debt
Weighted average coupon rate (as a percent)	12.50%	9.77%
Percentage of principal on commercial real estate loan	49.00%	49.00%
Debt	$ 9,967	$ 10,000
Secured Borrowings-Commercial Real Estate Loans
Debt
Debt	$ 9,967	$ 10,000

DISCONTINUED OPERATIONS - Princ

DISCONTINUED OPERATIONS - Principal Repayments (Details) - Held for sale - Lending division $ in Thousands	Jun. 30, 2016USD ($)
Principal payments on, and estimated amortization of debt
2016 (Six months ending December 31, 2016)	$ 1,155
2,017	1,026
2,018	11,028
2,019	1,100
2,020	1,141
Thereafter	24,399
Debt	$ 39,849

DISCONTINUED OPERATIONS - Reven

DISCONTINUED OPERATIONS - Revenue and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Expenses:
Income from operations of assets held for sale	$ 2,823	$ 3,984	$ 4,252	$ 6,946
Lending division | Held for sale
DISCONTINUED OPERATIONS
Revenue - Interest and other income	5,338	5,768	8,680	10,946
Expenses:
Interest expense	581	120	1,058	421
Fees to related party	1,032	1,093	2,094	2,236
General and administrative	431	294	615	868
Provision for income taxes	471	277	661	475
Total expenses	2,515	1,784	4,428	4,000
Income from operations of assets held for sale	$ 2,823	$ 3,984	$ 4,252	$ 6,946

DEBT - Schedule (Details)

DEBT - Schedule (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt
Total Debt	$ 939,767,000	$ 656,835,000
Deferred loan costs, gross	12,147,000	10,445,000
Deferred loan costs, accumulated amortization	(6,299,000)	(4,332,000)
Mortgages Payable
Debt
Gross debt	534,648,000	144,791,000
Deferred loan costs	(2,528,000)	(897,000)
Premiums and discounts	950,000	1,178,000
Total Debt	533,070,000	145,072,000
Mortgage loan with a fixed interest of 4.14% per annum, due on July 1, 2026
Debt
Gross debt	$ 392,000,000
Fixed interest rate (as a percent)	4.14%
Amount of balance due on maturity	$ 392,000,000
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 6.65% per annum, due on July 15, 2018
Debt
Gross debt	$ 27,694,000	$ 29,201,000
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 5.39% per annum, due on March 1, 2021
Debt
Gross debt	$ 39,495,000	$ 39,846,000
Fixed interest rate (as a percent)	5.39%	5.39%
Amount of balance due on maturity	$ 35,695,000	$ 35,695,000
Mortgage loan with a fixed interest of 5.18% per annum, due on June 5, 2021
Debt
Gross debt	$ 29,459,000	$ 29,744,000
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	412,070,000	519,070,000
Total Debt	406,697,000	511,763,000
Unsecured term loan and credit facilities
Debt
Deferred loan costs	(3,320,000)	(5,216,000)
Junior subordinated notes
Debt
Gross debt	27,070,000	27,070,000
Premiums and discounts	$ (2,053,000)	$ (2,091,000)
Junior subordinated notes | LIBOR
Debt
Interest rate margin (as a percent)	3.25%	3.25%
Unsecured term loan facility
Debt
Gross debt	$ 385,000,000	$ 385,000,000
Unsecured credit facilities
Debt
Gross debt		$ 107,000,000

DEBT - Agreements (Detail)

DEBT - Agreements (Detail)	1 Months Ended
	Jun. 30, 2016USD ($)loan	May 31, 2015USD ($)	Sep. 30, 2014USD ($)item	Dec. 31, 2015USD ($)	Nov. 02, 2015USD ($)
Debt
Accrued interest and unused commitment fee payable	$ 1,525,000			$ 1,688,000
Principal payments on, and estimated amortization of debt
2016 (Six months Ending December 31, 2016)	2,211,000
2,017	4,642,000
2,018	24,300,000
2,019	1,519,000
2,020	1,596,000
Thereafter	912,450,000
Total Debt	$ 946,718,000
Mortgages Payable
Debt
Number of mortgage loan agreements entered into | loan	6
Amount of loan	$ 392,000,000
Principal payments on, and estimated amortization of debt
2016 (Six months Ending December 31, 2016)	2,211,000
2,017	4,642,000
2,018	24,300,000
2,019	1,519,000
2,020	1,596,000
Thereafter	500,380,000
Total Debt	534,648,000
Other debt
Principal payments on, and estimated amortization of debt
Thereafter	412,070,000
Total Debt	412,070,000
Unsecured credit facility entered into in September 2014
Debt
Maximum borrowing capacity			$ 850,000,000
Upsized borrowing capacity			$ 1,150,000,000
Number of extension | item			2
Period of extension option			1 year
Amount outstanding under the facility	0			107,000,000
Amount available for future borrowings	450,000,000			450,000,000
Unsecured credit facility entered into in September 2014, revolver
Debt
Maximum borrowing capacity			$ 450,000,000
Unused commitment fee dependent upon amount of aggregate unused commitments, one (as a percent)			0.15%
Unused commitment fee dependent upon amount of aggregate unused commitments, two (as a percent)			0.25%
Amount outstanding under the facility	0			0
Unsecured credit facility entered into in September 2014, revolver | Base rate | Minimum
Debt
Interest rate margin (as a percent)			0.20%
Unsecured credit facility entered into in September 2014, revolver | Base rate | Maximum
Debt
Interest rate margin (as a percent)			1.00%
Unsecured credit facility entered into in September 2014, revolver | LIBOR | Minimum
Debt
Interest rate margin (as a percent)			1.20%
Unsecured credit facility entered into in September 2014, revolver | LIBOR | Maximum
Debt
Interest rate margin (as a percent)			2.00%
Unsecured credit facility entered into in September 2014, term loan
Debt
Maximum borrowing capacity			$ 325,000,000
Amount outstanding under the facility				$ 107,000,000
Interest rate (as a percent)				1.57%
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
Unused line fee (as a percent)			0.25%
Unsecured term facility entered into in May 2015
Debt
Maximum borrowing capacity		$ 385,000,000
Unused line fee (as a percent)		0.20%
Amount outstanding under the facility	$ 385,000,000			$ 385,000,000
Interest rate (as a percent)	2.06%			1.84%
Prepayment fee		2.00%
Amount of loan					$ 385,000,000
Effective interest rate	3.16%
Unsecured term facility entered into in May 2015 | Base rate | Minimum
Debt
Interest rate margin (as a percent)		0.60%
Unsecured term facility entered into in May 2015 | Base rate | Maximum
Debt
Interest rate margin (as a percent)		1.25%
Unsecured term facility entered into in May 2015 | LIBOR | Minimum
Debt
Interest rate margin (as a percent)		1.60%
Unsecured term facility entered into in May 2015 | LIBOR | Maximum
Debt
Interest rate margin (as a percent)		2.25%

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Details) - Restricted share awards	Mar. 06, 2015shares	May 06, 2014shares	Mar. 11, 2014shares	May 31, 2016shares	Apr. 30, 2015shares	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Mar. 06, 2015item
Share-based compensation plans
Unrecognized compensation expense | $						$ 164,000		$ 164,000
Independent directors
Share-based compensation plans
Award granted to each independent members of the board of directors | shares			2,000	3,392	2,000
Granted (in shares) | shares			6,000	10,176	6,000
Stock-based compensation expense | $						32,000	$ 27,000	59,000	$ 59,000
Executive officers
Share-based compensation plans
Granted (in shares) | shares	2,000	2,000
Stock-based compensation expense | $						$ 1,000	$ 8,000	$ 6,000	$ 26,000
Number of executive officers | item										2
Award vesting period										2 years
Executive officers | Immediate
Share-based compensation plans
Award vesting period										0 years
Vesting percentage										33.00%
Executive officers | Vesting Within First Year
Share-based compensation plans
Award vesting period										1 year
Vesting percentage										33.00%
Executive officers | Vesting Within Second Year
Share-based compensation plans
Award vesting period										2 years
Vesting percentage										33.00%

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

EARNINGS PER SHARE (''EPS'') (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
EARNINGS PER SHARE ("EPS")
Weighted average shares outstanding	96,683,000	97,589,000	97,173,000	97,586,000
Weighted average number diluted shares outstanding adjustment	0	0	0	0

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends (Details) - $ / shares	Jun. 10, 2016	Mar. 08, 2016	Jun. 12, 2015	Mar. 06, 2015
STOCKHOLDERS' EQUITY
Dividends declared, common (in dollars per share)	$ 0.21875	$ 0.21875	$ 0.21875	$ 0.21875

STOCKHOLDERS' EQUITY - Tender O

STOCKHOLDERS' EQUITY - Tender Offer (Details) - Common Stock $ / shares in Units, shares in Millions	May 16, 2016USD ($)$ / sharesshares
Tender Offer
Cash tender offer number of shares | shares	10
Price per share of cash tender offer | $ / shares	$ 21
Number of shares repurchased | shares	10
Purchase price	$ 210,000,000
Tender offer fees and expenses	$ 332,000
Shares repurchased as percent to outstanding shares	10.24%
CIM Urban REIT
Tender Offer
Purchase price	$ 208,000,000

STOCKHOLDERS' EQUITY - Preferre

STOCKHOLDERS' EQUITY - Preferred Stock (Details) $ / shares in Units, item in Millions, $ in Millions	Apr. 22, 2016USD ($)item$ / sharesshares	Jun. 30, 2016shares
Registration statement
Preferred stock, outstanding shares		0
Registration statement
Registration statement
Maximum amount of offering | $	$ 900
Maximum number of units in offering | item	36
Number of preferred share in a unit	1
Preferred stock stated value | $ / shares	$ 25
Number of warrant in a unit	1
Warrant right to purchase a share of Common Stock	0.25
Cumulative dividend rate (as a percent)	5.50%
Premium of the exercise price of the warrant as a percent to net asset value of common stock	15.00%

DERIVATIVE FINANCIAL INSTRUME63

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Interest Rate Swap (Details)	Jun. 30, 2016	Dec. 31, 2015	Aug. 13, 2015USD ($)item
Unsecured term facility entered into in May 2015
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Amount of borrowings covered by the interest rate swap			$ 385,000,000
Interest rate swap | Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Number of interest rate swaps | item			10
Derivatives, notional amount			$ 385,000,000
Interest rate swap | Minimum | Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Weighted average rate (as a percent)			1.559%
Interest rate swap | Maximum | Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Weighted average rate (as a percent)			1.569%
Interest rate swap | Weighted Average | Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Weighted average rate (as a percent)			1.563%
Credit spread rate (as a percent)	1.60%	1.60%
All-in rate (as a percent)	3.16%	3.16%

DERIVATIVE FINANCIAL INSTRUME64

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - AOCI (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss), at beginning of period		$ (2,519,000)
Accumulated other comprehensive income (loss), at end of period	$ (12,889,000)	(12,889,000)
Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) expected to be reclassified from AOCI to earnings during the next twelve months		4,227,000
Interest rate swap | Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss), at beginning of period	(10,444,000)	(2,519,000)
Other comprehensive income (loss) before reclassifications	(3,535,000)	(12,568,000)
Amounts reclassified from accumulated other comprehensive income (loss)	1,090,000	2,198,000
Net current period other comprehensive income (loss)	(2,445,000)	(10,370,000)
Accumulated other comprehensive income (loss), at end of period	$ (12,889,000)	$ (12,889,000)

FAIR VALUE OF FINANCIAL INSTR65

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Derivatives and Assets and Liabilities(Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Interest rate swap | Level 2 | Other liabilities
Liabilities
Interest rate swaps	$ 12,889	$ 2,519

FAIR VALUE OF FINANCIAL INSTR66

FAIR VALUE OF FINANCIAL INSTRUMENTS - Unobservable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Loans receivable subject to credit risk
Fair Value Inputs [Abstract]
Rate of prepayment (as a percent)	15.00%	15.00%
SBA 7(a) loans receivable, subject to secured borrowings
Fair Value Inputs [Abstract]
Rate of prepayment (as a percent)	15.00%	15.00%
Commercial Real estate loans, subject to secured borrowings
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	12.50%	9.77%
Rate of prepayment (as a percent)	0.00%	0.00%
Potential credit deterioration (as a percent)	0.00%	0.00%
Minimum | Loans receivable subject to credit risk
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	8.25%	8.00%
Maximum | Loans receivable subject to credit risk
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	13.00%	12.75%
Carrying Amount
Liabilities:
Junior subordinated notes	$ 25,017	$ 24,979
Mortgages payable	533,070	145,072
Carrying Amount | Loans receivable subject to credit risk
Assets:
Loans receivable	48,815	46,456
Carrying Amount | SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	31,671	36,646
Carrying Amount | Commercial Real estate loans, subject to secured borrowings
Assets:
Loans receivable	20,178	20,338
Estimated Fair Value | Level 3
Liabilities:
Junior subordinated notes	25,086	25,046
Mortgages payable	542,361	147,516
Estimated Fair Value | Level 3 | Loans receivable subject to credit risk
Assets:
Loans receivable	49,049	46,697
Estimated Fair Value | Level 3 | SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	32,135	37,121
Estimated Fair Value | Level 3 | Commercial Real estate loans, subject to secured borrowings
Assets:
Loans receivable	$ 20,340	$ 20,408
Junior subordinated notes
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	4.48%	4.44%
Mortgages Payable | Minimum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	3.84%	4.42%
Mortgages Payable | Maximum
Fair Value Inputs [Abstract]
Discount rate used to estimate fair value (as a percent)	4.19%	4.72%

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($)	Oct. 01, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Mar. 11, 2014
Related-party transactions
Due to related parties		$ 9,773,000		$ 9,773,000		$ 9,472,000
Management Company | Asset management fees
Related-party transactions
Fees		6,238,000	$ 6,176,000	12,716,000	$ 12,318,000
Due to related parties		6,305,000		6,305,000		6,260,000
Management Company | Property management fees
Related-party transactions
Fees		$ 1,405,000	1,463,000	$ 2,815,000	2,926,000
Management Company | 0 - 500,000,000
Related-party transactions
Fee percentage		0.25%		0.25%
Management Company | 0 - 500,000,000 | Maximum
Related-party transactions
Daily average adjusted fair value of investments		$ 500,000,000		$ 500,000,000
Management Company | 500,000,000 - 1,000,000,000
Related-party transactions
Fee percentage		0.2375%		0.2375%
Management Company | 500,000,000 - 1,000,000,000 | Minimum
Related-party transactions
Daily average adjusted fair value of investments		$ 500,000,000		$ 500,000,000
Management Company | 500,000,000 - 1,000,000,000 | Maximum
Related-party transactions
Daily average adjusted fair value of investments		$ 1,000,000,000		$ 1,000,000,000
Management Company | 1,000,000,000 - 1,500,000,000
Related-party transactions
Fee percentage		0.225%		0.225%
Management Company | 1,000,000,000 - 1,500,000,000 | Minimum
Related-party transactions
Daily average adjusted fair value of investments		$ 1,000,000,000		$ 1,000,000,000
Management Company | 1,000,000,000 - 1,500,000,000 | Maximum
Related-party transactions
Daily average adjusted fair value of investments		$ 1,500,000,000		$ 1,500,000,000
Management Company | 1,500,000,000 - 4,000,000,000
Related-party transactions
Fee percentage		0.2125%		0.2125%
Management Company | 1,500,000,000 - 4,000,000,000 | Minimum
Related-party transactions
Daily average adjusted fair value of investments		$ 1,500,000,000		$ 1,500,000,000
Management Company | 1,500,000,000 - 4,000,000,000 | Maximum
Related-party transactions
Daily average adjusted fair value of investments		$ 4,000,000,000		$ 4,000,000,000
Management Company | 4,000,000,000 - 20,000,000,000
Related-party transactions
Fee percentage		0.10%		0.10%
Management Company | 4,000,000,000 - 20,000,000,000 | Minimum
Related-party transactions
Daily average adjusted fair value of investments		$ 4,000,000,000		$ 4,000,000,000
Management Company | 4,000,000,000 - 20,000,000,000 | Maximum
Related-party transactions
Daily average adjusted fair value of investments		20,000,000,000		20,000,000,000
CIM Management Entities
Related-party transactions
Due to related parties		2,247,000		2,247,000		2,230,000
Leasing commissions		688,000	40,000	754,000	93,000
CIM Management Entities | Personnel
Related-party transactions
Fees		2,245,000	2,229,000	4,007,000	4,286,000
CIM Management Entities | Construction management fees
Related-party transactions
Fees		410,000	222,000	668,000	447,000
An affiliate of CIM Management Entities
Related-party transactions
Lease renewal term	5 years
Revenue from related parties		27,000	26,000	54,000	52,000
CIM Management Entities and related parties
Related-party transactions
Due from related parties		(474,000)		(474,000)		(274,000)
Manager | Master Services Agreement
Related-party transactions
Due to related parties		1,695,000		1,695,000		$ 1,256,000
Fees payable per year under agreement							$ 1,000,000
Compensation expensed for performing other services		860,000	899,000	1,726,000	1,590,000
Manager | Base Service Fee
Related-party transactions
Fees		271,000	253,000	525,000	506,000
CIM SBA | Personnel
Related-party transactions
Fees		123,000	128,000	226,000	251,000
Personnel expenses		1,032,000	1,093,000	2,094,000	2,236,000
Fees for services deferred		$ 70,000	$ 106,000	$ 149,000	$ 141,000

COMMITMENTS AND CONTINGENCIES68

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2016shares	Jun. 30, 2016USD ($)item	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)item	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Commitments and contingencies
Outstanding loan commitments and approvals to fund loans		$ 162,778,000		$ 162,778,000
Future obligations under leases to fund tenant improvements and in other future construction obligation		35,388,000		35,388,000
Restricted cash		82,460,000		82,460,000		$ 7,267,000
Future noncancelable minimum lease payments
2016 (Six months ending December 31, 2016)		372,000		372,000
2,017		749,000		749,000
2,018		607,000		607,000
2,019		503,000		503,000
2,020		541,000		541,000
Thereafter		127,679,000		127,679,000
Total		130,451,000		130,451,000
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 July 1, 2040 and 2065				10.00%
Rent expense		438,000	$ 438,000	$ 876,000	$ 876,000
Straight line rent liability		12,735,000		12,735,000		12,180,000
Office space in Dallas, Texas
Commitments and contingencies
Rent expense		$ 56,000	72,000	$ 114,000	130,000
Employment agreements | Executive officers
Commitments and contingencies
Number of employees covered under employment agreement | item				2
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
Employment agreements | Executive officers | 2015 Equity Incentive Plan
Commitments and contingencies
Common stock issued | shares	76,423
Accrued payroll taxes						$ 444,000
Stock-based compensation expense		$ 0	$ 316,000	$ 0	$ 632,000
Unrecognized compensation expense		0		0
Restricted cash for tenant improvement allowance
Commitments and contingencies
Restricted cash		22,346,000		22,346,000
Commercial Real estate loans, subject to secured borrowings
Commitments and contingencies
Outstanding loan commitments and approvals to fund loans		144,585,000		144,585,000
Loan commitments expected to be funded by a participant through participation agreement		$ 70,900,000		$ 70,900,000

FUTURE MINIMUM LEASE RENTALS (D

FUTURE MINIMUM LEASE RENTALS (Details) $ in Thousands	Jun. 30, 2016USD ($)
Future minimum lease rentals
2016 (Six months ending December 31, 2016)	$ 79,999
2,017	154,065
2,018	137,082
2,019	123,380
2,020	107,859
Thereafter	356,046
Total	958,431
Governmental Tenants
Future minimum lease rentals
2016 (Six months ending December 31, 2016)	24,890
2,017	45,975
2,018	44,571
2,019	45,145
2,020	41,017
Thereafter	142,832
Total	344,430
Other Tenants
Future minimum lease rentals
2016 (Six months ending December 31, 2016)	55,109
2,017	108,090
2,018	92,511
2,019	78,235
2,020	66,842
Thereafter	213,214
Total	$ 614,001

CONCENTRATIONS (Details)

CONCENTRATIONS (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)item	Jun. 30, 2015	Jun. 30, 2016USD ($)item	Jun. 30, 2015	Dec. 31, 2015USD ($)item
Concentrations
Number of states and districts in which real estate properties are owned	5		5		5
Office properties
Concentrations
Number of real estate properties owned	20		20		20
Multifamily properties
Concentrations
Number of real estate properties owned	5		5		5
Hotel properties
Concentrations
Number of real estate properties owned	2		2		3
Parking garages
Concentrations
Number of real estate properties owned	3		3		3
Development site
Concentrations
Number of real estate properties owned	2		2		2
Parking lot
Concentrations
Number of real estate properties owned	1		1		1
Revenues | Tenant Revenue Concentrations | Governmental Tenants
Concentrations
Concentration risk (as a percent)	19.00%	22.90%	19.50%	22.80%
Amount due from Governmental Tenants | $	$ 7,734,000		$ 7,734,000		$ 7,968,000
Revenues | Geographical concentrations
Concentrations
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Revenues | Geographical concentrations | California
Concentrations
Concentration risk (as a percent)	65.10%	63.00%	64.90%	62.80%
Revenues | Geographical concentrations | Washington, D.C.
Concentrations
Concentration risk (as a percent)	20.60%	24.50%	20.90%	24.20%
Revenues | Geographical concentrations | Texas
Concentrations
Concentration risk (as a percent)	8.10%	7.80%	8.00%	7.60%
Revenues | Geographical concentrations | North Carolina
Concentrations
Concentration risk (as a percent)	4.20%	4.50%	4.20%	4.50%
Revenues | Geographical concentrations | New York
Concentrations
Concentration risk (as a percent)	2.00%	0.20%	2.00%	0.90%
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)			52.00%		52.60%
Real estate investments | Geographical concentrations | Washington, D.C.
Concentrations
Concentration risk (as a percent)			31.60%		31.10%
Real estate investments | Geographical concentrations | Texas
Concentrations
Concentration risk (as a percent)			7.50%		7.40%
Real estate investments | Geographical concentrations | North Carolina
Concentrations
Concentration risk (as a percent)			5.30%		5.30%
Real estate investments | Geographical concentrations | New York
Concentrations
Concentration risk (as a percent)			3.60%		3.60%

SEGMENT DISCLOSURE - Operating

SEGMENT DISCLOSURE - Operating Income (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)item	Jun. 30, 2015USD ($)
Segment disclosure
Number of types of commercial real estate properties | item			3
Revenues	$ 65,438	$ 66,919	$ 131,828	$ 134,158
Property expenses:
General and administrative	1,712	1,955	3,475	4,547
EXPENSES	67,403	65,921	132,978	133,390
Reportable segments
Property expenses:
Total segment net operating income	32,645	33,693	67,058	67,786
Reportable segments | Office
Segment disclosure
Revenues	45,770	47,084	91,819	93,699
Property expenses:
Operating	19,930	20,060	38,417	39,451
General and administrative	91	113	445	426
EXPENSES	20,021	20,173	38,862	39,877
Total segment net operating income	25,749	26,911	52,957	53,822
Reportable segments | Hotel
Segment disclosure
Revenues	14,496	15,822	29,779	31,541
Property expenses:
Operating	9,431	9,987	19,386	20,664
General and administrative	306	38	393	79
EXPENSES	9,737	10,025	19,779	20,743
Total segment net operating income	4,759	5,797	10,000	10,798
Reportable segments | Multi-family
Segment disclosure
Revenues	5,172	4,013	10,230	8,918
Property expenses:
Operating	2,938	2,938	5,774	5,579
General and administrative	97	90	355	173
EXPENSES	3,035	3,028	6,129	5,752
Total segment net operating income	$ 2,137	$ 985	$ 4,101	$ 3,166

SEGMENT DISCLOSURE - Reconcilia

SEGMENT DISCLOSURE - Reconciliation Of Segment Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment disclosure
Asset management and other fees to related parties	$ (7,492)	$ (7,456)	$ (15,193)	$ (14,665)
Interest	(7,302)	(5,586)	(13,928)	(10,989)
General and administrative	(1,712)	(1,955)	(3,475)	(4,547)
Transaction costs	(118)	(373)	(267)	(801)
Depreciation and amortization	(18,480)	(17,566)	(36,538)	(36,694)
Gain on sale of real estate			24,739
INCOME (LOSS) FROM CONTINUING OPERATIONS	(1,965)	998	23,589	768
Discontinued Operations
Income from operations of assets held for sale	2,823	3,984	4,252	6,946
Net income from discontinued operations	2,823	3,984	4,252	6,946
Net income	858	4,982	27,841	7,714
Net income attributable to noncontrolling interests	(9)	(6)	(12)	(6)
Net income attributable to stockholders	849	4,976	27,829	7,708
Reportable segments
Segment disclosure
Total segment net operating income	32,645	33,693	67,058	67,786
Reconciliation
Segment disclosure
Asset management and other fees to related parties	(7,492)	(7,456)	(15,193)	(14,665)
Interest	(7,302)	(5,586)	(13,928)	(10,989)
General and administrative	(1,218)	(1,714)	(2,282)	(3,869)
Transaction costs	(118)	(373)	(267)	(801)
Depreciation and amortization	$ (18,480)	$ (17,566)	(36,538)	$ (36,694)
Gain on sale of real estate			$ 24,739

SEGMENT DISCLOSURE - Assets and

SEGMENT DISCLOSURE - Assets and Capital Expenditures and Loan Originations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment disclosure
Total assets	$ 2,151,097		$ 2,092,060
Lending assets held for sale	181,028		128,992
Total capital expenditures	19,416	$ 15,820
Loan originations included in assets held for sale	49,976	41,121
Total capital expenditures and loan originations	69,392	56,941
Reportable segments
Segment disclosure
Lending assets held for sale	138,409		128,992
Reportable segments | Office
Segment disclosure
Total assets	1,553,454		1,520,339
Total capital expenditures	18,839	14,200
Reportable segments | Hotel
Segment disclosure
Total assets	154,162		176,735
Total capital expenditures	336	738
Reportable segments | Multi-family
Segment disclosure
Total assets	168,426		171,429
Total capital expenditures	241	$ 882
Non-segment
Segment disclosure
Total assets	$ 136,646		$ 94,565