XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.19.2

ACQUISITIONS AND DISPOSITIONS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2019
Business Combinations [Abstract] |
Schedule of Assets Sold and Held for Sale | We sold 100% fee-simple interests in the following properties to unrelated third-parties during the six months ended June 30, 2019. Transaction costs related to these sales were expensed as incurred.
Property |  | Asset Type |  | Date of Sale |  | Square Feet |  | Sales Price |  | Transaction Costs |  | Gain on Sale
|  |  |  |  |  |  |  | (in thousands)
March Oakland Properties, Oakland, CA (1) |  | Office / Parking Garage |  | March 1, 2019 |  | 975,596 |  |  | $ | 512,016 |  |  | $ | 8,971 |  |  | $ | 289,779 |
830 1st Street, Washington, D.C. |  | Office |  | March 1, 2019 |  | 247,337 |  |  | 116,550 |  |  | 2,438 |  |  | 45,710 |
260 Townsend Street, San Francisco, CA |  | Office |  | March 14, 2019 |  | 66,682 |  |  | 66,000 |  |  | 2,539 |  |  | 42,092 |
1333 Broadway, Oakland, CA |  | Office |  | May 16, 2019 |  | 254,523 |  |  | 115,430 |  |  | 658 |  |  | 55,221 |
|  |  |  |  |  |  |  | $ | 809,996 |  |  | $ | 14,606 |  |  | $ | 432,802 |
(1) | The "March Oakland Properties" consist of 1901 Harrison Street, 2100 Franklin Street, 2101 Webster Street, and 2353 Webster Street Parking Garage.
The following is the detail of the carrying amounts of assets and liabilities at the time of the sales of the properties that occurred during the six months ended June 30, 2019:
|  | (in thousands)
Assets |  |
Investments in real estate, net |  | $ | 318,918 |
Deferred rent receivable and charges, net |  | 41,280 |
Other intangible assets, net |  | 316 |
Total assets |  | $ | 360,514 |
Liabilities |  |
Debt, net (1) (2) |  | $ | 318,072 |
Total liabilities |  | $ | 318,072 |
(1) | Debt is presented net of deferred loan costs of $1,704,000 and accumulated amortization of $576,000.
(2) | A mortgage loan with an outstanding principal balance of $28,200,000 was assumed by the buyer in connection with the sale of our property in San Francisco, California. A mortgage loan with an outstanding principal balance of $46,000,000 was prepaid in connection with the sale of our property in Washington, D.C. that was collateral for the loan. Mortgage loans with an aggregate outstanding principal balance of $205,500,000 were legally defeased in connection with the sale of the March Oakland Properties that were collateral for the loans. A mortgage loan with an outstanding principal balance of $39,500,000 was legally defeased in connection with the sale in May 2019 of our property in Oakland, California that was collateral for the loan.
The following is the detail of the carrying amounts of assets and liabilities for the office properties that are classified as held for sale on our consolidated balance sheets as of June 30, 2019 and December 31, 2018:
|  | June 30, 2019 |  | December 31, 2018
|  | (in thousands)
Assets |  |  |  |
Investments in real estate, net (1) |  | $ | 157,608 |  |  | $ | 17,123 |
Cash and cash equivalents |  | 2,050 |  |  | 755 |
Accounts receivable, net |  | 1,075 |  |  | 41 |
Deferred rent receivable and charges, net (2) |  | 13,992 |  |  | 4,009 |
Other intangible assets, net (3) |  | — |  |  | 220 |
Other assets (4) |  | 4,202 |  |  | 27 |
Total assets held for sale, net |  | $ | 178,927 |  |  | $ | 22,175 |
Liabilities |  |  |  |
Debt, net (5) |  | $ | — |  |  | $ | 28,018 |
Accounts payable and accrued expenses |  | 2,160 |  |  | 370 |
Due to related parties |  | 518 |  |  | 81 |
Other liabilities |  | 567 |  |  | 297 |
Total liabilities associated with assets held for sale, net |  | $ | 3,245 |  |  | $ | 28,766 |
(1) | Investments in real estate of $230,523,000 and $24,832,000 at June 30, 2019 and December 31, 2018, respectively, are presented net of accumulated depreciation of $72,915,000 and $7,709,000, respectively.
(2) | Deferred rent receivable and charges consist of deferred rent receivable of $9,640,000 and deferred leasing costs of $11,165,000 net of accumulated amortization of $6,813,000 at June 30, 2019. Deferred rent receivable and charges consist of deferred rent receivable of $2,909,000 and deferred leasing costs of $1,669,000 net of accumulated amortization of $569,000 at December 31, 2018.
(3) | Other intangible assets, net, at December 31, 2018 represent acquired in-place leases of $1,778,000, which are presented net of accumulated amortization of $1,558,000.
(4) | Other assets at June 30, 2019 include lease inducements of $8,966,000, which are presented net of accumulated amortization of $4,870,000.
(5) | Debt, net, at December 31, 2018 includes the outstanding principal balance of 260 Townsend Street of $28,200,000, net of deferred loan costs of $243,000 and accumulated amortization of $61,000.
Schedule of Asset Acquisitions |
Property |  | Asset Type |  | Date of Acquisition |  | Square Feet |  | Purchase Price (1)
|  |  |  |  |  |  |  | (in thousands)
9460 Wilshire Boulevard, Beverly Hills, CA |  | Office |  | January 18, 2018 |  | 91,750 |  | $ | 132,000 |
(1) | In December 2017, at the time we entered into the purchase and sale agreement, we made a $20,000,000 non-refundable deposit to an escrow account that was included in other assets on our consolidated balance sheet at December 31, 2017. Transaction costs that were capitalized in connection with the acquisition of this property totaled $48,000, which are not included in the purchase price above.
Schedule of Fair Value of Net Assets Acquired | The fair value of the net assets acquired for the aforementioned acquisition during the six months ended June 30, 2018 are as follows:
|  | (in thousands)
Land |  | $ | 52,199 |
Land improvements |  | 756 |
Buildings and improvements |  | 74,522 |
Tenant improvements |  | 1,451 |
Acquired in-place leases (1) |  | 7,003 |
Acquired above-market leases (1) |  | 109 |
Acquired below-market leases (1) |  | (3,992 | )
Net assets acquired |  | $ | 132,048 |
(1) | Acquired in-place leases, above-market leases, and below-market leases have weighted average amortization periods of 3 years, 2 years, and 3 years, respectively.

X
- Definition Schedule Of Asset Acquisition, By Acquisition [Table Text Block] + References No definition available. + Details
Name: | cmct_ScheduleOfAssetAcquisitionByAcquisitionTableTextBlock
Namespace Prefix: | cmct_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration