XML 44 R30.htm IDEA: XBRL DOCUMENT
v3.22.0.1

INVESTMENTS IN REAL ESTATE (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Investments in Real Estate | Investments in real estate consist of the following:
| December 31,
| 2021 |  | 2020
| (in thousands)
Land | $ | 141,236 |  |  | $ | 139,397 |
Land improvements | 2,644 |  |  | 2,611 |
Buildings and improvements | 454,431 |  |  | 450,741 |
Furniture, fixtures, and equipment | 4,398 |  |  | 4,969 |
Tenant improvements | 29,733 |  |  | 31,414 |
Work in progress | 10,260 |  |  | 8,073 |
Investments in real estate | 642,702 |  |  | 637,205 |
Accumulated depreciation | (144,718) |  |  | (131,165) |
Net investments in real estate | $ | 497,984 |  |  | $ | 506,040 |
Schedule of Asset Acquisitions | During the year ended December 31, 2021, the Company acquired a 100% fee-simple interest in the following property from an unrelated third-party. The purchase was accounted for as an asset acquisition.
|  | Asset |  | Date of |  |  |  | Purchase
Property |  | Type |  | Acquisition |  | Square Feet |  | Price (1)
|  |  |  |  |  |  |  | (in thousands)
1037 North Sycamore, Los Angeles, CA |  | Office |  | July 13, 2021 |  | 4,900 |  | $ | 2,900 |
(1)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $33,000, which are not included in the purchase price above. During the year ended December 31, 2020, the Company acquired a 100% fee-simple interest in the following property from an unrelated third-party. The purchase was accounted for as an asset acquisition.
|  | Asset |  | Date of |  |  |  | Purchase
Property |  | Type |  | Acquisition |  | Square Feet |  | Price (1)
|  |  |  |  |  |  |  | (in thousands)
1021 East 7th Street, Austin, TX |  | Office |  | November 30, 2020 |  | 11,180 |  | $ | 6,079 |
(1)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $51,000, which are not included in the purchase price above.
Schedule of the Fair Value of the Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price allocation of the aforementioned acquisitions during the years ended December 31, 2021 and 2020.
| Year Ended December 31,
| 2021 |  | 2020 |  |
| (in thousands)
Land | $ | 1,839 |  |  | $ | 4,976 |  |  |
Land improvements | 33 |  |  | 9 |  |  |
Buildings and improvements | 1,061 |  |  | 534 |  |  |
Tenant improvements | — |  |  | 190 |  |  |
Acquired in-place leases (1) | — |  |  | 408 |  |  |
Acquired above-market leases (2) | — |  |  | 18 |  |  |
Acquired below-market leases (3) | — |  |  | (5) |  |  |
Net assets acquired | $ | 2,933 |  |  | $ | 6,130 |  |  |
(1)Acquired in-place leases have a weighted average amortization period of 3 years for the 2020 acquisition. (2)Acquired above-market leases have a weighted average amortization period of 3 years for the 2020 acquisition. (3)Acquired below-market leases have a weighted average amortization period of 3 years for the 2020 acquisition.

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

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

X
- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=123413009&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration