INVESTMENTS IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2016

Banking And Thrift [Abstract]

Summary of Investments in Real Estate

The table below summarizes our investments in real estate:

	Book Value as of December 31
	2016			2015
Multifamily real estate properties	$	147,201		$	470,689
Office real estate properties		397,769			395,224
Industrial real estate properties		93,423			94,938
Retail real estate properties		164,019			134,331
Parcels of land		52,234			50,448
Subtotal		854,646			1,145,630
Less: Accumulated depreciation and amortization		(138,214	)		(158,688	)
Investments in real estate (1)	$	716,432		$	986,942

(1) As of December 31, 2016, three of our multifamily properties, with a carrying amount of $62,428, and two of our parcels of land, with a carrying amount of $14,233, were considered held-for-sale.      

Minimum Future Rentals under Expiring Leases for Office and Retail Properties

The following table represents the minimum future rentals under expiring leases for our office and retail properties as of December 31, 2016.

2017	$	10,490
2018		4,922
2019		3,237
2020		6,752
2021		4,824
2022 and thereafter		21,688
Total	$	51,913

Aggregate Estimated Fair Value of Assets and Liabilities Acquired

The following table summarizes the aggregate estimated fair value of the assets and liabilities associated with the   properties acquired during the year ended December 31, 2016, on the date of acquisition, for the real estate accounted for under FASB ASC Topic 805.

Description	Fair Value of Assets Acquired During the Year Ended December 31, 2016
Assets acquired:
Investments in real estate	$	47,942
Cash and cash equivalents		382
Restricted cash		221
Accounts receivable and other assets		5
Intangible assets		3,185
Total assets acquired		51,735
Liabilities assumed:
Indebtedness, net		17,696
Accounts payable and accrued expenses		852
Other liabilities		1,072
Total liabilities assumed		19,620
Estimated fair value of net assets acquired	$	32,115

Consideration Transferred to Acquire Real Estate Properties

The following table summarizes the consideration transferred to acquire the real estate properties and the amounts of identified assets acquired and liabilities assumed at the respective acquisition date:

Description	Total Estimated Fair Value
Fair value of consideration transferred:
Investments in loans, accrued interest receivable and other assets (net of allowance for loan losses of $1,213)	$	32,192
Total	$	32,192

Schedule of Revenue and Net Income (Loss) Attributable to the Properties Acquired

The table below presents the revenue and net income (loss) attributable to the properties acquired during the year ended December 31, 2016 as reported in our consolidated financial statements.

	For the Year Ended December 31, 2016
Property	Total Revenue		Net income (loss) allocable to common shares
Indiana Portfolio	$	1,911	$	(800	)
Raritan SC		—		—
Total	$	1,911	$	(800	)

Consolidated Unaudited Pro Forma Information

The table below presents the revenue, net income and earnings per share effect of the acquired properties on a pro forma basis as if the acquisitions occurred on January 1, 2015. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods.

Description	For The Year Ended December 31,  2016			For The Year Ended December 31,  2015
Pro forma total revenue (unaudited)	$	176,202		$	217,478
Pro forma net income (loss) allocable to common shares    (unaudited)		(9,193	)		7,461
Earnings (loss) per share attributable to common shareholders
Basic—as pro forma (unaudited)		(0.10	)		0.09
Diluted—as pro forma (unaudited)		(0.10	)		0.09

Summary of Disposition and Each Property's Contribution

The below table summarizes these dispositions and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale:

					For the Year Ended December 31, 2016
Property Name	Property Type	Date of Sale	Sale Price		Gain (loss) on sale			Net income (loss) allocable to common shares
Mineral/Lincoln	Office	03/25/2016	$	7,949	$	(374	)	$	—
Ventura	Multifamily	03/30/2016		8,750		115			45
Saxony	Land	04/06/2016		1,500		(12	)		(4	)
Desert Wind (1)	Multifamily	05/18/2016		8,750		(2,032	)		52
Las Vistas (1)	Multifamily	05/18/2016		10,500		(61	)		122
Penny Lane (1)	Multifamily	05/18/2016		10,000		3,248			121
Sandal Ridge (1)	Multifamily	05/18/2016		12,250		3,482			162
Silversmith	Multifamily	06/03/2016		6,200		1,227			95
Coles Crossing (2)	Multifamily	09/20/2016		43,750		(3,965	)		90
Eagle Ridge and Grand Terrace	Multifamily	09/21/2016		44,650		11,757			534
Augusta	Multifamily	09/28/2016		37,500		10,431			871
Ellington	Multifamily	11/03/2016		36,200		8,646			1,000
Regency Meadows	Multifamily	11/08/2016		7,200		(68	)		(502	)
River Park West	Multifamily	11/17/2016		30,150		1,886			279
Ashford	Multifamily	12/09/2016		24,050		2,430			157
Tierra Bella	Multifamily	12/14/2016		12,468		3,271			330
Mandalay Bay	Multifamily	12/21/2016		36,000		13,296			(698	)
Total			$	337,867	$	53,277		$	2,654

The below table summarizes these dispositions and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale:

					For the Year Ended December 31, 2015
Property Name	Property Type	Date of Sale	Sale Price		Gain (loss) on sale		Net income (loss) allocable to common shares
English Aire/Lafayette	Multifamily	05/15/2015	$	18,786	$	—	$	265
Preserve at Colony Lakes	Multifamily	06/23/2015		49,250		17,913		733
Del Aire/Cardinal	Land	07/06/2015		3,000		901		(15	)
Regency Manor	Multifamily	09/10/2015		17,500		6,435		403
Vista Lago	Multifamily	12/22/2015		17,675		7,844		685
Balcones	Multifamily	12/31/2015		30,000		2,938		284
Long Beach	Office	12/30/2015		5,200		1,068		122
Total			$	141,411	$	37,099	$	2,477