INVESTMENTS IN REAL ESTATE (Tables)

6 Months Ended

Jun. 30, 2017

Banking And Thrift [Abstract]

Summary of Investments in Real Estate

The table below summarizes our investments in real estate:

	Book Value
	As of June 30, 2017			As of December 31, 2016
Multifamily real estate properties	$	24,925		$	147,201
Office real estate properties		232,858			397,769
Industrial real estate properties		48,374			93,423
Retail real estate properties		128,939			164,019
Parcels of land		35,153			52,234
Subtotal		470,249			854,646
Less: Accumulated depreciation and amortization		(35,359	)		(138,214	)
Investments in real estate (1)	$	434,890		$	716,432

(1) As of June 30, 2017, one of our multifamily properties, with a carrying amount of $5,932, and two of our parcels of land, with a carrying amount of $14,586, were considered held-for-sale. 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.

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 property acquired during the six months ended June 30, 2017, on the date of acquisition, for the real estate accounted for under FASB ASC Topic 805:

Description	Fair Value of Assets Acquired During the Six Months Ended June 30, 2017
Assets acquired:
Investments in real estate	$	1,118
Cash and cash equivalents		84
Restricted cash		-
Accounts receivable and other assets		14
Intangible assets		1,231
Total assets acquired		2,447
Liabilities assumed:
Indebtedness, net		-
Accounts payable and accrued expenses		139
Other liabilities		718
Total liabilities assumed		857
Estimated fair value of net assets acquired	$	1,590

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	$	1,590
Total	$	1,590

Schedule of Revenue and Net Income (Loss) Allocable to Common Shares for the Properties Acquired

The table below presents the revenue and net income (loss) allocable to common shares for the properties acquired during the six months ended June 30, 2017 as reported in our consolidated financial statements:

	For the Three Months Ended					For the Six Months Ended
	June 30, 2017					June 30, 2017
Property	Total Revenue		Net income (loss) allocable to common shares			Total Revenue		Net income (loss) allocable to common shares
Erieview Galleria	$	426	$	(85	)	$	453	$	(124	)
Total	$	426	$	(85	)	$	453	$	(124	)

Consolidated Unaudited Pro Forma Information

The table below presents the revenue, net income (loss) allocable to common shares and earnings (loss) per share effect of the acquired properties on a pro forma basis as if the acquisitions occurred on January 1, 2016. These pro forma results are not necessarily indicative of the results that 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.

	For the Three Months Ended						For the Six Months Ended
	June 30						June 30
Description	2017			2016			2017			2016
Pro forma total revenue (unaudited)	$	22,813		$	46,313		$	52,736		$	95,276
Pro forma net income (loss) allocable to common shares (unaudited)		(125,757	)		(7,637	)		(155,904	)		(25,649	)
Earnings (loss) per share attributable to common shareholders:
Basic-as pro forma (unaudited)		(1.38	)		(0.08	)		(1.71	)		(0.28	)
Diluted-as pro forma (unaudited)		(1.38	)		(0.08	)		(1.71	)		(0.28	)

Summary of Disposition and Each Property's Contribution

The below table summarizes the current year 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:

								Net income (loss) allocable to common shares
Property Name	Property Type	Date of Sale	Sale Price		Gain (loss) on sale			For the Three Months Ended June 30, 2017			For the Six Months Ended June 30, 2017
Tuscany Bay	Multifamily	1/6/2017	$	36,650	$	7,657		$	(5	)	$	2
Emerald Bay	Multifamily	3/8/2017		23,750		772			(46	)		135
Tiffany Square	Office	3/9/2017		12,175		113			(3	)		64
Oyster Point	Multifamily	3/28/2017		11,500		(82	)		(16	)		(14	)
Executive Center	Office	3/31/2017		10,600		437			(16	)		121
MGS	Land	3/31/2017		300		-			-			-
100 E. Lancaster	Office	4/13/2017		4,575		14			17			76
UBS Tower	Office	5/9/2017		14,150		-			(9	)		(39	)
South Plaza (Parcel Sale)	Retail	5/24/2017		11,478		1,481			213			443
South Terrace	Multifamily	6/30/2017		42,950		9,189			154			319
Total			$	168,128	$	19,581		$	289		$	1,107