INVESTMENTS IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017			As of December 31, 2016
Multifamily real estate properties	$	17,163		$	147,201
Office real estate properties		130,125			397,769
Industrial real estate properties		—			93,423
Retail real estate properties		106,817			164,019
Parcels of land		20,567			52,234
Subtotal		274,672			854,646
Less: Accumulated depreciation and amortization		(28,768	)		(138,214	)
Investments in real estate, net (1)	$	245,904		$	716,432

(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, 2017.

2018	$	3,376
2019		1,395
2020		3,482
2021		2,931
2022		2,944
2023 and thereafter		11,624
Total	$	25,752

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, 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 Twelve Months Ended December 31, 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) 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, 2017 as reported in our consolidated financial statements.

	For the Year Ended
	December 31, 2017
Property	Total Revenue		Net income (loss) allocable to common shares
Erieview Galleria	$	1,190	$	(305	)
Total	$	1,190	$	(305	)

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, 2016. 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.

	For the Year Ended
	December 31,
Description	2017			2016
Pro forma total revenue (unaudited)	$	101,228		$	174,990
Pro forma net income (loss) allocable to common shares (unaudited)		(185,121	)		(10,146	)
Earnings (loss) per share attributable to common shareholders:
Basic-as pro forma (unaudited)		(2.02	)		(0.11	)
Diluted-as pro forma (unaudited)		(2.02	)		(0.11	)

Summary of Disposition and Each Property's Contribution

The below table summarizes the current year dispositions recorded at sale 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 Year Ended December 31, 2017
Tuscany Bay	Multifamily	1/6/2017	$	36,650	$	7,657		$	2
Emerald Bay (1)	Multifamily	3/8/2017		23,750		772			135
Tiffany Square (1)	Office	3/9/2017		12,175		113			59
Oyster Point (1)	Multifamily	3/28/2017		11,500		(82	)		1
Executive Center	Office	3/31/2017		10,600		437			123
MGS (1)	Land	3/31/2017		300		—			—
100 E. Lancaster (1)	Office	4/13/2017		4,575		14			70
UBS Tower (1)	Office	5/9/2017		14,150		—			(43	)
South Plaza (2)	Retail	5/24/2017 & 9/29/2017		22,478		1,647			896
South Terrace	Multifamily	6/30/2017		42,950		9,189			250
Trails at Northpointe (1)	Multifamily	7/18/2017		6,450		(54	)		(118	)
Rutherford (1)	Office	9/29/2017		5,700		—			430
Treasure Island/Sunny Shores	Land	10/4/2017		12,125		—			(81	)
McDowell Phase I/II (1)	Office	10/16/2017		53,150		206			1,612
May's Crossing	Retail	11/16/2017		8,150		298			242
Four Resource Square (1)	Office	12/29/2017		17,500		78			(573	)
Reuss Federal Plaza (1)	Office	12/29/2017		19,500		47			995
Total			$	301,703	$	20,322		$	4,000

(1) These properties were previously impaired.

(2) Includes gain on sale in May and September 2017 of $1,481 and $166, respectively.

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:

								Net income (loss) allocable to common shares
Property Name	Property Type	Date of Sale	Sale Price		Gain (loss) on sale			For the Year Ended December 31, 2016
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

(1) These properties were disposed of as a group of assets in a portfolio sale on May 18, 2016.

(2)   The loss on sale related to this property primarily results from a defeasance premium of $1,318 and the writeoff of the

noncontrolling interest of $2,518.