2018 Q2 Form 10-Q Financial Statement

#000162828018010949 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $51.54M $61.30M
YoY Change -15.91% -10.33%
Cost Of Revenue $26.91M $35.11M
YoY Change -23.36% -13.69%
Gross Profit $24.64M $26.19M
YoY Change -5.92% -5.42%
Gross Profit Margin 47.8% 42.73%
Selling, General & Admin $2.260M $13.26M
YoY Change -82.96% 489.33%
% of Gross Profit 9.17% 50.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.32M $14.76M
YoY Change -9.76% -20.13%
% of Gross Profit 54.06% 56.36%
Operating Expenses $15.58M $28.03M
YoY Change -44.42% 35.28%
Operating Profit $2.241M $32.47M
YoY Change -93.1% 365.84%
Interest Expense $6.811M $9.513M
YoY Change -28.4% 30.4%
% of Operating Profit 303.93% 29.3%
Other Income/Expense, Net
YoY Change
Pretax Income $2.241M $91.83M
YoY Change -97.56% -27189.68%
Income Tax $292.0K $462.0K
% Of Pretax Income 13.03% 0.5%
Net Earnings $1.937M $91.36M
YoY Change -97.88% 10661.25%
Net Earnings / Revenue 3.76% 149.04%
Basic Earnings Per Share -$0.04 $1.16
Diluted Earnings Per Share -$0.04 $1.16
COMMON SHARES
Basic Shares Outstanding 43.79M shares 78.87M shares
Diluted Shares Outstanding 14.60M shares 78.87M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.20M $129.0M
YoY Change -29.3% 243.09%
Cash & Equivalents $91.19M $129.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $9.200M $15.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $100.4M $144.5M
YoY Change -30.52% 196.71%
LONG-TERM ASSETS
Property, Plant & Equipment $1.076B $1.142B
YoY Change -5.75% -29.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $109.0M $247.2M
YoY Change -55.91% -32.57%
Total Long-Term Assets $1.288B $1.493B
YoY Change -13.76% -28.96%
TOTAL ASSETS
Total Short-Term Assets $100.4M $144.5M
Total Long-Term Assets $1.288B $1.493B
Total Assets $1.388B $1.638B
YoY Change -15.24% -23.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.40M $42.30M
YoY Change -35.22% 6.82%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.60M $52.30M
YoY Change -30.02% 5.87%
LONG-TERM LIABILITIES
Long-Term Debt $666.9M $846.8M
YoY Change -21.24% -9.9%
Other Long-Term Liabilities $18.40M $85.30M
YoY Change -78.43% -12.87%
Total Long-Term Liabilities $685.3M $932.1M
YoY Change -26.48% -10.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.60M $52.30M
Total Long-Term Liabilities $685.3M $932.1M
Total Liabilities $721.9M $984.4M
YoY Change -26.67% -9.52%
SHAREHOLDERS EQUITY
Retained Earnings -$408.8M -$432.2M
YoY Change -5.42%
Common Stock $44.00K $58.00K
YoY Change -24.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $623.6M $645.6M
YoY Change
Total Liabilities & Shareholders Equity $1.388B $1.638B
YoY Change -15.24% -23.86%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $1.937M $91.36M
YoY Change -97.88% 10661.25%
Depreciation, Depletion And Amortization $13.32M $14.76M
YoY Change -9.76% -20.13%
Cash From Operating Activities $19.20M $5.250M
YoY Change 265.71% -63.84%
INVESTING ACTIVITIES
Capital Expenditures -$3.930M -$6.610M
YoY Change -40.54% -38.51%
Acquisitions
YoY Change
Other Investing Activities -$1.470M $352.4M
YoY Change -100.42% -2661.26%
Cash From Investing Activities -$5.400M $345.8M
YoY Change -101.56% -1510.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.99M -627.5M
YoY Change -104.78% 1510.99%
NET CHANGE
Cash From Operating Activities 19.20M 5.250M
Cash From Investing Activities -5.400M 345.8M
Cash From Financing Activities 29.99M -627.5M
Net Change In Cash 43.79M -276.4M
YoY Change -115.84% 464.77%
FREE CASH FLOW
Cash From Operating Activities $19.20M $5.250M
Capital Expenditures -$3.930M -$6.610M
Free Cash Flow $23.13M $11.86M
YoY Change 95.03% -53.07%

Facts In Submission

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12670000 USD
us-gaap Cost Of Services Depreciation
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27354000 USD
CY2018Q2 us-gaap Cost Of Services Depreciation
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10907000 USD
us-gaap Cost Of Services Depreciation
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21586000 USD
CY2017Q2 us-gaap Costs And Expenses
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85748000 USD
us-gaap Costs And Expenses
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146104000 USD
CY2018Q2 us-gaap Costs And Expenses
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49318000 USD
us-gaap Costs And Expenses
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96706000 USD
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CY2018Q2 us-gaap Debt And Capital Lease Obligations
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23807000 USD
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22557000 USD
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52414000 USD
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49460000 USD
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3843000 USD
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4914000 USD
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3401000 USD
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4185000 USD
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52619000 USD
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14761000 USD
us-gaap Depreciation And Amortization
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31992000 USD
CY2018Q2 us-gaap Depreciation And Amortization
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13325000 USD
us-gaap Depreciation And Amortization
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26473000 USD
CY2017Q4 us-gaap Development In Process
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9162000 USD
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25620000 USD
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10947000 USD
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103000 USD
us-gaap Dividends Preferred Stock Cash
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1155000 USD
CY2017Q4 us-gaap Due To Related Parties Current And Noncurrent
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8814000 USD
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DueToRelatedPartiesCurrentAndNoncurrent
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1.16
us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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462000 USD
CY2018Q2 us-gaap Financing Receivable Allowance For Credit Losses
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495000 USD
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3363000 USD
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3219000 USD
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116283000 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
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304017000 USD
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0 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
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0 USD
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1647000 USD
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1915000 USD
us-gaap General And Administrative Expense
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5291000 USD
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13100000 USD
us-gaap Impairment Of Real Estate
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13100000 USD
CY2018Q2 us-gaap Impairment Of Real Estate
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0 USD
us-gaap Impairment Of Real Estate
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0 USD
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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286161000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2241000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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3251000 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
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462000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
854000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
292000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
680000 USD
us-gaap Income Taxes Paid
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259000 USD
us-gaap Income Taxes Paid
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247000 USD
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5631000 USD
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2557000 USD
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1341000 USD
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4000 USD
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389000 USD
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1653000 USD
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2283000 USD
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2682000 USD
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Land
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37000 USD
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67000 USD
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21760000 USD
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us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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0 property
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32469000 USD
us-gaap Operating Income Loss
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74584000 USD
CY2018Q2 us-gaap Operating Income Loss
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29352000 USD
us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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1112000 USD
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407000 USD
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1590000 USD
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Payments For Origination And Purchases Of Loans Held For Sale
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21345000 USD
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Redeemable Preferred Stock
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0 USD
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
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us-gaap Payments To Acquire Loans Held For Investment
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us-gaap Payments To Develop Real Estate Assets
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9915000 USD
us-gaap Payments To Develop Real Estate Assets
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8053000 USD
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0.6875
us-gaap Preferred Stock Dividends Per Share Declared
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0 USD
us-gaap Preferred Stock Redemption Discount
PreferredStockRedemptionDiscount
0 USD
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1000 USD
us-gaap Preferred Stock Redemption Discount
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2000 USD
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4935000 USD
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1501000 USD
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5645000 USD
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19923000 USD
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0 USD
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27000 USD
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40000 USD
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0 USD
us-gaap Proceeds From Notes Payable
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38200000 USD
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5496000 USD
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6389000 USD
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us-gaap Proceeds From Sale Of Loans Held For Sale
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29098000 USD
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642886000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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0 USD
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91372000 USD
us-gaap Profit Loss
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285307000 USD
CY2018Q2 us-gaap Profit Loss
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1949000 USD
us-gaap Profit Loss
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2571000 USD
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187000 USD
us-gaap Provision For Doubtful Accounts
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151000 USD
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RealEstateInvestmentPropertyAccumulatedDepreciation
291221000 USD
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1228780000 USD
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1367152000 USD
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us-gaap Reclassifications Of Temporary To Permanent Equity
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0 USD
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5615000 USD
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0 USD
us-gaap Repayments Of Notes Payable
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597000 USD
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4935000 USD
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22800000 USD
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10160000 USD
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27008000 USD
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9832000 USD
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26706000 USD
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CY2017Q2 us-gaap Revenues
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19849000 USD
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123000 USD
us-gaap Revenues
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CY2018Q2 us-gaap Revenues
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51559000 USD
us-gaap Revenues
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99957000 USD
us-gaap Share Based Compensation
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78000 USD
us-gaap Share Based Compensation
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86000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
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78000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
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86000 USD
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us-gaap Stock Repurchased And Retired During Period Value
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576000000 USD
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CY2018Q2 us-gaap Stockholders Equity
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966589000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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646481000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
626705000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
624440000 USD
CY2017Q4 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
27924000 USD
CY2018Q2 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
42037000 USD
CY2017Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
72000 USD
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
103000 USD
CY2018Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
662000 USD
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
1155000 USD
us-gaap Temporary Equity Issue Period Increase Or Decrease
TemporaryEquityIssuePeriodIncreaseOrDecrease
7032000 USD
CY2017Q4 us-gaap Tenant Improvements
TenantImprovements
128876000 USD
CY2018Q2 us-gaap Tenant Improvements
TenantImprovements
140345000 USD
CY2017Q2 us-gaap Tenant Reimbursements
TenantReimbursements
2526000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
5556000 USD
CY2018Q2 us-gaap Tenant Reimbursements
TenantReimbursements
3351000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
4960000 USD
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78871000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81445000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43791000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43788000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78871000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81445000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43791000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43788000 shares
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interim Financial Information</font><font style="font-family:inherit;font-size:10pt;">&#8212;The accompanying interim consolidated financial statements of CIM Commercial have been prepared by our management in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Operating results for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. Our accompanying interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto, included in our Annual Report on Form&#160;10-K filed with the SEC on </font><font style="font-family:inherit;font-size:10pt;">March&#160;12, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ORGANIZATION AND OPERATIONS</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CIM Commercial Trust Corporation ("CIM Commercial" or the "Company"), a Maryland corporation and real estate investment trust ("REIT"), together with its wholly-owned subsidiaries ("we," "us" or "our"), primarily acquires, owns, and operates Class&#160;A and creative office assets in vibrant and improving urban communities throughout the United States. These communities are located in areas that include traditional downtown areas and suburban main streets, which have high barriers to entry, high population density, improving demographic trends and a propensity for growth. We were originally organized in 1993 as PMC Commercial Trust ("PMC Commercial"), a Texas real estate investment trust.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">July&#160;8, 2013</font><font style="font-family:inherit;font-size:10pt;">, PMC Commercial entered into a merger agreement (the "Merger Agreement") with CIM Urban REIT,&#160;LLC ("CIM REIT"), an affiliate of CIM Group, L.P. ("CIM Group" or "CIM"), and subsidiaries of the respective parties. CIM REIT was a private commercial REIT and was the owner of CIM Urban Partners,&#160;L.P. ("CIM Urban"). The transaction (the "Merger") was completed on </font><font style="font-family:inherit;font-size:10pt;">March&#160;11, 2014</font><font style="font-family:inherit;font-size:10pt;"> (the "Acquisition Date"). As a result of the Merger and related transactions, CIM Urban became our wholly-owned subsidiary.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our common stock, </font><font style="font-family:inherit;font-size:10pt;">$0.001</font><font style="font-family:inherit;font-size:10pt;"> par value per share ("Common Stock"), is currently traded on the Nasdaq Global Market ("Nasdaq") and on the Tel Aviv Stock Exchange (the "TASE"), in each case under the ticker symbol "CMCT." Our Series L preferred stock, </font><font style="font-family:inherit;font-size:10pt;">$0.001</font><font style="font-family:inherit;font-size:10pt;"> par value per share ("Series L Preferred Stock"), is currently traded on Nasdaq and on the TASE, in each case under the ticker symbol "CMCTP." We have authorized for issuance </font><font style="font-family:inherit;font-size:10pt;">900,000,000</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock and </font><font style="font-family:inherit;font-size:10pt;">100,000,000</font><font style="font-family:inherit;font-size:10pt;"> shares of preferred stock ("Preferred Stock").</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CIM Commercial has qualified and intends to continue to qualify as a REIT, as defined in the Internal Revenue Code of 1986, as amended.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;">&#8212;Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications had no effect on previously reported net income or cash flows, other than the adoption of Accounting Standards Update ("ASU") 2016-18 (as defined below) on January 1, 2018, which requires the inclusion of a reconciliation of cash and restricted cash in our consolidated statements of cash flows.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">&#8212;The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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0001628280-18-010949-index-headers.html Edgar Link pending
0001628280-18-010949-index.html Edgar Link pending
0001628280-18-010949.txt Edgar Link pending
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cmct-20180630.xml Edgar Link completed
cmct-20180630.xsd Edgar Link pending
cmct-20180630_cal.xml Edgar Link unprocessable
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