PREFERRED EQUITY INVESTMENT AND DERIVATIVE INVESTMENT RECEIVABLE (Tables)

9 Months Ended

Sep. 30, 2013

Preferred Equity Investment and Derivative Investment Receivable [Abstract]

Schedule Of Financical Statement Data For Joint Venture [Table Text Block]

A summary of unaudited financial statement data for the joint venture as of and for the period from inception (February 28, 2013) through September 30, 2013 follows (amounts in thousands):

Balance Sheet Data	As of September 30, 2013
Assets:	(unaudited)
Investment in real estate, net	$	130,035
Cash, cash equivalents and restricted cash	6,953
Receivables and other assets	3,330
Total assets	$	140,318
Liabilities:
Mortgage payable to bank	$	119,946
IMHFC Preferred Member Interest recognized as a liability	13,704
Derivative exit fee liability	2,250
Accounts payable, accrued and other liabilities	6,654
Total liabilities	142,554
Members' Equity	(2,236		)
Total liabilities and members' equity	$	140,318

Statement of Operations Data	Period Ended September 30, 2013
Revenue:	(unaudited)
Total rents and other income	$	16,545
Expenses:
Acquisition costs	17,207
Total operating expenses	9,564
Depreciation and amortization	1,791
Interest Expense - Primary Lender	3,420
Interest Expense - IMHFC Preferred Member Interest	1,962
Total expenses	33,944
Net loss	$	(17,399	)

Schedule Of Reconcilation Of Preferred Equity Investment [Table Text Block]

A reconciliation of the preferred equity investment as of September 30, 2013 follows (in thousands):

Preferred Equity Investment	$	15,000
Less: exit fee discount	(2,250		)
Accrued preferred return	205
Amortization of exit fee discount	749
Preferred Member Interest per joint venture	13,704
Add: additional investment basis (1)	66
Total preferred equity investment	$	13,770

(1) Amount represents unamortized costs incurred and paid directly by us relating to our investment in the preferred equity investment.