Hines Real Estate Investment Trust 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2015	Nov. 06, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Hines Real Estate Investment Trust Inc
Entity Central Index Key	1,262,959
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		222.5

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS:
Investment property, net	$ 1,707,962	$ 1,634,658
Investments in unconsolidated entities	139,231	187,668
Cash and cash equivalents	50,896	56,821
Restricted cash	1,799	3,049
Distributions receivable	2,275	7,199
Tenant and other receivables, net	39,805	45,851
Intangible lease assets, net	135,084	145,688
Deferred leasing costs, net	137,447	126,772
Deferred financing costs, net	2,084	3,476
Other assets	2,606	17,810
TOTAL ASSETS	2,219,189	2,228,992
LIABILITIES:
Accounts payable and accrued expenses	68,351	64,534
Due to affiliates	4,049	4,694
Intangible lease liabilities, net	31,061	28,762
Other liabilities	14,882	14,799
Interest rate swap contracts	22,944	34,393
Participation interest liability	122,882	108,911
Distributions payable	15,251	15,403
Notes payable	867,730	867,658
Total liabilities	$ 1,147,150	$ 1,139,154
Commitments and contingencies
EQUITY:
Preferred shares, $.001 par value; 500,000 preferred shares authorized, none issued or outstanding as of September 30, 2015 and December 31, 2014
Common shares, $.001 par value; 1,500,000 common shares authorized, 223,004 and 225,207 common shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	$ 223	$ 225
Additional paid-in capital	1,019,893	1,072,754
Retained earnings (deficit)	53,077	17,649
Accumulated other comprehensive income (loss)	(1,154)	(790)
Total stockholders’ equity	1,072,039	1,089,838
Noncontrolling interests	0	0
Total equity	1,072,039	1,089,838
TOTAL LIABILITIES AND EQUITY	$ 2,219,189	$ 2,228,992

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
EQUITY:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	500,000,000	500,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	223,004,000	225,207,000
Common stock, shares outstanding	223,004,000	225,207,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental revenue	$ 49,844	$ 55,705	$ 149,917	$ 166,623
Other revenue	5,361	4,370	14,828	12,344
Total revenues	55,205	60,075	164,745	178,967
Expenses:
Property operating expenses	14,994	17,857	45,256	52,098
Real property taxes	7,623	8,295	23,093	24,736
Property management fees	1,365	1,510	4,246	4,504
Depreciation and amortization	21,491	24,472	66,782	73,584
Acquisition related expenses	39	13	639	282
Asset management and acquisition fees	11,064	7,744	28,192	27,166
General and administrative	1,648	1,633	5,078	5,280
Impairment losses	16,033	0	16,033	0
Total expenses	74,257	61,524	189,319	187,650
Operating income (loss)	(19,052)	(1,449)	(24,574)	(8,683)
Other income (expenses):
Gain (loss) on derivative instruments, net	3,922	7,165	11,449	16,727
Gain (loss) on sale or dissolution of unconsolidated joint venture	0	0	0	13,381
Equity in earnings (losses) of unconsolidated entities, net	(5,297)	(8,005)	27,703	74,237
Gain (loss) on sale of real estate investments	20,711	(3)	50,094	9,496
Interest expense	(9,397)	(11,999)	(28,717)	(36,880)
Interest income	12	171	33	557
Income (loss) from continuing operations before benefit (provision) for income taxes	(9,101)	(14,120)	35,988	68,835
Benefit (provision) for income taxes	(59)	(72)	(171)	(237)
Income (loss) from continuing operations	(9,160)	(14,192)	35,817	68,598
Income (loss) from discontinued operations, net of taxes	(4)	(139)	(165)	(345)
Net income (loss)	(9,164)	(14,331)	35,652	68,253
Less: Net income attributable to noncontrolling interests	(75)	(75)	(224)	(224)
Net income (loss) attributable to common stockholders	$ (9,239)	$ (14,406)	$ 35,428	$ 68,029
Basic and diluted income (loss) per common share (in dollars per share)	$ (0.04)	$ (0.06)	$ 0.16	$ 0.30
Distributions declared per common share (in dollars per share)	$ 0.07	$ 0.07	$ 0.20	$ 0.20
Weighted average number of common shares outstanding	223,004	225,876	223,658	226,818
Net comprehensive income (loss):
Net income (loss)	$ (9,164)	$ (14,331)	$ 35,652	$ 68,253
Other comprehensive income (loss):
Foreign currency translation adjustment	(204)	(136)	(364)	(126)
Net comprehensive income (loss)	(9,368)	(14,467)	35,288	68,127
Net comprehensive (income) loss attributable to noncontrolling interests	(75)	(75)	(224)	(224)
Net comprehensive income (loss) attributable to common stockholders	$ (9,443)	$ (14,542)	$ 35,064	$ 67,903

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Balance, shares at Dec. 31, 2013		229,174
Balance at Dec. 31, 2013		$ 229	$ 1,150,909	$ (29,951)	$ (546)	$ 1,120,641	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, shares		2,685
Issuance of common shares		$ 3	17,031			17,034
Redemption of common shares, shares		(5,983)
Redemption of common shares		$ (6)	(29,413)			(29,419)
Distributions declared			(45,805)			(45,805)	(224)
Other offering costs, net			(11)			(11)
Net income (loss)	$ 68,029			68,029		68,029	224
Foreign currency translation adjustment					(126)	(126)
Balance, shares at Sep. 30, 2014		225,876
Balance at Sep. 30, 2014		$ 226	1,092,711	38,078	(672)	1,130,343	0
Balance, shares at Dec. 31, 2014	225,207	225,207
Balance at Dec. 31, 2014	$ 1,089,838	$ 225	1,072,754	17,649	(790)	1,089,838	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, shares		2,547
Issuance of common shares		$ 3	16,522			16,525
Redemption of common shares, shares		(4,750)
Redemption of common shares		$ (5)	(24,196)			(24,201)
Distributions declared			(45,168)			(45,168)	(224)
Other offering costs, net			(19)			(19)
Net income (loss)	$ 35,428			35,428		35,428	224
Foreign currency translation adjustment					(364)	(364)
Balance, shares at Sep. 30, 2015	223,004	223,004
Balance at Sep. 30, 2015	$ 1,072,039	$ 223	$ 1,019,893	$ 53,077	$ (1,154)	$ 1,072,039	$ 0

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 35,652	$ 68,253
Adjustments to reconcile net income (loss) to cash from operating activities:
Depreciation and amortization	79,143	85,005
(Gain) loss on sale of real estate investments and discontinued operations	(50,094)	(9,496)
Impairment losses	16,033	0
(Gain) loss on sale or dissolution of unconsolidated joint venture	0	(13,381)
Equity in (earnings) losses of unconsolidated entities, net	(27,703)	(74,237)
Distributions received from unconsolidated entities	27,703	74,237
Other losses, net	113	0
(Gain) loss on derivative instruments, net	(11,449)	(16,727)
Net change in operating accounts	(24,954)	(12,912)
Net cash from operating activities	44,444	100,742
CASH FLOWS FROM INVESTING ACTIVITIES:
Distributions received from unconsolidated entities in excess of equity in earnings	53,361	25,719
Investments in acquired properties and lease intangibles	(270,306)	(474,912)
Capital expenditures at operating properties	(9,639)	(5,535)
Proceeds from sale of real estate investments and unconsolidated joint ventures	231,486	74,081
Change in restricted cash	1,250	(206)
Net cash from investing activities	6,152	(380,853)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in security deposits	355	906
Redemption of common shares	(26,892)	(33,663)
Payments of offering costs	(28)	(24)
Distributions paid to stockholders and noncontrolling interests	(29,131)	(29,220)
Proceeds from notes payable	298,000	810,000
Payments on notes payable	(298,231)	(528,999)
Additions to deferred financing costs	(257)	(3,563)
Net cash from financing activities	(56,184)	215,437
Effect of exchange rate changes on cash	(337)	(129)
Net change in cash and cash equivalents	(5,925)	(64,803)
Cash and cash equivalents, beginning of period	56,821	133,472
Cash and cash equivalents, end of period	$ 50,896	$ 68,669

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	Organization The accompanying interim unaudited condensed consolidated financial information has been prepared according to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted according to such rules and regulations. For further information, refer to the financial statements and footnotes for the year ended December 31, 2014 included in Hines Real Estate Investment Trust, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2014 . In the opinion of management, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly and in conformity with GAAP the financial position of Hines Real Estate Investment Trust, Inc. as of September 30, 2015 and the results of operations for the three and nine months ended September 30, 2015 and 2014 and cash flows for the nine months ended September 30, 2015 and 2014 have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. Hines Real Estate Investment Trust, Inc., a Maryland corporation (“Hines REIT” and, together with its consolidated subsidiaries, the “Company”), was formed on August 5, 2003 under the Maryland General Corporation Law for the purpose of engaging in the business of investing in and owning interests in real estate. Beginning with its taxable year ended December 31, 2004, the Company operated and intends to continue to operate in a manner to qualify as a real estate investment trust (“REIT”) for federal income tax purposes. The Company is structured as an umbrella partnership REIT under which substantially all of the Company’s current and future business is and will be conducted through its majority-owned subsidiary, Hines REIT Properties, L.P. (the “Operating Partnership”). Hines REIT is the sole general partner of the Operating Partnership. Subject to certain restrictions and limitations, the business of the Company is managed by Hines Advisors Limited Partnership (the “Advisor”), an affiliate of Hines Interests Limited Partnership (“Hines”), pursuant to the advisory agreement between the Company and the Advisor (the “Advisory Agreement”). Public Offering Hines REIT has raised approximately $2.7 billion through public offerings of its common stock, including shares of its common stock offered pursuant to its dividend reinvestment plan, since Hines REIT commenced its initial public offering in June 2004. The Company commenced a $150.0 million offering of shares of its common stock under its dividend reinvestment plan on July 1, 2010 , which closed on June 30, 2012 , immediately prior to the commencement of the Company’s current $300.0 million offering of shares of its common stock under its dividend reinvestment plan on July 1, 2012 . The Company refers to both offerings of shares under its dividend reinvestment plan collectively as the “DRP Offering.” From inception of the DRP Offering through September 30, 2015 , Hines REIT received gross offering proceeds of $200.0 million from the sale of 25.7 million shares through the DRP Offering. Based on market conditions and other considerations, the Company does not currently expect to commence any future offerings other than those related to shares issued under its dividend reinvestment plan. Hines REIT contributes all net proceeds from its public offerings to the Operating Partnership in exchange for partnership units in the Operating Partnership. As of September 30, 2015 and December 31, 2014 , Hines REIT owned a 92.0% and 92.7% general partner interest, respectively, in the Operating Partnership. Hines 2005 VS I LP, an affiliate of Hines, owned a 0.5% limited partnership interest in the Operating Partnership as of both September 30, 2015 and December 31, 2014 . In addition, another affiliate of Hines, HALP Associates Limited Partnership (“HALP”), owned a 7.5% and 6.8% profits interest (the “Participation Interest”) in the Operating Partnership as of September 30, 2015 and December 31, 2014 , respectively. Investment Property As of September 30, 2015 , the Company owned direct and indirect investments in 31 properties. These properties consisted of 23 U.S. office properties and a portfolio of eight grocery-anchored shopping centers located in four states primarily in the southeastern United States. See below for additional information regarding the Grocery-Anchored Portfolio. The Company makes investments directly through entities that are wholly-owned by the Operating Partnership, or indirectly through other entities, such as through its investment in Hines US Core Office Fund LP (the “Core Fund”) in which it owned a 28.8% non-managing general partner interest as of both September 30, 2015 and December 31, 2014 . The Company accounts for its investment in the Core Fund using the equity method of accounting. In January 2014, the Company dissolved its joint venture with Weingarten Realty Investors (“Weingarten”), through which the Company and Weingarten held a portfolio of 12 grocery-anchored shopping centers (the “Grocery-Anchored Portfolio”). As a result of the dissolution of the joint venture, eight of the Grocery-Anchored Portfolio properties were distributed to the Company and the remaining four Grocery-Anchored Portfolio properties were distributed to Weingarten and an additional $ 0.4 million in cash was paid to the Company by Weingarten (“Grocery-Anchored Portfolio Transaction”). As of January 1, 2014, the Company had consolidated the eight properties that it received as a result of the Grocery-Anchored Portfolio Transaction. As of December 31, 2013, the Company owned a 70% interest in the Grocery-Anchored Portfolio, which was previously accounted for as an equity method investment. See Note 4 — Recent Acquisitions of Real Estate for additional information regarding the Grocery-Anchored Portfolio Transaction.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Summary of Significant Accounting Policies Described below are certain of the Company’s significant accounting policies. The disclosures regarding several of the policies have been condensed or omitted in accordance with interim reporting regulations specified by Form 10-Q. Please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for a complete listing of all of its significant accounting policies. Basis of Presentation The condensed consolidated financial statements of the Company included in this quarterly report include the accounts of Hines REIT, the Operating Partnership and the Operating Partnership’s wholly-owned subsidiaries as well as the related amounts of noncontrolling interests. All intercompany balances and transactions have been eliminated in consolidation. The Company’s investments in partially-owned real estate joint ventures and partnerships are reviewed for impairment periodically. The Company will record an impairment charge if it determines that a decline in the value of an investment below its carrying value is other than temporary. The Company’s analysis will be dependent on a number of factors, including the performance of each investment, current market conditions, and its intent and ability to hold the investment to full recovery. Based on the Company’s analysis of the facts and circumstances at each reporting period, no impairment was recorded related to its investment in the Core Fund for the three and nine months ended September 30, 2015 and 2014 . However, if market conditions deteriorate in the future and result in lower valuations or reduced cash flows of the Company’s remaining investment in the Core Fund, impairment charges may be recorded in future periods. International Operations In addition to its properties in the United States, the Company has owned investments in Canada and Brazil, although the Company no longer owns any operating investments outside the United States as of September 30, 2015 . Accumulated other comprehensive income (loss) as of September 30, 2015 is related to the remaining non-operating net assets of the disposed directly-owned properties in Brazil and Canada. Impairment of Investment Property Real estate assets are reviewed for impairment in each reporting period if events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current and projected cash flows of each property on an undiscounted basis to the carrying amount of such property. If undiscounted cash flows are less than the carrying amount, such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset. See Note 13 — Fair Value Disclosures for additional information regarding the Company’s policy for determining fair values of its investment property. The Company determined that two of its directly-owned properties located in Dallas, Texas and Melville, New York were impaired since the projected undiscounted cash flows for these properties were less than their carrying values. As a result, impairment losses were recorded related to those properties of $16.0 million for the three and nine months ended September 30, 2015 . See Note 13 — Fair Value Disclosures for additional information. No impairment charges were recorded for the three and nine months ended September 30, 2014 on the Company’s directly-owned properties. During the three and nine months ended September 30, 2015 , impairment losses of $16.7 million and $38.8 million were recorded related to one of the Company’s indirectly-owned properties located in Richmond, Virginia. During the three and nine months ended September 30, 2014 , impairment losses of $27.9 million were recorded related to one of the Company’s indirectly-owned properties located in Richmond, Virginia. See Note 5 — Investments in Unconsolidated Entities for additional information. Tenant and Other Receivables Receivable balances outstanding consist primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent. An allowance for the uncollectible portion of tenant and other receivables is determined based upon an analysis of the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Tenant and other receivables are shown at cost in the condensed consolidated balance sheets, net of allowance for doubtful accounts of $4.1 million and $4.5 million at September 30, 2015 and December 31, 2014 , respectively. Deferred Leasing Costs Tenant inducement amortization was $4.2 million and $3.8 million for the three months ended September 30, 2015 and 2014 , respectively, and was recorded as an offset to rental revenue. In addition, the Company recorded $1.3 million and $1.4 million as amortization expense related to other direct leasing costs for the three months ended September 30, 2015 and 2014 , respectively. Tenant inducement amortization was $12.2 million and $11.5 million for the nine months ended September 30, 2015 and 2014 , respectively, and was recorded as an offset to rental revenue. In addition, the Company recorded $3.9 million and $4.0 million as amortization expense related to other direct leasing costs for the nine months ended September 30, 2015 and 2014 , respectively. Other Assets Other assets included the following (in thousands): September 30, 2015 December 31, 2014 Deposit on investment property $ — $ 15,000 (1) Prepaid insurance 998 724 Prepaid/deferred taxes 294 537 Other 1,314 1,549 Total $ 2,606 $ 17,810 (1) In December 2014, the Company funded a $15.0 million deposit related to its acquisition of Civica Office Commons, which the Company acquired in February 2015. Revenue Recognition Rental payments are generally paid by the tenants prior to the beginning of each month. As of September 30, 2015 and December 31, 2014 , the Company recorded liabilities of $7.3 million and $7.2 million , respectively, related to prepaid rental payments which were included in other liabilities in the accompanying condensed consolidated balance sheets. The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any. Straight-line rent receivable was $34.8 million and $40.5 million as of September 30, 2015 and December 31, 2014 , respectively. Redemption of Common Stock The Company’s share redemption program generally limits the funds available for redemption to the amount of proceeds received from the Company’s dividend reinvestment plan in the prior quarter. The board of directors determined to waive this limitation of the share redemption program and fully honor all eligible requests received for the nine months ended September 30, 2015 , which amount was in excess of the $16.4 million received from the issuance of shares pursuant to the dividend reinvestment plan in the prior quarters. The Company has recorded liabilities of $7.5 million and $10.2 million in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 , respectively, related to shares that were tendered for redemption and approved by the board of directors but were not redeemed until the subsequent month. Such amounts have been included in redemption of common shares in the accompanying consolidated statements of equity based on a redemption price of $5.45 per share for ordinary share redemption requests and $6.40 per share for redemption requests in connection with the death or disability of a stockholder made in 2014, $6.50 per share for redemption requests in connection with the death or disability of a stockholder made during the first three quarters of 2015 and $6.65 per share for redemption requests in connection with the death or disability of a stockholder made during the fourth quarter of 2015. The estimated per share net asset value of the Company’s common stock as of September 30, 2014 was $6.50 and was determined by the Company’s board of directors in December 2014. The estimated per share net asset value of the Company’s common stock as of June 30, 2015 is $6.65 and was determined by the Company’s board of directors in September 2015. Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“FASB”) issued amendments to the Accounting Standards Codification (“ASC” or the “Codification”) to provide guidance on reporting discontinued operations. These amendments raise the threshold for a disposal to qualify as a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 31, 2014 and early adoption was permitted. The Company elected to adopt these amendments, effective January 1, 2014. As a result, the Company did not report any sales of real estate investment property in discontinued operations for the three months ended September 30, 2015 since the Company concluded that these sales do not represent a “strategic shift” in the Company’s operations. See Note 3 — Real Estate Investments for additional information regarding the sales of Citymark, 4050/4055 Corporate Drive and 2555 Grand that did not qualify as discontinued operations as of September 30, 2015 . The additional income (loss) from discontinued operations recorded in 2015 and 2014 is related to properties sold prior to the adoption of the amended discontinued operations guidance. In April 2015, FASB issued amendments to change its prior guidance on the presentation of debt issuance costs in financial statements. Under the new guidance, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset, except for the costs related to lines of credit which will remain an asset in the financial statements. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. Upon adoption, the Company will reclassify the deferred financing costs, excluding costs related to lines of credit, net to notes payable on the balance sheet.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	Real Estate Investments Investment property consisted of the following (in thousands): September 30, 2015 December 31, 2014 Buildings and improvements $ 1,427,037 $ 1,452,900 Less: accumulated depreciation (157,716 ) (206,460 ) Buildings and improvements, net 1,269,321 1,246,440 Land 438,641 388,218 Investment property, net $ 1,707,962 $ 1,634,658 In February 2015, the Company sold Citymark, an office building located in Dallas, Texas. The contract sales price for Citymark was $38.9 million , exclusive of transaction costs and closing prorations. The Company originally acquired its interest in Citymark in August 2005 for $27.8 million . The Company recognized a gain on sale of this asset of $21.1 million , which was recorded in gain (loss) on sale of real estate investments on the condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2015 . In April 2015, the Company sold 4050/4055 Corporate Drive, an industrial property located in Dallas, Texas. The contract sales price for 4050/4055 Corporate Drive was $44.3 million , exclusive of transaction costs and closing prorations. The Company acquired 4050/4055 Corporate Drive in May 2008 for $42.8 million . The Company recognized a gain on sale of this asset of $8.3 million , which was recorded in gain (loss) on sale of real estate investments on the condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2015 . In July 2015, the Company sold 2555 Grand, an office building located in Kansas City, Missouri. The contract sales price for 2555 Grand was $153.5 million . The Company acquired 2555 Grand in February 2008 for $155.8 million . The Company recognized a gain on sale of this asset of $20.8 million , which was recorded in gain (loss) on sale of real estate investments on the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2015 . In May 2014, the Company completed the sale of the Minneapolis Office/Flex Portfolio for a contract sales price of $75.5 million . The Company acquired the portfolio in September 2007 for a contract purchase price of $87.0 million . The Company recognized a gain on sale of this asset of $9.5 million , which was recorded in gain (loss) on sale of real estate investments on the consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2014 . Lease Intangibles As of September 30, 2015 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 254,479 $ 35,350 $ 56,618 Less: accumulated amortization (131,103 ) (23,642 ) (25,557 ) Net $ 123,376 $ 11,708 $ 31,061 As of December 31, 2014 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 254,029 $ 43,834 $ 56,267 Less: accumulated amortization (127,055 ) (25,120 ) (27,505 ) Net $ 126,974 $ 18,714 $ 28,762 Amortization expense of in-place leases was $10.2 million and $12.8 million for the three months ended September 30, 2015 and 2014 , respectively, and amortization of out-of-market leases, net, increased rental revenue by $0.6 million and $0.7 million , respectively. Amortization expense of in-place leases was $32.8 million and $39.4 million for the nine months ended September 30, 2015 and 2014 , respectively, and amortization of out-of-market leases, net, increased rental revenue by $1.8 million and $2.4 million , respectively. Expected future amortization of in-place leases and out-of-market leases, net, including out-of-market ground leases for the period from October 1, 2015 through December 31, 2015 and for each of the years ended December 31, 2016 through 2019 is as follows (in thousands): In-Place Leases Out-of-Market Leases, Net October 1, 2015 through December 31, 2015 $ 9,949 $ (625 ) 2016 31,454 (1,342 ) 2017 22,657 (284 ) 2018 17,405 (832 ) 2019 10,191 (1,450 ) Leases In connection with its directly-owned properties, the Company has entered into non-cancelable lease agreements with tenants for space. As of September 30, 2015 , the approximate fixed future minimum rentals for the period from October 1, 2015 through December 31, 2015 , for each of the years ended December 31, 2016 through 2019 and thereafter are as follows (in thousands): Fixed Future Minimum Rentals October 1, 2015 through December 31, 2015 $ 39,446 2016 150,489 2017 135,240 2018 116,036 2019 97,902 Thereafter 492,966 Total $ 1,032,079 During the nine months ended September 30, 2015 and 2014 , the Company did not earn more than 10% of its revenue from any individual tenant.

Recent Acquisitions of Real Est

Recent Acquisitions of Real Estate	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
RECENT ACQUISITIONS OF REAL ESTATE	Recent Acquisitions of Real Estate For the nine months ended September 30, 2015 , the Company acquired the assets and assumed certain liabilities of two real estate operating properties located in Bellevue, Washington and San Jose, California for a total net purchase price of $292.4 million . The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price of each property acquired in 2015 and 2014 as follows (in thousands): Property Name Acquisition Date Building and Improvements Land In-place Lease Intangibles Out-of-Market Lease Intangibles, Net Discount related to assumed mortgage loan Total Purchase Price 2015 Civica Office Commons 02/11/2015 $ 141,037 $ 41,240 $ 26,190 $ (2,960 ) $ — $ 205,507 2851 Junction Avenue 05/14/2015 $ 50,024 $ 24,500 $ 16,020 $ (3,680 ) $ — $ 86,864 2014 Grocery-Anchored Portfolio (1) 01/01/2014 $ 102,506 $ 63,900 $ 24,980 $ (12,670 ) $ (500 ) $ 178,216 Howard Hughes Center 01/15/2014 $ 278,378 $ 138,820 $ 101,840 $ (8,290 ) $ — $ 510,748 (1) The Grocery-Anchored Portfolio Transaction, which was a step acquisition, was accounted for as a business combination resulting in the assets acquired and liabilities assumed being recorded at fair value as a result of the step acquisition. Prior to the acquisition, the joint venture with Weingarten was considered a variable interest entity and was accounted for under the equity method of accounting, since the Company did not have the ability to direct the significant activities that affect the economic performance of the joint venture. The Company received $0.4 million in cash as a result of the step acquisition and determined that the fair value of the Company’s previously held interest was $167.2 million . The fair value of the Company’s equity interest was estimated using market-based measurements, including cash flow and other valuation techniques. The fair value measurement is based on both significant inputs for similar assets and liabilities in comparable markets and significant inputs that are not observable in the markets in accordance with the Company’s fair value measurements accounting policy. Key assumptions include: third-party broker valuation estimates; discount rates ranging from 6.5% to 9.0% ; a terminal capitalization rate for similar properties; and factors that the Company believes market participants would consider in estimating fair value. In addition, the Company recognized a $13.2 million gain, which represented the difference between the book value and the fair value of the Company’s previously held equity method investment in the joint venture with Weingarten and has been included in the line item, “Gain (loss) on sale or dissolution of unconsolidated joint venture” in the condensed consolidated statements of operations and comprehensive income (loss). The weighted average amortization periods for the intangible assets and liabilities acquired in connection with the 2015 and 2014 acquisitions, as of the date of the acquisition, were as follows (in years): In-Place Leases Above-Market Lease Assets Below-Market Lease Liabilities 2015 Acquisitions: Civica Office Commons 3.9 4.0 3.9 2851 Junction Avenue 14.4 — 14.4 2014 Acquisitions: Grocery-Anchored Portfolio 15.4 7.1 39.3 Howard Hughes Center 4.4 4.7 6.1 The table below includes the amounts of revenue and net income (loss) of the acquisitions completed during the nine months ended September 30, 2015 , which are included in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2015 (in thousands): For the Three Months Ended For the Nine Months Ended 2015 Acquisitions September 30, 2015 September 30, 2015 Civica Office Commons Revenue $ 3,969 $ 9,849 Net income (loss) $ (188 ) $ (947 ) 2851 Junction Avenue Revenue $ 1,680 $ 2,571 Net income (loss) $ 695 $ 1,028 The following unaudited consolidated information is presented to give effect to the 2015 acquisitions through September 30, 2015 as if the acquisitions occurred on January 1, 2014 . This information excludes activity that is non-recurring and not representative of the Company’s future activity, primarily acquisition fees and expenses of $1.2 million and $1.3 million for the nine months ended September 30, 2015 and 2014 , respectively. The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed these transactions on January 1, 2014 , nor does it purport to represent the Company’s future operations (amounts in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended September 30, September 30, Pro Forma 2015 Pro Forma 2014 Pro Forma 2015 Pro Forma 2014 Revenue $ 55,205 $ 65,671 $ 168,928 $ 195,571 Net income (loss) from continuing operations $ (9,121 ) $ (15,034 ) $ 36,945 $ 67,353 Basic and diluted income (loss) from continuing operations per common share $ (0.04 ) $ (0.07 ) $ 0.17 $ 0.30 The table below includes the amounts of revenue and net income (loss) of the acquisitions completed during the nine months ended September 30, 2014 , which are included in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2014 (in thousands): For the Three Months Ended For the Nine Months Ended 2014 Acquisitions September 30, 2014 September 30, 2014 Grocery-Anchored Portfolio Revenue $ 3,958 $ 13,005 Net income (loss) $ 359 $ 2,131 Howard Hughes Center Revenue $ 12,774 $ 35,419 Net income (loss) $ (2,461 ) $ (9,190 ) The following unaudited consolidated information is presented to give effect to the 2014 acquisitions through September 30, 2014 as if the acquisitions occurred on January 1, 2013 . This information excludes activity that is non-recurring and not representative of the Company’s future activity, primarily acquisition fees and expenses of $ 1.3 million for the nine months ended September 30, 2014 and the gain on the dissolution of the Company’s joint venture as a result of the Grocery-Anchored Portfolio Transaction was $13.2 million for the nine months ended September 30, 2014 and the gain on the sale of the Company’s investment in Distribution Park Rio was $16.1 million for the nine months ended September 30, 2013 . The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed these transactions on January 1, 2013 , nor does it purport to represent the Company’s future operations (amounts in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended September 30, September 30, Pro Forma 2014 Pro Forma 2013 Pro Forma 2014 Pro Forma 2013 Revenue $ 60,075 $ 58,672 $ 181,026 $ 176,713 Net income (loss) from continuing operations $ (14,179 ) $ (37,398 ) $ 55,679 $ 22,019 Basic and diluted income (loss) from continuing operations per common share $ (0.06 ) $ (0.16 ) $ 0.25 $ 0.09

Investments In Unconsolidated E

Investments In Unconsolidated Entities	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	Investments in Unconsolidated Entities As of September 30, 2015 and December 31, 2014 , the Company owned indirect investments in 8 and 10 properties, respectively, through its interest in the Core Fund. The table below presents the activity of the Company’s unconsolidated entities as of and for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Beginning balance $ 146,803 $ 234,227 $ 187,668 $ 393,695 Distributions declared (2,275 ) (14,053 ) (76,140 ) (99,438 ) Equity in earnings (losses) (5,297 ) (8,005 ) 27,703 74,237 Effect of sale or dissolution of unconsolidated joint venture — — — (156,325 ) Ending balance $ 139,231 $ 212,169 $ 139,231 $ 212,169 Condensed financial information for the Core Fund is summarized as follows (in thousands): Condensed Consolidated Balance Sheets for the Core Fund September 30, 2015 December 31, 2014 ASSETS Cash $ 47,408 $ 87,154 Investment property, net 1,188,955 1,743,681 Other assets 322,101 453,487 Total Assets $ 1,558,464 $ 2,284,322 LIABILITIES AND EQUITY Debt $ 837,459 $ 1,198,684 Other liabilities 102,057 176,821 Redeemable noncontrolling interests 161,457 192,172 Equity 457,491 716,645 Total Liabilities and Equity $ 1,558,464 $ 2,284,322 The Core Fund sold two and three properties during the nine months ended September 30, 2015 and 2014 , respectively. The Core Fund elected to adopt the amendments to the Codification that provide guidance on reporting discontinued operations early, effective January 1, 2014, and as a result, did not report the sale of The KPMG Building, 720 Olive Way, Charlotte Plaza and its remaining ownership interest in the entity that owns One North Wacker in discontinued operations for the periods presented. In January 2014, the Core Fund sold 101 Second Street, which was deemed held for sale as of December 31, 2013 and was reclassified into assets and liabilities held for sale, which are included in other assets and other liabilities and income from discontinued operations for all periods presented. This reclassification is reflected in the table below. Condensed Consolidated Statements of Operations for the Core Fund Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Total revenues $ 38,470 $ 57,343 $ 124,199 $ 180,758 Total expenses 59,277 88,220 174,912 216,022 Gain (loss) on sale of real estate investments 902 68 168,504 182,422 Income (loss) from continuing operations (19,905 ) (30,809 ) 117,791 147,158 Income (loss) from discontinued operations — (7 ) — 174,091 Net income (loss) (19,905 ) (30,816 ) 117,791 321,249 Less (income) loss allocated to noncontrolling interests 3,453 5,094 (17,626 ) (60,909 ) Net income (loss) attributable to parent $ (16,452 ) $ (25,722 ) $ 100,165 $ 260,340 The following discusses items of significance for the periods presented for the Company’s equity method investments: In January 2015, a subsidiary of the Core Fund sold its remaining 51% interest in the entity that owns One North Wacker for $240.0 million . The Core Fund previously sold a 49% noncontrolling interest in One North Wacker in December 2011. One North Wacker was acquired in March 2008 for a contract purchase price of $540.0 million . As a result of the sale of the 51% interest in One North Wacker, the Core Fund recognized a gain on sale of $140.2 million . As a result of the sale, the Company recognized a gain of $34.3 million , which is included in equity in earnings (losses) of unconsolidated entities, net, in the condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2015 . In April 2015, the Core Fund sold Charlotte Plaza for a contract sales price of $160.0 million . Charlotte Plaza was acquired in June 2007 for a net purchase price of $175.5 million . As a result of the sale of Charlotte Plaza, the Core Fund recognized a gain on sale of $27.4 million . As a result of the sale, the Company recognized a gain on sale of $6.7 million , which is included in equity in earnings (losses) of unconsolidated entities, net, in the condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2015 . During the three and nine months ended September 30, 2015 , the Core Fund recorded impairment losses of $16.7 million and $38.8 million , respectively, on Riverfront Plaza in Richmond, Virginia due to deterioration of market conditions. In January 2014, the Core Fund sold 101 Second Street for a contract sales price of $297.5 million . 101 Second Street was acquired in September 2004 for a contract purchase price of $157.0 million . As a result of the sale of 101 Second Street, the Core Fund recognized a gain on sale of $174.4 million . As a result of the sale, the Company recognized a gain of $41.6 million , which is included in equity in earnings (losses) of unconsolidated entities, net, in the condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2014 . In May 2014, the Core Fund sold The KPMG Building for a contract sales price of $274.0 million . The KPMG Building was acquired in September 2004 for a contract purchase price of $148.0 million . As a result of the sale of The KPMG Building, the Core Fund recognized a gain on sale of $ 155.9 million . As a result of the sale, the Company recognized a gain of $ 37.2 million , which is included in equity in earnings (losses) of unconsolidated entities, net, in the condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2014 . In June 2014, the Core Fund sold 720 Olive Way for a contract sales price of $101.0 million . 720 Olive Way was acquired in January 2006 for a contract purchase price of $83.7 million . As a result of the sale of 720 Olive Way, the Core Fund recognized a gain on sale of $ 26.5 million . As a result of the sale, the Company recognized a gain on sale of $ 5.0 million , which is included in equity in earnings (losses) of unconsolidated entities, net, in the condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2014 . During the three and nine months ended September 30, 2014 , the Core Fund recorded an impairment loss of $27.9 million on Riverfront Plaza in Richmond, Virginia due to deterioration of market conditions.

Debt Financing

Debt Financing	9 Months Ended
	Sep. 30, 2015
Long-term Debt, Unclassified [Abstract]
DEBT FINANCING	Debt Financing As of September 30, 2015 and December 31, 2014 , the Company had $867.8 million and $868.0 million of debt outstanding, respectively, with a weighted average years to maturity of 1.4 years and 2.1 years , respectively, and a weighted average interest rate of 3.8% and 3.9% , respectively. The following table includes all of the Company’s outstanding notes payable balances as of September 30, 2015 and December 31, 2014 (in thousands, except interest rates): Description Maturity Date Interest Rate Description Interest Rate as of September 30, 2015 Principal Outstanding at September 30, 2015 Principal Outstanding at December 31, 2014 SECURED MORTGAGE DEBT Arapahoe Business Park I (1) 6/11/2015 N/A N/A $ — $ 9,117 Arapahoe Business Park II (2) 11/11/2015 N/A N/A — 9,568 1515 S. Street 9/1/2016 Fixed 4.25 % 36,893 37,702 345 Inverness Drive 12/11/2016 Fixed 5.85 % 14,288 14,470 JPMorgan Chase Tower 2/1/2016 Variable 2.70 % 150,462 153,219 Thompson Bridge Commons 3/1/2018 Fixed 6.02 % 5,027 5,225 HSH POOLED MORTGAGE FACILITY 321 North Clark, 1900 and 2000 Alameda 8/1/2016 Fixed via swap 5.86 % 169,697 169,697 3400 Data Drive, 2100 Powell 1/23/2017 Fixed via swap 5.25 % 98,000 98,000 Daytona and Laguna Buildings 5/2/2017 Fixed via swap 5.36 % 119,000 119,000 OTHER NOTES PAYABLE JPMorgan Chase Revolving Credit Facility - Revolving Loan (3) 4/1/2017 Variable 1.81 % 74,400 52,000 JPMorgan Chase Revolving Credit Facility - Term Loan (3) 4/1/2018 Variable 1.71 % 200,000 200,000 JPMorgan Chase - Bridge Credit Agreement (4) 9/11/2015 N/A N/A — — TOTAL PRINCIPAL OUTSTANDING 867,767 867,998 Unamortized Discount (5) (37 ) (340 ) NOTES PAYABLE $ 867,730 $ 867,658 (1) In April 2015, the Company paid in full the Arapahoe Business Park I secured mortgage loan. (2) In September 2015, the Company paid in full the Arapahoe Business Park II secured mortgage loan. (3) See the discussion following the heading “JPMorgan Revolving Credit Facility” below for additional information regarding the Company's acquisition credit facility. (4) See the discussion following the heading “Bridge Credit Agreement” below for additional information regarding the Company's loan facility. (5) The Company assumed notes payable in connection with various acquisitions, which were recorded at their estimated fair value as of the date of acquisition. The difference between the fair value at acquisition and the principal outstanding is amortized over the term of the related note. Bridge Credit Agreement In February 2015, a subsidiary of the Operating Partnership entered into a Bridge Credit Agreement (the “Bridge Credit Agreement”) with JPMorgan Chase Bank, N.A. (“Chase”) to establish a $30.0 million secured term loan facility (the “Facility”). In connection with the acquisition of Civica Office Commons in February 2015, the Company borrowed the full capacity under the Facility. The Facility had an original maturity date of May 12, 2015 . In April 2015, the maturity date was extended to September 11, 2015 . The interest rate as of the date of the initial funding of the loan was 1.78% . In connection with the financing pursuant to the Bridge Credit Agreement, the Advisor agreed to waive the entire $0.3 million debt financing fee that otherwise would be payable to the Advisor. Using the proceeds received from the sale of 2555 Grand, the Company made a payment of $30.0 million to fully pay down this financing in July 2015. JPMorgan Revolving Credit Facility In January 2014, a subsidiary of the Operating Partnership entered into an acquisition credit agreement (the “JPMorgan Acquisition Credit Agreement”) with Chase to establish a $425.0 million unsecured term loan facility (the “Acquisition Credit Facility”). In connection with the acquisition of the Howard Hughes Center in January 2014, the Company borrowed the full capacity under the Acquisition Credit Facility. The Acquisition Credit Facility had a maturity date of May 15, 2014 with two 30 -day extension options. The Company made a payment of $45.0 million related to this financing in February 2014. Additionally, in connection with this financing, the Advisor agreed to waive the entire $4.3 million debt financing fee that otherwise would be payable to the Advisor pursuant to the Advisory Agreement. In April 2014, a subsidiary of the Company entered into a credit agreement (the “Credit Agreement”) with Chase, as Administrative Agent for itself and various lenders named in the Credit Agreement. The Credit Agreement provides for borrowings up to $ 225.0 million under a revolving credit facility (the “Revolving Loan Commitment”) and up to $ 200.0 million under a term loan (the “Term Loan Commitment”), which the Company refers to collectively as the “Revolving Credit Facility”. Upon entry into the Credit Agreement in April 2014, the Company borrowed $ 170.0 million under the Revolving Loan Commitment and $ 200.0 million under the Term Loan Commitment to repay $ 370.0 million in loans outstanding under the JPMorgan Acquisition Credit Agreement. The Company also made an additional payment of $ 10.0 million in April 2014 on the JPMorgan Acquisition Credit Agreement so that the entire $ 380.0 million in loans outstanding under the agreement as of March 31, 2014 was repaid. The Revolving Loan Commitment has a maturity date of April 1, 2017 , subject to a one -year extension at the option of the Company. The Term Loan Commitment has a maturity date of April 1, 2018 . The Revolving Loan Commitment had an all-in interest rate of 1.86% on the date of the borrowing and the Term Loan Commitment had an all-in interest rate of 1.76% on the date of the borrowing. In connection with this financing, the Company's Advisor agreed to waive the entire $ 4.3 million debt financing fee otherwise payable to the Advisor pursuant to the Advisory Agreement. During the nine months ended September 30, 2015 , the Company borrowed $268.0 million and made payments of $245.6 million under the Revolving Loan Commitment. In October 2015, the Company borrowed $5.0 million under the Revolving Loan Commitment. The following table summarizes required principal payments on the Company’s outstanding notes payable for the period from October 1, 2015 through December 31, 2015 , for each of the years ended December 31, 2016 through December 31, 2019 and for the period thereafter (in thousands): Principal Payments due by Period October 1, 2015 through December 31, 2015 2016 2017 2018 2019 Thereafter Notes payable $ 407 $ 371,283 $ 291,700 $ 204,377 $ — $ — The Company is not aware of any instances of noncompliance with financial covenants as of September 30, 2015 .

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	Derivative Instruments The Company has several interest rate swap transactions with HSH Nordbank AG, New York Branch (“HSH Nordbank”). These swap transactions were entered into as economic hedges against the variability of future interest rates on the Company’s variable interest rate borrowings with HSH Nordbank. The Company has not designated any of its derivative instruments as hedging instruments for accounting purposes. The interest rate swaps have been recorded at their estimated fair value in the accompanying condensed consolidated balance sheets and changes in the fair value were recorded in gain (loss) on derivative instruments, net in the Company’s condensed consolidated statements of operations. See Note 13 — Fair Value Disclosures for additional information. The tables below provide additional information regarding each of the Company’s outstanding interest rate swaps (all amounts are in thousands except for interest rates): Effective Date Expiration Date Notional Amount Interest Rate Received Interest Rate Paid August 1, 2006 August 1, 2016 $ 169,697 LIBOR 5.4575 % January 12, 2007 January 12, 2017 $ 98,000 LIBOR 4.8505 % May 1, 2007 May 1, 2017 $ 119,000 LIBOR 4.9550 % The Company has not entered into any master netting arrangements with its third-party counterparties and does not offset on its consolidated condensed balance sheets the fair value amounts recorded for derivative instruments. The table below presents the fair value of the Company’s derivative instruments included in “Liabilities — Interest Rate Swap Contracts” on the Company’s condensed consolidated balance sheets, as of September 30, 2015 and December 31, 2014 (in thousands): Liability Derivatives Fair Value Derivatives not designated as hedging instruments for accounting purposes: September 30, 2015 December 31, 2014 Interest rate swap contracts $ 22,944 $ 34,393 Total derivatives $ 22,944 $ 34,393 The table below presents the effects of the changes in fair value of the Company’s derivative instruments in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Gain (loss) on interest rate swap, net $ 3,922 $ 7,165 $ 11,449 $ 16,727 Total $ 3,922 $ 7,165 $ 11,449 $ 16,727

Distributions

Distributions	9 Months Ended
	Sep. 30, 2015
Distributions [Abstract]
DISTRIBUTIONS	Distributions With the authorization of its board of directors, the Company declared distributions for the period from January 2014 through November 2015. These distributions were or will be calculated based on stockholders of record each day during this period in an amount equal to $0.00073973 per share, per day and will be paid on the first day of the month following the fiscal quarter to which they relate in cash, or reinvested in stock for those participating in the Company's dividend reinvestment plan. The table below outlines the Company’s total distributions declared to stockholders and noncontrolling interests for each of the quarters during 2015 and 2014 , including the breakout between the distributions paid in cash and those reinvested pursuant to the Company’s dividend reinvestment plan (all amounts are in thousands). Stockholders Noncontrolling Interests Distributions for the Three Months Ended Cash Distributions Distributions Reinvested Total Declared Total Declared 2015 (1) September 30, 2015 $ 9,731 $ 5,445 $ 15,176 $ 76 June 30, 2015 9,645 5,416 15,061 74 March 31, 2015 9,507 5,424 14,931 74 Total $ 28,883 $ 16,285 $ 45,168 $ 224 2014 (1) December 31, 2014 $ 9,755 $ 5,573 $ 15,328 $ 75 September 30, 2014 9,756 5,615 15,371 76 June 30, 2014 9,659 5,610 15,269 74 March 31, 2014 9,552 5,613 15,165 74 Total $ 38,722 $ 22,411 $ 61,133 $ 299 (1) Except as noted below, excluded from this table are distributions declared with respect to the Participation Interest (as discussed further in Note 9 — Related Party Transactions). The distributions declared with respect to the Participation Interest for the quarters ended September 30, 2015 , June 30, 2015, March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014 were $1.2 million , $1.2 million , $1.1 million , $1.1 million , $1.0 million , $1.0 million and $1.0 million , respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	Related Party Transactions The table below outlines fees incurred and expense reimbursements payable to Hines, the Advisor and Hines Securities, Inc. for the three and nine months ended September 30, 2015 and 2014 and outstanding as of September 30, 2015 and December 31, 2014 (all amounts are in thousands). Incurred Unpaid as of Three Months Ended September 30, Nine Months Ended September 30, September 30, December 31, Type and Recipient 2015 2014 2015 2014 2015 2014 Participation Interest in the Operating Partnership – HALP Associates Limited Partnership (1) $ 7,652 $ 3,996 $ 17,358 $ 15,003 $ 122,882 $ 108,911 Due to Affiliates Acquisition Fee – the Advisor (2) — — 580 1,012 — — Asset Management Fee – the Advisor 3,412 3,748 10,254 11,151 1,143 1,135 Debt Financing Fee – the Advisor (3) — — — — — — Other – the Advisor 871 937 2,615 2,920 482 656 Property Management Fee – Hines 1,239 1,368 3,784 4,095 73 34 Leasing Fee – Hines 258 1,353 2,564 2,221 1,883 2,252 Tenant Construction Management Fees – Hines 80 11 105 40 — 5 Expense Reimbursements – Hines (with respect to management and operation of the Company’s properties) 2,822 3,288 8,744 10,324 468 612 Due to Affiliates $ 4,049 $ 4,694 (1) The Company recorded a liability related to the Participation Interest based on its estimated settlement value in the accompanying condensed consolidated balance sheets. This liability is remeasured at fair value based on the related redemption price in place as of the date of each balance sheet plus any unpaid distributions. (2) In connection with the acquisition of 2851 Junction Avenue in May 2015, the Company was obligated to pay approximately $ 0.9 million of acquisition fees to the Advisor, half of which was payable in cash and half of which was payable as an increase to the Participation Interest. The Advisor and HALP, the holder of the Participation Interest, respectively, agreed to waive $ 0.3 million of the cash acquisition fee and all of the $ 0.4 million acquisition fee payable as an increase to the Participation Interest. In connection with the acquisition of Civica Office Commons in February 2015, the Company was obligated to pay approximately $ 2.1 million of acquisition fees to the Advisor, half of which was payable in cash and half of which was payable as an increase to the Participation Interest. The Advisor and HALP, the holder of the Participation Interest, respectively, agreed to waive $ 0.6 million of the cash acquisition fee and all of the $ 1.0 million acquisition fee payable as an increase to the Participation Interest. In connection with the acquisition of the Howard Hughes Center in January 2014, the Company was obligated to pay approximately $5.0 million of acquisition fees to the Advisor, half of which was payable in cash and half of which was payable as an increase to the Participation Interest. The Advisor and HALP, the holder of the Participation Interest, respectively, agreed to waive $1.5 million of the cash acquisition fee and the entire $2.5 million acquisition fee payable related to the Participation Interest. (3) In connection with the financing pursuant to the Bridge Credit Agreement in February 2015, the Advisor agreed to waive the entire $0.3 million debt financing fee that otherwise would be payable to the Advisor. In connection with the financing pursuant to the JPMorgan Acquisition Credit Agreement in January 2014, the Advisor agreed to waive the entire $4.3 million debt financing fee that otherwise would be payable to the Advisor. Additionally, in connection with the financing pursuant to the Credit Agreement in April 2014, the Advisor agreed to waive the entire $ 4.3 million debt financing fee otherwise payable to the Advisor pursuant to the Advisory Agreement. See Note 6 — Debt Financing for additional information on these financings.

Changes in Assets and Liabiliti

Changes in Assets and Liabilities	9 Months Ended
	Sep. 30, 2015
Increase (Decrease) in Operating Capital [Abstract]
CHANGES IN ASSETS AND LIABILITIES	Changes in Assets and Liabilities The effect of the changes in asset and liability accounts on cash flows from operating activities for the nine months ended September 30, 2015 and 2014 is as follows (in thousands): Nine Months Ended September 30, 2015 2014 Change in other assets $ 514 $ (1,029 ) Change in tenant and other receivables (3,909 ) (7,027 ) Change in deferred leasing costs (47,274 ) (44,312 ) Change in accounts payable and accrued expenses 13,605 26,889 Change in participation interest liability 13,971 12,087 Change in other liabilities (1,213 ) (1,119 ) Change in due to affiliates (648 ) 1,599 Changes in assets and liabilities $ (24,954 ) $ (12,912 )

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	Supplemental Cash Flow Disclosures Supplemental cash flow disclosures for the nine months ended September 30, 2015 and 2014 are as follows (in thousands): Nine Months Ended September 30, 2015 2014 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 23,224 $ 34,020 Cash paid for income taxes $ 327 $ 264 Supplemental Schedule of Non-Cash Activities Distributions declared and unpaid $ 15,251 $ 15,446 Distributions reinvested $ 16,413 $ 17,034 Shares tendered for redemption $ 7,484 $ 8,683 Assumption of mortgages upon dissolution of joint venture $ — $ 10,947 Noncash net assets (liabilities) acquired upon acquisition of property $ (6,734 ) $ 172,244

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Commitments and Contingencies In September 2014, Locke Lord LLP signed a lease renewal for its space in JPMorgan Chase Tower located in Dallas, Texas. In connection with this renewal, the Company committed to fund $15.9 million of tenant improvements and leasing commissions related to its space, to be paid in future periods. As of September 30, 2015 , $9.4 million of this commitment remained unfunded and is recorded in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets. The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on the Company’s condensed consolidated financial statements.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	Fair Value Disclosures Assets and Liabilities Measured at Fair Value on a Recurring Basis Derivative Instruments The Company records liabilities related to the fair values of its interest rate swap contracts. The valuation of these instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of the Company’s interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty, HSH Nordbank. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of September 30, 2015 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuations of its derivatives. As a result, the Company has determined its derivative valuations are classified in Level 2 of the fair value hierarchy. The following fair value hierarchy table sets forth the Company’s interest rate swaps which are measured at fair value on a recurring basis, which equals book value, by level within the fair value hierarchy as of September 30, 2015 and December 31, 2014 (in thousands). The Company’s derivative financial instruments are recorded in interest rate swap contracts in the accompanying condensed consolidated balance sheets. The Company has not designated any of its derivative instruments as hedging instruments for accounting purposes. Basis of Fair Value Measurements Description Fair Value Quoted Prices In Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2015 $ 22,944 $ — $ 22,944 $ — December 31, 2014 $ 34,393 $ — $ 34,393 $ — Financial Instruments Fair Value Disclosures Other Financial Instruments As of September 30, 2015 , management estimated that the fair value of notes payable, which had a carrying value of $867.7 million , was $884.7 million . As of December 31, 2014 , management estimated that the fair value of notes payable, which had a carrying value of $867.7 million , was $889.2 million . The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assumes the debt is outstanding through maturity and considers the debt’s collateral (if applicable). Management has utilized market information as available or present value techniques to estimate the amounts required to be disclosed. The Company has determined the majority of the inputs used to value its notes payable fall within Level 2 of the fair value hierarchy, however the credit quality adjustments associated with its fair value of notes payable utilize Level 3 inputs. However, as of September 30, 2015 , the Company has assessed the significance of the impact of the credit quality adjustments on the overall valuations of its fair market value of notes payable and has determined that they are not significant. As a result, the Company has determined these financial instruments utilize Level 2 inputs. Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed values could be realized. Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, distributions receivable, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable. The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or short-term maturities. Due to the short-term nature of these instruments, Level 1 and Level 2 inputs are utilized to estimate the fair value of these financial instruments. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain long-lived assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments (i.e., impairments) in certain circumstances. The fair value methodologies used to measure long-lived assets are described in Note 2 — Summary of Significant Accounting Policies — Impairment of Investment Property. The inputs associated with the valuation of long-lived assets are generally included in Level 2 or Level 3 of the fair value hierarchy, as discussed below. Impairment of Investment Property Investment properties are reviewed for impairment at each reporting period if events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company determined that two of its directly-owned investments, JPMorgan Chase Tower and 3 Huntington Quadrangle, were impaired since the projected undiscounted cash flows for these properties were less than their carrying values. Additionally, during the year ended December 31, 2014 , the Company determined that its directly-owned investment, Seattle Design Center, was impaired since the contract sales price for this property was less than its carrying value. The Company sold Seattle Design Center in December 2014. These changes in assumptions resulted in the net book value of the assets exceeding the projected undiscounted cash flows for these investments. As a result, these assets were written down to fair value. The following table summarizes activity for the Company’s assets measured at fair value, on a non-recurring basis, as of September 30, 2015 and December 31, 2014 (in thousands): Basis of Fair Value Measurements As of Description Fair Value of Assets Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Impairment Loss September 30, 2015 Investment properties $ 310,900 $ — $ — $ 310,900 $ 16,033 December 31, 2014 Investment properties $ — $ — $ — $ — $ — (1) (1) Excludes impairment loss on disposed asset. The Company’s estimated fair value of investment properties was based on a comparison of recent market activity and discounted cash flow models, which include estimates of property-specific inflows and outflows over a specific holding period. Significant unobservable quantitative inputs used in determining the fair value of each investment property for the period ended September 30, 2015 include: a discount rate ranging from 7.5% to 8.3% ; a capitalization rate ranging from 4.7% to 7.3% ; stabilized occupancy rates ranging from 93% to 94% ; and current market rental rates ranging from $23.00 per square foot to $30.00 per square foot. These inputs are based on the location, type and nature of each property, current and anticipated market conditions, and management’s knowledge and expertise in real estate.

Reportable Segments

Reportable Segments	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	Reportable Segments The Company’s investments in real estate are geographically diversified and management evaluates the operating performance of each at an individual property level. The Company has determined it has three reportable segments: (1) office properties, (2) an industrial property and (3) retail properties. As of September 30, 2015, the office properties segment consists of 15 office properties that the Company owns directly as well as 8 office properties that are owned indirectly through the Company’s investment in the Core Fund. The retail segment consists of the 8 grocery-anchored shopping centers in the Grocery-Anchored Portfolio. The industrial property segment consists of one industrial property located in Dallas, Texas, which was sold in April 2015. The Company’s indirect investments are accounted for using the equity method of accounting. As such, the activities of these investments are reflected in investments in unconsolidated entities in the condensed consolidated balance sheets and equity in earnings (losses) of unconsolidated entities, net in the condensed consolidated statements of operations. As discussed previously, the Company completed the Grocery-Anchored Portfolio Transaction in January 2014, which is reflected in the tables below. The tables below provide additional information related to each of the Company’s segments (in thousands) and a reconciliation to the Company’s net income or loss, as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Total revenue Office properties $ 50,534 $ 55,326 $ 150,233 $ 163,607 Industrial property — 791 936 2,355 Retail properties 4,671 3,958 13,576 13,005 Total revenue $ 55,205 $ 60,075 $ 164,745 $ 178,967 Net property revenues in excess of expenses (1) Office properties $ 27,942 $ 29,172 $ 82,087 $ 86,955 Industrial property — 541 487 1,462 Retail properties 3,281 2,700 9,576 9,212 Total segment net property revenues in excess of expenses $ 31,223 $ 32,413 $ 92,150 $ 97,629 Equity in earnings (losses) of unconsolidated entities Equity in earnings (losses) of office properties $ (5,297 ) $ (8,005 ) $ 27,703 $ 74,237 Total equity in earnings (losses) of unconsolidated entities $ (5,297 ) $ (8,005 ) $ 27,703 $ 74,237 (1) Revenues less property operating expenses, real property taxes and property management fees. Total assets September 30, 2015 December 31, 2014 Office properties $ 1,865,026 $ 1,760,560 Industrial property — 36,475 Retail properties 187,919 190,296 Investment in unconsolidated entities Office properties 139,231 187,668 Corporate-level accounts (1) 27,013 53,993 Total assets $ 2,219,189 $ 2,228,992 (1) This amount primarily consists of cash and cash equivalents at the corporate level, including proceeds from the sale of the Company’s directly and indirectly-owned investments and distributions receivable from the Company’s investments in unconsolidated entities. Additionally, in 2014, this amount includes the $15.0 million deposit recorded in other assets on the consolidated balance sheet related to the acquisition of Civica Office Commons in February 2015. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Reconciliation to net income (loss) Total segment net property revenues in excess of expenses $ 31,223 $ 32,413 $ 92,150 $ 97,629 Depreciation and amortization (21,491 ) (24,472 ) (66,782 ) (73,584 ) Acquisition related expenses (39 ) (13 ) (639 ) (282 ) Asset management and acquisition fees (11,064 ) (7,744 ) (28,192 ) (27,166 ) General and administrative (1,648 ) (1,633 ) (5,078 ) (5,280 ) Impairment losses (16,033 ) — (16,033 ) — Gain (loss) on derivative instruments, net 3,922 7,165 11,449 16,727 Gain (loss) on sale or dissolution of unconsolidated joint venture — — — 13,381 Equity in earnings (losses) of unconsolidated entities, net (5,297 ) (8,005 ) 27,703 74,237 Gain (loss) on sale of real estate investments 20,711 (3 ) 50,094 9,496 Interest expense (9,397 ) (11,999 ) (28,717 ) (36,880 ) Interest income 12 171 33 557 Benefit (provision) for income taxes (59 ) (72 ) (171 ) (237 ) Income (loss) from discontinued operations, net of taxes (4 ) (139 ) (165 ) (345 ) Net income (loss) $ (9,164 ) $ (14,331 ) $ 35,652 $ 68,253 *****

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements of the Company included in this quarterly report include the accounts of Hines REIT, the Operating Partnership and the Operating Partnership’s wholly-owned subsidiaries as well as the related amounts of noncontrolling interests. All intercompany balances and transactions have been eliminated in consolidation.
Equity Method Investments	The Company makes investments directly through entities that are wholly-owned by the Operating Partnership, or indirectly through other entities, such as through its investment in Hines US Core Office Fund LP (the “Core Fund”) in which it owned a 28.8% non-managing general partner interest as of both September 30, 2015 and December 31, 2014 . The Company accounts for its investment in the Core Fund using the equity method of accounting. In January 2014, the Company dissolved its joint venture with Weingarten Realty Investors (“Weingarten”), through which the Company and Weingarten held a portfolio of 12 grocery-anchored shopping centers (the “Grocery-Anchored Portfolio”). As a result of the dissolution of the joint venture, eight of the Grocery-Anchored Portfolio properties were distributed to the Company and the remaining four Grocery-Anchored Portfolio properties were distributed to Weingarten and an additional $ 0.4 million in cash was paid to the Company by Weingarten (“Grocery-Anchored Portfolio Transaction”). As of January 1, 2014, the Company had consolidated the eight properties that it received as a result of the Grocery-Anchored Portfolio Transaction. The Company’s investments in partially-owned real estate joint ventures and partnerships are reviewed for impairment periodically. The Company will record an impairment charge if it determines that a decline in the value of an investment below its carrying value is other than temporary. The Company’s analysis will be dependent on a number of factors, including the performance of each investment, current market conditions, and its intent and ability to hold the investment to full recovery. Based on the Company’s analysis of the facts and circumstances at each reporting period, no impairment was recorded related to its investment in the Core Fund for the three and nine months ended September 30, 2015 and 2014 . However, if market conditions deteriorate in the future and result in lower valuations or reduced cash flows of the Company’s remaining investment in the Core Fund, impairment charges may be recorded in future periods.
International Operations	International Operations In addition to its properties in the United States, the Company has owned investments in Canada and Brazil, although the Company no longer owns any operating investments outside the United States as of September 30, 2015 . Accumulated other comprehensive income (loss) as of September 30, 2015 is related to the remaining non-operating net assets of the disposed directly-owned properties in Brazil and Canada.
Impairment of Investment Property	Impairment of Investment Property Real estate assets are reviewed for impairment in each reporting period if events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current and projected cash flows of each property on an undiscounted basis to the carrying amount of such property. If undiscounted cash flows are less than the carrying amount, such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset.
Tenant and Other Receivables	Tenant and Other Receivables Receivable balances outstanding consist primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent. An allowance for the uncollectible portion of tenant and other receivables is determined based upon an analysis of the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located.
Revenue Recognition	Revenue Recognition Rental payments are generally paid by the tenants prior to the beginning of each month. As of September 30, 2015 and December 31, 2014 , the Company recorded liabilities of $7.3 million and $7.2 million , respectively, related to prepaid rental payments which were included in other liabilities in the accompanying condensed consolidated balance sheets. The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any.
Redemption of Common Stock	Redemption of Common Stock The Company’s share redemption program generally limits the funds available for redemption to the amount of proceeds received from the Company’s dividend reinvestment plan in the prior quarter. The board of directors determined to waive this limitation of the share redemption program and fully honor all eligible requests received for the nine months ended September 30, 2015 , which amount was in excess of the $16.4 million received from the issuance of shares pursuant to the dividend reinvestment plan in the prior quarters. The Company has recorded liabilities of $7.5 million and $10.2 million in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 , respectively, related to shares that were tendered for redemption and approved by the board of directors but were not redeemed until the subsequent month. Such amounts have been included in redemption of common shares in the accompanying consolidated statements of equity based on a redemption price of $5.45 per share for ordinary share redemption requests and $6.40 per share for redemption requests in connection with the death or disability of a stockholder made in 2014, $6.50 per share for redemption requests in connection with the death or disability of a stockholder made during the first three quarters of 2015 and $6.65 per share for redemption requests in connection with the death or disability of a stockholder made during the fourth quarter of 2015. The estimated per share net asset value of the Company’s common stock as of September 30, 2014 was $6.50 and was determined by the Company’s board of directors in December 2014. The estimated per share net asset value of the Company’s common stock as of June 30, 2015 is $6.65 and was determined by the Company’s board of directors in September 2015.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“FASB”) issued amendments to the Accounting Standards Codification (“ASC” or the “Codification”) to provide guidance on reporting discontinued operations. These amendments raise the threshold for a disposal to qualify as a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 31, 2014 and early adoption was permitted. The Company elected to adopt these amendments, effective January 1, 2014. As a result, the Company did not report any sales of real estate investment property in discontinued operations for the three months ended September 30, 2015 since the Company concluded that these sales do not represent a “strategic shift” in the Company’s operations. See Note 3 — Real Estate Investments for additional information regarding the sales of Citymark, 4050/4055 Corporate Drive and 2555 Grand that did not qualify as discontinued operations as of September 30, 2015 . The additional income (loss) from discontinued operations recorded in 2015 and 2014 is related to properties sold prior to the adoption of the amended discontinued operations guidance. In April 2015, FASB issued amendments to change its prior guidance on the presentation of debt issuance costs in financial statements. Under the new guidance, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset, except for the costs related to lines of credit which will remain an asset in the financial statements. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. Upon adoption, the Company will reclassify the deferred financing costs, excluding costs related to lines of credit, net to notes payable on the balance sheet.
Derivatives	The Company has several interest rate swap transactions with HSH Nordbank AG, New York Branch (“HSH Nordbank”). These swap transactions were entered into as economic hedges against the variability of future interest rates on the Company’s variable interest rate borrowings with HSH Nordbank. The Company has not designated any of its derivative instruments as hedging instruments for accounting purposes. The interest rate swaps have been recorded at their estimated fair value in the accompanying condensed consolidated balance sheets and changes in the fair value were recorded in gain (loss) on derivative instruments, net in the Company’s condensed consolidated statements of operations. See Note 13 — Fair Value Disclosures for additional information.
Fair Value Instruments	The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assumes the debt is outstanding through maturity and considers the debt’s collateral (if applicable). Management has utilized market information as available or present value techniques to estimate the amounts required to be disclosed. The Company has determined the majority of the inputs used to value its notes payable fall within Level 2 of the fair value hierarchy, however the credit quality adjustments associated with its fair value of notes payable utilize Level 3 inputs. However, as of September 30, 2015 , the Company has assessed the significance of the impact of the credit quality adjustments on the overall valuations of its fair market value of notes payable and has determined that they are not significant. As a result, the Company has determined these financial instruments utilize Level 2 inputs. Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed values could be realized. Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, distributions receivable, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable. The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or short-term maturities. Due to the short-term nature of these instruments, Level 1 and Level 2 inputs are utilized to estimate the fair value of these financial instruments. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain long-lived assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments (i.e., impairments) in certain circumstances. The fair value methodologies used to measure long-lived assets are described in Note 2 — Summary of Significant Accounting Policies — Impairment of Investment Property. The inputs associated with the valuation of long-lived assets are generally included in Level 2 or Level 3 of the fair value hierarchy, as discussed below. Impairment of Investment Property Investment properties are reviewed for impairment at each reporting period if events or changes in circumstances indicate that the carrying amount may not be recoverable. Derivative Instruments The Company records liabilities related to the fair values of its interest rate swap contracts. The valuation of these instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of the Company’s interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty, HSH Nordbank. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of September 30, 2015 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuations of its derivatives. As a result, the Company has determined its derivative valuations are classified in Level 2 of the fair value hierarchy.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of Other Assets	Other assets included the following (in thousands): September 30, 2015 December 31, 2014 Deposit on investment property $ — $ 15,000 (1) Prepaid insurance 998 724 Prepaid/deferred taxes 294 537 Other 1,314 1,549 Total $ 2,606 $ 17,810 (1) In December 2014, the Company funded a $15.0 million deposit related to its acquisition of Civica Office Commons, which the Company acquired in February 2015.

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of Property Subject to or Available for Operating Lease	Investment property consisted of the following (in thousands): September 30, 2015 December 31, 2014 Buildings and improvements $ 1,427,037 $ 1,452,900 Less: accumulated depreciation (157,716 ) (206,460 ) Buildings and improvements, net 1,269,321 1,246,440 Land 438,641 388,218 Investment property, net $ 1,707,962 $ 1,634,658
Schedule of Acquired Finite Lived Intangible Assets by Major Class	As of September 30, 2015 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 254,479 $ 35,350 $ 56,618 Less: accumulated amortization (131,103 ) (23,642 ) (25,557 ) Net $ 123,376 $ 11,708 $ 31,061 As of December 31, 2014 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 254,029 $ 43,834 $ 56,267 Less: accumulated amortization (127,055 ) (25,120 ) (27,505 ) Net $ 126,974 $ 18,714 $ 28,762 The weighted average amortization periods for the intangible assets and liabilities acquired in connection with the 2015 and 2014 acquisitions, as of the date of the acquisition, were as follows (in years): In-Place Leases Above-Market Lease Assets Below-Market Lease Liabilities 2015 Acquisitions: Civica Office Commons 3.9 4.0 3.9 2851 Junction Avenue 14.4 — 14.4 2014 Acquisitions: Grocery-Anchored Portfolio 15.4 7.1 39.3 Howard Hughes Center 4.4 4.7 6.1
Schedule of Finite Lived Intangible Assets Future Amortization Expense	Expected future amortization of in-place leases and out-of-market leases, net, including out-of-market ground leases for the period from October 1, 2015 through December 31, 2015 and for each of the years ended December 31, 2016 through 2019 is as follows (in thousands): In-Place Leases Out-of-Market Leases, Net October 1, 2015 through December 31, 2015 $ 9,949 $ (625 ) 2016 31,454 (1,342 ) 2017 22,657 (284 ) 2018 17,405 (832 ) 2019 10,191 (1,450 )
Schedule of Future Minimum Rental Payments for Operating Leases	As of September 30, 2015 , the approximate fixed future minimum rentals for the period from October 1, 2015 through December 31, 2015 , for each of the years ended December 31, 2016 through 2019 and thereafter are as follows (in thousands): Fixed Future Minimum Rentals October 1, 2015 through December 31, 2015 $ 39,446 2016 150,489 2017 135,240 2018 116,036 2019 97,902 Thereafter 492,966 Total $ 1,032,079

Recent Acquisitions of Real E24

Recent Acquisitions of Real Estate (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price of each property acquired in 2015 and 2014 as follows (in thousands): Property Name Acquisition Date Building and Improvements Land In-place Lease Intangibles Out-of-Market Lease Intangibles, Net Discount related to assumed mortgage loan Total Purchase Price 2015 Civica Office Commons 02/11/2015 $ 141,037 $ 41,240 $ 26,190 $ (2,960 ) $ — $ 205,507 2851 Junction Avenue 05/14/2015 $ 50,024 $ 24,500 $ 16,020 $ (3,680 ) $ — $ 86,864 2014 Grocery-Anchored Portfolio (1) 01/01/2014 $ 102,506 $ 63,900 $ 24,980 $ (12,670 ) $ (500 ) $ 178,216 Howard Hughes Center 01/15/2014 $ 278,378 $ 138,820 $ 101,840 $ (8,290 ) $ — $ 510,748 (1) The Grocery-Anchored Portfolio Transaction, which was a step acquisition, was accounted for as a business combination resulting in the assets acquired and liabilities assumed being recorded at fair value as a result of the step acquisition. Prior to the acquisition, the joint venture with Weingarten was considered a variable interest entity and was accounted for under the equity method of accounting, since the Company did not have the ability to direct the significant activities that affect the economic performance of the joint venture. The Company received $0.4 million in cash as a result of the step acquisition and determined that the fair value of the Company’s previously held interest was $167.2 million . The fair value of the Company’s equity interest was estimated using market-based measurements, including cash flow and other valuation techniques. The fair value measurement is based on both significant inputs for similar assets and liabilities in comparable markets and significant inputs that are not observable in the markets in accordance with the Company’s fair value measurements accounting policy. Key assumptions include: third-party broker valuation estimates; discount rates ranging from 6.5% to 9.0% ; a terminal capitalization rate for similar properties; and factors that the Company believes market participants would consider in estimating fair value. In addition, the Company recognized a $13.2 million gain, which represented the difference between the book value and the fair value of the Company’s previously held equity method investment in the joint venture with Weingarten and has been included in the line item, “Gain (loss) on sale or dissolution of unconsolidated joint venture” in the condensed consolidated statements of operations and comprehensive income (loss).
Schedule of Acquired Finite Lived Intangible Assets by Major Class	As of September 30, 2015 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 254,479 $ 35,350 $ 56,618 Less: accumulated amortization (131,103 ) (23,642 ) (25,557 ) Net $ 123,376 $ 11,708 $ 31,061 As of December 31, 2014 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 254,029 $ 43,834 $ 56,267 Less: accumulated amortization (127,055 ) (25,120 ) (27,505 ) Net $ 126,974 $ 18,714 $ 28,762 The weighted average amortization periods for the intangible assets and liabilities acquired in connection with the 2015 and 2014 acquisitions, as of the date of the acquisition, were as follows (in years): In-Place Leases Above-Market Lease Assets Below-Market Lease Liabilities 2015 Acquisitions: Civica Office Commons 3.9 4.0 3.9 2851 Junction Avenue 14.4 — 14.4 2014 Acquisitions: Grocery-Anchored Portfolio 15.4 7.1 39.3 Howard Hughes Center 4.4 4.7 6.1
Schedule of Real Estate Properties Recent Acquisitions Profit Loss	The table below includes the amounts of revenue and net income (loss) of the acquisitions completed during the nine months ended September 30, 2015 , which are included in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2015 (in thousands): For the Three Months Ended For the Nine Months Ended 2015 Acquisitions September 30, 2015 September 30, 2015 Civica Office Commons Revenue $ 3,969 $ 9,849 Net income (loss) $ (188 ) $ (947 ) 2851 Junction Avenue Revenue $ 1,680 $ 2,571 Net income (loss) $ 695 $ 1,028 The table below includes the amounts of revenue and net income (loss) of the acquisitions completed during the nine months ended September 30, 2014 , which are included in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2014 (in thousands): For the Three Months Ended For the Nine Months Ended 2014 Acquisitions September 30, 2014 September 30, 2014 Grocery-Anchored Portfolio Revenue $ 3,958 $ 13,005 Net income (loss) $ 359 $ 2,131 Howard Hughes Center Revenue $ 12,774 $ 35,419 Net income (loss) $ (2,461 ) $ (9,190 )
Business Acquisition, Pro Forma Information	The following unaudited consolidated information is presented to give effect to the 2014 acquisitions through September 30, 2014 as if the acquisitions occurred on January 1, 2013 . This information excludes activity that is non-recurring and not representative of the Company’s future activity, primarily acquisition fees and expenses of $ 1.3 million for the nine months ended September 30, 2014 and the gain on the dissolution of the Company’s joint venture as a result of the Grocery-Anchored Portfolio Transaction was $13.2 million for the nine months ended September 30, 2014 and the gain on the sale of the Company’s investment in Distribution Park Rio was $16.1 million for the nine months ended September 30, 2013 . The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed these transactions on January 1, 2013 , nor does it purport to represent the Company’s future operations (amounts in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended September 30, September 30, Pro Forma 2014 Pro Forma 2013 Pro Forma 2014 Pro Forma 2013 Revenue $ 60,075 $ 58,672 $ 181,026 $ 176,713 Net income (loss) from continuing operations $ (14,179 ) $ (37,398 ) $ 55,679 $ 22,019 Basic and diluted income (loss) from continuing operations per common share $ (0.06 ) $ (0.16 ) $ 0.25 $ 0.09 The following unaudited consolidated information is presented to give effect to the 2015 acquisitions through September 30, 2015 as if the acquisitions occurred on January 1, 2014 . This information excludes activity that is non-recurring and not representative of the Company’s future activity, primarily acquisition fees and expenses of $1.2 million and $1.3 million for the nine months ended September 30, 2015 and 2014 , respectively. The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed these transactions on January 1, 2014 , nor does it purport to represent the Company’s future operations (amounts in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended September 30, September 30, Pro Forma 2015 Pro Forma 2014 Pro Forma 2015 Pro Forma 2014 Revenue $ 55,205 $ 65,671 $ 168,928 $ 195,571 Net income (loss) from continuing operations $ (9,121 ) $ (15,034 ) $ 36,945 $ 67,353 Basic and diluted income (loss) from continuing operations per common share $ (0.04 ) $ (0.07 ) $ 0.17 $ 0.30

Investments In Unconsolidated25

Investments In Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Activity in Equity Method Investments	The table below presents the activity of the Company’s unconsolidated entities as of and for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Beginning balance $ 146,803 $ 234,227 $ 187,668 $ 393,695 Distributions declared (2,275 ) (14,053 ) (76,140 ) (99,438 ) Equity in earnings (losses) (5,297 ) (8,005 ) 27,703 74,237 Effect of sale or dissolution of unconsolidated joint venture — — — (156,325 ) Ending balance $ 139,231 $ 212,169 $ 139,231 $ 212,169
Summarized Financial Information Balance Sheet Equity Method Investees	Condensed financial information for the Core Fund is summarized as follows (in thousands): Condensed Consolidated Balance Sheets for the Core Fund September 30, 2015 December 31, 2014 ASSETS Cash $ 47,408 $ 87,154 Investment property, net 1,188,955 1,743,681 Other assets 322,101 453,487 Total Assets $ 1,558,464 $ 2,284,322 LIABILITIES AND EQUITY Debt $ 837,459 $ 1,198,684 Other liabilities 102,057 176,821 Redeemable noncontrolling interests 161,457 192,172 Equity 457,491 716,645 Total Liabilities and Equity $ 1,558,464 $ 2,284,322
Summarized Financial Information Income Statement Equity Method Investees	The Core Fund elected to adopt the amendments to the Codification that provide guidance on reporting discontinued operations early, effective January 1, 2014, and as a result, did not report the sale of The KPMG Building, 720 Olive Way, Charlotte Plaza and its remaining ownership interest in the entity that owns One North Wacker in discontinued operations for the periods presented. In January 2014, the Core Fund sold 101 Second Street, which was deemed held for sale as of December 31, 2013 and was reclassified into assets and liabilities held for sale, which are included in other assets and other liabilities and income from discontinued operations for all periods presented. This reclassification is reflected in the table below. Condensed Consolidated Statements of Operations for the Core Fund Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Total revenues $ 38,470 $ 57,343 $ 124,199 $ 180,758 Total expenses 59,277 88,220 174,912 216,022 Gain (loss) on sale of real estate investments 902 68 168,504 182,422 Income (loss) from continuing operations (19,905 ) (30,809 ) 117,791 147,158 Income (loss) from discontinued operations — (7 ) — 174,091 Net income (loss) (19,905 ) (30,816 ) 117,791 321,249 Less (income) loss allocated to noncontrolling interests 3,453 5,094 (17,626 ) (60,909 ) Net income (loss) attributable to parent $ (16,452 ) $ (25,722 ) $ 100,165 $ 260,340

Debt Financing (Tables)

Debt Financing (Tables)	9 Months Ended
	Sep. 30, 2015
Long-term Debt, Unclassified [Abstract]
Schedule of Debt	The following table includes all of the Company’s outstanding notes payable balances as of September 30, 2015 and December 31, 2014 (in thousands, except interest rates): Description Maturity Date Interest Rate Description Interest Rate as of September 30, 2015 Principal Outstanding at September 30, 2015 Principal Outstanding at December 31, 2014 SECURED MORTGAGE DEBT Arapahoe Business Park I (1) 6/11/2015 N/A N/A $ — $ 9,117 Arapahoe Business Park II (2) 11/11/2015 N/A N/A — 9,568 1515 S. Street 9/1/2016 Fixed 4.25 % 36,893 37,702 345 Inverness Drive 12/11/2016 Fixed 5.85 % 14,288 14,470 JPMorgan Chase Tower 2/1/2016 Variable 2.70 % 150,462 153,219 Thompson Bridge Commons 3/1/2018 Fixed 6.02 % 5,027 5,225 HSH POOLED MORTGAGE FACILITY 321 North Clark, 1900 and 2000 Alameda 8/1/2016 Fixed via swap 5.86 % 169,697 169,697 3400 Data Drive, 2100 Powell 1/23/2017 Fixed via swap 5.25 % 98,000 98,000 Daytona and Laguna Buildings 5/2/2017 Fixed via swap 5.36 % 119,000 119,000 OTHER NOTES PAYABLE JPMorgan Chase Revolving Credit Facility - Revolving Loan (3) 4/1/2017 Variable 1.81 % 74,400 52,000 JPMorgan Chase Revolving Credit Facility - Term Loan (3) 4/1/2018 Variable 1.71 % 200,000 200,000 JPMorgan Chase - Bridge Credit Agreement (4) 9/11/2015 N/A N/A — — TOTAL PRINCIPAL OUTSTANDING 867,767 867,998 Unamortized Discount (5) (37 ) (340 ) NOTES PAYABLE $ 867,730 $ 867,658 (1) In April 2015, the Company paid in full the Arapahoe Business Park I secured mortgage loan. (2) In September 2015, the Company paid in full the Arapahoe Business Park II secured mortgage loan. (3) See the discussion following the heading “JPMorgan Revolving Credit Facility” below for additional information regarding the Company's acquisition credit facility. (4) See the discussion following the heading “Bridge Credit Agreement” below for additional information regarding the Company's loan facility. (5) The Company assumed notes payable in connection with various acquisitions, which were recorded at their estimated fair value as of the date of acquisition. The difference between the fair value at acquisition and the principal outstanding is amortized over the term of the related note.
Schedule of Maturities of Long Term Debt	The following table summarizes required principal payments on the Company’s outstanding notes payable for the period from October 1, 2015 through December 31, 2015 , for each of the years ended December 31, 2016 through December 31, 2019 and for the period thereafter (in thousands): Principal Payments due by Period October 1, 2015 through December 31, 2015 2016 2017 2018 2019 Thereafter Notes payable $ 407 $ 371,283 $ 291,700 $ 204,377 $ — $ —

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The tables below provide additional information regarding each of the Company’s outstanding interest rate swaps (all amounts are in thousands except for interest rates): Effective Date Expiration Date Notional Amount Interest Rate Received Interest Rate Paid August 1, 2006 August 1, 2016 $ 169,697 LIBOR 5.4575 % January 12, 2007 January 12, 2017 $ 98,000 LIBOR 4.8505 % May 1, 2007 May 1, 2017 $ 119,000 LIBOR 4.9550 %
Schedule of Other Derivatives Not Designated as Hedging Instruments Statements of Financial Performance and Financial Position Location	The table below presents the fair value of the Company’s derivative instruments included in “Liabilities — Interest Rate Swap Contracts” on the Company’s condensed consolidated balance sheets, as of September 30, 2015 and December 31, 2014 (in thousands): Liability Derivatives Fair Value Derivatives not designated as hedging instruments for accounting purposes: September 30, 2015 December 31, 2014 Interest rate swap contracts $ 22,944 $ 34,393 Total derivatives $ 22,944 $ 34,393 The table below presents the effects of the changes in fair value of the Company’s derivative instruments in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Gain (loss) on interest rate swap, net $ 3,922 $ 7,165 $ 11,449 $ 16,727 Total $ 3,922 $ 7,165 $ 11,449 $ 16,727

Distributions (Tables)

Distributions (Tables)	9 Months Ended
	Sep. 30, 2015
Distributions [Abstract]
Schedule of Dividends Payable	The table below outlines the Company’s total distributions declared to stockholders and noncontrolling interests for each of the quarters during 2015 and 2014 , including the breakout between the distributions paid in cash and those reinvested pursuant to the Company’s dividend reinvestment plan (all amounts are in thousands). Stockholders Noncontrolling Interests Distributions for the Three Months Ended Cash Distributions Distributions Reinvested Total Declared Total Declared 2015 (1) September 30, 2015 $ 9,731 $ 5,445 $ 15,176 $ 76 June 30, 2015 9,645 5,416 15,061 74 March 31, 2015 9,507 5,424 14,931 74 Total $ 28,883 $ 16,285 $ 45,168 $ 224 2014 (1) December 31, 2014 $ 9,755 $ 5,573 $ 15,328 $ 75 September 30, 2014 9,756 5,615 15,371 76 June 30, 2014 9,659 5,610 15,269 74 March 31, 2014 9,552 5,613 15,165 74 Total $ 38,722 $ 22,411 $ 61,133 $ 299 (1) Except as noted below, excluded from this table are distributions declared with respect to the Participation Interest (as discussed further in Note 9 — Related Party Transactions). The distributions declared with respect to the Participation Interest for the quarters ended September 30, 2015 , June 30, 2015, March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014 were $1.2 million , $1.2 million , $1.1 million , $1.1 million , $1.0 million , $1.0 million and $1.0 million , respectively.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below outlines fees incurred and expense reimbursements payable to Hines, the Advisor and Hines Securities, Inc. for the three and nine months ended September 30, 2015 and 2014 and outstanding as of September 30, 2015 and December 31, 2014 (all amounts are in thousands). Incurred Unpaid as of Three Months Ended September 30, Nine Months Ended September 30, September 30, December 31, Type and Recipient 2015 2014 2015 2014 2015 2014 Participation Interest in the Operating Partnership – HALP Associates Limited Partnership (1) $ 7,652 $ 3,996 $ 17,358 $ 15,003 $ 122,882 $ 108,911 Due to Affiliates Acquisition Fee – the Advisor (2) — — 580 1,012 — — Asset Management Fee – the Advisor 3,412 3,748 10,254 11,151 1,143 1,135 Debt Financing Fee – the Advisor (3) — — — — — — Other – the Advisor 871 937 2,615 2,920 482 656 Property Management Fee – Hines 1,239 1,368 3,784 4,095 73 34 Leasing Fee – Hines 258 1,353 2,564 2,221 1,883 2,252 Tenant Construction Management Fees – Hines 80 11 105 40 — 5 Expense Reimbursements – Hines (with respect to management and operation of the Company’s properties) 2,822 3,288 8,744 10,324 468 612 Due to Affiliates $ 4,049 $ 4,694 (1) The Company recorded a liability related to the Participation Interest based on its estimated settlement value in the accompanying condensed consolidated balance sheets. This liability is remeasured at fair value based on the related redemption price in place as of the date of each balance sheet plus any unpaid distributions. (2) In connection with the acquisition of 2851 Junction Avenue in May 2015, the Company was obligated to pay approximately $ 0.9 million of acquisition fees to the Advisor, half of which was payable in cash and half of which was payable as an increase to the Participation Interest. The Advisor and HALP, the holder of the Participation Interest, respectively, agreed to waive $ 0.3 million of the cash acquisition fee and all of the $ 0.4 million acquisition fee payable as an increase to the Participation Interest. In connection with the acquisition of Civica Office Commons in February 2015, the Company was obligated to pay approximately $ 2.1 million of acquisition fees to the Advisor, half of which was payable in cash and half of which was payable as an increase to the Participation Interest. The Advisor and HALP, the holder of the Participation Interest, respectively, agreed to waive $ 0.6 million of the cash acquisition fee and all of the $ 1.0 million acquisition fee payable as an increase to the Participation Interest. In connection with the acquisition of the Howard Hughes Center in January 2014, the Company was obligated to pay approximately $5.0 million of acquisition fees to the Advisor, half of which was payable in cash and half of which was payable as an increase to the Participation Interest. The Advisor and HALP, the holder of the Participation Interest, respectively, agreed to waive $1.5 million of the cash acquisition fee and the entire $2.5 million acquisition fee payable related to the Participation Interest. (3) In connection with the financing pursuant to the Bridge Credit Agreement in February 2015, the Advisor agreed to waive the entire $0.3 million debt financing fee that otherwise would be payable to the Advisor. In connection with the financing pursuant to the JPMorgan Acquisition Credit Agreement in January 2014, the Advisor agreed to waive the entire $4.3 million debt financing fee that otherwise would be payable to the Advisor. Additionally, in connection with the financing pursuant to the Credit Agreement in April 2014, the Advisor agreed to waive the entire $ 4.3 million debt financing fee otherwise payable to the Advisor pursuant to the Advisory Agreement. See Note 6 — Debt Financing for additional information on these financings.

Changes in Assets and Liabili30

Changes in Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Increase (Decrease) in Operating Capital [Abstract]
Cash Flow Operating Capital	The effect of the changes in asset and liability accounts on cash flows from operating activities for the nine months ended September 30, 2015 and 2014 is as follows (in thousands): Nine Months Ended September 30, 2015 2014 Change in other assets $ 514 $ (1,029 ) Change in tenant and other receivables (3,909 ) (7,027 ) Change in deferred leasing costs (47,274 ) (44,312 ) Change in accounts payable and accrued expenses 13,605 26,889 Change in participation interest liability 13,971 12,087 Change in other liabilities (1,213 ) (1,119 ) Change in due to affiliates (648 ) 1,599 Changes in assets and liabilities $ (24,954 ) $ (12,912 )

Supplemental Cash Flow Disclo31

Supplemental Cash Flow Disclosures (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Supplemental Disclosures	Supplemental cash flow disclosures for the nine months ended September 30, 2015 and 2014 are as follows (in thousands): Nine Months Ended September 30, 2015 2014 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 23,224 $ 34,020 Cash paid for income taxes $ 327 $ 264 Supplemental Schedule of Non-Cash Activities Distributions declared and unpaid $ 15,251 $ 15,446 Distributions reinvested $ 16,413 $ 17,034 Shares tendered for redemption $ 7,484 $ 8,683 Assumption of mortgages upon dissolution of joint venture $ — $ 10,947 Noncash net assets (liabilities) acquired upon acquisition of property $ (6,734 ) $ 172,244

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis	The following fair value hierarchy table sets forth the Company’s interest rate swaps which are measured at fair value on a recurring basis, which equals book value, by level within the fair value hierarchy as of September 30, 2015 and December 31, 2014 (in thousands). The Company’s derivative financial instruments are recorded in interest rate swap contracts in the accompanying condensed consolidated balance sheets. The Company has not designated any of its derivative instruments as hedging instruments for accounting purposes. Basis of Fair Value Measurements Description Fair Value Quoted Prices In Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2015 $ 22,944 $ — $ 22,944 $ — December 31, 2014 $ 34,393 $ — $ 34,393 $ —
Schedule of Assets Measured at Fair Value on a Non-recurring Basis	The following table summarizes activity for the Company’s assets measured at fair value, on a non-recurring basis, as of September 30, 2015 and December 31, 2014 (in thousands): Basis of Fair Value Measurements As of Description Fair Value of Assets Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Impairment Loss September 30, 2015 Investment properties $ 310,900 $ — $ — $ 310,900 $ 16,033 December 31, 2014 Investment properties $ — $ — $ — $ — $ — (1) (1) Excludes impairment loss on disposed asset.

Reportable Segments (Tables)

Reportable Segments (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The tables below provide additional information related to each of the Company’s segments (in thousands) and a reconciliation to the Company’s net income or loss, as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Total revenue Office properties $ 50,534 $ 55,326 $ 150,233 $ 163,607 Industrial property — 791 936 2,355 Retail properties 4,671 3,958 13,576 13,005 Total revenue $ 55,205 $ 60,075 $ 164,745 $ 178,967 Net property revenues in excess of expenses (1) Office properties $ 27,942 $ 29,172 $ 82,087 $ 86,955 Industrial property — 541 487 1,462 Retail properties 3,281 2,700 9,576 9,212 Total segment net property revenues in excess of expenses $ 31,223 $ 32,413 $ 92,150 $ 97,629 Equity in earnings (losses) of unconsolidated entities Equity in earnings (losses) of office properties $ (5,297 ) $ (8,005 ) $ 27,703 $ 74,237 Total equity in earnings (losses) of unconsolidated entities $ (5,297 ) $ (8,005 ) $ 27,703 $ 74,237 (1) Revenues less property operating expenses, real property taxes and property management fees. Total assets September 30, 2015 December 31, 2014 Office properties $ 1,865,026 $ 1,760,560 Industrial property — 36,475 Retail properties 187,919 190,296 Investment in unconsolidated entities Office properties 139,231 187,668 Corporate-level accounts (1) 27,013 53,993 Total assets $ 2,219,189 $ 2,228,992 (1) This amount primarily consists of cash and cash equivalents at the corporate level, including proceeds from the sale of the Company’s directly and indirectly-owned investments and distributions receivable from the Company’s investments in unconsolidated entities. Additionally, in 2014, this amount includes the $15.0 million deposit recorded in other assets on the consolidated balance sheet related to the acquisition of Civica Office Commons in February 2015.
Reconciliation of Property Revenues in Excess of Expenses From Segments to Consolidated	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Reconciliation to net income (loss) Total segment net property revenues in excess of expenses $ 31,223 $ 32,413 $ 92,150 $ 97,629 Depreciation and amortization (21,491 ) (24,472 ) (66,782 ) (73,584 ) Acquisition related expenses (39 ) (13 ) (639 ) (282 ) Asset management and acquisition fees (11,064 ) (7,744 ) (28,192 ) (27,166 ) General and administrative (1,648 ) (1,633 ) (5,078 ) (5,280 ) Impairment losses (16,033 ) — (16,033 ) — Gain (loss) on derivative instruments, net 3,922 7,165 11,449 16,727 Gain (loss) on sale or dissolution of unconsolidated joint venture — — — 13,381 Equity in earnings (losses) of unconsolidated entities, net (5,297 ) (8,005 ) 27,703 74,237 Gain (loss) on sale of real estate investments 20,711 (3 ) 50,094 9,496 Interest expense (9,397 ) (11,999 ) (28,717 ) (36,880 ) Interest income 12 171 33 557 Benefit (provision) for income taxes (59 ) (72 ) (171 ) (237 ) Income (loss) from discontinued operations, net of taxes (4 ) (139 ) (165 ) (345 ) Net income (loss) $ (9,164 ) $ (14,331 ) $ 35,652 $ 68,253 *****

Organization (Public Offering)

Organization (Public Offering) (Details) - USD ($) shares in Millions	24 Months Ended	39 Months Ended	63 Months Ended	136 Months Ended
	Jun. 30, 2012	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from issuance of common stock				$ 2,700,000,000
Maximum proceeds from dividend reinvestment plan	$ 150,000,000	$ 300,000,000
Stock issued during period value dividend reinvestment plan			$ 200,000,000
Stock issued during period shares dividend reinvestment plan			25.7

Organization (Ownership Percent

Organization (Ownership Percentages) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Hines [Member]
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Subsidiary of limited liability company or limited partnership ownership interest	92.00%	92.70%
Hines 2005 VS I LP [Member]
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Noncontrolling interest ownership percentage by noncontrolling owners	0.50%	0.50%
HALP Associates Limited Partnership [Member]
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Subsidiary of limited liability company or limited partnership ownership interest	7.50%	6.80%

Organization (Investment Proper

Organization (Investment Property) (Details) $ in Millions	Jan. 01, 2014USD ($)property	Sep. 30, 2015shopping_centerpropertystate	Jan. 31, 2014shopping_center
Real Estate Properties [Line Items]
Number of real estate properties (in properties) | property		31
Grocery Anchored Portfolio [Member]
Real Estate Properties [Line Items]
Cash received as a result of dissolution of joint venture | $	$ 0.4
Hines [Member]
Real Estate Properties [Line Items]
Number of real estate properties distributed as a result of dissolution of joint venture			8
Weingarten [Member]
Real Estate Properties [Line Items]
Number of real estate properties distributed as a result of dissolution of joint venture			4
Office properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties (in properties) | property		23
Retail properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties (in properties)	8	8	12
Number of states in which entity operates | state		4

Organization (Equity Method Inv

Organization (Equity Method Investments) (Details)	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Hines US Core Office Fund LP [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	28.80%	28.80%
Grocery Anchored Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			70.00%

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Equity Method Investments) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Unconsolidated Properties [Member] | Hines US Core Office Fund LP [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, OTTI	$ 0	$ 0	$ 0	$ 0

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Impairment of Real Estate) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)property	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)property
Impairment Charges [Line Items]
Impairment losses	$ 16,033,000	$ 0	$ 16,033,000	$ 0
Wholly Owned Properties [Member]
Impairment Charges [Line Items]
Impairment losses	16,000,000	0	$ 16,000,000	0
Number of impaired investment properties | property			2
Indirectly-Owned Properties [Member]
Impairment Charges [Line Items]
Impairment losses	$ 16,700,000	$ 27,900,000	$ 38,800,000	$ 27,900,000
Number of impaired investment properties | property	1	1	1	1

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Summary Of Significant Accounting Policies Table [Line Items]
Allowance for doubtful accounts receivable	$ 4,100		$ 4,100		$ 4,500
Amortization of lease incentives	4,200	$ 3,800	12,200	$ 11,500
Amortization of deferred leasing fees	1,300	$ 1,400	3,900	$ 4,000
Other Assets [Abstract]
Deposit on investment property	0		0		15,000
Prepaid insurance	998		998		724
Prepaid/deferred taxes	294		294		537
Other	1,314		1,314		1,549
Total	2,606		2,606		17,810
Prepaid rent	7,300		7,300		7,200
Straight-line rent receivables	$ 34,800		$ 34,800		40,500
Civica Office Commons [Member]
Other Assets [Abstract]
Deposit on investment property					$ 15,000

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Redemptions) (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Redemption [Line Items]
Proceeds from issuance of common stock, dividend reinvestment plan	$ 16.4
Common stock redemption liabilities	$ 7.5		$ 10.2
Share redemption plan share price (in dollars per share)		$ 6.65		$ 6.50
Ordinary Redemption Per Share Price determined in November 2013 [Member]
Redemption [Line Items]
Share redemption plan share price (in dollars per share)			$ 5.45
Death and Disability Redemption Per Share Price determined in November 2013 [Member]
Redemption [Line Items]
Share redemption plan share price (in dollars per share)			$ 6.40
Death and Disability Redemption Per Share Price determined in December 2014 [Member]
Redemption [Line Items]
Share redemption plan share price (in dollars per share)	$ 6.50
Death and Disability Redemption Per Share Price determined in September 2015 [Member]
Redemption [Line Items]
Share redemption plan share price (in dollars per share)	$ 6.65

Real Estate Investments (Detail

Real Estate Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jul. 31, 2015	Apr. 30, 2015	Feb. 28, 2015	Dec. 31, 2014	May. 31, 2014	May. 31, 2008	Feb. 29, 2008	Sep. 30, 2007	Aug. 31, 2005
Property Subject To Or Available For Operating Lease [Line Items]
Buildings and improvements, net	$ 1,707,962		$ 1,707,962					$ 1,634,658
Gain (loss) on sale of real estate investments	20,711	$ (3)	50,094	$ 9,496
Citymark [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Contract sales price							$ 38,900
Real estate, contract purchase price													$ 27,800
Gain (loss) on sale of real estate investments			21,100
4050 and 4055 Corporate Drive [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Contract sales price						$ 44,300
Real estate, contract purchase price										$ 42,800
Gain (loss) on sale of real estate investments			8,300
2555 Grand [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Contract sales price					$ 153,500
Real estate, contract purchase price											$ 155,800
Gain (loss) on sale of real estate investments	20,800		20,800
Minneapolis Office Flex Portfolio [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Contract sales price									$ 75,500
Real estate, contract purchase price												$ 87,000
Gain (loss) on sale of real estate investments				$ 9,500
Buildings and improvements [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Buildings and improvements	1,427,037		1,427,037					1,452,900
Less: accumulated depreciation	(157,716)		(157,716)					(206,460)
Buildings and improvements, net	1,269,321		1,269,321					1,246,440
Land [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Buildings and improvements	$ 438,641		$ 438,641					$ 388,218

Real Estate Investments (Intang

Real Estate Investments (Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible lease assets, net	$ 135,084	$ 145,688
Below Market Lease [Abstract]
Out-of-Market Lease Liabilities, Cost	56,618	56,267
Out-of-Market Lease Liabilities, Less: accumulated Amortization	(25,557)	(27,505)
Out-of-Market Lease Liabilities, Net	31,061	28,762
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	254,479	254,029
Less: accumulated amortization	(131,103)	(127,055)
Intangible lease assets, net	123,376	126,974
Above Market Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	35,350	43,834
Less: accumulated amortization	(23,642)	(25,120)
Intangible lease assets, net	$ 11,708	$ 18,714

Real Estate Investments (Inta44

Real Estate Investments (Intangible Assets 2) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 10,200	$ 12,800	$ 32,800	$ 39,400
In-Place Leases
October 1, 2015 through December 31, 2015	9,949		9,949
2,016	31,454		31,454
2,017	22,657		22,657
2,018	17,405		17,405
2,019	10,191		10,191
Out-of-Market Leases, Net
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible asset (liability) for above and below market leases	600	$ 700	1,800	$ 2,400
Out-of-Market Leases, Net
October 1, 2015 through December 31, 2015	(625)		(625)
2,016	(1,342)		(1,342)
2,017	(284)		(284)
2,018	(832)		(832)
2,019	$ (1,450)		$ (1,450)

Real Estate Investments (Future

Real Estate Investments (Future Minimum Rentals) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Fixed Future Minimum Rentals
October 1, 2015 through December 31, 2015	$ 39,446
2,016	150,489
2,017	135,240
2,018	116,036
2,019	97,902
Thereafter	492,966
Total	$ 1,032,079

Recent Acquisitions of Real E46

Recent Acquisitions of Real Estate (Details) $ in Thousands	Jan. 01, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	May. 14, 2015USD ($)	Feb. 11, 2015USD ($)	Dec. 31, 2014USD ($)	Jan. 15, 2014USD ($)
Business Acquisition [Line Items]
Number of real estate properties acquired | property		2		2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Out-of-Market Lease Intangibles, Net		$ (31,061)		$ (31,061)				$ (28,762)
Total Purchase Price		292,400		292,400
Gain (loss) on sale or dissolution of unconsolidated joint venture		$ 0	$ 0	$ 0	$ 13,381
Civica Office Commons [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Building and Improvements							$ 141,037
Land							41,240
In-place Lease Intangibles							26,190
Out-of-Market Lease Intangibles, Net							(2,960)
Discount related to assumed mortgage loan							0
Total Purchase Price							$ 205,507
2851 Junction Avenue [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Building and Improvements						$ 50,024
Land						24,500
In-place Lease Intangibles						16,020
Out-of-Market Lease Intangibles, Net						(3,680)
Discount related to assumed mortgage loan						0
Total Purchase Price						$ 86,864
Grocery Anchored Portfolio [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Building and Improvements	$ 102,506
Land	63,900
In-place Lease Intangibles	24,980
Out-of-Market Lease Intangibles, Net	(12,670)
Discount related to assumed mortgage loan	(500)
Total Purchase Price	178,216
Proceeds from step acquisition	400
Step acquisition, fair value of previous held interest	167,200
Gain (loss) on sale or dissolution of unconsolidated joint venture	$ 13,200
Grocery Anchored Portfolio [Member] | Minimum [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Fair value, discount rate	6.50%
Grocery Anchored Portfolio [Member] | Maximum [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Fair value, discount rate	9.00%
Howard Hughes Center [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Building and Improvements									$ 278,378
Land									138,820
In-place Lease Intangibles									101,840
Out-of-Market Lease Intangibles, Net									(8,290)
Discount related to assumed mortgage loan									0
Total Purchase Price									$ 510,748

Recent Acquisitions of Real E47

Recent Acquisitions of Real Estate (Intangible Assets) (Details)	May. 14, 2015	Feb. 11, 2015	Jan. 15, 2014	Jan. 01, 2014
Civica Office Commons [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Below-Market Lease Liabilities, weighted average useful life		3 years 10 months 24 days
Civica Office Commons [Member] | In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Lease assets, weighted average useful life		3 years 10 months 24 days
Civica Office Commons [Member] | Above Market Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Lease assets, weighted average useful life		4 years
2851 Junction Avenue [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Below-Market Lease Liabilities, weighted average useful life	14 years 5 months
2851 Junction Avenue [Member] | In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Lease assets, weighted average useful life	14 years 5 months
Grocery Anchored Portfolio [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Below-Market Lease Liabilities, weighted average useful life				39 years 3 months
Grocery Anchored Portfolio [Member] | In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Lease assets, weighted average useful life				15 years 5 months 5 days
Grocery Anchored Portfolio [Member] | Above Market Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Lease assets, weighted average useful life				7 years 1 month 17 days
Howard Hughes Center [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Below-Market Lease Liabilities, weighted average useful life			6 years 22 days
Howard Hughes Center [Member] | In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Lease assets, weighted average useful life			4 years 4 months 17 days
Howard Hughes Center [Member] | Above Market Leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Lease assets, weighted average useful life			4 years 8 months 16 days

Recent Acquisitions of Real E48

Recent Acquisitions of Real Estate (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Business Acquisition [Line Items]
Acquisition related expenses excluded from pro forma net loss				$ 1,200	$ 1,300
Civica Office Commons [Member]
Business Acquisition [Line Items]
Pro forma information, revenue of acquiree since acquisition date, actual	$ 3,969			9,849
Pro forma information, net income (loss) of acquiree since acquisition date, actual	(188)			(947)
2851 Junction Avenue [Member]
Business Acquisition [Line Items]
Pro forma information, revenue of acquiree since acquisition date, actual	1,680			2,571
Pro forma information, net income (loss) of acquiree since acquisition date, actual	695			1,028
2015 Acquisitions [Member]
Business Acquisition [Line Items]
Pro forma revenue	55,205	$ 65,671		168,928	195,571
Pro forma net income (loss) from continuing operations	$ (9,121)	$ (15,034)		$ 36,945	$ 67,353
Pro forma basic and diluted income (loss) from continuing operations (in dollars per share)	$ (0.04)	$ (0.07)		$ 0.17	$ 0.30
Grocery Anchored Portfolio [Member]
Business Acquisition [Line Items]
Pro forma information, revenue of acquiree since acquisition date, actual		$ 3,958			$ 13,005
Pro forma information, net income (loss) of acquiree since acquisition date, actual		359			2,131
Gain on disposal excluded from pro forma net income (loss)					13,200
Howard Hughes Center [Member]
Business Acquisition [Line Items]
Pro forma information, revenue of acquiree since acquisition date, actual		12,774			35,419
Pro forma information, net income (loss) of acquiree since acquisition date, actual		(2,461)			(9,190)
Distribution Park Rio [Member]
Business Acquisition [Line Items]
Gain on disposal excluded from pro forma net income (loss)						$ 16,100
2014 Acquisitions [Member]
Business Acquisition [Line Items]
Pro forma revenue		60,075	$ 58,672		181,026	176,713
Pro forma net income (loss) from continuing operations		$ (14,179)	$ (37,398)		$ 55,679	$ 22,019
Pro forma basic and diluted income (loss) from continuing operations (in dollars per share)		$ (0.06)	$ (0.16)		$ 0.25	$ 0.09

Investments in Unconsolidated49

Investments in Unconsolidated Entities (Rollforward of Activity) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	Dec. 31, 2014property
Real Estate Properties [Line Items]
Number of real estate properties (in properties) | property	31		31
Investment in Unconsolidated Entities [Roll Forward]
Beginning balance	$ 146,803	$ 234,227	$ 187,668	$ 393,695
Distributions declared	(2,275)	(14,053)	(76,140)	(99,438)
Equity in earnings (losses)	(5,297)	(8,005)	27,703	74,237
Effect of sale or dissolution of unconsolidated joint venture	0	0	0	(156,325)
Ending balance	$ 139,231	$ 212,169	$ 139,231	$ 212,169
Unconsolidated Properties [Member] | Hines US Core Office Fund LP [Member]
Real Estate Properties [Line Items]
Number of real estate properties (in properties) | property	8		8		10

Investments in Unconsolidated50

Investments in Unconsolidated Entities (Summarized Financial Data) (Balance Sheets) (Details) - Hines US Core Office Fund LP [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash	$ 47,408	$ 87,154
Investment property, net	1,188,955	1,743,681
Other assets	322,101	453,487
Total Assets	1,558,464	2,284,322
LIABILITIES AND EQUITY
Debt	837,459	1,198,684
Other liabilities	102,057	176,821
Redeemable noncontrolling interests	161,457	192,172
Equity	457,491	716,645
Total Liabilities and Equity	$ 1,558,464	$ 2,284,322

Investments in Unconsolidated51

Investments in Unconsolidated Entities (Summarized Financial Data) (Statements of Operations) (Details) - Hines US Core Office Fund LP [Member] $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)property
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold (in properties) | property			2	3
Total revenues	$ 38,470	$ 57,343	$ 124,199	$ 180,758
Total expenses	59,277	88,220	174,912	216,022
Gain (loss) on sale of real estate investments	902	68	168,504	182,422
Income (loss) from continuing operations	(19,905)	(30,809)	117,791	147,158
Income (loss) from discontinued operations	0	(7)	0	174,091
Net income (loss)	(19,905)	(30,816)	117,791	321,249
Less (income) loss allocated to noncontrolling interests	3,453	5,094	(17,626)	(60,909)
Net income (loss) attributable to parent	$ (16,452)	$ (25,722)	$ 100,165	$ 260,340

Investments in Unconsolidated52

Investments in Unconsolidated Entities (Narrative) (Details) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

Apr. 30, 2015

Jan. 31, 2015

Jun. 30, 2014

May. 31, 2014

Jan. 31, 2014

Dec. 31, 2011

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Mar. 31, 2008

Jun. 30, 2007

Jan. 31, 2006

Sep. 30, 2004

Schedule of Equity Method Investments [Line Items]

Gain (loss) on sale of real estate investments

$ 20,711,000

$ (3,000)

$ 50,094,000

$ 9,496,000

Impairment losses

16,033,000

0

16,033,000

0

Indirectly-Owned Properties [Member]

Schedule of Equity Method Investments [Line Items]

Impairment losses

16,700,000

27,900,000

38,800,000

27,900,000

Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | One North Wacker [Member]

Schedule of Equity Method Investments [Line Items]

Ownership percentage sold

51.00%

49.00%

Real estate, contract sales price

$ 240,000,000

Real estate, contract purchase price

$ 540,000,000

Gain (loss) on sale of real estate investments

140,200,000

Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | One North Wacker [Member] | Hines REIT [Member]

Schedule of Equity Method Investments [Line Items]

Gain (loss) on sale of real estate investments

34,300,000

Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | Charlotte Plaza [Member]

Schedule of Equity Method Investments [Line Items]

Real estate, contract sales price

$ 160,000,000

Real estate, contract purchase price

$ 175,500,000

Gain (loss) on sale of real estate investments

27,400,000

Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | Charlotte Plaza [Member] | Hines REIT [Member]

Schedule of Equity Method Investments [Line Items]

Gain (loss) on sale of real estate investments

6,700,000

Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | 101 Second Street [Member]

Schedule of Equity Method Investments [Line Items]

Real estate, contract sales price

$ 297,500,000

Real estate, contract purchase price

$ 157,000,000

Gain (loss) on sale of real estate investments

174,400,000

Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | 101 Second Street [Member] | Hines REIT [Member]

Schedule of Equity Method Investments [Line Items]

Gain (loss) on sale of real estate investments

41,600,000

Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | The KPMG Building [Member]

Schedule of Equity Method Investments [Line Items]

Real estate, contract sales price

$ 274,000,000

Real estate, contract purchase price

$ 148,000,000

Gain (loss) on sale of real estate investments

155,900,000

Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | The KPMG Building [Member] | Hines REIT [Member]

Schedule of Equity Method Investments [Line Items]

Gain (loss) on sale of real estate investments

37,200,000

Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | 720 Olive Way [Member]

Schedule of Equity Method Investments [Line Items]

Real estate, contract sales price

$ 101,000,000

Real estate, contract purchase price

$ 83,700,000

Gain (loss) on sale of real estate investments

26,500,000

Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | 720 Olive Way [Member] | Hines REIT [Member]

Schedule of Equity Method Investments [Line Items]

Gain (loss) on sale of real estate investments

5,000,000

Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | Riverfront Plaza [Member]

Schedule of Equity Method Investments [Line Items]

Impairment losses

$ 16,700,000

$ 27,900,000

$ 38,800,000

$ 27,900,000

Debt Financing (Details)

Debt Financing (Details)	1 Months Ended							9 Months Ended	12 Months Ended
	Oct. 31, 2015USD ($)	Jul. 31, 2015USD ($)	Feb. 28, 2015USD ($)	Apr. 30, 2014USD ($)	Apr. 30, 2014USD ($)	Feb. 28, 2014USD ($)	Jan. 31, 2014USD ($)extension_option	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2014USD ($)
Debt Instrument [Line Items]
Debt, weighted average years to maturity								1 year 4 months 15 days	2 years 1 month
Debt, weighted average interest rate								3.80%	3.90%
Debt, Principal Outstanding								$ 867,767,000	$ 867,998,000
Unamortized Discount								(37,000)	(340,000)
NOTES PAYABLE								867,730,000	867,658,000
Maturities Of Long Term Debt Abstract
October 1, 2015 through December 31, 2015								407,000
2,016								371,283,000
2,017								291,700,000
2,018								204,377,000
2,019								0
Thereafter								0
Revolving Credit Facility - Revolving Loan [Member]
Debt Instrument [Line Items]
Interest Rate				1.86%	1.86%
Debt instrument, term of extension option					1 year
Repayments of lines of credit								245,600,000
Line of credit facility, current borrowing capacity				$ 225,000,000	$ 225,000,000
Proceeds from line of credit borrowings					$ 170,000,000			268,000,000
Revolving Credit Facility - Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate				1.76%	1.76%
Line of credit facility, current borrowing capacity				$ 200,000,000	$ 200,000,000
Proceeds from line of credit borrowings					200,000,000
Revolving Credit Facility [Member] | The Advisor [Member]
Debt Instrument [Line Items]
Debt financing fees waived					4,300,000
Secured Mortgage Debt [Member] | Arapahoe Business Park One [Member]
Debt Instrument [Line Items]
Debt, Principal Outstanding								0	9,117,000
Secured Mortgage Debt [Member] | Arapahoe Business Park II [Member]
Debt Instrument [Line Items]
Debt, Principal Outstanding								$ 0	9,568,000
Secured Mortgage Debt [Member] | 1515 S. Street [Member]
Debt Instrument [Line Items]
Interest Rate Description								Fixed
Interest Rate								4.25%
Debt, Principal Outstanding								$ 36,893,000	37,702,000
Secured Mortgage Debt [Member] | 345 Inverness Drive [Member]
Debt Instrument [Line Items]
Interest Rate Description								Fixed
Interest Rate								5.85%
Debt, Principal Outstanding								$ 14,288,000	14,470,000
Secured Mortgage Debt [Member] | JP Morgan Chase Tower [Member]
Debt Instrument [Line Items]
Interest Rate Description								Variable
Interest Rate								2.70%
Debt, Principal Outstanding								$ 150,462,000	153,219,000
Secured Mortgage Debt [Member] | Thompson Bridge Commons [Member]
Debt Instrument [Line Items]
Interest Rate Description								Fixed
Interest Rate								6.02%
Debt, Principal Outstanding								$ 5,027,000	5,225,000
Secured Mortgage Debt [Member] | 321 North Clark, 1900 and 2000 Alameda [Member] | HSH Nordbank [Member]
Debt Instrument [Line Items]
Interest Rate Description								Fixed via swap
Interest Rate								5.86%
Debt, Principal Outstanding								$ 169,697,000	169,697,000
Secured Mortgage Debt [Member] | 3400 Data Drive, 2100 Powell [Member] | HSH Nordbank [Member]
Debt Instrument [Line Items]
Interest Rate Description								Fixed via swap
Interest Rate								5.25%
Debt, Principal Outstanding								$ 98,000,000	98,000,000
Secured Mortgage Debt [Member] | Daytona And Laguna Buildings [Member] | HSH Nordbank [Member]
Debt Instrument [Line Items]
Interest Rate Description								Fixed via swap
Interest Rate								5.36%
Debt, Principal Outstanding								$ 119,000,000	119,000,000
Revolving Credit Facility - Revolving Loan [Member]
Debt Instrument [Line Items]
Interest Rate Description								Variable
Interest Rate								1.81%
Debt, Principal Outstanding								$ 74,400,000	52,000,000
Revolving Credit Facility - Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate Description								Variable
Interest Rate								1.71%
Debt, Principal Outstanding								$ 200,000,000	200,000,000
Bridge Credit Agreement [Member]
Debt Instrument [Line Items]
Interest Rate			1.78%
Debt, Principal Outstanding								$ 0	$ 0
Debt instrument, face amount			$ 30,000,000
Repayments of lines of credit		$ 30,000,000
Bridge Credit Agreement [Member] | The Advisor [Member]
Debt Instrument [Line Items]
Debt financing fees waived			$ 300,000
Acquisition Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, face amount							$ 425,000,000
Debt instrument, number of extension options | extension_option							2
Debt instrument, term of extension option							30 days
Acquisition Credit Agreement [Member] | The Advisor [Member]
Debt Instrument [Line Items]
Debt financing fees waived							$ 4,300,000
Acquisition Credit Agreement [Member] | JPMorgan Chase [Member]
Debt Instrument [Line Items]
Debt, Principal Outstanding										$ 380,000,000
Repayments of lines of credit				$ 10,000,000	$ 370,000,000	$ 45,000,000
Subsequent Event [Member] | Revolving Credit Facility - Revolving Loan [Member]
Debt Instrument [Line Items]
Proceeds from line of credit borrowings	$ 5,000,000

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Derivative Instruments Not Designated As Hedging Instruments [Abstract]
Liability Derivatives Fair Value	$ 22,944		$ 22,944		$ 34,393
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net [Abstract]
Gain (loss) on interest rate swap, net	3,922	$ 7,165	11,449	$ 16,727
Interest Rate Swap [Member]
Derivative Instruments Not Designated As Hedging Instruments [Abstract]
Liability Derivatives Fair Value	22,944		22,944		$ 34,393
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net [Abstract]
Gain (loss) on interest rate swap, net	3,922	$ 7,165	11,449	$ 16,727
Interest Rate Swap [Member] | Contract 1 [Member]
Derivative [Line Items]
Notional Amount	$ 169,697		$ 169,697
Interest Rate Received			LIBOR
Interest Rate Paid	5.4575%		5.4575%
Interest Rate Swap [Member] | Contract 2 [Member]
Derivative [Line Items]
Notional Amount	$ 98,000		$ 98,000
Interest Rate Received			LIBOR
Interest Rate Paid	4.8505%		4.8505%
Interest Rate Swap [Member] | Contract 3 [Member]
Derivative [Line Items]
Notional Amount	$ 119,000		$ 119,000
Interest Rate Received			LIBOR
Interest Rate Paid	4.955%		4.955%

Distributions Narrative (Detail

Distributions Narrative (Details)	9 Months Ended
	Sep. 30, 2015$ / shares
Distributions Declared for January 2014 through November 2015 [Member]
Distributions [Line Items]
Common stock dividends (in dollars per share, per day)	$ 0.00073973

Distributions (Details)

Distributions (Details) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Dec. 31, 2014
Distributions [Line Items]
Cash Distributions	$ 9,731	$ 9,645	$ 9,507	$ 9,755	$ 9,756	$ 9,659	$ 9,552	$ 28,883	$ 38,722
Distributions Reinvested	5,445	5,416	5,424	5,573	5,615	5,610	5,613	16,285	22,411
Total Declared	15,176	15,061	14,931	15,328	15,371	15,269	15,165	45,168	61,133
Noncontrolling Interests, Total Declared	76	74	74	75	76	74	74	$ 224	$ 299
Participation Interest [Member]
Distributions [Line Items]
Total Declared	$ 1,200	$ 1,200	$ 1,100	$ 1,100	$ 1,000	$ 1,000	$ 1,000

Related Party Transactions (By

Related Party Transactions (By Category) (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended
	May. 31, 2015	Feb. 28, 2015	Apr. 30, 2014	Jan. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Participation interest liability					$ 122,882		$ 122,882		$ 108,911
Due to Affiliates					4,049		4,049		4,694
HALP Associates Limited Partnership [Member] | Participation Interest In Operating Partnership [Member]
Related Party Transaction [Line Items]
Expenses incurred to related parties					7,652	$ 3,996	17,358	$ 15,003
Participation interest liability					122,882		122,882		108,911
The Advisor [Member] | Revolving Credit Facility [Member]
Related Party Transaction [Line Items]
Debt financing fees waived			$ 4,300
The Advisor [Member] | Bridge Credit Agreement [Member]
Related Party Transaction [Line Items]
Debt financing fees waived		$ 300
The Advisor [Member] | Acquisition Credit Agreement [Member]
Related Party Transaction [Line Items]
Debt financing fees waived				$ 4,300
The Advisor [Member] | 2851 Junction Avenue [Member]
Related Party Transaction [Line Items]
Acquisition fees	$ 900
Acquisition fees waived	300
The Advisor [Member] | Civica Office Commons [Member]
Related Party Transaction [Line Items]
Acquisition fees		2,100
Acquisition fees waived		600
The Advisor [Member] | Howard Hughes Center [Member]
Related Party Transaction [Line Items]
Acquisition fees				5,000
Acquisition fees waived				1,500
The Advisor [Member] | Acquisition Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred to related parties					0	0	580	1,012
Due to Affiliates					0		0		0
The Advisor [Member] | Asset Management Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred to related parties					3,412	3,748	10,254	11,151
Due to Affiliates					1,143		1,143		1,135
The Advisor [Member] | Debt Financing Fee Advisor [Member]
Related Party Transaction [Line Items]
Expenses incurred to related parties					0	0	0	0
Due to Affiliates					0		0		0
The Advisor [Member] | Other [Member]
Related Party Transaction [Line Items]
Expenses incurred to related parties					871	937	2,615	2,920
Due to Affiliates					482		482		656
Hines [Member] | Property Management Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred to related parties					1,239	1,368	3,784	4,095
Due to Affiliates					73		73		34
Hines [Member] | Leasing Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred to related parties					258	1,353	2,564	2,221
Due to Affiliates					1,883		1,883		2,252
Hines [Member] | Tenant Construction Management Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred to related parties					80	11	105	40
Due to Affiliates					0		0		5
Hines [Member] | Expense Reimbursement [Member]
Related Party Transaction [Line Items]
Expenses incurred to related parties					2,822	$ 3,288	8,744	$ 10,324
Due to Affiliates					$ 468		$ 468		$ 612
Participation Interest [Member] | 2851 Junction Avenue [Member]
Related Party Transaction [Line Items]
Acquisition fees waived	$ 400
Participation Interest [Member] | Civica Office Commons [Member]
Related Party Transaction [Line Items]
Acquisition fees waived		$ 1,000
Participation Interest [Member] | Howard Hughes Center [Member]
Related Party Transaction [Line Items]
Acquisition fees waived				$ 2,500

Changes in Other Assets and Lia

Changes in Other Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Increase (Decrease) in Operating Capital [Abstract]
Change in other assets	$ 514	$ (1,029)
Change in tenant and other receivables	(3,909)	(7,027)
Change in deferred leasing costs	(47,274)	(44,312)
Change in accounts payable and accrued expenses	13,605	26,889
Change in participation interest liability	13,971	12,087
Change in other liabilities	(1,213)	(1,119)
Change in due to affiliates	(648)	1,599
Changes in assets and liabilities	$ (24,954)	$ (12,912)

Supplemental Cash Flow Disclo59

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 23,224	$ 34,020
Cash paid for income taxes	327	264
Supplemental Schedule of Non-Cash Activities
Distributions declared and unpaid	15,251	15,446	$ 15,403
Distributions reinvested	16,413	17,034
Shares tendered for redemption	7,484	8,683
Assumption of mortgages upon dissolution of joint venture	0	10,947
Noncash net assets (liabilities) acquired upon acquisition of property	$ (6,734)	$ 172,244

Commitments and Contingencies (

Commitments and Contingencies (Details) - JP Morgan Chase Tower [Member] - Locke Lord [Member] - USD ($) $ in Millions	Sep. 30, 2015	Sep. 30, 2014
Guarantee Obligations [Line Items]
Tenant improvements, commitment		$ 15.9
Tenant improvements, unfunded	$ 9.4

Fair Value Measurements (Detail

Fair Value Measurements (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)$ / ft²property	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment property, net	$ 1,707,962,000		$ 1,707,962,000		$ 1,634,658,000
Impairment of Real Estate	16,033,000	$ 0	16,033,000	$ 0
Interest rate swap contracts	22,944,000		22,944,000		34,393,000
Notes payable carrying amount	867,730,000		867,730,000		867,658,000
Notes payable estimated fair value	884,700,000		884,700,000		889,200,000
Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap contracts	22,944,000		22,944,000		34,393,000
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap contracts	22,944,000		22,944,000		34,393,000
Impaired Property [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment property, net	310,900,000		310,900,000		0
Impairment of Real Estate			16,033,000		0
Impaired Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment property, net	310,900,000		$ 310,900,000		$ 0
Minimum [Member] | Impaired Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, discount rate			7.50%
Fair Value Inputs, Cap Rate			4.70%
Fair Value Stabilized Occupancy			93.00%
Fair Value Inputs, Market Rental Rate, Per Square Foot | $ / ft²			23
Maximum [Member] | Impaired Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, discount rate			8.30%
Fair Value Inputs, Cap Rate			7.30%
Fair Value Stabilized Occupancy			94.00%
Fair Value Inputs, Market Rental Rate, Per Square Foot | $ / ft²			30
Wholly Owned Properties [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of Real Estate	$ 16,000,000	$ 0	$ 16,000,000	$ 0
Number of impaired investment properties | property			2

Reportable Segments (Details)

Reportable Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)shopping_centerproperty	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)shopping_centerpropertysegment	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Jan. 31, 2014shopping_center	Jan. 01, 2014property
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Number of real estate properties (in properties) | property	31		31
Total revenue	$ 55,205	$ 60,075	$ 164,745	$ 178,967
Total segment net property revenues in excess of expenses	31,223	32,413	92,150	97,629
Equity in earnings (losses) of unconsolidated entities, net	(5,297)	(8,005)	27,703	74,237
Total assets	2,219,189		2,219,189		$ 2,228,992
Deposit on investment property	0		0		15,000
Civica Office Commons [Member]
Segment Reporting Information [Line Items]
Deposit on investment property					15,000
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total segment net property revenues in excess of expenses	31,223	32,413	92,150	97,629
Corporate-level accounts [Member]
Segment Reporting Information [Line Items]
Equity in earnings (losses) of unconsolidated entities, net	(5,297)	(8,005)	27,703	74,237
Total assets	$ 27,013		$ 27,013		53,993
Office properties [Member]
Segment Reporting Information [Line Items]
Number of real estate properties (in properties) | property	23		23
Office properties [Member] | Directly-Owned Properties [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 50,534	55,326	$ 150,233	163,607
Total segment net property revenues in excess of expenses	27,942	29,172	82,087	86,955
Total assets	$ 1,865,026		$ 1,865,026		1,760,560
Office properties [Member] | Directly-Owned Properties [Member] | Office properties [Member]
Segment Reporting Information [Line Items]
Number of real estate properties (in properties) | property	15		15
Office properties [Member] | Indirectly-Owned Properties [Member]
Segment Reporting Information [Line Items]
Equity in earnings (losses) of unconsolidated entities, net	$ (5,297)	(8,005)	$ 27,703	74,237
Office properties [Member] | Indirectly-Owned Properties [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	$ 139,231		$ 139,231		187,668
Office properties [Member] | Indirectly-Owned Properties [Member] | Office properties [Member]
Segment Reporting Information [Line Items]
Number of real estate properties (in properties) | property	8		8
Retail properties [Member]
Segment Reporting Information [Line Items]
Number of real estate properties (in properties)	8		8			12	8
Retail properties [Member] | Directly-Owned Properties [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 4,671	3,958	$ 13,576	13,005
Total segment net property revenues in excess of expenses	3,281	2,700	9,576	9,212
Total assets	$ 187,919		$ 187,919		190,296
Retail properties [Member] | Directly-Owned Properties [Member] | Grocery-anchored shopping centers [Member]
Segment Reporting Information [Line Items]
Number of real estate properties (in properties) | shopping_center	8		8
Industrial property [Member] | Directly-Owned Properties [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenue	$ 0	791	$ 936	2,355
Total segment net property revenues in excess of expenses	0	$ 541	487	$ 1,462
Total assets	$ 0		$ 0		$ 36,475
Industrial property [Member] | Directly-Owned Properties [Member] | Industrial property [Member]
Segment Reporting Information [Line Items]
Number of real estate properties (in properties) | property	1		1

Reportable Segments (Reconcilia

Reportable Segments (Reconciliation to Consolidated) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Total segment net property revenues in excess of expenses	$ 31,223	$ 32,413	$ 92,150	$ 97,629
Depreciation and amortization	(21,491)	(24,472)	(66,782)	(73,584)
Acquisition related expenses	(39)	(13)	(639)	(282)
Asset management and acquisition fees	(11,064)	(7,744)	(28,192)	(27,166)
General and administrative	(1,648)	(1,633)	(5,078)	(5,280)
Impairment losses	(16,033)	0	(16,033)	0
Gain (loss) on derivative instruments, net	3,922	7,165	11,449	16,727
Gain (loss) on sale or dissolution of unconsolidated joint venture	0	0	0	13,381
Equity in earnings (losses) of unconsolidated entities, net	(5,297)	(8,005)	27,703	74,237
Gain (loss) on sale of real estate investments	20,711	(3)	50,094	9,496
Interest expense	(9,397)	(11,999)	(28,717)	(36,880)
Interest income	12	171	33	557
Benefit (provision) for income taxes	(59)	(72)	(171)	(237)
Income (loss) from discontinued operations, net of taxes	(4)	(139)	(165)	(345)
Net income (loss)	(9,164)	(14,331)	35,652	68,253
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total segment net property revenues in excess of expenses	31,223	32,413	92,150	97,629
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	(21,491)	(24,472)	(66,782)	(73,584)
Acquisition related expenses	(39)	(13)	(639)	(282)
Asset management and acquisition fees	(11,064)	(7,744)	(28,192)	(27,166)
General and administrative	(1,648)	(1,633)	(5,078)	(5,280)
Impairment losses	(16,033)	0	(16,033)	0
Gain (loss) on derivative instruments, net	3,922	7,165	11,449	16,727
Gain (loss) on sale or dissolution of unconsolidated joint venture	0	0	0	13,381
Equity in earnings (losses) of unconsolidated entities, net	(5,297)	(8,005)	27,703	74,237
Gain (loss) on sale of real estate investments	20,711	(3)	50,094	9,496
Interest expense	(9,397)	(11,999)	(28,717)	(36,880)
Interest income	12	171	33	557
Benefit (provision) for income taxes	(59)	(72)	(171)	(237)
Income (loss) from discontinued operations, net of taxes	$ (4)	$ (139)	$ (165)	$ (345)