Hines Real Estate Investment Trust 10-Q 11 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	May. 06, 2016
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	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		221.6

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS:
Investment property, net	$ 1,690,231	$ 1,698,456
Investments in unconsolidated entities	97,249	100,455
Cash and cash equivalents	49,610	69,743
Restricted cash	1,281	1,288
Distributions receivable	1,209	1,757
Tenant and other receivables, net	43,982	41,025
Intangible lease assets, net	115,196	124,265
Deferred leasing costs, net	154,334	143,656
Deferred financing costs, net	416	519
Other assets	4,411	2,567
TOTAL ASSETS	2,157,919	2,183,731
LIABILITIES:
Accounts payable and accrued expenses	56,125	58,828
Due to affiliates	4,572	4,501
Intangible lease liabilities, net	28,619	29,699
Other liabilities	16,295	16,603
Interest rate swap contracts	13,491	17,448
Participation interest liability	130,386	126,637
Distributions payable	15,026	15,219
Notes payable, net	836,583	852,245
Total liabilities	$ 1,101,097	$ 1,121,180
Commitments and contingencies (Note 12)
EQUITY:
Preferred shares, $.001 par value; 500,000 preferred shares authorized, none issued or outstanding as of March 31, 2016 and December 31, 2015
Common shares, $.001 par value; 1,500,000 common shares authorized, 222,106 and 222,510 common shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	$ 223	$ 223
Additional paid-in capital	2,099,093	2,101,105
Accumulated distributions in excess of earnings	(1,041,421)	(1,037,548)
Accumulated other comprehensive income (loss)	(1,073)	(1,229)
Total stockholders’ equity	1,056,822	1,062,551
Noncontrolling interests	0	0
Total equity	1,056,822	1,062,551
TOTAL LIABILITIES AND EQUITY	$ 2,157,919	$ 2,183,731

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	222,106,000	222,510,000
Common stock, shares outstanding	222,106,000	222,510,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental revenue	$ 48,106	$ 51,826
Other revenue	4,989	4,164
Total revenues	53,095	55,990
Expenses:
Property operating expenses	13,764	14,832
Real property taxes	8,446	7,652
Property management fees	1,385	1,487
Depreciation and amortization	19,593	22,483
Acquisition related expenses	0	56
Asset management and acquisition fees	8,419	8,681
General and administrative	1,950	1,350
Total expenses	53,557	56,541
Operating income (loss)	(462)	(551)
Other income (expenses):
Gain (loss) on derivative instruments, net	3,957	3,193
Equity in earnings (losses) of unconsolidated entities, net	16,347	33,199
Gain (loss) on sale of real estate investments	2	21,079
Interest expense	(8,639)	(9,481)
Interest income	26	10
Income (loss) from continuing operations before benefit (provision) for income taxes	11,231	47,449
Benefit (provision) for income taxes	(39)	(86)
Income (loss) from continuing operations	11,192	47,363
Income (loss) from discontinued operations, net of taxes	(38)	(2)
Net income (loss)	11,154	47,361
Less: Net (income) attributable to noncontrolling interests	(75)	(74)
Net income (loss) attributable to common stockholders	$ 11,079	$ 47,287
Basic and diluted income (loss) per common share (in dollars per share)	$ 0.05	$ 0.21
Distributions declared per common share (in dollars per share)	$ 0.07	$ 0.07
Weighted average number of common shares outstanding	222,106	224,260
Net comprehensive income (loss):
Net income (loss)	$ 11,154	$ 47,361
Other comprehensive income (loss):
Foreign currency translation adjustment	156	(211)
Net comprehensive income (loss)	11,310	47,150
Net comprehensive (income) loss attributable to noncontrolling interests	(75)	(74)
Net comprehensive income (loss) attributable to common stockholders	$ 11,235	$ 47,076

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Distributions in Excess of Net Income [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Balance, shares at Dec. 31, 2014		225,207,000
Balance at Dec. 31, 2014		$ 225	$ 2,110,537	$ (1,020,134)	$ (790)	$ 1,089,838	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, shares		857,000
Issuance of common shares		$ 1	5,609			5,610
Redemption of common shares, shares		(1,804,000)
Redemption of common shares		$ (2)	(7,521)			(7,523)
Distributions declared				(14,931)		(14,931)	(74)
Other offering costs, net			(1)			(1)
Net income (loss)	$ 47,287			47,287		47,287	74
Foreign currency translation adjustment					(211)	(211)
Balance, shares at Mar. 31, 2015		224,260,000
Balance at Mar. 31, 2015		$ 224	2,108,624	(987,778)	(1,001)	1,120,069	0
Balance, shares at Dec. 31, 2015	222,510,000	222,510,000
Balance at Dec. 31, 2015	$ 1,062,551	$ 223	2,101,105	(1,037,548)	(1,229)	1,062,551	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, shares		816,000
Issuance of common shares		$ 1	5,463			5,464
Redemption of common shares, shares		(1,220,000)
Redemption of common shares		$ (1)	(7,449)			(7,450)
Distributions declared				(14,952)		(14,952)	(75)
Other offering costs, net			(26)			(26)
Net income (loss)	$ 11,079			11,079		11,079	75
Foreign currency translation adjustment					156	156
Balance, shares at Mar. 31, 2016	222,106,000	222,106,000
Balance at Mar. 31, 2016	$ 1,056,822	$ 223	$ 2,099,093	$ (1,041,421)	$ (1,073)	$ 1,056,822	$ 0

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 11,154	$ 47,361
Adjustments to reconcile net income (loss) to cash from operating activities:
Depreciation and amortization	25,173	26,217
(Gain) loss on sale of real estate investments	(2)	(21,079)
Equity in (earnings) losses of unconsolidated entities, net	(16,347)	(33,199)
Distributions received from unconsolidated entities	16,347	7,199
Other losses, net	38	38
(Gain) loss on derivative instruments, net	(3,957)	(3,193)
Net change in operating accounts	(22,521)	(12,375)
Net cash provided by operating activities	9,885	10,969
CASH FLOWS FROM INVESTING ACTIVITIES:
Distributions received from unconsolidated entities in excess of equity in earnings	3,753	0
Investments in acquired properties and lease intangibles	0	(188,364)
Capital expenditures at operating properties	(1,557)	(3,043)
Proceeds from sale of real estate investments and unconsolidated joint ventures	1	37,233
Change in restricted cash	7	705
Net cash provided by (used in) investing activities	2,204	(153,469)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in security deposits	466	151
Redemption of common shares	(7,161)	(10,178)
Payments of offering costs	(32)	(7)
Distributions paid to stockholders and noncontrolling interests	(9,792)	(9,830)
Proceeds from notes payable	104,000	203,000
Payments on notes payable	(119,816)	(45,408)
Additions to deferred financing costs	(125)	(129)
Net cash provided by (used in) financing activities	(32,460)	137,599
Effect of exchange rate changes on cash	238	(183)
Net change in cash and cash equivalents	(20,133)	(5,084)
Cash and cash equivalents, beginning of period	69,743	56,821
Cash and cash equivalents, end of period	$ 49,610	$ 51,737

Organization

Organization	3 Months Ended
	Mar. 31, 2016
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, 2015 included in Hines Real Estate Investment Trust, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015 . 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 March 31, 2016 and the results of operations for the three months ended March 31, 2016 and 2015 and cash flows for the three months ended March 31, 2016 and 2015 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., (“Hines REIT” and, together with its consolidated subsidiaries, the “Company”), was formed on August 5, 2003 under the General Corporation Law of the state of Maryland 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. 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”). 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 March 31, 2016 , Hines REIT received gross offering proceeds of $209.4 million from the sale of 27.4 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 March 31, 2016 and December 31, 2015 , Hines REIT owned a 91.6% and 91.8% 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 March 31, 2016 and December 31, 2015 . In addition, another affiliate of Hines, HALP Associates Limited Partnership (“HALP”), owned a 7.9% and 7.7% profits interest (the “Participation Interest”) in the Operating Partnership as of March 31, 2016 and December 31, 2015 , respectively. Since the conclusion of its third public offering, the Company has concentrated its efforts on actively managing its assets and exploring a variety of strategic opportunities focused on enhancing the composition of its portfolio and its total return potential for its stockholders. The Company has made strategic acquisitions and dispositions, and is considering its strategic alternatives to execute a liquidity event (i.e., a sale of its assets, the Company’s sale or merger, a listing of its shares on a national securities exchange, or another similar transaction). However, there is no set timetable for the execution of such an event. Investment Property As of March 31, 2016 , the Company owned direct and indirect investments in 27 properties. These properties consisted of 19 U.S. office properties and a portfolio of 8 grocery-anchored shopping centers located in four states primarily in the southeastern United States (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 March 31, 2016 and December 31, 2015 . The Company accounts for its investment in the Core Fund using the equity method of accounting. Unconsolidated VIEs The Company has a non-managing general partner interest of 28.8% in the Core Fund. The Core Fund was determined to be a variable interest entity (“VIE”) in which the Company was determined not to be the primary beneficiary since the managing general partner has the ability to direct the activities that significantly impact the economic performance of the VIE. The Company’s maximum loss exposure is expected to change in future periods as a result of additional contributions made. Other than the initial capital contributions provided by the Company, the Company has not provided any additional subordinated financial support. See Note 5 — Investments in Unconsolidated Entities for information regarding the activity of the Company’s unconsolidated entities as of March 31, 2016 and 2015 . The table below summarizes the Company’s maximum loss exposure related to its investment in the unconsolidated VIE as of March 31, 2016 and December 31, 2015 , which is equal to the carrying value of its investment in the unconsolidated VIE included in the balance sheet line item “Investment in unconsolidated entities” as of March 31, 2016 and December 31, 2015 (in thousands). Period (1) Investment in Unconsolidated VIEs Maximum Risk of Loss March 31, 2016 $ 97,249 $ 97,249 December 31, 2015 $ 100,455 $ 100,455 (1) Represents the Company’s contributions, net of distributions, made to its VIEs, as well as the Company’s share of equity in earnings (losses) on the investment as of the date indicated.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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, 2015 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 on Form 10-Q 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. As a result of the adoption of Accounting Standards Update (“ASU”) 2015-02, the Company has determined that the Operating Partnership is considered a VIE. However, the Company meets the disclosure exemption criteria under ASU 2015-02, as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. The Company has retroactively changed, for all prior periods presented, its classification of distributions in the consolidated balance sheets and statements of equity by reflecting such distributions as charges against “accumulated distributions in excess of earnings.” This presentation change had no impact on the total equity balances in any of the periods presented. 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 months ended March 31, 2016 and 2015 . 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 March 31, 2016 . Accumulated other comprehensive income (loss) as of March 31, 2016 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. No impairment charges were recorded for the three months ended March 31, 2016 and 2015 on the Company’s directly-owned and indirectly-owned properties. 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 $4.1 million at March 31, 2016 and December 31, 2015 , respectively. Deferred Leasing Costs Tenant inducement amortization was $5.1 million and $3.7 million for the three months ended March 31, 2016 and 2015 , respectively, and was recorded as an offset to rental revenue. In addition, the Company recorded $1.5 million and $1.2 million as amortization expense related to other direct leasing costs for the three months ended March 31, 2016 and 2015 , respectively. Deferred Financing Costs Deferred financing costs consist of direct costs incurred in obtaining debt financing. These costs are presented as a direct reduction to the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs were $1.5 million and $1.7 million as of March 31, 2016 and December 31, 2015 , respectively. These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations. For the three months ended March 31, 2016 and 2015 , $0.4 million and $0.5 million , respectively, of deferred financing costs were amortized into interest expense in the accompanying consolidated statements of operations. Other Assets Other assets included the following (in thousands): March 31, 2016 December 31, 2015 Prepaid insurance $ 207 $ 663 Prepaid taxes 2,778 547 Other 1,426 1,357 Total $ 4,411 $ 2,567 Revenue Recognition Rental payments are generally paid by the tenants prior to the beginning of each month. As of March 31, 2016 and December 31, 2015 , the Company recorded liabilities of $7.6 million and $8.5 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 $39.8 million and $36.9 million as of March 31, 2016 and December 31, 2015 , 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 three months ended March 31, 2016 totaling $7.4 million , which amount was in excess of the $5.4 million received from the issuance of shares pursuant to the dividend reinvestment plan in the prior quarter. The board of directors determined to waive the limitation on the share redemption program and fully honor all eligible requests received for the year ended December 31, 2015 totaling $31.4 million , which was in excess of the $ 21.9 million received from the dividend reinvestment plan in the prior quarters. The Company has recorded liabilities of $7.4 million and $7.1 million in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 , 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 $6.50 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 June 30, 2015 is $6.65 and was determined by the Company’s board of directors in September 2015. Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (“FASB”) issued amendments to the Accounting Standards Codification (“ASC” or the “Codification”) to provide guidance on consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. The Company has evaluated the impact of the adoption of these amendments on its consolidated financial statements and has determined that the Company’s operating partnership is considered a VIE. However, the Company meets the disclosure exemption criteria, as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. The Company has also determined that the Core Fund will be considered to be a VIE as a result of this new guidance. However, the Company will not consolidate the Core Fund since the Company is not the primary beneficiary. In September 2015, the FASB issued new guidance that eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Pursuant to the new guidance, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. The adoption of this new guidance did not have a material impact on the Company’s financial statements.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	Real Estate Investments Investment property consisted of the following (in thousands): March 31, 2016 December 31, 2015 Buildings and improvements $ 1,429,400 $ 1,427,955 Less: accumulated depreciation (176,870 ) (167,200 ) Buildings and improvements, net 1,252,530 1,260,755 Land 437,701 437,701 Investment property, net $ 1,690,231 $ 1,698,456 Lease Intangibles As of March 31, 2016 , 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 $ 234,718 $ 35,144 $ 50,495 Less: accumulated amortization (129,796 ) (24,870 ) (21,876 ) Net $ 104,922 $ 10,274 $ 28,619 As of December 31, 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 $ 238,176 $ 35,158 $ 50,798 Less: accumulated amortization (124,891 ) (24,178 ) (21,099 ) Net $ 113,285 $ 10,980 $ 29,699 Amortization expense of in-place leases was $8.4 million and $11.4 million for the three months ended March 31, 2016 and 2015 , respectively, and amortization of out-of-market leases, net, increased rental revenue by $0.4 million and $0.6 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 April 1, 2016 through December 31, 2016 and for each of the years ending December 31, 2017 through 2020 is as follows (in thousands): In-Place Leases Out-of-Market Leases, Net April 1, 2016 through December 31, 2016 $ 21,155 $ (697 ) 2017 22,889 (307 ) 2018 17,815 (892 ) 2019 10,558 (1,504 ) 2020 7,898 (1,087 ) Leases In connection with its directly-owned properties, the Company has entered into non-cancelable lease agreements with tenants for space. As of March 31, 2016 , the approximate fixed future minimum rentals for the period from April 1, 2016 through December 31, 2016 , for each of the years ending December 31, 2017 through 2020 and thereafter are as follows (in thousands): Fixed Future Minimum Rentals April 1, 2016 through December 31, 2016 $ 119,794 2017 152,031 2018 135,708 2019 119,537 2020 105,664 Thereafter 506,161 Total $ 1,138,895 During the three months ended March 31, 2016 and 2015 , 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	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
RECENT ACQUISITIONS OF REAL ESTATE	Recent Acquisitions of Real Estate The Company did not make any property acquisitions during the three months ended March 31, 2016 . For the year ended December 31, 2015 , the Company acquired the assets and assumed certain liabilities of two real estate operating properties located in the United States, for an aggregate 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 as follows (in thousands): Property Name Acquisition Date Building and Improvements Land In-place Lease Intangibles Out-of-Market Lease Intangibles, Net 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 The weighted average amortization periods for the intangible assets and liabilities acquired in connection with the 2015 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 The table below includes the amounts of revenue and net income (loss) of the acquisitions completed during the three months ended March 31, 2015 , which are included in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2015 (in thousands): For the Three Months Ended 2015 Acquisition March 31, 2015 Civica Office Commons Revenue $ 2,131 Net income (loss) $ (85 ) The following unaudited consolidated information is presented to give effect to the 2015 acquisition through March 31, 2015 as if the acquisition 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 $0.5 million for the three months ended March 31, 2015 . 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 March 31, Pro Forma 2015 Pro Forma 2014 Revenue $ 58,536 $ 64,733 Net income (loss) from continuing operations $ 47,277 $ 41,959 Basic and diluted income (loss) from continuing operations per common share $ 0.21 $ 0.18

Investments In Unconsolidated E

Investments In Unconsolidated Entities	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	Investments in Unconsolidated Entities As of March 31, 2016 and December 31, 2015 , the Company owned indirect investments in 4 and 6 properties, respectively, through its interest in the Core Fund. The Company has determined that the Core Fund is considered to be a VIE. See Note 1 — Organization — Unconsolidated VIEs for additional information. The table below presents the activity of the Company’s unconsolidated entities as of and for the periods presented (in thousands): Three Months Ended March 31, 2016 2015 Beginning balance $ 100,455 $ 187,668 Distributions declared (19,553 ) (56,788 ) Equity in earnings (losses) 16,347 33,199 Ending balance $ 97,249 $ 164,079 Condensed financial information for the Core Fund is summarized as follows (in thousands): Condensed Consolidated Balance Sheets for the Core Fund March 31, 2016 December 31, 2015 ASSETS Cash $ 111,329 $ 45,471 Investment property, net 736,886 905,229 Other assets 186,683 214,238 Total Assets $ 1,034,898 $ 1,164,938 LIABILITIES AND EQUITY Debt, net $ 520,307 $ 636,239 Other liabilities 71,123 73,401 Redeemable noncontrolling interests 122,255 124,413 Equity 321,213 330,885 Total Liabilities and Equity $ 1,034,898 $ 1,164,938 The Core Fund sold two properties during the three months ended March 31, 2016 and one property during the three months ended March 31, 2015 , which is reflected in the table below (in thousands). Condensed Consolidated Statements of Operations for the Core Fund Three Months Ended March 31, 2016 2015 Total revenues $ 23,352 $ 46,501 Total expenses 28,819 50,091 Gain (loss) on sale of real estate investments 73,585 139,872 Net income (loss) 68,118 136,282 Less (income) loss allocated to noncontrolling interests (9,891 ) (20,150 ) Net income (loss) attributable to parent $ 58,227 $ 116,132 The following discusses items of significance for the periods presented for the Company’s equity method investments: In January 2016, the Core Fund sold The Carillon Building for a contract sales price of $147.0 million . The Carillon Building was acquired in July 2007 for a contract purchase price of $140.0 million . As a result of the sale of The Carillon Building, the Core Fund recorded a gain on sale of $58.8 million . As a result of the sale, the Company recognized a gain on sale of $14.4 million , which is included in equity in earnings (losses) of unconsolidated entities, net, in the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2016 . In March 2016, the Core Fund sold 525 B Street for a contract sales price of $122.0 million . 525 B Street was acquired in August 2005 for a contract purchase price of $116.3 million . As a result of the sale of 525 B Street, the Core Fund recorded a gain on sale of $14.8 million . As a result of the sale, the Company recognized a gain on sale of $3.6 million , which is included in equity in earnings (losses) of unconsolidated entities, net, in the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2016 . 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 recorded a gain on sale of $139.9 million . As a result of the sale, the Company recognized a gain of $34.2 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 three months ended March 31, 2015 .

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
DEBT FINANCING	Debt Financing As of March 31, 2016 and December 31, 2015 , the Company had $837.6 million and $853.4 million of debt outstanding, respectively, with a weighted average years to maturity of 1.1 years and 1.1 years , respectively, and a weighted average interest rate of 3.9% and 3.9% , respectively. The following table includes all of the Company’s outstanding notes payable balances as of March 31, 2016 and December 31, 2015 (in thousands, except interest rates): Description Maturity Date Interest Rate Description Interest Rate as of March 31, 2016 Principal Outstanding at March 31, 2016 Principal Outstanding at December 31, 2015 SECURED MORTGAGE DEBT 1515 S. Street (1) 9/1/2016 Fixed 4.25 % $ 36,340 $ 36,618 345 Inverness Drive 12/11/2016 Fixed 5.85 % 14,160 14,224 JPMorgan Chase Tower (2) 2/1/2017 Variable 2.94 % 49,137 149,542 Thompson Bridge Commons 3/1/2018 Fixed 6.02 % 4,890 4,959 DEUTSCHE BANK POOLED MORTGAGE FACILITY (3) 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 (4) 4/1/2017 Variable 2.04 % 146,400 61,400 JPMorgan Chase Revolving Credit Facility - Term Loan 4/1/2018 Variable 1.94 % 200,000 200,000 TOTAL PRINCIPAL OUTSTANDING 837,624 853,440 Unamortized Premium/ (Discount) (5) 25 (6 ) Unamortized Deferred Financing Fees (1,066 ) (1,189 ) NOTES PAYABLE $ 836,583 $ 852,245 (1) In April 2016, the Company sold 1515 S. Street and paid off the 1515 S. Street secured mortgage loan with proceeds from the sale. (2) In January 2016, the Company made a payment of $100.0 million to pay down the JPMorgan Chase Tower secured mortgage debt. Also, in January 2016, the maturity date of the remaining loan balance was extended for an additional year to February 1, 2017. (3) In December 2015, HSH Nordbank sold its interest in the HSH Credit Facility and its related swap agreements to Deutsche Bank AG, New York Branch (“Deutsche Bank”). No other terms or conditions of the credit facility were changed. (4) During the three months ended March 31, 2016 , the Company borrowed $104.0 million and made payments of $19.0 million under the JPMorgan Chase Revolving Credit Facility (the “Revolving Loan Commitment”). The Company used proceeds from the sale of 1515 S. Street in April 2016 to pay down $25.0 million of the Revolving Loan Commitment. (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, 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 “Bridge Facility”) to provide temporary financing related to the Company’s acquisition of Civica Office Commons in February 2015. The Company repaid all amounts outstanding under this facility in July 2015. No additional credit was available under this facility after that date. The following table summarizes required principal payments on the Company’s outstanding notes payable for the period from April 1, 2016 through December 31, 2016 , for each of the years ending December 31, 2017 through December 31, 2020 and for the period thereafter (in thousands): Principal Payments due by Period April 1, 2016 through December 31, 2016 (1) 2017 2018 2019 2020 Thereafter Notes payable $ 221,320 $ 411,927 $ 204,377 $ — $ — $ — (1) In April 2016, the Company sold 1515 S. Street and paid off the 1515 S. Street secured mortgage loan with proceeds from the sale. The Company is not aware of any instances of noncompliance with financial covenants as of March 31, 2016 .

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	Derivative Instruments The Company has several interest rate swap transactions with Deutsche Bank, who purchased the interest in the swaps from HSH Nordbank in December 2015. These swap transactions were entered into as economic hedges against the variability of future interest rates on the Company’s variable interest rate borrowings under the Deutsche Bank Credit Facility. 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 March 31, 2016 and December 31, 2015 (in thousands): Liability Derivatives Fair Value Derivatives not designated as hedging instruments for accounting purposes: March 31, 2016 December 31, 2015 Interest rate swap contracts $ 13,491 $ 17,448 Total derivatives $ 13,491 $ 17,448 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 months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Gain (loss) on interest rate swap, net $ 3,957 $ 3,193 Total $ 3,957 $ 3,193

Distributions

Distributions	3 Months Ended
	Mar. 31, 2016
Distributions [Abstract]
DISTRIBUTIONS	Distributions With the authorization of its board of directors, the Company declared distributions for the period from January 2015 through May 2016 . 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 2016 and 2015 , 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 2016 (1) March 31, 2016 $ 9,626 $ 5,326 $ 14,952 $ 75 Total $ 9,626 $ 5,326 $ 14,952 $ 75 2015 (1) December 31, 2015 $ 9,717 $ 5,426 $ 15,143 $ 75 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 $ 38,600 $ 21,711 $ 60,311 $ 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 March 31, 2016 , December 31, 2015 , September 30, 2015 , June 30, 2015 and March 31, 2015 were $1.3 million , $1.3 million , $1.2 million , $1.2 million and $1.1 million , respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 and outstanding as of March 31, 2016 and December 31, 2015 (all amounts are in thousands). Incurred Unpaid as of Three Months Ended March 31, March 31, December 31, Type and Recipient 2016 2015 2016 2015 Participation Interest in the Operating Partnership – HALP Associates Limited Partnership (1) $ 5,007 $ 4,840 $ 130,386 $ 126,637 Due to Affiliates Acquisition Fee – the Advisor (2) — 410 — — Asset Management Fee – the Advisor 3,412 3,431 1,135 1,131 Debt Financing Fee – the Advisor (3) — — — — Other – the Advisor 863 788 459 633 Property Management Fee – Hines 1,224 1,311 159 99 Leasing Fee – Hines 877 2,157 2,533 2,240 Tenant Construction Management Fees – Hines 28 — 10 — Expense Reimbursements – Hines (with respect to management and operation of the Company’s properties) 2,898 3,064 276 398 Due to Affiliates $ 4,572 $ 4,501 (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 estimated NAV per share in place as of the date of each balance sheet plus any unpaid distributions. (2) 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. (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.

Changes in Assets and Liabiliti

Changes in Assets and Liabilities	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 and 2015 is as follows (in thousands): Three Months Ended March 31, 2016 2015 Change in other assets $ (1,844 ) $ (801 ) Change in tenant and other receivables, net (2,952 ) (1,646 ) Change in deferred leasing costs, net (17,806 ) (30,471 ) Change in accounts payable and accrued expenses (2,881 ) 13,992 Change in participation interest liability 3,749 3,738 Change in other liabilities (842 ) (578 ) Change in due to affiliates 55 3,391 Changes in assets and liabilities $ (22,521 ) $ (12,375 )

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	Supplemental Cash Flow Disclosures Supplemental cash flow disclosures for the three months ended March 31, 2016 and 2015 are as follows (in thousands): Three Months Ended March 31, 2016 2015 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 8,251 $ 6,805 Cash paid for income taxes $ — $ — Supplemental Schedule of Non-Cash Activities Distributions declared and unpaid $ 15,026 $ 15,004 Distributions receivable $ 1,209 $ 56,788 Distributions reinvested $ 5,426 $ 5,573 Shares tendered for redemption $ 7,439 $ 7,520 Noncash net assets (liabilities) acquired upon acquisition of property $ — $ (1,812 )

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Commitments and Contingencies 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	3 Months Ended
	Mar. 31, 2016
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, Deutsche Bank. 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 March 31, 2016 , 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 March 31, 2016 and December 31, 2015 (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) March 31, 2016 $ 13,491 $ — $ 13,491 $ — December 31, 2015 $ 17,448 $ — $ 17,448 $ — Financial Instruments Fair Value Disclosures Other Financial Instruments As of March 31, 2016 , management estimated that the fair value of notes payable, which had a carrying value (excluding any unamortized discount or premium and unamortized deferred financing fees) of $837.6 million , was $847.5 million . As of December 31, 2015 , management estimated that the fair value of notes payable, which had a carrying value (excluding any unamortized discount or premium and unamortized deferred financing fees) of $853.4 million , was $866.3 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 March 31, 2016 , 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. There were no events during the three months ended March 31, 2016 and 2015 which indicated that fair value adjustments of the Company’s long-lived assets were necessary.

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , the office properties segment consisted of 15 office properties that the Company owned directly as well as 4 office properties that were owned indirectly through the Company’s investment in the Core Fund. The retail segment consisted of the 8 grocery-anchored shopping centers in the Grocery-Anchored Portfolio. The industrial property segment consisted 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. 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 March 31, 2016 2015 Total revenue Office properties $ 48,581 $ 50,541 Industrial property — 917 Retail properties 4,514 4,532 Total revenue $ 53,095 $ 55,990 Net property revenues in excess of expenses (1) Office properties $ 26,445 $ 28,193 Industrial property (32 ) 562 Retail properties 3,087 3,264 Total segment net property revenues in excess of expenses $ 29,500 $ 32,019 Equity in earnings (losses) of unconsolidated entities Equity in earnings (losses) of office properties $ 16,347 $ 33,199 Total equity in earnings (losses) of unconsolidated entities $ 16,347 $ 33,199 (1) Revenues less property operating expenses, real property taxes and property management fees. Total assets March 31, 2016 December 31, 2015 Office properties $ 1,845,010 $ 1,853,435 Retail properties 186,024 185,850 Investment in unconsolidated entities Office properties 97,249 100,455 Corporate-level accounts (1) 29,636 43,991 Total assets $ 2,157,919 $ 2,183,731 (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. Three Months Ended March 31, 2016 2015 Reconciliation to net income (loss) Total segment net property revenues in excess of expenses $ 29,500 $ 32,019 Depreciation and amortization (19,593 ) (22,483 ) Acquisition related expenses — (56 ) Asset management and acquisition fees (8,419 ) (8,681 ) General and administrative (1,950 ) (1,350 ) Gain (loss) on derivative instruments, net 3,957 3,193 Equity in earnings (losses) of unconsolidated entities, net 16,347 33,199 Gain (loss) on sale of real estate investments 2 21,079 Interest expense (8,639 ) (9,481 ) Interest income 26 10 Benefit (provision) for income taxes (39 ) (86 ) Income (loss) from discontinued operations, net of taxes (38 ) (2 ) Net income (loss) $ 11,154 $ 47,361

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Subsequent Events 1515 S. Street In April 2016, the Company sold 1515 S. Street for a contract sales price of $68.5 million . 1515 S. Street is an office building located in Sacramento, California. The Company originally acquired 1515 S. Street in November 2005 for a contract purchase price of $66.6 million . JPMorgan Chase Tower In May 2016, the Company entered into a contract to sell JPMorgan Chase Tower, an office building located in Dallas, Texas. The contract sales price for JPMorgan Chase Tower is expected to be approximately $280.0 million , exclusive of transaction costs and closing prorations. The Company originally acquired JPMorgan Chase Tower in November 2007 for a contract purchase price of $289.6 million . Although the Company expects the closing of this sale to occur in June 2016, there can be no assurances as to if or when this sale will be completed. *****

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements of the Company included in this Quarterly Report on Form 10-Q 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. As a result of the adoption of Accounting Standards Update (“ASU”) 2015-02, the Company has determined that the Operating Partnership is considered a VIE. However, the Company meets the disclosure exemption criteria under ASU 2015-02, as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. The Company has retroactively changed, for all prior periods presented, its classification of distributions in the consolidated balance sheets and statements of equity by reflecting such distributions as charges against “accumulated distributions in excess of earnings.” This presentation change had no impact on the total equity balances in any of the periods presented.
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 March 31, 2016 and December 31, 2015 . The Company accounts for its investment in the Core Fund using the equity method of accounting. 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 months ended March 31, 2016 and 2015 . 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 March 31, 2016 . Accumulated other comprehensive income (loss) as of March 31, 2016 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 March 31, 2016 and December 31, 2015 , the Company recorded liabilities of $7.6 million and $8.5 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 three months ended March 31, 2016 totaling $7.4 million , which amount was in excess of the $5.4 million received from the issuance of shares pursuant to the dividend reinvestment plan in the prior quarter. The board of directors determined to waive the limitation on the share redemption program and fully honor all eligible requests received for the year ended December 31, 2015 totaling $31.4 million , which was in excess of the $ 21.9 million received from the dividend reinvestment plan in the prior quarters. The Company has recorded liabilities of $7.4 million and $7.1 million in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 , 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 $6.50 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 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 February 2015, the Financial Accounting Standards Board (“FASB”) issued amendments to the Accounting Standards Codification (“ASC” or the “Codification”) to provide guidance on consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. The Company has evaluated the impact of the adoption of these amendments on its consolidated financial statements and has determined that the Company’s operating partnership is considered a VIE. However, the Company meets the disclosure exemption criteria, as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. The Company has also determined that the Core Fund will be considered to be a VIE as a result of this new guidance. However, the Company will not consolidate the Core Fund since the Company is not the primary beneficiary. In September 2015, the FASB issued new guidance that eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Pursuant to the new guidance, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. The adoption of this new guidance did not have a material impact on the Company’s financial statements.
Derivatives	The Company has several interest rate swap transactions with Deutsche Bank, who purchased the interest in the swaps from HSH Nordbank in December 2015. These swap transactions were entered into as economic hedges against the variability of future interest rates on the Company’s variable interest rate borrowings under the Deutsche Bank Credit Facility. 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 March 31, 2016 , 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. 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, Deutsche Bank. 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 March 31, 2016 , 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.

Organization (Tables)

Organization (Tables)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The table below summarizes the Company’s maximum loss exposure related to its investment in the unconsolidated VIE as of March 31, 2016 and December 31, 2015 , which is equal to the carrying value of its investment in the unconsolidated VIE included in the balance sheet line item “Investment in unconsolidated entities” as of March 31, 2016 and December 31, 2015 (in thousands). Period (1) Investment in Unconsolidated VIEs Maximum Risk of Loss March 31, 2016 $ 97,249 $ 97,249 December 31, 2015 $ 100,455 $ 100,455 (1) Represents the Company’s contributions, net of distributions, made to its VIEs, as well as the Company’s share of equity in earnings (losses) on the investment as of the date indicated.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of Other Assets	Other assets included the following (in thousands): March 31, 2016 December 31, 2015 Prepaid insurance $ 207 $ 663 Prepaid taxes 2,778 547 Other 1,426 1,357 Total $ 4,411 $ 2,567

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Schedule of Property Subject to or Available for Operating Lease	Investment property consisted of the following (in thousands): March 31, 2016 December 31, 2015 Buildings and improvements $ 1,429,400 $ 1,427,955 Less: accumulated depreciation (176,870 ) (167,200 ) Buildings and improvements, net 1,252,530 1,260,755 Land 437,701 437,701 Investment property, net $ 1,690,231 $ 1,698,456
Schedule of Acquired Finite Lived Intangible Assets by Major Class	As of March 31, 2016 , 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 $ 234,718 $ 35,144 $ 50,495 Less: accumulated amortization (129,796 ) (24,870 ) (21,876 ) Net $ 104,922 $ 10,274 $ 28,619 As of December 31, 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 $ 238,176 $ 35,158 $ 50,798 Less: accumulated amortization (124,891 ) (24,178 ) (21,099 ) Net $ 113,285 $ 10,980 $ 29,699 The weighted average amortization periods for the intangible assets and liabilities acquired in connection with the 2015 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
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 April 1, 2016 through December 31, 2016 and for each of the years ending December 31, 2017 through 2020 is as follows (in thousands): In-Place Leases Out-of-Market Leases, Net April 1, 2016 through December 31, 2016 $ 21,155 $ (697 ) 2017 22,889 (307 ) 2018 17,815 (892 ) 2019 10,558 (1,504 ) 2020 7,898 (1,087 )
Schedule of Future Minimum Rental Payments for Operating Leases	As of March 31, 2016 , the approximate fixed future minimum rentals for the period from April 1, 2016 through December 31, 2016 , for each of the years ending December 31, 2017 through 2020 and thereafter are as follows (in thousands): Fixed Future Minimum Rentals April 1, 2016 through December 31, 2016 $ 119,794 2017 152,031 2018 135,708 2019 119,537 2020 105,664 Thereafter 506,161 Total $ 1,138,895

Recent Acquisitions of Real E26

Recent Acquisitions of Real Estate (Tables)	3 Months Ended
	Mar. 31, 2016
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 as follows (in thousands): Property Name Acquisition Date Building and Improvements Land In-place Lease Intangibles Out-of-Market Lease Intangibles, Net 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
Schedule of Acquired Finite Lived Intangible Assets by Major Class	As of March 31, 2016 , 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 $ 234,718 $ 35,144 $ 50,495 Less: accumulated amortization (129,796 ) (24,870 ) (21,876 ) Net $ 104,922 $ 10,274 $ 28,619 As of December 31, 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 $ 238,176 $ 35,158 $ 50,798 Less: accumulated amortization (124,891 ) (24,178 ) (21,099 ) Net $ 113,285 $ 10,980 $ 29,699 The weighted average amortization periods for the intangible assets and liabilities acquired in connection with the 2015 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
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 three months ended March 31, 2015 , which are included in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2015 (in thousands): For the Three Months Ended 2015 Acquisition March 31, 2015 Civica Office Commons Revenue $ 2,131 Net income (loss) $ (85 )
Business Acquisition, Pro Forma Information	The following unaudited consolidated information is presented to give effect to the 2015 acquisition through March 31, 2015 as if the acquisition 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 $0.5 million for the three months ended March 31, 2015 . 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 March 31, Pro Forma 2015 Pro Forma 2014 Revenue $ 58,536 $ 64,733 Net income (loss) from continuing operations $ 47,277 $ 41,959 Basic and diluted income (loss) from continuing operations per common share $ 0.21 $ 0.18

Investments In Unconsolidated27

Investments In Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Beginning balance $ 100,455 $ 187,668 Distributions declared (19,553 ) (56,788 ) Equity in earnings (losses) 16,347 33,199 Ending balance $ 97,249 $ 164,079
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 March 31, 2016 December 31, 2015 ASSETS Cash $ 111,329 $ 45,471 Investment property, net 736,886 905,229 Other assets 186,683 214,238 Total Assets $ 1,034,898 $ 1,164,938 LIABILITIES AND EQUITY Debt, net $ 520,307 $ 636,239 Other liabilities 71,123 73,401 Redeemable noncontrolling interests 122,255 124,413 Equity 321,213 330,885 Total Liabilities and Equity $ 1,034,898 $ 1,164,938
Summarized Financial Information Income Statement Equity Method Investees	The Core Fund sold two properties during the three months ended March 31, 2016 and one property during the three months ended March 31, 2015 , which is reflected in the table below (in thousands). Condensed Consolidated Statements of Operations for the Core Fund Three Months Ended March 31, 2016 2015 Total revenues $ 23,352 $ 46,501 Total expenses 28,819 50,091 Gain (loss) on sale of real estate investments 73,585 139,872 Net income (loss) 68,118 136,282 Less (income) loss allocated to noncontrolling interests (9,891 ) (20,150 ) Net income (loss) attributable to parent $ 58,227 $ 116,132

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt	The following table includes all of the Company’s outstanding notes payable balances as of March 31, 2016 and December 31, 2015 (in thousands, except interest rates): Description Maturity Date Interest Rate Description Interest Rate as of March 31, 2016 Principal Outstanding at March 31, 2016 Principal Outstanding at December 31, 2015 SECURED MORTGAGE DEBT 1515 S. Street (1) 9/1/2016 Fixed 4.25 % $ 36,340 $ 36,618 345 Inverness Drive 12/11/2016 Fixed 5.85 % 14,160 14,224 JPMorgan Chase Tower (2) 2/1/2017 Variable 2.94 % 49,137 149,542 Thompson Bridge Commons 3/1/2018 Fixed 6.02 % 4,890 4,959 DEUTSCHE BANK POOLED MORTGAGE FACILITY (3) 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 (4) 4/1/2017 Variable 2.04 % 146,400 61,400 JPMorgan Chase Revolving Credit Facility - Term Loan 4/1/2018 Variable 1.94 % 200,000 200,000 TOTAL PRINCIPAL OUTSTANDING 837,624 853,440 Unamortized Premium/ (Discount) (5) 25 (6 ) Unamortized Deferred Financing Fees (1,066 ) (1,189 ) NOTES PAYABLE $ 836,583 $ 852,245 (1) In April 2016, the Company sold 1515 S. Street and paid off the 1515 S. Street secured mortgage loan with proceeds from the sale. (2) In January 2016, the Company made a payment of $100.0 million to pay down the JPMorgan Chase Tower secured mortgage debt. Also, in January 2016, the maturity date of the remaining loan balance was extended for an additional year to February 1, 2017. (3) In December 2015, HSH Nordbank sold its interest in the HSH Credit Facility and its related swap agreements to Deutsche Bank AG, New York Branch (“Deutsche Bank”). No other terms or conditions of the credit facility were changed. (4) During the three months ended March 31, 2016 , the Company borrowed $104.0 million and made payments of $19.0 million under the JPMorgan Chase Revolving Credit Facility (the “Revolving Loan Commitment”). The Company used proceeds from the sale of 1515 S. Street in April 2016 to pay down $25.0 million of the Revolving Loan Commitment. (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 April 1, 2016 through December 31, 2016 , for each of the years ending December 31, 2017 through December 31, 2020 and for the period thereafter (in thousands): Principal Payments due by Period April 1, 2016 through December 31, 2016 (1) 2017 2018 2019 2020 Thereafter Notes payable $ 221,320 $ 411,927 $ 204,377 $ — $ — $ — (1) In April 2016, the Company sold 1515 S. Street and paid off the 1515 S. Street secured mortgage loan with proceeds from the sale.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 (in thousands): Liability Derivatives Fair Value Derivatives not designated as hedging instruments for accounting purposes: March 31, 2016 December 31, 2015 Interest rate swap contracts $ 13,491 $ 17,448 Total derivatives $ 13,491 $ 17,448 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 months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Gain (loss) on interest rate swap, net $ 3,957 $ 3,193 Total $ 3,957 $ 3,193

Distributions (Tables)

Distributions (Tables)	3 Months Ended
	Mar. 31, 2016
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 2016 and 2015 , 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 2016 (1) March 31, 2016 $ 9,626 $ 5,326 $ 14,952 $ 75 Total $ 9,626 $ 5,326 $ 14,952 $ 75 2015 (1) December 31, 2015 $ 9,717 $ 5,426 $ 15,143 $ 75 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 $ 38,600 $ 21,711 $ 60,311 $ 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 March 31, 2016 , December 31, 2015 , September 30, 2015 , June 30, 2015 and March 31, 2015 were $1.3 million , $1.3 million , $1.2 million , $1.2 million and $1.1 million , respectively.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 and outstanding as of March 31, 2016 and December 31, 2015 (all amounts are in thousands). Incurred Unpaid as of Three Months Ended March 31, March 31, December 31, Type and Recipient 2016 2015 2016 2015 Participation Interest in the Operating Partnership – HALP Associates Limited Partnership (1) $ 5,007 $ 4,840 $ 130,386 $ 126,637 Due to Affiliates Acquisition Fee – the Advisor (2) — 410 — — Asset Management Fee – the Advisor 3,412 3,431 1,135 1,131 Debt Financing Fee – the Advisor (3) — — — — Other – the Advisor 863 788 459 633 Property Management Fee – Hines 1,224 1,311 159 99 Leasing Fee – Hines 877 2,157 2,533 2,240 Tenant Construction Management Fees – Hines 28 — 10 — Expense Reimbursements – Hines (with respect to management and operation of the Company’s properties) 2,898 3,064 276 398 Due to Affiliates $ 4,572 $ 4,501 (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 estimated NAV per share in place as of the date of each balance sheet plus any unpaid distributions. (2) 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. (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.

Changes in Assets and Liabili32

Changes in Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 and 2015 is as follows (in thousands): Three Months Ended March 31, 2016 2015 Change in other assets $ (1,844 ) $ (801 ) Change in tenant and other receivables, net (2,952 ) (1,646 ) Change in deferred leasing costs, net (17,806 ) (30,471 ) Change in accounts payable and accrued expenses (2,881 ) 13,992 Change in participation interest liability 3,749 3,738 Change in other liabilities (842 ) (578 ) Change in due to affiliates 55 3,391 Changes in assets and liabilities $ (22,521 ) $ (12,375 )

Supplemental Cash Flow Disclo33

Supplemental Cash Flow Disclosures (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Supplemental Disclosures	Supplemental cash flow disclosures for the three months ended March 31, 2016 and 2015 are as follows (in thousands): Three Months Ended March 31, 2016 2015 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 8,251 $ 6,805 Cash paid for income taxes $ — $ — Supplemental Schedule of Non-Cash Activities Distributions declared and unpaid $ 15,026 $ 15,004 Distributions receivable $ 1,209 $ 56,788 Distributions reinvested $ 5,426 $ 5,573 Shares tendered for redemption $ 7,439 $ 7,520 Noncash net assets (liabilities) acquired upon acquisition of property $ — $ (1,812 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 (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) March 31, 2016 $ 13,491 $ — $ 13,491 $ — December 31, 2015 $ 17,448 $ — $ 17,448 $ —

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Total revenue Office properties $ 48,581 $ 50,541 Industrial property — 917 Retail properties 4,514 4,532 Total revenue $ 53,095 $ 55,990 Net property revenues in excess of expenses (1) Office properties $ 26,445 $ 28,193 Industrial property (32 ) 562 Retail properties 3,087 3,264 Total segment net property revenues in excess of expenses $ 29,500 $ 32,019 Equity in earnings (losses) of unconsolidated entities Equity in earnings (losses) of office properties $ 16,347 $ 33,199 Total equity in earnings (losses) of unconsolidated entities $ 16,347 $ 33,199 (1) Revenues less property operating expenses, real property taxes and property management fees. Total assets March 31, 2016 December 31, 2015 Office properties $ 1,845,010 $ 1,853,435 Retail properties 186,024 185,850 Investment in unconsolidated entities Office properties 97,249 100,455 Corporate-level accounts (1) 29,636 43,991 Total assets $ 2,157,919 $ 2,183,731 (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.
Reconciliation of Property Revenues in Excess of Expenses From Segments to Consolidated	Three Months Ended March 31, 2016 2015 Reconciliation to net income (loss) Total segment net property revenues in excess of expenses $ 29,500 $ 32,019 Depreciation and amortization (19,593 ) (22,483 ) Acquisition related expenses — (56 ) Asset management and acquisition fees (8,419 ) (8,681 ) General and administrative (1,950 ) (1,350 ) Gain (loss) on derivative instruments, net 3,957 3,193 Equity in earnings (losses) of unconsolidated entities, net 16,347 33,199 Gain (loss) on sale of real estate investments 2 21,079 Interest expense (8,639 ) (9,481 ) Interest income 26 10 Benefit (provision) for income taxes (39 ) (86 ) Income (loss) from discontinued operations, net of taxes (38 ) (2 ) Net income (loss) $ 11,154 $ 47,361

Organization (Public Offering)

Organization (Public Offering) (Details) - USD ($) shares in Millions	24 Months Ended	45 Months Ended	69 Months Ended	142 Months Ended
	Jun. 30, 2012	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2016
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			$ 209,400,000
Stock issued during period shares dividend reinvestment plan			27.4

Organization (Ownership Percent

Organization (Ownership Percentages) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Hines [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Subsidiary of limited liability company or limited partnership ownership interest	91.60%	91.80%
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	7.90%	7.70%

Organization (Investment Proper

Organization (Investment Property) (Details)	Mar. 31, 2016propertystate
Real Estate Properties [Line Items]
Number of real estate properties (in properties)	27
Office properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties (in properties)	19
Retail properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties (in properties)	8
Number of states in which entity operates | state	4

Organization (Equity Method Inv

Organization (Equity Method Investments) (Details)	Mar. 31, 2016	Dec. 31, 2015
Hines US Core Office Fund LP [Member]
Schedule of Equity Method Investments
Equity Method Investment, Ownership Percentage	28.80%	28.80%

Organization (VIE disclosures)

Organization (VIE disclosures) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity, Not Primary Beneficiary [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	$ 97,249	$ 100,455
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 97,249	$ 100,455
Hines Us Core Office Fund Lp [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	28.80%	28.80%

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Equity Method Investments) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Unconsolidated Properties [Member] | Hines US Core Office Fund LP [Member]
Schedule of Equity Method Investments
Equity method investment, OTTI	$ 0	$ 0

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Impairment of Real Estate) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Wholly Owned Properties [Member]
Impairment Charges
Impairment losses	$ 0	$ 0
Indirectly-Owned Properties [Member]
Impairment Charges
Impairment losses	$ 0	$ 0

Summary of Significant Accoun43

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Summary Of Significant Accounting Policies Table
Allowance for doubtful accounts receivable	$ 4.1		$ 4.1
Amortization of lease incentives	5.1	$ 3.7
Amortization of deferred leasing fees	1.5	1.2
Deferred Finance Costs, Net	1.5		$ 1.7
Amortization of Financing Costs	$ 0.4	$ 0.5

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Other Assets and Revenue Recognition) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Assets
Prepaid insurance	$ 207	$ 663
Prepaid taxes	2,778	547
Other	1,426	1,357
Total	4,411	2,567
Revenues
Prepaid rent	7,600	8,500
Straight-line rent receivables	$ 39,800	$ 36,900

Summary of Significant Accoun45

Summary of Significant Accounting Policies (Redemptions) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Redemption
Redemption Requests Received	$ 7.4	$ 31.4
Proceeds from issuance of common stock, dividend reinvestment plan	5.4	21.9
Common stock redemption liabilities	$ 7.4	$ 7.1
Ordinary Redemption Per Share Price determined in November 2013 [Member]
Redemption
Share redemption plan share price (in dollars per share)	$ 5.45
Death and Disability Redemption Per Share Price determined in December 2014 [Member]
Redemption
Share redemption plan share price (in dollars per share)	6.50
Death and Disability Redemption Per Share Price determined in September 2015 [Member]
Redemption
Share redemption plan share price (in dollars per share)	$ 6.65

Real Estate Investments (Detail

Real Estate Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property Subject To Or Available For Operating Lease
Buildings and improvements, net	$ 1,690,231	$ 1,698,456
Buildings and improvements [Member]
Property Subject To Or Available For Operating Lease
Buildings and improvements	1,429,400	1,427,955
Less: accumulated depreciation	(176,870)	(167,200)
Buildings and improvements, net	1,252,530	1,260,755
Land [Member]
Property Subject To Or Available For Operating Lease
Buildings and improvements	$ 437,701	$ 437,701

Real Estate Investments (Intang

Real Estate Investments (Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets
Intangible lease assets, net	$ 115,196	$ 124,265
Below Market Lease [Abstract]
Out-of-Market Lease Liabilities, Cost	50,495	50,798
Out-of-Market Lease Liabilities, Less: accumulated Amortization	(21,876)	(21,099)
Out-of-Market Lease Liabilities, Net	28,619	29,699
In-Place Leases [Member]
Acquired Finite-Lived Intangible Assets
Cost	234,718	238,176
Less: accumulated amortization	(129,796)	(124,891)
Intangible lease assets, net	104,922	113,285
Above Market Leases [Member]
Acquired Finite-Lived Intangible Assets
Cost	35,144	35,158
Less: accumulated amortization	(24,870)	(24,178)
Intangible lease assets, net	$ 10,274	$ 10,980

Real Estate Investments (Inta48

Real Estate Investments (Intangible Assets 2) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
In-Place Leases [Member]
Acquired Finite-Lived Intangible Assets
Amortization of intangible assets	$ 8,400	$ 11,400
In-Place Leases
April 1, 2016 through December 31, 2016	21,155
2,017	22,889
2,018	17,815
2,019	10,558
2,020	7,898
Out-of-Market Leases, Net [Member]
Acquired Finite-Lived Intangible Assets
Amortization of intangible asset (liability) for above and below market leases	400	$ 600
Out-of-Market Leases, Net
April 1, 2016 through December 31, 2016	(697)
2,017	(307)
2,018	(892)
2,019	(1,504)
2,020	$ (1,087)

Real Estate Investments (Future

Real Estate Investments (Future Minimum Rentals) (Details) $ in Thousands	Mar. 31, 2016USD ($)
Fixed Future Minimum Rentals
April 1, 2016 through December 31, 2016	$ 119,794
2,017	152,031
2,018	135,708
2,019	119,537
2,020	105,664
Thereafter	506,161
Total	$ 1,138,895

Recent Acquisitions of Real E50

Recent Acquisitions of Real Estate (Acquisitions) (Details) $ in Thousands	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)property	May. 14, 2015USD ($)	Feb. 11, 2015USD ($)
Business Acquisition
Number of real estate properties acquired | property		2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Out-of-Market Lease Intangibles, Net	$ (28,619)	$ (29,699)
Total Purchase Price		$ 292,400
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)
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)
Total Purchase Price			$ 86,864

Recent Acquisitions of Real E51

Recent Acquisitions of Real Estate (Intangible Assets) (Details)	May. 14, 2015	Feb. 11, 2015
Civica Office Commons [Member]
Acquired Finite-Lived Intangible Assets
Below-Market Lease Liabilities, weighted average useful life		3 years 10 months 24 days
Civica Office Commons [Member] | In-Place Leases [Member]
Acquired Finite-Lived Intangible Assets
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
Lease assets, weighted average useful life		4 years
2851 Junction Avenue [Member]
Acquired Finite-Lived Intangible Assets
Below-Market Lease Liabilities, weighted average useful life	14 years 5 months
2851 Junction Avenue [Member] | In-Place Leases [Member]
Acquired Finite-Lived Intangible Assets
Lease assets, weighted average useful life	14 years 5 months

Recent Acquisitions of Real E52

Recent Acquisitions of Real Estate (Revenue and Net Income) (Details) - Civica Office Commons [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)
Business Acquisition
Revenue	$ 2,131
Net income (loss)	$ (85)

Recent Acquisitions of Real E53

Recent Acquisitions of Real Estate (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Business Acquisition
Acquisition related expenses excluded from pro forma net loss	$ 500
2015 Acquisitions [Member]
Business Acquisition
Revenue	58,536	$ 64,733
Net income (loss) from continuing operations	$ 47,277	$ 41,959
Basic and diluted income (loss) from continuing operations per common share	$ 0.21	$ 0.18

Investments in Unconsolidated54

Investments in Unconsolidated Entities (Rollforward of Activity) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)	Dec. 31, 2015property
Real Estate Properties [Line Items]
Number of real estate properties (in properties) | property	27
Investment in Unconsolidated Entities [Roll Forward]
Beginning balance	$ 100,455	$ 187,668
Distributions declared	(19,553)	(56,788)
Equity in earnings (losses)	16,347	33,199
Ending balance	$ 97,249	$ 164,079
Unconsolidated Properties [Member] | Hines US Core Office Fund LP [Member]
Real Estate Properties [Line Items]
Number of real estate properties (in properties) | property	4		6

Investments in Unconsolidated55

Investments in Unconsolidated Entities (Summarized Financial Data) (Balance Sheets) (Details) - Hines US Core Office Fund LP [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash	$ 111,329	$ 45,471
Investment property, net	736,886	905,229
Other assets	186,683	214,238
Total Assets	1,034,898	1,164,938
LIABILITIES AND EQUITY
Debt, net	520,307	636,239
Other liabilities	71,123	73,401
Redeemable noncontrolling interests	122,255	124,413
Equity	321,213	330,885
Total Liabilities and Equity	$ 1,034,898	$ 1,164,938

Investments in Unconsolidated56

Investments in Unconsolidated Entities (Summarized Financial Data) (Statements of Operations) (Details) - Hines US Core Office Fund LP [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)property
Schedule of Equity Method Investments
Number of real estate properties sold (in properties) | property	2	1
Total revenues	$ 23,352	$ 46,501
Total expenses	28,819	50,091
Gain (loss) on sale of real estate investments	73,585	139,872
Net income (loss)	68,118	136,282
Less (income) loss allocated to noncontrolling interests	(9,891)	(20,150)
Net income (loss) attributable to parent	$ 58,227	$ 116,132

Investments in Unconsolidated57

Investments in Unconsolidated Entities (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended
	Mar. 31, 2016	Jan. 31, 2016	Jan. 31, 2015	Dec. 31, 2011	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2008	Jul. 31, 2007	Aug. 31, 2005
Schedule of Equity Method Investments
Gain (loss) on sale of real estate investments					$ 2	$ 21,079
Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | The Carillon Building [Member]
Schedule of Equity Method Investments
Real estate, contract sales price		$ 147,000
Contract purchase price								$ 140,000
Gain (loss) on sale of real estate investments		$ 58,800
Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | The Carillon Building [Member] | Hines [Member]
Schedule of Equity Method Investments
Gain (loss) on sale of real estate investments					14,400
Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | Five Twenty Five B Street [Member]
Schedule of Equity Method Investments
Real estate, contract sales price	$ 122,000
Contract purchase price									$ 116,300
Gain (loss) on sale of real estate investments	$ 14,800
Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | Five Twenty Five B Street [Member] | Hines [Member]
Schedule of Equity Method Investments
Gain (loss) on sale of real estate investments					$ 3,600
Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | One North Wacker [Member]
Schedule of Equity Method Investments
Real estate, contract sales price			$ 240,000
Contract purchase price							$ 540,000
Gain (loss) on sale of real estate investments						139,900
Ownership percentage sold			51.00%	49.00%
Hines US Core Office Fund LP [Member] | Indirectly-Owned Properties [Member] | One North Wacker [Member] | Hines [Member]
Schedule of Equity Method Investments
Gain (loss) on sale of real estate investments						$ 34,200

Debt Financing (Narratives) (De

Debt Financing (Narratives) (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Feb. 28, 2015
Debt Instrument
Long-term Debt, Gross			$ 837,624	$ 853,440
Debt Weighted Average Years To Maturity			1 year 1 month 12 days	1 year 1 month 12 days
Debt, Weighted Average Interest Rate			3.90%	3.90%
Revolving Credit Facility - Revolving Loan [Member]
Debt Instrument
Proceeds from Lines of Credit			$ 104,000
Repayments of Lines of Credit			19,000
Bridge Credit Agreement [Member]
Debt Instrument
Debt Instrument, Face Amount					$ 30,000
JP Morgan Chase Tower [Member] | Mortgages [Member]
Debt Instrument
Long-term Debt, Gross			$ 49,137	$ 149,542
Repayments of Debt		$ 100,000
Subsequent Event [Member] | Revolving Credit Facility - Revolving Loan [Member]
Debt Instrument
Repayments of Debt	$ 25,000

Debt Financing (Details)

Debt Financing (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument
Long-term Debt, Gross	$ 837,624	$ 853,440
Unamortized Premium/ (Discount)	25	(6)
Unamortized Deferred Financing Fees	(1,066)	(1,189)
NOTES PAYABLE	$ 836,583	852,245
Secured Mortgage Debt [Member] | 1515 S. Street [Member]
Debt Instrument
Interest Rate Description	Fixed
Interest Rate	4.25%
Long-term Debt, Gross	$ 36,340	36,618
Secured Mortgage Debt [Member] | 345 Inverness Drive [Member]
Debt Instrument
Interest Rate Description	Fixed
Interest Rate	5.85%
Long-term Debt, Gross	$ 14,160	14,224
Secured Mortgage Debt [Member] | JP Morgan Chase Tower [Member]
Debt Instrument
Interest Rate Description	Variable
Interest Rate	2.94%
Long-term Debt, Gross	$ 49,137	149,542
Secured Mortgage Debt [Member] | Thompson Bridge Commons [Member]
Debt Instrument
Interest Rate Description	Fixed
Interest Rate	6.02%
Long-term Debt, Gross	$ 4,890	4,959
Secured Mortgage Debt [Member] | 321 North Clark, 1900 and 2000 Alameda [Member] | Deutsche Bank [Member]
Debt Instrument
Interest Rate Description	Fixed via swap
Interest Rate	5.86%
Long-term Debt, Gross	$ 169,697	169,697
Secured Mortgage Debt [Member] | 3400 Data Drive, 2100 Powell [Member] | Deutsche Bank [Member]
Debt Instrument
Interest Rate Description	Fixed via swap
Interest Rate	5.25%
Long-term Debt, Gross	$ 98,000	98,000
Secured Mortgage Debt [Member] | Daytona And Laguna Buildings [Member] | Deutsche Bank [Member]
Debt Instrument
Interest Rate Description	Fixed via swap
Interest Rate	5.36%
Long-term Debt, Gross	$ 119,000	119,000
Revolving Credit Facility - Revolving Loan [Member]
Debt Instrument
Interest Rate Description	Variable
Interest Rate	2.04%
Long-term Debt, Gross	$ 146,400	61,400
Revolving Credit Facility - Term Loan [Member]
Debt Instrument
Interest Rate Description	Variable
Interest Rate	1.94%
Long-term Debt, Gross	$ 200,000	$ 200,000

Debt Financing (Maturity Schedu

Debt Financing (Maturity Schedule) (Details) $ in Thousands	Mar. 31, 2016USD ($)
Maturities of Long-term Debt
April 1, 2016 through December 31, 2016	$ 221,320
2,017	411,927
2,018	204,377
2,019	0
2,020	0
Thereafter	$ 0

Derivative Instruments (Details

Derivative Instruments (Details) - Interest Rate Swap [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Contract 1 [Member]
Derivative
Notional Amount	$ 169,697
Interest Rate Received	LIBOR
Interest Rate Paid	5.4575%
Contract 2 [Member]
Derivative
Notional Amount	$ 98,000
Interest Rate Received	LIBOR
Interest Rate Paid	4.8505%
Contract 3 [Member]
Derivative
Notional Amount	$ 119,000
Interest Rate Received	LIBOR
Interest Rate Paid	4.955%

Derivative Instruments (Carryin

Derivative Instruments (Carrying Value) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivatives, Fair Value
Interest rate swap contracts	$ 13,491		$ 17,448
Gain (loss) on interest rate swap, net	3,957	$ 3,193
Interest Rate Swap [Member]
Derivatives, Fair Value
Interest rate swap contracts	13,491		$ 17,448
Gain (loss) on interest rate swap, net	$ 3,957	$ 3,193

Distributions Narrative (Detail

Distributions Narrative (Details)	3 Months Ended
	Mar. 31, 2016$ / shares
Distributions Declared for January 2015 through May 2016 [Member]
Distributions
Common stock dividends (in dollars per share, per day)	$ 0.00073973

Distributions (Details)

Distributions (Details) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015
Distributions
Cash Distributions	$ 9,626	$ 9,717	$ 9,731	$ 9,645	$ 9,507	$ 38,600
Distributions Reinvested	5,326	5,426	5,445	5,416	5,424	21,711
Total Declared	14,952	15,143	15,176	15,061	14,931	60,311
Noncontrolling Interests, Total Declared	75	75	76	74	74	$ 299
Participation Interest [Member]
Distributions
Total Declared	$ 1,300	$ 1,300	$ 1,200	$ 1,200	$ 1,100

Related Party Transactions (By

Related Party Transactions (By Category) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction
Participation interest liability		$ 130,386		$ 126,637
Due to Affiliates		4,572		4,501
HALP Associates Limited Partnership [Member] | Participation Interest In Operating Partnership [Member]
Related Party Transaction
Expenses incurred to related parties		5,007	$ 4,840
Participation interest liability		130,386		126,637
HALP Associates Limited Partnership [Member] | Participation Interest In Operating Partnership [Member] | Civica Office Commons [Member]
Related Party Transaction
Acquisition fees waived	$ 1,000
The Advisor [Member] | Bridge Credit Agreement [Member]
Related Party Transaction
Debt financing fees waived	300
The Advisor [Member] | Civica Office Commons [Member]
Related Party Transaction
Acquisition fees	2,100
Acquisition fees waived	$ 600
The Advisor [Member] | Acquisition Fee [Member]
Related Party Transaction
Expenses incurred to related parties		0	410
Due to Affiliates		0		0
The Advisor [Member] | Asset Management Fee [Member]
Related Party Transaction
Expenses incurred to related parties		3,412	3,431
Due to Affiliates		1,135		1,131
The Advisor [Member] | Debt Financing Fee Advisor [Member]
Related Party Transaction
Expenses incurred to related parties		0	0
Due to Affiliates		0		0
The Advisor [Member] | Other [Member]
Related Party Transaction
Expenses incurred to related parties		863	788
Due to Affiliates		459		633
Hines [Member] | Property Management Fee [Member]
Related Party Transaction
Expenses incurred to related parties		1,224	1,311
Due to Affiliates		159		99
Hines [Member] | Leasing Fee [Member]
Related Party Transaction
Expenses incurred to related parties		877	2,157
Due to Affiliates		2,533		2,240
Hines [Member] | Tenant Construction Management Fee [Member]
Related Party Transaction
Expenses incurred to related parties		28	0
Due to Affiliates		10		0
Hines [Member] | Expense Reimbursement [Member]
Related Party Transaction
Expenses incurred to related parties		2,898	$ 3,064
Due to Affiliates		$ 276		$ 398

Changes in Other Assets and Lia

Changes in Other Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Increase (Decrease) in Operating Capital [Abstract]
Change in other assets	$ (1,844)	$ (801)
Change in tenant and other receivables, net	(2,952)	(1,646)
Change in deferred leasing costs, net	(17,806)	(30,471)
Change in accounts payable and accrued expenses	(2,881)	13,992
Change in participation interest liability	3,749	3,738
Change in other liabilities	(842)	(578)
Change in due to affiliates	55	3,391
Changes in assets and liabilities	$ (22,521)	$ (12,375)

Supplemental Cash Flow Disclo67

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 8,251	$ 6,805
Cash paid for income taxes	0	0
Supplemental Schedule of Non-Cash Activities
Distributions declared and unpaid	15,026	15,004	$ 15,219
Distributions receivable	1,209	56,788	$ 1,757
Distributions reinvested	5,426	5,573
Shares tendered for redemption	7,439	7,520
Noncash net assets (liabilities) acquired upon acquisition of property	$ 0	$ (1,812)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Interest rate swap contracts	$ 13,491	$ 17,448
Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Interest rate swap contracts	13,491	17,448
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Interest rate swap contracts	$ 13,491	$ 17,448

Fair Value Disclosures Fair Val

Fair Value Disclosures Fair Value Disclosures (Narratives) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Long-term debt, gross	$ 837,624	$ 853,440
Notes payable, fair value	$ 847,500	$ 866,300

Reportable Segments (Narratives

Reportable Segments (Narratives) (Details)	3 Months Ended
	Mar. 31, 2016shopping_centersegmentproperty	Apr. 30, 2015property
Segment Reporting Information
Number of Reportable Segments | segment	3
Number of real estate properties (in properties)	27
Office properties [Member]
Segment Reporting Information
Number of real estate properties (in properties)	19
Retail properties [Member]
Segment Reporting Information
Number of real estate properties (in properties)	8
Wholly Owned Properties [Member] | Office Building [Member] | Office properties [Member]
Segment Reporting Information
Number of real estate properties (in properties)	15
Wholly Owned Properties [Member] | Retail Site [Member] | Retail properties [Member]
Segment Reporting Information
Number of real estate properties (in properties) | shopping_center	8
Wholly Owned Properties [Member] | Industrial Property [Member] | Industrial property [Member]
Segment Reporting Information
Number of real estate properties (in properties)		1
Unconsolidated Properties [Member] | Office Building [Member] | Office properties [Member]
Segment Reporting Information
Number of real estate properties (in properties)	4

Reportable Segments (Income Los

Reportable Segments (Income Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information
Total revenue	$ 53,095	$ 55,990
Total segment net property revenues in excess of expenses	29,500	32,019
Equity in earnings (losses) of unconsolidated entities, net	16,347	33,199
Directly-Owned Properties [Member] | Office properties [Member]
Segment Reporting Information
Total revenue	48,581	50,541
Total segment net property revenues in excess of expenses	26,445	28,193
Directly-Owned Properties [Member] | Retail properties [Member]
Segment Reporting Information
Total revenue	4,514	4,532
Total segment net property revenues in excess of expenses	3,087	3,264
Directly-Owned Properties [Member] | Industrial property [Member]
Segment Reporting Information
Total revenue	0	917
Total segment net property revenues in excess of expenses	(32)	562
Indirectly-Owned Properties [Member] | Office properties [Member]
Segment Reporting Information
Equity in earnings (losses) of unconsolidated entities, net	$ 16,347	$ 33,199

Reportable Segments (Assets) (D

Reportable Segments (Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Total Assets
Assets	$ 2,157,919	$ 2,183,731
Office properties [Member] | Wholly Owned Properties [Member]
Total Assets
Assets	1,845,010	1,853,435
Office properties [Member] | Unconsolidated Properties [Member]
Total Assets
Assets	97,249	100,455
Retail properties [Member] | Wholly Owned Properties [Member]
Total Assets
Assets	186,024	185,850
Corporate, Non-Segment [Member]
Total Assets
Assets	$ 29,636	$ 43,991

Reportable Segments (Reconcilia

Reportable Segments (Reconciliation to Consolidated) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information
Total segment net property revenues in excess of expenses	$ 29,500	$ 32,019
Depreciation and amortization	(19,593)	(22,483)
Acquisition related expenses	0	(56)
Asset management and acquisition fees	(8,419)	(8,681)
General and administrative	(1,950)	(1,350)
Gain (loss) on derivative instruments, net	3,957	3,193
Equity in earnings (losses) of unconsolidated entities, net	16,347	33,199
Gain (loss) on sale of real estate investments	2	21,079
Interest expense	(8,639)	(9,481)
Interest income	26	10
Benefit (provision) for income taxes	(39)	(86)
Income (loss) from discontinued operations, net of taxes	(38)	(2)
Net income (loss)	11,154	47,361
Segment Reconciling Items [Member]
Segment Reporting Information
Total segment net property revenues in excess of expenses	29,500	32,019
Depreciation and amortization	(19,593)	(22,483)
Acquisition related expenses	0	(56)
Asset management and acquisition fees	(8,419)	(8,681)
General and administrative	(1,950)	(1,350)
Gain (loss) on derivative instruments, net	3,957	3,193
Equity in earnings (losses) of unconsolidated entities, net	16,347	33,199
Gain (loss) on sale of real estate investments	2	21,079
Interest expense	(8,639)	(9,481)
Interest income	26	10
Benefit (provision) for income taxes	(39)	(86)
Income (loss) from discontinued operations, net of taxes	$ (38)	$ (2)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	May. 31, 2016	Apr. 30, 2016	Nov. 30, 2007	Nov. 30, 2005
Fifteen Fifteen South Street [Member]
Subsequent Event
Contract purchase price				$ 66.6
JP Morgan Chase Tower [Member]
Subsequent Event
Contract purchase price			$ 289.6
Forecast | JP Morgan Chase Tower [Member]
Subsequent Event
Contract sales price	$ 280
Subsequent Event [Member] | Fifteen Fifteen South Street [Member]
Subsequent Event
Contract sales price		$ 68.5