InvenTrust Properties (IVT) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 06, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	InvenTrust Properties Corp.
Entity Central Index Key	1,307,748
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		861,824,777
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investment properties:
Land	$ 784,522	$ 770,220
Building and other improvements	3,229,318	3,030,645
Construction in progress	60,411	265,303
Total	4,074,251	4,066,168
Less accumulated depreciation	(686,475)	(598,440)
Net investment properties	3,387,776	3,467,728
Cash and cash equivalents	253,247	598,904
Restricted cash and escrows	19,174	32,950
Investment in marketable securities	184,375	154,753
Investment in unconsolidated entities	183,766	122,203
Intangible Assets, Net (Including Goodwill)	70,307	89,705
Accounts and rents receivable (net of allowance of $3,772 and $5,658)	41,089	40,798
Other Assets	50,405	59,476
Assets of discontinued operations	3,716	2,930,799
Total assets	4,193,855	7,497,316
Liabilities
Debt	1,849,557	1,991,608
Accounts payable and accrued expenses	95,669	79,368
Distributions payable	28,009	35,909
Intangible liabilities, net	46,458	43,258
Other liabilities	22,577	24,595
Liabilities of discontinued operations	64	1,325,749
Total liabilities	$ 2,042,334	$ 3,500,487
Commitments and contingencies
Stockholders’ Equity
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding	$ 0	$ 0
Common stock, $.001 par value, 1,460,000,000 shares authorized, 861,824,777 and 861,824,777 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	861	861
Additional paid in capital	6,066,262	7,755,471
Accumulated distributions in excess of net loss	(3,959,240)	(3,820,882)
Accumulated other comprehensive income	43,513	57,599
Total Company stockholders’ equity	2,151,396	3,993,049
Noncontrolling interests	125	3,780
Total equity	2,151,521	3,996,829
Total liabilities and equity	$ 4,193,855	$ 7,497,316

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accounts and rents receivable, allowance	$ 3,772	$ 5,658
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	40,000,000	40,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,460,000,000	1,460,000,000
Common stock, shares issued	861,824,777	861,824,777
Common stock, shares outstanding	861,824,777	861,824,777

Consolidated Statements of Oper

Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014
Income:
Rental income	$ 93,093		$ 93,858		$ 272,797		$ 286,158
Tenant recovery income	16,819		15,055		51,765		50,396
Other property income	2,827		1,819		6,905		6,766
Total income	112,739		110,732		331,467		343,320
Expenses:
General and administrative expenses	18,443		21,301		57,072		51,005
Property operating expenses	20,750		24,921		56,779		69,230
Real estate taxes	12,673		11,968		38,727		35,270
Depreciation and amortization	37,314		38,895		110,927		116,564
Business management fee	0		0		0		2,605
Provision for asset impairment	92,167	[1]	670	[2]	92,167	[3]	75,616	[4]
Total expenses	181,347		97,755		355,672		350,290
Operating income (loss)	(68,608)		12,977		(24,205)		(6,970)
Interest and dividend income	2,671		2,474		9,169		10,424
Gain (loss) on Sale of Properties	729		6,629		7,957		18,253
Gains (Losses) on Extinguishment of Debt	13		12,125		1,395		12,517
Other income	1,451		577		6,107		4,125
Interest expense	(23,772)		(31,888)		(69,642)		(96,531)
Gain (Loss) on the Contribution of Assets to an Unconsolidated Entity	(12,919)		0		(12,919)		0
Equity in earnings (loss) of unconsolidated entities	5,358		(2,089)		33,341		627
Realized gain on sale of marketable securities, net	304		27,852		20,459		42,998
Income (loss) before income taxes	(94,773)		28,657		(28,338)		(14,557)
Income tax expense	(1,579)		(454)		(2,445)		(1,196)
Net income (loss) from continuing operations	(96,352)		28,203		(30,783)		(15,753)
Net income from discontinued operations	713	[5]	24,357	[6]	3,042	[7]	208,292	[8]
Net income (loss)	(95,639)		52,560		(27,741)		192,539
Less: Net income attributable to noncontrolling interests	(8)		(8)		(16)		(16)
Net income (loss) attributable to Company	$ (95,647)		$ 52,552		$ (27,757)		$ 192,523
Income (Loss) from Continuing Operations, Per Basic and Diluted Share	$ (0.11)		$ 0.03		$ (0.04)		$ (0.02)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share	0		0.03		0		0.24
Earnings Per Share, Basic and Diluted	$ (0.11)		$ 0.06		$ (0.04)		$ 0.22
Weighted Average Number of Shares Outstanding, Basic and Diluted	861,824,777		861,627,855		861,824,777		883,537,865
Comprehensive income:
Unrealized gain (loss) on investment securities	$ (26,113)		$ (6,927)		$ 7,242		$ 13,508
Unrealized gain (loss) on derivatives	(671)		60		(76)		(1,659)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(570)		(27,495)		(21,252)		(42,068)
Comprehensive income (loss) attributable to the Company	$ (123,001)		$ 18,190		$ (41,843)		$ 162,304
[1]	Total provision for asset impairment included $92,167 related to one non-core development.
[2]	Total provision for asset impairment included $670 related to one non-core property.
[3]	Total provision for asset impairment included $92,167 related to one non-core development.
[4]	Total provision for asset impairment included $75,616 related to five non-core properties.
[5]	Net income from discontinued operations primarily relates to activity resulting from the Spin-Off of Xenia.
[6]	Net income from discontinued operations primarily relates to the gain on sale of net lease properties sold in 2014 and the lodging properties included in the Spin-Off of Xenia.
[7]	Net income from discontinued operations primarily relates to activity resulting from the Spin-Off of Xenia.
[8]	Net income from discontinued operations primarily relates to the gain on sale of net lease properties sold in 2014 and the lodging properties included in the Spin-Off of Xenia.

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Distributions in excess of Net Loss	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balance, value at Dec. 31, 2013	$ 4,266,641	$ 909	$ 8,063,517	$ (3,870,649)	$ 71,128	$ 1,736
Balance, shares at Dec. 31, 2013		909,855,173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Loss Attributable To Company Inclusive Of Noncontrolling Interest Excluding Noncontrolling Redeemable Interests	192,539			192,523		16
Unrealized gain on investment securities	13,508				13,508
Unrealized (gain) loss on derivatives	(1,659)				(1,659)
Reclassification adjustment from AOCI on derivatives and securities	(42,068)				(42,068)
Distributions declared	(329,144)			(329,144)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance						1,502
Stock Issued During Period, Shares, Dividend Reinvestment Plan		13,808,589
Stock Issued During Period, Value, Dividend Reinvestment Plan	95,832	$ 14	95,818
Share repurchase program, shares		(1,077,829)
Stock Repurchased and Retired During Period, Value	7,481	$ 1	7,480
Stock Repurchased During Period, Value	(396,430)	(61)	(396,369)
Balance, value at Sep. 30, 2014	3,793,240	$ 861	7,755,486	(4,007,270)	40,909	3,254
Balance, shares at Sep. 30, 2014		861,824,767
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Repurchased During Period, Shares		(60,761,166)
Balance, value at Dec. 31, 2013	4,266,641	$ 909	8,063,517	(3,870,649)	71,128	1,736
Balance, shares at Dec. 31, 2013		909,855,173
Balance, value at Dec. 31, 2014	3,996,829	$ 861	7,755,471	(3,820,882)	57,599	3,780
Balance, shares at Dec. 31, 2014		861,824,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Repurchased During Period, Shares		(60,761,166)
Net Income Loss Attributable To Company Inclusive Of Noncontrolling Interest Excluding Noncontrolling Redeemable Interests	(27,741)			(27,757)		16
Unrealized gain on investment securities	7,242				7,242
Unrealized (gain) loss on derivatives	(76)				(76)
Reclassification adjustment from AOCI on derivatives and securities	(21,252)				(21,252)
Distributions declared	(110,601)			(110,601)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	152					152
Share-based compensation expense, net of forfeitures	1,202		1,202
Stockholders' Equity Note, Spinoff Transaction	(1,694,234)		(1,690,411)			(3,823)
Balance, value at Sep. 30, 2015	$ 2,151,521	$ 861	$ 6,066,262	$ (3,959,240)	$ 43,513	$ 125
Balance, shares at Sep. 30, 2015		861,824,777

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ (27,741)	$ 192,539
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	122,914	259,566
Amortization of above and below market leases, net	(1,241)	(359)
Amortization of debt premiums, discounts and financing costs	5,829	10,118
Straight-line rental income	901	(3,115)
Provision for asset impairment	92,167	80,281
Gain (loss) on sale of property, net	7,957	171,148
(Gain) Loss on Extinguishment of Debt, Continuing and Discontinued Operations, Cash Flow Disclosure	(1,395)	(1,931)
Gain (Loss) on the Contribution of Assets to an Unconsolidated Entity	12,919	0
Equity in earnings of unconsolidated entities	(33,341)	(334)
Distributions from unconsolidated entities	3,883	6,206
(Gain), loss and impairment of investment in unconsolidated entities, net	0	(4,509)
Realized gain on sale of marketable securities	(20,459)	(42,998)
Share-based Compensation	1,311	0
Changes in assets and liabilities:
Accounts and rents receivable	(4,559)	(11,357)
Deferred costs and other assets	15,533	5,182
Accounts payable and accrued expenses	(8,335)	25,712
Other liabilities	(6,673)	(19,023)
Increase (Decrease) in prepayment penalties and defeasance fees	0	(1,255)
Net cash flows provided by operating activities	143,756	323,575
Cash flows from investing activities:
Purchase of investment properties	(98,122)	(194,900)
Acquired in-place and market lease intangibles, net	(4,645)	(14,797)
Capital expenditures and tenant improvements	(21,768)	(41,124)
Investment in development projects	(85,744)	(73,470)
Proceeds from sale of investment properties, net	53,989	775,695
Proceeds from sale of marketable securities	58,369	117,170
Consolidation of equity method investment	0	(2,944)
Proceeds and Return of Capital From The Sale Of Unconsolidated Entities	31,134	20,047
Payments to Acquire Equity Method Investments	(25,030)	(38,909)
Distributions from unconsolidated entities	7,964	26,569
Payment of leasing fees	(3,838)	(3,055)
Increase (Decrease) in Restricted Cash	19,246	(22,144)
Proceeds from Collection of Notes Receivable	0	4
Payments for (Proceeds from) Productive Assets	2,350	12,566
Net cash flows (used in) provided by investing activities	(66,095)	560,708
Cash flows from financing activities:
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan	0	95,832
Shares repurchased	0	(403,911)
Distributions paid	(118,501)	(331,147)
Proceeds from debt and notes payable	172,507	297,515
Payoffs of debt	(293,404)	(367,285)
Principal payments of mortgage debt	(20,384)	(31,266)
Payoff of margin securities debt, net	0	(59,681)
Payments for Repurchase of Other Equity	0	(47,762)
Payment of loan fees and deposits	(1,970)	(636)
Proceeds from Noncontrolling Interests	152	1,502
Payments for contingent consideration	0	(7,891)
Contribution to Xenia at Spin-Off	(165,884)	0
Cash from property operations contributed to Xenia	(130,080)	0
Net cash flows used in financing activities	(557,564)	(854,730)
Cash and Cash Equivalents, Period Increase (Decrease)	(479,903)	29,553
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations	733,150	319,237
Cash and cash equivalents, at end of period	$ 253,247	$ 348,790

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash paid for interest, net capitalized interest of $6,569 and $3,022	$ 72,332	$ 159,193
Capitalized interest	6,569	3,022
Net assets distributed to Xenia Hotels & Resorts, Inc. (net of cash contributed)	1,484,872	0
Property surrendered in extinguishment of debt	0	11,000
Mortgages Assumed by Buyer Upon Disposition of Property	0	657,339
Real Estate Owned, Properties Contributed to an Unconsolidated Entity, Net of Related Payables	46,174	0
Consolidation of assets from equity method investment	0	21,833
Noncash or Part Noncash Acquisition, Debt Assumed at Consolidation of Joint Venture	0	11,967
Noncash or part noncash acquisition, consolidation of liabilities assumed from equity method investment	$ 0	$ 446

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Inland American Real Estate Trust, Inc., which on April 16, 2015, changed its name to InvenTrust Properties Corp., was formed on October 4, 2004 (inception) to acquire and manage a diversified portfolio of commercial real estate, primarily retail, office, industrial, multi-family (both conventional apartments and student housing), and lodging properties, located in the United States. The Company was party to a business management agreement with Inland American Business Manager and Advisor, Inc. (the "Business Manager") pursuant to which it served as the Company's business manager, with responsibility for overseeing and managing its day-to-day operations, under the supervision of the Company's board of directors. The Company was also party to property management agreements with each of its property managers (the "Property Managers"). On March 12, 2014, the Company began the process of becoming fully self-managed by terminating its business management agreement, hiring all of the employees of the Business Manager and acquiring the assets of its Business Manager necessary to perform the functions previously performed by the Business Manager. Similarly, as of March 12, 2014, certain functions performed by the Property Managers, such as property-level accounting, lease administration, leasing, marketing and construction functions, were transitioned to the Company. The self-management transactions were completed on December 31, 2014 when the Company acquired the assets of its property managers and hired substantially all of its employees and the remaining property management functions were transitioned to the Company. On February 3, 2015, the Company completed the spin-off (the "Spin-Off") of its lodging subsidiary, Xenia Hotels & Resorts, Inc. ("Xenia"), through a taxable pro-rata distribution by the Company of 95% of the outstanding common stock of Xenia to holders of record of the Company’s common stock as of the close of business on January 20, 2015 (the “Record Date”). Each holder of record of the Company’s common stock received one share of Xenia’s common stock for every eight shares of the Company’s common stock held at the close of business on the Record Date. In lieu of fractional shares, stockholders of the Company received cash. On February 4, 2015, Xenia's common stock began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "XHR". In connection with the Spin-Off, the Company entered into certain agreements that, among other things, provide a framework for the Company’s relationship with Xenia after the Spin-Off, including a Transition Services Agreement, an Employee Matters Agreement and an Indemnity Agreement. Following the Spin-Off, the Company no longer has a lodging segment. Therefore, the 46 lodging assets included in the Spin-Off have been classified as discontinued operations as the Spin-Off represents a strategic shift that has had a major effect on the Company's operations and financial results. The assets and liabilities of these 46 lodging assets are classified as assets and liabilities of discontinued operations on the consolidated balance sheet at September 30, 2015 and December 31, 2014 . The operations of these 46 lodging assets have been classified as income from discontinued operations on the consolidated statement of operations and comprehensive income for the three and nine months ended September 30, 2015 and 2014 . The accompanying consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries and consolidated joint venture investments. Wholly-owned subsidiaries generally consist of limited liability companies (LLCs) and limited partnerships (LPs). The effects of all significant intercompany transactions have been eliminated. Each property is owned by a separate legal entity which maintains its own books and financial records and each entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in "Note 8. Debt". At September 30, 2015 , the Company owned 142 properties, in which the operating activity is reflected in continuing operations on the consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2015 and 2014 . At December 31, 2014 , the Company owned 188 properties, of which 46 lodging assets were included in the Spin-Off and classified as assets of discontinued operations. At September 30, 2014 , the Company owned 268 properties. The breakdown, by segment, of the 142 owned properties at September 30, 2015 is as follows: Segment Property Count Square Feet / Beds Retail 110 15,876,103 Square feet Student Housing 16 9,600 Beds Non-core 16 5,844,751 Square feet

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying consolidated financial statements have been prepared in accordance with GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Refer to the Company's audited financial statements for the year ended December 31, 2014, as certain note disclosures contained in such audited financial statements have been omitted from these interim consolidated financial statements. Stock-Based Compensation In accordance with FASB ASC Topic 718, Accounting for Share Based Compensation , companies are required to recognize in the income statement the grant-date fair value of stock options and other equity based compensation issued to employees. Under Topic 718, the way an award is classified will affect the measurement of compensation cost. Equity classified awards are measured at grant date fair value, and amortized on a straight-line basis over the vesting period of the stock and are not subsequently re-measured. Liability classified awards are measured at the grant date and are subsequently re-measured at the end of each period. The fair value of the non-vested stock awards for the purposes of recognizing stock-based compensation expense is the estimated market price of the Company's common stock on the grant date. At September 30, 2015 , the Company had two stock based compensation plans, which are discussed in "Note 13. Stock-Based Compensation". The compensation cost is based on awards that are expected to vest and has been reduced for estimated forfeitures. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective, although it will not affect the accounting for rental related revenues. ASU No. 2014-09, as issued, was to be effective for financial statements issued for fiscal years and interim periods beginning after December 31, 2016. In April 2015, the FASB approved an amendment to the ASU, deferring the effective date one year to annual reporting periods beginning after December 15, 2017 for public entities. The standard permits the use of either the retrospective or cumulative effect transition method. Early adoption is prohibited. The Company is evaluating the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In February 2015, the FASB issued ASU 2015-02, Consolidation . This update includes amendments that change the requirements for evaluating limited partnerships and similar entities for consolidation. Under the new guidance, limited partnerships and similar entities will be considered variable interest entities ("VIEs") unless a scope exception applies. As such, entities that consolidate limited partnerships and similar entities that are considered to be VIEs will be subject to VIE primary beneficiary disclosure requirements, and entities that do not consolidate a VIE will be subject to the disclosure requirements that apply to variable interest holders other than the primary beneficiary. The new guidance also eliminates three of the six criteria for determining if fees paid to a decision maker or service provider are considered to be variable interest in a VIE and changes the criteria used to determine if variable interests in a VIE held by related parties of a reporting entity require the reporting entity to consolidate the VIE. This standard will be effective for financial statements issued by public companies for annual and interim reporting periods beginning after December 15, 2015. The Company is continuing to evaluate this guidance; however, the Company does not expect its adoption to have a significant impact on the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption, the Company will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. This guidance is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, the Company does not expect its adoption to have a significant impact on the consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which requires that if the initial accounting for a business combination is incomplete as of the end of the reporting period in which the acquisition occurs, the acquirer records provisional amounts based on information available at the acquisition date. This guidance is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, the Company does not expect its adoption to have a significant impact on the consolidated financial statements.

Acquired Properties

Acquired Properties	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquired Properties	Acquired Properties The Company records identifiable assets, liabilities, noncontrolling interests and goodwill acquired in a business combination at fair value. The Company acquired two retail properties and one student housing property during the nine months ended September 30, 2015 , for an aggregate gross acquisition price of $103,000 . None were acquired during the three months ended September 30, 2015 . The student housing property acquired, Bishops Landing, has been demolished and the land will be used for a new student housing development. The table below reflects acquisition activity during the nine months ended September 30, 2015 . Segment Property Date Gross Acquisition Price Square Feet Retail The Shops at Walnut Creek 4/10/2015 $ 57,100 216,334 Square Feet Retail Westpark Shopping Center 5/12/2015 33,400 176,935 Square Feet Retail, Subtotal $ 90,500 Student Housing Bishops Landing (a) 4/27/2015 $ 12,500 Total $ 103,000 (a) The Company has recorded the assets of the Bishops Landing acquisition as construction in progress on the consolidated balance sheet as of September 30, 2015 . The following table summarizes the estimated fair value of the assets acquired and liabilities assumed for the nine months ended September 30, 2015 , as listed above. 2015 Acquisitions Land $ 17,594 Building 70,138 Construction in progress 12,500 Total fixed assets 100,232 Net other assets and liabilities 2,768 Total $ 103,000 The Company placed in service two student housing properties and completed an addition on a third student housing property during the three and nine months ended September 30, 2015 . The following table summarizes the assets placed in service during the nine months ended September 30, 2015 : 2015 Assets Placed In Service Land $ 17,745 Building and other improvements 130,767 Total fixed assets 148,512 For properties acquired and assets placed in service during the nine months ended September 30, 2015 , the Company recorded revenue of $4,489 and $6,137 for the three and nine months ended September 30, 2015 , respectively. The Company recorded property net income of $2,924 and $4,083 , excluding related expensed acquisition costs, for the three and nine months ended September 30, 2015 . The Company incurred $155 and $577 of acquisition and transaction costs during the three and nine months ended September 30, 2015 , respectively, that were recorded in general and administrative expenses on the consolidated statements of operations and comprehensive income. The Company acquired three properties, including two retail properties and one lodging property for the nine months ended September 30, 2014 , for an aggregate gross acquisition price of $209,150 . The table below reflects acquisition activity during the nine months ended September 30, 2014 . Segment Property Date Gross Acquisition Price Square Feet / Rooms Retail Suncrest Village 2/13/2014 $ 14,050 93,358 Square Feet Retail Plantation Grove 2/13/2014 12,100 73,655 Square Feet Retail, Subtotal 26,150 Lodging Aston Waikiki Beach (a) 2/28/2014 183,000 645 Rooms Total $ 209,150 (a) Aston is the registered trademark of Aston Hotels & Resorts LLC and is the exclusive property of its owner. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed for the nine months ended September 30, 2014 , as listed above. 2014 Acquisitions Land $ 10,446 Building 154,343 Furniture, fixtures, and equipment 27,087 Total fixed assets $ 191,876 Below market ground lease 9,516 Net other assets and liabilities 7,758 Total $ 209,150 For properties acquired as of September 30, 2014 , the Company recorded revenue of $12,399 and $26,601 for the three and nine months ended September 30, 2014 , respectively. The Company recorded property net income of $5,634 and $11,510 , excluding related expensed acquisition costs for the three and nine months ended September 30, 2014 . The Company incurred $27 and $1,337 of acquisition and transaction costs during the three and nine months ended September 30, 2014 , respectively, that were recorded in general and administrative expenses on the consolidated statements of operations and comprehensive income.

Disposed Properties

Disposed Properties	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Disposed Properties The Company sold four operating properties and one land parcel during the nine months ended September 30, 2015 for an aggregate gross disposition price of $53,275 . The Company sold 249 properties, one parcel of land, and surrendered one property to the lender for the nine months ended September 30, 2014 for an aggregate gross disposition price of $1,476,500 . For the nine months ended September 30, 2015 and 2014 , the Company had generated net proceeds from the sale of properties of $53,989 and $775,695 , respectively. The following properties were sold during the nine months ended September 30, 2015 . These properties have been included in continuing operations on the consolidated statement of operations and comprehensive income for the three and nine months ended September 30, 2015 . A parcel of land was also sold during the nine months ended September 30, 2015 for a gross disposition price of $1,410 . Segment Property Date Gross Disposition Price Square Feet Non-core Las Plumas 4/1/2015 $ 27,500 240,000 Square Feet Non-core Citizens - Manchester 7/9/2015 8,175 148,000 Square Feet Non-core SunTrust - Winston Salem 7/30/2015 1,875 10,188 Square Feet Non-core Tech II 7/31/2015 14,315 166,758 Square Feet Total $ 51,865 For the three months ended September 30, 2015 and 2014 , the Company recorded a gain on sale of investment properties of $729 and $6,629 , respectively, in continuing operations. For the nine months ended September 30, 2015 and 2014 , the Company recorded a gain on sale of investment properties of $7,957 and $18,253 , respectively, in continuing operations. In line with the Company's adoption of the new accounting standard governing discontinued operations during the year ended December 31, 2014, only disposals representing a strategic shift that have (or will have) a major effect on results and operations would qualify as discontinued operations. On February 3, 2015, the Company completed the spin-off of its lodging subsidiary, Xenia Hotels & Resorts, Inc. The 46 assets included in the Spin-Off have been classified as discontinued operations as the Spin-Off represents a strategic shift that has had a major effect on the Company's operations and financial results. The assets and liabilities of these 46 assets are classified as assets and liabilities of discontinued operations on the consolidated balance sheet at December 31, 2014 . The operations of these 46 assets have been classified as income from discontinued operations on the consolidated statement of operations and comprehensive income for the three and nine months ended September 30, 2015 and 2014 . The major classes of assets and liabilities of discontinued operations as of September 30, 2015 and December 31, 2014 were as follows: As of September 30, 2015 December 31, 2014 Assets Investment properties: Land $ — $ 338,313 Building and other improvements — 2,710,647 Construction in progress — 39,736 Total — 3,088,696 Less accumulated depreciation — (505,986 ) Net investment properties — 2,582,710 Cash and cash equivalents — 134,245 Restricted cash and escrows — 87,296 Accounts and rents receivable (net of allowance of $0 and $251) — 26,502 Intangible assets, net — 64,541 Deferred costs and other assets (a) 3,716 35,505 Total assets $ 3,716 $ 2,930,799 Liabilities Debt — 1,199,027 Accounts payable and accrued expenses — 88,356 Intangible liabilities, net — 4,212 Other liabilities (b) 64 34,154 Total liabilities $ 64 $ 1,325,749 (a) Deferred costs and other assets at September 30, 2015 primarily include receivables from Xenia related to hotel reserve escrows. (b) Other liabilities at September 30, 2015 include tax liabilities related to hotel properties payable by the Company. For the three and nine months ended September 30, 2015 , the operations reflected in discontinued operations, shown in the table below, reflect the operations of the 46 lodging properties associated with the Spin-Off. For the three and nine months ended September 30, 2014 , the operations reflected in discontinued operations, shown in the table below, reflect the operations of the 46 lodging properties associated with the Spin-Off, the 52 select service lodging properties sold on November 17, 2014, the 3 stand-alone lodging properties sold in 2014, and the portfolio of 223 net lease properties sold in 2014. All other property disposals are now included as a component of income from continuing operations, consistent with the Company's adoption of ASU No. 2014-08. Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Revenues $ — $ 298,151 $ 68,682 $ 904,789 Depreciation and amortization expense — 47,222 11,934 142,966 Other expenses — 207,838 55,429 616,820 Provision for asset impairment — 1,667 — 4,665 Operating income from discontinued operations $ — $ 41,424 $ 1,319 $ 140,338 Interest expense, income taxes, and other miscellaneous income 713 (23,509 ) 1,723 (74,355 ) Gain on sale of properties, net — 6,557 — 152,895 Loss on extinguishment of debt — (115 ) — (10,586 ) Net income from discontinued operations $ 713 $ 24,357 $ 3,042 $ 208,292 Net cash (used in) provided by operating activities from the properties classified as discontinued operations was $(6,712) and $213,571 for the nine months ended September 30, 2015 and 2014 , respectively. Net cash (used in) provided by investing activities from the properties classified as discontinued operations was $(4,344) and $312,615 for the nine months ended September 30, 2015 and 2014 , respectively.

Investment in Partially Owned E

Investment in Partially Owned Entities	9 Months Ended
	Sep. 30, 2015
Investment in Partially Owned Entities [Abstract]
Investment in Partially Owned Entities	Investment in Partially Owned Entities Consolidated Entities During the fourth quarter 2013, the Company entered into two joint ventures to each develop a lodging property. The Company had ownership interests of 75% in each joint venture. These entities were considered VIEs as defined in FASB ASC 810 because the entities did not have enough equity to finance their activities without additional subordinated financial support. The Company determined it had the power to direct the activities of the VIEs that most significantly impacted the VIEs' economic performance, as well as the obligation to absorb losses of the VIEs that could have potentially been significant to the VIEs or the right to receive benefits from the VIEs that could have potentially been significant to the VIEs. As such, the Company had a controlling financial interest and was considered the primary beneficiary of each of these entities. Therefore, these entities were consolidated by the Company and are included as a part of assets and liabilities of discontinued operations on the consolidated balance sheet at December 31, 2014. These entities were included in the Spin-Off on February 3, 2015 and are no longer part of the Company. For the VIEs where the Company was the primary beneficiary, the following are the liabilities of the consolidated VIEs which were not recourse to the Company, and the assets that could only have been used to settle those obligations. September 30, 2015 December 31, 2014 Net investment properties $ — $ 39,736 Other assets — 1,318 Total assets — 41,054 Mortgages, notes and margins payable — (21,214 ) Other liabilities — (6,465 ) Total liabilities — (27,679 ) Net assets $ — $ 13,375 Unconsolidated Entities The entities listed below are owned by the Company and other unaffiliated parties in joint ventures. Net income, distributions and capital transactions for these properties are allocated to the Company and its joint venture partners in accordance with the respective partnership agreements. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for details of each unconsolidated entity. These entities are not consolidated by the Company and the equity method of accounting is used to account for these investments. Under the equity method of accounting, the net equity investment of the Company and the Company’s share of net income or loss from the unconsolidated entity are reflected in the consolidated balance sheets and the consolidated statements of operations and comprehensive income. Entity Description Ownership % Carrying Value of Investment at Carrying Value of Investment at December 31, 2014 IAGM Retail Fund I, LLC Retail shopping centers 55% $ 126,694 $ 109,273 Downtown Railyard Venture, LLC (a) Land development (a) 46,174 — 15th & Walnut Owner, LLC (b) Student housing 62% 4,384 4,740 Cobalt Industrial REIT II (c) Industrial portfolio 36% 4,716 7,486 Other Unconsolidated Entities Various real estate investments Various 1,798 704 $ 183,766 $ 122,203 (a) On September 30, 2015, the Company was admitted as a member to Downtown Railyard Venture, LLC ("DRV"), which is a joint venture established in order to develop and sell a land development. Simultaneously, the Company structured and closed the sale of a non-core land development to DRV, which for accounting purposes is treated as a contribution of the land development to DRV in exchange for an equity interest of $46,174 in DRV (the foregoing transaction is referred to as the “Railyards Transaction”). The Company recorded a loss of $12,919 on the Railyards Transaction during the three and nine months ended September 30, 2015 due to the difference between the carrying value of the land and the fair value of the equity interest. The Company's ownership percentage in DRV is based upon a waterfall calculation outlined in the operating agreement. The joint venture partner is the developer and managing member of DRV, responsible for the day-to-day activities and earns fees for managing the venture. The Company analyzed the joint venture agreement and determined that DRV is not a variable interest entity. The Company also considered the participating rights under the joint venture agreement and determined that both partners have the ability to participate in major decisions, which equates to shared decision making ability. As such, both partners have significant influence but do not control DRV. Therefore, the Company does not consolidate this entity and accounts for its investment in the entity under the equity method of accounting. As of September 30, 2015, the carrying amount of the Company's investment in this entity was $46,174 . (b) On February 4, 2013, the Company entered into a joint venture agreement with Gerding Edlen Investors, LLC ("GE") in order to develop, construct and manage a student housing community on the campus of the University of Oregon in Eugene, Oregon, which was completed later in 2013 and is now fully operational. The joint venture is known as 15th & Walnut Owner, LLC ("Eugene"). The Company contributed $5,200 for an equity stake of 62% . The Company analyzed the joint venture and determined it is a VIE because the entity did not have enough equity to finance its activities without additional subordinated financial support. The Company also considered its participating rights under the joint venture agreement and determined that such participating rights also required the agreement of GE, which equates to shared decision making ability, and therefore the Company did not have the power to direct the activities of the VIE that most significantly impacted the VIE's economic performance. As such, the Company has significant influence but does not control Eugene. Therefore, the Company does not consolidate this entity and accounts for its investment in the entity under the equity method of accounting. (c) On December 18, 2014, Cobalt Industrial REIT II ("Cobalt") sold all of its real estate assets, and the Company recognized its share of the gain on the sale of the assets in equity in earnings for the year ended December 31, 2014. During the three months ended September 30, 2015 , the Company recorded receipt of a cash dividend from the joint venture. The balance of this joint venture at September 30, 2015 reflects the Company's expected return of the joint venture's remaining cash assets. On February 21, 2014, the Company purchased its partners' interest in one joint venture, which resulted in the Company obtaining control of the venture. Therefore, as of September 30, 2014 , the Company consolidated this entity, recorded the assets and liabilities of the joint venture at fair value, and recorded a gain of $4,509 on the purchase of this investment during the nine months ended September 30, 2014 . This gain is included as a discontinued operation on the consolidated statement of operations and comprehensive income for the nine months ended September 30, 2014 . This asset was included in the select service lodging portfolio sold on November 17, 2014. During the three and nine months ended September 30, 2015 and 2014, the Company recorded no impairment on its unconsolidated entities. Combined Financial Information The following tables present the combined condensed financial information for the Company’s investment in unconsolidated entities. September 30, 2015 December 31, 2014 Assets: Real estate assets, net of accumulated depreciation $ 633,018 $ 606,053 Other assets 119,209 186,220 Total assets $ 752,227 $ 792,273 Liabilities and equity: Mortgage debt 303,043 416,374 Other liabilities 77,453 72,994 Equity 371,731 302,905 Total liabilities and equity $ 752,227 $ 792,273 Company’s share of equity $ 197,891 $ 136,743 Net excess of the net book value of underlying assets over the cost of investments (net of accumulated amortization of $1,500 and $1,085, respectively) (14,125 ) (14,540 ) Carrying value of investments in unconsolidated entities $ 183,766 $ 122,203 Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Revenues $ 17,120 $ 48,036 $ 85,836 $ 148,760 Expenses: Interest expense and loan cost amortization 5,257 6,713 13,075 31,718 Depreciation and amortization 4,849 23,215 17,465 56,978 Operating expenses, ground rent and general and administrative expenses 5,799 22,602 16,159 60,678 Total expenses 15,905 52,530 46,699 149,374 Net income (loss) $ 1,215 $ (4,494 ) $ 39,137 $ (614 ) Company’s share of: Net income (loss), net of excess basis depreciation of $130 and $129, and $390 and $385, respectively $ 794 $ (2,089 ) $ 15,710 $ 627 Equity in earnings of unconsolidated entities on the consolidated statement of operations and comprehensive income of $5,358 and $33,341 for the three and nine months ended September 30, 2015 , respectively, include nonrecurring distributions from the sale of assets within two joint ventures that are in excess of the investments' carrying value by $4,564 and $17,631 for the three and nine months ended September 30, 2015 , respectively. The unconsolidated entities had total third party debt of $303,043 at September 30, 2015 that matures as follows: Year Amount 2015 $ — 2016 31,490 2017 — 2018 204,028 2019 16,250 Thereafter 51,275 $ 303,043 Of the total outstanding debt, approximately $24,000 is recourse to the Company. It is anticipated that the joint ventures will be able to repay or refinance all of their debt on a timely basis.

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2015
Related Party Transaction, Due from (to) Related Party [Abstract]
Transactions with Related Parties	Transactions with Related Parties As of January 1, 2015, the Company is no longer a related party to The Inland Group, Inc. (the "Inland Group") as described below. On March 12, 2014, the Company entered into a series of agreements and amendments to existing agreements with affiliates of the Inland Group pursuant to which the Company began the process of becoming entirely self-managed (collectively, the "Self-Management Transactions"). On March 12, 2014, as part of the Self-Management Transactions, the Company, the Business Manager, Inland American Lodging Advisor, Inc., a wholly owned subsidiary of the Business Manager ("ILodge"), the Property Managers, Inland American Industrial Management LLC ("Inland Industrial"), Inland American Office Management LLC ("Inland Office") and Inland American Retail Management LLC ("Inland Retail"), their parent, Inland American Holdco Management LLC (“Holdco”) and collectively with Inland Industrial, Inland Office and Inland Retail, and Eagle I Financial Corp. ("Eagle") entered into a Master Modification Agreement (the "Master Modification Agreement") pursuant to which the Company agreed with the Business Manager to terminate the management agreement with the Business Manager, hired all of the Business Manager’s employees and acquired the assets or rights necessary to conduct the functions previously performed for the Company by the Business Manager. The Company also hired certain Property Manager employees and assumed responsibility for performing significant property management activities. The Company assumed certain limited liabilities of the Business Manager and the Property Managers, including accrued liabilities for employee holiday, sick and vacation time for those Business Manager and Property Manager employees who became employees of the Company and liabilities arising after the closing of the Master Modification Agreement under leases and contracts assigned to the Company. The Company did not assume, and the Business Manager is obligated to indemnify the Company against, any liabilities related to the pre-closing operations of the Business Manager. Eagle, an indirect wholly owned subsidiary of the Inland Group, guaranteed the Business Manager’s indemnity and other obligations under the Master Modification Agreement. The Company did not pay an internalization fee or self-management fee in connection with the Master Modification Agreement but reimbursed the Business Manager and Property Managers for specified transaction related expenses and employee payroll costs. The Company entered into a consulting agreement with Inland Group affiliates for a term of three months at $200 per month, which the Company elected not to renew pursuant to its terms. Concurrently, as part of the Self-Management Transactions, the Company entered into an Asset Acquisition Agreement (the "Asset Acquisition Agreement") with the Property Managers and Eagle, pursuant to which the Company agreed to terminate the management agreements with the Property Managers at the end of 2014, hire certain of the remaining Property Manager employees and acquire the assets or rights necessary to conduct the remaining functions performed for the Company by the Property Managers. The Company agreed to assume certain limited liabilities, including accrued liabilities for employee holiday, sick and vacation time for Property Manager employees that became Company employees and liabilities arising after the closing of the Asset Acquisition Agreement under leases and other contracts that the Company assumed in the transaction. The Company did not assume any liabilities related to the pre-closing operations of the Property Managers, and it did not pay an internalization fee or self-management fee in connection with the Asset Acquisition Agreement. The Company consummated the transactions contemplated thereby on December 31, 2014. Also on March 12, 2014, as part of the Self-Management Transactions, the Company entered into separate Amended and Restated Master Management Agreements (collectively, the "Amended Property Management Agreements") with each of the Property Managers (excluding Holdco), pursuant to which the Property Managers continued to provide property management services to the Company through December 31, 2014, other than the property-level accounting, lease administration, leasing, marketing and construction functions that the Company began performing pursuant to the Master Modification Agreement. The Company transitioned the remaining property management functions on December 31, 2014. Many of the employees of the Company's former Business Manager and former Property Managers are now directly employed by the Company. The Amended Property Management Agreements terminated on December 31, 2014 pursuant to their terms. The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2015 and 2014 . Three Months Ended Nine Months Ended Unpaid amounts as of September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 September 30, 2015 December 31, 2014 General and administrative: General and administrative reimbursement (a) $ — $ 1,202 $ — $ 6,089 $ — $ 331 Investment advisor fee (b) — 237 — 922 — 80 Total general and administrative to related parties $ — $ 1,439 $ — $ 7,011 $ — $ 411 Property management fees (c) $ — $ 2,773 $ — $ 9,496 $ — $ 75 Business management fee (d) $ — $ — $ — $ 2,605 $ — $ — Loan placement fees (e) $ — $ 1 $ — $ 224 $ — $ — (a) In connection with the closing of the Master Modification Agreement and termination of the business management agreement on March 12, 2014 , the Company reimbursed the Business Manager for compensation and other ordinary course out-of-pocket expenses, which totaled approximately $3,401 . In addition, the Company reimbursed the Property Managers approximately $249 for compensation and out-of-pocket expenses incurred between January 1, 2014 and March 12, 2014 for the Property Manager employees the Company hired at closing to approximate the economics as though the Company had hired such employees on January 1, 2014. These costs are reflected in general and administrative reimbursements above. In addition, the Company has directly retained affiliates of the Business Manager to provide back-office services that were provided to the Company through the Business Manager prior to the termination of the business management agreement. These service agreements are generally terminable without penalty by either party upon 60 days’ notice. These costs are reflected in general and administrative reimbursements above. During the year ended December 31, 2014, the Company sent termination notices for agreements with those affiliates of the Business Manager which provided information technology and investor services to the Company. During the nine months ended September 30, 2015 , the Company sent a termination notice for the agreement with those affiliates of the Business Manager which provided human resource services to the Company. The Business Manager and its related parties are entitled to reimbursement for general and administrative expenses of the Business Manager and its related parties relating to the Company's administration. Unpaid amounts of $411 as of December 31, 2014 are included in accounts payable and accrued expenses on the consolidated balance sheet. (b) The Company paid a related party of the Business Manager to purchase and monitor its investment in marketable securities. The Company terminated this agreement during the nine months ended September 30, 2015 . (c) As part of the Self-Management Transactions, select Property Management fees charged to the Company were reduced effective January 1, 2014 to reflect, among other things, the hiring of the Property Manager employees and the services that were no longer being performed by the Property Managers. The Amended Property Management Agreements reduced the property management fees charged in respect of most of the Company’s multi-tenant retail properties to 3.50% of gross income generated by the applicable property for the first six months of 2014, and reduced fees charged in respect of the Company’s multi-tenant office properties to 3.50% of gross income generated by the applicable property for the first six months of 2014. The Company also agreed to assume responsibility for the compensation-related expenses of the Property Manager employees hired by the Company effective March 1, 2014 . Unpaid amounts of $75 as of December 31, 2014 are included in other liabilities on the consolidated balance sheet. In addition to these fees, the Property Managers received reimbursements of payroll costs for property level employees. The Company reimbursed the Property Managers and other affiliates $1,274 and $4,569 for the three and nine months ended September 30, 2014 , respectively. (d) In connection with the closing of the Master Modification Agreement and termination of the business management agreement, the Company paid a business management fee for January 2014, which totaled approximately $3,333 . The Company did not pay a business management fee subsequent to January 31, 2014. Pursuant to the letter agreement dated May 4, 2012, the business management fee was reduced for investigation costs exclusive of legal fees incurred in conjunction with the SEC matter. The Master Modification Agreement contained a ninety-day reconciliation of certain payments and reimbursements, including the January 2014 business management fee. The reconciliation was completed during the nine months ended September 30, 2014, which resulted in $728 of SEC-related investigation costs and an adjusted January 2014 business management fee expense of $2,605 . Pursuant to the March 12, 2014 Self-Management Transactions, the May 4, 2012 letter agreement by the Business Manager has been terminated. (e) The Company pays a related party of the Business Manager 0.2% of the principal amount of each loan placed for the Company. Such costs are capitalized as loan fees and amortized over the respective loan term. As of September 30, 2015 and December 31, 2014 , the Company had deposited $377 and $376 , respectively, in Inland Bank and Trust, a subsidiary of Inland Bancorp, Inc., an affiliate of The Inland Real Estate Group, Inc.

Investment in Marketable Securi

Investment in Marketable Securities	9 Months Ended
	Sep. 30, 2015
Investments, All Other Investments [Abstract]
Investment in Marketable Securities	Investment in Marketable Securities Investment in marketable securities of $184,375 and $154,753 at September 30, 2015 and December 31, 2014 , respectively, consists primarily of preferred and common stock investments in other REITs and certain real estate related bonds which are classified as available-for-sale securities and recorded at fair value. The cost basis net of impairments of available-for-sale securities was $138,318 and $95,480 as of September 30, 2015 and December 31, 2014 , respectively. The Company's investment in marketable securities includes a 5% ownership of the outstanding common stock of Xenia. The Company held an investment in Xenia securities reported at its fair value of $98,996 as of September 30, 2015 . The cost basis of the Xenia securities held by the Company was $80,748 as of September 30, 2015 , which is equal to 5% of the net equity, at historical cost basis, contributed to Xenia at the time of the Spin-Off. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported as a separate component of comprehensive income until realized. The Company has net accumulated other comprehensive income related to its marketable securities portfolio of $46,057 and $59,273 , which includes gross unrealized losses of $1,723 and $1,328 related to its marketable securities as of September 30, 2015 and December 31, 2014 , respectively. Securities with gross unrealized losses have a related fair value of $7,842 and $11,502 as of September 30, 2015 and December 31, 2014 , respectively. The unrealized gain on the Xenia securities held by the Company was $18,248 as of September 30, 2015 . The Company’s policy for assessing recoverability of its available-for-sale securities is to record a charge against net earnings when the Company determines that a decline in the fair value of a security drops below the cost basis and believes that decline to be other-than-temporary. Factors in the assessment of other-than-temporary impairment include determining whether (1) the Company has the ability and intent to hold the security until it recovers, and (2) the length of time and degree to which the security’s price has declined. No impairment to available-for-sale securities was recorded for the three and nine months ended September 30, 2015 and 2014. Dividend income is recognized when earned. During the three months ended September 30, 2015 and 2014 , dividend income of $2,390 and $2,193 , respectively, was recognized and is included in interest and dividend income on the consolidated statements of operations and comprehensive income. During the nine months ended September 30, 2015 and 2014 , dividend income of $7,853 and $9,581 , respectively, was recognized and is included in interest and dividend income on the consolidated statements of operations and comprehensive income.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Notes and Loans Payable [Abstract]
Debt	Debt Mortgages Payable Mortgage loans outstanding as of September 30, 2015 and December 31, 2014 were $1,856,346 and $2,999,968 , respectively, and had a weighted average interest rate of 4.96% and 4.63% per annum, respectively. Of the mortgage loans outstanding at December 31, 2014 , approximately $1,200,688 related to liabilities of discontinued operations. Mortgage premium and discount, net, was a discount of $6,826 and $9,332 as of September 30, 2015 and December 31, 2014 , respectively. Of this net mortgage discount, $1,661 related to liabilities of discontinued operations at December 31, 2014 . As of September 30, 2015 , scheduled maturities for the Company’s outstanding mortgage indebtedness had various due dates through December 2041, as follows: Maturity Date As of September 30, 2015 Weighted average interest rate 2015 $ 11,400 10.04% 2016 265,172 4.85% 2017 788,801 5.43% 2018 186,261 2.82% 2019 — —% Thereafter 604,712 4.95% Total $ 1,856,346 4.96% The Company is negotiating refinancing debt maturing in 2015. It is anticipated that the Company will be able to repay, refinance or extend the debt maturing in 2015, and the Company believes it has adequate sources of funds to meet short term cash needs related to these refinancings. Of the total outstanding debt for all years, approximately $41,629 is recourse to the Company at September 30, 2015 . Some of the mortgage loans require compliance with certain covenants, such as debt coverage service ratios, investment restrictions and distribution limitations. As of September 30, 2015 , the Company was in compliance with all mortgage loan requirements except two loans with a carrying value of $14,087 . These loans are not cross collateralized with any other mortgage loans or recourse to the Company. The stated maturities of the mortgage loans in default at September 30, 2015 were reflected as follows: $11,400 in 2015 and $2,687 in 2016. Subsequent to September 30, 2015, the 2015 maturity of $11,400 was extinguished using proceeds from the sale of the underlying asset. As of December 31, 2014 , the Company was in compliance with all such covenants, with the exception of one lodging property which was closed for business during the fourth quarter of 2014 due to earthquake damage. This property was included in the Spin-Off. Line of Credit On February 3, 2015 , the Company entered into an amended and restated credit agreement for a $300,000 unsecured revolving line of credit with KeyBank National Association, JP Morgan Chase Bank National Association and other financial institutions. The accordion feature allows the Company to increase the size of its unsecured line of credit up to $600,000 , subject to certain conditions. The unsecured revolving line of credit matures on February 2, 2019 and contains one twelve-month extension option that the Company may exercise upon payment of an extension fee equal to 0.15% of the commitment amount on the maturity date and subject to certain other conditions. The unsecured revolving line of credit bears interest at a rate equal to LIBOR plus 1.40% and requires the maintenance of certain financial covenants. As of September 30, 2015 , the Company was in compliance with all of the covenants and default provisions under the credit agreement. The Company had $299,963 available under the revolving line of credit as of September 30, 2015 . As of September 30, 2015 , the interest rate of the revolving line of credit was 1.40% . In 2013, the Company entered into a credit agreement with KeyBank National Association, JP Morgan Chase Bank National Association and other financial institutions to provide for a senior unsecured credit facility in the aggregate amount of $500,000 . The credit facility consisted of a $300,000 senior unsecured revolving line of credit and a total outstanding term loan of $200,000 . As of December 31, 2014, the interest rates of the revolving line of credit and unsecured term loan were 1.60% and 1.67% , respectively. Upon closing the credit agreement, the Company borrowed the full amount of the term loan which remained outstanding as of December 31, 2014 and was repaid during the nine months ended September 30, 2015 . As of December 31, 2014, the Company had $300,000 available under the revolving line of credit. This credit agreement was refinanced on February 3, 2015, as described above.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements In accordance with ASC 820, Fair Value Measurement and Disclosures, the Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: • Level 1 - Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 - Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company has estimated the fair value of its financial and non-financial instruments using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. Recurring Measurements For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below: Fair Value Measurements at September 30, 2015 Using Quoted Prices in Active Markets for Identical Assets Using Significant Using Significant (Level 1) (Level 2) (Level 3) Available-for-sale real estate equity securities $ 182,058 $ — $ — Real estate related bonds — 2,317 — Total assets $ 182,058 $ 2,317 $ — Derivative interest rate instruments — (2,607 ) — Total liabilities $ — $ (2,607 ) $ — Fair Value Measurements at December 31, 2014 Using Quoted Prices in Active Markets for Identical Assets Using Significant Other Observable Inputs Using Significant Other Unobservable Inputs (Level 1) (Level 2) (Level 3) Available-for-sale real estate equity securities $ 151,062 $ — $ — Real estate related bonds — 3,691 — Total assets $ 151,062 $ 3,691 $ — Derivative interest rate instruments — (1,744 ) — Total liabilities $ — $ (1,744 ) $ — Level 1 At September 30, 2015 and December 31, 2014 , the fair value of the available-for-sale real estate equity securities have been valued based upon quoted market prices for the same or similar issues when current quoted market prices were available. Unrealized gains or losses on investment are reflected in unrealized gain (loss) on investment securities in comprehensive income on the consolidated statements of operations and comprehensive income. Level 2 To calculate the fair value of the real estate related bonds and the derivative interest rate instruments, the Company primarily uses quoted prices for similar securities and contracts. For the real estate related bonds, the Company reviews price histories for similar market transactions. For the derivative interest rate instruments, the Company uses inputs based on data that is observed in the forward yield curve which is widely observable in the marketplace. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements which utilizes Level 3 inputs, such as estimates of current credit spreads. However, as of September 30, 2015 and December 31, 2014 , the Company determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. As of September 30, 2015 and December 31, 2014 , the Company had outstanding interest rate swap agreements with a notional value of $47,000 and $51,283 , respectively. Level 3 At September 30, 2015 and December 31, 2014 , the Company had no Level 3 recurring fair value measurements. Nonrecurring Measurements The following table summarizes activity for the Company’s assets measured at fair value on a nonrecurring basis. The Company recognized certain impairment charges to reflect the investments at their fair values for the three and nine months ended September 30, 2015 and 2014. The asset groups that were reflected at fair value through this evaluation are: For the three months ended September 30, 2015 September 30, 2014 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Total Impairment Losses Fair Value Measurements Using Significant Unobservable Inputs Total Impairment Losses Investment properties $ 59,092 $ 92,167 $ 7,343 $ 670 Total $ 59,092 $ 92,167 $ 7,343 $ 670 For the nine months ended September 30, 2015 September 30, 2014 Fair Value Measurements Using Significant Unobservable Inputs Total Fair Value Measurements Using Significant Unobservable Inputs Total Investment properties $ 59,092 $ 92,167 $ 137,723 $ 75,616 Total $ 59,092 $ 92,167 $ 137,723 $ 75,616 Investment Properties During the three and nine months ended September 30, 2015 , the Company completed the Railyards Transaction. See joint venture disclosure in "Note 5. Investment in Partially Owned Entities". The Company’s estimated fair value relating to the investment property's impairment analysis was based on a third party independent appraisal obtained as of September 30, 2015. The appraisal utilized a twelve -year discounted cash flow model, which includes inflows and outflows over a specific holding period. The cash flows consist of unobservable inputs such as forecasted revenues and expenses. These unobservable inputs are based on market conditions and expected growth rates. A discount rate of 14% was utilized in the model and is based upon observable rates within a reasonable range of current market rates. It was determined the property was impaired and therefore was written down to fair value. The Company recorded an impairment charge of $92,167 for this property for the three and nine months ended September 30, 2015 . During the three and nine months ended September 30, 2014 , the Company identified certain properties which may have a reduction in the expected holding period and reviewed the probability of these assets' dispositions. The Company's estimated fair value relating to the investment properties' impairment analysis was based on a comparison of letters of intent or purchase contracts, broker opinions of value and ten -year discounted cash flow models, which includes contractual inflows and outflows over a specific holding period. The cash flows consist of observable inputs such as contractual revenues and unobservable inputs such as forecasted revenues and expenses. These unobservable inputs are based on market conditions and the Company's expected growth rates. During the three and nine months ended September 30, 2014 , capitalization rates ranging from 6.00% to 9.00% and discount rates ranging from 6.75% to 9.25% were utilized in the model. These rates are based upon observable rates that the Company believes to be within a reasonable range of current market rates. Additionally, during the nine months ended September 30, 2014 , one asset previously classified as held for sale was re-classified as held and used and was re-measured at the lesser of the carrying value or fair value as of May 8, 2014, resulting in an impairment charge to this asset of $67,647 . For the three months ended September 30, 2015 and 2014, the Company recorded an impairment of investment properties of $92,167 and $670 , respectively, in continuing operations. For the nine months ended September 30, 2015 and 2014, the Company recorded an impairment of investment properties of $92,167 and $75,616 , respectively, in continuing operations. Certain properties were impaired prior to disposal. There were no related impairment charges for those properties included in discontinued operations for the three and nine months ended September 30, 2015 . There were $1,667 and $4,665 related impairment charges for those properties included in discontinued operations for the three and nine months ended September 30, 2014 , respectively. Financial Instruments Not Measured at Fair Value The table below represents the fair value of financial instruments presented at carrying values in the Company's consolidated financial statements as of September 30, 2015 and December 31, 2014 . September 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable $ 1,856,346 $ 1,870,328 $ 2,999,968 $ 3,022,002 Line of credit $ 37 $ 37 $ 200,000 $ 200,000 The Company estimates the fair value of its mortgages payable using a weighted average effective interest rate of 4.45% per annum. The fair value estimate of the line of credit approximates the carrying value. The assumptions reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to the Company's. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected and has operated so as to qualify to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with the tax year ended December 31, 2005. So long as it qualifies as a REIT, the Company generally will not be subject to federal income tax on taxable income that is distributed currently to stockholders. A REIT is subject to a number of organizational and operational requirements including a requirement that it currently distribute at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders each year. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates and would not be able to re-elect REIT during the four years following the year of the failure. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income. In addition, the Company owns substantially all of the outstanding stock of a subsidiary REIT, MB REIT (Florida), Inc. ("MB REIT"), which the Company consolidates for financial reporting purposes but which is treated as a separate REIT for federal income tax purposes. The Company has elected to treat certain of its consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to the Code. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. The Company's hotels were leased to certain of the Company's taxable REIT subsidiaries. Lease revenue from these taxable REIT subsidiaries and the Company's wholly-owned subsidiaries is eliminated in consolidation. For the three months ended September 30, 2015 and 2014 , an income tax expense of $1,579 and $454 , respectively, was included in continuing operations on the consolidated statements of operations and comprehensive income. For the nine months ended September 30, 2015 and 2014 , an income tax expense of $2,445 and $1,196 , respectively, was included in continuing operations on the consolidated statements of operations and comprehensive income. For the three months ended September 30, 2015 and 2014 income tax benefit of $1,182 and expense of $1,862 , respectively, was included in net income from discontinued operations on the consolidated statements of operations and comprehensive income. For the nine months ended September 30, 2015 and 2014 , income tax expense of $988 and $5,786 , respectively, was included in net income from discontinued operations on the consolidated statements of operations and comprehensive income.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2015
Segment Reporting Information, Additional Information [Abstract]
Segment Reporting	Segment Reporting The Company's current portfolio strategy is to tailor and grow the retail and student housing segments and dispose of the remaining non-core assets. The Company's objective has been, and will continue to be, maximizing stockholder value over the long-term. The non-core segment includes multi-tenant office and triple-net properties. Net operating income of the segments excludes interest expense, depreciation and amortization, general and administrative expenses, net income of noncontrolling interest and other investment income from corporate investments. The non-segmented assets primarily include the Company’s cash and cash equivalents, investments in marketable securities, construction in progress, investment in unconsolidated entities and notes receivable. For the nine months ended September 30, 2015 , approximately 13% of the Company’s retail and non-core revenue from continuing operations was generated by three properties leased to AT&T, Inc. As a result of the concentration of revenue generated from these properties, if AT&T, Inc. were to cease paying rent or fulfilling its other monetary obligations, the Company would have significantly reduced revenues and/or higher expenses until the defaults were cured or the properties were leased to a new tenant or tenants, if at all. The student housing segment was not considered in this analysis as leases are on a per bed basis, for a year or less, and are immaterial when evaluated individually. The following table summarizes net property operations income by segment as of and for the three months ended September 30, 2015 . Total Retail Student Housing Non-core Rental income $ 92,877 $ 51,637 $ 20,342 $ 20,898 Straight line adjustment 216 815 35 (634 ) Tenant recovery income 16,819 15,473 162 1,184 Other property income 2,827 684 1,273 870 Total income 112,739 68,609 21,812 22,318 Operating expenses 33,423 21,198 9,198 3,027 Net operating income $ 79,316 47,411 12,614 19,291 Non-allocated expenses (a) (55,757 ) Other income and expenses (b) (33,102 ) Equity in earnings of unconsolidated entities 5,358 Provision for asset impairment (c) (92,167 ) Net loss from continuing operations $ (96,352 ) Net income from discontinued operations (d) 713 Less: net income attributable to noncontrolling interests (8 ) Net loss attributable to Company $ (95,647 ) (a) Non-allocated expenses consists of general and administrative expenses and depreciation and amortization. (b) Other income and expenses consists of gain on sale of investment properties, gain on extinguishment of debt, loss on contribution to joint venture, dividend income, interest expense, other income, realized gain on sale of marketable securities, net, and income tax expense. (c) Total provision for asset impairment included $92,167 related to one non-core development. (d) Net income from discontinued operations primarily relates to activity resulting from the Spin-Off of Xenia. The following table summarizes net property operations income by segment as of and for the three months ended September 30, 2014 . Total Retail Student Housing Non-core Rental income $ 92,983 $ 50,672 $ 17,586 $ 24,725 Straight line adjustment 875 1,524 17 (666 ) Tenant recovery income 15,055 14,063 134 858 Other property income 1,819 663 1,119 37 Total income 110,732 66,922 18,856 24,954 Operating expenses 36,889 21,631 11,563 3,695 Net operating income $ 73,843 45,291 7,293 21,259 Non-allocated expenses (a) (60,196 ) Other income and expenses (b) 17,315 Equity in loss of unconsolidated entities (2,089 ) Provision for asset impairment (c) (670 ) Net income from continuing operations $ 28,203 Net income from discontinued operations (d) 24,357 Less: net income attributable to noncontrolling interests (8 ) Net income attributable to Company $ 52,552 (a) Non-allocated expenses consists of general and administrative expenses, business management fee and depreciation and amortization. (b) Other income and expenses consists of gain on sale of investment properties, gain on extinguishment of debt, interest and dividend income, interest expense, other income, realized gain on sale of marketable securities, net, and income tax expense. (c) Total provision for asset impairment included $670 related to one non-core property. (d) Net income from discontinued operations primarily relates to the gain on sale of net lease properties sold in 2014 and the lodging properties included in the Spin-Off of Xenia. The following table summarizes net property operations income by segment as of and for the nine months ended September 30, 2015 . Total Retail Student Housing Non-core Rental income $ 272,468 $ 152,331 $ 55,797 $ 64,340 Straight line adjustment 329 2,323 114 (2,108 ) Tenant recovery income 51,765 47,201 498 4,066 Other property income 6,905 2,334 3,550 1,021 Total income 331,467 204,189 59,959 67,319 Operating expenses 95,506 62,308 22,788 10,410 Net operating income $ 235,961 141,881 37,171 56,909 Non-allocated expenses (a) (167,999 ) Other income and expenses (b) (39,919 ) Equity in earnings of unconsolidated entities 33,341 Provision for asset impairment (c) (92,167 ) Net loss from continuing operations $ (30,783 ) Net income from discontinued operations (d) 3,042 Less: net income attributable to noncontrolling interests (16 ) Net loss attributable to Company $ (27,757 ) Balance Sheet Data Real estate assets, net (e) $ 3,397,672 2,082,592 763,790 551,290 Non-segmented assets (f) 796,183 Total assets 4,193,855 Capital expenditures (g) $ 8,058 6,464 790 804 (a) Non-allocated expenses consists of general and administrative expenses and depreciation and amortization. (b) Other income and expenses consists of gain on sale of investment properties, gain on extinguishment of debt, loss on contribution to joint venture, dividend income, interest expense, other income, realized gain on sale of marketable securities, net, and income tax expense. (c) Total provision for asset impairment included $92,167 related to one non-core development. (d) Net income from discontinued operations primarily relates to activity resulting from the Spin-Off of Xenia. (e) Real estate assets include intangible assets, net of amortization. (f) Construction in progress is included as non-segmented assets. (g) Capital expenditures exclude capital expenditures related to the lodging properties included in the Spin-Off of Xenia. The following table summarizes net property operations income by segment as of and for the nine months ended September 30, 2014 . Total Retail Student Housing Non-core Rental income $ 283,183 $ 152,973 $ 51,896 $ 78,314 Straight line adjustment 2,975 3,776 192 (993 ) Tenant recovery income 50,396 45,431 401 4,564 Other property income 6,766 3,467 3,119 180 Total income 343,320 205,647 55,608 82,065 Operating expenses 104,500 65,872 25,637 12,991 Net operating income $ 238,820 139,775 29,971 69,074 Non-allocated expenses (a) (170,174 ) Other income and expenses (b) (9,410 ) Equity in earnings of unconsolidated entities 627 Provision for asset impairment (c) (75,616 ) Net loss from continuing operations (15,753 ) Net income from discontinued operations (d) 208,292 Less: net income attributable to noncontrolling interests (16 ) Net income attributable to Company $ 192,523 (a) Non-allocated expenses consists of general and administrative expenses, business management fee and depreciation and amortization. (b) Other income and expenses consists of gain on sale of investment properties, gain on extinguishment of debt, interest and dividend income, interest expense, other income, realized gain on sale of marketable securities, net, and income tax expense. (c) Total provision for asset impairment included $75,616 related to five non-core properties. (d) Net income from discontinued operations primarily relates to the gain on sale of net lease properties sold in 2014 and the lodging properties included in the Spin-Off of Xenia.

Earnings (loss) per Share

Earnings (loss) per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings (loss) per Share	Earnings (loss) per Share and Equity Transactions Basic earnings (loss) per share ("EPS") are computed using the two-class method by dividing net income (loss) by the weighted average number of common shares outstanding for the period (the "common shares"). Diluted EPS is computed using the treasury method if more dilutive, by dividing net income (loss) by the common shares plus potential common shares issuable upon exercising options or other contracts. The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except weighted average share and per share amounts): Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Net income (loss) from continuing operations $ (96,352 ) $ 28,203 $ (30,783 ) $ (15,753 ) Less: Dividends on common stock (28,010 ) (107,709 ) (110,601 ) (329,144 ) Less: Dividends on unvested restricted stock units — — — — Less: Undistributed (income) loss allocated to unvested shares — — — — Less: Net income attributable to noncontrolling interests (8 ) (8 ) (16 ) (16 ) Undistributed income (loss) $ (124,370 ) $ (79,514 ) $ (141,400 ) $ (344,913 ) Add back: Dividends on common stock 28,010 107,709 110,601 329,144 Distributed and undistributed income (loss) from continuing operations - basic and diluted $ (96,360 ) $ 28,195 $ (30,799 ) $ (15,769 ) Income from discontinued operations allocated to common stockholders: $ 713 $ 24,357 $ 3,042 $ 208,292 Weighted average shares outstanding: Weighted average shares outstanding - basic and diluted 861,824,777 861,627,855 861,824,777 883,537,865 Basic and diluted income (loss) per share: Income (loss) from continuing operations allocated common shareholders per share: $ (0.11 ) $ 0.03 $ (0.04 ) $ (0.02 ) Income (loss) from discontinued operations allocated common shareholders per share: $ — $ 0.03 $ — $ 0.24 Due to their anti-dilutive effect, the computation of diluted loss per share does not reflect the adjustments for the following items (in thousands): Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Net income (loss) allocated to common stockholders is not adjusted for: Income allocated to unvested restricted stock units $ — $ — $ — $ — Weighted average diluted shares are not adjusted for: Effect of unvested restricted stock units 252 — 235 — The Company completed a modified "Dutch Auction" tender offer for the purchase of up to $350,000 in value of shares of common stock (the "Offer") on April 25, 2014. In accordance with rules promulgated by the SEC, the Company had the option to increase the number of shares accepted for payment in the Offer by up to 2% of the outstanding shares without amending or extending the Offer. To avoid any proration to the stockholders that tendered shares, the Company decided to increase the number of shares accepted for payment in the Offer. On May 1, 2014, the Company accepted for purchase 60,665,233 shares of common stock at a purchase price (without brokerage commissions) of $6.50 per share, for an aggregate purchase price of $394,300 , excluding fees and expenses relating to the Offer. The 60,665,233 shares accepted for purchase in the Offer represented approximately 6.61% of the issued and outstanding shares of common stock at the time of purchase. Subsequent to the purchase of approved Offer shares, the final number of shares purchased, allowing for corrections, was 60,761,166 for a final aggregate purchase price of $394,900 as of December 31, 2014, excluding fees and expenses related to the Offer.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Stock-Based Compensation Share Unit Plans During 2014, the Company maintained the following three long-term incentive plans: (1) the Inland American Real Estate Trust, Inc. 2014 Share Unit Plan (the "Retail Plan"), with respect to the Company’s retail business; (2) the Xenia Hotels & Resorts, Inc. 2014 Share Unit Plan (the "Lodging Plan"), with respect to the Company’s lodging business; and (3) the Inland American Communities Group, Inc. 2014 Share Unit Plan (the "Student Housing Plan"), with respect to the Company’s student housing business (collectively, the "Share Unit Plans"). Each Share Unit Plan provides for the grant of "share unit" awards to eligible participants. The value of a "share unit" was determined based on a phantom capitalization of the Company’s retail/non-core business, lodging business and student housing business, and does not necessarily correspond to the value of a share of common stock of the Company, Xenia or Inland American Communities Group, Inc. (n/k/a "University House Communities Group, Inc."), as applicable. Vesting of the share units granted in 2014 is conditioned upon the occurrence of a triggering event, such as a listing or a change in control of the applicable business, and if no triggering event occurs within five years following the applicable grant date, then the share units are forfeited. The Company does not recognize share based compensation expense with respect to the Share Unit Plans until the occurrence of a triggering event. As of February 3, 2015, the share units outstanding under the Lodging Plan were included in the Spin-Off and Xenia terminated the Lodging Plan. As of June 19, 2015, in connection with the adoption of the Incentive Award Plan (as defined below) the Company terminated the Retail Plan. Awards outstanding with a grant date value of $7,845 under the Retail Plan will remain outstanding and subject to the terms of the plan and the applicable award agreement. No additional awards will be granted under the Retail Plan. The Student Housing Plan was not terminated and remains in effect. As of September 30, 2015 , awards granted in 2014 and 2015 in the aggregate grant date value of $3,296 were outstanding under the Student Housing Plan. No additional awards were granted during the three months ended September 30, 2015 under the Student Housing Plan. As a triggering event has not occurred, with respect to the Company's retail/non-core or student housing businesses, the Company did not recognize stock-based compensation expense related to the 2014 Retail Plan or the Student Housing Plan for the three and nine months ended September 30, 2015 and 2014. Incentive Award Plan Effective as of June 19, 2015, the board of directors adopted and approved the InvenTrust Properties Corp. 2015 Incentive Award Plan (the "Incentive Award Plan"), under which the Company may grant cash and equity incentive awards to eligible employees, directors, and consultants. Under the 2015 Incentive Award Plan, the Company is authorized to grant up to 30,000,000 shares of the Company's common stock pursuant to awards under the plan. At September 30, 2015 , 28,335,375 shares were available for future issuance under the Incentive Award Plan. A summary of the Company's restricted stock unit activity as of September 30, 2015 is as follows: Restricted Stock Units Weighted Average Price at Grant Date Outstanding at January 1, 2015 — — Restricted stock units granted 1,664,625 $4.00 Restricted stock units vested — — Restricted stock units forfeited — — Outstanding at September 30, 2015 1,664,625 $4.00 At September 30, 2015 , there was $5,088 of total unrecognized compensation expense related to unvested stock-based compensation arrangements granted under the Incentive Award Plan. The outstanding restricted stock units have vesting schedules through December 2017. Stock-based compensation expense will be amortized on a straight-line basis over the vesting period. The Company recognized stock-based compensation expense of $1,123 and $1,260 related to the Incentive Award Plan for the three and nine months ended September 30, 2015 . No stock-based compensation expense was recognized for the three and nine months ended September 30, 2014 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In May 2012, the Company disclosed that the SEC had initiated a non-public, formal, fact-finding investigation to determine whether there had been violations of certain provisions of the federal securities laws regarding the payment of fees to the Company's former Business Manager and Property Managers, transactions with the Company's former affiliates, timing and amount of distributions paid to the Company's investors, determination of property impairments, and any decision regarding whether the Company would become a self-administered REIT (the "SEC Investigation"). After a multi-year investigation, on March 24, 2015, the Staff of the SEC informed the Company that it had concluded its investigation and that, based on the information received as of that date, it did not intend to recommend any enforcement action against the Company. Shortly after the Company disclosed the existence of the SEC Investigation, the Company received three related demands (“Derivative Demands”) by stockholders to conduct investigations regarding claims that the Company's officers, the Company's board of directors, former Business Manager, and affiliates of the Company's former Business Manager breached their fiduciary duties to the Company in connection with the matters that the Company disclosed were subject to the SEC Investigation. Upon receiving the first of the Derivative Demands, on October 16, 2012, the full board of directors responded by authorizing the independent directors to investigate the claims contained in the first Derivative Demand, any subsequent stockholder demands, as well as any other matters the independent directors saw fit to investigate. Pursuant to this authority, the independent directors formed a special litigation committee comprised solely of independent directors to review and evaluate the alleged claims and to recommend to the full board of directors whether the maintenance of a derivative proceeding was in the best interests of the Company. The special litigation committee engaged independent legal counsel and experts to assist in the investigation. On March 21, 2013, counsel for the stockholders who made the first Derivative Demand filed a derivative lawsuit in the Circuit Court of Cook County, Illinois, on behalf of the Company. The court stayed the case - Trumbo v. The Inland Group, Inc. - pending completion of the special litigation committee's investigation. On December 8, 2014, the special litigation committee completed its investigation and issued its report and recommendation. The special litigation committee concluded that there is no evidence to support the allegations of wrongdoing in the Derivative Demands. Nonetheless, in the course of its investigation, the special litigation committee uncovered facts indicating that certain then-related parties breached their fiduciary duties to the Company by failing to disclose to the independent directors certain facts and circumstances associated with the payment of fees to its former Business Manager and Property Managers. The special litigation committee determined that it is advisable and in the best interests of the Company to maintain a derivative action against its former Business Manager, Property Managers, and Inland American Holdco Management LLC (the “Inland Entities”). The special litigation committee found that it was not in the best interests of the Company to pursue claims against any other entities or against any individuals. On January 20, 2015, the board of directors adopted the report and recommendation of the special litigation committee in full and authorized the Company to file a motion to realign the Company as the party plaintiff in Trumbo v. The Inland Group, Inc. , and to take such further actions as are necessary to reject and dismiss claims related to allegations that the board of directors has determined lack merit and to pursue claims against the Inland Entities for breach of fiduciary duties in connection with the failure to disclose facts and circumstances associated with the payment of fees to related parties. On March 2, 2015, counsel for the stockholders who made the second Derivative Demand filed a derivative lawsuit in the Circuit Court of Cook County, Illinois, on behalf of the Company. The court entered an order consolidating the action with the Trumbo case on March 26, 2015 (the "Consolidated Action"). On September 18, 2015, the parties entered into the Stipulation and Agreement of Compromise, Settlement, and Release (the "Settlement") to resolve all matters related to the Derivative Demands, including all claims raised in the Consolidated Action and the claims authorized by the Board. The Settlement calls for a payment to the Company of $7,400 in net proceeds from Midwest Risk Management, LLC, as agent for the Inland Entities. In addition, the Settlement releases the Company’s directors, officers, and former external managers and their affiliates from any liability related to the allegations asserted in the demand letters and the Consolidated Action, and any additional allegations investigated by the special litigation committee. The Settlement also results in the dismissal of the Consolidated Action with prejudice. On October 23, 2015, the Circuit Court of Cook County, Illinois approved the Settlement as fair, reasonable, adequate and in the best interests of the Company and its stockholders. Under the terms of the Settlement, the Settlement Payment will be remitted to InvenTrust when the time to appeal the court’s approval of the Settlement has expired. The Company has not accounted for this gain contingency in the financial statements as of September 30, 2015. The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the financial statements of the Company.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to September 30, 2015, the Company purchased two student housing properties consisting of 1,439 beds for an aggregate gross acquisition price of $165,525 . On November 5, 2015, the Company entered into a term loan credit agreement for a $300,000 unsecured credit facility with a syndicate of seven lenders led by Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith, Incorporated and PNC Capital Markets LLC as joint lead arrangers. The accordion feature allows the Company to increase the size of the unsecured term loan credit facility to $600,000 , subject to certain conditions. The term loan credit facility consists of two tranches: a five-year tranche maturing on January 15, 2021, and a seven-year tranche maturing on November 5, 2022. The credit facility can be drawn for one year from the agreement date, after which the unused portion of the credit facility will terminate. The credit facility is subject to maintenance of certain financial covenants. Interest rates are based on the Company's total leverage ratio. Based upon the Company's total leverage ratio at September 30, 2015, the five-year tranche bears an interest rate of LIBOR plus 1.30% and the seven-year tranche bears an interest rate of LIBOR plus 1.60% .

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Compensation Related Costs, Policy [Policy Text Block]	Stock-Based Compensation In accordance with FASB ASC Topic 718, Accounting for Share Based Compensation , companies are required to recognize in the income statement the grant-date fair value of stock options and other equity based compensation issued to employees. Under Topic 718, the way an award is classified will affect the measurement of compensation cost. Equity classified awards are measured at grant date fair value, and amortized on a straight-line basis over the vesting period of the stock and are not subsequently re-measured. Liability classified awards are measured at the grant date and are subsequently re-measured at the end of each period. The fair value of the non-vested stock awards for the purposes of recognizing stock-based compensation expense is the estimated market price of the Company's common stock on the grant date. At September 30, 2015 , the Company had two stock based compensation plans, which are discussed in "Note 13. Stock-Based Compensation". The compensation cost is based on awards that are expected to vest and has been reduced for estimated forfeitures.

Organization (Tables)

Organization (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Commercial Real Estate Properties	The breakdown, by segment, of the 142 owned properties at September 30, 2015 is as follows: Segment Property Count Square Feet / Beds Retail 110 15,876,103 Square feet Student Housing 16 9,600 Beds Non-core 16 5,844,751 Square feet

Acquired Properties (Tables)

Acquired Properties (Tables)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Business Combinations [Abstract]
Acquisitions	The table below reflects acquisition activity during the nine months ended September 30, 2015 . Segment Property Date Gross Acquisition Price Square Feet Retail The Shops at Walnut Creek 4/10/2015 $ 57,100 216,334 Square Feet Retail Westpark Shopping Center 5/12/2015 33,400 176,935 Square Feet Retail, Subtotal $ 90,500 Student Housing Bishops Landing (a) 4/27/2015 $ 12,500 Total $ 103,000 (a) The Company has recorded the assets of the Bishops Landing acquisition as construction in progress on the consolidated balance sheet as of September 30, 2015 .	The table below reflects acquisition activity during the nine months ended September 30, 2014 . Segment Property Date Gross Acquisition Price Square Feet / Rooms Retail Suncrest Village 2/13/2014 $ 14,050 93,358 Square Feet Retail Plantation Grove 2/13/2014 12,100 73,655 Square Feet Retail, Subtotal 26,150 Lodging Aston Waikiki Beach (a) 2/28/2014 183,000 645 Rooms Total $ 209,150 (a) Aston is the registered trademark of Aston Hotels & Resorts LLC and is the exclusive property of its owner.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	The following table summarizes the estimated fair value of the assets acquired and liabilities assumed for the nine months ended September 30, 2015 , as listed above. 2015 Acquisitions Land $ 17,594 Building 70,138 Construction in progress 12,500 Total fixed assets 100,232 Net other assets and liabilities 2,768 Total $ 103,000	The following table summarizes the estimated fair value of the assets acquired and liabilities assumed for the nine months ended September 30, 2014 , as listed above. 2014 Acquisitions Land $ 10,446 Building 154,343 Furniture, fixtures, and equipment 27,087 Total fixed assets $ 191,876 Below market ground lease 9,516 Net other assets and liabilities 7,758 Total $ 209,150
Development Projects Placed in Service [Table Text Block]	The following table summarizes the assets placed in service during the nine months ended September 30, 2015 : 2015 Assets Placed In Service Land $ 17,745 Building and other improvements 130,767 Total fixed assets 148,512

Disposed Properties (Tables)

Disposed Properties (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Summary of Components of Discontinued Operations	In line with the Company's adoption of the new accounting standard governing discontinued operations during the year ended December 31, 2014, only disposals representing a strategic shift that have (or will have) a major effect on results and operations would qualify as discontinued operations. On February 3, 2015, the Company completed the spin-off of its lodging subsidiary, Xenia Hotels & Resorts, Inc. The 46 assets included in the Spin-Off have been classified as discontinued operations as the Spin-Off represents a strategic shift that has had a major effect on the Company's operations and financial results. The assets and liabilities of these 46 assets are classified as assets and liabilities of discontinued operations on the consolidated balance sheet at December 31, 2014 . The operations of these 46 assets have been classified as income from discontinued operations on the consolidated statement of operations and comprehensive income for the three and nine months ended September 30, 2015 and 2014 . The major classes of assets and liabilities of discontinued operations as of September 30, 2015 and December 31, 2014 were as follows: As of September 30, 2015 December 31, 2014 Assets Investment properties: Land $ — $ 338,313 Building and other improvements — 2,710,647 Construction in progress — 39,736 Total — 3,088,696 Less accumulated depreciation — (505,986 ) Net investment properties — 2,582,710 Cash and cash equivalents — 134,245 Restricted cash and escrows — 87,296 Accounts and rents receivable (net of allowance of $0 and $251) — 26,502 Intangible assets, net — 64,541 Deferred costs and other assets (a) 3,716 35,505 Total assets $ 3,716 $ 2,930,799 Liabilities Debt — 1,199,027 Accounts payable and accrued expenses — 88,356 Intangible liabilities, net — 4,212 Other liabilities (b) 64 34,154 Total liabilities $ 64 $ 1,325,749 (a) Deferred costs and other assets at September 30, 2015 primarily include receivables from Xenia related to hotel reserve escrows. (b) Other liabilities at September 30, 2015 include tax liabilities related to hotel properties payable by the Company. For the three and nine months ended September 30, 2015 , the operations reflected in discontinued operations, shown in the table below, reflect the operations of the 46 lodging properties associated with the Spin-Off. For the three and nine months ended September 30, 2014 , the operations reflected in discontinued operations, shown in the table below, reflect the operations of the 46 lodging properties associated with the Spin-Off, the 52 select service lodging properties sold on November 17, 2014, the 3 stand-alone lodging properties sold in 2014, and the portfolio of 223 net lease properties sold in 2014. All other property disposals are now included as a component of income from continuing operations, consistent with the Company's adoption of ASU No. 2014-08. Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Revenues $ — $ 298,151 $ 68,682 $ 904,789 Depreciation and amortization expense — 47,222 11,934 142,966 Other expenses — 207,838 55,429 616,820 Provision for asset impairment — 1,667 — 4,665 Operating income from discontinued operations $ — $ 41,424 $ 1,319 $ 140,338 Interest expense, income taxes, and other miscellaneous income 713 (23,509 ) 1,723 (74,355 ) Gain on sale of properties, net — 6,557 — 152,895 Loss on extinguishment of debt — (115 ) — (10,586 ) Net income from discontinued operations $ 713 $ 24,357 $ 3,042 $ 208,292
Summary of Disposal Activity, Excluding Discontinued Operations, Disposal Activity [Table Text Block]	The following properties were sold during the nine months ended September 30, 2015 . These properties have been included in continuing operations on the consolidated statement of operations and comprehensive income for the three and nine months ended September 30, 2015 . A parcel of land was also sold during the nine months ended September 30, 2015 for a gross disposition price of $1,410 . Segment Property Date Gross Disposition Price Square Feet Non-core Las Plumas 4/1/2015 $ 27,500 240,000 Square Feet Non-core Citizens - Manchester 7/9/2015 8,175 148,000 Square Feet Non-core SunTrust - Winston Salem 7/30/2015 1,875 10,188 Square Feet Non-core Tech II 7/31/2015 14,315 166,758 Square Feet Total $ 51,865

Investment in Partially Owned27

Investment in Partially Owned Entities (Tables)	9 Months Ended
	Sep. 30, 2015
Investment in Partially Owned Entities [Abstract]
Schedule of Various Consolidated Variable Interest Entities	For the VIEs where the Company was the primary beneficiary, the following are the liabilities of the consolidated VIEs which were not recourse to the Company, and the assets that could only have been used to settle those obligations. September 30, 2015 December 31, 2014 Net investment properties $ — $ 39,736 Other assets — 1,318 Total assets — 41,054 Mortgages, notes and margins payable — (21,214 ) Other liabilities — (6,465 ) Total liabilities — (27,679 ) Net assets $ — $ 13,375
Schedule of Net Equity Investment and Share of Net Income or Loss	Under the equity method of accounting, the net equity investment of the Company and the Company’s share of net income or loss from the unconsolidated entity are reflected in the consolidated balance sheets and the consolidated statements of operations and comprehensive income. Entity Description Ownership % Carrying Value of Investment at Carrying Value of Investment at December 31, 2014 IAGM Retail Fund I, LLC Retail shopping centers 55% $ 126,694 $ 109,273 Downtown Railyard Venture, LLC (a) Land development (a) 46,174 — 15th & Walnut Owner, LLC (b) Student housing 62% 4,384 4,740 Cobalt Industrial REIT II (c) Industrial portfolio 36% 4,716 7,486 Other Unconsolidated Entities Various real estate investments Various 1,798 704 $ 183,766 $ 122,203 (a) On September 30, 2015, the Company was admitted as a member to Downtown Railyard Venture, LLC ("DRV"), which is a joint venture established in order to develop and sell a land development. Simultaneously, the Company structured and closed the sale of a non-core land development to DRV, which for accounting purposes is treated as a contribution of the land development to DRV in exchange for an equity interest of $46,174 in DRV (the foregoing transaction is referred to as the “Railyards Transaction”). The Company recorded a loss of $12,919 on the Railyards Transaction during the three and nine months ended September 30, 2015 due to the difference between the carrying value of the land and the fair value of the equity interest. The Company's ownership percentage in DRV is based upon a waterfall calculation outlined in the operating agreement. The joint venture partner is the developer and managing member of DRV, responsible for the day-to-day activities and earns fees for managing the venture. The Company analyzed the joint venture agreement and determined that DRV is not a variable interest entity. The Company also considered the participating rights under the joint venture agreement and determined that both partners have the ability to participate in major decisions, which equates to shared decision making ability. As such, both partners have significant influence but do not control DRV. Therefore, the Company does not consolidate this entity and accounts for its investment in the entity under the equity method of accounting. As of September 30, 2015, the carrying amount of the Company's investment in this entity was $46,174 . (b) On February 4, 2013, the Company entered into a joint venture agreement with Gerding Edlen Investors, LLC ("GE") in order to develop, construct and manage a student housing community on the campus of the University of Oregon in Eugene, Oregon, which was completed later in 2013 and is now fully operational. The joint venture is known as 15th & Walnut Owner, LLC ("Eugene"). The Company contributed $5,200 for an equity stake of 62% . The Company analyzed the joint venture and determined it is a VIE because the entity did not have enough equity to finance its activities without additional subordinated financial support. The Company also considered its participating rights under the joint venture agreement and determined that such participating rights also required the agreement of GE, which equates to shared decision making ability, and therefore the Company did not have the power to direct the activities of the VIE that most significantly impacted the VIE's economic performance. As such, the Company has significant influence but does not control Eugene. Therefore, the Company does not consolidate this entity and accounts for its investment in the entity under the equity method of accounting. (c) On December 18, 2014, Cobalt Industrial REIT II ("Cobalt") sold all of its real estate assets, and the Company recognized its share of the gain on the sale of the assets in equity in earnings for the year ended December 31, 2014. During the three months ended September 30, 2015 , the Company recorded receipt of a cash dividend from the joint venture. The balance of this joint venture at September 30, 2015 reflects the Company's expected return of the joint venture's remaining cash assets.
Schedule of Combined Financial Information of Investment in Unconsolidated Entities	The following tables present the combined condensed financial information for the Company’s investment in unconsolidated entities. September 30, 2015 December 31, 2014 Assets: Real estate assets, net of accumulated depreciation $ 633,018 $ 606,053 Other assets 119,209 186,220 Total assets $ 752,227 $ 792,273 Liabilities and equity: Mortgage debt 303,043 416,374 Other liabilities 77,453 72,994 Equity 371,731 302,905 Total liabilities and equity $ 752,227 $ 792,273 Company’s share of equity $ 197,891 $ 136,743 Net excess of the net book value of underlying assets over the cost of investments (net of accumulated amortization of $1,500 and $1,085, respectively) (14,125 ) (14,540 ) Carrying value of investments in unconsolidated entities $ 183,766 $ 122,203 Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Revenues $ 17,120 $ 48,036 $ 85,836 $ 148,760 Expenses: Interest expense and loan cost amortization 5,257 6,713 13,075 31,718 Depreciation and amortization 4,849 23,215 17,465 56,978 Operating expenses, ground rent and general and administrative expenses 5,799 22,602 16,159 60,678 Total expenses 15,905 52,530 46,699 149,374 Net income (loss) $ 1,215 $ (4,494 ) $ 39,137 $ (614 ) Company’s share of: Net income (loss), net of excess basis depreciation of $130 and $129, and $390 and $385, respectively $ 794 $ (2,089 ) $ 15,710 $ 627
Schedule of Debt Maturities of the Unconsolidated Entities	The unconsolidated entities had total third party debt of $303,043 at September 30, 2015 that matures as follows: Year Amount 2015 $ — 2016 31,490 2017 — 2018 204,028 2019 16,250 Thereafter 51,275 $ 303,043

Transactions with Related Par28

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transaction, Due from (to) Related Party [Abstract]
Summary of Related Parties Transactions	The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2015 and 2014 . Three Months Ended Nine Months Ended Unpaid amounts as of September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 September 30, 2015 December 31, 2014 General and administrative: General and administrative reimbursement (a) $ — $ 1,202 $ — $ 6,089 $ — $ 331 Investment advisor fee (b) — 237 — 922 — 80 Total general and administrative to related parties $ — $ 1,439 $ — $ 7,011 $ — $ 411 Property management fees (c) $ — $ 2,773 $ — $ 9,496 $ — $ 75 Business management fee (d) $ — $ — $ — $ 2,605 $ — $ — Loan placement fees (e) $ — $ 1 $ — $ 224 $ — $ — (a) In connection with the closing of the Master Modification Agreement and termination of the business management agreement on March 12, 2014 , the Company reimbursed the Business Manager for compensation and other ordinary course out-of-pocket expenses, which totaled approximately $3,401 . In addition, the Company reimbursed the Property Managers approximately $249 for compensation and out-of-pocket expenses incurred between January 1, 2014 and March 12, 2014 for the Property Manager employees the Company hired at closing to approximate the economics as though the Company had hired such employees on January 1, 2014. These costs are reflected in general and administrative reimbursements above. In addition, the Company has directly retained affiliates of the Business Manager to provide back-office services that were provided to the Company through the Business Manager prior to the termination of the business management agreement. These service agreements are generally terminable without penalty by either party upon 60 days’ notice. These costs are reflected in general and administrative reimbursements above. During the year ended December 31, 2014, the Company sent termination notices for agreements with those affiliates of the Business Manager which provided information technology and investor services to the Company. During the nine months ended September 30, 2015 , the Company sent a termination notice for the agreement with those affiliates of the Business Manager which provided human resource services to the Company. The Business Manager and its related parties are entitled to reimbursement for general and administrative expenses of the Business Manager and its related parties relating to the Company's administration. Unpaid amounts of $411 as of December 31, 2014 are included in accounts payable and accrued expenses on the consolidated balance sheet. (b) The Company paid a related party of the Business Manager to purchase and monitor its investment in marketable securities. The Company terminated this agreement during the nine months ended September 30, 2015 . (c) As part of the Self-Management Transactions, select Property Management fees charged to the Company were reduced effective January 1, 2014 to reflect, among other things, the hiring of the Property Manager employees and the services that were no longer being performed by the Property Managers. The Amended Property Management Agreements reduced the property management fees charged in respect of most of the Company’s multi-tenant retail properties to 3.50% of gross income generated by the applicable property for the first six months of 2014, and reduced fees charged in respect of the Company’s multi-tenant office properties to 3.50% of gross income generated by the applicable property for the first six months of 2014. The Company also agreed to assume responsibility for the compensation-related expenses of the Property Manager employees hired by the Company effective March 1, 2014 . Unpaid amounts of $75 as of December 31, 2014 are included in other liabilities on the consolidated balance sheet. In addition to these fees, the Property Managers received reimbursements of payroll costs for property level employees. The Company reimbursed the Property Managers and other affiliates $1,274 and $4,569 for the three and nine months ended September 30, 2014 , respectively. (d) In connection with the closing of the Master Modification Agreement and termination of the business management agreement, the Company paid a business management fee for January 2014, which totaled approximately $3,333 . The Company did not pay a business management fee subsequent to January 31, 2014. Pursuant to the letter agreement dated May 4, 2012, the business management fee was reduced for investigation costs exclusive of legal fees incurred in conjunction with the SEC matter. The Master Modification Agreement contained a ninety-day reconciliation of certain payments and reimbursements, including the January 2014 business management fee. The reconciliation was completed during the nine months ended September 30, 2014, which resulted in $728 of SEC-related investigation costs and an adjusted January 2014 business management fee expense of $2,605 . Pursuant to the March 12, 2014 Self-Management Transactions, the May 4, 2012 letter agreement by the Business Manager has been terminated. (e) The Company pays a related party of the Business Manager 0.2% of the principal amount of each loan placed for the Company. Such costs are capitalized as loan fees and amortized over the respective loan term.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Notes and Loans Payable [Abstract]
Schedule Of Maturities For Outstanding Mortgage Indebtedness	As of September 30, 2015 , scheduled maturities for the Company’s outstanding mortgage indebtedness had various due dates through December 2041, as follows: Maturity Date As of September 30, 2015 Weighted average interest rate 2015 $ 11,400 10.04% 2016 265,172 4.85% 2017 788,801 5.43% 2018 186,261 2.82% 2019 — —% Thereafter 604,712 4.95% Total $ 1,856,346 4.96%

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Quantitative Disclosure of The Fair Value For Each Major Category Of Assets And Liabilities	For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below: Fair Value Measurements at September 30, 2015 Using Quoted Prices in Active Markets for Identical Assets Using Significant Using Significant (Level 1) (Level 2) (Level 3) Available-for-sale real estate equity securities $ 182,058 $ — $ — Real estate related bonds — 2,317 — Total assets $ 182,058 $ 2,317 $ — Derivative interest rate instruments — (2,607 ) — Total liabilities $ — $ (2,607 ) $ — Fair Value Measurements at December 31, 2014 Using Quoted Prices in Active Markets for Identical Assets Using Significant Other Observable Inputs Using Significant Other Unobservable Inputs (Level 1) (Level 2) (Level 3) Available-for-sale real estate equity securities $ 151,062 $ — $ — Real estate related bonds — 3,691 — Total assets $ 151,062 $ 3,691 $ — Derivative interest rate instruments — (1,744 ) — Total liabilities $ — $ (1,744 ) $ —
Assets Measured at Fair Value on Non-Recurring Basis	The following table summarizes activity for the Company’s assets measured at fair value on a nonrecurring basis. The Company recognized certain impairment charges to reflect the investments at their fair values for the three and nine months ended September 30, 2015 and 2014. The asset groups that were reflected at fair value through this evaluation are: For the three months ended September 30, 2015 September 30, 2014 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Total Impairment Losses Fair Value Measurements Using Significant Unobservable Inputs Total Impairment Losses Investment properties $ 59,092 $ 92,167 $ 7,343 $ 670 Total $ 59,092 $ 92,167 $ 7,343 $ 670
Fair Value of Financial Instruments Presented at Carrying Values	The table below represents the fair value of financial instruments presented at carrying values in the Company's consolidated financial statements as of September 30, 2015 and December 31, 2014 . September 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable $ 1,856,346 $ 1,870,328 $ 2,999,968 $ 3,022,002 Line of credit $ 37 $ 37 $ 200,000 $ 200,000

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting Information, Additional Information [Abstract]
Summary of Net Property Operations Income By Segment	The following table summarizes net property operations income by segment as of and for the three months ended September 30, 2015 . Total Retail Student Housing Non-core Rental income $ 92,877 $ 51,637 $ 20,342 $ 20,898 Straight line adjustment 216 815 35 (634 ) Tenant recovery income 16,819 15,473 162 1,184 Other property income 2,827 684 1,273 870 Total income 112,739 68,609 21,812 22,318 Operating expenses 33,423 21,198 9,198 3,027 Net operating income $ 79,316 47,411 12,614 19,291 Non-allocated expenses (a) (55,757 ) Other income and expenses (b) (33,102 ) Equity in earnings of unconsolidated entities 5,358 Provision for asset impairment (c) (92,167 ) Net loss from continuing operations $ (96,352 ) Net income from discontinued operations (d) 713 Less: net income attributable to noncontrolling interests (8 ) Net loss attributable to Company $ (95,647 ) (a) Non-allocated expenses consists of general and administrative expenses and depreciation and amortization. (b) Other income and expenses consists of gain on sale of investment properties, gain on extinguishment of debt, loss on contribution to joint venture, dividend income, interest expense, other income, realized gain on sale of marketable securities, net, and income tax expense. (c) Total provision for asset impairment included $92,167 related to one non-core development. (d) Net income from discontinued operations primarily relates to activity resulting from the Spin-Off of Xenia. The following table summarizes net property operations income by segment as of and for the three months ended September 30, 2014 . Total Retail Student Housing Non-core Rental income $ 92,983 $ 50,672 $ 17,586 $ 24,725 Straight line adjustment 875 1,524 17 (666 ) Tenant recovery income 15,055 14,063 134 858 Other property income 1,819 663 1,119 37 Total income 110,732 66,922 18,856 24,954 Operating expenses 36,889 21,631 11,563 3,695 Net operating income $ 73,843 45,291 7,293 21,259 Non-allocated expenses (a) (60,196 ) Other income and expenses (b) 17,315 Equity in loss of unconsolidated entities (2,089 ) Provision for asset impairment (c) (670 ) Net income from continuing operations $ 28,203 Net income from discontinued operations (d) 24,357 Less: net income attributable to noncontrolling interests (8 ) Net income attributable to Company $ 52,552 (a) Non-allocated expenses consists of general and administrative expenses, business management fee and depreciation and amortization. (b) Other income and expenses consists of gain on sale of investment properties, gain on extinguishment of debt, interest and dividend income, interest expense, other income, realized gain on sale of marketable securities, net, and income tax expense. (c) Total provision for asset impairment included $670 related to one non-core property. (d) Net income from discontinued operations primarily relates to the gain on sale of net lease properties sold in 2014 and the lodging properties included in the Spin-Off of Xenia. The following table summarizes net property operations income by segment as of and for the nine months ended September 30, 2015 . Total Retail Student Housing Non-core Rental income $ 272,468 $ 152,331 $ 55,797 $ 64,340 Straight line adjustment 329 2,323 114 (2,108 ) Tenant recovery income 51,765 47,201 498 4,066 Other property income 6,905 2,334 3,550 1,021 Total income 331,467 204,189 59,959 67,319 Operating expenses 95,506 62,308 22,788 10,410 Net operating income $ 235,961 141,881 37,171 56,909 Non-allocated expenses (a) (167,999 ) Other income and expenses (b) (39,919 ) Equity in earnings of unconsolidated entities 33,341 Provision for asset impairment (c) (92,167 ) Net loss from continuing operations $ (30,783 ) Net income from discontinued operations (d) 3,042 Less: net income attributable to noncontrolling interests (16 ) Net loss attributable to Company $ (27,757 ) Balance Sheet Data Real estate assets, net (e) $ 3,397,672 2,082,592 763,790 551,290 Non-segmented assets (f) 796,183 Total assets 4,193,855 Capital expenditures (g) $ 8,058 6,464 790 804 (a) Non-allocated expenses consists of general and administrative expenses and depreciation and amortization. (b) Other income and expenses consists of gain on sale of investment properties, gain on extinguishment of debt, loss on contribution to joint venture, dividend income, interest expense, other income, realized gain on sale of marketable securities, net, and income tax expense. (c) Total provision for asset impairment included $92,167 related to one non-core development. (d) Net income from discontinued operations primarily relates to activity resulting from the Spin-Off of Xenia. (e) Real estate assets include intangible assets, net of amortization. (f) Construction in progress is included as non-segmented assets. (g) Capital expenditures exclude capital expenditures related to the lodging properties included in the Spin-Off of Xenia. The following table summarizes net property operations income by segment as of and for the nine months ended September 30, 2014 . Total Retail Student Housing Non-core Rental income $ 283,183 $ 152,973 $ 51,896 $ 78,314 Straight line adjustment 2,975 3,776 192 (993 ) Tenant recovery income 50,396 45,431 401 4,564 Other property income 6,766 3,467 3,119 180 Total income 343,320 205,647 55,608 82,065 Operating expenses 104,500 65,872 25,637 12,991 Net operating income $ 238,820 139,775 29,971 69,074 Non-allocated expenses (a) (170,174 ) Other income and expenses (b) (9,410 ) Equity in earnings of unconsolidated entities 627 Provision for asset impairment (c) (75,616 ) Net loss from continuing operations (15,753 ) Net income from discontinued operations (d) 208,292 Less: net income attributable to noncontrolling interests (16 ) Net income attributable to Company $ 192,523 (a) Non-allocated expenses consists of general and administrative expenses, business management fee and depreciation and amortization. (b) Other income and expenses consists of gain on sale of investment properties, gain on extinguishment of debt, interest and dividend income, interest expense, other income, realized gain on sale of marketable securities, net, and income tax expense. (c) Total provision for asset impairment included $75,616 related to five non-core properties. (d) Net income from discontinued operations primarily relates to the gain on sale of net lease properties sold in 2014 and the lodging properties included in the Spin-Off of Xenia.

Earnings (loss) per Share (Tabl

Earnings (loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except weighted average share and per share amounts): Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Net income (loss) from continuing operations $ (96,352 ) $ 28,203 $ (30,783 ) $ (15,753 ) Less: Dividends on common stock (28,010 ) (107,709 ) (110,601 ) (329,144 ) Less: Dividends on unvested restricted stock units — — — — Less: Undistributed (income) loss allocated to unvested shares — — — — Less: Net income attributable to noncontrolling interests (8 ) (8 ) (16 ) (16 ) Undistributed income (loss) $ (124,370 ) $ (79,514 ) $ (141,400 ) $ (344,913 ) Add back: Dividends on common stock 28,010 107,709 110,601 329,144 Distributed and undistributed income (loss) from continuing operations - basic and diluted $ (96,360 ) $ 28,195 $ (30,799 ) $ (15,769 ) Income from discontinued operations allocated to common stockholders: $ 713 $ 24,357 $ 3,042 $ 208,292 Weighted average shares outstanding: Weighted average shares outstanding - basic and diluted 861,824,777 861,627,855 861,824,777 883,537,865 Basic and diluted income (loss) per share: Income (loss) from continuing operations allocated common shareholders per share: $ (0.11 ) $ 0.03 $ (0.04 ) $ (0.02 ) Income (loss) from discontinued operations allocated common shareholders per share: $ — $ 0.03 $ — $ 0.24
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Due to their anti-dilutive effect, the computation of diluted loss per share does not reflect the adjustments for the following items (in thousands): Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Net income (loss) allocated to common stockholders is not adjusted for: Income allocated to unvested restricted stock units $ — $ — $ — $ — Weighted average diluted shares are not adjusted for: Effect of unvested restricted stock units 252 — 235 —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	A summary of the Company's restricted stock unit activity as of September 30, 2015 is as follows: Restricted Stock Units Weighted Average Price at Grant Date Outstanding at January 1, 2015 — — Restricted stock units granted 1,664,625 $4.00 Restricted stock units vested — — Restricted stock units forfeited — — Outstanding at September 30, 2015 1,664,625 $4.00

Organization (Details)

Organization (Details)	Sep. 30, 2015ft²BedProperties	Dec. 31, 2014Properties	Sep. 30, 2014Properties
Real Estate Properties [Line Items]
Number of Real Estate Properties	142	188	268
Retail [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	110
Area of Real Estate Property | ft²	15,876,103
Student Housing [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	16
Number of Units in Real Estate Property | Bed	9,600
Non Core [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	16
Area of Real Estate Property | ft²	5,844,751
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Xenia Hotels and Resorts, Inc. [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	46

Acquired Properties Acquired Pr

Acquired Properties Acquired Properties (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Properties	Sep. 30, 2014USD ($)Properties
Acquired Properties Textual Details [Line Items]
Number of Businesses Acquired				3
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $	$ 4,489	$ 12,399	$ 6,137	$ 26,601
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $	2,924	5,634	4,083	11,510
Business Combination, Acquisition Related Costs | $	$ 155	$ 27	$ 577	$ 1,337
Retail [Member]
Acquired Properties Textual Details [Line Items]
Number of Businesses Acquired			2	2
Student Housing [Member]
Acquired Properties Textual Details [Line Items]
Number of assets placed in service			2
Number of Businesses Acquired			1
Lodging [Member]
Acquired Properties Textual Details [Line Items]
Number of Businesses Acquired				1

Acquired Properties Acquired 36

Acquired Properties Acquired Properties Tables (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2015USD ($)ft²Bed	Sep. 30, 2014USD ($)ft²Room
Business Acquisition [Line Items]
Gross Acquisition Price		$ 103,000	$ 209,150
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land		17,594	10,446
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings		70,138	154,343
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			27,087
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Construction in Progress		12,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets		100,232	191,876
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			9,516
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets		$ 2,768	7,758
Retail [Member]
Business Acquisition [Line Items]
Area of Real Estate Property | ft²		15,876,103
Gross Acquisition Price		$ 90,500	$ 26,150
Student Housing [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property | Bed		9,600
Developments Placed in Service, Land		$ 17,745
Developments Placed in Service, Building and other improvements		130,767
Developments Placed in Service		$ 148,512
The Shops at Walnut Creek [Member] | Retail [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition		Apr. 10, 2015
Area of Real Estate Property | ft²		216,334
Gross Acquisition Price		$ 57,100
Westpark Shopping Center [Member] | Retail [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition		May 12, 2015
Area of Real Estate Property | ft²		176,935
Gross Acquisition Price		$ 33,400
Bishops Landing [Member] | Student Housing [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	[1]	Apr. 27, 2015
Gross Acquisition Price	[1]	$ 12,500
Suncrest Village [Member] | Retail [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition			Feb. 13, 2014
Area of Real Estate Property | ft²			93,358
Gross Acquisition Price			$ 14,050
Plantation Grove [Member] | Retail [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition			Feb. 13, 2014
Area of Real Estate Property | ft²			73,655
Gross Acquisition Price			$ 12,100
Aston Waikiki Beach Hotel [Member] | Lodging [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	[2]		Feb. 28, 2014
Number of Units in Real Estate Property | Room	[2]		645
Gross Acquisition Price	[2]		$ 183,000
[1]	The Company has recorded the assets of the Bishops Landing acquisition as construction in progress on the consolidated balance sheet as of September 30, 2015.
[2]	Aston is the registered trademark of Aston Hotels & Resorts LLC and is the exclusive property of its owner.

Disposed Properties Narrative (

Disposed Properties Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)Properties	Sep. 30, 2014USD ($)Properties	Sep. 30, 2015USD ($)Properties	Sep. 30, 2014USD ($)Properties	Dec. 31, 2014Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number Of Disposed Assets			4	249
Number Of Surrendered Properties				1
Gross disposition price | $			$ 53,275	$ 1,476,500
Proceeds from sale of investment properties, net | $			53,989	775,695
Gain (loss) on Sale of Properties | $	$ 729	$ 6,629	$ 7,957	$ 18,253
Number of Real Estate Properties	142	268	142	268	188
Land [Member] | Raleigh Hillsborough Raleigh, NC [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number Of Disposed Assets			1
Gross disposition price | $			$ 1,410
Land [Member] | Oak Park II [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number Of Disposed Assets				1
Discontinued Operations, Disposed of by Sale [Member] | Select Service 52 Properties Nov 17 2014 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Real Estate Properties	52		52
Discontinued Operations, Disposed of by Sale [Member] | Stand alone lodging properties sold during 2014 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Real Estate Properties	3		3
Discontinued Operations, Disposed of by Sale [Member] | Triple Net Portfolio - 223 Properties Sold YTD 2014 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Real Estate Properties	223		223

Disposed Properties (Details 1)

Disposed Properties (Details 1) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets of discontinued operations		$ 3,716		$ 3,716		$ 2,930,799
Liabilities of discontinued operations		64		64		1,325,749
Summary of components of discontinued operations
Revenues		0	$ 298,151	68,682	$ 904,789
Depreciation and amortization expense		0	47,222	11,934	142,966
Expenses		0	207,838	55,429	616,820
Provision for asset impairment		0	1,667	0	4,665
Operating income from discontinued operations		0	41,424	1,319	140,338
Interest expense, income taxes, and other miscellaneous income		713	(23,509)	1,723	(74,355)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		0	6,557	0	152,895
Loss on extinguishment of debt		0	(115)	0	(10,586)
Net income from discontinued operations		713	$ 24,357	3,042	208,292
Cash Provided by (Used in) Investing Activities, Discontinued Operations				(4,344)	312,615
Cash Provided by (Used in) Operating Activities, Discontinued Operations				(6,712)	$ 213,571
Xenia Hotels and Resorts, Inc. [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group Including Discontinued Operation Land		0		0		338,313
Disposal Group, Including Discontinued Operation, Building and Other Improvements		0		0		2,710,647
Disposal Group, Including Discontinued Operation, Construction in Progress		0		0		39,736
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Gross		0		0		3,088,696
Disposal Group, Including Discontinued Operation, Accumulated Depreciation, Property, Plant and Equipment		0		0		(505,986)
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current		0		0		2,582,710
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents		0		0		134,245
Disposal Group, Including Discontinued Operation, Restricted Cash and Escrows		0		0		87,296
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net		0		0		26,502
Disposal Group, Discontinued Operations, Allowance for Doubtful Accounts, Premiums, and Other Receivables		0		0		251
Disposal Group, Including Discontinued Operation, Intangible Assets		0		0		64,541
Disposal Group, Including Discontinued Operation, Deferred Costs and Other Assets	[1]	3,716		3,716		35,505
Assets of discontinued operations		3,716		3,716		2,930,799
Disposal Group, Including Discontinued Operation, Debt		0		0		1,199,027
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities		0		0		88,356
Disposal Group, Including Discontinued Operation, Off Market Lease Unfavorable, Net		0		0		4,212
Disposal Group, Including Discontinued Operation, Other Liabilities	[2]	64		64		34,154
Liabilities of discontinued operations		$ 64		$ 64		$ 1,325,749
[1]	(a) Deferred costs and other assets at September 30, 2015 primarily include receivables from Xenia related to hotel reserve escrows
[2]	(b) Other liabilities at September 30, 2015 include tax liabilities related to hotel properties payable by the Company

Disposed Properties Disposed Pr

Disposed Properties Disposed Properties (Details 2) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)ft²	Sep. 30, 2014USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Gross Disposition Price	$ 53,275	$ 1,476,500
Non Core [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Gross Disposition Price	$ 51,865
Area of Real Estate Property | ft²	5,844,751
Non Core [Member] | Las Plumas DR Stephens Fund [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date	Apr. 1, 2015
Discontinued Operation, Gross Disposition Price	$ 27,500
Area of Real Estate Property | ft²	240,000
Non Core [Member] | Citizens - Manchester [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date	Jul. 9, 2015
Discontinued Operation, Gross Disposition Price	$ 8,175
Area of Real Estate Property | ft²	148,000
Non Core [Member] | SunTrust- Winston Salem [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date	Jul. 30, 2015
Discontinued Operation, Gross Disposition Price	$ 1,875
Area of Real Estate Property | ft²	10,188
Non Core [Member] | Tech II [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date	Jul. 31, 2015
Discontinued Operation, Gross Disposition Price	$ 14,315
Area of Real Estate Property | ft²	166,758

Investment in Partially Owned40

Investment in Partially Owned Entities (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2013joint_venture	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member]
Variable Interest Entity [Line Items]
Net investment properties		$ 0	$ 39,736
Other assets		0	1,318
Total assets		0	41,054
Mortgages, notes and margins payable		0	(21,214)
Other liabilities		0	(6,465)
Total liabilities		0	(27,679)
Net assets		$ 0	$ 13,375
Lodging [Member] | Consolidated Entities [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	75.00%
Number Of Joint Ventures Entered Into By Entity | joint_venture	2

Investment in Partially Owned41

Investment in Partially Owned Entities (Details 1) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014	Dec. 31, 2014		Feb. 04, 2013
Schedule of Equity Method Investments [Line Items]
Gain (Loss) on the Contribution of Assets to an Unconsolidated Entity		$ (12,919)		$ 0	$ (12,919)		$ 0
Gain (loss) on investment in unconsolidated entities, net					0		(4,509)
Equity Method Investment, Other than Temporary Impairment		0		$ 0	0		0
Schedule of net equity investment and share of net income or loss
Investment		$ 183,766			$ 183,766			$ 122,203
IAGM Retail Fund I, LLC [Member]
Schedule of net equity investment and share of net income or loss
Description					Retail shopping centers
Ownership %		55.00%			55.00%
Investment		$ 126,694			$ 126,694			109,273
Downtown Railyard Venture, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Gain (Loss) on the Contribution of Assets to an Unconsolidated Entity					$ 12,919
Schedule of net equity investment and share of net income or loss
Description					Land development
Investment	[1]	$ 46,174			$ 46,174			0
15th & Walnut Owner, LLC [Member]
Schedule of net equity investment and share of net income or loss
Description					Student housing
Ownership %		62.00%			62.00%
Investment		$ 4,384	[2]		$ 4,384	[2]		4,740	[2]	$ 5,200
Cobalt Industrial REIT II [Member]
Schedule of net equity investment and share of net income or loss
Description					Industrial portfolio
Ownership %		36.00%			36.00%
Investment	[3]	$ 4,716			$ 4,716			7,486
Other Unconsolidated Entities [Member]
Schedule of net equity investment and share of net income or loss
Description					Various real estate investments
Investment		$ 1,798			$ 1,798			$ 704
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Schedule of Equity Method Investments [Line Items]
Gain (loss) on investment in unconsolidated entities, net							$ 4,509
[1]	On September 30, 2015, the Company was admitted as a member to Downtown Railyard Venture, LLC ("DRV"), which is a joint venture established in order to develop and sell a land development. Simultaneously, the Company structured and closed the sale of a non-core land development to DRV, which for accounting purposes is treated as a contribution of the land development to DRV in exchange for an equity interest of $46,174 in DRV (the foregoing transaction is referred to as the “Railyards Transaction”). The Company recorded a loss of $12,919 on the Railyards Transaction during the three and nine months ended September 30, 2015 due to the difference between the carrying value of the land and the fair value of the equity interest. The Company's ownership percentage in DRV is based upon a waterfall calculation outlined in the operating agreement. The joint venture partner is the developer and managing member of DRV, responsible for the day-to-day activities and earns fees for managing the venture. The Company analyzed the joint venture agreement and determined that DRV is not a variable interest entity. The Company also considered the participating rights under the joint venture agreement and determined that both partners have the ability to participate in major decisions, which equates to shared decision making ability. As such, both partners have significant influence but do not control DRV. Therefore, the Company does not consolidate this entity and accounts for its investment in the entity under the equity method of accounting. As of September 30, 2015, the carrying amount of the Company's investment in this entity was $46,174
[2]	On February 4, 2013, the Company entered into a joint venture agreement with Gerding Edlen Investors, LLC ("GE") in order to develop, construct and manage a student housing community on the campus of the University of Oregon in Eugene, Oregon, which was completed later in 2013 and is now fully operational. The joint venture is known as 15th & Walnut Owner, LLC ("Eugene"). The Company contributed $5,200 for an equity stake of 62%. The Company analyzed the joint venture and determined it is a VIE because the entity did not have enough equity to finance its activities without additional subordinated financial support. The Company also considered its participating rights under the joint venture agreement and determined that such participating rights also required the agreement of GE, which equates to shared decision making ability, and therefore the Company did not have the power to direct the activities of the VIE that most significantly impacted the VIE's economic performance. As such, the Company has significant influence but does not control Eugene. Therefore, the Company does not consolidate this entity and accounts for its investment in the entity under the equity method of accounting.
[3]	On December 18, 2014, Cobalt Industrial REIT II ("Cobalt") sold all of its real estate assets, and the Company recognized its share of the gain on the sale of the assets in equity in earnings for the year ended December 31, 2014. During the three months ended September 30, 2015, the Company recorded receipt of a cash dividend from the joint venture.

Investment in Partially Owned42

Investment in Partially Owned Entities (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Other than Temporary Impairment	$ 0	$ 0	$ 0	$ 0
Assets
Real estate assets, net of accumulated depreciation	633,018		633,018		$ 606,053
Other assets	119,209		119,209		186,220
Total assets	752,227		752,227		792,273
Liabilities and Equity
Equity Method Investments Long Term Debt	303,043		303,043		416,374
Other liabilities	77,453		77,453		72,994
Equity	371,731		371,731		302,905
Total liabilities and equity	752,227		752,227		792,273
Company’s share of equity	197,891		197,891		136,743
Net excess of the net book value of underlying assets over the cost of investments (net of accumulated amortization of $1,500 and $1,085, respectively)	(14,125)		(14,125)		(14,540)
Carrying value of investments in unconsolidated entities	183,766		183,766		122,203
Statements of Operations:
Revenues	17,120	48,036	85,836	148,760
Expenses:
Equity Method Investments, Interest Expense and Loan Cost Amortization	5,257	6,713	13,075	31,718
Depreciation and amortization	4,849	23,215	17,465	56,978
Operating expenses, ground rent and general and administrative expenses	5,799	22,602	16,159	60,678
Total expenses	15,905	52,530	46,699	149,374
Net income (loss)	(1,215)	4,494	(39,137)	614
Company’s share of:
Net income (loss), net of excess basis depreciation of $130 and $129, and $390 and $385, respectively	5,358	(2,089)	33,341	627
Distributions in excess of the carrying value of the investment	4,564		17,631
Accumulated Depreciation of Investments over Book Value	1,500		1,500		$ 1,085
Gain (Loss) and (Impairment) of Investment in Unconsolidated Entities, Net			0	4,509
Unconsolidated Entities [Member]
Company’s share of:
Depreciation	130	$ 129	390	$ 385
Distributions from Equity Method Investments [Member]
Company’s share of:
Net income (loss), net of excess basis depreciation of $130 and $129, and $390 and $385, respectively	$ 794		$ 15,710

Investment in Partially Owned43

Investment in Partially Owned Entities (Details 3) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Debt Maturities of the Unconsolidated Entities
Equity Method Investments Long Term Debt	$ 303,043	$ 416,374
Recourse Debt	41,629
Unconsolidated Entities [Member]
Schedule of Debt Maturities of the Unconsolidated Entities
2,015	0
2,016	31,490
2,017	0
2,018	204,028
2,019	16,250
Thereafter	51,275
Recourse Debt	$ 24,000

Transactions with Related Par44

Transactions with Related Parties (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Summary of related parties transactions
Total general and administrative to related parties paid		$ 18,443	$ 21,301	$ 57,072	$ 51,005
Business management fee		0	0	0	2,605
Affiliated Entity [Member]
Summary of related parties transactions
General and administrative reimbursement paid	[1]	0	1,202	0	6,089
General And Administrative Reimbursement Expense Unpaid	[1]	0		0		$ 331
Investment advisor fee paid	[2]	0	237	0	922
Investment Advisor Fee Expense Unpaid	[2]	0		0		80
Total general and administrative to related parties paid		0	1,439	0	7,011
Total general and administrative expenses, unpaid		0		0		411
Property management fees paid	[3]	0	2,773	0	9,496
Property Management Fee Expense Unpaid	[3]	0		0		75
Business management fee	[4]	0	0	0	2,605
Related Party Transactions Management Fee Expense Unpaid	[4]	0		0		0
Loan placement fees paid	[5]	0	$ 1	0	$ 224
Loan Placement Fee Expense Unpaid	[5]	$ 0		$ 0		$ 0
[1]	In connection with the closing of the Master Modification Agreement and termination of the business management agreement on March 12, 2014, the Company reimbursed the Business Manager for compensation and other ordinary course out-of-pocket expenses, which totaled approximately $3,401. In addition, the Company reimbursed the Property Managers approximately $249 for compensation and out-of-pocket expenses incurred between January 1, 2014 and March 12, 2014 for the Property Manager employees the Company hired at closing to approximate the economics as though the Company had hired such employees on January 1, 2014. These costs are reflected in general and administrative reimbursements above. In addition, the Company has directly retained affiliates of the Business Manager to provide back-office services that were provided to the Company through the Business Manager prior to the termination of the business management agreement. These service agreements are generally terminable without penalty by either party upon 60 days’ notice. These costs are reflected in general and administrative reimbursements above. During the year ended December 31, 2014, the Company sent termination notices for agreements with those affiliates of the Business Manager which provided information technology and investor services to the Company. During the nine months ended September 30, 2015, the Company sent a termination notice for the agreement with those affiliates of the Business Manager which provided human resource services to the Company. The Business Manager and its related parties are entitled to reimbursement for general and administrative expenses of the Business Manager and its related parties relating to the Company's administration. Unpaid amounts of $411 as of December 31, 2014 are included in accounts payable and accrued expenses on the consolidated balance sheet.
[2]	The Company paid a related party of the Business Manager to purchase and monitor its investment in marketable securities. The Company terminated this agreement during the nine months ended September 30, 2015.
[3]	As part of the Self-Management Transactions, select Property Management fees charged to the Company were reduced effective January 1, 2014 to reflect, among other things, the hiring of the Property Manager employees and the services that were no longer being performed by the Property Managers. The Amended Property Management Agreements reduced the property management fees charged in respect of most of the Company’s multi-tenant retail properties to 3.50% of gross income generated by the applicable property for the first six months of 2014, and reduced fees charged in respect of the Company’s multi-tenant office properties to 3.50% of gross income generated by the applicable property for the first six months of 2014. The Company also agreed to assume responsibility for the compensation-related expenses of the Property Manager employees hired by the Company effective March 1, 2014.Unpaid amounts of $75 as of December 31, 2014 are included in other liabilities on the consolidated balance sheet.In addition to these fees, the Property Managers received reimbursements of payroll costs for property level employees. The Company reimbursed the Property Managers and other affiliates $1,274 and $4,569 for the three and nine months ended September 30, 2014
[4]	In connection with the closing of the Master Modification Agreement and termination of the business management agreement, the Company paid a business management fee for January 2014, which totaled approximately $3,333. The Company did not pay a business management fee subsequent to January 31, 2014. Pursuant to the letter agreement dated May 4, 2012, the business management fee was reduced for investigation costs exclusive of legal fees incurred in conjunction with the SEC matter. The Master Modification Agreement contained a ninety-day reconciliation of certain payments and reimbursements, including the January 2014 business management fee. The reconciliation was completed during the nine months ended September 30, 2014, which resulted in $728 of SEC-related investigation costs and an adjusted January 2014 business management fee expense of $2,605. Pursuant to the March 12, 2014 Self-Management Transactions, the May 4, 2012 letter agreement by the Business Manager has been terminated.
[5]	The Company pays a related party of the Business Manager 0.2% of the principal amount of each loan placed for the Company. Such costs are capitalized as loan fees and amortized over the respective loan term.

Transactions with Related Par45

Transactions with Related Parties (Details Textual) - USD ($) $ in Thousands		Mar. 13, 2014	Mar. 02, 2014	Jan. 31, 2014	Mar. 12, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Business management fee						$ 0	$ 0	$ 0	$ 2,605
Consulting agreement fee per month								$ 200
Date of Self-Management Transaction Event		Mar. 12, 2014
Service agreement termination notice window in days								60 days
Reimbursement for property manager compensation and other expenses					$ 249
Reimbursement for business manager compensation and other expenses					$ 3,401
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Business management fee incurred, gross				$ 3,333
Investigation Costs									728
Business management fee	[1]					0	0	$ 0	$ 2,605
Payment to related party								0.20%
Percentage Of Gross Income Generated By Multi-Tenant Office Property									3.50%
Effective hiring date of property manager employees			Mar. 1, 2014
Percentage Of Gross Income Generated By Multi-Tenant Retail Property									3.50%
Reimbursement to property managers							$ 1,274		$ 4,569
Inland Bank and Trust [Member]
Related Party Transaction [Line Items]
Deposited in Inland Bank and Trust						$ 377		$ 377		$ 376
[1]	In connection with the closing of the Master Modification Agreement and termination of the business management agreement, the Company paid a business management fee for January 2014, which totaled approximately $3,333. The Company did not pay a business management fee subsequent to January 31, 2014. Pursuant to the letter agreement dated May 4, 2012, the business management fee was reduced for investigation costs exclusive of legal fees incurred in conjunction with the SEC matter. The Master Modification Agreement contained a ninety-day reconciliation of certain payments and reimbursements, including the January 2014 business management fee. The reconciliation was completed during the nine months ended September 30, 2014, which resulted in $728 of SEC-related investigation costs and an adjusted January 2014 business management fee expense of $2,605. Pursuant to the March 12, 2014 Self-Management Transactions, the May 4, 2012 letter agreement by the Business Manager has been terminated.

Investment in Marketable Secu46

Investment in Marketable Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Feb. 03, 2015
Investment in Marketable Securities (Textual) [Abstract]
Investment in marketable securities	$ 184,375		$ 184,375		$ 154,753
Impairment on securities included as a component of realized gain (loss)	138,318		138,318		95,480
Net accumulated other comprehensive income			46,057		59,273
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	7,842		7,842		11,502
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	1,723		1,723		$ 1,328
Impairments on available for sale securities	0	$ 0	0	$ 0
Dividend Income, Operating	2,390	$ 2,193	7,853	$ 9,581
Xenia Hotels and Resorts, Inc. [Member]
Investment in Marketable Securities (Textual) [Abstract]
Investment in marketable securities	98,996		98,996
Impairment on securities included as a component of realized gain (loss)	80,748		80,748
Investment Owned, Percent of Net Assets						5.00%
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	$ 18,248		$ 18,248

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of maturities for outstanding mortgage indebtedness
2,015	$ 11,400
2,016	265,172
2,017	788,801
2,018	186,261
2,019	0
Thereafter	604,712
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 1,856,346	$ 2,999,968
Weighted average interest rate	4.96%	4.63%
Debt Instrument, Unamortized Discount (Premium), Net	$ 6,826	$ 9,332
Recourse Debt	$ 41,629
2,015
Schedule of maturities for outstanding mortgage indebtedness
Weighted average interest rate	10.04%
2,016
Schedule of maturities for outstanding mortgage indebtedness
Weighted average interest rate	4.85%
2,017
Schedule of maturities for outstanding mortgage indebtedness
Weighted average interest rate	5.43%
2,018
Schedule of maturities for outstanding mortgage indebtedness
Weighted average interest rate	2.82%
2,019
Schedule of maturities for outstanding mortgage indebtedness
Weighted average interest rate	0.00%
Thereafter
Schedule of maturities for outstanding mortgage indebtedness
Weighted average interest rate	4.95%
Xenia Hotels and Resorts, Inc. [Member]
Schedule of maturities for outstanding mortgage indebtedness
Mortgage Loans on Real Estate, Carrying Amount of Mortgages		1,200,688
Debt Instrument, Unamortized Discount (Premium), Net		$ 1,661

Debt Debt 1 (Details)

Debt Debt 1 (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)Loans	Dec. 31, 2014Loans
Mortgage Loans in Default [Line Items]
Number of Mortgage Loans on Real Estate in Default | Loans	2	1
Mortgage Loans on Real Estate, Principal Amount of Loan in Default	$ 14,087
2,015
Mortgage Loans in Default [Line Items]
Mortgage Loans on Real Estate, Principal Amount of Loan in Default	11,400
2,016
Mortgage Loans in Default [Line Items]
Mortgage Loans on Real Estate, Principal Amount of Loan in Default	$ 2,687

Debt (Details Textual)

Debt (Details Textual) - USD ($)	Feb. 02, 2019	Feb. 03, 2015	Sep. 30, 2015	Dec. 31, 2014	Nov. 05, 2013
KeyBanc Capital Markets and J.P. Morgan Securities LLC [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity					$ 500,000,000
Unsecured Debt [Member] | KeyBanc Capital Markets and J.P. Morgan Securities LLC [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount				$ 200,000,000
Line of Credit Facility, Interest Rate at Period End				1.67%
Line of Credit Facility, Remaining Borrowing Capacity					200,000,000
Revolving Credit Facility [Member] | KeyBanc Capital Markets and J.P. Morgan Securities LLC Amended and Restated [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Initiation Date		Feb. 3, 2015
Extension option on line of credit, period			1 year
Line of Credit Facility, Interest Rate Description			LIBOR plus 1.40%
Line of Credit Facility, Interest Rate at Period End			1.40%
Line of Credit Facility, Remaining Borrowing Capacity		$ 300,000,000	$ 299,963,000
Revolving Credit Facility [Member] | KeyBanc Capital Markets and J.P. Morgan Securities LLC [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End				1.60%
Line of Credit Facility, Remaining Borrowing Capacity				$ 300,000,000	$ 300,000,000
Maximum [Member] | Revolving Credit Facility [Member] | KeyBanc Capital Markets and J.P. Morgan Securities LLC Amended and Restated [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		$ 600,000,000
Scenario, Forecast [Member] | Revolving Credit Facility [Member] | KeyBanc Capital Markets and J.P. Morgan Securities LLC Amended and Restated [Member]
Line of Credit Facility [Line Items]
Commitment fee	0.15%
Debt Instrument, Maturity Date	Feb. 2, 2019

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Interest Rate Swap [Member] | Using Significant Other Observable Inputs (Level 2) [Member]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis
Derivative, Notional Amount	$ 47,000	$ 51,283
Fair Value, Measurements, Recurring [Member] | Using Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis
Available-for-sale real estate equity securities	182,058	151,062
Real estate related bonds	0	0
Total assets	182,058	151,062
Derivative interest rate instruments	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Using Significant Other Observable Inputs (Level 2) [Member]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis
Available-for-sale real estate equity securities	0	0
Real estate related bonds	2,317	3,691
Total assets	2,317	3,691
Derivative interest rate instruments	(2,607)	(1,744)
Total liabilities	2,607	1,744
Fair Value, Measurements, Recurring [Member] | Using Significant Other Unobservable Inputs (Level 3) [Member]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis
Available-for-sale real estate equity securities	0	0
Real estate related bonds	0	0
Total assets	0	0
Derivative interest rate instruments	0	0
Total liabilities	$ 0	$ 0

Fair Value Measurements (Deta51

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impairment losses, investment properties	$ 92,167	[1]	$ 670	[2]	$ 92,167	[3]	$ 75,616	[4]
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impairment losses, investment properties	92,167		670		92,167		75,616
Total Asset Impairment Charges	92,167		670		92,167		75,616
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Quarter	59,092		7,343		59,092		7,343
Assets, Fair Value Disclosure, Nonrecurring	59,092		137,723		59,092		137,723
Assets, Fair Value Disclosure	$ 59,092		137,723		$ 59,092		137,723
Assets, Fair Value Disclosure, Nonrecurring, Quarter			$ 7,343				$ 7,343
[1]	Total provision for asset impairment included $92,167 related to one non-core development.
[2]	Total provision for asset impairment included $670 related to one non-core property.
[3]	Total provision for asset impairment included $92,167 related to one non-core development.
[4]	Total provision for asset impairment included $75,616 related to five non-core properties.

Fair Value Measurements (Deta52

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 1,856,346	$ 2,999,968
Estimated fair value, mortgage and notes payable	1,870,328	3,022,002
Carrying Value Of Line Of Credit	37	200,000
Lines of Credit, Fair Value Disclosure	$ 37	$ 200,000

Fair Value Measurements (Deta53

Fair Value Measurements (Details Textual) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015USD ($)		Sep. 30, 2014USD ($)Properties		Sep. 30, 2015USD ($)		Sep. 30, 2014USD ($)Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate					4.45%
Provision for asset impairment	$ 92,167	[1]	$ 670	[2]	$ 92,167	[3]	$ 75,616	[4]
Discounted Cash Flow Method, Term					12 years		10 years
Provision for asset impairment for disposed properties	0		1,667		$ 0		$ 4,665
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Properties Capitalization Rates							6.00%
Investment Properties Discount Rates					14.00%		6.75%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Properties Capitalization Rates							9.00%
Investment Properties Discount Rates							9.25%
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for asset impairment	$ 92,167		670		$ 92,167		$ 75,616
A-T-T St. Louis, St. Louis, Missouri [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for asset impairment			$ 67,647				$ 67,647
Provision for asset impairment, properties affected | Properties			1				1
[1]	Total provision for asset impairment included $92,167 related to one non-core development.
[2]	Total provision for asset impairment included $670 related to one non-core property.
[3]	Total provision for asset impairment included $92,167 related to one non-core development.
[4]	Total provision for asset impairment included $75,616 related to five non-core properties.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Percentage of taxable income distributed to shareholders			90.00%
Income tax expense	$ 1,579	$ 454	$ 2,445	$ 1,196
Income Tax Expense (Benefit), Discontinued Operations	$ 1,182	$ 1,862	$ 988	$ 5,786

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands		3 Months Ended				9 Months Ended
		Sep. 30, 2015USD ($)Properties		Sep. 30, 2014USD ($)Properties		Sep. 30, 2015USD ($)Properties		Sep. 30, 2014USD ($)Properties		Dec. 31, 2014USD ($)
Summary of Net Property Operations Income by Segment
Rental income		$ 92,877		$ 92,983		$ 272,468		$ 283,183
Straight line adjustment		216		875		329		2,975
Tenant recovery income		16,819		15,055		51,765		50,396
Other property income		2,827		1,819		6,905		6,766
Total income		112,739		110,732		331,467		343,320
Operating expenses		33,423		36,889		95,506		104,500
Net operating income		79,316		73,843		235,961		238,820
Non allocated expenses		(55,757)	[1]	(60,196)	[2]	(167,999)	[3]	(170,174)	[4]
Other income and expenses		(33,102)	[5]	17,315	[6]	(39,919)	[7]	(9,410)	[8]
Equity in loss of unconsolidated entities		5,358		(2,089)		33,341		627
Provision for asset impairment		(92,167)	[9]	(670)	[10]	(92,167)	[11]	(75,616)	[12]
Net income (loss) from continuing operations		(96,352)		28,203		(30,783)		(15,753)
Net income from discontinued operations (d)		713	[13]	24,357	[14]	3,042	[15]	208,292	[16]
Less: net income attributable to noncontrolling interests		(8)		(8)		(16)		(16)
Net income (loss) attributable to Company		(95,647)		52,552		(27,757)		192,523
Total assets		4,193,855				4,193,855				$ 7,497,316
Real Estate Assets, Net	[17]	3,397,672				3,397,672
Non-Segmented Assets	[18]	796,183				796,183
Payments to Acquire Property, Plant, and Equipment	[19]					8,058
Student Housing [Member]
Summary of Net Property Operations Income by Segment
Rental income		20,342		17,586		55,797		51,896
Straight line adjustment		35		17		114		192
Tenant recovery income		162		134		498		401
Other property income		1,273		1,119		3,550		3,119
Total income		21,812		18,856		59,959		55,608
Operating expenses		9,198		11,563		22,788		25,637
Net operating income		12,614		7,293		37,171		29,971
Real Estate Assets, Net		763,790				763,790
Payments to Acquire Property, Plant, and Equipment						790
Non Core [Member]
Summary of Net Property Operations Income by Segment
Rental income		20,898		24,725		64,340		78,314
Straight line adjustment		(634)		(666)		(2,108)		(993)
Tenant recovery income		1,184		858		4,066		4,564
Other property income		870		37		1,021		180
Total income		22,318		24,954		67,319		82,065
Operating expenses		3,027		3,695		10,410		12,991
Net operating income		$ 19,291		21,259		$ 56,909		69,074
Provision for asset impairment				$ (670)				$ (75,616)
Provision for asset impairment, properties affected | Properties		1		1		1		5
Real Estate Assets, Net		$ 551,290				$ 551,290
Payments to Acquire Property, Plant, and Equipment						804
Retail [Member]
Summary of Net Property Operations Income by Segment
Rental income		51,637		$ 50,672		152,331		$ 152,973
Straight line adjustment		815		1,524		2,323		3,776
Tenant recovery income		15,473		14,063		47,201		45,431
Other property income		684		663		2,334		3,467
Total income		68,609		66,922		204,189		205,647
Operating expenses		21,198		21,631		62,308		65,872
Net operating income		47,411		$ 45,291		141,881		$ 139,775
Real Estate Assets, Net		$ 2,082,592				2,082,592
Payments to Acquire Property, Plant, and Equipment						$ 6,464
[1]	Non-allocated expenses consists of general and administrative expenses and depreciation and amortization.
[2]	Non-allocated expenses consists of general and administrative expenses, business management fee and depreciation and amortization.
[3]	Non-allocated expenses consists of general and administrative expenses and depreciation and amortization.
[4]	Non-allocated expenses consists of general and administrative expenses, business management fee and depreciation and amortization.
[5]	Other income and expenses consists of gain on sale of investment properties, gain on extinguishment of debt, loss on contribution to joint venture, dividend income, interest expense, other income, realized gain on sale of marketable securities, net, and income tax expense.
[6]	Other income and expenses consists of gain on sale of investment properties, gain on extinguishment of debt, interest and dividend income, interest expense, other income, realized gain on sale of marketable securities, net, and income tax expense.
[7]	Other income and expenses consists of gain on sale of investment properties, gain on extinguishment of debt, loss on contribution to joint venture, dividend income, interest expense, other income, realized gain on sale of marketable securities, net, and income tax expense.
[8]	Other income and expenses consists of gain on sale of investment properties, gain on extinguishment of debt, interest and dividend income, interest expense, other income, realized gain on sale of marketable securities, net, and income tax expense.
[9]	Total provision for asset impairment included $92,167 related to one non-core development.
[10]	Total provision for asset impairment included $670 related to one non-core property.
[11]	Total provision for asset impairment included $92,167 related to one non-core development.
[12]	Total provision for asset impairment included $75,616 related to five non-core properties.
[13]	Net income from discontinued operations primarily relates to activity resulting from the Spin-Off of Xenia.
[14]	Net income from discontinued operations primarily relates to the gain on sale of net lease properties sold in 2014 and the lodging properties included in the Spin-Off of Xenia.
[15]	Net income from discontinued operations primarily relates to activity resulting from the Spin-Off of Xenia.
[16]	Net income from discontinued operations primarily relates to the gain on sale of net lease properties sold in 2014 and the lodging properties included in the Spin-Off of Xenia.
[17]	Real estate assets include intangible assets, net of amortization.
[18]	Construction in progress is included as non-segmented assets.
[19]	Capital expenditures exclude capital expenditures related to the lodging properties included in the Spin-Off of Xenia.

Segment Reporting (Details Text

Segment Reporting (Details Textual) - Properties	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Number of Real Estate Properties	142	268	188
Number Of Disposed Assets	4	249
AT&T, Inc. [Member]
Segment Reporting (Textual) [Abstract]
Percentage of rental revenue	13.00%
Number of leased properties	3
Non Core [Member]
Number of Real Estate Properties	16

Earnings (loss) per Share and E

Earnings (loss) per Share and Equity Transactions Earnings (loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014
Net Income (Loss) Allocated to Common Stockholders [Abstract]
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	$ (96,352)		$ 28,203		$ (30,783)		$ (15,753)
Less: Dividends					110,601		329,144
Less: Undistributed (Income) Loss From Continuing Operations Allocated to Unvested Shares	0		0		0		0
Less: Net (income) attributable to noncontrolling interests	8		8		16		16
Undistributed Income (Loss) From Continuing Operations Allocated to Common Stockholders	(124,370)		(79,514)		(141,400)		(344,913)
Distributed and undistributed income (loss) from continuing operations - basic	(96,360)		28,195		(30,799)		(15,769)
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net income from discontinued operations	$ 713	[1]	$ 24,357	[2]	$ 3,042	[3]	$ 208,292	[4]
Weighted Average Shares Outstanding [Abstract]
Weighted Average Number of Shares Outstanding, Basic and Diluted	861,824,777		861,627,855		861,824,777		883,537,865
Basic and Diluted Income (Loss) per Share: [Abstract]
Income (Loss) from Continuing Operations, Per Basic and Diluted Share	$ (0.11)		$ 0.03		$ (0.04)		$ (0.02)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share	$ 0		$ 0.03		$ 0		$ 0.24
Accumulated Distributions in excess of Net Loss
Net Income (Loss) Allocated to Common Stockholders [Abstract]
Less: Dividends	$ 28,010		$ 107,709		$ 110,601		$ 329,144
Restricted Stock Units (RSUs) [Member]
Net Income (Loss) Allocated to Common Stockholders [Abstract]
Less: Dividends	$ 0		$ 0		$ 0		$ 0
[1]	Net income from discontinued operations primarily relates to activity resulting from the Spin-Off of Xenia.
[2]	Net income from discontinued operations primarily relates to the gain on sale of net lease properties sold in 2014 and the lodging properties included in the Spin-Off of Xenia.
[3]	Net income from discontinued operations primarily relates to activity resulting from the Spin-Off of Xenia.
[4]	Net income from discontinued operations primarily relates to the gain on sale of net lease properties sold in 2014 and the lodging properties included in the Spin-Off of Xenia.

Earnings (loss) per Share (Deta

Earnings (loss) per Share (Details 1) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income (Loss) from Continuing Operations Attributable to Parent [Abstract]
Income (Loss) Allocated to Unvested Shares	$ 0	$ 0	$ 0	$ 0
Restricted Stock Units (RSUs) [Member]
Income (Loss) from Continuing Operations Attributable to Parent [Abstract]
Income (Loss) Allocated to Unvested Shares	$ 0	$ 0	$ 0	$ 0
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Effect of Unvested Restricted Stock Units	252	0	235	0

Equity Transactions (Details Te

Equity Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Apr. 26, 2014	Apr. 25, 2014	Sep. 30, 2014	Dec. 31, 2014
Tender Offer Event, Shares [Member]
Tender Offer Event [Line Items]
Tender Offer Purchase Price	$ 350,000			$ 394,900
Allowed percentage of additional shares accepted for repurchase without amendment of Offer		2.00%
Stock Repurchased During Period, Shares		60,665,233
Ratio of shares repurchased to shares outstanding		6.61%
Share Price		$ 6.50
Tender Offer Purchase Price, excluding fees and expenses		$ 394,300
Common Stock
Tender Offer Event [Line Items]
Stock Repurchased During Period, Shares			60,761,166	60,761,166

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year | shares	0
Weighted Average Price at Grant, Beginning of year	$ 0
Restricted shares granted | shares	1,664,625
Weighted Average Price at Grant, Restricted shares granted	$ 4
Restricted shares vested | shares	0
Weighted Average Price at Grant, Restricted shares vested	$ 0
Restricted shares forfeited | shares	0
Weighted Average Price at Grant, Restricted shares forfeited	$ 0
Outstanding at end of year | shares	1,664,625
Weighted Average Price at Grant, End of year	$ 4

Stock-Based Compensation (Det61

Stock-Based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense not yet recognized	$ 5,088		$ 5,088
Stock-based compensation expense recognized	1,123	$ 0	1,260	$ 0
2014 Retail Plan [Member] | Plan approved during 2014 [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense not yet recognized	7,845		7,845
2014 Student Housing Plan [Member] | Plan approved during 2014 [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense not yet recognized	$ 3,296		$ 3,296
2015 Incentive Award Plan [Member] | 2015 Incentive Award Plan approved on June 19, 2015 [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	30,000,000		30,000,000
Shares available for future issuance	28,335,375		28,335,375

Commitments and Contingencies L

Commitments and Contingencies Litigation Settlement (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Litigation Settlement, Amount	$ 7,400

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 12, 2015USD ($)BedProperties	Sep. 30, 2015USD ($)BedProperties	Sep. 30, 2014USD ($)Properties	Nov. 05, 2015USD ($)
Subsequent Event [Line Items]
Number of Businesses Acquired | Properties			3
Gross Acquisition Price		$ 103,000	$ 209,150
WellsFargoMerrillLynchPierceFennerSmithPNCCapitalMarketsCreditFacility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity				$ 300,000
Maximum [Member] | WellsFargoMerrillLynchPierceFennerSmithPNCCapitalMarketsCreditFacility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity				$ 600,000
5-Year Tranche [Member] | WellsFargoMerrillLynchPierceFennerSmithPNCCapitalMarketsCreditFacility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Interest Rate at Period End				1.30%
7-Year Tranche [Member] | WellsFargoMerrillLynchPierceFennerSmithPNCCapitalMarketsCreditFacility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Interest Rate at Period End				1.60%
Student Housing [Member]
Subsequent Event [Line Items]
Number of Businesses Acquired | Properties		1
Number of Units in Real Estate Property | Bed		9,600
Student Housing [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of Businesses Acquired | Properties	2
Number of Units in Real Estate Property | Bed	1,439
Gross Acquisition Price	$ 165,525