Behringer Harvard Opportunity REIT I (BHOR) 10-Q 15 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Registrant Name	Behringer Harvard Opportunity REIT I, Inc.
Entity Central Index Key	1,308,711
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	BHOR
Entity Common Stock, Shares Outstanding		56,500,472

Condensed Consolidated Statemen

Condensed Consolidated Statement of Net Assets in Liquidation $ in Thousands	Mar. 31, 2017USD ($)
Assets
Real estate assets	$ 242,879
Equity investments	6,416
Cash and cash equivalents	24,370
Restricted cash	8,567
Accounts receivable	2,167
Other assets	1,342
Total Assets	285,741
Liabilities
Notes payable	141,498
Liability for non-controlling interests	4,793
Liability for estimated costs in excess of estimated receipts during liquidation	5,081
Accounts payable	1,162
Due to related parties	579
Accrued and other liabilities	22,659
Total Liabilities	175,772
Commitments and contingencies
Net assets in liquidation	$ 109,969

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet $ in Thousands	Dec. 31, 2016USD ($)
Real estate
Land and improvements, net	$ 54,759
Buildings and improvements, net	149,959
Real estate under development	840
Total real estate	205,558
Cash and cash equivalents	19,086
Restricted cash	8,406
Accounts receivable, net	4,257
Prepaid expenses and other assets	1,670
Investments in unconsolidated joint ventures	7,711
Furniture, fixtures and equipment, net	3,668
Lease intangibles, net	1,182
Other intangibles, net	3,307
Total assets	254,845
Liabilities and Equity
Notes payable, net	141,882
Accounts payable	1,385
Payables to related parties	529
Accrued and other liabilities	25,254
Total liabilities	169,050
Commitments and contingencies
Behringer Harvard Opportunity REIT I, Inc. Equity:
Preferred stock, $.0001 par value per share; 50,000,000 shares authorized, none issued and outstanding	0
Convertible stock, $.0001 par value per share; 1,000 shares authorized, 1,000 shares issued and outstanding	0
Common stock, $.0001 par value per share; 350,000,000 shares authorized, and 56,500,472 shares issued and outstanding	6
Additional paid-in capital	507,303
Accumulated distributions and net loss	(417,023)
Accumulated other comprehensive loss	(4,921)
Total Behringer Harvard Opportunity REIT I, Inc. equity	85,365
Noncontrolling interest	430
Total equity	85,795
Total liabilities and equity	$ 254,845

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheet (Parenthetical)	Dec. 31, 2016$ / sharesshares
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000
Preferred Stock, Shares Issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0
Convertible stock, par value (in dollars per share) | $ / shares	$ 0.0001
Convertible stock, shares authorized (in shares)	1,000
Convertible stock, shares issued (in shares)	1,000
Convertible stock, shares outstanding (in shares)	1,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001
Common stock, shares authorized (in shares)	350,000,000
Common stock, shares issued (in shares)	56,500,472
Common stock, shares outstanding (in shares)	56,500,472

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Net Assets in Liquidation $ in Thousands	2 Months Ended
	Mar. 31, 2017USD ($)
Net assets in liquidation, beginning of period	$ 109,969
Changes in net assets in liquidation	0
Net assets in liquidation, end of period	$ 109,969

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2017	Mar. 31, 2016
Revenues
Rental revenue	$ 1,277	$ 4,141
Hotel revenue	2,284	7,619
Condominium sale	0	2,271
Total revenues	3,561	14,031
Expenses
Property operating expenses	475	1,863
Hotel operating expenses	2,163	6,901
Bad debt recovery	(5)	(15)
Cost of condominium sale	0	2,271
Interest expense	717	2,854
Real estate taxes	401	1,015
Property management fees	96	431
Asset management fees	159	536
General and administrative	322	1,210
Depreciation and amortization	869	2,638
Total expenses	5,197	19,704
Interest income	0	1
Other expense, net	0	(15)
Loss before gain on sale of real estate, income tax expense and equity in earnings of unconsolidated joint venture	(1,636)	(5,687)
Gain on sale of real estate	0	1,277
Income tax expense	(6)	(22)
Equity in earnings of unconsolidated joint venture	25	54
Net loss	(1,617)	(4,378)
Net loss attributable to the noncontrolling interest	35	139
Net loss attributable to common shareholders	$ (1,582)	$ (4,239)
Weighted average shares outstanding:
Basic and diluted (in shares)	56,500	56,500
Basic and diluted loss per share (in dollars per share)	$ (0.03)	$ (0.08)
Comprehensive loss
Net loss	$ (1,617)	$ (4,378)
Other comprehensive income:
Foreign currency translation gain	342	711
Reclassifications to net loss:
Total other comprehensive income	342	711
Comprehensive loss	(1,275)	(3,667)
Comprehensive loss attributable to the noncontrolling interest	35	139
Comprehensive loss attributable to common shareholders	$ (1,240)	$ (3,528)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Convertible Stock	Common Stock	Additional Paid-In Capital	Accumulated Distributions and Net Loss	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance (in shares) at Dec. 31, 2015		1,000	56,500,472
Balance at Dec. 31, 2015	$ 106,745	$ 0	$ 6	$ 507,303	$ (397,259)	$ (4,301)	$ 996
Increase (Decrease) in Stockholders' Equity
Net loss	(4,378)	0	0	0	(4,239)	0	(139)
Other comprehensive income:
Foreign currency translation gain	711	$ 0	$ 0	0	0	711	0
Balance (in shares) at Mar. 31, 2016		1,000	56,500,472
Balance at Mar. 31, 2016	103,078	$ 0	$ 6	507,303	(401,498)	(3,590)	857
Balance (in shares) at Dec. 31, 2016		1,000	56,500,472
Balance at Dec. 31, 2016	85,795	$ 0	$ 6	507,303	(417,023)	(4,921)	430
Increase (Decrease) in Stockholders' Equity
Net loss	(1,617)	0	0	0	(1,582)	0	(35)
Other comprehensive income:
Foreign currency translation gain	342	$ 0	$ 0	0	0	342	0
Balance (in shares) at Jan. 31, 2017		1,000	56,500,472
Balance at Jan. 31, 2017	$ 84,520	$ 0	$ 6	$ 507,303	$ (418,605)	$ (4,579)	$ 395

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (1,617)	$ (4,378)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	871	2,602
Amortization of deferred financing fees	53	158
Loss on retirement of asset	0	16
Gain on sale of real estate	0	(1,277)
Bad debt recovery	(5)	(15)
Equity in earnings of unconsolidated joint venture	(25)	(54)
Change in operating assets and liabilities:
Accounts receivable	(201)	27
Condominium inventory	0	2,201
Prepaid expenses and other assets	37	452
Accounts payable	(478)	127
Accrued and other liabilities	(548)	477
Payables to related parties	68	(106)
Lease intangibles	4	(56)
Net cash (used in) provided by operating activities	(1,841)	174
Cash flows from investing activities:
Proceeds from sale of real estate	0	14,004
Additions of real estate and furniture, fixtures, and equipment	(262)	(7,094)
Change in restricted cash	207	2,418
Distributions from unconsolidated joint venture	0	202
Net cash (used in) provided by investing activities	(55)	9,530
Cash flows from financing activities:
Proceeds from notes payable	0	6,533
Payments on notes payable	(259)	(17,185)
Net cash used in financing activities	(259)	(10,652)
Net change in cash and cash equivalents	(2,155)	(948)
Cash and cash equivalents at beginning of the year	19,086	20,746
Cash and cash equivalents at end of the period	$ 16,931	$ 19,798

Business

Business	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Behringer Harvard Opportunity REIT I, Inc. (which may be referred to as the “Company,” “we,” “us,” or “our”) was incorporated in November 2004 as a Maryland corporation and has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. We operate commercial real estate and real estate-related assets located in and outside the United States. With our opportunistic and value-add investment strategy, we have focused generally on acquiring properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment, or repositioning, or those located in markets and submarkets with higher volatility, lower barriers to entry, and high growth potential. We have acquired a wide variety of properties, including office, retail, hospitality, recreation and leisure, multifamily, industrial, and other properties. We have purchased existing and newly constructed properties and properties under development or construction. As of March 31, 2017, we wholly owned two properties and consolidated three properties through investments in joint ventures on our condensed consolidated financial statements. In addition, we have a noncontrolling, unconsolidated ownership interest in a joint venture consisting of 17 Substantially all of our business is conducted through Behringer Harvard Opportunity OP I, LP, a Texas limited partnership organized in November 2004 (the “Operating Partnership”), or its subsidiaries. Our wholly owned subsidiary, BHO, Inc., a Delaware corporation, owns less than a 0.1 Our business has been managed by an external advisor since the commencement of our initial public offering, and we have no employees. From September 20, 2005 through February 10, 2017, an affiliate of Stratera Holdings, LLC (formerly known as Behringer Harvard Holdings, LLC) (“Behringer”) acted as our external advisor (the “Behringer Advisor”). On February 10, 2017, we engaged an affiliate of the Lightstone Group (“Lightstone”), LSG-BH I Advisor LLC (the “Advisor”), to provide advisory services to us. The external advisor is responsible for managing our day-to-day affairs and for services related to the sale of our assets. Plan of Liquidation On August 26, 2016, in connection with an evaluation of strategic alternatives available to us and the possible execution of a liquidity event, our board of directors unanimously approved a plan for the sale of all of our assets and our dissolution (the “Plan of Liquidation”) and recommended that the Plan of Liquidation be submitted to our stockholders for approval. On January 30, 2017, our stockholders approved the Plan of Liquidation. Pursuant to the Plan of Liquidation, we expect to make liquidating distribution payments to our stockholders after we sell all of our assets, pay all of our known liabilities, and provide for unknown liabilities. We expect to complete these activities within 24 months of stockholder approval of the Plan of Liquidation. We can give no assurances regarding the timing of asset dispositions in connection with the implementation of the Plan of Liquidation, the sales prices we will receive for our assets and the amount or timing of any liquidating distributions. Our ability to execute our Plan of Liquidation is dependent upon our ability to sell real estate investments, to pay or retire debt as it matures if extensions or new financings are unavailable, and to fund certain ongoing costs of our Company, including our development and operating properties, as well as administrative and wind-down expenses.

Interim Unaudited Financial Inf

Interim Unaudited Financial Information	3 Months Ended
	Mar. 31, 2017
Interim Unaudited Financial Information Disclosure Abstract [Abstract]
Interim Unaudited Financial Information	Interim Unaudited Financial Information The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission (“SEC”) on March 22, 2017. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted in this report on Form 10-Q pursuant to the rules and regulations of the SEC. The results for the interim periods shown in this report are not indicative of future financial results as we are in the process of implementing the Plan of Liquidation. The accompanying condensed consolidated statement of net assets in liquidation as of March 31, 2017, the condensed consolidated statement of changes in net assets in liquidation for the period from February 1, 2017 through March 31, 2017, the condensed consolidated statements of operations and comprehensive loss for the one month ended January 31, 2017 and the three months ended March 31, 2016, and the condensed consolidated statements of equity and cash flows for the one month ended January 31, 2017 and the three months ended March 31, 2016 have not been audited by our independent registered public accounting firm. In the opinion of management, the accompanying financial statements include all adjustments necessary to fairly present the net assets in liquidation as of March 31, 2017 and the changes in net assets in liquidation for the period from February 1, 2017 through March 31, 2017, and the results of operations, equity, and cash flows for the period from January 1, 2017 through January 31, 2017 in accordance with accounting principles generally accepted in the United States of America. Such adjustments are normal and recurring in nature.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Described below are certain of our significant accounting policies. The disclosures regarding several of the policies have been condensed or omitted in accordance with interim reporting regulations specified by Form 10-Q. Please see our Annual Report on Form 10-K for a complete listing of all of our significant accounting policies. In the Notes to Condensed Consolidated Financial Statements, all dollar and share amounts in tabulation are in thousands of dollars and shares, respectively, unless otherwise noted. As a result of the approval of the Plan of Liquidation by our stockholders on January 30, 2017, our financial statements in this Form 10-Q are presented using two different bases of accounting. We adopted the liquidation basis of accounting as of February 1, 2017 and for the periods subsequent to February 1, 2017. We believe the one-day timing difference between the approval of the Plan of Liquidation on January 30, 2017 and the adoption of the liquidation basis of accounting on February 1, 2017 is immaterial. Under the liquidation basis of accounting, all of our assets must be stated at their estimated net realizable values, which is the amount expected to be collected in settling or disposing the assets. As a result, a Statement of Net Assets in Liquidation is presented, which represents the estimated amount of cash we ultimately expect to collect on disposal of assets and payment of obligations as we implement the Plan of Liquidation. In addition, a Statement of Changes in Net Assets in Liquidation will reflect changes in net assets from the original estimated values as of February 1, 2017 through the most recent period presented, as further described below. All financial results and disclosures through January 31, 2017, prior to adopting liquidation basis accounting, are presented on a going concern basis, which contemplates the realization of assets and liabilities in the normal course of business. As a result, the balance sheet as of December 31, 2016, and the statements of operations and comprehensive loss, the statements of equity, and the statements of cash flows for the one month ended January 31, 2017 and the three months ended March 31, 2016 use the going concern basis of accounting presentation consistent with our Annual Report on Form 10-K for the year ended December 31, 2016, as further described below. While we project having available cash to distribute to stockholders after all asset sales are completed, we are subject to outside forces beyond our control when completing the sales of our properties, some of which are more difficult to market and all of which are at various stages of disposition. As substantially all of our debt matures in the next twelve months, in the absence of completing the disposals, we would be forced to find short-term financing options which, at this time, we have not sought out and which may be difficult to obtain given the announced liquidation of the Company. Substantial doubt about an entity’s ability to continue as a going concern exists when conditions and events, considered in the aggregate, indicate that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. Based upon our financial analysis, management believes that conditions and events raise substantial doubt about the Company’s ability to continue as a going concern due to the uncertainty associated with timing of disposals and/or refinancing of its assets. Liquidation Basis (Post Plan of Liquidation Stockholder Approval) Effective February 1, 2017, in accordance with liquidation basis accounting, our assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that we expect to collect on disposal of assets and payment of obligations as we implement the Plan of Liquidation. The liquidation value of our operating properties are presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. We accrue costs and income that we expect to incur and earn, respectively, through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the accompanying Condensed Consolidated Statement of Net Assets in Liquidation. Actual costs and income may differ from amounts reflected in the financial statements because of inherent uncertainty in estimating future events. These differences may be material. See Note 4, "Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation" for further discussion. Actual costs incurred but unpaid as of March 31, 2017 are included in accounts payable, due to related parties, and accrued and other liabilities on the accompanying Condensed Consolidated Statement of Net Assets in Liquidation. Net assets in liquidation represents the estimated liquidation value available to stockholders upon liquidation. Due to the uncertainty in the timing of the anticipated sale dates and the estimated cash flows, actual operating results and sale proceeds may differ materially from the amounts estimated. Going Concern Basis (Pre Plan of Liquidation Stockholder Approval) Amounts as of December 31, 2016 included in the unaudited condensed consolidated financial statements have been derived from the audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. Noncontrolling Interests - Liquidation Basis In liquidation, the presentation for joint ventures historically consolidated under the going concern basis accounting will be determined based on the Company's planned exit strategy for the joint venture investment. We intend to sell all of our properties, rather than selling our interest in our properties, and therefore the properties will be presented on a gross basis with a liability to the non-controlling interest holders. Amounts due to non-controlling interests in connection with the disposition of consolidated joint ventures have been accrued and are recorded as liability for non-controlling interests. Consolidation and Variable Interest Entities - Going Concern Basis Operating results for the periods ended January 31, 2017 and March 31, 2016 were prepared on the going concern basis of accounting, which contemplates the realization of assets and liabilities in the normal course of business. Our condensed consolidated financial statements included our accounts and the accounts of other subsidiaries over which we had control. All inter-company transactions, balances, and profits were eliminated in consolidation. Interests in entities acquired were evaluated based on applicable GAAP, which included the requirement to consolidate entities deemed to be variable interest entities (“VIE”) in which we were the primary beneficiary. If the interest in the entity was determined not to be a VIE, then the entity was evaluated for consolidation based on legal form, economic substance, and the extent to which we had control and/or substantive participating rights under the respective ownership agreement. For entities in which we had less than a controlling interest or entities which we were not deemed to be the primary beneficiary, we accounted for the investment using the equity method of accounting. There were judgments and estimates involved in determining if an entity in which we have made an investment is a VIE and, if so, whether we were the primary beneficiary. The entity was evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involved assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility, and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could have resulted in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to our financial statements. Liquidation Basis As of March 31, 2017, real estate assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that we expect to collect on disposal of assets, less disposal costs, as we implement the Plan of Liquidation. Going Concern Basis Prior to adopting the liquidation basis of accounting, the value of hotels and all other buildings was depreciated over the estimated useful lives of 39 25 Buildings and Land and Lease Other December 31, 2016 Improvements Improvements Intangibles Intangibles Cost $ 198,499 $ 57,148 $ 3,643 $ 9,626 Less: depreciation and amortization (48,540) (2,389) (2,461) (6,319) Net $ 149,959 $ 54,759 $ 1,182 $ 3,307 On February 22, 2016, we sold our one remaining condominium unit in inventory at Chase — The Private Residences for a sales price of $ 2.5 2.2 Prior to adopting the liquidation basis of accounting, accounts receivable primarily consisted of straight-line rental revenue receivables of $ 2 2.4 0.2 For all of our real estate and real estate-related investments, we monitor events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable. Examples of the types of events and circumstances that would cause management to assess our assets for potential impairment include, but are not limited to: a significant decrease in the market price of an asset; a significant change in the manner in which the asset is being used; an accumulation of costs in excess of the acquisition basis plus construction of the property; major vacancies and the resulting loss of revenues; natural disasters; a change in the projected holding period; legitimate purchase offers; and changes in the global and local markets or economic conditions. Our assets may at times be concentrated in limited geographic locations and, to the extent that our portfolio is concentrated in limited geographic locations, downturns specifically related to such regions may result in tenants defaulting on their lease obligations at a portion of our properties within a short time period, which may result in asset impairments. When such events or changes in circumstances are present, we assess potential impairment by comparing estimated future undiscounted operating cash flows expected to be generated over the life of the asset and from its eventual disposition to the carrying amount of the asset. These projected cash flows are prepared internally by the Advisor and reflect in-place and projected leasing activity, market revenue and expense growth rates, market capitalization rates, discount rates, and changes in economic and other relevant conditions. The Company’s principal executive officer and principal financial officer review these projected cash flows to assure that the valuation is prepared using reasonable inputs and assumptions that are consistent with market data and with assumptions that would be used by a third-party market participant and assume the highest and best use of the investment. We consider trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. In the event that the carrying amount exceeds the estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the asset to estimated fair value. While we believe our estimates of future cash flows are reasonable, different assumptions regarding factors such as market rents, economic conditions, and occupancy rates could significantly affect these estimates. In evaluating our investments for impairment, management may use appraisals and make estimates and assumptions, including, but not limited to, the projected date of disposition of the properties, the estimated future cash flows of the properties during our ownership, planned development, and the projected sales price of each of the properties. A future change in these estimates and assumptions could result in understating or overstating the book value of our investments, which could be material to our financial statements. In addition, we may incur impairment charges on real estate assets classified as held for sale in the future if the carrying amount of the asset upon classification as held for sale exceeds the estimated fair value, less costs to sell. We also evaluate our investment in an unconsolidated joint venture at each reporting date. If we believe there is an other than temporary decline in market value, we will record an impairment charge based on these evaluations. We assess potential impairment by comparing our portion of estimated future undiscounted operating cash flows expected to be generated by the joint venture over the life of the joint venture’s assets to the carrying amount of the joint venture. In the event that the carrying amount exceeds our portion of estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the joint venture to its estimated fair value. During the year ended December 31, 2016, we recorded $ 9.2 2.2 7 Prior to adopting the liquidation basis of accounting, deferred financing fees were recorded at cost and amortized to interest expense using a straight-line method that approximates the effective interest method over the life of the related debt. Deferred financing fees, net of accumulated amortization, were $ 0.4 1.9 The preparation of financial statements in conformity with GAAP requires 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 financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include such items as impairment of long-lived assets, depreciation and amortization, allowance for doubtful accounts, and allowance for loan losses. Actual results could differ from those estimates. Under the liquidation basis of accounting, we use estimates to adjust our assets to liquidation value. These estimates include the amount of cash that we expect to collect on disposal of assets, payment of obligations, and accrued income and expenses as we implement the Plan of Liquidation. As of March 31, 2017, restricted cash of $ 8.6 As of March 31, 2017, accrued and other liabilities of $ 22.7 10.3 As a result of the adoption of the liquidation basis of accounting, we do not anticipate that any recently issued accounting pronouncements will have a material effect on our consolidated financial statements.

Liability for Estimated Costs i

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidation Basis of Accounting	Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation The liquidation basis of accounting requires us to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the Plan of Liquidation. We currently estimate that we will have costs in excess of estimated receipts during the liquidation. These amounts can vary significantly due to, among other things, the timing and estimates for lease-up, the timing of property sales, direct costs incurred to complete the sales, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. Rental revenue $ 8,201 Hotel revenue 11,716 Property operating expenses (2,535) Hotel operating expenses (8,776) Interest expense (2,593) Real estate taxes (2,088) Property management fees (694) Asset management fees (929) General and administrative expenses (3,431) Capital expenditures (2,872) Liquidation transaction costs (2,785) Liquidation transaction costs due to related parties (200) Liability for estimated costs in excess of estimated receipts during liquidation $ (6,986) February 1, 2017 Net Cash Remeasurement of March 31, 2017 Assets: Estimated net inflows from investments in real estate $ 359 $ 313 $ — 672 Liabilities: Liquidation transaction costs (2,985) — — (2,985) Corporate expenditures (4,360) 1,592 — (2,768) (7,345) 1,592 — (5,753) Total liability for estimated costs in excess of estimated receipts during liquidation $ (6,986) $ 1,905 $ — $ (5,081)

Net Assets in Liquidation

Net Assets in Liquidation	3 Months Ended
	Mar. 31, 2017
Net Assets in Liquidation [Abstract]
Net Assets in Liquidation	Net Assets in Liquidation Equity as of January 31, 2017 $ 84,125 Increase due to estimated net realizable value of real estate 35,260 Increase due to adjustment of assets and liabilities to net realizable value 1,968 Increase in non-controlling interest liability (4,398) Liability for estimated costs in excess of estimated receipts during liquidation (6,986) Adjustment to reflect the change to the liquidation basis of accounting 25,844 Estimated value of net assets in liquidation as of February 1, 2017 $ 109,969 While there was an increase in our cash, we had offsetting changes to our other assets and liabilities; resulting in net assets in liquidation remaining the same during the period February 1, 2017 through March 31, 2017. The net assets in liquidation at March 31, 2017 would result in liquidating distributions of approximately $ 1.95

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	3 Months Ended
	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Assets and Liabilities Measured at Fair Value	Assets and Liabilities Measured at Fair Value Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy) has been established. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Nonrecurring Fair Value Measurements During the year ended 2016, we recorded $ 9.2 2.2 7 Total As of December 31, 2016 Level 1 Level 2 Level 3 Fair Value Loss Assets Buildings and improvements, net (1) $ — $ — $ 10,584 $ 10,584 $ (2,212) Investment in unconsolidated joint venture (2) — — 7,228 7,228 (7,035) (1) In the third quarter of 2016, we recorded a non-cash impairment of $ 2.2 (2) In the third quarter of 2016, we recorded a $ 7 Fair Value at December 31, 2016 Valuation Range Description (in 000s) Techniques Unobservable Input (Weighted Average) Discount rate 10.50% Terminal capitalization rate 9.50% Market rent growth 0% - 3.00% Buildings and improvements, net (1) $ 10,584 Discounted cash flow Expense growth rate 0% - 3.00% Investment in unconsolidated joint venture (2) 7,228 Market comparable Discount for non-controlling interest (3) 40% (1) In the third quarter of 2016, we recorded a non-cash impairment of $2.2 million with our Northpoint Central office building. (2) In the third quarter of 2016, we recorded a $7 million non-cash impairment associated with our unconsolidated investment in Central Europe. (3) In determining the discount for our non-controlling interest, we considered the terms of the investment agreement, which limit our control to compel the liquidation of the investment, as well as the lack of a market for our interest in the investment. There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the one month ended January 31, 2017 and the year ended December 31, 2016.

Fair Value Measurement of Finan

Fair Value Measurement of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurement of Financial Instruments	Fair Value Measurement of Financial Instruments We determined the following disclosure of estimated fair values using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop the related estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. As of January 31, 2017 and December 31, 2016, management estimated that the carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued and other liabilities, and payables/receivables from related parties were at amounts that reasonably approximated their fair value based on their highly liquid nature and/or short-term maturities. The fair values are based upon interest rates for mortgages with similar terms and remaining maturities that management believes we could obtain. The fair value of the notes payable is categorized as a Level 2 basis. The fair value is estimated using a discounted cash flow analysis valuation on the borrowing rates currently available for loans with similar terms and maturities. The fair value of the notes payable was determined by discounting the future contractual interest and principal payments by a market rate. December 31, 2016 Carrying Amount Fair Value Notes payable $ 142,310 $ 140,746 Less: unamortized debt issuance costs (428) Notes payable, net $ 141,882 The fair value estimates presented herein are based on information available to our management as of December 31, 2016. Although our management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these condensed consolidated financial statements since those respective dates.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments 0 Approximate Rentable Square Ownership Year Property Name Location Footage Description Interest Acquired Chase Park Plaza St. Louis, Missouri — hotel and condominium development property 100 % 2006 Frisco Square Frisco, Texas (1) mixed-use development (multifamily, retail, office, restaurant and land) (1) 2007 Northpoint Central Houston, Texas 180,000 9-story office building 100 % 2007 The Lodge & Spa at Cordillera Edwards, Colorado — land, hotel and development property 97 % 2007 Royal Island (2) Commonwealth of The Bahamas — land 87 2012 (1) Our Frisco Square mixed-use development consists of 101,000 71,000 41,500 114 17 100 275 90 (2) Our initial investment in Royal Island was made in May 2007. We consolidated Royal Island as of June 6, 2012 when we obtained all of the outstanding shares of Royal Island (Australia) Pty Limited. A third party indirectly owns 12.71 Real Estate Development The Ablon at Frisco Square On August 26, 2014, we contributed 3.4 90 275 26.3 41.9 Real Estate Asset Dispositions Las Colinas Commons On February 2, 2016, we sold Las Colinas Commons for a contract sales price of approximately $ 14.3 14 1.3 14.9 3.6 Frisco Square Land Sales On February 14, 2017, we sold a 3.29 4.7 3.83 5 Disposed Real Estate Reported in Continuing Operations The Company does not view the 2016 disposal of Las Colinas Commons as a strategic shift. Therefore, the results of operations of the property continued to be included in continuing operations within the accompanying condensed consolidated statements of operations prior to the disposition and through January 31, 2017. The following table presents net income attributable to the Company for the one month ended January 31, 2017 and three months ended March 31, 2016 related to Las Colinas Commons. 1.3 One Month Ended Three Months Ended January 31, March 31, Description 2017 2016 Net income attributable to the Company $ — $ 0.8 Investment in Unconsolidated Joint Venture Ownership Carrying Value of Investment Property Name Interest December 31, 2016 Central Europe Joint Venture 47.01 % $ 7,711 December 31, 2016 Real estate assets, net $ 53,294 Cash and cash equivalents 4,858 Other assets 1,338 Total assets $ 59,490 Notes payable $ 31,321 Other liabilities 1,814 Total liabilities 33,135 Equity 26,355 Total liabilities and equity $ 59,490 Three Months 2016 Revenue $ 1,736 Operating expenses: Operating expenses 504 Property taxes 48 Total operating expenses 552 Operating income 1,184 Non-operating expenses: Depreciation and amortization 617 Impairment charge — Interest and other, net 452 Gain on sale — Total non-operating expenses 1,069 Net income $ 115 Equity in earnings of unconsolidated joint venture (1) $ 54 (1) Company’s share of net income.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2017
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities Effective January 1, 2016, we have adopted the guidance in ASU 2015-02. As a result, the Operating Partnership (see Note 1, Business) and each of our less than wholly-owned real estate partnerships (Behringer Harvard Cordillera, LLC, Behringer Harvard Residences at Cordillera, LLC, and Behringer Harvard Royal Island Debt, LP) have been deemed to have the characteristics of a VIE. However, we were not required to consolidate any previously unconsolidated entities or deconsolidate any previously consolidated entities as a result of the change in classification. Accordingly, there has been no change to the amounts reported in our condensed consolidated balance sheets and statements of cash flows or amounts recognized in our condensed consolidated statements of operations. Consolidated VIEs We consolidated the Operating Partnership, Behringer Harvard Cordillera, LLC, Behringer Harvard Residences at Cordillera, LLC, and Behringer Harvard Royal Island Debt, LP, which are variable interest entities, or VIEs, for which the Company is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether we were the primary beneficiary of a VIE, we considered qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations included estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes Payable as of Description March 31, 2017 December 31, 2016 Interest Rate Maturity Date Royal Island (1) $ 14,489 $ 14,489 15% 11/30/2016 Northpoint Central (2) 10,277 10,602 5.15% 5/6/2017 Chase Park Plaza Hotel and Chase — The Private Residences 60,542 60,888 4.95% 8/11/2017 BHFS II, LLC 6,702 6,733 30-day LIBOR + 3% (3) 2/1/2018 BHFS III, LLC 6,015 6,044 30-day LIBOR + 3% (3) 2/1/2018 BHFS IV, LLC 12,496 12,555 30-day LIBOR + 3% (3) 2/1/2018 BHFS Theatre, LLC 4,677 4,699 30-day LIBOR + 3% (3) 2/1/2018 The Ablon at Frisco Square 26,300 26,300 30-day LIBOR + 2.5% (3) 8/26/2017 Total debt 141,498 142,310 Deferred financing fees (4) — (428) Total notes payable obligation $ 141,498 $ 141,882 (1) In April 2016, the lenders agreed to increase the amount available to draw on the loan to $ 14.5 (2) We have been marketing Northpoint Central for sale, but have not received any offers above the debt balance. The loan matured on May 6, 2017, and we are currently in negotiations to transfer the asset to the lender. (3) 30-day LIBOR was 0.98 (4) Under liquidation basis of accounting, debt is no longer presented net of deferred financing fees. Our notes payable balance was $141.5 million at March 31, 2017. Our notes payable balance at December 31, 2016 was $ 141.9 0.4 Each of our notes payable is collateralized by one or more of our properties. At March 31, 2017, our notes payable interest rates ranged from 3 15 5.5 141.5 56.2 11.2 29.9 Las Colinas Commons and Northpoint Central are both borrowers under a loan that matured in May 2017. The Las Colinas Commons allocated loan balance at December 31, 2015 was $ 11.3 14.9 3.6 11.3 3.6 10.3 The notes related to Royal Island, Northpoint Central, Chase Park Plaza Hotel, and Ablon at Frisco Square mature in the next 12 months. The loans are non-recourse to the Company. We are in various stages of marketing our assets for sale and generally expect to sell assets prior to their loan maturities. On May 8, 2017 we sold Royal Island to the lender for discharge of all indebtedness . We have been marketing Northpoint Central for sale, but have not received any offers above the debt balance. The loan matured on May 6, 2017, and we are currently in negotiations to transfer the asset to the lender. The loan is non-recourse to the Company. The Chase Park Plaza loan matures in August 2017. On March 16, 2017 we executed a purchase and sale agreement for the asset, but have also engaged a broker to explore refinancing options for the asset if we do not complete a sale transaction prior to maturity. The Ablon at Frisco Square loan matures in August 2017 and has two one-year extensions available. If we do not sell the asset prior to its mortgage maturity, we expect to exercise the extension option. The loans for our Frisco Square mixed use project mature in February 2018 and have two one-year extensions available. If we do not sell the asset prior to its mortgage maturity, we expect to exercise the extension option. Ablon at Frisco Square Financing On August 26, 2014, the Ablon Frisco Square Venture obtained a $ 26.3 30 2.5 12 26.3 Northborough Tower Debt The non-recourse loan for our Northborough Tower office building matured on January 11, 2016, and we did not pay the outstanding principal balance, which constituted an event of default. Prior to the debt maturity we had actively marketed the property for sale, but did not receive any offers above the loan balance. In December 2015, the lender exercised its right to control the operating funds of the property, as the single tenant of building moved out during the third quarter of 2015. The tenant’s lease does not expire until April 2018, and the tenant continued to make its monthly rental payment. On February 5, 2016, we received a notice from the lender of their intent to increase the interest on the Northborough loan to the default interest rate of 8.67 0.9 0.8 15.9 Chase Park Plaza Modification On August 4, 2016, we modified the Chase Park Plaza loan to extend the completion date for the required room and common area renovations from August 10, 2016 to August 10, 2017. The Company previously provided a completion guarantee of $ 6.5 125 The loan continues to bear interest at 4.95 1.35 1.5 10 The modification also requires the establishment of a $ 3.1 39.3 1.9 Principal Payments Due: Amount April 1, 2017 - December 31, 2017 $ 112,041 2018 29,457 2019 — 2020 — 2021 — Total contractual obligations $ 141,498

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Chase Park Plaza Hotel Under the Chase Park Plaza Hotel loan agreement, the Company provided a completion guarantee of $ 6.5 125 3.1 1.5 1.9 1.5 Royal Island On May 8, 2017 we sold our Royal Island asset to its lender for discharge of all indebtedness under the loan. The proceeds from the sale are not sufficient to pay the outstanding obligations of the partnership entities that own Royal Island. These obligations are non-recourse to the Company. The Company is exploring alternatives to settle these obligations, which may include, placing the underlying partnerships in receivership or some other form of judicial liquidation process.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Our external advisor and certain of its affiliates may receive fees and compensation in connection with the management and sale of our assets based on an advisory management agreement, as amended and restated. From September 20, 2005 through February 10, 2017, we were party to successive advisory management agreements, each with a term of one year or less, with the Behringer Advisor. The most recently executed advisory management agreement was the Fourth Amended and Restated Advisory Management Agreement (the “Fourth Advisory Agreement”) entered into on May 31, 2016 and effective as of May 15, 2016. On February 10, 2017, we entered into a Termination of Advisory Management Agreement with the Behringer Advisor and (solely with respect to certain sections) Behringer (the “Advisory Termination Agreement”) pursuant to which the Fourth Advisory Agreement was terminated as of the close of business on February 10, 2017. Concurrently with our entry into the Advisory Termination Agreement, we engaged the Advisor to provide us with advisory services pursuant to an advisory management agreement (the “Lightstone Advisory Agreement”). The fees earned by and expenses reimbursed to the Advisor pursuant to the Lightstone Advisory Agreement are identical to the fees earned by and expenses reimbursed to the Behringer Advisor pursuant to the Fourth Advisory Agreement. The following discussion describes the fees and expenses payable to our external advisor and its respective affiliates under both the Fourth Advisory Agreement and the Lightstone Advisory Agreement. We pay the external advisor an asset management fee of 0.575% of the aggregate asset value of acquired real estate and real estate-related assets other than Royal Island. The fee is payable monthly in arrears in an amount equal to one-twelfth of 0.575 0.2 0.5 We pay the external advisor acquisition and advisory fees of 2.5 2.5 The debt financing fee paid to the Advisor for a Loan (as defined in the agreement) will be 1 120 1 Subject to certain restrictions as described in the advisory agreement, we reimburse the external advisor for all expenses paid or incurred by them in connection with the services they provide to us, including direct expenses and the costs of salaries and benefits of persons employed by those entities and performing services for us, subject to the limitation that we will not reimburse for any amount by which our external advisor’s operating expenses (including the asset management fee) at the end of the four fiscal quarters immediately preceding the date reimbursement is sought exceeds the greater of (i) 2 25 1.66 0.1 0.4 From September 20, 2005 through February 10, 2017, we were party to a property management and leasing agreement, which was amended and restated at various times (as amended and restated, the “Behringer Property Management Agreement”) between us, our operating partnership, Behringer Harvard Opportunity Management Services, LLC, and Behringer Harvard Real Estate Services, LLC (collectively, the “Behringer Manager”). On February 10, 2017, we entered into a Termination of Property Management and Leasing Agreement with the Behringer Manager and (solely with respect to certain sections) Behringer (the “Property Management Termination Agreement”) pursuant to which the Behringer Property Management Agreement was terminated as of the close of business on February 10, 2017. Concurrently with our entry into the Property Management Termination Agreement, we engaged LSG-BH I Property Manager LLC (the “Lightstone Manager”), an affiliate of the Advisor, pursuant to a property management and leasing agreement (the “Lightstone Property Management Agreement”). The fees earned by and expenses reimbursed to the Lightstone Manager pursuant to the Lightstone Property Management Agreement are identical to the fees earned by and expenses reimbursed to the Behringer Manager pursuant to the Behringer Property Management Agreement. The following discussion describes the fees and expenses payable to our affiliated property manager and its respective affiliates under both the Behringer Property Management Agreement (in effect from September 20, 2005 through February 10, 2017) and the Lightstone Property Management Agreement (in effect as of February 10, 2017). We pay our property manager fees for management, leasing, and maintenance supervision of our properties. Such fees are equal to 4.5 0.5 0.1 0.2 At December 31, 2016, we had a payable to our external advisor and its affiliates of $ 0.5 In connection with the adoption of the Plan of Liquidation, the Company accrues costs it expects to incur through the end of the liquidation. As of March 31, 2017, the Company accrued asset management fees of approximately $ 0.9 0.7 1.2 We are dependent on our external advisor and property manager for certain services that are essential to us, including asset disposition decisions, property management and leasing services, and other general administrative responsibilities. If these companies are unable to provide us with the respective services, we would be required to obtain such services from other sources.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information One Month Three Months Ended January 31, Ended March 31, Description 2017 2016 Supplemental disclosure: Interest paid, net of amounts capitalized $ 472 $ 2,108 Non-cash investing and financing activities: Property and equipment additions and purchases of real estate in accrued liabilities 717 257 Capital expenditures for real estate under development in accounts payable and accrued liabilities — 847 Additions to buildings and improvements reclassified from real estate under development — 37,110 Additions to land and land improvements reclassified from real estate under development — 3,662 Additions to furniture, fixtures, and equipment reclassified from real estate under development — 1,088 Amortization of deferred financing fees in properties under development — 10

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Ablon at Frisco Square On April 10, 2017, we executed a purchase and sale agreement to sell the Ablon at Frisco Square multifamily project to a third party for a sales price of $ 53.5 1.5 Chase Park Plaza Hotel On April 24, 2017, we executed an amended purchase and sale agreement to sell the Chase Park Plaza Hotel to a third party for a sales price of $ 87.8 Central Europe Portfolio In April 2017, we reached an agreement in principle to sell our 47.01 6.1 6.4 Royal Island On May 8, 2017, we sold our Royal Island asset to the lender. Under the contract, the purchaser agreed to pay the deferred real estate taxes and seabed leases that total approximately $ 0.7 24.8

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Presentation of Financial Statements As a result of the approval of the Plan of Liquidation by our stockholders on January 30, 2017, our financial statements in this Form 10-Q are presented using two different bases of accounting. We adopted the liquidation basis of accounting as of February 1, 2017 and for the periods subsequent to February 1, 2017. We believe the one-day timing difference between the approval of the Plan of Liquidation on January 30, 2017 and the adoption of the liquidation basis of accounting on February 1, 2017 is immaterial. Under the liquidation basis of accounting, all of our assets must be stated at their estimated net realizable values, which is the amount expected to be collected in settling or disposing the assets. As a result, a Statement of Net Assets in Liquidation is presented, which represents the estimated amount of cash we ultimately expect to collect on disposal of assets and payment of obligations as we implement the Plan of Liquidation. In addition, a Statement of Changes in Net Assets in Liquidation will reflect changes in net assets from the original estimated values as of February 1, 2017 through the most recent period presented, as further described below. All financial results and disclosures through January 31, 2017, prior to adopting liquidation basis accounting, are presented on a going concern basis, which contemplates the realization of assets and liabilities in the normal course of business. As a result, the balance sheet as of December 31, 2016, and the statements of operations and comprehensive loss, the statements of equity, and the statements of cash flows for the one month ended January 31, 2017 and the three months ended March 31, 2016 use the going concern basis of accounting presentation consistent with our Annual Report on Form 10-K for the year ended December 31, 2016, as further described below. While we project having available cash to distribute to stockholders after all asset sales are completed, we are subject to outside forces beyond our control when completing the sales of our properties, some of which are more difficult to market and all of which are at various stages of disposition. As substantially all of our debt matures in the next twelve months, in the absence of completing the disposals, we would be forced to find short-term financing options which, at this time, we have not sought out and which may be difficult to obtain given the announced liquidation of the Company. Substantial doubt about an entity’s ability to continue as a going concern exists when conditions and events, considered in the aggregate, indicate that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. Based upon our financial analysis, management believes that conditions and events raise substantial doubt about the Company’s ability to continue as a going concern due to the uncertainty associated with timing of disposals and/or refinancing of its assets. Liquidation Basis (Post Plan of Liquidation Stockholder Approval) Effective February 1, 2017, in accordance with liquidation basis accounting, our assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that we expect to collect on disposal of assets and payment of obligations as we implement the Plan of Liquidation. The liquidation value of our operating properties are presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. We accrue costs and income that we expect to incur and earn, respectively, through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the accompanying Condensed Consolidated Statement of Net Assets in Liquidation. Actual costs and income may differ from amounts reflected in the financial statements because of inherent uncertainty in estimating future events. These differences may be material. See Note 4, "Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation" for further discussion. Actual costs incurred but unpaid as of March 31, 2017 are included in accounts payable, due to related parties, and accrued and other liabilities on the accompanying Condensed Consolidated Statement of Net Assets in Liquidation. Net assets in liquidation represents the estimated liquidation value available to stockholders upon liquidation. Due to the uncertainty in the timing of the anticipated sale dates and the estimated cash flows, actual operating results and sale proceeds may differ materially from the amounts estimated. Going Concern Basis (Pre Plan of Liquidation Stockholder Approval) Amounts as of December 31, 2016 included in the unaudited condensed consolidated financial statements have been derived from the audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. Noncontrolling Interests - Liquidation Basis In liquidation, the presentation for joint ventures historically consolidated under the going concern basis accounting will be determined based on the Company's planned exit strategy for the joint venture investment. We intend to sell all of our properties, rather than selling our interest in our properties, and therefore the properties will be presented on a gross basis with a liability to the non-controlling interest holders. Amounts due to non-controlling interests in connection with the disposition of consolidated joint ventures have been accrued and are recorded as liability for non-controlling interests. Consolidation and Variable Interest Entities - Going Concern Basis Operating results for the periods ended January 31, 2017 and March 31, 2016 were prepared on the going concern basis of accounting, which contemplates the realization of assets and liabilities in the normal course of business. Our condensed consolidated financial statements included our accounts and the accounts of other subsidiaries over which we had control. All inter-company transactions, balances, and profits were eliminated in consolidation. Interests in entities acquired were evaluated based on applicable GAAP, which included the requirement to consolidate entities deemed to be variable interest entities (“VIE”) in which we were the primary beneficiary. If the interest in the entity was determined not to be a VIE, then the entity was evaluated for consolidation based on legal form, economic substance, and the extent to which we had control and/or substantive participating rights under the respective ownership agreement. For entities in which we had less than a controlling interest or entities which we were not deemed to be the primary beneficiary, we accounted for the investment using the equity method of accounting. There were judgments and estimates involved in determining if an entity in which we have made an investment is a VIE and, if so, whether we were the primary beneficiary. The entity was evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involved assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility, and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could have resulted in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to our financial statements.
Real Estate	Liquidation Basis As of March 31, 2017, real estate assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that we expect to collect on disposal of assets, less disposal costs, as we implement the Plan of Liquidation. Going Concern Basis Prior to adopting the liquidation basis of accounting, the value of hotels and all other buildings was depreciated over the estimated useful lives of 39 25 Buildings and Land and Lease Other December 31, 2016 Improvements Improvements Intangibles Intangibles Cost $ 198,499 $ 57,148 $ 3,643 $ 9,626 Less: depreciation and amortization (48,540) (2,389) (2,461) (6,319) Net $ 149,959 $ 54,759 $ 1,182 $ 3,307
Condominium Inventory	On February 22, 2016, we sold our one remaining condominium unit in inventory at Chase — The Private Residences for a sales price of $ 2.5 2.2
Accounts Receivable	Accounts Receivable - Going Concern Basis Prior to adopting the liquidation basis of accounting, accounts receivable primarily consisted of straight-line rental revenue receivables of $ 2 2.4 0.2
Investment Impairment	Investment Impairment - Going Concern Basis For all of our real estate and real estate-related investments, we monitor events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable. Examples of the types of events and circumstances that would cause management to assess our assets for potential impairment include, but are not limited to: a significant decrease in the market price of an asset; a significant change in the manner in which the asset is being used; an accumulation of costs in excess of the acquisition basis plus construction of the property; major vacancies and the resulting loss of revenues; natural disasters; a change in the projected holding period; legitimate purchase offers; and changes in the global and local markets or economic conditions. Our assets may at times be concentrated in limited geographic locations and, to the extent that our portfolio is concentrated in limited geographic locations, downturns specifically related to such regions may result in tenants defaulting on their lease obligations at a portion of our properties within a short time period, which may result in asset impairments. When such events or changes in circumstances are present, we assess potential impairment by comparing estimated future undiscounted operating cash flows expected to be generated over the life of the asset and from its eventual disposition to the carrying amount of the asset. These projected cash flows are prepared internally by the Advisor and reflect in-place and projected leasing activity, market revenue and expense growth rates, market capitalization rates, discount rates, and changes in economic and other relevant conditions. The Company’s principal executive officer and principal financial officer review these projected cash flows to assure that the valuation is prepared using reasonable inputs and assumptions that are consistent with market data and with assumptions that would be used by a third-party market participant and assume the highest and best use of the investment. We consider trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. In the event that the carrying amount exceeds the estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the asset to estimated fair value. While we believe our estimates of future cash flows are reasonable, different assumptions regarding factors such as market rents, economic conditions, and occupancy rates could significantly affect these estimates. In evaluating our investments for impairment, management may use appraisals and make estimates and assumptions, including, but not limited to, the projected date of disposition of the properties, the estimated future cash flows of the properties during our ownership, planned development, and the projected sales price of each of the properties. A future change in these estimates and assumptions could result in understating or overstating the book value of our investments, which could be material to our financial statements. In addition, we may incur impairment charges on real estate assets classified as held for sale in the future if the carrying amount of the asset upon classification as held for sale exceeds the estimated fair value, less costs to sell. We also evaluate our investment in an unconsolidated joint venture at each reporting date. If we believe there is an other than temporary decline in market value, we will record an impairment charge based on these evaluations. We assess potential impairment by comparing our portion of estimated future undiscounted operating cash flows expected to be generated by the joint venture over the life of the joint venture’s assets to the carrying amount of the joint venture. In the event that the carrying amount exceeds our portion of estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the joint venture to its estimated fair value. During the year ended December 31, 2016, we recorded $ 9.2 2.2 7
Deferred Financing Fees	Prior to adopting the liquidation basis of accounting, deferred financing fees were recorded at cost and amortized to interest expense using a straight-line method that approximates the effective interest method over the life of the related debt. Deferred financing fees, net of accumulated amortization, were $ 0.4 1.9
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires 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 financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include such items as impairment of long-lived assets, depreciation and amortization, allowance for doubtful accounts, and allowance for loan losses. Actual results could differ from those estimates. Under the liquidation basis of accounting, we use estimates to adjust our assets to liquidation value. These estimates include the amount of cash that we expect to collect on disposal of assets, payment of obligations, and accrued income and expenses as we implement the Plan of Liquidation.
Restricted Cash	As of March 31, 2017, restricted cash of $ 8.6
Accrued and Other Liabilities	Accrued and Other Liabilities As of March 31, 2017, accrued and other liabilities of $ 22.7 10.3
New Accounting Pronouncements	Recently Issued Accounting Pronouncements As a result of the adoption of the liquidation basis of accounting, we do not anticipate that any recently issued accounting pronouncements will have a material effect on our consolidated financial statements.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Investments in Real Estate Assets and Intangibles	Buildings and Land and Lease Other December 31, 2016 Improvements Improvements Intangibles Intangibles Cost $ 198,499 $ 57,148 $ 3,643 $ 9,626 Less: depreciation and amortization (48,540) (2,389) (2,461) (6,319) Net $ 149,959 $ 54,759 $ 1,182 $ 3,307

Liability for Estimated Costs25

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Income Statement	Upon transition to the liquidation basis of accounting on February 1, 2017, we accrued the following revenues and expenses expected to be incurred during liquidation (in thousands): Rental revenue $ 8,201 Hotel revenue 11,716 Property operating expenses (2,535) Hotel operating expenses (8,776) Interest expense (2,593) Real estate taxes (2,088) Property management fees (694) Asset management fees (929) General and administrative expenses (3,431) Capital expenditures (2,872) Liquidation transaction costs (2,785) Liquidation transaction costs due to related parties (200) Liability for estimated costs in excess of estimated receipts during liquidation $ (6,986)
Schedule of change in liability for estimated costs in Liquidation Plan	February 1, 2017 Net Cash Remeasurement of March 31, 2017 Assets: Estimated net inflows from investments in real estate $ 359 $ 313 $ — 672 Liabilities: Liquidation transaction costs (2,985) — — (2,985) Corporate expenditures (4,360) 1,592 — (2,768) (7,345) 1,592 — (5,753) Total liability for estimated costs in excess of estimated receipts during liquidation $ (6,986) $ 1,905 $ — $ (5,081)

Net Assets in Liquidation (Tabl

Net Assets in Liquidation (Tables)	3 Months Ended
	Mar. 31, 2017
Net Assets in Liquidation [Abstract]
Net Assets in Liquidation	Equity as of January 31, 2017 $ 84,125 Increase due to estimated net realizable value of real estate 35,260 Increase due to adjustment of assets and liabilities to net realizable value 1,968 Increase in non-controlling interest liability (4,398) Liability for estimated costs in excess of estimated receipts during liquidation (6,986) Adjustment to reflect the change to the liquidation basis of accounting 25,844 Estimated value of net assets in liquidation as of February 1, 2017 $ 109,969

Assets and Liabilities Measur27

Assets and Liabilities Measured at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Assets Measured at Fair Value on a Nonrecurring Basis	The following fair value hierarchy tables present information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2016 (in thousands): Total As of December 31, 2016 Level 1 Level 2 Level 3 Fair Value Loss Assets Buildings and improvements, net (1) $ — $ — $ 10,584 $ 10,584 $ (2,212) Investment in unconsolidated joint venture (2) — — 7,228 7,228 (7,035) (1) In the third quarter of 2016, we recorded a non-cash impairment of $ 2.2 (2) In the third quarter of 2016, we recorded a $ 7
Quantitative Information about Level 3 Fair Value Measurements	Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, 2016 Valuation Range Description (in 000s) Techniques Unobservable Input (Weighted Average) Discount rate 10.50% Terminal capitalization rate 9.50% Market rent growth 0% - 3.00% Buildings and improvements, net (1) $ 10,584 Discounted cash flow Expense growth rate 0% - 3.00% Investment in unconsolidated joint venture (2) 7,228 Market comparable Discount for non-controlling interest (3) 40% (1) In the third quarter of 2016, we recorded a non-cash impairment of $2.2 million with our Northpoint Central office building. (2) In the third quarter of 2016, we recorded a $7 million non-cash impairment associated with our unconsolidated investment in Central Europe. (3) In determining the discount for our non-controlling interest, we considered the terms of the investment agreement, which limit our control to compel the liquidation of the investment, as well as the lack of a market for our interest in the investment.

Fair Value Measurement of Fin28

Fair Value Measurement of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Carrying Amounts of Notes Payable and Related Estimated Fair Values	Carrying amounts of our notes payable and the related estimated fair value as of December 31, 2016 are as follows (in thousands): December 31, 2016 Carrying Amount Fair Value Notes payable $ 142,310 $ 140,746 Less: unamortized debt issuance costs (428) Notes payable, net $ 141,882

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of Information About Consolidated Properties	0 Approximate Rentable Square Ownership Year Property Name Location Footage Description Interest Acquired Chase Park Plaza St. Louis, Missouri — hotel and condominium development property 100 % 2006 Frisco Square Frisco, Texas (1) mixed-use development (multifamily, retail, office, restaurant and land) (1) 2007 Northpoint Central Houston, Texas 180,000 9-story office building 100 % 2007 The Lodge & Spa at Cordillera Edwards, Colorado — land, hotel and development property 97 % 2007 Royal Island (2) Commonwealth of The Bahamas — land 87 2012 (1) Our Frisco Square mixed-use development consists of 101,000 71,000 41,500 114 17 100 275 90 (2) Our initial investment in Royal Island was made in May 2007. We consolidated Royal Island as of June 6, 2012 when we obtained all of the outstanding shares of Royal Island (Australia) Pty Limited. A third party indirectly owns 12.71
Net Loss Attributable to Company from Real Estate Held for Sale	Net income for the three months ended March 31, 2016 includes the $ 1.3 One Month Ended Three Months Ended January 31, March 31, Description 2017 2016 Net income attributable to the Company $ — $ 0.8
Schedule of Information About Unconsolidated Investment	The following table presents certain information about our unconsolidated investment as of December 31, 2016 ($ in thousands): Ownership Carrying Value of Investment Property Name Interest December 31, 2016 Central Europe Joint Venture 47.01 % $ 7,711
Schedule of Proportionate Share of Combined Assets and Liabilities of Investment Properties	Our investment in the unconsolidated joint venture as of December 31, 2016 consisted of our proportionate share of the combined assets and liabilities of our investment property, shown at 100%, as follows (in thousands): December 31, 2016 Real estate assets, net $ 53,294 Cash and cash equivalents 4,858 Other assets 1,338 Total assets $ 59,490 Notes payable $ 31,321 Other liabilities 1,814 Total liabilities 33,135 Equity 26,355 Total liabilities and equity $ 59,490
Schedule of Proportionate Share of Combined Losses of Unconsolidated Joint Ventures	Our equity in earnings from our investment is our proportionate share of the combined earnings of our unconsolidated joint venture, shown at 100%, for the three months ended March 31, 2016, as follows (in thousands): Three Months 2016 Revenue $ 1,736 Operating expenses: Operating expenses 504 Property taxes 48 Total operating expenses 552 Operating income 1,184 Non-operating expenses: Depreciation and amortization 617 Impairment charge — Interest and other, net 452 Gain on sale — Total non-operating expenses 1,069 Net income $ 115 Equity in earnings of unconsolidated joint venture (1) $ 54 (1) Company’s share of net income.

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Notes Payable on Consolidated Properties	The following table sets forth our notes payable on our consolidated properties at March 31, 2017 and December 31, 2016 (in thousands): Notes Payable as of Description March 31, 2017 December 31, 2016 Interest Rate Maturity Date Royal Island (1) $ 14,489 $ 14,489 15% 11/30/2016 Northpoint Central (2) 10,277 10,602 5.15% 5/6/2017 Chase Park Plaza Hotel and Chase — The Private Residences 60,542 60,888 4.95% 8/11/2017 BHFS II, LLC 6,702 6,733 30-day LIBOR + 3% (3) 2/1/2018 BHFS III, LLC 6,015 6,044 30-day LIBOR + 3% (3) 2/1/2018 BHFS IV, LLC 12,496 12,555 30-day LIBOR + 3% (3) 2/1/2018 BHFS Theatre, LLC 4,677 4,699 30-day LIBOR + 3% (3) 2/1/2018 The Ablon at Frisco Square 26,300 26,300 30-day LIBOR + 2.5% (3) 8/26/2017 Total debt 141,498 142,310 Deferred financing fees (4) — (428) Total notes payable obligation $ 141,498 $ 141,882 (1) In April 2016, the lenders agreed to increase the amount available to draw on the loan to $ 14.5 (2) We have been marketing Northpoint Central for sale, but have not received any offers above the debt balance. The loan matured on May 6, 2017, and we are currently in negotiations to transfer the asset to the lender. (3) 30-day LIBOR was 0.98 (4) Under liquidation basis of accounting, debt is no longer presented net of deferred financing fees.
Aggregate Contractual Obligations for Principal Payments	The following table summarizes our aggregate contractual obligations for principal payments as of March 31, 2017 (in thousands): Principal Payments Due: Amount April 1, 2017 - December 31, 2017 $ 112,041 2018 29,457 2019 — 2020 — 2021 — Total contractual obligations $ 141,498

Supplemental Cash Flow Inform31

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information is summarized below: One Month Three Months Ended January 31, Ended March 31, Description 2017 2016 Supplemental disclosure: Interest paid, net of amounts capitalized $ 472 $ 2,108 Non-cash investing and financing activities: Property and equipment additions and purchases of real estate in accrued liabilities 717 257 Capital expenditures for real estate under development in accounts payable and accrued liabilities — 847 Additions to buildings and improvements reclassified from real estate under development — 37,110 Additions to land and land improvements reclassified from real estate under development — 3,662 Additions to furniture, fixtures, and equipment reclassified from real estate under development — 1,088 Amortization of deferred financing fees in properties under development — 10

Business (Narrative) (Details)

Business (Narrative) (Details)	3 Months Ended
	Mar. 31, 2017
Business
BHO, Inc., percentage ownership interest in Behringer Harvard OP I (less than)	0.10%
Wholly owned properties
Business
Number of properties	2
Consolidated properties
Business
Number of properties	3
Unconsolidated properties
Business
Number of properties	17

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Real Estate) (Details)	12 Months Ended
	Dec. 31, 2016
Hotels
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	39 years
All Other Buildings
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	25 years

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Accounts Receivable) (Details) $ in Millions	Dec. 31, 2016USD ($)
Straight-line rental revenue receivables	$ 2
Accounts receivable from hotel operators and tenants related to other consolidated properties	2.4
Allowance for doubtful accounts	$ 0.2

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Accumulated Depreciation and Amortization) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real Estate
Total real estate	$ 242,879	$ 205,558
Buildings and Improvements
Real Estate
Cost		198,499
Less: depreciation and amortization		(48,540)
Total real estate		149,959
Lease Intangibles
Real Estate
Cost		3,643
Less: depreciation and amortization		(2,461)
Total real estate		1,182
Other Intangibles
Real Estate
Cost		9,626
Less: depreciation and amortization		(6,319)
Total real estate		3,307
Land and Improvements
Real Estate
Cost		57,148
Less: depreciation and amortization		(2,389)
Total real estate		$ 54,759

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Condominium Inventory) (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2017USD ($)	Feb. 22, 2016USD ($)condominium	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Sales price	$ 0		$ 2,271
Chase - The Private Residences
Real Estate Properties [Line Items]
Number of condominium units remaining in inventory | condominium		1
Sales price		$ 2,500
Net proceeds		$ 2,200

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Deferred Financing Fees) (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net	[1]	$ 0	$ 428
Deferred financing fees amortization			1,900
Accounting Standards Update 2015-03 | Actual
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net			$ 400
[1]	Under liquidation basis of accounting, debt is no longer presented net of deferred financing fees.

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Investment Impairment) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2016
Northpoint Central
Summary of significant accounting policies
Impairment charge	$ 2.2	$ 2.2
Unconsolidated Investment in Central Europe
Summary of significant accounting policies
Impairment charge	$ 7	7
Fair Value, Measurements, Nonrecurring
Summary of significant accounting policies
Impairment charge		$ 9.2

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents	$ 8,567	$ 8,406

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Accrued and other Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accrued Liabilities and Other Liabilities	$ 22,659	$ 25,254
Royal Islands [Member]
Interest Payable	$ 10,300

Liability for Estimated Costs41

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Revenues and Expenses) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Feb. 28, 2017	Jan. 31, 2017	Mar. 31, 2016
Rental revenue		$ 1,277	$ 4,141
Hotel revenue		2,284	7,619
Property operating expenses		(475)	(1,863)
Hotel operating expenses		(2,163)	(6,901)
Interest expense		(717)	(2,854)
Real estate taxes		(401)	(1,015)
Property management fees		(96)	(431)
Asset management fees		(159)	(536)
General and administrative expenses		$ (322)	$ (1,210)
Liquidation Basis of Accounting [Member]
Rental revenue	$ 8,201
Hotel revenue	11,716
Property operating expenses	(2,535)
Hotel operating expenses	(8,776)
Interest expense	(2,593)
Real estate taxes	(2,088)
Property management fees	(694)
Asset management fees	(929)
General and administrative expenses	(3,431)
Capital expenditures	(2,872)
Liquidation transaction costs	(2,785)
Liquidation transaction costs due to related parties	(200)
Liability for estimated costs in excess of estimated receipts during liquidation	$ (6,986)

Liability for Estimated Costs42

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Estimated Costs) (Details) $ in Thousands	2 Months Ended
	Mar. 31, 2017USD ($)
Estimated net inflows from investments in real estate	$ 359
Estimated net inflows from investments in cash payments	313
Estimated net inflows from investments in remeasurement of assets and liabilities	0
Estimated net inflows from investments in real estate	672
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, February 1, 2017	(6,986)
Net Cash Payments	1,905
Remeasurement of Assets and Liabilities	0
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, March 31, 2017	(5,081)
Liquidation transaction costs [Member]
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, February 1, 2017	(2,985)
Net Cash Payments	0
Remeasurement of Assets and Liabilities	0
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, March 31, 2017	(2,985)
Corporate expenditures [Member]
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, February 1, 2017	(4,360)
Net Cash Payments	1,592
Remeasurement of Assets and Liabilities	0
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, March 31, 2017	(2,768)
Liquidation Liability [Member]
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, February 1, 2017	(7,345)
Net Cash Payments	1,592
Remeasurement of Assets and Liabilities	0
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, March 31, 2017	$ (5,753)

Net Assets in Liquidation (Deta

Net Assets in Liquidation (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Equity as of January 31, 2017	$ 84,125		$ 85,365
Increase due to estimated net realizable value of real estate	35,260
Increase due to adjustment of assets and liabilities to net realizable value	1,968
Increase in non-controlling interest liability	(4,398)
Liability for estimated costs in excess of estimated receipts during liquidation	(6,986)	$ (5,081)
Adjustment to reflect the change to the liquidation basis of accounting	25,844
Estimated value of net assets in liquidation as of February 1, 2017	$ 109,969	$ 109,969

Net Assets in Liquidation (Narr

Net Assets in Liquidation (Narrative) (Details)	Mar. 31, 2017$ / shares
Liquidation Distribution Price Per share	$ 1.95

Assets and Liabilities Measur45

Assets and Liabilities Measured at Fair Value (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2016
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge		$ 9.2
Northpoint Central
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge	$ 2.2	2.2
Unconsolidated Investment in Central Europe
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge	$ 7	$ 7

Assets and Liabilities Measur46

Assets and Liabilities Measured at Fair Value (Schedule of Assets Measured at Fair Value on a Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands	Dec. 31, 2016USD ($)
Buildings and improvements, net
Real Estate Properties [Line Items]
Assets	$ 10,584	[1]
Loss	(2,212)	[1]
Investment in unconsolidated joint venture
Real Estate Properties [Line Items]
Assets	7,228	[2]
Loss	(7,035)	[2]
Level 3 | Buildings and improvements, net
Real Estate Properties [Line Items]
Assets	10,584	[1]
Level 3 | Investment in unconsolidated joint venture
Real Estate Properties [Line Items]
Assets	7,228	[2]
Fair Value, Inputs, Level 1 [Member] | Buildings and improvements, net
Real Estate Properties [Line Items]
Assets	0	[1]
Fair Value, Inputs, Level 1 [Member] | Investment in unconsolidated joint venture
Real Estate Properties [Line Items]
Assets	0	[2]
Fair Value, Inputs, Level 2 [Member] | Buildings and improvements, net
Real Estate Properties [Line Items]
Assets	0	[1]
Fair Value, Inputs, Level 2 [Member] | Investment in unconsolidated joint venture
Real Estate Properties [Line Items]
Assets	$ 0	[2]
[1]	In the third quarter of 2016, we recorded a non-cash impairment of $2.2 million with our Northpoint Central office building.
[2]	In the third quarter of 2016, we recorded a $7 million non-cash impairment associated with our unconsolidated investment in Central Europe.

Assets and Liabilities Measur47

Assets and Liabilities Measured at Fair Value (Level 3 Fair Value Measurements) (Details) - Level 3 $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Buildings and improvements, net
Real Estate Properties [Line Items]
Discount rate	10.50%	[1]
Terminal capitalization rate	9.50%	[1]
Buildings and improvements, net | Discounted cash flow
Real Estate Properties [Line Items]
Assets	$ 10,584	[1]
Buildings and improvements, net | Minimum
Real Estate Properties [Line Items]
Market rent growth	0.00%	[1]
Expense growth rate	0.00%	[1]
Buildings and improvements, net | Maximum
Real Estate Properties [Line Items]
Market rent growth	3.00%	[1]
Expense growth rate	3.00%	[1]
Investment in unconsolidated joint venture
Real Estate Properties [Line Items]
Discount for non-controlling interest	40.00%	[2],[3]
Investment in unconsolidated joint venture | Market comparable
Real Estate Properties [Line Items]
Assets	$ 7,228	[3]
[1]	In the third quarter of 2016, we recorded a non-cash impairment of $2.2 million with our Northpoint Central office building.
[2]	In determining the discount for our non-controlling interest, we considered the terms of the investment agreement, which limit our control to compel the liquidation of the investment, as well as the lack of a market for our interest in the investment.
[3]	In the third quarter of 2016, we recorded a $7 million non-cash impairment associated with our unconsolidated investment in Central Europe.

Fair Value Measurement of Fin48

Fair Value Measurement of Financial Instruments (Carrying Amounts of Notes Payable and Related Estimated Fair Values) (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt		$ 141,498	$ 142,310
Notes payable, Fair Value			140,746
Less: Deferred financing fees, net	[1]	$ 0	(428)
Notes payable, net			$ 141,882
[1]	Under liquidation basis of accounting, debt is no longer presented net of deferred financing fees.

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Real Estate Investment) (Details)		Mar. 31, 2017a	Mar. 31, 2017unit	Mar. 31, 2017Total	Mar. 31, 2017building / stories	Mar. 31, 2017building	Mar. 31, 2017	Mar. 28, 2017a	Feb. 14, 2017a
Real Estate Properties [Line Items]
Ownership Interest							100.00%
Chase Park Plaza
Real Estate Properties [Line Items]
Ownership Interest							100.00%
Frisco Square
Real Estate Properties [Line Items]
Approximate Rentable Square Footage (Unaudited)	[1]	0
Ownership Interest	[1]
Number of units in multifamily development			114	275
Area of land (in acres)								3.83	3.29
Ownership percentage by noncontrolling owners							90.00%
Frisco Square | Office Space
Real Estate Properties [Line Items]
Approximate Rentable Square Footage (Unaudited)		101,000
Frisco Square | Retail Space
Real Estate Properties [Line Items]
Approximate Rentable Square Footage (Unaudited)		71,000
Frisco Square | Movie Theater
Real Estate Properties [Line Items]
Approximate Rentable Square Footage (Unaudited)		41,500
Frisco Square | Rentable Square Footage [Member]
Real Estate Properties [Line Items]
Area of land (in acres)		17
Northpoint Central
Real Estate Properties [Line Items]
Approximate Rentable Square Footage (Unaudited)		180,000
Ownership Interest							100.00%
Number of buildings | building						1
Number of stories | building / stories					9
The Lodge & Spa at Cordillera
Real Estate Properties [Line Items]
Ownership Interest							97.00%
Royal Island
Real Estate Properties [Line Items]
Ownership Interest	[2]						87.00%
Ownership percentage by noncontrolling owners							12.71%
[1]	Our Frisco Square mixed-use development consists of 101,000 square feet of office space, 71,000 square feet of retail, a 41,500 square foot movie theater, 114 multifamily units, approximately 17 acres of land which we own 100%, and a 275-unit multifamily project which became fully developed in the first quarter of 2016 in which we own a 90% interest.
[2]	Our initial investment in Royal Island was made in May 2007. We consolidated Royal Island as of June 6, 2012 when we obtained all of the outstanding shares of Royal Island (Australia) Pty Limited. A third party indirectly owns 12.71% of Royal Island.

Real Estate Investments (Dispos

Real Estate Investments (Disposed RE Reported in Continuing Operations) (Details) - USD ($)	Feb. 02, 2016	Jan. 31, 2017	Mar. 31, 2017	Mar. 31, 2016
Real Estate Properties [Line Items]
Gain on sale of real estate		$ 0		$ 1,277,000
Las Colinas Commons
Real Estate Properties [Line Items]
Gain on sale of real estate	$ 1,300,000			1,300,000
Net income attributable to the Company			$ 0	$ 800

Real Estate Investments (Real E

Real Estate Investments (Real Estate Development) (Details) - The Ablon at Frisco Square unit in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)	Aug. 26, 2014USD ($)aunit
Real Estate Properties [Line Items]
Area of land contributed (in acres) | a		3.4
Partnership ownership interest	90.00%
Number of units in multifamily development | unit		275
Loan amount		$ 26.3
Cost	$ 41.9

Real Estate Investments (Real52

Real Estate Investments (Real Estate Asset Disposition) (Details) $ in Thousands	Mar. 28, 2017USD ($)a	Feb. 14, 2017USD ($)a	Feb. 02, 2016USD ($)	Jan. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Sales price				$ 0	$ 2,271
Gain on sale of real estate				$ 0	1,277
Las Colinas Commons
Real Estate Properties [Line Items]
Sales price			$ 14,300
Proceeds after reduction for transaction costs			14,000
Gain on sale of real estate			1,300		$ 1,300
Repayments of Secured Debt			11,300
Northpoint Central and Las Colinas Commons
Real Estate Properties [Line Items]
Repayments of Secured Debt			14,900
Northpoint Central
Real Estate Properties [Line Items]
Repayments of Secured Debt			$ 3,600
Frisco Square
Real Estate Properties [Line Items]
Area of land (in acres) | a	3.83	3.29
Sales of land	$ 5,000	$ 4,700

Real Estate Investments (Invest

Real Estate Investments (Investments in Unconsolidated Joint Venture) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
		Jan. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Carrying Value of Investment				$ 6,416	$ 7,711
Real estate assets, net				242,879	205,558
Cash and cash equivalents		$ 16,931	$ 19,798	24,370	19,086	$ 20,746
Other assets				1,342
Total assets				285,741	254,845
Notes payable				141,498	141,882
Total liabilities				$ 175,772	169,050
Total liabilities and equity					$ 254,845
Revenue		3,561	14,031
Depreciation and amortization		869	2,638
Interest and other, net		0	15
Gain on sale		0	1,277
Equity in earnings of unconsolidated joint venture		$ 25	54
Central Europe Joint Venture
Real Estate Properties [Line Items]
Ownership Interest					47.01%
Carrying Value of Investment					$ 7,711
Investment in unconsolidated joint venture
Real Estate Properties [Line Items]
Real estate assets, net					53,294
Cash and cash equivalents					4,858
Other assets					1,338
Total assets					59,490
Notes payable					31,321
Other liabilities					1,814
Total liabilities					33,135
Equity					26,355
Total liabilities and equity					$ 59,490
Revenue			1,736
Operating expenses			504
Property taxes			48
Total operating expenses			552
Operating income			1,184
Depreciation and amortization			617
Impairment charge			0
Interest and other, net			452
Gain on sale			0
Total non-operating expenses			1,069
Net income			115
Equity in earnings of unconsolidated joint venture	[1]		$ 54
[1]	Company’s share of net income.

Notes Payable (Chase Park Plaza

Notes Payable (Chase Park Plaza Modification) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)Extension	Aug. 04, 2016USD ($)
Chase - The Private Residences
Debt Instrument [Line Items]
Completion guarantee	$ 6.5
Unspent funds required to be put into escrow	125.00%
Interest Rate	4.95%
Required escrow	$ 1.5	$ 1.5
Property tax abatement period	10 years
Escrow related to certain facade repairs and enhancements	$ 1.9	$ 3.1
Construction costs, reimbursement commitment		39.30%
Notes Payable | Chase - The Private Residences
Debt Instrument [Line Items]
Interest Rate	4.95%
Debt service coverage ratio	1.35
Notes Payable | Chase Park Plaza Modification [Member]
Debt Instrument [Line Items]
Number of extensions available | Extension	2
Extension term	1 year

Notes Payable (Details)

Notes Payable (Details) - USD ($)		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016	Apr. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Notes payable, net		$ 141,498,000	$ 141,882,000
Total debt		141,498,000	142,310,000
Deferred financing fees	[1]	0	(428,000)
Notes payable, net of deferred financing fees			141,882,000
Total notes payable obligations		$ 141,498,000	141,882,000
Weighted average interest rate		5.50%
Debt subject to variable interest rate		$ 56,200,000
Northpoint Central
Debt Instrument [Line Items]
Notes payable, net		10,300
Excess principal balance		3,600,000			$ 3,600,000
Northpoint Central | Notes Payable
Debt Instrument [Line Items]
Notes payable, net	[2]	$ 10,277,000	10,602,000
Interest Rate	[2]	5.15%
Debt Instrument, Maturity Date	[2]	May 6, 2017
Chase Park Plaza Hotel and Chase—The Private Residences
Debt Instrument [Line Items]
Interest Rate		4.95%
Chase Park Plaza Hotel and Chase—The Private Residences | Notes Payable
Debt Instrument [Line Items]
Notes payable, net		$ 60,542,000	60,888,000
Interest Rate		4.95%
Debt Instrument, Maturity Date		Aug. 11, 2017
BHFS II, LLC | Notes Payable
Debt Instrument [Line Items]
Notes payable, net		$ 6,702,000	6,733,000
Interest Rate	[3]	3.00%
Variable rate basis	[3]	30-day LIBOR
Debt Instrument, Maturity Date		Feb. 1, 2018
BHFS III, LLC | Notes Payable
Debt Instrument [Line Items]
Notes payable, net		$ 6,015,000	6,044,000
Interest Rate	[3]	3.00%
Variable rate basis	[3]	30-day LIBOR
Debt Instrument, Maturity Date		Feb. 1, 2018
BHFS IV, LLC | Notes Payable
Debt Instrument [Line Items]
Notes payable, net		$ 12,496,000	12,555,000
Interest Rate	[3]	3.00%
Variable rate basis	[3]	30-day LIBOR
Debt Instrument, Maturity Date		Feb. 1, 2018
BHFS Theatre, LLC | Notes Payable
Debt Instrument [Line Items]
Notes payable, net		$ 4,677,000	4,699,000
Interest Rate	[3]	3.00%
Variable rate basis	[3]	30-day LIBOR
Debt Instrument, Maturity Date		Feb. 1, 2018
Frisco Square
Debt Instrument [Line Items]
Notes payable, net		$ 29,900
Frisco Square | LIBOR
Debt Instrument [Line Items]
Debt instrument, reference rate		0.98%
The Ablon at Frisco Square | Notes Payable
Debt Instrument [Line Items]
Notes payable, net		$ 26,300,000	26,300,000
Interest Rate	[3]	2.50%
Variable rate basis	[3]	30-day LIBOR
Debt Instrument, Maturity Date		Aug. 26, 2017
Las Colinas Commons
Debt Instrument [Line Items]
Loan balance		$ 11,300,000			11,300,000
Las Colinas Commons | Real Estate Held For Sale
Debt Instrument [Line Items]
Notes payable, net					$ 14,900,000
Minimum
Debt Instrument [Line Items]
Interest Rate		3.00%
Maximum
Debt Instrument [Line Items]
Interest Rate		15.00%
Frisco Square Investments Debtors | Notes Payable
Debt Instrument [Line Items]
Unconditionally guaranteed notes payable		$ 11,200,000
Royal Island | Notes Payable
Debt Instrument [Line Items]
Notes payable, net	[4]	$ 14,489,000	$ 14,489,000
Interest Rate	[4]	15.00%
Amount available to draw on loan				$ 14,500,000
Debt Instrument, Maturity Date	[4]	Nov. 30, 2016
[1]	Under liquidation basis of accounting, debt is no longer presented net of deferred financing fees.
[2]	We have been marketing Northpoint Central for sale, but have not received any offers above the debt balance. The loan matured on May 6, 2017, and we are currently in negotiations to transfer the asset to the lender.
[3]	30-day LIBOR was 0.98% at March 31, 2017.
[4]	In April 2016, the lenders agreed to increase the amount available to draw on the loan to $14.5 million. We received a short term extension of the loan secured by Royal Island, extending our maturity date from November 10, 2016 to November 30, 2016. The lender has not further extended the maturity date. On May 8, 2017 we sold the asset to the lender.

Notes Payable (Northborough Tow

Notes Payable (Northborough Tower Debt) (Details) - Northborough Tower - USD ($) $ in Millions	May 09, 2016	Feb. 29, 2016	Jan. 12, 2016
Debt Instrument [Line Items]
Cash reserves applied to principal of loan		$ 0.9
Excess tax reserves applied to the principal of the loan		$ 0.8
Outstanding principal balance	$ 15.9
Notes Payable
Debt Instrument [Line Items]
Interest Rate			8.67%

Notes Payable Notes Payable (Co

Notes Payable Notes Payable (Contractual Obligations) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
April 1, 2017 - December 31, 2017	$ 112,041
2,018	29,457
2,019	0
2,020	0
2,021	0
Total contractual obligations	$ 141,498	$ 142,310

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - Chase - The Private Residences - USD ($) $ in Millions	Mar. 31, 2017	Aug. 04, 2016
Commitments [Line Items]
Completion guarantee	$ 6.5
Unspent funds required to be put into escrow	125.00%
Escrow related to certain facade repairs and enhancements	$ 1.9	$ 3.1
Required escrow	$ 1.5	$ 1.5

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended
	Feb. 28, 2017	Jan. 31, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Asset management fees		$ 159,000		$ 536,000
Acquisition and advisory fees		0		0
Administrative services cost incurred		322,000		1,210,000
Property management fees		96,000		431,000
Payables to related parties			$ 579,000		$ 529,000
Liquidation Basis of Accounting [Member]
Asset management fees	$ 929,000
Administrative services cost incurred	3,431,000
Property management fees	$ 694,000
Behringer Harvard Opportunity Advisors I
Asset management fees		200,000	$ 500,000
Acquisition and advisory fees as a percentage of contract purchase price			2.50%
Acquisition and advisory fees as a percentage of funds advanced in respect of loan investment			2.50%
Debt financing fees		0		0
Advisor's operating expenses as a percentage of average invested assets			2.00%
Advisor's operating expenses as percentage of net income other than any additions to non cash reserves and any gain from sale of assets			25.00%
Obligation to reimburse advisor			$ 1,660,000
Administrative services cost incurred		100,000		400,000
Behringer Harvard Opportunity Advisors I | First Year of Any Extension | Minimum | Advisory Agreement
Extension term			120 days
Behringer Harvard Opportunity Advisors I | Extension of Three or More Years | Maximum | Advisory Agreement
Advisor's debt financing fee as a percentage of loan commitment amount			1.00%
Maximum debt financing fee for an extension of three or more years			1.00%
BH Property Management
Advisor's and property management fee as a percentage of gross revenue			4.50%
Oversight fee as a percentage of gross revenues of the property managed			0.50%
Property management fees		$ 100,000		$ 200,000
Advisor and Affiliates
Payables to related parties					$ 500,000
Related Party [Member]
Property management fees			$ 700,000
Related Party [Member] | Liquidation Basis of Accounting [Member]
Asset management fees			900,000
Administrative services cost incurred			$ 1,200,000
After Amendment
Asset management fee as a percentage of aggregate asset value of acquired real estate and real estate related assets			0.575%

Notes Payable (Ablon at Frisco

Notes Payable (Ablon at Frisco Sqaure Financing) (Details) - The Ablon at Frisco Square - USD ($) $ in Millions	Aug. 26, 2014	Mar. 31, 2017
Debt Instrument [Line Items]
Loan amount	$ 26.3
Construction Loan
Debt Instrument [Line Items]
Loan amount		$ 26.3
Extension term	12 months
LIBOR | Construction Loan
Debt Instrument [Line Items]
Variable rate basis, term	30 days
Basis spread on variable rate	2.50%

Supplemental Cash Flow Inform61

Supplemental Cash Flow Information (Schedule of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2017	Mar. 31, 2016
Non-cash investing and financing activities:
Interest paid, net of amounts capitalized	$ 472	$ 2,108
Property and equipment additions and purchases of real estate in accrued liabilities	717	257
Capital expenditures for real estate under development in accounts payable and accrued liabilities	0	847
Additions to buildings and improvements reclassified from real estate under development	0	37,110
Additions to land and land improvements reclassified from real estate under development	0	3,662
Additions to furniture, fixtures, and equipment reclassified from real estate under development	0	1,088
Amortization of deferred financing fees in properties under development	$ 0	$ 10

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands, € in Millions	May 08, 2017USD ($)	Apr. 10, 2017USD ($)	Apr. 30, 2017USD ($)	Apr. 30, 2017EUR (€)	Apr. 24, 2017USD ($)	Jan. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Apr. 20, 2017USD ($)	Mar. 31, 2017USD ($)
Subsequent Event [Line Items]
Sales of Real Estate						$ 0	$ 2,271
Real Estate Tax Expense						$ 401	$ 1,015
Frisco Square | Scenario, Forecast
Subsequent Event [Line Items]
Sales of Real Estate		$ 53,500
Earnest Money Deposit								$ 1,500
Chase Park Plaza | Scenario, Forecast
Subsequent Event [Line Items]
Sales of Real Estate					$ 87,800
Central Europe Portfolio [Member] | Subsequent Event
Subsequent Event [Line Items]
Percentage of interest sold			47.01%	47.01%
Proceeds from Divestiture of Interest in Joint Venture			$ 6,400	€ 6.1
Royal Islands [Member]
Subsequent Event [Line Items]
Loans Payable									$ 24,800
Royal Islands [Member] | Subsequent Event
Subsequent Event [Line Items]
Real Estate Tax Expense	$ 700