Behringer Harvard Opportunity REIT I (BHOR) 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 09, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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	Sep. 30, 2017USD ($)
Assets
Real estate assets	$ 58,104
Cash and cash equivalents	55,955
Restricted cash	2,962
Accounts receivable	937
Note receivable	1,500
Total Assets	119,458
Liabilities
Liability for estimated costs in excess of estimated receipts during liquidation	3,205
Accounts payable	96
Accrued and other liabilities	6,060
Total liabilities	9,361
Commitments and contingencies
Net assets in liquidation	$ 110,097

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 Stockholers' 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
Company's Stockholders' 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 deficit	(417,023)
Accumulated other comprehensive loss	(4,921)
Total Company's stockholders' equity	85,365
Noncontrolling interest	430
Total stockholders' equity	85,795
Total liabilities and stockholders' 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	8 Months Ended
	Sep. 30, 2017USD ($)
Net assets in liquidation, beginning of period	$ 109,969
Changes in net assets in liquidation	128
Net assets in liquidation, end of period	$ 110,097

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2017	Sep. 30, 2016	Sep. 30, 2016
Revenues
Rental revenue	$ 1,277	$ 3,632	$ 11,621
Hotel revenue	2,284	10,385	27,542
Condominium sale	0	0	2,271
Total revenues	3,561	14,017	41,434
Expenses
Property operating expenses	475	1,469	4,829
Hotel operating expenses	2,163	7,654	21,756
Bad debt expense (recovery)	(5)	17	43
Cost of condominium sale	0	0	2,271
Interest expense	717	2,116	7,205
Real estate taxes	401	1,058	3,073
Impairment charges	0	9,247	9,247
Property management fees	96	423	1,205
Asset management fees	159	503	1,563
General and administrative	322	1,791	4,424
Depreciation and amortization	869	2,602	7,966
Total expenses	5,197	26,880	63,582
Interest income	0	2	4
Other expense, net	0	(86)	(101)
Gain on extinguishment of debt	0	0	1,624
Loss before gain on sale of real estate, income tax expense and equity in earnings of unconsolidated joint venture	(1,636)	(12,947)	(20,621)
Gain on sale of real estate	0	0	3,025
Income tax expense	(6)	(49)	(91)
Equity in earnings of unconsolidated joint venture	25	(27)	30
Net loss	(1,617)	(13,023)	(17,657)
Net loss attributable to noncontrolling interest	35	129	438
Net loss attributable to common shareholders	$ (1,582)	$ (12,894)	$ (17,219)
Weighted average shares outstanding:
Basic and diluted	56,500	56,500	56,500
Basic and diluted loss per share	$ (0.03)	$ (0.23)	$ (0.30)
Comprehensive loss
Net loss	$ (1,617)	$ (13,023)	$ (17,657)
Other comprehensive income:
Foreign currency translation gain (loss)	342	169	482
Reclassifications to net loss:
Total other comprehensive income (loss)	342	169	482
Comprehensive loss	(1,275)	(12,854)	(17,175)
Comprehensive loss attributable to the noncontrolling interest	35	129	438
Comprehensive loss attributable to common shareholders	$ (1,240)	$ (12,725)	$ (16,737)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Stockholders' Equity - 1 months ended Jan. 31, 2017 - USD ($) $ in Thousands	Total	Convertible Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance at Dec. 31, 2016	$ 85,795	$ 0	$ 6	$ 507,303	$ (417,023)	$ (4,921)	$ 430
Balance (in shares) at Dec. 31, 2016		1,000	56,500,472
Net income (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 at Jan. 31, 2017	$ 84,520	$ 0	$ 6	$ 507,303	$ (418,605)	$ (4,579)	$ 395
Balance (in shares) at Jan. 31, 2017		1,000	56,500,472

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 31, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net loss	$ (1,617)	$ (17,657)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	871	8,019
Amortization of deferred financing fees	53	487
Gain on extinguishment of debt	0	(1,624)
Loss on retirement of asset	0	16
Gain on sale of real estate	0	(3,025)
Impairment charges	0	9,247
Bad debt (recovery) expense	(5)	43
Equity in earnings of unconsolidated joint venture	(25)	(30)
Change in operating assets and liabilities:
Accounts receivable	(201)	(37)
Condominium inventory	0	2,201
Prepaid expenses and other assets	37	773
Accounts payable	(478)	241
Accrued and other liabilities	(548)	2,599
Payables to related parties	68	(394)
Lease intangibles	4	(219)
Net cash (used in) provided by operating activities	(1,841)	640
Cash flows from investing activities:
Proceeds from sale of real estate	0	21,852
Additions of real estate and furniture, fixtures, and equipment	(262)	(9,318)
Change in restricted cash	207	(686)
Distributions from unconsolidated joint venture	0	202
Net cash (used in) provided by investing activities	(55)	12,050
Cash flows from financing activities:
Proceeds from notes payable	0	8,237
Payments on notes payable	(259)	(19,714)
Net cash used in financing activities	(259)	(11,477)
Net change in cash and cash equivalents	(2,155)	1,213
Cash and cash equivalents at beginning of the year	19,086	20,746
Cash and cash equivalents at end of the period	$ 16,931	$ 21,959

Business

Business	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	1. 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 have operated commercial real estate and real estate-related assets located in and outside the United States. Under our opportunistic and value-add investment strategy, we 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 previously acquired a wide variety of properties, including office, retail, hospitality, recreation and leisure, multifamily, industrial, and other properties. We also purchased existing and newly constructed properties and properties under development or construction. As of September 30, 2017, we wholly owned one investment property on our condensed consolidated financial statements. Our one investment property is located in Texas. 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. Our external advisor is responsible for managing our day-to-day affairs and for services related to the disposition 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 our remaining real estate investments 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	9 Months Ended
	Sep. 30, 2017
Interim Unaudited Financial Information Disclosure Abstract [Abstract]
Interim Unaudited Financial Information	Interim Unaudited Financial Information The accompanying unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, which was filed with the Securities and Exchange Commission (“SEC”) on March 22, 2017. The unaudited interim condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited condensed consolidated financial statements of Behringer Harvard Opportunity REIT I, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated balance sheet as of December 31, 2016 included herein has been derived from the consolidated balance sheet included in the Company's Annual Report on Form 10-K. The unaudited condensed consolidated statements of operations for the interim periods are not necessarily indicative of results for the full year or any other period as we are in the process of implementing the Plan of Liquidation. 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

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. 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. As a result of the approval of the Plan of Liquidation by our stockholders on January 30, 2017, our consolidated 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 Consolidated 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 Consolidated 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 consolidated balance sheet as of December 31, 2016, and the consolidated statements of operations and comprehensive loss, the consolidated statements of equity, and the consolidated statements of cash flows for the one month ended January 31, 2017 and the three and nine months ended September 30, 2016, respectively, 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. 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 values 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 we expect to incur and income we expect to earn through the estimated end of our liquidation to the extent we have 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 September 30, 2017 are included in accounts payable 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 anticipated sale dates and estimated cash flows, actual operating results and sale proceeds may differ materially from 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 Under the liquidation basis, the presentation for joint ventures historically consolidated under the going concern basis accounting are 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, if any. Amounts due to non-controlling interests in connection with the disposition of consolidated joint ventures, if any, are accrued as a liability for non-controlling interests. Consolidation and Variable Interest Entities - Going Concern Basis Operating results for the periods ended January 31, 2017 and September 30, 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 September 30, 2017, our remaining real estate investment property was adjusted to its estimated net realizable value, or liquidation value, which represents the estimated amount of cash that we expect to collect on disposal, 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 September 30, 2017, restricted cash of $ 3.0 As of September 30, 2017, accrued and other liabilities of $ 6.0 As a result of our 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	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidation Basis of Accounting	4. 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) Remeasurement Net Cash of Assets and February 1, 2017 Payments Liabilities September 30, 2017 Assets: Estimated net inflows from investments in real estate $ 359 $ (52) $ 331 $ 638 Liabilities: Liquidation transaction costs (2,985) - - (2,985) Corporate expenditures (4,360) 4,084 (582) (858) (7,345) 4,084 (582) (3,843) Total liability for estimated costs in excess of estimated receipts during liquidation $ (6,986) $ 4,032 $ (251) $ (3,205)

Net Assets in Liquidation

Net Assets in Liquidation	9 Months Ended
	Sep. 30, 2017
Net Assets in Liquidation [Abstract]
Net Assets in Liquidation	5. Net Assets in Liquidation The following is a reconciliation of equity under the going concern basis of accounting to net assets in liquidation under the liquidation basis of accounting as of February 1, 2017 (dollars in thousands): 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 Our net assets in liquidation were $ 110.1 1.95

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	9 Months Ended
	Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Assets and Liabilities Measured at Fair Value	6. 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) During the third quarter of 2016, we recorded a non-cash impairment of $ 2.2 (2) During the third quarter of 2016, we recorded a non-cash impairment of $ 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) During the third quarter of 2016, we recorded a non-cash impairment of $2.2 million on the Northpoint Central office building. (2) During the third quarter of 2016, we recorded a non-cash impairment of $7 million associated with our unconsolidated investment in the Central Europe Joint Venture. (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	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurement of Financial Instruments	7. 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	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Real Estate Investments	8. Real Estate Investments As of September 30, 2017, we wholly owned one investment property on our condensed consolidated financial statements. Approximate Rentable Square Ownership Year Property Name Location Footage Description Interest Acquired Frisco Square (1) Frisco, Texas (2) mixed-use development (retail, office, 100 % 2007 (1) See below under the caption, Frisco Square Land Sales, (2) 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, and approximately 17 acres of land. 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, an office building complex located in Irving, Texas, for a contractual sales price of approximately $ 14.3 14 1.3 14.9 11.3 3.6 Northborough Tower The non-recourse loan for Northborough Tower, an office building located in Houston, Texas, matured on January 11, 2016, and we did not repay the debt. We subsequently transferred the property to the lender via a deed in lieu of foreclosure on May 9, 2016. As a result of the transfer, we recorded a gain on extinguishment of debt of $ 1.6 14.4 2.1 Frisco Square Land Sales On May 24, 2016, we sold a 5.2 8 3.39 4.3 3.29 4.7 3.83 5 0.21 0.3 Royal Island On May 8, 2017, the Royal Island asset, located in the Commonwealth of The Bahamas, was sold to the lender. Under the contract, the purchaser agreed to pay the deferred real estate taxes and seabed leases that totaled approximately $ 0.7 25.0 87.29 12.71 The Ablon at Frisco Square On May 23, 2017, the Ablon Frisco Square Venture, in which we had a 90 275 53.5 26.3 Chase Park Plaza Hotel On June 2, 2017, we sold the Chase Park Plaza Hotel located in St. Louis, Missouri, to an unaffiliated third party at a contractual sales price of approximately $ 87.8 60.2 The Lodge and Spa at Cordillera On May 5, 2016, we executed a purchase and sale agreement for The Lodge and Spa at Cordillera, a land, hotel and development property located in Edwards, Colorado. for an initial contractual purchase price of $10.0 million, subject to five incremental increases of $0.1 million up to $10.5 million if the purchaser elected to extend the closing date. 10.5 10.6 Northpoint Central Our non-recourse debt secured by Northpoint Central, an office building located in Houston, Texas, matured on May 6, 2017 and we did not repay the debt which constituted a maturity default. Prior to the debt maturity we had actively marketed the property for sale but did not receive any offers above the loan balance. On July 4, 2017, ownership of Northpoint Central was transferred to the lender via foreclosure. Disposed Real Estate Reported in Continuing Operations The Company did not view the 2016 disposals of Las Colinas Commons and Northborough Tower as a strategic shift. Therefore, the results of operations of the properties were included in continuing operations within the accompanying condensed consolidated statements of operations through their respective dates of disposition. Net income attributable to the Company for the nine months ended September 30, 2016 related to Las Colinas Commons and Northborough Tower aggregated $ 2.7 1.3 1.6 Investment in Unconsolidated Joint Venture We had a 47.01 On June 7, 2017, we sold our ownership interest in the Central Europe Joint Venture to our joint venture partner at a contractual sales price of approximately € 6.1 6.8 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 Nine Months Ended Ended September 30, 2016 September 30, 2016 Revenue $ 1,607 $ 4,954 Operating expenses: Operating expenses 419 1,455 Property taxes 55 155 Total operating expenses 474 1,610 Operating income 1,133 3,344 Non-operating expenses: Depreciation and amortization 594 1,783 Interest and other, net 596 1,497 Total non-operating expenses 1,190 3,280 Net income $ (57) $ 64 Equity in earnings of unconsolidated joint venture (1) $ (27) $ 30 (1) Company’s share of net income.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2017
Variable Interest Entities
Variable Interest Entities	9. Variable Interest Entities Effective January 1, 2016, we 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) were 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 were no changes 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 was 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	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Notes Payable	10. Notes Payable We had no outstanding notes payable as of September 30, 2017. Description Amount Maturity Date Royal Island $ 14,489 Discharged in full on 5/8/2017 Northpoint Central 10,602 Transferred property to lender on 7/4/2017 Chase Park Plaza Hotel 60,888 Repaid in full on 6/2/2017 BHFS II, LLC 6,733 Repaid in full on 9/6/2017 BHFS III, LLC 6,044 Repaid in full on 9/6/2017 BHFS IV, LLC 12,555 Repaid in full on 9/6/2017 BHFS Theatre, LLC 4,699 Repaid in full on 9/6/2017 The Ablon at Frisco Square 26,300 Repaid in full on 5/23/2017 Total debt 142,310 Deferred financing fees (428) Total notes payable obligation $ 141,882 We had no outstanding notes payable as of September 30, 2017. Our notes payable balance as of December 31, 2016 was $ 141.9 Our Las Colinas Commons office buildings and Northpoint Central office building both served as collateral under a non-recourse loan. Under the terms of the loan, the lender required a release price payment of $ 14.9 11.3 3.6 10.0 In addition the loans for our Frisco Square mixed-use project (the BHFS Loans”) were scheduled to initially mature in February 2018 and had two one-year extension options. However, we repaid the BHFS Loans in full on September 6, 2017. Royal Island Loan In April 2016, the lender agreed to increase the amount available to draw on the Royal Island loan to $ 14.5 25.0 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 a maturity 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 Hotel Loan On August 4, 2016, we modified the Chase Park Plaza Hotel 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 continued to bear interest at 4.95 1.35 1.5 10 The modification also required the establishment of a $ 3.1 39.3 On June 2, 2017, we sold the Chase Park Plaza Hotel and in connection with the closing, a portion of the proceeds from the sale were used to pay off in full the existing indebtedness of approximately $ 60.2

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Chase Park Plaza Hotel Under the Chase Park Plaza Hotel loan agreement, the Company previously provided a completion guarantee of $ 6.5 Royal Island On May 8, 2017 the Royal Island asset was sold to its lender for discharge of all indebtedness under the loan. The proceeds from the sale were not sufficient to pay the outstanding obligations of the partnership entities that owned Royal Island. These obligations, which are non-recourse to the Company, totaled $ 3.8

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	12. 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 our 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, which was sold on May 8, 2017. The fee is payable monthly in arrears in an amount equal to one-twelfth of 0.575 0.2 0.5 1.5 We pay our external advisor acquisition and advisory fees of 2.5 2.5 The debt financing fee paid to our external 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 our 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 0.3 0.9 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 0.1 0.5 As of December 31, 2016, we had a payable to our external advisor and its affiliates of $0.5 million, which consists of accrued fees, including asset management fees, administrative service expenses, property management fees, and other miscellaneous costs payable to our external advisor and property manager. The Company accrues for the remaining costs it expects to incur through the end of its liquidation under the liquidation basis of accounting, including costs expected to be paid to its external advisor for services provided during its liquidation. These costs are included in liability for estimated costs in excess of estimated receipts during liquidation of $ 3.2 0.1 0.1 0.5 2.0 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	9 Months Ended
	Sep. 30, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	13. Supplemental Cash Flow Information Supplemental cash flow information is summarized below: One Month Nine Months Ended Ended Description January 31, 2017 September 30, 2016 Supplemental disclosure: Interest paid, net of amounts capitalized $ 472 $ 5,208 Income taxes paid, net of refunds 717 125 Non-cash investing and financing activities: Property and equipment additions and purchases of real estate in accrued liabilities - 541 Transfers from real estate under development to building and improvements - 37,110 Additions to land and land improvements reclassified from real estate under development - 3,685 Additions to furniture, fixtures, and equipment reclassified from real estate under development - 1,101 Amortization of deferred financing fees in properties under development - 10 Deed in lieu of foreclosure: Real estate and lease intangibles - 12,723 Note payable - 15,853 Other assets and liabilities, net - 1,506

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events Frisco Square On October 11, 2017, we, through various wholly owned subsidiaries, entered into an agreement (the “Agreement”) to sell our Frisco Square mixed-use project to Frisco Square Acquisition, LLC (the “Buyer”), an unaffiliated third party, for a contractual sales price of $ 55.0 0.75

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 consolidated 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 Consolidated 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 Consolidated 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 consolidated balance sheet as of December 31, 2016, and the consolidated statements of operations and comprehensive loss, the consolidated statements of equity, and the consolidated statements of cash flows for the one month ended January 31, 2017 and the three and nine months ended September 30, 2016, respectively, 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. 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 values 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 we expect to incur and income we expect to earn through the estimated end of our liquidation to the extent we have 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 September 30, 2017 are included in accounts payable 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 anticipated sale dates and estimated cash flows, actual operating results and sale proceeds may differ materially from 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 Under the liquidation basis, the presentation for joint ventures historically consolidated under the going concern basis accounting are 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, if any. Amounts due to non-controlling interests in connection with the disposition of consolidated joint ventures, if any, are accrued as a liability for non-controlling interests. Consolidation and Variable Interest Entities - Going Concern Basis Operating results for the periods ended January 31, 2017 and September 30, 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	Real Estate Liquidation Basis As of September 30, 2017, our remaining real estate investment property was adjusted to its estimated net realizable value, or liquidation value, which represents the estimated amount of cash that we expect to collect on disposal, 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	Condominium Inventory - Going Concern Basis 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	Deferred Financing Fees - Going Concern Basis 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	Restricted Cash As of September 30, 2017, restricted cash of $ 3.0
Accrued and Other Liabilities	Accrued and Other Liabilities As of September 30, 2017, accrued and other liabilities of $ 6.0
New Accounting Pronouncements	Recently Issued Accounting Pronouncements As a result of our 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)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Investments in Real Estate Assets and Intangibles	Accumulated depreciation and amortization related to our consolidated investments in real estate assets and intangibles were as follows (dollars in thousands): 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)	9 Months Ended
	Sep. 30, 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 (dollars 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	The change in liability for estimated costs in excess of estimated receipts during liquidation as of September 30, 2017 is as follows (dollars in thousands): Remeasurement Net Cash of Assets and February 1, 2017 Payments Liabilities September 30, 2017 Assets: Estimated net inflows from investments in real estate $ 359 $ (52) $ 331 $ 638 Liabilities: Liquidation transaction costs (2,985) - - (2,985) Corporate expenditures (4,360) 4,084 (582) (858) (7,345) 4,084 (582) (3,843) Total liability for estimated costs in excess of estimated receipts during liquidation $ (6,986) $ 4,032 $ (251) $ (3,205)

Net Assets in Liquidation (Tabl

Net Assets in Liquidation (Tables)	9 Months Ended
	Sep. 30, 2017
Net Assets in Liquidation [Abstract]
Net Assets in Liquidation	The following is a reconciliation of equity under the going concern basis of accounting to net assets in liquidation under the liquidation basis of accounting as of February 1, 2017 (dollars in thousands): 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)	9 Months Ended
	Sep. 30, 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 (dollars 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) During the third quarter of 2016, we recorded a non-cash impairment of $ 2.2 (2) During the third quarter of 2016, we recorded a non-cash impairment of $ 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) During the third quarter of 2016, we recorded a non-cash impairment of $2.2 million on the Northpoint Central office building. (2) During the third quarter of 2016, we recorded a non-cash impairment of $7 million associated with our unconsolidated investment in the Central Europe Joint Venture. (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)	9 Months Ended
	Sep. 30, 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 (dollars 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)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Schedule of Information About Consolidated Properties	The following table presents certain information about our remaining property as of September 30, 2017: Approximate Rentable Square Ownership Year Property Name Location Footage Description Interest Acquired Frisco Square (1) Frisco, Texas (2) mixed-use development (retail, office, 100 % 2007 (1) See below under the caption, Frisco Square Land Sales, (2) 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, and approximately 17 acres of land.
Schedule of Information About Unconsolidated Investment	The following table presents certain information about our unconsolidated investment as of December 31, 2016 (dollars 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 (dollars 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 and nine months ended September 30, 2016, respectively, as follows (dollars in thousands): Three Months Nine Months Ended Ended September 30, 2016 September 30, 2016 Revenue $ 1,607 $ 4,954 Operating expenses: Operating expenses 419 1,455 Property taxes 55 155 Total operating expenses 474 1,610 Operating income 1,133 3,344 Non-operating expenses: Depreciation and amortization 594 1,783 Interest and other, net 596 1,497 Total non-operating expenses 1,190 3,280 Net income $ (57) $ 64 Equity in earnings of unconsolidated joint venture (1) $ (27) $ 30 (1) Company’s share of net income.

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Notes Payable on Consolidated Properties	The following table sets forth our notes payable on our consolidated properties as of December 31, 2016 (dollars in thousands): Description Amount Maturity Date Royal Island $ 14,489 Discharged in full on 5/8/2017 Northpoint Central 10,602 Transferred property to lender on 7/4/2017 Chase Park Plaza Hotel 60,888 Repaid in full on 6/2/2017 BHFS II, LLC 6,733 Repaid in full on 9/6/2017 BHFS III, LLC 6,044 Repaid in full on 9/6/2017 BHFS IV, LLC 12,555 Repaid in full on 9/6/2017 BHFS Theatre, LLC 4,699 Repaid in full on 9/6/2017 The Ablon at Frisco Square 26,300 Repaid in full on 5/23/2017 Total debt 142,310 Deferred financing fees (428) Total notes payable obligation $ 141,882

Supplemental Cash Flow Inform31

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2017
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information is summarized below: One Month Nine Months Ended Ended Description January 31, 2017 September 30, 2016 Supplemental disclosure: Interest paid, net of amounts capitalized $ 472 $ 5,208 Income taxes paid, net of refunds 717 125 Non-cash investing and financing activities: Property and equipment additions and purchases of real estate in accrued liabilities - 541 Transfers from real estate under development to building and improvements - 37,110 Additions to land and land improvements reclassified from real estate under development - 3,685 Additions to furniture, fixtures, and equipment reclassified from real estate under development - 1,101 Amortization of deferred financing fees in properties under development - 10 Deed in lieu of foreclosure: Real estate and lease intangibles - 12,723 Note payable - 15,853 Other assets and liabilities, net - 1,506

Business (Narrative) (Details)

Business (Narrative) (Details)	9 Months Ended
	Sep. 30, 2017
Business
BHO, Inc., percentage ownership interest in Behringer Harvard OP I (less than)	0.10%

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Real Estate) (Details)	9 Months Ended
	Sep. 30, 2017
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	Sep. 30, 2017	Dec. 31, 2016
Real Estate
Total real estate	$ 58,104	$ 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) - USD ($) $ in Thousands	Jun. 07, 2017	Jan. 31, 2017	Feb. 22, 2016	Sep. 30, 2016	Sep. 30, 2016
Real Estate Properties [Line Items]
Sales price	$ 6,800	$ 0		$ 0	$ 2,271
Chase- The Private Residences
Real Estate Properties [Line Items]
Sales price			$ 2,500
Net proceeds			$ 2,200

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Deferred Financing Fees) (Details) $ in Thousands	Dec. 31, 2016USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net	$ 428
Deferred financing fees amortization	1,900
Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net	$ 400

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Investment Impairment) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2017	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2016
Summary of significant accounting policies
Impairment charge	$ 0	$ 9,247	$ 9,247
Northpoint Central
Summary of significant accounting policies
Impairment charge		2,200		$ 2,200
Unconsolidated Investment in Central Europe
Summary of significant accounting policies
Impairment charge		$ 7,000		7,000
Fair Value, Measurements, Nonrecurring
Summary of significant accounting policies
Impairment charge				$ 9,200

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents	$ 2,962	$ 8,406

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Accrued and other Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accrued Liabilities and Other Liabilities	$ 6,060	$ 25,254

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	9 Months Ended
	Feb. 28, 2017	Jan. 31, 2017	Sep. 30, 2016	Sep. 30, 2016
Rental revenue		$ 1,277	$ 3,632	$ 11,621
Hotel revenue		2,284	10,385	27,542
Property operating expenses		(475)	(1,469)	(4,829)
Hotel operating expenses		(2,163)	(7,654)	(21,756)
Interest expense		(717)	(2,116)	(7,205)
Real estate taxes		(401)	(1,058)	(3,073)
Property management fees		(96)	(423)	(1,205)
Asset management fees		(159)	(503)	(1,563)
General and administrative expenses		$ (322)	$ (1,791)	$ (4,424)
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	8 Months Ended
	Sep. 30, 2017USD ($)
Estimated net inflows from investments in real estate	$ 359
Estimated net inflows from investments in cash payments	(52)
Estimated net inflows from investments in remeasurement of assets and liabilities	331
Estimated net inflows from investments in real estate	638
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, February 1, 2017	(6,986)
Net Cash Payments	4,032
Remeasurement of Assets and Liabilities	(251)
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, September 30, 2017	(3,205)
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, September 30, 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	4,084
Remeasurement of Assets and Liabilities	(582)
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, September 30, 2017	(858)
Liquidation Liability [Member]
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, February 1, 2017	(7,345)
Net Cash Payments	4,084
Remeasurement of Assets and Liabilities	(582)
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities, September 30, 2017	$ (3,843)

Net Assets in Liquidation (Deta

Net Assets in Liquidation (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2017	Sep. 30, 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)	$ (3,205)
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	$ 110,097

Net Assets in Liquidation (Narr

Net Assets in Liquidation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2017	Jan. 31, 2017
Liquidation Distribution Price Per share	$ 1.95
Net Assets, Adjusted Balance	$ 110,097	$ 109,969

Assets and Liabilities Measur45

Assets and Liabilities Measured at Fair Value (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2017	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge	$ 0	$ 9,247	$ 9,247
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge				$ 9,200
Northpoint Central
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge		2,200		2,200
Unconsolidated Investment in Central Europe
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge		$ 7,000		$ 7,000

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]	During the third quarter of 2016, we recorded a non-cash impairment of $2.2 million with our Northpoint Central office building.
[2]	During the third quarter of 2016, we recorded a non-cash impairment of $7 million associated with our unconsolidated investment in the Central Europe Joint Venture.

Assets and Liabilities Measur47

Assets and Liabilities Measured at Fair Value (Level 3 Fair Value Measurements) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Buildings and improvements, net | Discounted cash flow | Level 3
Real Estate Properties [Line Items]
Assets	$ 10,584	[1]
Buildings and improvements, net | Fair Value, Measurements, Nonrecurring
Real Estate Properties [Line Items]
Assets	10,584	[2]
Buildings and improvements, net | Fair Value, Measurements, Nonrecurring | Level 3
Real Estate Properties [Line Items]
Assets	$ 10,584	[2]
Buildings and improvements, net | Fair Value, Measurements, Nonrecurring | Discounted cash flow | Level 3
Real Estate Properties [Line Items]
Discount rate	10.50%	[1]
Terminal capitalization rate	9.50%	[1]
Buildings and improvements, net | Minimum | Fair Value, Measurements, Nonrecurring | Discounted cash flow | Level 3
Real Estate Properties [Line Items]
Market rent growth	0.00%	[1]
Expense growth rate	0.00%	[1]
Buildings and improvements, net | Maximum | Fair Value, Measurements, Nonrecurring | Discounted cash flow | Level 3
Real Estate Properties [Line Items]
Market rent growth	3.00%	[1]
Expense growth rate	3.00%	[1]
Investment in unconsolidated joint venture | Market comparable | Level 3
Real Estate Properties [Line Items]
Assets	$ 7,228	[3]
Investment in unconsolidated joint venture | Fair Value, Measurements, Nonrecurring
Real Estate Properties [Line Items]
Assets	7,228	[3]
Investment in unconsolidated joint venture | Fair Value, Measurements, Nonrecurring | Level 3
Real Estate Properties [Line Items]
Assets	$ 7,228	[3]
Investment in unconsolidated joint venture | Fair Value, Measurements, Nonrecurring | Market comparable | Level 3
Real Estate Properties [Line Items]
Discount for non-controlling interest	40.00%	[3],[4]
[1]	During the third quarter of 2016, we recorded a non-cash impairment of $2.2 million on the Northpoint Central office building.
[2]	During the third quarter of 2016, we recorded a non-cash impairment of $2.2 million with our Northpoint Central office building.
[3]	During the third quarter of 2016, we recorded a non-cash impairment of $7 million associated with our unconsolidated investment in the Central Europe Joint Venture.
[4]	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 Fin48

Fair Value Measurement of Financial Instruments (Carrying Amounts of Notes Payable and Related Estimated Fair Values) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable Carrying Amount	$ 142,310
Notes payable, Fair Value	140,746
Less: unamortized debt issuance costs	(428)
Notes payable, net	$ 141,882

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Real Estate Investment) (Details) - Frisco Square	Sep. 30, 2017a	[2]
Real Estate Properties [Line Items]
Approximate Rentable Square Footage (Unaudited)	0	[1]
Ownership Interest	100.00%
[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, and approximately 17 acres of land.
[2]	See below under the caption, Frisco Square Land Sales, and Note 14 for additional information.

Real Estate Investments (Dispos

Real Estate Investments (Disposed RE Reported in Continuing Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended	12 Months Ended
	Jan. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 30, 2016	Sep. 30, 2016	Dec. 31, 2016
Real Estate Properties [Line Items]
Loss on debt extinguishment	$ 0	$ 0	$ 1,600		$ 1,624
Gain (Loss) on Sale of Properties	0				3,025
Gains (Losses) on Extinguishment of Debt from Continuing Operations	$ 0	$ 0	$ 1,600		1,624
Northborough Tower
Real Estate Properties [Line Items]
Loss on debt extinguishment						$ 1,600
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax					$ 2,700
Gains (Losses) on Extinguishment of Debt from Continuing Operations						$ 1,600
Las Colinas Commons and Northborough Tower
Real Estate Properties [Line Items]
Gain (Loss) on Sale of Properties				$ 1,300

Real Estate Investments (Real E

Real Estate Investments (Real Estate Development) (Details) - The Ablon at Frisco Square $ in Millions	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

Oct. 11, 2017USD ($)

Oct. 04, 2017USD ($)a

Jun. 07, 2017USD ($)

Jun. 02, 2017USD ($)

May 08, 2017USD ($)

Aug. 12, 2016USD ($)a

May 09, 2016USD ($)

May 05, 2016

Feb. 02, 2016USD ($)

Jun. 29, 2017USD ($)

May 23, 2017USD ($)

Mar. 28, 2017USD ($)a

Feb. 14, 2017USD ($)a

Jan. 31, 2017USD ($)

May 24, 2016USD ($)a

Sep. 30, 2016USD ($)

Sep. 30, 2016USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Real Estate Properties [Line Items]

Sales price

$ 6,800

$ 0

$ 0

$ 2,271

Gain on sale of real estate

0

3,025

Impairment charge

0

9,247

9,247

Real Estate Tax Expense

$ 401

1,058

$ 3,073

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

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]

Impairment charge

$ 2,200

$ 2,200

Excess Principal Amount Paid

$ 3,600

Northborough Tower

Real Estate Properties [Line Items]

Impairment charge

$ 2,100

Frisco Square

Real Estate Properties [Line Items]

Sales price

$ 53,500

Repayments of Secured Debt

$ 26,300

Area of land (in acres) | a

3.39

3.83

5.2

Sales of land

$ 4,300

$ 5,000

$ 4,700

$ 8,000

Equity Method Investment, Ownership Percentage

90.00%

Number of Units in Real Estate Property

275

Frisco Square | Subsequent Event

Real Estate Properties [Line Items]

Area of land (in acres) | a

0.21

Sales of land

$ 55,000

$ 300

Frisco Square | Land

Real Estate Properties [Line Items]

Area of land (in acres) | a

3.29

Royal Islands [Member]

Real Estate Properties [Line Items]

Real Estate Tax Expense

$ 700

Loans Payable

$ 25,000

Equity Method Investment, Ownership Percentage

87.29%

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

12.71%

Chase Park Plaza [Member]

Real Estate Properties [Line Items]

Sales price

$ 87,800

Repayments of Secured Debt

$ 60,200

Lodge Spa [] [Member]

Real Estate Properties [Line Items]

Loans and Leases Receivable, Description

On May 5, 2016, we executed a purchase and sale agreement for The Lodge and Spa at Cordillera, a land, hotel and development property located in Edwards, Colorado. for an initial contractual purchase price of $10.0 million, subject to five incremental increases of $0.1 million up to $10.5 million if the purchaser elected to extend the closing date.

Purchase Sale Agreement Description

In connection with the closing, we provided short-term financing in the amount of $1.5 million to the unrelated third party buyer at a fixed interest rate of 12% with monthly interest-only payments due through its maturity date of November 20, 2017.

Lodge Spa [] [Member] | Maximum

Real Estate Properties [Line Items]

Contractual Purchase Price

$ 10,500

Lodge Spa [] [Member] | Minimum

Real Estate Properties [Line Items]

Contractual Purchase Price

$ 10,600

Assets and Liabilities Transfered to Lender | Northborough Tower

Real Estate Properties [Line Items]

Assets and Liabilities Transferred Amount

$ 14,400

Real Estate Investments (Invest

Real Estate Investments (Investments in Unconsolidated Joint Venture) (Details) $ in Thousands, € in Millions		Jun. 07, 2017USD ($)	Jun. 07, 2017EUR (€)	Jan. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Carrying Value of Investment								$ 7,711
Real estate assets, net							$ 58,104	205,558
Cash and cash equivalents				$ 16,931	$ 21,959	$ 21,959	55,955	19,086	$ 20,746
Total assets							119,458	254,845
Notes payable								141,882
Total liabilities							$ 9,361	169,050
Total liabilities and equity								$ 254,845
Revenue				3,561	14,017	41,434
Depreciation and amortization				869	2,602	7,966
Interest and other, net				0	86	101
Sales price		$ 6,800		0	0	2,271
Equity in earnings of unconsolidated joint venture				$ 25	(27)	30
Central Europe Joint Venture
Real Estate Properties [Line Items]
Ownership Interest								47.01%
Carrying Value of Investment								$ 7,711
Equity Method Investment, Ownership Percentage								47.01%
Central Europe Joint Venture Property
Real Estate Properties [Line Items]
Ownership Interest		47.01%	47.01%
Sales price | €			€ 6.1
Equity Method Investment, Ownership Percentage		47.01%	47.01%
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					1,607	4,954
Operating expenses					419	1,455
Property taxes					55	155
Total operating expenses					474	1,610
Operating income					1,133	3,344
Depreciation and amortization					594	1,783
Interest and other, net					596	1,497
Total non-operating expenses					1,190	3,280
Net income					(57)	64
Equity in earnings of unconsolidated joint venture	[1]				$ (27)	$ 30
[1]	Company’s share of net income.

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Thousands	Jun. 02, 2017	May 08, 2017	Feb. 02, 2016	Dec. 31, 2016	Sep. 30, 2017	Apr. 30, 2016
Debt Instrument [Line Items]
Notes payable, net				$ 141,882
Notes payable Carrying Amount				142,310
Deferred financing fees				428
Notes payable, net of deferred financing fees				141,882
Total notes payable obligations				$ 141,882
Northpoint Central
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				Jul. 4, 2017
Northpoint Central | Notes Payable
Debt Instrument [Line Items]
Notes payable, net				$ 10,602
Chase Park Plaza Hotel and Chase—The Private Residences
Debt Instrument [Line Items]
Proceeds from sale of property	$ 60,200
Debt Instrument, Maturity Date				Jun. 2, 2017
Chase Park Plaza Hotel and Chase—The Private Residences | Notes Payable
Debt Instrument [Line Items]
Notes payable, net				$ 60,888
BHFS II, LLC
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				Sep. 6, 2017
BHFS II, LLC | Notes Payable
Debt Instrument [Line Items]
Notes payable, net				$ 6,733
BHFS III, LLC
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				Sep. 6, 2017
BHFS III, LLC | Notes Payable
Debt Instrument [Line Items]
Notes payable, net				$ 6,044
BHFS IV, LLC
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				Sep. 6, 2017
BHFS IV, LLC | Notes Payable
Debt Instrument [Line Items]
Notes payable, net				$ 12,555
BHFS Theatre, LLC
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				Sep. 6, 2017
BHFS Theatre, LLC | Notes Payable
Debt Instrument [Line Items]
Notes payable, net				$ 4,699
The Ablon at Frisco Square
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				May 23, 2017
The Ablon at Frisco Square | Notes Payable
Debt Instrument [Line Items]
Notes payable, net				$ 26,300
Las Colinas Commons
Debt Instrument [Line Items]
Proceeds from sale of property			$ 14,000
Las Colinas Commons | Notes Payable
Debt Instrument [Line Items]
Notes payable, net					$ 10,000
Deferred financing fees					3,600
Notes payable, net of deferred financing fees					11,300
Total notes payable obligations					$ 14,900
Royal Island, Northpoint Central, Chase Park Plaza Hotel, and Ablon at Frisco Square
Debt Instrument [Line Items]
Amount available to draw on loan						$ 14,500
Proceeds from sale of property		$ 25,000
Royal Island
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				May 8, 2017
Royal Island | Notes Payable
Debt Instrument [Line Items]
Notes payable, net				$ 14,489

Notes Payable (Ablon at Frisco

Notes Payable (Ablon at Frisco Sqaure Financing) (Details) - The Ablon at Frisco Square - USD ($) $ in Millions	Aug. 26, 2014	Sep. 30, 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%

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 (Chase Park Plaza

Notes Payable (Chase Park Plaza Modification) (Details) - Chase - The Private Residences - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2017	Aug. 10, 2017	Aug. 04, 2016
Debt Instrument [Line Items]
Completion guarantee		$ 6.5		$ 6.5
Unspent funds required to be put into escrow			125.00%
Interest Rate				4.95%
Required escrow				$ 1.5
Property tax abatement period	10 years
Escrow related to certain facade repairs and enhancements				$ 3.1
Construction costs, reimbursement commitment				39.30%
Notes Payable
Debt Instrument [Line Items]
Debt service coverage ratio				1.35

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2017	Aug. 04, 2016
Accrued And Other Liabilities [Member]
Commitments [Line Items]
Other Commitment	$ 3.8
Chase - The Private Residences
Commitments [Line Items]
Completion guarantee	$ 6.5	$ 6.5

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Feb. 28, 2017	Jan. 31, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Asset management fees		$ 159	$ 503		$ 1,563
Administrative services cost incurred		322	1,791		4,424
Property management fees		96	423		1,205
Payables to related parties						$ 529
Costs in Excess of Billings				$ 3,200
Liquidation Basis of Accounting [Member]
Asset management fees	$ 929
Administrative services cost incurred	3,431
Property management fees	694
Behringer Harvard Opportunity Advisors I
Asset management fees		200	500		1,500
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%
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
Administrative services cost incurred		100	300		900
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	$ 100		$ 500
Advisor and Affiliates
Payables to related parties						$ 500
Related Party [Member] | Liquidation Basis of Accounting [Member]
Asset management fees				$ 100
Administrative services cost incurred				500
Property management fees				$ 100
Advisor
Payments for Other Fees	$ 2,000
After Amendment
Asset management fee as a percentage of aggregate asset value of acquired real estate and real estate related assets				0.575%

Supplemental Cash Flow Inform60

Supplemental Cash Flow Information (Schedule of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 31, 2017	Sep. 30, 2016
Supplemental disclosure:
Interest paid, net of amounts capitalized	$ 472	$ 5,208
Income taxes paid, net of refunds	717	125
Non-cash investing and financing activities:
Property and equipment additions and purchases of real estate in accrued liabilities	0	541
Transfers from real estate under development to building and improvements	0	37,110
Additions to land and land improvements reclassified from real estate under development	0	3,685
Additions to furniture, fixtures, and equipment reclassified from real estate under development	0	1,101
Amortization of deferred financing fees in properties under development	0	10
Deed in lieu of foreclosure:
Real estate and lease intangibles	0	12,723
Note payable	0	15,853
Other assets and liabilities, net	$ 0	$ 1,506

Subsequent Events (Details)

Subsequent Events (Details) - Frisco Square - USD ($) $ in Thousands	Oct. 11, 2017	Oct. 04, 2017	Aug. 12, 2016	Mar. 28, 2017	Feb. 14, 2017	May 24, 2016
Subsequent Event [Line Items]
Sales of land			$ 4,300	$ 5,000	$ 4,700	$ 8,000
Subsequent Event
Subsequent Event [Line Items]
Sales of land	$ 55,000	$ 300
Earnest Money Deposits	$ 750