Behringer Harvard Opportunity REIT I (BHOR) 10-Q 12 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information
Entity Registrant Name	Behringer Harvard Opportunity REIT I, Inc.
Entity Central Index Key	1308711
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		56,500,472
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Real estate
Land and improvements, net	$67,561	$67,204
Buildings and improvements, net	148,269	147,801
Real estate under development	19,844	14,295
Total real estate	235,674	229,300
Condominium inventory	2,967	2,967
Cash and cash equivalents	26,344	35,015
Restricted cash	8,387	8,120
Accounts receivable, net	7,865	7,971
Prepaid expenses and other assets	1,524	1,659
Investments in unconsolidated joint ventures	13,655	15,948
Furniture, fixtures and equipment, net	2,227	2,474
Deferred financing fees, net	1,721	1,909
Lease intangibles, net	4,217	4,328
Other intangibles, net	4,653	4,801
Total assets	309,234	314,492
Liabilities and Equity
Notes payable	153,186	153,556
Accounts payable	2,397	1,927
Payables to related parties	752	1,122
Acquired below-market leases, net	1,002	1,084
Accrued and other liabilities	23,954	22,765
Total liabilities	181,291	180,454
Commitments and contingencies
Behringer Harvard Opportunity REIT I, Inc. Equity:
Preferred stock, $.0001 par value per share; 50,000,000 shares authorized, none outstanding	0	0
Convertible stock, $.0001 par value per share; 1,000 shares authorized, 1,000 shares issued and outstanding	0	0
Common stock, $.0001 par value per share; 350,000,000 shares authorized, and 56,500,472 shares issued and outstanding at March 31, 2015 and December 31, 2014	6	6
Additional paid-in capital	507,303	507,303
Accumulated distributions and net loss	-376,366	-372,071
Accumulated other comprehensive income (loss)	-4,018	-1,817
Total Behringer Harvard Opportunity REIT I, Inc. equity	126,925	133,421
Noncontrolling interest	1,018	617
Total equity	127,943	134,038
Total liabilities and equity	$309,234	$314,492

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares outstanding	0	0
Convertible stock, par value (in dollars per share)	$0.00	$0.00
Convertible stock, shares authorized	1,000	1,000
Convertible stock, shares issued	1,000	1,000
Convertible stock, shares outstanding	1,000	1,000
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	56,500,472	56,500,472
Common stock, stares outstanding	56,500,472	56,500,472

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues
Rental revenue	$4,727	$4,965
Hotel revenue	7,298	7,453
Total revenues	12,025	12,418
Expenses
Property operating expenses	1,889	1,836
Hotel operating expenses	6,324	6,215
Bad debt expense (recovery)	132	-35
Interest expense	2,098	2,413
Real estate taxes	598	937
Property management fees	412	389
Asset management fees	568	564
General and administrative	1,041	1,265
Depreciation and amortization	3,171	3,057
Total expenses	16,233	16,641
Interest income	5	12
Other expense net	-61	0
Loss before income tax expense and equity in losses of unconsolidated joint ventures	-4,264	-4,211
Income tax expense	-36	-32
Equity in losses of unconsolidated joint ventures	-92	-27
Net loss	-4,392	-4,270
Net loss attributable to the noncontrolling interest	97	97
Net loss attributable to common shareholders	-4,295	-4,173
Weighted average shares outstanding:
Basic and diluted (in shares)	56,500	56,500
Basic and diluted loss per share (in dollars per share)	($0.08)	($0.07)
Comprehensive income (loss)
Net loss	-4,392	-4,270
Other comprehensive income (loss):
Foreign currency translation loss	-2,201	-23
Reclassification of unrealized loss on interest rate derivatives to net loss	0	22
Total other comprehensive loss	-2,201	-1
Comprehensive loss	-6,593	-4,271
Comprehensive loss attributable to the noncontrolling interest	97	96
Comprehensive loss attributable to common shareholders	-6,496	-4,175
Reclassifications to net income:		$22

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Equity (USD $)	Total	Common Stock	Additional Paid-In Capital	Accumulated Distributions and Net Loss	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Convertible Stock
In Thousands, except Share data, unless otherwise specified	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)
Balance at Dec. 31, 2013	$159,370	$6	$505,167	($348,541)	$366	$2,372
Balance (in shares) at Dec. 31, 2013		56,500,472					1,000
Increase (Decrease) in Stockholders' Equity
Net loss	-4,270			-4,173		-97
Contributions from noncontrolling interest	18					18
Other comprehensive loss:
Foreign currency translation loss	-23				-23	0
Reclassification of unrealized loss on interest rate derivatives to net loss	22				21	1
Balance at Mar. 31, 2014	155,117	6	505,167	-352,714	364	2,294
Balance (in shares) at Mar. 31, 2014		56,500,472					1,000
Balance at Dec. 31, 2014	134,038	6	507,303	-372,071	-1,817	617
Balance (in shares) at Dec. 31, 2014		56,500,472					1,000
Increase (Decrease) in Stockholders' Equity
Net loss	-4,392			-4,295		-97
Contributions from noncontrolling interest	498					498
Other comprehensive loss:
Foreign currency translation loss	-2,201				-2,201	0
Balance at Mar. 31, 2015	$127,943	$6	$507,303	($376,366)	($4,018)	$1,018
Balance (in shares) at Mar. 31, 2015		56,500,472					1,000

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($4,392)	($4,270)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,110	2,977
Amortization of deferred financing fees	166	196
Bad debt expense (recovery)	132	-35
Equity in losses of unconsolidated joint ventures	92	27
Loss on derivatives	0	22
Change in operating assets and liabilities:
Accounts receivable	-25	-663
Prepaid expenses and other assets	141	253
Accounts payable	0	-78
Accrued and other liabilities	757	-694
Payables to related parties	-370	322
Lease intangibles	-234	-30
Cash used in operating activities	-623	-1,973
Cash flows from investing activities:
Additions of property and equipment	-7,950	-1,658
Change in restricted cash	-268	245
Cash used in investing activities	-8,218	-1,413
Cash flows from financing activities:
Proceeds from notes payable	0	548
Payments on notes payable	-328	-320
Contributions from noncontrolling interest holders	498	18
Cash provided by financing activities	170	246
Net change in cash and cash equivalents	-8,671	-3,140
Cash and cash equivalents at beginning of the year	35,015	36,796
Cash and cash equivalents at end of the period	$26,344	$33,656

Business

Business	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business
	Behringer Harvard Opportunity REIT I, Inc. (which may be referred to as the “Company,” “we,” “us,” or “our”) was incorporated in November 2004 as a Maryland corporation and has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes.
	We operate commercial real estate and real estate-related assets located in and outside the United States. With our opportunistic and value-add investment strategy, we have focused generally on acquiring properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment, or repositioning, or those located in markets and submarkets with higher volatility, lower barriers to entry, and high growth potential.  We have acquired a wide variety of properties, including office, retail, hospitality, recreation and leisure, multifamily, industrial, and other properties.  We have purchased existing and newly constructed properties and properties under development or construction.  As of March 31, 2015, we wholly owned four properties and consolidated three properties through investments in joint ventures on our condensed consolidated balance sheet.  We are the mezzanine lender for one multifamily property.  In addition, we have a noncontrolling, unconsolidated ownership interest in a joint venture consisting of 20 properties that is accounted for using the equity method.  Substantially all of our business is conducted through Behringer Harvard Opportunity OP I, LP, a Texas limited partnership organized in November 2004 (“Behringer Harvard OP I”), or its subsidiaries.  Our wholly owned subsidiary, BHO, Inc., a Delaware corporation, owns less than a 0.1% interest in Behringer Harvard OP I as its sole general partner.  The remaining interest of Behringer Harvard OP I is held as a limited partnership interest by our wholly owned subsidiary, BHO Business Trust, a Maryland business trust. We have entered our disposition phase and are currently considering liquidity options for our stockholders. Therefore, we are not actively seeking to purchase additional properties. We will seek stockholder approval prior to liquidating our entire portfolio. Our investment properties are located in Colorado, Missouri, Nevada, Texas, The Commonwealth of The Bahamas, the Czech Republic, Poland, and Slovakia.
	We are externally managed and advised by Behringer Harvard Opportunity Advisors I, LLC (“Behringer Harvard Opportunity Advisors I” or the “Advisor”), a Texas limited liability company.  Behringer Harvard Opportunity Advisors I is responsible for managing our day-to-day affairs and for identifying and making acquisitions, dispositions, and investments on our behalf.
	Presentation of Financial Statements
	Our financial statements are presented on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business as we proceed through our disposition phase.  As is usual for opportunity-style real estate investment programs, we are structured as a finite-life entity, and have entered the final phase of operations.  This phase includes selling our assets, retiring our liabilities, and distributing net proceeds to stockholders.  We have experienced significant losses and may generate negative cash flows as mortgage note obligations and expenses exceed revenues.   If we are unable to sell a property when we determine to do so, it could have a significant adverse effect on our cash flows that are necessary to meet our mortgage obligations and our ability to satisfy our other liabilities in the normal course of business.
	Our ability to continue as a going concern is dependent upon our ability to sell real estate investments, to pay down debt as it matures if extensions or new financings are unavailable, and our ability to fund ongoing costs of our Company, including our development and operating properties.

Interim_Unaudited_Financial_In

Interim Unaudited Financial Information	3 Months Ended
	Mar. 31, 2015
Interim Unaudited Financial Information
Interim Unaudited Financial Information	Interim Unaudited Financial Information
	The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission (“SEC”) on March 18, 2015.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted in this report on Form 10-Q pursuant to the rules and regulations of the SEC.
	The results for the interim periods shown in this report are not necessarily indicative of future financial results.  The accompanying condensed consolidated balance sheet as of March 31, 2015, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2015 and 2014, and the condensed consolidated statements of equity and cash flows for the three months ended March 31, 2015 and 2014 have not been audited by our independent registered public accounting firm.  In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary to fairly present our condensed consolidated financial position as of March 31, 2015 and our condensed consolidated results of operations, equity, and cash flows for the periods ended March 31, 2015 and 2014.  Such adjustments are normal and recurring in nature.
	As discussed in Note 6, Real Estate Investments, subheading Discontinued Operations and Real Estate Held for Sale, effective January 1, 2015, we adopted the Financial Accounting Standards Board ("FASB") guidance that changes the criteria for reporting a discontinued operation. This adoption impacts the comparability of our financial statements as disposals of individual operating properties will generally no longer qualify as discontinued operations.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	Described below are certain of our significant accounting policies.  The disclosures regarding several of the policies have been condensed or omitted in accordance with interim reporting regulations specified by Form 10-Q.  Please see our Annual Report on Form 10-K for a complete listing of all of our significant accounting policies.
	In the Notes to Condensed Consolidated Financial Statements, all dollar and share amounts in tabulation are in thousands of dollars and shares, respectively, unless otherwise noted.
	Principles of Consolidation and Basis of Presentation
	Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries over which we have control.  All inter-company transactions, balances, and profits have been eliminated in consolidation.  Interests in entities acquired will be evaluated based on applicable GAAP, which includes the requirement to consolidate entities deemed to be variable interest entities (“VIE”) in which we are the primary beneficiary.  If the interest in the entity is determined not to be a VIE, then the entity will be evaluated for consolidation based on legal form, economic substance, and the extent to which we have control and/or substantive participating rights under the respective ownership agreement.
	There are judgments and estimates involved in determining if an entity in which we have made an investment is a VIE and, if so, whether we are the primary beneficiary.  The entity is 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 involves 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 result 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
	We amortize the value of in-place leases, in-place tenant improvements and in-place leasing commissions to expense over the initial term of the respective leases.  The tenant relationship values are amortized to expense over the initial term and any anticipated renewal periods, but in no event does the amortization period for intangible assets or liabilities exceed the remaining depreciable life of the building.  Should a tenant terminate its lease, the unamortized portion of the acquired lease intangibles related to that tenant would be charged to expense.  As of March 31, 2015, the estimated remaining average useful lives for acquired lease intangibles range from less than 1 year to less than 8 years.
	Anticipated amortization expense associated with the acquired lease intangibles for each of the following five years as of March 31, 2015 is as follows (in thousands):
	Year	Lease
		Intangibles
	April 1, 2015 - December 31, 2015	$	228
	2016	300
	2017	300
	2018	127
	2019	41
	Accumulated depreciation and amortization related to our consolidated investments in real estate assets and intangibles were as follows (in thousands):
	31-Mar-15	Buildings and Improvements			Land and Improvements			Lease Intangibles			Acquired Below-Market Leases			Other Intangibles
	Cost	$	198,132		$	69,351		$	11,501		$	(3,312	)	$	9,627
	Less: depreciation and amortization	(49,863		)	(1,790		)	(7,284		)	2,310			(4,974		)
	Net	$	148,269		$	67,561		$	4,217		$	(1,002	)	$	4,653
	December 31, 2014	Buildings and Improvements			Land and Improvements			Lease Intangibles			Acquired Below-Market Leases			Other Intangibles
	Cost	$	195,348		$	68,915		$	11,329		$	(3,312	)	$	9,626
	Less: depreciation and amortization	(47,547		)	(1,711		)	(7,001		)	2,228			(4,825		)
	Net	$	147,801		$	67,204		$	4,328		$	(1,084	)	$	4,801
	Real Estate Held for Sale and Discontinued Operations
	We classify properties as held for sale when certain criteria are met, in accordance with GAAP.  At that time, we present the assets and obligations of the property held for sale separately in our consolidated balance sheet and we cease recording depreciation and amortization expense related to that property.  Properties held for sale are reported at the lower of their carrying amount or their estimated fair value, less estimated costs to sell.  We had no properties classified as held for sale at March 31, 2015 and December 31, 2014.
	Effective January 1, 2015, we adopted the revised guidance in Accounting Standards Update No. 2014-08 regarding the reporting of discontinued operations. For sales of real estate or assets classified as held for sale after January 1, 2015, we will evaluate whether a disposal transaction meets the criteria of a strategic shift and will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations.
	Condominium Inventory
	For condominium inventory, at each reporting date, management compares the estimated fair value less costs to sell to the carrying value.  An adjustment is recorded to the extent that the fair value less selling costs is less than the carrying value.  We determine the estimated fair value of condominiums based on comparable sales in the normal course of business under existing and anticipated market conditions.  This evaluation takes into consideration estimated future selling prices, costs incurred to date, estimated additional future costs, and management’s plans for the property. We currently have one remaining condominium unit in inventory at Chase — The Private Residences.
	Accounts Receivable
	Accounts receivable primarily consist of straight-line rental revenue receivables of $5.7 million and $5.9 million as of March 31, 2015 and December 31, 2014, respectively, and receivables from our hotel operators and tenants related to our other consolidated properties of $2.5 million and $2.3 million as of March 31, 2015 and December 31, 2014, respectively.  The allowance for doubtful accounts was $0.3 million and $0.2 million as of March 31, 2015 and December 31, 2014, respectively.
	Investment Impairment
	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, as well as a panel of asset managers and a financial analyst of the Advisor, 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.
	We also evaluate our investments in notes receivable as of each reporting date. If we believe that it is probable we will not collect all principal and interest in accordance with the terms of the notes, we consider the loan impaired. When evaluating loans for potential impairment, we compare the carrying amount of the loans to the present value of future cash flows discounted at the loan's effective interest rate, or, if a loan is collateral dependent, to the estimated fair value of the related collateral net of any senior loans. For impaired loans, a provision is made for loan losses to adjust the reserve for loan losses. The reserve for loan losses is a valuation allowance that reflects our current estimate of loan losses as of the balance sheet date. The reserve is adjusted through the provision for loan losses account on our condensed consolidated statements of operations.
	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 investments in unconsolidated joint ventures 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.
	The value of our properties held for development depends on market conditions, including estimates of the project start date, as well as estimates of future demand for the property type under development. We have analyzed trends and other information related to each potential development and incorporated this information, as well as our current outlook, into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the estimation process with respect to impairments, including the fact that limited market information regarding the value of comparable land exists at this time, it is possible actual results could differ substantially from those estimated.
	We believe the carrying value of our operating real estate assets, our properties under development, investments in unconsolidated joint ventures, and notes receivable is currently recoverable. However, if market conditions worsen beyond our current expectations, or if our assumptions regarding expected future cash flows from the use and eventual disposition of our assets decrease or our expected hold periods decrease, or if changes in our development strategy significantly affect any key assumptions used in our fair value calculations, we may need to take additional charges in future periods for impairments related to existing assets. Any such non-cash charges would have an adverse effect on our consolidated financial position and results of operations.
	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 purchase price allocation for real estate acquisitions, impairment of long-lived assets, depreciation and amortization, allowance for doubtful accounts, and allowance for loan losses.  Actual results could differ from those estimates.
	Subsequent Events
	We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements.
	New Accounting Pronouncements
	In March 2013, the FASB issued Accounting Standards Update No. 2013-05 (“ASU 2013-05”), Foreign Currency Matters, Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.  ASU 2013-05 specifies that a cumulative translation adjustment (“CTA”) should be released into earnings when an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a consolidated foreign entity and the sale or transfer results in the complete or substantially complete liquidation of the foreign entity. For sales of an equity method investment that is a foreign entity, a pro rata portion of CTA attributable to the investment would be recognized in earnings when the investment is sold. When an entity sells either a part or all of its investment in a consolidated foreign entity, CTA would be recognized in earnings only if the sale results in the parent no longer having a controlling financial interest in the foreign entity. ASU 2013-05 is effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years beginning after December 15, 2014, and interim and annual periods thereafter. ASU 2013-05 should be applied prospectively to derecognition events occurring after the effective date. Early adoption is permitted. The Company adopted ASU 2013-05 effective January 1, 2015. We will follow the guidance in ASU 2013-05 when we recognize sales of properties in our unconsolidated joint venture, Central Europe Joint Venture, which is our only foreign investment. The adoption of this guidance did not have a material impact on our consolidated financial position, results of operations, or cash flows.
	In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (“ASU 2014-08”), Presentation of Financial Statements and Property, Plant, and Equipment (Topics 205 and 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.  The updated guidance revised the definition of a discontinued operation by limiting discontinued operations reporting to disposals of components of an entity that represent a strategic shift, or change in the entity’s strategy, that has, or will have, a major effect on an entity’s operations and financial results. This guidance applies to a component of an entity or a group of components of an entity classified as held for sale or disposed of by sale or by means other than a sale, such as an abandonment. Examples of a strategic shift could include a disposal of all assets in a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity. In addition, ASU 2014-08 requires expanded disclosures for discontinued operations so users of the financial statements will be provided with more information about the assets, liabilities, revenues and expenses of discontinued operations. ASU 2014-08 is effective prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued or available for issuance. The Company adopted ASU 2014-08 effective January 1, 2015. As a result of this adoption, the results of operations and gains on sales of real estate for disposals from January 1, 2015 forward which do not meet the criteria of a strategic shift that has or will have a major effect on our operations and financial results will be presented as continuing operations in our consolidated statements of operations. Any sales of real estate prior to January 1, 2015, which have been reported in discontinued operations in prior reporting periods, will continue to be reported as discontinued operations. We believe future sales of our individual operating properties will no longer qualify as discontinued operations.
	In May 2014, the FASB issued an update (“ASU 2014-09”) to ASC Topic 606, Revenue from Contracts with Customers.  ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance.  ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures.  ASU 2014-09 was effective for interim and annual reporting periods beginning after December 15, 2016 for public companies. For nonpublic entities, the updated guidance was effective for annual reporting periods beginning after December 15, 2017 and for interim periods within annual periods beginning after December 15, 2018. In April 2015, the FASB tentatively decided to defer for one year the effective date of the new revenue standard for public and nonpublic entities reporting under U.S. GAAP. Either full retrospective adoption or modified retrospective adoption is permitted. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.
	In July 2014, the FASB issued an update (“ASU 2014-15”), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management's assessment of a company's ability to continue as a going concern and provide related footnote disclosures when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. ASU 2014-15 applies to all companies and is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. We are currently evaluating the impact of the adoption of ASU 2014-15 on our consolidated financial statements.
	In January 2015, the FASB issued an update (“ASU 2015-01”) to ASC Topic 225, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. ASU 2015-01 eliminates the concept of an extraordinary item from U.S. GAAP. An entity is no longer required to (i) segregate an extraordinary item from the results of ordinary operations; (ii) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; and (iii) disclose income taxes and earnings per share data applicable to an extraordinary item. ASU 2015-01 does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in occurrence. ASU 2015-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2015-01 on our consolidated financial statements.
	In February 2015, the FASB issued an update (“ASU No. 2015-02”) to ASC Topic 810, Amendments to the Consolidation Analysis, which improves targeted areas of the consolidation guidance and reduces the number of consolidation models. The amendments in ASU 2015-02 are effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements.

Assets_and_Liabilities_Measure

Assets and Liabilities Measured at Fair Value

3 Months Ended

Mar. 31, 2015

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Assets and Liabilities Measured at Fair Value

Assets and Liabilities Measured at Fair Value

Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability.  As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy) has been established.

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access.  Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals.  Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity’s own assumptions, as there is little, if any, related market activity.  In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.  Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Recurring Fair Value Measurements

Historically, we have used interest rate caps to manage our interest rate risk.  The valuation of these instruments was determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative.  This analysis reflected the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves, implied volatilities, and foreign currency exchange rates.

As of March 31, 2015 and December 31, 2014, we had no derivatives.

Nonrecurring Fair Value Measurements

We recorded no non-cash impairment charges during the three months ended March 31, 2015.

Due to a change in the estimated hold period of our Northborough Tower office building, we evaluated the asset for recoverability, and as a result, recorded a non-cash impairment of $9.4 million during the year ended December 31, 2014. This change was based on the commercial real estate market conditions in Houston, Texas, where our Northborough office building is located, which are not expected to recover within our estimated hold period.

The inputs used to calculate the fair value of this asset included bona fide purchase offers, or the expected sales price of an executed sales agreement and market comparables. The market comparable estimate is considered Level 3 under the fair value hierarchy described above.

The following fair value hierarchy table presents information about our Northborough asset measured at fair value on a nonrecurring basis during the year ended December 31, 2014 (in thousands):

As of December 31, 2014

Level 1

Level 2

Level 3

Total

Loss(1)

Fair Value

Assets

Buildings and improvements, net

$

—

$

—

$

19,397

$

19,397

$

(9,371

)

Quantitative Information about Level 3 Fair Value Measurements

Description

Fair Value

Valuation

Unobservable Input

Range

at December 31, 2014 (in 000s)

Techniques

(Weighted Average)

Buildings and improvements, net

$

19,397

Discounted cash flow

Discount rate

9.75%

Terminal capitalization rate

8.75%

Market rent growth

0% - 3.00%

Expense growth rate

0% - 3.00%

________________________________

-1

In the fourth quarter of 2014, we recorded an impairment of $9.4 million associated with our Northborough office building.

There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the three months ended March 31, 2015 and the year ended December 31, 2014.

Fair_Value_Measurement_of_Fina

Fair Value Measurement of Financial Instruments	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurement of Financial Instruments	Fair Value Measurement of Financial Instruments
	We determined the following disclosure of estimated fair values using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop the related estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.
	As of March 31, 2015 and December 31, 2014, management estimated that the carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses, other liabilities, payables/receivables from related parties, and distributions payable were at amounts that reasonably approximated their fair value based on their highly liquid nature and/or short-term maturities, and the carrying value of notes receivable reasonably approximated fair value based on expected interest rates for notes to similar borrowers with similar terms and remaining maturities.
	The notes payable totaling $153.2 million as of March 31, 2015 and $153.6 million as of December 31, 2014, with balances, net of unamortized premium, of $153 million and $153.4 million, respectively, have a fair value of approximately $154 million and $154.3 million, respectively. 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.
	The fair value estimates presented herein are based on information available to our management as of March 31, 2015 and December 31, 2014. 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, and current estimates of fair value may differ significantly from the amounts presented herein.

Real_Estate_Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments
	As of March 31, 2015, we wholly owned four properties and consolidated three properties through investments in joint ventures on our condensed consolidated balance sheets.  We are the mezzanine lender for one multifamily property.  In addition, we have a noncontrolling, unconsolidated ownership interest in a joint venture consisting of 20 properties that are accounted for using the equity method.  Capital contributions, distributions, and profits and losses of these properties are allocated in accordance with the terms of the applicable partnership agreement.
	The following table presents certain information about our consolidated properties as of March 31, 2015:
	Property Name		Location		Approximate			Description	Ownership			Year
					Rentable				Interest			Acquired
					Square
					Footage
	Chase Park Plaza		St. Louis, Missouri		—			hotel and condominium development property	100%		-1	2006
	Las Colinas Commons		Irving, Texas		239,000			3-building office complex	100%			2006
	Frisco Square		Frisco, Texas		-2			mixed-use development (multifamily, retail, office, restaurant and land)	-2			2007
	Northpoint Central		Houston, Texas		180,000			9-story office building	100%			2007
	The Lodge & Spa at Cordillera		Edwards, Colorado		—			land, hotel and development property	94%			2007
	Northborough Tower		Houston, Texas		207,000			14-story office building	100%			2008
	Royal Island(3)		Commonwealth of Bahamas		—			land	87%			2012
	_________________________________
	-1	On August 5, 2014, we received the 5% interests of Chase Park Plaza Hotel and Chase — The Private Residences held by Kingsdell, L.P. and now own 100% of the entities.
	-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, approximately 27 acres of land which we own 100%, and a 3.4 acre multifamily project in development in which we own a 90% interest.
	-3	Our initial investment in Royal Island was made in May 2007. We consolidated Royal Island as of June 6, 2012 when we obtained all of the outstanding shares of Royal Island (Australia) Pty Limited. A third party indirectly owns 12.71% of Royal Island.
	Real Estate Development
	The Ablon at Frisco Square
	On August 26, 2014, we contributed 3.4 acres of land held by our Frisco Square mixed-use project to The Ablon at Frisco Square, LLC (“Ablon Frisco Square Venture”), a special purpose entity in which we own a 90% limited partnership interest. The venture was formed to construct a 275-unit multifamily project. Construction on the development began on September 2, 2014. Total construction costs are expected to be approximately $42.1 million. Concurrently with the land contribution, we closed on a $26.3 million construction loan. See Note 7, Notes Payable, for additional information.
	Discontinued Operations and Real Estate Held for Sale
	Effective January 1, 2015, we adopted the provisions of FASB guidance in ASU 2014-08, issued in April 2014, regarding the reporting of discontinued operations. As a result of this adoption, the results of operations and gains on sales of real estate for disposals from January 1, 2015 forward which do not meet the criteria of a strategic shift that has or will have a major effect on our operations and financial results will be presented as continuing operations in our consolidated statements of operations. We believe future sales of our individual operating properties will no longer qualify as discontinued operations.
	We had no properties classified as held for sale at March 31, 2015 and December 31, 2014.
	Investment in Unconsolidated Joint Venture
	The following table presents certain information about our unconsolidated investment as of March 31, 2015 and December 31, 2014 ($ in thousands):
			Ownership			Carrying Value of Investment
	Property Name		Interest			31-Mar-15			December 31, 2014
	Central Europe Joint Venture		47.01	%		$	13,655		$	15,948
	Our investment in the unconsolidated joint venture as of March 31, 2015 and December 31, 2014 consisted of our proportionate share of the combined assets and liabilities of our investment property, shown at 100%, as follows (in thousands):
			31-Mar-15				December 31, 2014
	Real estate assets, net		$	77,645			$	88,681
	Cash and cash equivalents		4,061				3,872
	Other assets		1,415				1,872
	Total assets		$	83,121			$	94,425
	Notes payable		$	57,994			$	65,373
	Other liabilities		2,179				3,239
	Total liabilities		60,173				68,612
	Equity		22,948				25,813
	Total liabilities and equity		$	83,121			$	94,425
	Our equity in earnings and losses from our investment is our proportionate share of the combined earnings and (losses) of our unconsolidated joint venture for the three months ended March 31, 2015 and 2014, shown at 100%, as follows (in thousands):
		Three Months Ended March 31,
		2015				2014
	Revenue	$	2,243			$	2,808
	Operating expenses:
	Operating expenses	509				655
	Property taxes	68				83
	Total operating expenses	577				738
	Operating income	1,666				2,070
	Non-operating expenses:
	Depreciation and amortization	886				1,124
	Impairment charges	—				—
	Interest and other, net	1,054				1,003
	Gain on sale	(78		)		—
	Total non-operating expenses	1,862				2,127
	Net loss	$	(196	)		$	(57	)
	Equity in losses of unconsolidated joint ventures(1)	$	(92	)		$	(27	)
	________________________________
	-1	Company’s share of net income (loss).
	On February 1, 2015, one of the Central Europe Joint Venture properties was sold for €0.7 million or $0.9 million. We recognized our portion of the net gain of less than €0.1 million (or less than $0.1 million) as equity in earnings of unconsolidated joint venture during the three months ended March 31, 2015. The net proceeds to the joint venture, after the repayment of debt and closing costs, were approximately €0.2 million. All U.S. dollars related to this sale are based on the exchange rate in effect on February 1, 2015.

Notes_Payable

Notes Payable	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Notes Payable	Notes Payable
	The following table sets forth our notes payable on our consolidated properties at March 31, 2015 and December 31, 2014 ($ in thousands):
			Notes Payable as of
	Description		31-Mar-15		December 31, 2014		Interest Rate	Maturity Date
	Northborough Tower		$	18,932	$	19,071	5.67%	1/11/16
	Royal Island		13,872		13,872		15.00%	10/10/16
	Northpoint Central		15,509		15,574		5.15%	5/9/17
	Las Colinas Commons		11,437		11,484		5.15%	5/9/17
	Chase Park Plaza Hotel and Chase — The Private Residences		62,500		62,500		4.95%(2)	8/11/17
	BHFS II, LLC		6,943		6,962		30-day LIBOR + 3%(1)	2/1/18
	BHFS III, LLC		6,224		6,250		30-day LIBOR + 3%(1)	2/1/18
	BHFS IV, LLC		12,929		12,983		30-day LIBOR + 3%(1)	2/1/18
	BHFS Theatre, LLC		4,840		4,860		30-day LIBOR + 3%(1)	2/1/18
			$	153,186	$	153,556
	_________________________________
	-1	30-day LIBOR was 0.18% at March 31, 2015.
	Our notes payable balance was $153.2 million at March 31, 2015, as compared to $153.6 million at December 31, 2014, and consisted of new financing and loan assumptions related to our consolidated property acquisitions.
	Each of our notes payable is collateralized by one or more of our properties.  At March 31, 2015, our notes payable interest rates ranged from 3.2% to 15%, with a weighted average interest rate of approximately 5.6%.  Of our $153.2 million in notes payable at March 31, 2015, $30.9 million represented debt subject to variable interest rates.  At March 31, 2015, our notes payable had maturity dates that ranged from January 2016 to February 2018.  We have unconditionally guaranteed payment of the notes payable related to the four loan tranches associated with our Frisco Square investment (the “BHFS Loans”) up to $11.2 million.  The BHFS Loans had an outstanding balance at March 31, 2015 of $30.9 million.
	New Financing and Modification
	On August 26, 2014, the Ablon Frisco Square Venture obtained a $26.3 million construction loan. The loan incurs interest at 30-day LIBOR plus 2.5% and has a 3-year term with two 12-month extensions available. Payments of interest-only are required during the initial 3-year term. Equity of $15.8 million must be contributed to the project before any draws under the loan. As of March 31, 2015, the partners have funded $13.1 million of equity (which includes land) towards the construction. We have not drawn any funds under the construction loan to date. Our joint venture partner, or one of its affiliates, has provided the completion guaranty and any other carve-out guaranties for the construction loan.
	The following table summarizes our aggregate contractual obligations for principal payments as of March 31, 2015 (in thousands):
	Principal Payments Due:		Amount
	April 1, 2015 - December 31, 2015		$	1,833
	2016		35,871
	2017		85,914
	2018		29,422
	2019		—
	Total contractual obligations		153,040
	Unamortized premium		146
	Total		$	153,186

Derivative_Instruments_and_Hed

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities
	We may be exposed to the risk associated with variability of interest rates that might impact our cash flows and the results of operations.  Our hedging strategy of entering into interest rate caps and swaps, therefore, has been to eliminate or reduce, to the extent possible, the volatility of cash flows.
	In November 2011, we entered into an interest rate cap agreement related to the debt on our Chase Park Plaza Hotel and Chase—The Private Residences. We refinanced this debt on August 11, 2014 and the interest rate cap was cancelled. The new loan bears interest at a fixed rate of 4.95%; therefore, we will not enter into an interest rate cap agreement for this loan.
	We had no derivative instruments as of March 31, 2015 and December 31, 2014.  During the three months ended March 31, 2014, we recorded a reclassification of unrealized loss of less than $0.1 million to interest expense to adjust the carrying amount of the interest rate caps qualifying as non-hedges at March 31, 2014.
	For the three months ended March 31, 2014, we recorded a loss of less than $0.1 million in the condensed consolidated statements of operations and comprehensive loss for our derivative financial instruments not designated as hedging instruments. Amounts related to interest rate derivative contracts are included in interest expense. There was no gain or loss recorded for the three months ended March 31, 2015.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	Frisco Square
	In connection with our investment in the Frisco Square property, we are responsible, through our wholly owned subsidiaries who hold title to the Frisco Square property, for half of the bond debt service related to the $12.5 million of bonds (the “Bond Obligation”) the City of Frisco issued to fund public improvements within the Frisco Square Management District (the “MMD”).  For each $1 million increase in assessed value for the real property within the MMD above $125 million, the Bond Obligation will be reduced by 0.5% and will be terminated at $225 million of real property values.  The total outstanding Bond Obligation at March 31, 2015 and December 31, 2014 was $4.7 million and $5.1 million, respectively.
	Although, as described above, we are ultimately responsible for half of the bond debt service, the Frisco Square Property Owner’s Association (the “POA”) has the authority to assess its members for various monetary obligations related to the Frisco Square development, including the Bond Obligation, based upon the value of the real property and real property improvements.  We are not the sole member of the POA.  The annual bond debt service assessed by the POA is approximately $0.4 million. For the year ended December 31, 2015, we estimate our annual pro rata share of the expense at approximately $0.1 million. For the three months ended March 31, 2015, we expensed less than $0.1 million related to bond debt service, which is included in the accompanying condensed consolidated statements of operations and other comprehensive loss.
	We are also obligated to construct a minimum of two parking garages with 720 spaces by February 1, 2018 (the “Parking Obligation”). The City of Frisco has secured the Bond Obligation and the Parking Obligation by placing liens on the vacant land held by our indirect, wholly owned Frisco Square subsidiaries. In the event we sell all or a part of the vacant land, 33% of the net sales proceeds are to be deposited into an escrow account for the benefit of the City of Frisco to secure the Parking Obligations until the amount in the escrow is $7 million. Currently, the escrow account balance for the Parking Obligation is $1.4 million. The book value of the vacant land is approximately $22.3 million. On February 4, 2014, the City of Frisco amended the Parking Obligation with respect to its lien on the vacant land. Under the amended Parking Obligation, if we contribute land for the development of a garage (the “Gearbox Garage”) and build two additional garages that provide at least 108 parking spaces that are open and free to the public at all times, the City of Frisco will not require any further escrow of funds from the sale of the Frisco Square land and will release the lien on the Frisco Square land. As discussed in Note 6, Real Estate Investments, on June 13, 2014, we sold 1.62 acres of land to an unrelated third party for a building and parking garage development (the “Gearbox” development) and escrowed $0.6 million of the proceeds from the sale. Concurrently, we contributed 1.66 acres of land for the development of the Gearbox Garage. We agreed to contribute approximately $1.7 million to build 152 additional spaces. The funds for the spaces and related infrastructure costs were placed in an escrow account in December 2014 and are drawn as construction on the garage is completed. As of March 31, 2015, we have $1 million in the escrow account for the Gearbox Garage.
	On August 7, 2014, Ablon Frisco Square Venture, a special purpose entity in which we own a 90% limited partnership investment, executed a $33.2 million general construction contract for a 275-unit multifamily development located in Frisco Square. Construction commenced on September 2, 2014.
	Also, on September 2, 2014, we commenced construction on the public structured garage. We anticipate completing the Ablon Frisco Square Venture multifamily garage and the public structured garage in the fourth quarter of 2015, which, along with the completion of the Gearbox garage, would fulfill our Parking Obligation with the City of Frisco.
	Chase Park Plaza Hotel
	On February 19, 2013, Chase Park Plaza Hotel, LLC (“Plaintiff”) filed suit against James L. Smith, Francine V. Smith, Marcia Smith Niedringhaus, Kingsdell L.P., IFC, Inc. and CWE Hospitality Services, LLC (“CWE”) (collectively, the “Smith Defendants”) in the 22nd Judicial Circuit Court of the City of St. Louis, Missouri to take over control of the hotel and against the former manager for damages associated with his theft and mismanagement.  A temporary restraining order (“TRO”) was entered the same day terminating the hotel operating agreement between CWE and Kingsdell and the lease between Plaintiff, as lessor, and Kingsdell, as lessee, of the Chase Park Plaza Hotel and ordering Plaintiff to take immediate and exclusive possession of the Chase Park Plaza Hotel real property, improvements, and personal property.  The TRO also ordered the Smith Defendants to turn over the property, keys, books, records, licenses, and permits to Plaintiff.
	The Smith Defendants countersued for wrongful termination and a termination fee.  Plaintiff amended its petition to add as parties, based on civil conspiracy and tortious interference with contracts causes of action, claims against the Smith Defendants’ attorneys and accountants.  The case as to the Smith Defendants was settled on August 5, 2014, resulting in CPPH, our wholly owned subsidiary, obtaining the Smith Defendants’ 5% ownership interest in the hotel. As of April 30, 2015, the case as to all of the Smith Defendants was settled.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions
	Behringer Harvard Opportunity Advisors I and certain of its affiliates receive fees and compensation in connection with the acquisition, financing, management, and sale of our assets.
	Since our inception, the Advisor or its predecessors have been responsible for managing our day-to-day affairs and for, among other things, identifying and making acquisitions and other investments on our behalf.  Our relationship with the Advisor, including the fees paid by us to the Advisor or the reimbursement of expenses by us for amounts paid, or incurred by the Advisor, on our behalf is governed by an advisory management agreement that has been in place since September 20, 2005 and amended at various times thereafter.  We are currently party to the Third Amended and Restated Advisory Management Agreement (the "Advisory Agreement") which became effective May 15, 2013 and was set to expire May 15, 2014. On May 6, 2014, the Advisory Agreement was renewed on the same terms for a term of one year, effective May 15, 2014 with an expiration date of May 15, 2015.
	During the three months ended March 31, 2015 and 2014, Behringer Harvard Opportunity Advisors I received an asset management fee of 0.575% of the aggregate asset value of acquired real estate and real estate-related assets other than Alexan Black Mountain and Royal Island. The fee is payable monthly in arrears in an amount equal to one-twelfth of 0.575% of the aggregate asset value as of the last day of the month.  For the three months ended March 31, 2015 and 2014, we incurred $0.6 million of asset management fees.
	Behringer Harvard Opportunity Advisors I, or its affiliates, receive acquisition and advisory fees of 2.5% of the contract purchase price of each asset for the acquisition, development or construction of real property or 2.5% of the funds advanced in respect of a loan investment. For the three months ended March 31, 2015 and 2014, we incurred no acquisition and advisory fees.
	Under the Advisory Agreement, the debt financing fee paid to the Advisor for a Loan (as defined in the Advisory Agreement) will be 1% of the loan commitment amount.  Amounts due to the Advisor for a Revised Loan (as defined in the agreement) will be 40 basis points of the loan commitment amount for the first year of any extension (provided the extension is for at least 120 days), an additional 30 basis points for the second year of an extension, and another 30 basis points for the third year of an extension in each case, prorated for any extension period less than a full year.  The maximum debt financing fee for any extension of three or more years is 1% of the loan commitment amount. We did not incur any debt financing fees for the three months ended March 31, 2015 and 2014.
	We reimburse Behringer Harvard Opportunity Advisors I or its affiliates 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 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:  (1) 2% of our average invested assets or (2) 25% of our net income for that four quarter period other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and any gain from the sale of our assets for that period.  Notwithstanding the preceding sentence, we may reimburse the Advisor for expenses in excess of this limitation if a majority of our independent directors determines that such excess expenses are justified based on unusual and non-recurring factors.  We do not reimburse our Advisor for the salaries and benefits that our Advisor or its affiliates pay to our named executive officers.  For the three months ended March 31, 2015 and 2014, we incurred costs for administrative services of $0.2 million and $0.3 million, respectively.
	We pay our property manager and affiliate of the Advisor, Behringer Harvard Opportunity Management Services, LLC or its affiliates (collectively, “BH Property Management”), fees for management, leasing, and maintenance supervision of our properties.  Such fees are equal to 4.5% of gross revenues plus leasing commissions based upon the customary leasing commission applicable to the same geographic location of the respective property.  We will pay BH Property Management an oversight fee equal to 0.5% of gross revenues of the property managed if we contract directly with a non-affiliated third-party property manager in respect of the property.  In no event will we pay both a property management fee and an oversight fee to BH Property Management with respect to any particular property.  If we own a property through a joint venture that does not pay BH Property Management directly for its services, we will pay BH Property Management a management fee or oversight fee, as applicable, based only on our economic interest in the property.  We incurred property management fees or oversight fees of $0.2 million during the three months ended March 31, 2015 and 2014.
	At March 31, 2015 and December 31, 2014, we had a payable to our Advisor and its affiliates of $0.8 million and $1.1 million, respectively. These balances consist of accrued fees, including asset management fees, administrative service expenses, property management fees and other miscellaneous costs payable to Behringer Harvard Opportunity Advisors I and BH Property Management.
	We are dependent on Behringer Harvard Opportunity Advisors I and BH Property Management 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_Informa

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information
	Supplemental cash flow information is summarized below:
		Three months ended March 31,
	Description	2015			2014
	Supplemental disclosure:
	Interest paid, net of amounts capitalized	$	1,180		$	1,770
	Non-cash investing and financing activities:
	Property and equipment additions and purchases of real estate in accrued liabilities	1,681			1,341
	Capital expenditures for real estate under development in accounts payable and accrued liabilities	2,516			29
	Additions to buildings and improvements reclassified from real estate under development	(2,508		)	—
	Amortization of deferred financing fees in properties under development	22			—

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Real Estate	Real Estate
	We amortize the value of in-place leases, in-place tenant improvements and in-place leasing commissions to expense over the initial term of the respective leases.  The tenant relationship values are amortized to expense over the initial term and any anticipated renewal periods, but in no event does the amortization period for intangible assets or liabilities exceed the remaining depreciable life of the building.  Should a tenant terminate its lease, the unamortized portion of the acquired lease intangibles related to that tenant would be charged to expense.  As of March 31, 2015, the estimated remaining average useful lives for acquired lease intangibles range from less than 1 year to less than 8 years.
Condominium Inventory	Condominium Inventory
	For condominium inventory, at each reporting date, management compares the estimated fair value less costs to sell to the carrying value.  An adjustment is recorded to the extent that the fair value less selling costs is less than the carrying value.  We determine the estimated fair value of condominiums based on comparable sales in the normal course of business under existing and anticipated market conditions.  This evaluation takes into consideration estimated future selling prices, costs incurred to date, estimated additional future costs, and management’s plans for the property. We currently have one remaining condominium unit in inventory at Chase — The Private Residences.
Accounts Receivable	Accounts Receivable
	Accounts receivable primarily consist of straight-line rental revenue receivables
Investment Impairment	Investment Impairment
	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, as well as a panel of asset managers and a financial analyst of the Advisor, 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.
	We also evaluate our investments in notes receivable as of each reporting date. If we believe that it is probable we will not collect all principal and interest in accordance with the terms of the notes, we consider the loan impaired. When evaluating loans for potential impairment, we compare the carrying amount of the loans to the present value of future cash flows discounted at the loan's effective interest rate, or, if a loan is collateral dependent, to the estimated fair value of the related collateral net of any senior loans. For impaired loans, a provision is made for loan losses to adjust the reserve for loan losses. The reserve for loan losses is a valuation allowance that reflects our current estimate of loan losses as of the balance sheet date. The reserve is adjusted through the provision for loan losses account on our condensed consolidated statements of operations.
	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 investments in unconsolidated joint ventures 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.
	The value of our properties held for development depends on market conditions, including estimates of the project start date, as well as estimates of future demand for the property type under development. We have analyzed trends and other information related to each potential development and incorporated this information, as well as our current outlook, into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the estimation process with respect to impairments, including the fact that limited market information regarding the value of comparable land exists at this time, it is possible actual results could differ substantially from those estimated.
	We believe the carrying value of our operating real estate assets, our properties under development, investments in unconsolidated joint ventures, and notes receivable is currently recoverable. However, if market conditions worsen beyond our current expectations, or if our assumptions regarding expected future cash flows from the use and eventual disposition of our assets decrease or our expected hold periods decrease, or if changes in our development strategy significantly affect any key assumptions used in our fair value calculations, we may need to take additional charges in future periods for impairments related to existing assets. Any such non-cash charges would have an adverse effect on our consolidated financial position and results of operations.
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 purchase price allocation for real estate acquisitions, impairment of long-lived assets, depreciation and amortization, allowance for doubtful accounts, and allowance for loan losses.  Actual results could differ from those estimates.
Subsequent Events	Subsequent Events
	We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements.
New Accounting Pronouncements	New Accounting Pronouncements
	In March 2013, the FASB issued Accounting Standards Update No. 2013-05 (“ASU 2013-05”), Foreign Currency Matters, Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.  ASU 2013-05 specifies that a cumulative translation adjustment (“CTA”) should be released into earnings when an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a consolidated foreign entity and the sale or transfer results in the complete or substantially complete liquidation of the foreign entity. For sales of an equity method investment that is a foreign entity, a pro rata portion of CTA attributable to the investment would be recognized in earnings when the investment is sold. When an entity sells either a part or all of its investment in a consolidated foreign entity, CTA would be recognized in earnings only if the sale results in the parent no longer having a controlling financial interest in the foreign entity. ASU 2013-05 is effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years beginning after December 15, 2014, and interim and annual periods thereafter. ASU 2013-05 should be applied prospectively to derecognition events occurring after the effective date. Early adoption is permitted. The Company adopted ASU 2013-05 effective January 1, 2015. We will follow the guidance in ASU 2013-05 when we recognize sales of properties in our unconsolidated joint venture, Central Europe Joint Venture, which is our only foreign investment. The adoption of this guidance did not have a material impact on our consolidated financial position, results of operations, or cash flows.
	In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (“ASU 2014-08”), Presentation of Financial Statements and Property, Plant, and Equipment (Topics 205 and 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.  The updated guidance revised the definition of a discontinued operation by limiting discontinued operations reporting to disposals of components of an entity that represent a strategic shift, or change in the entity’s strategy, that has, or will have, a major effect on an entity’s operations and financial results. This guidance applies to a component of an entity or a group of components of an entity classified as held for sale or disposed of by sale or by means other than a sale, such as an abandonment. Examples of a strategic shift could include a disposal of all assets in a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity. In addition, ASU 2014-08 requires expanded disclosures for discontinued operations so users of the financial statements will be provided with more information about the assets, liabilities, revenues and expenses of discontinued operations. ASU 2014-08 is effective prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued or available for issuance. The Company adopted ASU 2014-08 effective January 1, 2015. As a result of this adoption, the results of operations and gains on sales of real estate for disposals from January 1, 2015 forward which do not meet the criteria of a strategic shift that has or will have a major effect on our operations and financial results will be presented as continuing operations in our consolidated statements of operations. Any sales of real estate prior to January 1, 2015, which have been reported in discontinued operations in prior reporting periods, will continue to be reported as discontinued operations. We believe future sales of our individual operating properties will no longer qualify as discontinued operations.
	In May 2014, the FASB issued an update (“ASU 2014-09”) to ASC Topic 606, Revenue from Contracts with Customers.  ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance.  ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures.  ASU 2014-09 was effective for interim and annual reporting periods beginning after December 15, 2016 for public companies. For nonpublic entities, the updated guidance was effective for annual reporting periods beginning after December 15, 2017 and for interim periods within annual periods beginning after December 15, 2018. In April 2015, the FASB tentatively decided to defer for one year the effective date of the new revenue standard for public and nonpublic entities reporting under U.S. GAAP. Either full retrospective adoption or modified retrospective adoption is permitted. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.
	In July 2014, the FASB issued an update (“ASU 2014-15”), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management's assessment of a company's ability to continue as a going concern and provide related footnote disclosures when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. ASU 2014-15 applies to all companies and is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. We are currently evaluating the impact of the adoption of ASU 2014-15 on our consolidated financial statements.
	In January 2015, the FASB issued an update (“ASU 2015-01”) to ASC Topic 225, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. ASU 2015-01 eliminates the concept of an extraordinary item from U.S. GAAP. An entity is no longer required to (i) segregate an extraordinary item from the results of ordinary operations; (ii) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; and (iii) disclose income taxes and earnings per share data applicable to an extraordinary item. ASU 2015-01 does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in occurrence. ASU 2015-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2015-01 on our consolidated financial statements.
	In February 2015, the FASB issued an update (“ASU No. 2015-02”) to ASC Topic 810, Amendments to the Consolidation Analysis, which improves targeted areas of the consolidation guidance and reduces the number of consolidation models. The amendments in ASU 2015-02 are effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Schedule of anticipated amortization expense associated with the acquired lease intangibles and acquired other intangible assets	Anticipated amortization expense associated with the acquired lease intangibles for each of the following five years as of March 31, 2015 is as follows (in thousands):
	Year	Lease
		Intangibles
	April 1, 2015 - December 31, 2015	$	228
	2016	300
	2017	300
	2018	127
	2019	41
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 (in thousands):
	31-Mar-15	Buildings and Improvements			Land and Improvements			Lease Intangibles			Acquired Below-Market Leases			Other Intangibles
	Cost	$	198,132		$	69,351		$	11,501		$	(3,312	)	$	9,627
	Less: depreciation and amortization	(49,863		)	(1,790		)	(7,284		)	2,310			(4,974		)
	Net	$	148,269		$	67,561		$	4,217		$	(1,002	)	$	4,653
	December 31, 2014	Buildings and Improvements			Land and Improvements			Lease Intangibles			Acquired Below-Market Leases			Other Intangibles
	Cost	$	195,348		$	68,915		$	11,329		$	(3,312	)	$	9,626
	Less: depreciation and amortization	(47,547		)	(1,711		)	(7,001		)	2,228			(4,825		)
	Net	$	147,801		$	67,204		$	4,328		$	(1,084	)	$	4,801

Assets_and_Liabilities_Measure1

Assets and Liabilities Measured at Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Schedule of assets measured at fair value on a nonrecurring basis

The following fair value hierarchy table presents information about our Northborough asset measured at fair value on a nonrecurring basis during the year ended December 31, 2014 (in thousands):

As of December 31, 2014

Level 1

Level 2

Level 3

Total

Loss(1)

Fair Value

Assets

Buildings and improvements, net

$

—

$

—

$

19,397

$

19,397

$

(9,371

)

Schedule of Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information about Level 3 Fair Value Measurements

Description

Fair Value

Valuation

Unobservable Input

Range

at December 31, 2014 (in 000s)

Techniques

(Weighted Average)

Buildings and improvements, net

$

19,397

Discounted cash flow

Discount rate

9.75%

Terminal capitalization rate

8.75%

Market rent growth

0% - 3.00%

Expense growth rate

0% - 3.00%

________________________________

-1

In the fourth quarter of 2014, we recorded an impairment of $9.4 million associated with our Northborough office building.

Real_Estate_Investments_Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Schedule of information about consolidated properties	The following table presents certain information about our consolidated properties as of March 31, 2015:
	Property Name		Location		Approximate			Description	Ownership			Year
					Rentable				Interest			Acquired
					Square
					Footage
	Chase Park Plaza		St. Louis, Missouri		—			hotel and condominium development property	100%		-1	2006
	Las Colinas Commons		Irving, Texas		239,000			3-building office complex	100%			2006
	Frisco Square		Frisco, Texas		-2			mixed-use development (multifamily, retail, office, restaurant and land)	-2			2007
	Northpoint Central		Houston, Texas		180,000			9-story office building	100%			2007
	The Lodge & Spa at Cordillera		Edwards, Colorado		—			land, hotel and development property	94%			2007
	Northborough Tower		Houston, Texas		207,000			14-story office building	100%			2008
	Royal Island(3)		Commonwealth of Bahamas		—			land	87%			2012
	_________________________________
	-1	On August 5, 2014, we received the 5% interests of Chase Park Plaza Hotel and Chase — The Private Residences held by Kingsdell, L.P. and now own 100% of the entities.
	-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, approximately 27 acres of land which we own 100%, and a 3.4 acre multifamily project in development in which we own a 90% interest.
	-3	Our initial investment in Royal Island was made in May 2007. We consolidated Royal Island as of June 6, 2012 when we obtained all of the outstanding shares of Royal Island (Australia) Pty Limited. A third party indirectly owns 12.71% of Royal Island.
Schedule of information about unconsolidated investments	Investment in Unconsolidated Joint Venture
	The following table presents certain information about our unconsolidated investment as of March 31, 2015 and December 31, 2014 ($ in thousands):
			Ownership			Carrying Value of Investment
	Property Name		Interest			31-Mar-15			December 31, 2014
	Central Europe Joint Venture		47.01	%		$	13,655		$	15,948
Schedule of proportionate share of combined assets and liabilities of investment properties	Our investment in the unconsolidated joint venture as of March 31, 2015 and December 31, 2014 consisted of our proportionate share of the combined assets and liabilities of our investment property, shown at 100%, as follows (in thousands):
			31-Mar-15				December 31, 2014
	Real estate assets, net		$	77,645			$	88,681
	Cash and cash equivalents		4,061				3,872
	Other assets		1,415				1,872
	Total assets		$	83,121			$	94,425
	Notes payable		$	57,994			$	65,373
	Other liabilities		2,179				3,239
	Total liabilities		60,173				68,612
	Equity		22,948				25,813
	Total liabilities and equity		$	83,121			$	94,425
Schedule of proportionate share of combined losses of unconsolidated joint ventures	Our equity in earnings and losses from our investment is our proportionate share of the combined earnings and (losses) of our unconsolidated joint venture for the three months ended March 31, 2015 and 2014, shown at 100%, as follows (in thousands):
		Three Months Ended March 31,
		2015				2014
	Revenue	$	2,243			$	2,808
	Operating expenses:
	Operating expenses	509				655
	Property taxes	68				83
	Total operating expenses	577				738
	Operating income	1,666				2,070
	Non-operating expenses:
	Depreciation and amortization	886				1,124
	Impairment charges	—				—
	Interest and other, net	1,054				1,003
	Gain on sale	(78		)		—
	Total non-operating expenses	1,862				2,127
	Net loss	$	(196	)		$	(57	)
	Equity in losses of unconsolidated joint ventures(1)	$	(92	)		$	(27	)
	________________________________
	-1	Company’s share of net income (loss).

Notes_Payable_Tables

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of notes payable of the properties	The following table sets forth our notes payable on our consolidated properties at March 31, 2015 and December 31, 2014 ($ in thousands):
			Notes Payable as of
	Description		31-Mar-15		December 31, 2014		Interest Rate	Maturity Date
	Northborough Tower		$	18,932	$	19,071	5.67%	1/11/16
	Royal Island		13,872		13,872		15.00%	10/10/16
	Northpoint Central		15,509		15,574		5.15%	5/9/17
	Las Colinas Commons		11,437		11,484		5.15%	5/9/17
	Chase Park Plaza Hotel and Chase — The Private Residences		62,500		62,500		4.95%(2)	8/11/17
	BHFS II, LLC		6,943		6,962		30-day LIBOR + 3%(1)	2/1/18
	BHFS III, LLC		6,224		6,250		30-day LIBOR + 3%(1)	2/1/18
	BHFS IV, LLC		12,929		12,983		30-day LIBOR + 3%(1)	2/1/18
	BHFS Theatre, LLC		4,840		4,860		30-day LIBOR + 3%(1)	2/1/18
			$	153,186	$	153,556
	_________________________________
	-1	30-day LIBOR was 0.18% at March 31, 2015.
Schedule of aggregate contractual obligations for principal	The following table summarizes our aggregate contractual obligations for principal payments as of March 31, 2015 (in thousands):
	Principal Payments Due:		Amount
	April 1, 2015 - December 31, 2015		$	1,833
	2016		35,871
	2017		85,914
	2018		29,422
	2019		—
	Total contractual obligations		153,040
	Unamortized premium		146
	Total		$	153,186

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information	Supplemental cash flow information is summarized below:
		Three months ended March 31,
	Description	2015			2014
	Supplemental disclosure:
	Interest paid, net of amounts capitalized	$	1,180		$	1,770
	Non-cash investing and financing activities:
	Property and equipment additions and purchases of real estate in accrued liabilities	1,681			1,341
	Capital expenditures for real estate under development in accounts payable and accrued liabilities	2,516			29
	Additions to buildings and improvements reclassified from real estate under development	(2,508		)	—
	Amortization of deferred financing fees in properties under development	22			—

Business_Details

Business (Details)	3 Months Ended
	Mar. 31, 2015
Wholly owned properties
Real Estate Properties [Line Items]
Number of properties	4
Wholly owned properties | Equity method investments | Noncontrolling Interest | Maximum
Real Estate Properties [Line Items]
BHO, Inc., ownership interest in Behringer Harvard OP I (less than, percent)	0.10%
Consolidated properties
Real Estate Properties [Line Items]
Number of properties	3
Multifamily Property
Real Estate Properties [Line Items]
Number of properties to which the entity is a mezzanine lender	1
Unconsolidated properties | Equity method investments | Noncontrolling Interest
Real Estate Properties [Line Items]
Number of properties	20

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Lease/Other Intangibles
April 1, 2015 - December 31, 2015	228
2016	300
2017	300
2018	127
2019	41
Lease acquired in-place | Minimum
Leases
Estimated useful lives	1 year
Lease acquired in-place | Maximum
Leases
Estimated useful lives	8 years

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Real Estate
Total real estate	$235,674	$229,300
Lease intangibles, net	4,217	4,328
Other intangibles, net	4,653	4,801
Acquired below-market leases, net	-1,002	-1,084
Lease Intangibles
Real Estate
Cost	11,501	11,329
Less: depreciation and amortization	-7,284	-7,001
Lease intangibles, net	4,217	4,328
Acquired Below-Market Leases
Real Estate
Cost	-3,312	-3,312
Less: depreciation and amortization	2,310	2,228
Acquired below-market leases, net	-1,002	-1,084
Other Intangibles
Real Estate
Cost	9,627	9,626
Less: depreciation and amortization	-4,974	-4,825
Other intangibles, net	4,653	4,801
Buildings and Improvements
Real Estate
Cost	198,132	195,348
Less: depreciation and amortization	-49,863	-47,547
Total real estate	148,269	147,801
Land and Improvements
Real Estate
Cost	69,351	68,915
Less: depreciation and amortization	-1,790	-1,711
Total real estate	$67,561	$67,204

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 3) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Accounts Receivable
Straight-line rental revenue	$5.70	$5.90
Accounts receivable from hotel operators and tenants related to consolidated properties	2.5	2.3
Allowance for doubtful accounts receivable	$0.30	$0.20
Chase - The Private Residences
Condominium Inventory
Finished condominium inventory	1

Assets_and_Liabilities_Measure2

Assets and Liabilities Measured at Fair Value (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Assets and liabilities measured at fair value
Impairment charges	$0
Prepaid expenses and other assets
Assets and liabilities measured at fair value
Number of derivative instruments held	0	0
Buildings and Improvements | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis		19,397,000
Buildings and Improvements | Discounted Cash Flow [Member] | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis		19,397,000
Discount Rate		9.75%
Terminal cap rate		8.75%
Minimum | Buildings and Improvements | Discounted Cash Flow [Member] | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Market rent growth		0.00%
Expense growth rate		0.00%
Maximum | Buildings and Improvements | Discounted Cash Flow [Member] | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Market rent growth		3.00%
Expense growth rate		3.00%
Level 1 | Buildings and Improvements | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis		0
Level 2 | Buildings and Improvements | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis		0
Level 3 | Buildings and Improvements | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis		19,397,000
Changes Measurement [Member] | Buildings and Improvements | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis		($9,371,000)

Fair_Value_Measurement_of_Fina1

Fair Value Measurement of Financial Instruments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Notes payable	$153,200,000	$153,600,000
Notes payable, net of unamortized premium	153,040,000	153,400,000
Notes payable, fair value	$154,000,000	$154,300,000

Real_Estate_Investments_Detail

Real Estate Investments (Details)

0 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

In Millions, unless otherwise specified

Feb. 01, 2015

Mar. 31, 2015

Aug. 07, 2014

Mar. 31, 2015

Aug. 26, 2014

Aug. 07, 2014

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Jun. 13, 2014

Mar. 31, 2015

Jun. 13, 2014

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Feb. 01, 2015

Feb. 01, 2015

Mar. 31, 2015

Mar. 31, 2015

EUR (€)

Investment in notes receivable

The Ablon at Frisco Square

The Ablon at Frisco Square

The Ablon at Frisco Square

The Ablon at Frisco Square

Chase Park Plaza

Las Colinas Commons

Northpoint Central

Northborough Tower

The Lodge & Spa at Cordillera

Frisco Square

Frisco Square

Frisco Square

Frisco Square

Frisco Square

Frisco Square

Royal Island

Wholly owned properties

Consolidated properties

Unconsolidated properties

Central Europe Joint Venture

Central Europe Joint Venture

Central Europe Joint Venture

Central Europe Joint Venture

property

USD ($)

USD ($)

USD ($)

unit

sqft

sqft

sqft

USD ($)

acre

acre

Office space

Retail space

Movie theater

property

property

Equity method investments

USD ($)

EUR (€)

USD ($)

EUR (€)

acre

acre

unit

sqft

sqft

sqft

Noncontrolling Interest

unit

property

Real Estate Properties [Line Items]

Number of properties

1

4

3

20

Approximate rentable square footage

239,000

180,000

207,000

101,000

71,000

41,500

Number of units in multifamily project

275

275

114

Estimated future construction costs

$42.10

Construction loan, face amount

26.3

Ownership Interest (as a percent)

100.00%

100.00%

100.00%

100.00%

94.00%

100.00%

87.00%

Ownership interest in the joint venture, non-controlling interest (as a percent)

12.71%

Area of land sold (acres)

27

1.62

Ownership interest, limited partnership investment

90.00%

General construction contract

33.2

Sale of land

0.9

0.7

Real estate sale proceeds placed in escrow

0.6

Gain on sale of real estate

0.1

0.1

Area of land, contributed (acres)

3.4

3.4

1.66

Net proceeds from sale of real estate

€ 0.20

Real_Estate_Investments_Detail1

Real Estate Investments (Details 2)	0 Months Ended	3 Months Ended				3 Months Ended		3 Months Ended				3 Months Ended	12 Months Ended				3 Months Ended			0 Months Ended		3 Months Ended
	Feb. 01, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015	Aug. 05, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2014	Mar. 31, 2015	Mar. 31, 2015	Jun. 13, 2014	Mar. 31, 2015	Aug. 26, 2014	Mar. 31, 2015	Feb. 01, 2015	Feb. 01, 2015	Mar. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
	EUR (€)	USD ($)	USD ($)	USD ($)	USD ($)	Frisco Square	Chase Park Plaza Hotel LLC	Investment in unconsolidated joint ventures	Investment in unconsolidated joint ventures	Investment in unconsolidated joint ventures	BHFS I, LLC (Land)	Northborough Tower	Northborough Tower	Northborough Tower	Frisco Square	Frisco Square	The Ablon at Frisco Square	The Ablon at Frisco Square	Royal Island	Central Europe Joint Venture	Central Europe Joint Venture	Central Europe Joint Venture	Central Europe Joint Venture	Central Europe Joint Venture	Chase Park Plaza
						USD ($)		USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)			acre	acre	acre		USD ($)	EUR (€)	USD ($)	EUR (€)	USD ($)
Schedule of Equity Method Investments [Line Items]
Land Available for Development											$22,300,000
Interest and Debt Expense						100,000
Ownership interest, limited partnership investment																	90.00%
Percentage of voting interests acquired							5.00%
Ownership interest percentage																						47.01%	47.01%
Carrying Value of Investment		13,655,000		15,948,000																		13,655,000		15,948,000
Ownership Interest (as a percent)														100.00%	100.00%				87.00%						100.00%
Area of land, contributed (acres)																1.66	3.4	3.4
Combined assets and liabilities of investment properties
Real estate assets, net		235,674,000		229,300,000				77,645,000		88,681,000
Cash and cash equivalents		26,344,000	33,656,000	35,015,000	36,796,000			4,061,000		3,872,000
Other assets								1,415,000		1,872,000
Total assets		309,234,000		314,492,000				83,121,000		94,425,000
Notes payable		153,186,000		153,556,000				57,994,000		65,373,000
Other liabilities								2,179,000		3,239,000
Total liabilities		181,291,000		180,454,000				60,173,000		68,612,000
Equity								22,948,000		25,813,000
Total liabilities and equity		309,234,000		314,492,000				83,121,000		94,425,000
Combined losses of investments
Revenue		12,025,000	12,418,000					2,243,000	2,808,000
Operating expenses:
Operating expenses								509,000	655,000
Property taxes								68,000	83,000
Total operating expenses								577,000	738,000
Operating income								1,666,000	2,070,000
Non-operating expenses:
Depreciation and amortization		-3,171,000	-3,057,000					886,000	1,124,000
Impairment charges		0						0	0			-9,400,000	-9,400,000
Interest and other, net								1,054,000	1,003,000
Gain on sale								-78,000	0
Total non-operating expenses								1,862,000	2,127,000
Net income (loss)								-196,000	-57,000
Equity in earnings (losses) of unconsolidated joint ventures		-92,000	-27,000					-92,000	-27,000
Sales of real estate																				900,000	700,000
Gain on sale of real estate																						100,000	100,000
Net proceeds from sale of real estate	€ 200,000

Notes_Payable_Details

Notes Payable (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Aug. 26, 2014	Dec. 31, 2014	Aug. 08, 2014
Notes Payable
Notes payable	$153,186,000			$153,556,000
Repayment of notes payable	328,000	320,000
Notes and loan payable	153,200,000			153,600,000
Weighted average interest rate (as a percent)	5.60%
Notes payable subject to variable rate	30,900,000
Aggregate contractual obligations for principal
April 1, 2015 - December 31, 2015	1,833,000
2015	35,871,000
2016	85,914,000
2017	29,422,000
2018	0
Total contractual obligations	153,040,000			153,400,000
Unamortized premium	146,000
Loan balance	153,186,000			153,556,000
Minimum
Notes Payable
Notes payable, interest rates (as a percent)	3.20%
Maximum
Notes Payable
Notes payable, interest rates (as a percent)	15.00%
BHFS, LLC
Notes Payable
Notes payable	30,900,000
Aggregate contractual obligations for principal
Loan balance	30,900,000
The Ablon at Frisco Square
Notes Payable
Debt instrument, face amount			26,300,000
Equity contributions required prior to drawing loan proceeds			15,800,000
Partners' equity contributions	13,100,000
The Ablon at Frisco Square | Construction Loan
Notes Payable
Note payable, term			3 years
Number of extension options			2
Note payable, extension period			12 months
Debt instrument, face amount			26,300,000
Notes payable | Maximum | Frisco Debtors Loans
Notes Payable
Unconditional guarantee of debt	11,200,000
Notes payable | BHFS II, LLC
Notes Payable
Notes payable	6,943,000			6,962,000
Variable rate basis	30-day LIBOR
Variable interest rate (as a percent)	3.00%
Aggregate contractual obligations for principal
Loan balance	6,943,000			6,962,000
Notes payable | BHFS III, LLC
Notes Payable
Notes payable	6,224,000			6,250,000
Variable rate basis	30-day LIBOR
Variable interest rate (as a percent)	3.00%
Aggregate contractual obligations for principal
Loan balance	6,224,000			6,250,000
Notes payable | BHFS IV, LLC
Notes Payable
Notes payable	12,929,000			12,983,000
Variable rate basis	30-day LIBOR
Variable interest rate (as a percent)	3.00%
Aggregate contractual obligations for principal
Loan balance	12,929,000			12,983,000
Notes payable | BHFS Theater, LLC
Notes Payable
Notes payable	4,840,000			4,860,000
Variable rate basis	30-day LIBOR
Variable interest rate (as a percent)	3.00%
Aggregate contractual obligations for principal
Loan balance	4,840,000			4,860,000
Notes payable | Chase Park Plaza - The Private Residences [Member]
Notes Payable
Notes payable	62,500,000			62,500,000
Variable rate basis	30-day LIBOR
Variable interest rate (as a percent)	4.95%
Note payable, stated interest rate (as a percent)					4.95%
Aggregate contractual obligations for principal
Loan balance	62,500,000			62,500,000
Notes payable | Northborough Tower
Notes Payable
Notes payable	18,932,000			19,071,000
Note payable, stated interest rate (as a percent)	5.67%
Aggregate contractual obligations for principal
Loan balance	18,932,000			19,071,000
Notes payable | Royal Island
Notes Payable
Notes payable	13,872,000			13,872,000
Note payable, stated interest rate (as a percent)	15.00%
Aggregate contractual obligations for principal
Loan balance	13,872,000			13,872,000
Notes payable | Northpoint Central
Notes Payable
Notes payable	15,509,000			15,574,000
Note payable, stated interest rate (as a percent)	5.15%
Aggregate contractual obligations for principal
Loan balance	15,509,000			15,574,000
Notes payable | Las Colinas Commons
Notes Payable
Notes payable	11,437,000			11,484,000
Note payable, stated interest rate (as a percent)	5.15%
Aggregate contractual obligations for principal
Loan balance	$11,437,000			$11,484,000
LIBOR | Frisco Square
Notes Payable
Variable rate basis, term	30 days
Variable rate (as a percent)	0.18%
LIBOR | The Ablon at Frisco Square | Construction Loan
Notes Payable
Variable rate basis, term			30 days
Basis spread on variable interest rate			2.50%

Derivative_Instruments_and_Hed1

Derivative Instruments and Hedging Activities (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Aug. 08, 2014
			derivative_instrument
Derivative instruments and hedging activities
Reclassification of unrealized loss to interest expense (less than)		$100,000
Derivative Instruments Not Designated as Hedging Instruments, Loss	$0	$100,000
Prepaid expenses and other assets
Derivative instruments and hedging activities
Number of derivatives held	0		0
Chase Park Plaza - The Private Residences [Member] | Notes payable
Derivative instruments and hedging activities
Note payable, stated interest rate (as a percent)				4.95%

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Jun. 13, 2014	Aug. 07, 2014	Dec. 31, 2014	Aug. 26, 2014	Aug. 05, 2014
	parking_garage				acre
	parking_space				unit
Commitments and Contingencies
Real property assessed value exceeding threshold limit	$1,000,000
Real property value at which debt obligation is terminated	225,000,000
Book value of real estate land	235,674,000			229,300,000
BHFS I, LLC (Land)
Commitments and Contingencies
Minimum number of garages required to be constructed	2
Number of parking spaces required to be constructed	720
Percentage of net sales proceeds to be deposited into escrow account	33.00%
Limit up to which sales proceeds will be transferred to escrow accounts	7,000,000
Escrow balance	1,400,000
Land Available for Development	22,300,000
Number of additional garages to be constructed	2
Number of additional parking spaces to be constructed	108
Escrow Deposit	1,000,000
Frisco Square
Commitments and Contingencies
Area of land (in acres)	27	1.62
Real estate sale proceeds placed in escrow		600,000
Area of land, contributed (acres)		1.66
Number of units in multifamily project	114
The Ablon at Frisco Square
Commitments and Contingencies
Area of land, contributed (acres)	3.4				3.4
General construction contract			33,200,000
Number of units in multifamily project			275		275
Ownership interest, limited partnership investment	90.00%
Frisco Square
Commitments and Contingencies
Interest and Debt Expense	100,000
Chase Park Plaza Hotel LLC
Commitments and Contingencies
Percentage of voting interests acquired						5.00%
Bonds
Commitments and Contingencies
Real property assessed value threshold	125,000,000
Percentage of reduction in bond obligation for an amount exceeding threshold limit	0.50%
Outstanding debt obligation	4,700,000			5,100,000
Assessed value of annual debt service	400,000
Bonds | Frisco Square
Commitments and Contingencies
Assessed value of annual debt service	100,000
Bonds | City of Frisco
Commitments and Contingencies
Debt issued	12,500,000
812930 Parking Lots and Garages [Member] | BHFS I, LLC (Land)
Commitments and Contingencies
Contributions in Aid of Construction	$1,700,000

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	fiscal_quarter
Related Party Transaction
Asset management fees	$568,000	$564,000
Number of fiscal quarters immediately preceding the date reimbursement is sought	4
Administrative services cost incurred	1,041,000	1,265,000
Property management fees	412,000	389,000
Payables to related parties	752,000		1,122,000
Amended agreement | First year of any extension
Related Party Transaction
Advisor's debt financing fee for revised loan as a percentage of loan commitment amount	0.40%
Amended agreement | First year of any extension | Minimum
Related Party Transaction
Minimum extension period	120 days
Amended agreement | Year Two
Related Party Transaction
Amount due to advisor for revised loan as percentage of loan commitment amount	0.30%
Amended agreement | Year Three
Related Party Transaction
Amount due to advisor for revised loan as percentage of loan commitment amount	0.30%
Amended agreement | Extension of three or more years | Maximum
Related Party Transaction
Advisor's debt financing fee for revised loan as a percentage of loan commitment amount	1.00%
Amount due to advisor for revised loan as percentage of loan commitment amount	1.00%
Behringer Harvard Opportunity Advisors I
Related Party Transaction
Asset management fee as a percentage of aggregate asset value of acquired real estate and real estate related assets	0.58%	0.58%
Asset management fees	600,000	600,000
Acquisition and advisory fees as a percentage of contract purchase price	2.50%
Acquisition and advisory fees as a percentage of funds advanced in respect of loan investment	2.50%
Acquisition and Advisory Fees	0	0
Advisor's operating expenses as a percentage of average invested assets	2.00%
Advisor's operating expenses as percentage of net income other than any additions to non cash reserves and any gain from sale of assets	25.00%
Administrative services cost incurred	200,000	300,000
Property management fees	200,000	200,000
BH Property Management
Related Party Transaction
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%
Advisor and its affiliates
Related Party Transaction
Payables to related parties	$800,000		$1,100,000

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Supplemental disclosure:
Interest paid, net of amounts capitalized	$1,180	$1,770
Non-cash investing and financing activities:
Property and equipment additions and purchases of real estate in accrued liabilities	1,681	1,341
Capital expenditures for real estate under development in accounts payable and accrued liabilities	2,516	29
Additions to buildings and improvements reclassified from real estate under development	-2,508	0
Amortization of deferred financing fees in properties under development	$22	$0