Behringer Harvard Opportunity REIT I (BHOR) 10-Q 11 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information
Entity Registrant Name	Behringer Harvard Opportunity REIT I, Inc.
Entity Central Index Key	1,308,711
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		56,500,472
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Real estate
Land and improvements, net	$ 67,686,000	$ 67,204,000
Buildings and improvements, net	146,399,000	147,801,000
Real estate under development	28,935,000	14,295,000
Total real estate	243,020,000	229,300,000
Condominium inventory	2,346,000	2,967,000
Cash and cash equivalents	23,099,000	35,015,000
Restricted cash	9,068,000	8,120,000
Accounts receivable, net	8,322,000	7,971,000
Prepaid expenses and other assets	1,959,000	1,659,000
Investments in unconsolidated joint ventures	13,979,000	15,948,000
Furniture, fixtures and equipment, net	1,996,000	2,474,000
Deferred financing fees, net	1,533,000	1,909,000
Lease intangibles, net	3,895,000	4,328,000
Other intangibles, net	4,504,000	4,801,000
Total assets	313,721,000	314,492,000
Liabilities and Equity
Notes payable	157,002,000	153,556,000
Accounts payable	3,046,000	1,927,000
Payables to related parties	989,000	1,122,000
Acquired below-market leases, net	921,000	1,084,000
Accrued and other liabilities	26,074,000	22,765,000
Total liabilities	188,032,000	180,454,000
Commitments and contingencies	0	0
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 June 30, 2015 and December 31, 2014	6,000	6,000
Additional paid-in capital	507,303,000	507,303,000
Accumulated distributions and net loss	(379,208,000)	(372,071,000)
Accumulated other comprehensive income (loss)	(3,606,000)	(1,817,000)
Total Behringer Harvard Opportunity REIT I, Inc. equity	124,495,000	133,421,000
Noncontrolling interest	1,194,000	617,000
Total equity	125,689,000	134,038,000
Total liabilities and equity	$ 313,721,000	$ 314,492,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares outstanding	0	0
Convertible stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
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)	$ 0.0001	$ 0.0001
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 Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Rental revenue	$ 5,134	$ 5,125	$ 9,861	$ 10,090
Hotel revenue	9,947	9,884	17,245	17,337
Total revenues	15,081	15,009	27,106	27,427
Expenses
Property operating expenses	2,004	2,384	3,893	4,220
Hotel operating expenses	7,071	6,832	13,395	13,047
Bad debt expense (recovery)	(92)	(113)	40	(148)
Condominium inventory impairment	616	0	616	0
Interest expense	2,051	2,442	4,149	4,855
Real estate taxes	1,062	1,003	1,660	1,941
Property management fees	530	490	942	879
Asset management fees	579	564	1,147	1,128
General and administrative	1,023	1,707	2,064	2,970
Depreciation and amortization	3,064	3,308	6,235	6,365
Total expenses	17,908	18,617	34,141	35,257
Interest income	5	13	10	24
Other income (expense), net	10	760	(51)	759
Loss before gain on sale of real estate, income tax expense and equity in losses of unconsolidated joint ventures	(2,812)	(2,835)	(7,076)	(7,047)
Gain on sale of real estate	0	476	0	476
Income tax expense	(34)	(32)	(70)	(63)
Equity in losses of unconsolidated joint venture	(88)	(40)	(180)	(67)
Net loss	(2,934)	(2,431)	(7,326)	(6,701)
Net loss attributable to the noncontrolling interest	92	104	189	201
Net loss attributable to common shareholders	$ (2,842)	$ (2,327)	$ (7,137)	$ (6,500)
Weighted average shares outstanding:
Basic and diluted (in shares)	56,500	56,500	56,500	56,500
Basic and diluted loss per share (in dollars per share)	$ (0.05)	$ (0.04)	$ (0.13)	$ (0.12)
Comprehensive income (loss)
Net loss	$ (2,934)	$ (2,431)	$ (7,326)	$ (6,701)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	412	(181)	(1,789)	(204)
Reclassification of unrealized loss on interest rate derivatives to net loss	0	23	0	45
Total other comprehensive income (loss)	412	(158)	(1,789)	(159)
Comprehensive loss	(2,522)	(2,589)	(9,115)	(6,860)
Comprehensive loss attributable to the noncontrolling interest	92	105	189	201
Comprehensive loss attributable to common shareholders	$ (2,430)	$ (2,484)	(8,926)	(6,659)
Other Asset Impairment Charges			$ 2,300
Reclassifications to net income:				$ 45

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Distributions and Net Loss	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Convertible Stock
Balance (in shares) at Dec. 31, 2013		56,500,472					1,000
Balance at Dec. 31, 2013	$ 159,370	$ 6	$ 505,167	$ (348,541)	$ 366	$ 2,372
Increase (Decrease) in Stockholders' Equity
Net loss	(6,701)			(6,500)		(201)
Contributions from noncontrolling interest	37					37
Other comprehensive loss:
Foreign currency translation loss	(204)				(204)	0
Reclassification of unrealized loss on interest rate derivatives to net loss	45				43	2
Balance (in shares) at Jun. 30, 2014		56,500,472					1,000
Balance at Jun. 30, 2014	152,547	$ 6	505,167	(355,041)	205	2,210
Balance (in shares) at Dec. 31, 2014		56,500,472					1,000
Balance at Dec. 31, 2014	134,038	$ 6	507,303	(372,071)	(1,817)	617
Increase (Decrease) in Stockholders' Equity
Net loss	(7,326)			(7,137)		(189)
Contributions from noncontrolling interest	766					766
Other comprehensive loss:
Foreign currency translation loss	(1,789)				(1,789)	0
Balance (in shares) at Jun. 30, 2015		56,500,472					1,000
Balance at Jun. 30, 2015	$ 125,689	$ 6	$ 507,303	$ (379,208)	$ (3,606)	$ 1,194

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (7,326)	$ (6,701)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	6,113	6,202
Amortization of deferred financing fees	333	392
Bad debt expense (recovery)	40	(148)
Gain on sale of real estate	0	(476)
Condominium inventory impairment	616	0
Equity in losses of unconsolidated joint ventures	180	67
Loss on derivatives	0	45
Change in operating assets and liabilities:
Accounts receivable	(392)	(982)
Prepaid expenses and other assets	(287)	352
Accounts payable	(27)	376
Accrued and other liabilities	2,134	0
Payables to related parties	(134)	20
Lease intangibles	(238)	(274)
Cash provided by (used in) operating activities	1,017	(1,127)
Cash flows from investing activities:
Proceeds from sale of real estate	0	1,743
Additions of property and equipment	(16,283)	(3,692)
Change in restricted cash	(948)	(1,543)
Cash used in investing activities	(17,231)	(3,492)
Cash flows from financing activities:
Proceeds from notes payable	4,154	965
Payments on notes payable	(622)	(631)
Contributions from noncontrolling interest holders	766	37
Cash provided by financing activities	4,298	371
Net change in cash and cash equivalents	(11,916)	(4,248)
Cash and cash equivalents at beginning of the year	35,015	36,796
Cash and cash equivalents at end of the period	23,099	32,548
Condominium inventory	$ 5	$ 0

Business

Business	6 Months Ended
	Jun. 30, 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 June 30, 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 Inf

Interim Unaudited Financial Information	6 Months Ended
	Jun. 30, 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 June 30, 2015, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2015 and 2014, and the condensed consolidated statements of equity and cash flows for the six months ended June 30, 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 June 30, 2015 and our condensed consolidated results of operations, equity, and cash flows for the periods ended June 30, 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 Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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. 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 June 30, 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 June 30, 2015 is as follows (in thousands): Year Lease Intangibles July 1, 2015 - December 31, 2015 $ 150 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): June 30, 2015 Buildings and Improvements Land and Improvements Lease Intangibles Acquired Below-Market Leases Other Intangibles Cost $ 198,404 $ 69,554 $ 11,213 $ (3,312 ) $ 9,626 Less: depreciation and amortization (52,005 ) (1,868 ) (7,318 ) 2,391 (5,122 ) Net $ 146,399 $ 67,686 $ 3,895 $ (921 ) $ 4,504 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 June 30, 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 $5.5 million and $5.9 million as of June 30, 2015 and December 31, 2014, respectively, and receivables from our hotel operators and tenants related to our other consolidated properties of $3.1 million and $2.3 million as of June 30, 2015 and December 31, 2014, respectively. The allowance for doubtful accounts was $0.3 million and $0.2 million as of June 30, 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 investment in our note 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 note, we consider the loan impaired. When evaluating a loan for potential impairment, we compare the carrying amount of the loan 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 an impaired loan, 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 investment in an unconsolidated joint venture at each reporting date. If we believe there is an other than temporary decline in market value, we will record an impairment charge based on these evaluations. We assess potential impairment by comparing our portion of estimated future undiscounted operating cash flows expected to be generated by the joint venture over the life of the joint venture’s assets to the carrying amount of the joint venture. In the event that the carrying amount exceeds our portion of estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the joint venture to its estimated fair value. 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, our investment in an unconsolidated joint venture, and note 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. Foreign Currency Translation The functional currency for our international equity investment in Central Europe Joint Venture is the Euro. We use period-end exchange rates to translate balances of assets and liabilities while the statement of operations amounts are translated using the average exchange rate for the respective period. Gains and losses resulting from the change in exchange rates from period to period are reported separately as a component of other comprehensive income (loss) (“OCI”) as a separate component. Gains and losses resulting from foreign currency transactions are included in the condensed consolidated statements of operations and comprehensive income (loss). When the Company 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 the cumulative translation adjustment (“CTA”) balance is required to be released into earnings. 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. On July 28, 2008, we invested in Central Europe Joint Venture that owned 22 properties, which is our only foreign investment as of June 30, 2015. The joint venture sold one property in 2014 and one in the first quarter of 2015 and had 20 properties remaining as of June 30, 2015. We will recognize CTA upon the sale of all or substantially all of our investment in the Central Europe Joint Venture. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include such items as impairment of long-lived assets, depreciation and amortization, allowance for doubtful accounts, and allowance for loan losses. Actual results could differ from those estimates. Subsequent Events We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements. New Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“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 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 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. This effective date is adjusted for a one-year deferral of the new revenue standard which was confirmed by FASB in the July 2015 meeting. In addition, early adoption will be permitted as of the original effective date in ASU 2014-09 which was annual reporting periods beginning after December 15, 2016, including interim reporting periods within those annual periods. 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 annual reporting periods 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 would not expect the adoption of ASU 2015-01 to have a significant impact 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. ASU 2015-02 makes several modifications to the consolidation guidance for VIEs and general partners’ investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. The amendments in ASU 2015-02 are effective for public companies in interim and annual reporting periods in fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In April 2015, the FASB issued an update (“ASU 2015-03”) to ASC Topic 835, Interest - Imputation of Interest, Simplifying the Presentation of Debt Issuance Costs. The amendments in ASU 2015-03 require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts, instead of being presented as a deferred charge. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this updated guidance. ASU 2015-03 is effective for public companies in interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The new guidance requires retrospective application. As of June 30, 2015, we have $1.5 million of net deferred financing costs that would be reclassified from a long-term asset to a reduction in the carrying amount of our debt.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014, we had no derivatives. Nonrecurring Fair Value Measurements During the six months ended June 30, 2015, we recorded a $0.6 million non-cash impairment charge to reduce the carrying value of our one remaining condominium at Chase — The Private Residences to current market price. We based the fair value on the current list price less concessions and closing costs totaling $0.2 million for a fair value of $2.3 million at June 30, 2015. Due to a change in the estimated hold period of our Northborough Tower office building ("Northborough"), 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 Northborough 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 tables present information about our assets measured at fair value on a nonrecurring basis during the six months ended June 30, 2015 and the year ended December 31, 2014 (in thousands): As of June 30, 2015 Level 1 Level 2 Level 3 Total Fair Value Loss Assets Condominium inventory (one remaining finished unit) $ — $ — $ 2,346 $ 2,346 $ (616 ) As of December 31, 2014 Level 1 Level 2 Level 3 Total Fair Value Loss (1) Assets Buildings and improvements, net $ — $ — $ 19,397 $ 19,397 $ (9,371 ) ________________________________ (1) In the fourth quarter of 2014, we recorded an impairment of $9.4 million associated with our Northborough office building. Quantitative Information about Level 3 Fair Value Measurements Description Fair Value at June 30, 2015 (in 000s) Valuation Techniques Unobservable Input Range (Weighted Average) Condominium inventory (one remaining finished unit) (1) $ 2,346 Market comparable List price for unit; due to limited market comparables $511 to $555 per square feet ______________________________ (1) In the second quarter of 2015, we recorded an impairment of $0.6 million associated with our one remaining condominium unit at Chase — The Private Residences. The book value of the unit at June 30, 2015 was $2.3 million . Description Fair Value at December 31, 2014 (in 000s) Valuation Techniques Unobservable Input Range (Weighted Average) Buildings and improvements, net (1) $ 19,397 Discounted cash flow Discount rate Terminal capitalization rate Market rent growth Expense growth rate 9.75% 8.75% 0% - 3.00% 0% - 3.00% ________________________________ (1) Due to a change in the estimated hold period of our Northborough 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. There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the six months ended June 30, 2015 and the year ended December 31, 2014.

Fair Value Measurement of Finan

Fair Value Measurement of Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 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 $157 million as of June 30, 2015 and $153.6 million as of December 31, 2014 have a fair value of approximately $157 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 June 30, 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	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of June 30, 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 June 30, 2015: Property Name Location Approximate Rentable Square Footage Description Ownership Interest Year Acquired 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 $26.3 million construction loan. See Note 7, Notes Payable, for additional information. Discontinued Operations and Real Estate Held for Sale Effective January 1, 2015, we adopted the provisions of FASB guidance in ASU 2014-08, issued in April 2014, regarding the reporting of discontinued operations. As a result of this adoption, the results of operations and gains on sales of real estate for disposals from January 1, 2015 forward which do not meet the criteria of a strategic shift that has or will have a major effect on our operations and financial results will be presented as continuing operations in our consolidated statements of operations. We believe future sales of our individual operating properties will no longer qualify as discontinued operations. We had no properties classified as held for sale at June 30, 2015 and December 31, 2014. Investment in Unconsolidated Joint Venture The following table presents certain information about our unconsolidated investment as of June 30, 2015 and December 31, 2014 ($ in thousands): Ownership Interest Carrying Value of Investment Property Name June 30, 2015 December 31, 2014 Central Europe Joint Venture 47.01 % $ 13,979 $ 15,948 Our investment in the unconsolidated joint venture as of June 30, 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): June 30, 2015 December 31, 2014 Real estate assets, net $ 78,551 $ 88,681 Cash and cash equivalents 4,684 3,872 Other assets 1,343 1,872 Total assets $ 84,578 $ 94,425 Notes payable $ 59,061 $ 65,373 Other liabilities 1,932 3,239 Total liabilities 60,993 68,612 Equity 23,585 25,813 Total liabilities and equity $ 84,578 $ 94,425 Our equity in losses from our investment is our proportionate share of the combined losses of our unconsolidated joint venture for the three and six months ended June 30, 2015 and 2014, shown at 100%, as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue $ 2,201 $ 2,787 $ 4,444 $ 5,595 Operating expenses: Operating expenses 520 592 1,029 1,246 Property taxes 64 85 132 168 Total operating expenses 584 677 1,161 1,414 Operating income 1,617 2,110 3,283 4,181 Non-operating expenses: Depreciation and amortization 838 1,111 1,696 2,236 Interest and other, net 966 1,085 2,048 2,088 Gain on sale — — (78 ) — Total non-operating expenses 1,804 2,196 3,666 4,324 Net loss $ (187 ) $ (86 ) $ (383 ) $ (143 ) Equity in losses of unconsolidated joint ventures (1) $ (88 ) $ (40 ) $ (180 ) $ (67 ) ________________________________ (1) Company’s share of net 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 six months ended June 30, 2015. The net proceeds to the joint venture, after the repayment of debt and closing costs, were app roximately €0.2 million . All U.S. dollars related to this sale are based on the exchange rate in effect on February 1, 2015. On July 15, 2015, we sold another Central Europe Joint Venture property for €3.9 million or approximately $4.3 million , based on the exchange rate in effect on July 15, 2015. There are 19 properties remaining in the joint venture after this sale. We will recognize CTA upon the sale of all or substantially all of the assets in our Central Europe Joint Venture, which is our only foreign investment. See Note 3, Summary of Significant Accounting Policies, Foreign Currency Translation.

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Notes Payable	Notes Payable The following table sets forth our notes payable on our consolidated properties at June 30, 2015 and December 31, 2014 ($ in thousands): Notes Payable as of Description June 30, 2015 December 31, 2014 Interest Rate Maturity Date Northborough Tower $ 18,795 $ 19,071 5.67% 1/11/2016 Royal Island 13,872 13,872 15.00% 10/10/2016 Northpoint Central 15,448 15,574 5.15% 5/9/2017 Las Colinas Commons 11,392 11,484 5.15% 5/9/2017 Chase Park Plaza Hotel and Chase — The Private Residences 62,500 62,500 4.95% 8/11/2017 BHFS II, LLC 6,915 6,962 30-day LIBOR + 3% (1) 2/1/2018 BHFS III, LLC 6,207 6,250 30-day LIBOR + 3% (1) 2/1/2018 BHFS IV, LLC 12,893 12,983 30-day LIBOR + 3% (1) 2/1/2018 BHFS Theatre, LLC 4,826 4,860 30-day LIBOR + 3% (1) 2/1/2018 The Ablon at Frisco Square 4,154 — 30-day LIBOR + 2.5% (1) 8/26/2017 $ 157,002 $ 153,556 _________________________________ (1) 30 -day LIBOR was 0.19% at June 30, 2015. Our notes payable balance was $157 million at June 30, 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 June 30, 2015, our notes payable interest rates ranged from 2.7% to 15% , with a weighted average interest rate of approximately 5.5% . Of our $157 million in notes payable at June 30, 2015, $35 million represented debt subject to variable interest rates. At June 30, 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 June 30, 2015 of $30.7 million . Ablon at Frisco Square Financing 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 June 30, 2015, the partners have funded $15.8 million of equity (which includes land) towards the construction. We have drawn $4.2 million under the construction loan as of June 30, 2015. 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 June 30, 2015 (in thousands): Principal Payments Due: Amount July 1, 2015 - December 31, 2015 $ 1,506 2016 35,871 2017 85,913 2018 29,456 2019 4,154 Total contractual obligations 156,900 Unamortized premium 102 Total $ 157,002

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014. During the six months ended June 30, 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 June 30, 2014. The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2014 (in thousands): Derivatives Not Designated as Hedging Instruments Amount of Loss (1) Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Interest rate $ 23 $ 45 _________________________________ (1) Amounts related to interest rate derivative contracts are included in interest expense. There was no gain or loss recorded for the three or six months ended June 30, 2015.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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 six months ended June 30, 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 account 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 $22.4 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 in total that are open and free to the public at all times, the City of Frisco will not require any further escrow of proceeds from the sale of the Frisco Square land and will release its lien on the Frisco Square land. 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 in the Gearbox Garage. The funds for the 152 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 June 30, 2015, we have $0.5 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.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 entered into the Third Amended and Restated Advisory Management Agreement (the “Advisory Agreement”) effective May 15, 2013 for a term of one year. When the Advisory Agreement expired on May 15, 2014, we renewed it on the same terms for an additional one-year term with an expiration date of May 15, 2015. We then renewed the Advisory Agreement for additional one-month terms on both May 8, 2015 and June 15, 2015 which extended the Advisory Agreement to July 15, 2015. On July 8, 2015, we entered into the First Amendment to Third Amended and Restated Advisory Management Agreement (the “Amendment”) with the Advisor that renewed the Advisory Agreement for a ten-month term with an expiration date of May 15, 2016. The Amendment amended the Advisory Agreement to (i) limit certain cost reimbursements to the Advisor for administrative services, to be effective January 1, 2015; and (ii) document a waiver of $200,000 of acquisition fees related to the construction of our The Ablon at Frisco Square multifamily development. In all other material respects, the terms of the Advisory Agreement remain unchanged. During the six months ended June 30, 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 June 30, 2015 and 2014, we incurred approximately $0.6 million of asset management fees. For the six months ended June 30, 2015 and 2014, we incurred $1.1 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 and six months ended June 30, 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 and six months ended June 30, 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 June 30, 2015 and 2014, we incurred costs for administrative services of $0.4 million . For the six months ended June 30, 2015 and 2014, we incurred costs for administrative services of $0.6 million and $0.8 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 approximately $0.3 million and $0.2 million during the three months ended June 30, 2015 and 2014, respectively. We incurred property management fees or oversight fees of $0.5 million and $0.4 million during the six months ended June 30, 2015 and 2014, respectively. At June 30, 2015 and December 31, 2014, we had a payable to our Advisor and its affiliates of $1 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 Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Supplemental cash flow information is summarized below: Six months ended June 30, Description 2015 2014 Supplemental disclosure: Interest paid, net of amounts capitalized $ 2,542 $ 3,573 Income taxes paid, net of refunds 140 150 Non-cash investing and financing activities: Property and equipment additions and purchases of real estate in accrued liabilities 2,479 1,860 Capital expenditures for real estate under development in accounts payable and accrued liabilities 3,140 29 Transfer from real estate under development to building and improvements (2,611 ) — Amortization of deferred financing fees in properties under development 44 —

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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. 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 June 30, 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 investment in our note 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 note, we consider the loan impaired. When evaluating a loan for potential impairment, we compare the carrying amount of the loan 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 an impaired loan, 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 investment in an unconsolidated joint venture at each reporting date. If we believe there is an other than temporary decline in market value, we will record an impairment charge based on these evaluations. We assess potential impairment by comparing our portion of estimated future undiscounted operating cash flows expected to be generated by the joint venture over the life of the joint venture’s assets to the carrying amount of the joint venture. In the event that the carrying amount exceeds our portion of estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the joint venture to its estimated fair value. 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, our investment in an unconsolidated joint venture, and note 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.
Foreign Currency Translation	Foreign Currency Translation The functional currency for our international equity investment in Central Europe Joint Venture is the Euro. We use period-end exchange rates to translate balances of assets and liabilities while the statement of operations amounts are translated using the average exchange rate for the respective period. Gains and losses resulting from the change in exchange rates from period to period are reported separately as a component of other comprehensive income (loss) (“OCI”) as a separate component. Gains and losses resulting from foreign currency transactions are included in the condensed consolidated statements of operations and comprehensive income (loss). When the Company 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 the cumulative translation adjustment (“CTA”) balance is required to be released into earnings. 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. On July 28, 2008, we invested in Central Europe Joint Venture that owned 22 properties, which is our only foreign investment as of June 30, 2015. The joint venture sold one property in 2014 and one in the first quarter of 2015 and had 20 properties remaining as of June 30, 2015. We will recognize CTA upon the sale of all or substantially all of our investment in the Central Europe Joint Venture.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include such items as impairment of long-lived assets, depreciation and amortization, allowance for doubtful accounts, and allowance for loan losses. Actual results could differ from those estimates.
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 April 2014, the Financial Accounting Standards Board (“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 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 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. This effective date is adjusted for a one-year deferral of the new revenue standard which was confirmed by FASB in the July 2015 meeting. In addition, early adoption will be permitted as of the original effective date in ASU 2014-09 which was annual reporting periods beginning after December 15, 2016, including interim reporting periods within those annual periods. 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 annual reporting periods 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 would not expect the adoption of ASU 2015-01 to have a significant impact 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. ASU 2015-02 makes several modifications to the consolidation guidance for VIEs and general partners’ investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. The amendments in ASU 2015-02 are effective for public companies in interim and annual reporting periods in fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In April 2015, the FASB issued an update (“ASU 2015-03”) to ASC Topic 835, Interest - Imputation of Interest, Simplifying the Presentation of Debt Issuance Costs. The amendments in ASU 2015-03 require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts, instead of being presented as a deferred charge. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this updated guidance. ASU 2015-03 is effective for public companies in interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The new guidance requires retrospective application. As of June 30, 2015, we have $1.5 million of net deferred financing costs that would be reclassified from a long-term asset to a reduction in the carrying amount of our debt.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 is as follows (in thousands): Year Lease Intangibles July 1, 2015 - December 31, 2015 $ 150 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): June 30, 2015 Buildings and Improvements Land and Improvements Lease Intangibles Acquired Below-Market Leases Other Intangibles Cost $ 198,404 $ 69,554 $ 11,213 $ (3,312 ) $ 9,626 Less: depreciation and amortization (52,005 ) (1,868 ) (7,318 ) 2,391 (5,122 ) Net $ 146,399 $ 67,686 $ 3,895 $ (921 ) $ 4,504 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 Measur20

Assets and Liabilities Measured at Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 tables present information about our assets measured at fair value on a nonrecurring basis during the six months ended June 30, 2015 and the year ended December 31, 2014 (in thousands): As of June 30, 2015 Level 1 Level 2 Level 3 Total Fair Value Loss Assets Condominium inventory (one remaining finished unit) $ — $ — $ 2,346 $ 2,346 $ (616 ) As of December 31, 2014 Level 1 Level 2 Level 3 Total Fair Value Loss (1) 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 at June 30, 2015 (in 000s) Valuation Techniques Unobservable Input Range (Weighted Average) Condominium inventory (one remaining finished unit) (1) $ 2,346 Market comparable List price for unit; due to limited market comparables $511 to $555 per square feet ______________________________ (1) In the second quarter of 2015, we recorded an impairment of $0.6 million associated with our one remaining condominium unit at Chase — The Private Residences. The book value of the unit at June 30, 2015 was $2.3 million . Description Fair Value at December 31, 2014 (in 000s) Valuation Techniques Unobservable Input Range (Weighted Average) Buildings and improvements, net (1) $ 19,397 Discounted cash flow Discount rate Terminal capitalization rate Market rent growth Expense growth rate 9.75% 8.75% 0% - 3.00% 0% - 3.00% ________________________________ (1) Due to a change in the estimated hold period of our Northborough 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.

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Schedule of information about consolidated properties	The following table presents certain information about our consolidated properties as of June 30, 2015: Property Name Location Approximate Rentable Square Footage Description Ownership Interest Year Acquired 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 June 30, 2015 and December 31, 2014 ($ in thousands): Ownership Interest Carrying Value of Investment Property Name June 30, 2015 December 31, 2014 Central Europe Joint Venture 47.01 % $ 13,979 $ 15,948
Schedule of proportionate share of combined assets and liabilities of investment properties	Our investment in the unconsolidated joint venture as of June 30, 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): June 30, 2015 December 31, 2014 Real estate assets, net $ 78,551 $ 88,681 Cash and cash equivalents 4,684 3,872 Other assets 1,343 1,872 Total assets $ 84,578 $ 94,425 Notes payable $ 59,061 $ 65,373 Other liabilities 1,932 3,239 Total liabilities 60,993 68,612 Equity 23,585 25,813 Total liabilities and equity $ 84,578 $ 94,425
Schedule of proportionate share of combined losses of unconsolidated joint ventures	Our equity in losses from our investment is our proportionate share of the combined losses of our unconsolidated joint venture for the three and six months ended June 30, 2015 and 2014, shown at 100%, as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue $ 2,201 $ 2,787 $ 4,444 $ 5,595 Operating expenses: Operating expenses 520 592 1,029 1,246 Property taxes 64 85 132 168 Total operating expenses 584 677 1,161 1,414 Operating income 1,617 2,110 3,283 4,181 Non-operating expenses: Depreciation and amortization 838 1,111 1,696 2,236 Interest and other, net 966 1,085 2,048 2,088 Gain on sale — — (78 ) — Total non-operating expenses 1,804 2,196 3,666 4,324 Net loss $ (187 ) $ (86 ) $ (383 ) $ (143 ) Equity in losses of unconsolidated joint ventures (1) $ (88 ) $ (40 ) $ (180 ) $ (67 ) ________________________________ (1) Company’s share of net loss.

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of notes payable of the properties	The following table sets forth our notes payable on our consolidated properties at June 30, 2015 and December 31, 2014 ($ in thousands): Notes Payable as of Description June 30, 2015 December 31, 2014 Interest Rate Maturity Date Northborough Tower $ 18,795 $ 19,071 5.67% 1/11/2016 Royal Island 13,872 13,872 15.00% 10/10/2016 Northpoint Central 15,448 15,574 5.15% 5/9/2017 Las Colinas Commons 11,392 11,484 5.15% 5/9/2017 Chase Park Plaza Hotel and Chase — The Private Residences 62,500 62,500 4.95% 8/11/2017 BHFS II, LLC 6,915 6,962 30-day LIBOR + 3% (1) 2/1/2018 BHFS III, LLC 6,207 6,250 30-day LIBOR + 3% (1) 2/1/2018 BHFS IV, LLC 12,893 12,983 30-day LIBOR + 3% (1) 2/1/2018 BHFS Theatre, LLC 4,826 4,860 30-day LIBOR + 3% (1) 2/1/2018 The Ablon at Frisco Square 4,154 — 30-day LIBOR + 2.5% (1) 8/26/2017 $ 157,002 $ 153,556 _________________________________ (1) 30 -day LIBOR was 0.19% at June 30, 2015.
Schedule of aggregate contractual obligations for principal	The following table summarizes our aggregate contractual obligations for principal payments as of June 30, 2015 (in thousands): Principal Payments Due: Amount July 1, 2015 - December 31, 2015 $ 1,506 2016 35,871 2017 85,913 2018 29,456 2019 4,154 Total contractual obligations 156,900 Unamortized premium 102 Total $ 157,002

Supplemental Cash Flow Inform23

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information	Supplemental cash flow information is summarized below: Six months ended June 30, Description 2015 2014 Supplemental disclosure: Interest paid, net of amounts capitalized $ 2,542 $ 3,573 Income taxes paid, net of refunds 140 150 Non-cash investing and financing activities: Property and equipment additions and purchases of real estate in accrued liabilities 2,479 1,860 Capital expenditures for real estate under development in accounts payable and accrued liabilities 3,140 29 Transfer from real estate under development to building and improvements (2,611 ) — Amortization of deferred financing fees in properties under development 44 —

Business (Details)

Business (Details) - property	6 Months Ended
	Jun. 30, 2015	Jul. 28, 2008
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	22

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Leases
Deferred financing fees, net	$ 1,533	$ 1,909
Lease/Other Intangibles
July 1, 2015 - December 31, 2015	150
2,016	300
2,017	300
2,018	127
2,019	$ 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 Accoun26

Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real Estate
Total real estate	$ 243,020	$ 229,300
Lease intangibles, net	3,895	4,328
Other intangibles, net	4,504	4,801
Acquired below-market leases, net	(921)	(1,084)
Lease Intangibles
Real Estate
Cost	11,213	11,329
Less: depreciation and amortization	(7,318)	(7,001)
Lease intangibles, net	3,895	4,328
Acquired Below-Market Leases
Real Estate
Cost	(3,312)	(3,312)
Less: depreciation and amortization	2,391	2,228
Acquired below-market leases, net	(921)	(1,084)
Other Intangibles
Real Estate
Cost	9,626	9,626
Less: depreciation and amortization	(5,122)	(4,825)
Other intangibles, net	4,504	4,801
Buildings and Improvements
Real Estate
Cost	198,404	195,348
Less: depreciation and amortization	(52,005)	(47,547)
Total real estate	146,399	147,801
Land and Improvements
Real Estate
Cost	69,554	68,915
Less: depreciation and amortization	(1,868)	(1,711)
Total real estate	$ 67,686	$ 67,204

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details 3) $ in Millions	Jun. 30, 2015USD ($)condominium	Dec. 31, 2014USD ($)
Accounts Receivable
Straight-line rental revenue	$ 5.5	$ 5.9
Accounts receivable from hotel operators and tenants related to consolidated properties	3.1	2.3
Allowance for doubtful accounts receivable	$ 0.3	$ 0.2
Chase - The Private Residences
Condominium Inventory
Finished condominium inventory | condominium	1

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details 4) - Equity method investments - Unconsolidated properties - Noncontrolling Interest - property	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2015	Jul. 28, 2008
Schedule of Equity Method Investments [Line Items]
Number of Real Estate Investments - Sold/Disposed	one	one
Number of properties			20	22

Assets and Liabilities Measur29

Assets and Liabilities Measured at Fair Value (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Assets and liabilities measured at fair value
Condominium inventory impairment	$ 616	$ 0	$ 616	$ 0
Other Asset Impairment Charges			2,300
Condominium inventory	2,346		2,346		$ 2,967
Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis	$ 2,346		$ 2,346
Prepaid expenses and other assets
Assets and liabilities measured at fair value
Number of derivative instruments held	0		0		0
Level 1 | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis	$ 0		$ 0
Level 2 | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis	0		0
Level 3 | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis	2,346		2,346
Changes Measurement | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis	(616)		(616)
Chase Private Residences
Assets and liabilities measured at fair value
Condominium inventory impairment			600
Concessions and closing costs			200
Condominium inventory	2,346		2,346
Northborough Tower
Assets and liabilities measured at fair value
Condominium inventory impairment					$ 9,400
Inventory, Real Estate | Level 3 | Market Approach Valuation Technique [Member] | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis	$ 2,346		$ 2,346
Inventory, Real Estate | Level 3 | Minimum | Market Approach Valuation Technique [Member] | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair Value Inputs, Price Per Square Foot			511
Inventory, Real Estate | Level 3 | Maximum | Market Approach Valuation Technique [Member] | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair Value Inputs, Price Per Square Foot			555
Investment Building and Building Improvements | Level 3 | Discounted Cash Flow [Member] | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis					$ 19,397
Discount Rate					9.75%
Terminal cap rate					8.75%
Investment Building and Building Improvements | Level 3 | Minimum | 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%
Investment Building and Building Improvements | Level 3 | Maximum | 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%
Buildings and Improvements | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis					$ 19,397
Buildings and Improvements | Level 1 | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis					0
Buildings and Improvements | Level 2 | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis					0
Buildings and Improvements | Level 3 | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis					19,397
Buildings and Improvements | Changes Measurement | Nonrecurring fair value measurements
Assets and liabilities measured at fair value
Fair value, nonrecurring basis					$ (9,371)

Fair Value Measurement of Fin30

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Notes payable	$ 157,000	$ 153,600
Notes payable, net of unamortized premium	156,900
Notes payable, fair value	$ 157,000	$ 154,300

Real Estate Investments (Detail

Real Estate Investments (Details) - Name of Property [Domain] $ in Thousands, € in Millions	Jul. 15, 2015USD ($)property	Jul. 15, 2015EUR (€)property	Feb. 01, 2015USD ($)	Feb. 01, 2015EUR (€)	Aug. 07, 2014USD ($)unit	Jun. 13, 2014USD ($)a	Jun. 30, 2015USD ($)ft²apropertyunit	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²apropertyunit	Jun. 30, 2015EUR (€)	Jun. 30, 2014USD ($)	Aug. 26, 2014USD ($)aunit	Jul. 28, 2008property
Real Estate Properties [Line Items]
Gain on sale of real estate | $							$ 0	$ 476	$ 0		$ 476
Net proceeds from sale of real estate | €				€ 0.2
Investment in notes receivable
Real Estate Properties [Line Items]
Number of properties | property							1		1
The Ablon at Frisco Square
Real Estate Properties [Line Items]
Number of units in multifamily project | unit					275							275
Estimated future construction costs | $							$ 42,100		$ 42,100
Construction loan, face amount | $												$ 26,300
Ownership interest, limited partnership investment									90.00%	90.00%
General construction contract | $					$ 33,200
Area of land, contributed (acres) | a							3.4		3.4			3.4
Chase Park Plaza
Real Estate Properties [Line Items]
Ownership Interest (as a percent)							100.00%		100.00%
Las Colinas Commons
Real Estate Properties [Line Items]
Approximate rentable square footage							239,000		239,000
Ownership Interest (as a percent)							100.00%		100.00%
Northpoint Central
Real Estate Properties [Line Items]
Approximate rentable square footage							180,000		180,000
Ownership Interest (as a percent)							100.00%		100.00%
Northborough Tower
Real Estate Properties [Line Items]
Approximate rentable square footage							207,000		207,000
Ownership Interest (as a percent)							100.00%		100.00%
The Lodge & Spa at Cordillera
Real Estate Properties [Line Items]
Ownership Interest (as a percent)							94.00%		94.00%
Frisco Square
Real Estate Properties [Line Items]
Number of units in multifamily project | unit							114		114
Ownership Interest (as a percent)							100.00%		100.00%
Area of land sold (acres) | a						1.62	27		27
Real estate sale proceeds placed in escrow | $						$ 600
Area of land, contributed (acres) | a						1.66
Frisco Square | Office space
Real Estate Properties [Line Items]
Approximate rentable square footage							101,000		101,000
Frisco Square | Retail space
Real Estate Properties [Line Items]
Approximate rentable square footage							71,000		71,000
Frisco Square | Movie theater
Real Estate Properties [Line Items]
Approximate rentable square footage							41,500		41,500
Royal Island
Real Estate Properties [Line Items]
Ownership Interest (as a percent)							87.00%		87.00%
Ownership interest in the joint venture, non-controlling interest (as a percent)							12.71%		12.71%
Wholly owned properties
Real Estate Properties [Line Items]
Number of properties | property							4		4
Consolidated properties
Real Estate Properties [Line Items]
Number of properties | property							3		3
Unconsolidated properties | Equity method investments | Noncontrolling Interest
Real Estate Properties [Line Items]
Number of properties | property							20		20				22
Central Europe Joint Venture
Real Estate Properties [Line Items]
Sale of land			$ 900	€ 0.7
Gain on sale of real estate									$ 100	€ 0.1
Subsequent Event | Unconsolidated properties | Equity method investments | Noncontrolling Interest
Real Estate Properties [Line Items]
Number of properties | property	19	19
Subsequent Event | Central Europe Joint Venture
Real Estate Properties [Line Items]
Sale of land	$ 4,300	€ 3.9

Real Estate Investments (Deta32

Real Estate Investments (Details 2) $ in Thousands, € in Millions	Jul. 15, 2015USD ($)property	Jul. 15, 2015EUR (€)property	Feb. 01, 2015USD ($)	Feb. 01, 2015EUR (€)	Jun. 30, 2015USD ($)abuildingpropertybuilding_stories	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)abuildingpropertybuilding_stories	Jun. 30, 2015EUR (€)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)property	Aug. 26, 2014a	Aug. 05, 2014	Jun. 13, 2014a	Dec. 31, 2013USD ($)	Jul. 28, 2008property
Schedule of Equity Method Investments [Line Items]
Carrying Value of Investment					$ 13,979		$ 13,979			$ 15,948
Combined assets and liabilities of investment properties
Real estate assets, net					243,020		243,020			229,300
Cash and cash equivalents					23,099	$ 32,548	23,099		$ 32,548	35,015				$ 36,796
Total assets					313,721		313,721			314,492
Notes payable					157,002		157,002			153,556
Total liabilities					188,032		188,032			180,454
Total liabilities and equity					313,721		313,721			$ 314,492
Combined losses of investments
Revenue					15,081	15,009	27,106		27,427
Non-operating expenses:
Depreciation and amortization					3,064	3,308	6,235		6,365
Impairment charges					(616)	0	(616)		0
Equity in earnings (losses) of unconsolidated joint ventures					(88)	(40)	(180)		(67)
Gain on sale of real estate					$ 0	476	$ 0		476
Net proceeds from sale of real estate | €				€ 0.2
Number of properties held for sale | property					0		0			0
Frisco Square
Schedule of Equity Method Investments [Line Items]
Interest and Debt Expense							$ 100
Chase Park Plaza Hotel LLC
Schedule of Equity Method Investments [Line Items]
Percentage of voting interests acquired												5.00%
Investment in unconsolidated joint ventures
Combined assets and liabilities of investment properties
Real estate assets, net					$ 78,551		78,551			$ 88,681
Cash and cash equivalents					4,684		4,684			3,872
Other assets					1,343		1,343			1,872
Total assets					84,578		84,578			94,425
Notes payable					59,061		59,061			65,373
Other liabilities					1,932		1,932			3,239
Total liabilities					60,993		60,993			68,612
Equity					23,585		23,585			25,813
Total liabilities and equity					84,578		84,578			94,425
Combined losses of investments
Revenue					2,201	2,787	4,444		5,595
Operating expenses:
Operating expenses					520	592	1,029		1,246
Property taxes					64	85	132		168
Total operating expenses					584	677	1,161		1,414
Operating income					1,617	2,110	3,283		4,181
Non-operating expenses:
Depreciation and amortization					838	1,111	1,696		2,236
Interest and other, net					966	1,085	2,048		2,088
Gain on sale					0	0	(78)		0
Total non-operating expenses					1,804	2,196	3,666		4,324
Net income (loss)					(187)	(86)	(383)		(143)
Equity in earnings (losses) of unconsolidated joint ventures					$ (88)	$ (40)	$ (180)		$ (67)
Las Colinas Commons
Schedule of Equity Method Investments [Line Items]
Number of buildings | building					3		3
Ownership Interest (as a percent)					100.00%		100.00%
BHFS I, LLC (Land)
Schedule of Equity Method Investments [Line Items]
Land Available for Development					$ 22,400		$ 22,400
Northborough Tower
Schedule of Equity Method Investments [Line Items]
Number of buildings | building					1		1
Number of stories | building_stories					14		14
Ownership Interest (as a percent)					100.00%		100.00%
Non-operating expenses:
Impairment charges										(9,400)
Frisco Square
Schedule of Equity Method Investments [Line Items]
Ownership Interest (as a percent)					100.00%		100.00%
Area of land, contributed (acres) | a													1.66
The Ablon at Frisco Square
Schedule of Equity Method Investments [Line Items]
Ownership interest, limited partnership investment							90.00%	90.00%
Area of land, contributed (acres) | a					3.4		3.4				3.4
Royal Island
Schedule of Equity Method Investments [Line Items]
Ownership Interest (as a percent)					87.00%		87.00%
Central Europe Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage					47.01%		47.01%
Carrying Value of Investment					$ 13,979		$ 13,979			$ 15,948
Non-operating expenses:
Sales of real estate			$ 900	€ 0.7
Gain on sale of real estate							$ 100	€ 0.1
Chase Park Plaza
Schedule of Equity Method Investments [Line Items]
Ownership Interest (as a percent)					100.00%		100.00%
Northpoint Central
Schedule of Equity Method Investments [Line Items]
Number of buildings | building					1		1
Number of stories | building_stories					9		9
Ownership Interest (as a percent)					100.00%		100.00%
Equity method investments | Unconsolidated properties | Noncontrolling Interest
Non-operating expenses:
Number of properties | property					20		20								22
Subsequent Event | Central Europe Joint Venture
Non-operating expenses:
Sales of real estate	$ 4,300	€ 3.9
Subsequent Event | Equity method investments | Unconsolidated properties | Noncontrolling Interest
Non-operating expenses:
Number of properties | property	19	19

Notes Payable (Details)

Notes Payable (Details) $ in Thousands	Aug. 26, 2014USD ($)extension	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Aug. 08, 2014
Notes Payable
Notes payable		$ 157,002		$ 153,556
Repayment of notes payable		622	$ 631
Notes and loan payable		$ 157,000		153,600
Weighted average interest rate (as a percent)		5.50%
Notes payable subject to variable rate		$ 35,000
Aggregate contractual obligations for principal
July 1, 2015 - December 31, 2015		1,506
2,015		35,871
2,016		85,913
2,017		29,456
2,018		4,154
Total contractual obligations		156,900
Unamortized premium		102
Loan balance		157,002		153,556
Debt Instrument, Sinking Fund Payment		$ 4,200
Minimum
Notes Payable
Notes payable, interest rates (as a percent)		2.70%
Maximum
Notes Payable
Notes payable, interest rates (as a percent)		15.00%
BHFS, LLC
Notes Payable
Notes payable		$ 30,700
Aggregate contractual obligations for principal
Loan balance		30,700
The Ablon at Frisco Square
Notes Payable
Debt instrument, face amount	$ 26,300
Equity contributions required prior to drawing loan proceeds	$ 15,800
Partners' equity contributions		15,800
The Ablon at Frisco Square | Construction Loan
Notes Payable
Note payable, term	3 years
Number of extension options | extension	2
Note payable, extension period	12 months
Debt instrument, face amount	$ 26,300
Notes payable | Maximum | Frisco Debtors Loans
Notes Payable
Unconditional guarantee of debt		11,200
Notes payable | BHFS II, LLC
Notes Payable
Notes payable		$ 6,915		6,962
Variable rate basis		30-day LIBOR
Variable interest rate (as a percent)		3.00%
Aggregate contractual obligations for principal
Loan balance		$ 6,915		6,962
Notes payable | BHFS III, LLC
Notes Payable
Notes payable		$ 6,207		6,250
Variable rate basis		30-day LIBOR
Variable interest rate (as a percent)		3.00%
Aggregate contractual obligations for principal
Loan balance		$ 6,207		6,250
Notes payable | BHFS IV, LLC
Notes Payable
Notes payable		$ 12,893		12,983
Variable rate basis		30-day LIBOR
Variable interest rate (as a percent)		3.00%
Aggregate contractual obligations for principal
Loan balance		$ 12,893		12,983
Notes payable | BHFS Theater, LLC
Notes Payable
Notes payable		$ 4,826		4,860
Variable rate basis		30-day LIBOR
Variable interest rate (as a percent)		3.00%
Aggregate contractual obligations for principal
Loan balance		$ 4,826		4,860
Notes payable | Chase Park Plaza - The Private Residences [Member]
Notes Payable
Notes payable		$ 62,500		62,500
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		62,500
Notes payable | Northborough Tower
Notes Payable
Notes payable		$ 18,795		19,071
Note payable, stated interest rate (as a percent)		5.67%
Aggregate contractual obligations for principal
Loan balance		$ 18,795		19,071
Notes payable | Royal Island
Notes Payable
Notes payable		$ 13,872		13,872
Note payable, stated interest rate (as a percent)		15.00%
Aggregate contractual obligations for principal
Loan balance		$ 13,872		13,872
Notes payable | Northpoint Central
Notes Payable
Notes payable		$ 15,448		15,574
Note payable, stated interest rate (as a percent)		5.15%
Aggregate contractual obligations for principal
Loan balance		$ 15,448		15,574
Notes payable | Las Colinas Commons
Notes Payable
Notes payable		$ 11,392		11,484
Note payable, stated interest rate (as a percent)		5.15%
Aggregate contractual obligations for principal
Loan balance		$ 11,392		11,484
Notes payable | The Ablon at Frisco Square
Notes Payable
Notes payable		$ 4,154		0
Variable interest rate (as a percent)		2.50%
Aggregate contractual obligations for principal
Loan balance		$ 4,154		$ 0
LIBOR | Frisco Square
Notes Payable
Variable rate basis, term		30 days
Variable rate (as a percent)		0.19%
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 He34

Derivative Instruments and Hedging Activities (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)derivative_instrument	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)derivative_instrument	Jun. 30, 2014USD ($)	Dec. 31, 2014derivative_instrument	Aug. 08, 2014
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	$ 23,000	$ 0	$ 45,000
Prepaid expenses and other assets
Derivative instruments and hedging activities
Number of derivatives held	0		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)	Aug. 07, 2014USD ($)unit	Jun. 13, 2014USD ($)a	Jun. 30, 2015USD ($)aparking_garageparking_spaceunit	Dec. 31, 2014USD ($)	Aug. 26, 2014aunit	Aug. 05, 2014
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			$ 243,020,000	$ 229,300,000
BHFS I, LLC (Land)
Commitments and Contingencies
Minimum number of garages required to be constructed | parking_garage			2
Number of parking spaces required to be constructed | parking_space			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			$ 22,400,000
Number of additional garages to be constructed | parking_garage			2
Number of additional parking spaces to be constructed | parking_space			108
Escrow Deposit			$ 1,000,000
Frisco Square
Commitments and Contingencies
Area of land (in acres) | a		1.62	27
Real estate sale proceeds placed in escrow		$ 600,000
Area of land, contributed (acres) | a		1.66
Number of units in multifamily project | unit			114
The Ablon at Frisco Square
Commitments and Contingencies
Area of land, contributed (acres) | a			3.4		3.4
General construction contract	$ 33,200,000
Number of units in multifamily project | unit	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 | BHFS I, LLC (Land)
Commitments and Contingencies
Contributions in Aid of Construction			$ 1,700,000
Gearbox Garage | BHFS I, LLC (Land)
Commitments and Contingencies
Number of additional parking spaces to be constructed | parking_space			152

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)fiscal_quarter	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Related Party Transaction
Asset management fees	$ 579,000	$ 564,000	$ 1,147,000	$ 1,128,000
Number of fiscal quarters immediately preceding the date reimbursement is sought | fiscal_quarter			4
Administrative services cost incurred	1,023,000	1,707,000	$ 2,064,000	2,970,000
Property management fees	530,000	490,000	942,000	879,000
Payables to related parties	$ 989,000		$ 989,000		$ 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%		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%		0.30%
Amended agreement | Year Three
Related Party Transaction
Amount due to advisor for revised loan as percentage of loan commitment amount	0.30%		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%		1.00%
Amount due to advisor for revised loan as percentage of loan commitment amount	1.00%		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			0.575%
Asset management fees	$ 600,000	600,000	$ 1,100,000	1,100,000
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	$ 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	400,000	400,000	$ 600,000	800,000
Property management fees	$ 300,000	$ 200,000	$ 500,000	$ 400,000
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%		0.50%
Advisor and its affiliates
Related Party Transaction
Payables to related parties	$ 800,000		$ 800,000		$ 1,100,000

Supplemental Cash Flow Inform37

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental disclosure:
Interest paid, net of amounts capitalized	$ 2,542	$ 3,573
Income Taxes Paid	140	150
Non-cash investing and financing activities:
Property and equipment additions and purchases of real estate in accrued liabilities	2,479	1,860
Capital expenditures for real estate under development in accounts payable and accrued liabilities	3,140	29
Transfer from real estate under development to building and improvements	(2,611)	0
Amortization of deferred financing fees in properties under development	$ 44	$ 0