Behringer Harvard Opportunity REIT I (BHOR) 10-K 18 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	Behringer Harvard Opportunity REIT I, Inc.
Entity Central Index Key	1,308,711
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		56,500,472
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Real estate
Land and improvements, net	$ 58,936,000	$ 67,204,000
Buildings and improvements, net	132,670,000	147,801,000
Real estate under development	39,121,000	14,295,000
Total real estate	230,727,000	229,300,000
Real Estate Held-for-sale	12,679,000	0
Condominium inventory	2,201,000	2,967,000
Cash and cash equivalents	20,746,000	35,015,000
Restricted cash	8,880,000	8,120,000
Accounts receivable, net	6,273,000	7,971,000
Prepaid expenses and other assets	2,015,000	1,659,000
Investments in unconsolidated joint ventures	13,953,000	15,948,000
Furniture, fixtures and equipment, net	2,719,000	2,474,000
Deferred financing fees, net	1,156,000	1,909,000
Lease intangibles, net	2,248,000	4,328,000
Other intangibles, net	4,205,000	4,801,000
Total assets	307,802,000	314,492,000
Liabilities and Equity
Notes Payable	155,547,000	153,556,000
Accounts payable	3,433,000	1,927,000
Payables to related parties	747,000	1,122,000
Acquired below-market leases, net	758,000	1,084,000
Accrued and other liabilities	25,606,000	22,765,000
Notes Payable	14,966,000	0
Total liabilities	201,057,000	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 December 31, 2015 and 2014	6,000	6,000
Additional paid-in capital	507,303,000	507,303,000
Accumulated distributions and net loss	(397,259,000)	(372,071,000)
Accumulated other comprehensive loss	(4,301,000)	(1,817,000)
Total Behringer Harvard Opportunity REIT I, Inc. equity	105,749,000	133,421,000
Noncontrolling interest	996,000	617,000
Total equity	106,745,000	134,038,000
Total liabilities and equity	$ 307,802,000	$ 314,492,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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, shares outstanding	56,500,472	56,500,472

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Rental revenue	$ 19,809	$ 20,246	$ 21,009
Hotel revenue	35,582	35,241	30,655
Sales of Real Estate	0	0	3,404
Total revenues	55,391	55,487	55,068
Expenses
Property operating expenses	7,827	8,202	11,127
Hotel operating expenses	27,671	26,253	23,091
Bad debt expense	58	(137)	1,754
Cost of condominium sales	0	0	3,412
Condominium inventory impairment	761	0	264
Interest expense	8,431	10,005	9,780
Real estate taxes	3,286	4,075	4,100
Impairment charge	11,540	9,371	363
Property management fees	1,924	1,842	1,745
Asset management fees	2,312	2,263	2,290
General and administrative	4,842	5,964	5,657
Depreciation and amortization	13,294	12,701	13,037
Total expenses	81,946	80,539	76,620
Interest income	16	47	54
Other income, net	74	759	(24)
Loss on debt extinguishment	0	(246)	0
Loss from continuing operations before income taxes and equity in losses of unconsolidated joint ventures	(26,465)	(24,492)	(21,522)
Reorganization items, net	0	0	(171)
Provision for income taxes	(117)	(98)	(58)
Equity in losses of unconsolidated joint ventures	1,008	170	(1,694)
Loss from continuing operations	(25,574)	(24,420)	(23,445)
Gain (Loss) from discontinued operations	0	0	3,985
Gains (Losses) on Sales of Investment Real Estate	0	476	86
Net loss	(25,574)	(23,944)	(19,374)
Add: Net loss attributable to the noncontrolling interest
Continuing operations	386	414	578
Discontinued operations	0	0	(1,460)
Net loss attributable to common shareholders	$ (25,188)	$ (23,530)	$ (20,256)
Weighted average shares outstanding:
Basic and diluted (in shares)	56,500	56,500	56,500
Basic and diluted:
Continuing operations (in dollars per share)	$ (0.45)	$ (0.42)	$ (0.40)
Discontinued operations (in dollars per share)	0	0	0.04
Basic and diluted loss per share (in dollars per share)	$ (0.45)	$ (0.42)	$ (0.36)
Amounts attributable to common shareholders:
Continuing operations	$ (25,188)	$ (23,530)	$ (22,781)
Discontinued operations	0	0	2,525
Net loss attributable to common shareholders	(25,188)	(23,530)	(20,256)
Comprehensive loss:
Net loss	(25,574)	(23,944)	(19,374)
Other comprehensive loss:
Foreign currency translation gain (loss)	(2,484)	(2,265)	1,413
Reclassifications to net income:
Unrealized foreign currency translation loss	0	0	3,624
Unrealized loss on interest rate derivatives	0	86	90
Total other comprehensive income (loss)	(2,484)	(2,179)	5,127
Comprehensive loss	(28,058)	(26,123)	(14,247)
Comprehensive loss attributable to noncontrolling interest	386	414	(979)
Comprehensive loss attributable to common shareholders	$ (27,672)	$ (25,709)	$ (15,226)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($)	Total	Convertible Stock	Common Stock	Additional Paid-In Capital	Accumulated Distributions and Net Loss	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance (in shares) at Dec. 31, 2012		1,000	56,500,472
Balance at Dec. 31, 2012	$ 173,592,000		$ 6,000	$ 505,167,000	$ (328,285,000)	$ (4,660,000)	$ 1,364,000
Increase (Decrease) in Stockholders' Equity
Net loss	(19,374,000)				(20,256,000)		882,000
Contributions from noncontrolling interest	25,000						25,000
Transfer of non-controlling interest	0
Other comprehensive income:
Foreign currency translation gain (loss)	1,413,000					1,316,000	97,000
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	3,624,000					3,624,000
Reclassification of unrealized loss on interest rate derivatives to net income	90,000
Unrealized gains (losses) on interest rate derivatives	90,000					86,000	4,000
Balance (in shares) at Dec. 31, 2013		1,000	56,500,472
Balance at Dec. 31, 2013	159,370,000		$ 6,000	505,167,000	(348,541,000)	366,000	2,372,000
Increase (Decrease) in Stockholders' Equity
Net loss	(23,944,000)				(23,530,000)		(414,000)
Contributions from noncontrolling interest	791,000						791,000
Transfer of non-controlling interest	(2,136,000)			2,136			(2,136)
Other comprehensive income:
Foreign currency translation gain (loss)	(2,265,000)					(2,265,000)
Reclassification of unrealized loss on interest rate derivatives to net income	86,000					82,000	4,000
Balance (in shares) at Dec. 31, 2014		1,000	56,500,472
Balance at Dec. 31, 2014	134,038,000		$ 6,000	507,303,000	(372,071,000)	(1,817,000)	617,000
Increase (Decrease) in Stockholders' Equity
Net loss	(25,574,000)				(25,188,000)		(386,000)
Contributions from noncontrolling interest	765,000						765,000
Transfer of non-controlling interest	0
Other comprehensive income:
Foreign currency translation gain (loss)	(2,484,000)					(2,484,000)
Reclassification of unrealized loss on interest rate derivatives to net income	0
Balance (in shares) at Dec. 31, 2015		1,000	56,500,472
Balance at Dec. 31, 2015	$ 106,745,000		$ 6,000	$ 507,303,000	$ (397,259,000)	$ (4,301,000)	$ 996,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	$ (25,574)	$ (23,944)	$ (19,374)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	13,059	12,379	12,858
Amortization of deferred financing fees	665	1,261	785
Loss (Gain) on troubled debt restructuring	0	0	(8,132)
Loss on early extinguishment of debt	0	246	0
Increase (Decrease) in Asset Retirement Obligations	108	0	0
Gain on sale of real estate	0	(476)	(86)
Foreign currency translation loss	0	0	3,624
Impairment charge	12,301	9,371	932
Bad debt expense	58	(137)	1,643
Equity in losses of unconsolidated joint ventures	1,008	170	(1,694)
Loss on derivatives	0	86	90
Change in operating assets and liabilities:
Accounts receivable	776	(597)	(107)
Condominium inventory	5	0	3,232
Prepaid expenses and other assets	(344)	(27)	1,489
Accounts payable	(247)	205	(1,514)
Accrued and other liabilities	3,438	170	722
Payables to related parties	(376)	351	(626)
Lease intangibles	(358)	(493)	(1,024)
Cash provided by (used in) operating activities	2,503	(1,775)	(3,794)
Cash flows from investing activities:
Proceeds from sale of real estate	0	1,743	30,563
Additions of property and equipment	(34,360)	(13,337)	(3,870)
Change in restricted cash	(760)	(3,230)	866
Net assets consolidated from hotel operations	0	0	143
Distributions from unconsolidated joint venture	520	452	0
Cash provided by (used in) investing activities	(34,600)	(14,372)	27,702
Cash flows from financing activities:
Financing costs	0	(1,475)	0
Premium paid on extinguishments of debt	0	(590)	0
Proceeds from notes payable	18,679	63,465	3,346
Payments on related parties note payable	0	0	(1,500)
Payments on notes payable	(1,616)	(47,825)	(23,800)
Contributions from noncontrolling interest holders	765	791	25
Cash used in financing activities	17,828	14,366	(21,929)
Effect of exchange rate changes on cash and cash equivalents	0	0	(8)
Net change in cash and cash equivalents	(14,269)	(1,781)	1,971
Cash and cash equivalents at beginning of the year	35,015	36,796	34,825
Cash and cash equivalents at end of the year	$ 20,746	$ 35,015	$ 36,796

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	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 December 31, 2015, we wholly owned four properties and consolidated three properties through investments in joint ventures, including our Las Colinas Commons office building, located in Irving, Texas, which is classified as real estate held for sale on our consolidated balance sheet at December 31, 2015. We sold Las Colinas Commons on February 2, 2016. In addition, we have a noncontrolling, unconsolidated ownership interest in a joint venture consisting of 18 properties that is accounted for using the equity method. In September 2007, we made mezzanine loans to the owner and developer of Alexan Black Mountain Apartments, a multifamily community located in Henderson, Nevada, and obtained an option to purchase the property after completion of construction. On August 18, 2015, we entered into a letter agreement with the owner pursuant to which we consented to the sale of Alexan Black Mountain Apartments to a third party for an amount less than the senior mortgage loan on the property and released our option rights in exchange for a payment of less than $0.1 million . The sale of the property closed on August 19, 2015. Our mezzanine loan, which was fully reserved, was retired and the proceeds were recorded as other income. Substantially all of our business is conducted through Behringer Harvard Opportunity OP I, LP, a Texas limited partnership organized in November 2004 (the "Operating Partnership"), or its subsidiaries. Our wholly owned subsidiary, BHO, Inc., a Delaware corporation, owns less than a 0.1% interest in the Operating Partnership as its sole general partner. The remaining interest of the Operating Partnership is held as a limited partnership interest by our wholly owned subsidiary, BHO Business Trust, a Maryland business trust. We are externally managed and advised by Behringer Harvard Opportunity Advisors I, LLC, (the "Advisor"), a Texas limited liability company. The Advisor is responsible for managing our day-to-day affairs and providing services that are essential to us, including asset disposition decisions and property management and leasing services. Our investment properties are located in Colorado, Missouri, Texas, The Commonwealth of The Bahamas, the Czech Republic, and Poland. 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. Presentation of Financial Statements and Going Concern 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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. We evaluate these estimates, including investment impairment, on a regular basis. These estimates will be based on management's historical industry experience and on various other assumptions that are believed to be reasonable under the circumstances and include such items as impairment of long-lived assets, depreciation and amortization and allowance for doubtful accounts. Actual results could differ from those estimates. Principles of Consolidation and Basis of Presentation Our 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. In the Notes to Consolidated Financial Statements, all dollar and share amounts in tabulation are in thousands of dollars and shares, respectively, unless otherwise noted. 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 December 31, 2015, the estimated remaining average useful lives for acquired lease intangibles range from less than one year to approximately seven years. Anticipated amortization expense associated with the acquired lease intangibles for each of the following five years ended December 31 is as follows (in thousands): Year Lease Intangibles (1) 2016 $ 56 2017 56 2018 19 2019 — 2020 — ____________________________________________________ (1) Excludes Las Colinas Commons which was classified as held for sale as of December 31, 2015. We recorded accelerated amortization of $0.5 million for lease intangibles of our Northborough Tower office building during the third quarter of 2015. The sole tenant of Northborough Tower vacated the office building in the third quarter of 2015. The value of hotels and all other buildings is depreciated over the estimated useful lives of 39 years and 25 years, respectively, using the straight-line method. Accumulated depreciation and amortization related to our consolidated investments in real estate assets and intangibles were as follows (in thousands): December 31, 2015 Buildings and Improvements (1) Land and Improvements (1) Lease Intangibles (1) Acquired Below-Market Leases Other Intangibles Cost $ 174,732 $ 60,962 $ 7,580 $ (3,311 ) $ 9,626 Less: depreciation and amortization (42,062 ) (2,026 ) (5,332 ) 2,553 (5,421 ) Net $ 132,670 $ 58,936 $ 2,248 $ (758 ) $ 4,205 ______________________________________________ (1) Excludes Las Colinas Commons, which was classified as held for sale as of December 31, 2015. Net book values included in assets associated with real estate held for sale in the consolidated balance sheet were buildings and improvements of $8.3 million , land and improvements of $2.8 million and lease intangibles of $0.7 million . See Note 7, Real Estate Held for Sale. 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. During the fourth quarter of 2015, we entered into a purchase and sale agreement for Las Colinas Commons, an office building located in Texas, and classified the investment as real estate held for sale in our consolidated balance sheet at December 31, 2015. The sales transaction closed on February 2, 2016. We did not have any properties classified as held for sale at December 31, 2014. Effective as of January 1, 2015, we adopted the revised guidance regarding discontinued operations as further discussed in Note 3, New Accounting Pronouncements. 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. Prior to this adoption, when we had no involvement after the sale of a real estate investment it was treated as a discontinued operation. Condominium Inventory Condominium inventory is stated at the lower of cost or fair market value. In addition to land acquisition costs, land development costs, and construction costs, costs include interest and real estate taxes, which are capitalized during the period beginning with the commencement of development and ending with the completion of construction. 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. At December 31, 2015, we had one remaining condominium unit in inventory at Chase—The Private Residences which was sold for a price of $2.5 million on February 22, 2016. Cash and Cash Equivalents We consider investments in highly-liquid money market funds or investments with original maturities of three months or less to be cash equivalents. Restricted Cash As required by our lenders, restricted cash is held in escrow accounts for real estate taxes and other reserves for our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as tenant improvements, leasing commissions and major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. Accounts Receivable Accounts receivable primarily consist of straight-line rental revenue receivables of $4.2 million and $5.9 million as of December 31, 2015 and 2014, respectively, and receivables from our hotel operators and tenants related to our other consolidated properties of $2.4 million and $2.3 million as of the years ended December 31, 2015 and 2014, respectively. The allowance for doubtful accounts was $0.3 million and $0.2 million as of December 31, 2015 and 2014, respectively. Prepaid Expenses and Other Assets Prepaid expenses and other assets include prepaid directors' and officers' insurance, prepaid advertising, the fair value of certain derivative instruments, as well as inventory, prepaid insurance, and real estate taxes of our consolidated properties. Inventory consists of food, beverages, linens, glassware, china, and silverware and is carried at the lower of cost or market value. Furniture, Fixtures, and Equipment Furniture, fixtures, and equipment are recorded at cost and are depreciated using the straight-line method over their estimated useful lives of five to seven years. Properties classified as held for sale are not depreciated. Maintenance and repairs are charged to operations as incurred while renewals or improvements to such assets are capitalized. Accumulated depreciation associated with our furniture, fixtures, and equipment was $16.3 million and $15.5 million as of December 31, 2015 and 2014, respectively. Reorganization Items, Net We incurred reorganization expense of approximately $0.2 million during the year ended December 31, 2013 as a result of the 2012 restructuring of the debt related to our Frisco Square investment. This expense is presented separately in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2013. 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 review these projected cash flows to assure that the valuation is prepared using reasonable inputs and assumptions that are consistent with market data and with assumptions that would be used by a third-party market participant and assume the highest and best use of the investment. We consider trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. In the event that the carrying amount exceeds the estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the asset to estimated fair value. While we believe our estimates of future cash flows are reasonable, different assumptions regarding factors such as market rents, economic conditions, and occupancy rates could significantly affect these estimates. In evaluating our investments for impairment, management may use appraisals and make estimates and assumptions, including, but not limited to, the projected date of disposition of the properties, the estimated future cash flows of the properties during our ownership, planned development and the projected sales price of each of the properties. A future change in these estimates and assumptions could result in understating or overstating the book value of our investments, which could be material to our financial statements. In addition, we may incur impairment charges on real estate assets classified as held for sale in the future if the carrying amount of the asset upon classification as held for sale exceeds the estimated fair value, less costs to sell. We also evaluate our investment in an unconsolidated joint venture at each reporting date. If we believe there is an other than temporary decline in market value, we will record an impairment charge based on these evaluations. We assess potential impairment by comparing our portion of estimated future undiscounted operating cash flows expected to be generated by the joint venture over the life of the joint venture's assets to the carrying amount of the joint venture. In the event that the carrying amount exceeds our portion of estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the joint venture to its estimated fair value. 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. During the year ended December 31, 2015, we recorded approximately $12.3 million of non-cash impairment charges as a result of measurable decreases in the fair value of four of our investments. We recorded a $0.7 million impairment for our one remaining condominium unit at Chase—The Private Residences during the year ended December 31, 2015. In the third quarter of 2015, we recorded a non-cash impairment charge of $6.8 million for our Frisco Square land based on an indication of a change in market conditions for land development. In estimating the fair value of the Frisco Square land, we considered market comparables as well as the time and costs to hold the land until developed. We also recorded non-cash impairment charges of approximately $2.1 million for Northborough Tower and approximately $2.7 million for our Northpoint Central office building during the third quarter of 2015. In estimating the fair value of both Northborough Tower and Northpoint Central, we considered offers received during the marketing process of the assets in the third quarter of 2015, market comparables and management’s internal discounted cash flow analysis prepared with the consideration of the market conditions in Houston where both buildings are located. We believe the carrying value of our operating real estate assets, our properties under development and our investment in an unconsolidated joint venture 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. Deferred Financing Fees Deferred financing fees are recorded at cost and are amortized to interest expense for notes payable using a straight-line method that approximates the effective interest method over the life of the related debt. Accumulated amortization of deferred financing fees was $1.8 million and $1 million as of December 31, 2015 and 2014, respectively. Derivative Financial Instruments Our objective in using derivatives is to add stability to interest expense and to manage our exposure to interest rate movements or other identified risks and to minimize the variability caused by foreign currency translation risk related to our net investment in foreign real estate. To accomplish these objectives, we use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of London Interbank Offer Rate ("LIBOR"). These instruments include LIBOR-based interest rate swaps and caps. For our net investments in foreign real estate, we may use foreign exchange put/call options to eliminate the impact of foreign currency exchange movements on our financial position. We measure our derivative instruments and hedging activities at fair value and record them as an asset or liability, depending on our rights or obligations under the applicable derivative contract. For derivatives designated as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged items are recorded in earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivatives are reported in other comprehensive income (loss) and are subsequently reclassified into earnings when the hedged item affects earnings. For derivatives designated as net investment hedges, changes in fair value are reported in other comprehensive income (loss) as part of the foreign currency translation gain or loss. Changes in fair value of derivative instruments not designated as hedges and ineffective portions of hedges are recognized in earnings in the affected period. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. As of December 31, 2015, we do not have any derivatives designated as fair value hedges, nor are derivatives being used for trading or speculative purposes. 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). The foreign currency translation adjustments were losses of $2.5 million and $2.3 million for the years ended December 31, 2015 and 2014, respectively, and a gain of $1.4 million for the year ended December 31, 2013. 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 December 31, 2015. The joint venture sold one property in 2014 and three properties in 2015, and had 18 properties remaining as of December 31, 2015. We will recognize CTA upon the sale of all or substantially all of our investment in the Central Europe Joint Venture. On April 5, 2013, we sold Becket House and the lender accepted the net sales proceeds of $19.8 million as full satisfaction of the outstanding debt of $27.7 million . As a result, $8.1 million was recorded as a gain on troubled debt restructuring and is included in discontinued operations. Additionally, due to the sale of Becket House, $3.6 million was reclassified from unrealized foreign currency translation loss to net loss and is included in discontinued operations. Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) ("OCI"), which is reported in the accompanying consolidated statement of equity, consists of gains and losses affecting equity that are excluded from net income (loss) under GAAP. The components of OCI consist of foreign currency translation gains and losses and unrealized gains and losses on derivatives designated as hedges. Revenue Recognition We recognize rental income generated from leases on real estate assets on a straight-line basis over the terms of the respective leases, including the effect of rent holidays, if any. Straight-line rental revenue was a decrease of $0.9 million in rental revenues for the year ended December 31, 2015. Straight-line rental revenue was income of $0.4 million and $0.7 million recognized in rental revenues for the years ended December 31, 2014 and 2013, respectively. Hotel revenue is derived from the operations of The Lodge & Spa at Cordillera and Chase Park Plaza Hotel and consists of guest room, food and beverage, and other revenue, and is recognized as the services are rendered. Revenues from the sales of condominiums are recognized when sales are closed and title passes to the new owner, the new owner's initial and continuing investment is adequate to demonstrate a commitment to pay for the condominium, the new owner's receivable is not subject to future subordination, and we do not have a substantial continuing involvement with the new condominium. Amounts received prior to closing on sales of condominiums are recorded as deposits in our financial statements. Income Taxes We elected to be taxed, and qualified, as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), beginning with the year ended December 31, 2006. We are organized and operate in such a manner as to qualify for taxation as a REIT under the Code, and we intend to continue to operate in such a manner, but no assurance can be given that we will operate in a manner so as to qualify or remain qualified as a REIT. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax at the corporate level except for the operations of our wholly owned taxable REIT subsidiaries. Taxable income from non-REIT activities managed through a taxable REIT subsidiary ("TRS") is subject to applicable federal, state, and local income and margin taxes. We have no taxable income associated with a TRS. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level. We have two TRS that own and/or provide management and development services to certain of our investments in real estate and real estate under development. We have reviewed our tax positions under GAAP guidance that clarifies the relevant criteria and approach for the recognition and measurement of uncertain tax positions. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that the tax positions taken relative to our status as a REIT will be sustained in any tax examination. We believe that it is more likely than not that the tax positions taken relative to the TRS will be sustained in any tax examination. For the years ended December 31, 2015, 2014, and 2013, we recognized a current and deferred tax provision of $0.1 million , $0.1 million and less than $0.1 million , respectively, related to the Texas margin tax. Taxable income (loss) differs from net income (loss) for financial reporting purposes principally because of differences in the timing of recognition of depreciation expense, impairment losses and gain from sales of property. As a result of these differences, the tax basis of our fixed assets exceeds the book value by $223.3 million at December 31, 2015 and $176.3 million at December 31, 2014. The Company also has net operating losses accumulated for federal income tax reporting purposes. The Company has fully reserved any potential assets associated with these tax assets as recognition is not likely. Stock-Based Compensation We have a stock-based incentive award plan for our directors and consultants and for employees, directors, and consultants of our affiliates. Awards are granted at the fair market value on the date of grant with fair value estimated using the Black-Scholes-Merton option valuation model, which incorporates assumptions surrounding volatility, dividend yield, the risk-free interest rate, expected life, and the exercise price as compared to the underlying stock price on the grant date. The tax benefits associated with these share-based payments are classified as financing activities in the consolidated statement of cash flows. On March 25, 2013, our board of directors, voted to amend the Incentive Award Plan to eliminate the automatic option grant. We did not recognize any incremental compensation cost as a result of these modifications. There were no stock options granted, exercised, or forfeited in 2015. Concentration of Credit Risk At December 31, 2015 and 2014, we had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. We have diversified our cash and cash equivalents between several banking institutions in an attempt to minimize exposure to any one of these entities. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents or restricted cash. Geographic Concentration At any one time, a significant portion of our consolidated investments could be in one property class or concentrated in one or several geographic regions. For the year ended December 31, 2015, excluding revenue of $2.7 million for Las Colinas Commons, which was classified as real estate held for sale as of December 31, 2015, and mineral rights we received in 2015 of less than $0.1 million on a parcel of land we sold in 2013, 60% , 32% and 8% of our total revenues were derived from properties in Missouri, Texas and Colorado, respectively. Additionally, excluding revenue of $2.7 million for Las Colinas Commons, which was classified as real estate held for sale as of December 31, 2015, and mineral rights we received in 2015 of less than $0.1 million on a parcel of land we sold in 2013, 68% , 28% and 4% of our total revenues for the year ended December 31, 2015 were from our three asset types, hotel, office building and multifamily, respectively. To the extent that our portfolio is concentrated in limited geographic regions, types of assets, industries or business sectors, downturns relating generally to such region, type of asset, industry or business sector may result in defaults by our tenants within a short time period, which may reduce our net income and the value of our common stock and accordingly limit our ability to fund our operations. Three of our consolidated properties represented more than 10% of our 2015 total revenue, excluding revenues for Las Colinas Commons which was classified as real estate held for sale at December 31, 2015: Chase Park Plaza at 60% ; Frisco Square at 14% ; and Northborough Tower at 11% . During the third quarter of 2015, Northborough Tower’s single tenant vacated the building. The tenant’s lease does not expire until April 2018, and the tenant has continued to make its monthly rental payment. The cash management agreement provides that upon an event of default, the lender can cause all funds in the property account to be deposited into a lender-controlled and administered bank account. In December 2015, the lender exercised its right to control the operating funds of the property. See Note 9, Notes Payable, for additional information. Noncontrolling Interest Noncontrolling interest represents the noncontrolling ownership interest's proportionate share of the equity in our consolidated real estate investments. Income and losses are allocated to noncontrolling interest holders based on their ownership percentage. Reportable Segments We have determined that we have one reportable segment, with activities related to the ownership, development and management of real estate assets. Our income producing properties generated 100% of our consolidated revenues for the years ended December 31, 2015, 2014, and 2013. Our chief operating decision maker evaluates operating performance on an individual property level. Therefore, our properties are aggregated into one reportable segment. Earnings (loss) per Share Earnings (loss) per share is calculated based on the weighted average number of shares outstanding during each period. As of each of the periods ended December 31, 2015, 2014 and 2013, we had options to purchase 75,000 shares of common stock at a weighted average exercise price of $7.50 . These options are excluded from the calculation of earnings (loss) per share for the years ended December 31, 2015, 2014, and 2013 because the effect would be anti-dilutive. Subsequent Events We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.

New Accounting Pronouncements

New Accounting Pronouncements	12 Months Ended
	Dec. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
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. 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. 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, as adjusted by a one-year deferral of the new revenue standard, 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 August 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 do not believe the adoption of this guidance will have a material impact on our disclosures. 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. Adoption of ASU 2015-01, effective January 1, 2016, will not have a material impact our consolidated financial position, results of operations, or cash flows. 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. Adoption of ASU 2015-02, effective January 1, 2016, may result in additional disclosures, however, it will not impact the status of our seven consolidated investments and one unconsolidated joint venture as of December 31, 2015. 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. The new guidance requires retrospective application. As of December 31, 2015, we have $1.2 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. The adoption of this guidance, effective January 1, 2016, will change the classification of deferred financing fees on our balance sheet, but it will not otherwise have an impact on our financial statements.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	12 Months Ended
	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Assets and Liabilities Measured at Fair Value	4. 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 December 31, 2015 and 2014, we had no derivatives. Nonrecurring Fair Value Measurements During the year ended December 31, 2015, we recorded approximately $12.3 million of non-cash impairment charges as a result of measurable decreases in the fair value of four of our investments. We recorded approximately $0.7 million of non-cash impairment charges for our one remaining condominium unit at Chase - The Private Residences to reduce the carrying value to current market price. We recorded a non-cash impairment charge of approximately $6.8 million for our Frisco Square land based on an indication of a change in market conditions for land development. In estimating the fair value of the Frisco Square land, we considered market comparables as well as the time and costs to hold the land until developed. We also recorded non-cash impairment charges of approximately $2.1 million for Northborough Tower and approximately $2.7 million for our Northpoint Central office building during 2015. In estimating the fair value of both Northborough Tower and Northpoint Central, we considered offers received during the marketing process of the assets in the third quarter of 2015, market comparables and management’s internal discounted cash flow analysis prepared with the consideration of the market conditions in Houston where both buildings are located. Due to a change in the estimated hold period of our Northborough Tower office building, we evaluated the asset for recoverability and as a result recorded a non-cash impairment charge 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 market conditions are not expected to recover within our estimated hold period. For the year ended December 31, 2013, we recorded the following non-cash impairment charges. We recorded $0.3 million of impairment expense to reduce the carrying value of condominiums at Chase—The Private Residences to current market prices and an additional $0.2 million of impairment was recorded on a related intangible asset. We recorded $0.3 million in discontinued operations related to a reduction in the fair value of the Becket House leasehold interest based upon the final negotiated sales price. On April 5, 2013, we sold Becket House. In addition, we recorded non-cash impairment charges of $0.1 million in continuing operations related to 4950 S. Bowen Road land based upon the sale price. The sale was completed on October 22, 2013. The inputs used to calculate the fair value of these assets included bona fide purchase offers, or the expected sales price of an executed sales agreement and market comparables. The market comparable estimate is considered Level 3 under the fair value hierarchy described above. The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis during the periods presented (in thousands): As of December 31, 2015 Level 1 Level 2 Level 3 Total Fair Value Loss Assets Buildings and improvements, net (1) $ — $ — $ 29,500 $ 29,500 $ (4,778 ) Land and improvements, net (2) — — 19,606 19,606 (6,762 ) Condominium inventory (one remaining finished unit) (3) — — 2,201 2,201 (761 ) ________________________________ (1) During the year ended December 31, 2015, we recorded non-cash impairments of $2.1 million and $2.7 million associated with our Northborough Tower and Northpoint Central office buildings. (2) In the third quarter of 2015, we recorded a $6.8 million non-cash impairment associated with our Frisco land. (3) During 2015, we recorded non-cash impairment charges totaling approximately $0.7 million associated with our one remaining condominium unit at Chase — The Private Residences. 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 Valuation Techniques Unobservable Input Range (Weighted Average) Buildings and improvements, net (1) $ 29,500 Discounted cash flow Discount rate Terminal capitalization rate Market rent growth Expense growth rate 7.75% - 11.50% 8.00% - 9.75% 0% - 3.00% 0% - 3.00% Land and improvements, net (2) $ 19,606 Market comparable Lot price Inflation rate Discount rate $20 - $45 psf 0% - 3.00% 12.50% - 20.00% Condominium inventory (one remaining finished unit) (3) $ 2,201 Market comparable List price for unit; due to limited market comparables $511 to $555 per square feet ______________________________ (1) In the third quarter of 2015, we recorded non-cash impairments of $2.1 million and $2.7 million associated with our Northborough Tower and Northpoint Central office buildings. (2) In the third quarter of 2015, we recorded a $6.8 million non-cash impairment associated with our Frisco land. (3) In the second quarter of 2015, we recorded a non-cash impairment of $0.6 million associated with our one remaining condominium unit at Chase — The Private Residences. We recorded an additional $0.1 million non-cash impairment for the condominium unit in the fourth quarter of 2015, based on offers received during the marketing process. 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 Tower office building, we evaluated the asset for recoverability, and as a result, recorded a non-cash impairment of $9.4 million during the year ended December 31, 2014. There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the years ended December 31, 2015 or 2014.

Fair Value Measurement of Finan

Fair Value Measurement of Financial Instruments	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurement of Financial Instruments	Fair Value Measurement of Financial Instruments We determined the following disclosure of estimated fair values using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop the related estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. As of December 31, 2015 and 2014, management estimated that the carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses, other liabilities, and payables/receivables from related parties were at amounts that reasonably approximated their fair value based on their highly liquid nature and/or short-term maturities. The notes payable of $155.5 million , excluding $14.9 million of contractual obligations on real estate held for sale, and $153.6 million as of December 31, 2015 and 2014, respectively, have a fair value of approximately $155.6 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 December 31, 2015 and 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 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	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Real Estate Investments	6. Real Estate Investments As of December 31, 2015, we wholly owned four properties and consolidated three properties through investments in joint ventures on our consolidated balance sheet, including Las Colinas Commons, which is classified as real estate held for sale in our consolidated balance sheet. In addition, we have a noncontrolling, unconsolidated ownership interest in a joint venture consisting of 18 properties that is 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 December 31, 2015: Property Name Location Approximate Rentable Square Footage (Unaudited) Description Ownership Interest Year Acquired Chase Park Plaza St. Louis, Missouri — hotel and condominium development property 100% (1) 2006 Las Colinas Commons (2) Irving, Texas 239,000 3-building office complex 100% 2006 Frisco Square Frisco, Texas (3 ) mixed-use development (multifamily, retail, office, restaurant and land) (3) 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 (4) 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 Las Colinas Commons office building is classified as held for sale in our consolidated balance sheet as of December 31, 2015. We sold the property on February 2, 2016. (3) 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. (4) 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. During the year ended December 31, 2015, we recorded $12.3 million of non-cash impairment charges as a result of measurable decreases in the fair value of four of our investments. See Note 4, Assets and Liabilities Measured at Fair Value - Nonrecurring Fair Value Measurements, for additional information. Hotel Operations On February 19, 2013, we: (a) terminated the Chase Park Plaza hotel operating lease which we had entered into in December 2006 with Kingsdell, L.P., a 5% limited partner in our Chase Park Plaza joint venture; (b) formed a wholly-owned entity to lease the hotel; (c) terminated CWE Hospitality Services, LLC as the hotel’s management company; and (d) engaged an unaffiliated third-party management company to manage the hotel. As a result of the operational changes, effective February 19, 2013, we fully consolidate the operations of the hotel in our financial statements. Chase Park Plaza Hotel contributed a net loss of $0.7 million to our consolidated statements of operations for the period from February 19, 2013 through December 31, 2013. The following unaudited pro forma summary presents financial information as if the hotel operations had been consolidated on January 1, 2012 (in thousands, except per share amounts): Description Unaudited Pro Forma for the Twelve Months Ended December 31, 2013 Rental revenue $ 20,007 Hotel revenue 33,313 Property operating expenses 11,127 Hotel operating expenses 25,331 Bad debt expense (1) 498 Net loss (18,537 ) Net loss per share $ (0.33 ) These unaudited pro forma amounts have been calculated after applying our accounting policies and adjusting the results of Chase Park Plaza Hotel to reflect the elimination of the lease rental revenue and the consolidation of the hotel operations as if it had been applied from January 1, 2012. 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, the joint venture closed on a $26.3 million construction loan. Construction costs drawn through December 31, 2015 were $36.4 million . The expected delivery date of the development is the first quarter of 2016. See Note 9, Notes Payable, for additional information. Mezzanine Investment On August 18, 2015, we executed a consent and release agreement for the owner of Alexan Black Mountain to sell the multifamily property that was security for our mezzanine loan investment. The sale of the asset closed on August 19, 2015. We received less than $0.1 million for executing the consent. Our mezzanine loan, which was fully reserved, was retired and the proceeds were recorded as other income. Discontinued Operations Effective January 1, 2015, we adopted the provisions of FASB guidance in ASU 2014-08, issued in April 2014, regarding the reporting of discontinued operations. As a result of this adoption, the results of operations and gains on sales of real estate for disposals from January 1, 2015 forward which do not meet the criteria of a strategic shift that has or will have a major effect on our operations and financial results will be presented as continuing operations in our consolidated statements of operations. We believe future sales of our individual operating properties will no longer qualify as discontinued operations. See Note 17, Discontinued Operations for more details. Investment in Unconsolidated Joint Venture The following table presents certain information about our unconsolidated investment as of December 31, 2015 and 2014 ($ in thousands): Ownership Interest Carrying Value of Investment Property Name December 31, 2015 December 31, 2014 Central Europe Joint Venture 47.01 % $ 13,953 $ 15,948 Our investment in the unconsolidated joint venture as of December 31, 2015 and 2014 consisted of our proportionate share of the combined assets and liabilities of our investment property, shown at 100%, as follows (in thousands): December 31, 2015 December 31, 2014 Real estate assets, net $ 59,415 $ 88,681 Cash and cash equivalents 6,827 3,872 Other assets 1,441 1,872 Total assets $ 67,683 $ 94,425 Notes payable $ 40,895 $ 65,373 Other liabilities 2,526 3,239 Total liabilities 43,421 68,612 Equity 24,262 25,813 Total liabilities and equity $ 67,683 $ 94,425 Our equity in earnings (losses) from our investment is our proportionate share of the combined earnings (losses) of our unconsolidated joint venture for the years ended December 31, 2015, 2014, and 2013, shown at 100%, as follows (in thousands): Year Ended December 31, 2015 2014 2013 Revenue $ 8,247 $ 10,696 $ 11,259 Operating expenses: Operating expenses 2,165 2,487 2,846 Property taxes 252 321 323 Total operating expenses 2,417 2,808 3,169 Operating income 5,830 7,888 8,090 Non-operating expenses: Depreciation and amortization 3,131 4,225 4,752 Impairment charge 2,634 (1) — 5,913 (1) Interest and other, net 3,244 3,743 1,029 Gain on sale (3,294 ) (442 ) — Gain on extinguishment of debt (2,030 ) — — Total non-operating expenses 3,685 7,526 11,694 Net income $ 2,145 $ 362 $ (3,604 ) Equity in earnings of unconsolidated joint venture (2) $ 1,008 $ 170 $ (1,694 ) _______________________________________________________________________________ (1) Our Central Europe Joint Venture recorded impairment charges of approximately $2.6 million and $5.9 million during the years ended December 31, 2015 and 2013, respectively. (2) Company's share of net income (loss). On February 1, 2015, one of the Central Europe Joint Venture properties was sold for €0.7 million or $0.9 million . We recognized our portion of the net gain of less than €0.1 million , or less than $0.1 million , as equity in earnings of unconsolidated joint venture during the year ended December 31, 2015. The net proceeds to the joint venture, after the repayment of debt and closing costs, were app roximately €0.2 million . On July 15, 2015, another Central Europe Joint Venture property was sold for €3.9 million or approximately $4.3 million , based on the exchange rate in effect on July 15, 2015. We recognized our portion of the net gain of €0.2 million , or $0.2 million , as equity in earnings of unconsolidated joint venture during the year ended December 31, 2015. The net proceeds to the joint venture, after the repayment of debt and closing costs, were app roximately €1.4 million . On October 21, 2015, another Central Europe Joint Venture property was sold for €13.1 million , or approximately $14.8 million . We recognized our portion of the net gain of €2.5 million , or $2.8 million , as equity in earnings of unconsolidated joint venture during the year ended December 31, 2015. The lender accepted €10.8 million as payment in full for the loan which had a balance of €12.6 million at the date of sale. As a result, the venture recognized a gain on extinguishment of debt of €1.8 million , or approximately $2 million . The net proceeds to the joint venture, after the repayment of the debt and closing costs, were approximately €1.1 million . All U.S. dollars related to the three properties we sold from the Central Europe Joint Venture during 2015 are based on the exchange rate in effect on the respective sale dates. 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 2, Summary of Significant Accounting Policies, Foreign Currency Translation. We evaluate our investment in 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. For the years ended December 31, 2015 and 2013, our Central Europe Joint Venture recorded impairment charges of $2.6 million and $5.9 million respectively, to bring certain assets to their fair value. The Company's portion of the impairment was $1.2 million and $2.8 million , respectively, which was recorded in the Company's statement of operations through equity in earnings (losses) of unconsolidated joint venture line item. There were no impairment charges recorded for the year ended December 31, 2014.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2015
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities GAAP requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. 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. Adoption of ASU 2015-02, effective January 1, 2016, will result in additional disclosures, however, it will not impact our consolidated financial position, results of operations, or cash flows. Our variable interest in VIEs may be in the form of (i) equity ownership and/or (ii) loans provided by us to a VIE or other partner. We examine specific criteria and use judgment when determining if we are the primary beneficiary of a VIE. Factors considered in determining whether we are the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE's executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality between us and the other partner(s), and contracts to purchase assets from VIEs.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Notes Payable	. Notes Payable The following table sets forth our notes payable on our consolidated properties at December 31, 2015 and 2014 ($ in thousands): Notes Payable as of Description December 31, 2015 December 31, 2014 Interest Rate Maturity Date Northborough Tower $ 18,516 $ 19,071 5.67% 1/11/2016 Royal Island 13,872 13,872 15.00% 10/10/2016 Northpoint Central 11,720 (1) 15,574 5.15% 5/9/2017 Las Colinas Commons N/A (1) 11,484 5.15% 5/9/2017 Chase Park Plaza Hotel and Chase—The Private Residences 62,182 62,500 4.95% 8/11/2017 BHFS II, LLC 6,856 6,962 30-day LIBOR + 3% (2) 2/1/2018 BHFS III, LLC 6,154 6,250 30-day LIBOR + 3% (2) 2/1/2018 BHFS IV, LLC 12,783 12,983 30-day LIBOR + 3% (2) 2/1/2018 BHFS Theatre, LLC 4,785 4,860 30-day LIBOR + 3% (2) 2/1/2018 The Ablon at Frisco Square 18,679 — 30-day LIBOR + 2.5% (2) 8/26/2017 $ 155,547 $ 153,556 Notes payable included with Obligations related to real estate held for sale: Las Colinas Commons 14,900 (1) n/a (1) 5.15% 5/9/2017 Total notes payable obligations $ 170,447 $ 153,556 _______________________________________________________________________________ (1) Las Colinas Commons and Northpoint Central are both borrowers under a loan that matures in May 2017. The Las Colinas Commons loan balance at December 31, 2015 is $11.3 million . Under the terms of the loan, the lender requires a release price payment of $14.9 million to release the Las Colinas Commons property from the loan. The $3.6 million excess principal payment amount is used to reduce Northpoint Central's loan balance. We have reclassified the full release price as a liability associated with our real estate held for sale as of December 31, 2015. (2) 30-day LIBOR was 0.43% at December 31, 2015. At December 31, 2015, our notes payable balance was $155.5 million , excluding $14.9 million of contractual obligations on real estate held for sale, as compared to $153.6 million as of 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 December 31, 2015, our notes payable interest rates ranged from 2.9% to 15% , with a weighted average interest rate of approximately 5.4% . Of our $155.5 million in notes payable at December 31, 2015, $49.3 million represented debt subject to variable interest rates. At December 31, 2015, our notes payable had maturity dates that ranged from January 2016 to February 2018. We have unconditionally guaranteed payment of the notes payable related to the four loan tranches associated with our Frisco Square investment (the "BHFS Loans") up to $11.2 million . The BHFS Loans had an outstanding balance at December 31, 2015 of $30.6 million . Las Colinas Commons and Northpoint Central are both borrowers under a loan that matures in May 2017. The Las Colinas Commons loan balance at December 31, 2015 is $11.3 million . Under the terms of the loan, the lender requires a release price payment of $14.9 million to release the Las Colinas Commons property from the loan. The $3.6 million excess principal payment amount is used to reduce Northpoint Central's loan balance. We have reclassified the full release price as a liability associated with our real estate held for sale as of December 31, 2015. Ablon at Frisco Square Financing On August 26, 2014, The Ablon at 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 December 31, 2015, the partners have funded $15.8 million of equity (which includes land) towards the construction. We have drawn approximately $18.7 million under the construction loan as of December 31, 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. Northborough Tower Debt Lender Sweep During the third quarter of 2015, Northborough Tower’s single tenant vacated the building. The tenant’s lease does not expire until April 2018, and the tenant has continued to make its monthly rental payment. The cash management agreement provides that upon an event of default, the lender can cause all funds in the property account, consisting primarily of tenant rental payments, to be deposited into a lender-controlled and administered bank account. In December 2015, the lender exercised its right to control the operating funds of the property. We have been actively marketing the Northborough Tower property for sale; however, we have not received any offers above the loan balance. The outstanding principal balance of the loan was approximately $18.5 million at December 31, 2015. We did not pay the outstanding principal balance of the loan at maturity, January 11, 2016, which constituted an event of default. The lender has been funding the operations of the property from the tenant rental funds and indicated they expect to continue to do so. The loan is non-recourse to the Company and we have been in discussions with the lender’s special servicer to transfer the asset to the lender. On February 5, 2016, we received a notice from the lender of their intent to increase the interest on the Northborough loan to the default interest rate of 8.67% , effective January 12, 2016, due to the maturity default. On March 15, 2016, we received notice that Northborough Tower had been posted for foreclosure on April 5, 2016. Northborough Tower accounted for $5.7 million , or 40% , of our aggregate annual rental revenue from our consolidated office properties, and 11% of our total revenues, excluding revenues for Las Colinas Commons which was classified as real estate held for sale as of December 31, 2015. The carrying value of the Northborough Tower asset at December 31, 2015, was $15.2 million . Contractual Obligations The following table summarizes our aggregate contractual obligations for principal payments as of December 31, 2015 (in thousands): Principal Payments Due: Amount (1) 2016 $ 35,557 2017 71,839 2018 29,456 2019 18,680 2020 — Thereafter — Total contractual obligations 155,532 Unamortized premium 15 Total $ 155,547 _______________________________________________________________________________ (1) Our office building, Las Colinas Commons, was classified as real estate held for sale on our consolidated balance sheet as of December 31, 2015. Total contractual obligations does not include $14.9 million of debt that is classified as obligations related to real estate held for sale as of December 31, 2015. We are subject to customary affirmative, negative, and financial covenants and representations, warranties, and borrowing conditions, all as set forth in our loan agreements, including, among other things, maintaining minimum debt service coverage ratios, loan to value ratios and liquidity. As of December 31, 2015, we believe we were in compliance with the covenants under our loan agreements.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We may be exposed to the risk associated with variability of interest rates that might impact our cash flows and the results of operations. Our hedging strategy of entering into interest rate caps and swaps, therefore, has been to eliminate or reduce, to the extent possible, the volatility of cash flows. In November 2011, we entered into an interest rate cap agreement related to our Chase Park Plaza Hotel debt. 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 December 31, 2015 and 2014. During the year ended December 31, 2014, we recorded a reclassification of unrealized loss of less than $0.1 million to interest expense to adjust the carrying amount of the interest rate cap related to our Chase Park Plaza Hotel debt which qualified as a non-hedge for the period January 1, 2014 to August 11, 2014, the date we refinanced such debt. There was no gain or loss recorded for the year ended December 31, 2015. The table below presents the effect of our derivative financial instruments on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2014 (in thousands): Derivatives Not Designated as Hedging Instruments Amount of Loss (1) Description Year Ended December 31, 2014 Interest rate $ 86 _________________________________ (1) Amounts related to interest rate derivative contracts are included in interest expense.

Leasing Activity

Leasing Activity	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Leasing Activity	Leasing Activity Future minimum base rental payments of our office properties due to us under non-cancelable leases in effect as of December 31, 2015 for our consolidated properties are as follows (in thousands): Year Future Minimum Base Rental Payments 2016 $ 13,165 2017 11,954 2018 5,312 2019 3,751 2020 2,994 2021 2,364 2022 1,913 2023 1,511 2024 976 2025 957 Thereafter 660 Total $ 45,557 The schedule above does not include rental payments due to us from our multifamily, hotel and student housing properties, as leases associated with these properties typically are for periods of one year or less. We have excluded Las Colinas Commons, our office building located in Texas, from the schedule above as it was classified as held for sale at December 31, 2015. Significant Tenants As of December 31, 2015, we had one lease that accounted for 10% or more of our aggregate annual rental revenue from our consolidated office properties. Northborough Tower, a single-tenant office building accounted for $5.7 million (or 40% ) of our aggregate annual rental revenue from our consolidated office properties, and 11% of our total revenues, excluding revenues for Las Colinas Commons which was classified as real estate held for sale as of December 31, 2015. During the third quarter of 2015, Northborough Tower’s single tenant vacated the building. The tenant’s lease does not expire until April 2018, and the tenant has continued to make its monthly rental payment. We did not pay the outstanding principal balance of the loan at maturity, January 11, 2016, which constituted an event of default. The cash management agreement provides that upon an event of default, the lender can cause all funds in the property account, consisting primarily of tenant rental payments, to be deposited into a lender-controlled and administered bank account to be applied to the outstanding principal balance. In December 2015, the lender exercised its right to control the operating funds of the property. The lender has been funding the operations of the property from the tenant rental funds and indicated they expect to continue to do so. The loan is non-recourse to the Company and we have been in discussions with the lender’s special servicer to transfer the asset to the lender. On February 5, 2016, we received a notice from the lender of their intent to increase the interest on the Northborough loan to the default interest rate of 8.67% , effective January 12, 2016, due to the maturity default. On March 15, 2016, we received notice that Northborough Tower had been posted for foreclosure on April 5, 2016. The balance of the nonrecourse debt, secured by Northborough, was $18.5 million at December 31, 2015. The carrying value of the asset was $15.2 million at December 31, 2015. Geographic Concentration At any one time, a significant portion of our consolidated investments could be in one property class or concentrated in one or several geographic regions. For the year ended December 31, 2015, excluding revenue of $2.7 million for Las Colinas Commons, which was classified as real estate held for sale as of December 31, 2015, and mineral rights we received in 2015 of less than $0.1 million on a parcel of land we sold in 2013, 60% , 32% and 8% of our total revenues were derived from properties in Missouri, Texas and Colorado, respectively. Additionally, excluding revenue of $2.7 million for Las Colinas Commons, which was classified as real estate held for sale as of December 31, 2015, and mineral rights we received in 2015 of less than $0.1 million on a parcel of land we sold in 2013, 68% , 28% and 4% of our total revenues for the year ended December 31, 2015 were from our three asset types, hotel, office building and multifamily. To the extent that our portfolio is concentrated in limited geographic regions, types of assets, industries or business sectors, downturns relating generally to such region, type of asset, industry or business sector may result in defaults by our tenants within a short time period, which may reduce our net income and the value of our common stock and accordingly limit our ability to fund our operations. Excluding revenue of $2.7 million for Las Colinas Commons, which was classified as real estate held for sale as of December 31, 2015, and mineral rights we received in 2015 of less than $0.1 million on a parcel of land we sold in 2013, three of our consolidated properties represented more than 10% of our 2015 total revenue: Chase Park Plaza at 60% ; Frisco Square at 14% ; and Northborough Tower at 11% . During the third quarter of 2015, Northborough Tower’s single tenant vacated the building. The tenant’s lease does not expire until April 2018, and the tenant has continued to make its monthly rental payment. The cash management agreement provides that upon an event of default, the lender can cause all funds in the property account to be deposited into a lender-controlled and administered bank account. In December 2015, the lender exercised its right to control the operating funds of the property. See Note 9, Notes Payable, for additional information.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Frisco Square In connection with our investment in the Frisco Square property, we are responsible, through our wholly owned subsidiaries who hold title to the Frisco Square property, for half of the bond debt service related to the $12.5 million of bonds (the “Bond Obligation”) the City of Frisco issued to fund public improvements within the Frisco Square Management District (the “MMD”). For each $1 million increase in assessed value for the real property within the MMD above $125 million , the Bond Obligation will be reduced by 1% and will terminate at $225 million of real property values. The total outstanding Bond Obligation at December 31, 2015 and 2014 was $4.7 million and $5.1 million , respectively. As of December 31, 2015 the assessed value of the real property within the MMD is assessed at $174 million therefore we are currently responsible for 26% of the bond debt service payments. Although, as described above, we are ultimately responsible for 26% of the bond debt service payments, 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. For 2015, the annual bond debt service assessed by the POA is approximately $0.4 million . For the year ended December 31, 2015, we expensed less than $0.1 million for our pro rata share of the annual bond debt service. For the year ended December 31, 2014, we had an expense credit of less than $0.1 million related to bond debt service. The expense is included in the accompanying consolidated statements of operations and other comprehensive loss. Under a development agreement with the City of Frisco, we are obligated to construct a minimum of two parking garages with 720 spaces by February 1, 2018 (the “Parking Obligation”). The City of Frisco secured the Bond Obligation and the Parking Obligation by placing liens on the vacant land held by our indirect, wholly owned subsidiary, BHFS I, LLC. 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 ("City Escrow") for the benefit of the City of Frisco to secure the Parking Obligation until the amount in the City Escrow account is $7 million . Currently, the City Escrow account balance is $1.4 million and the book value of the BHFS I, LLC land and land improvements at December 31, 2015 are approximately $16 million . On February 4, 2014, the City of Frisco amended the Parking Obligation with respect to its lien on the vacant land held by us. Under the amended Parking Obligation, if we contribute land for the development of a garage constructed for a certain building and parking garage development (the "Gearbox" development), construct a proposed multifamily development (including a related garage) and build a structured public parking garage, that when combined with the Gearbox garage, provides 108 parking spaces that are open and free to the public at all times, the City of Frisco will not require any further escrow of funds from the sale of Frisco Square land and will release the lien on the land. On June 13, 2014, we sold 1.62 acres of land to Frisco Square Developers, LLC for the Gearbox development for approximately $1.8 million 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 development. We agreed to contribute approximately $1.7 million to build 152 additional spaces in the Gearbox development. The funds for the 152 spaces and related infrastructure costs were placed in an escrow account (“Parking Garage Escrow”) in December 2014 and were drawn as construction on the garage was completed. In November 2015, the garage was completed and the final remaining funds in the Parking Garage Escrow account were disbursed. As of December 31, 2015 the Parking Garage Escrow account was zero. 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 Venture”), a special purpose entity in which we own a 90% limited partnership investment. Ablon Multifamily III, L.P. (“Ablon”) holds a 10% interest in the Ablon Venture and is the managing member. In accordance with the agreement, we contributed the land for a $2.5 million equity credit. In accordance with GAAP, we transferred the land at the full carrying value of $2.8 million to the Construction in Progress (Real Estate Under Development) account. The Ablon Venture was formed to construct a 275-unit multifamily project. On August 7, 2014, the Ablon Venture executed at $33.2 million general construction contract. Construction commenced on September 2, 2014. Total construction costs are expected to be approximately $42.1 million . Concurrently with the land contribution the Ablon Venture closed on a $26.3 million construction loan. Proceeds from the construction loan cannot be drawn until the venture partners have contributed $15.8 million of equity. As of December 31, 2015, the partners have funded all of the required equity (which includes land). As of December 31, 2015, we have drawn $18.7 million under the construction loan. Ablon, or its principals, are the guarantors for the construction loan. The first phase of the project, which includes the parking garage, was completed in February 2016 and final completion of the project is expected in March 2016. On August 7, 2014 BHFS II, LLC entered into a $3.4 million general construction contract for a 226 space public parking garage. On September 2, 2014, construction commenced and on November 3, 2015, the garage was completed. We believe the completion of the three garages discussed above have fulfilled our Parking Obligation, as amended, and we have submitted our request to the City of Frisco to release the liens on the undeveloped land in the City Escrow. Chase Park Plaza Hotel On February 19, 2013, Chase Park Plaza Hotel, LLC (“Plaintiff”) filed suit against James L. Smith, Francine V. Smith, Marcia Smith Niedringhaus, Kingsdell L.P., IFC, Inc. and CWE Hospitality Services, LLC (“CWE”) (collectively, the “Smith Defendants”) in the 22nd Judicial Circuit Court of the City of St. Louis, Missouri to take over control of the Hotel and against the former manager for damages associated with his theft and mismanagement. A temporary restraining order (“TRO”) was entered the same day terminating the Hotel Operating Agreement between CWE and Kingsdell and the lease between Plaintiff, as lessor, and Kingsdell, as lessee, of the Chase Park Plaza Hotel and ordering Plaintiff to take immediate and exclusive possession of the Chase Park Plaza real property, improvements, and personal property. The TRO also ordered the defendants to turn over the property, keys, books, records, licenses, and permits to Plaintiff. The Smith Defendants countersued for wrongful termination and a termination fee. Plaintiff amended its petition to add as parties, based on civil conspiracy and tortious interference with contracts causes of action, claims against the Smith Defendants’ attorneys and accountants. The case as to the Smith Defendants was settled on August 5, 2014, resulting in Chase Park Plaza Hotel obtaining Smith Defendants’ 5% ownership interest in the Hotel. As of February 19, 2015, Plaintiff is in settlement negotiations with the Smith Defendants’ attorneys and accountants.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Stockholders' Equity	Stockholders' Equity On November 23, 2004 (date of inception), we sold 1,000 shares of convertible stock and 21,739 shares of common stock to Behringer Harvard Holdings, LLC for $201,000 in cash. Pursuant to its terms, the convertible stock generally is convertible into shares of our common stock with a value equal to 15% of the amount by which (i) our enterprise value, including the total amount of distributions paid to our stockholders, exceeds (ii) the sum of the aggregate capital invested by our stockholders plus a 10% cumulative, non-compounded, annual return on such capital. At the date of issuance of the shares of convertible stock, management determined the fair value under GAAP was less than the nominal value paid for the shares; therefore, the difference is not material. Conversion of the convertible stock may be limited by our board of directors if it determines that full conversion may jeopardize our qualification as a REIT. Our board of directors may authorize additional shares of capital stock and their characteristics without obtaining stockholder approval. Share Redemption Program In February 2006, our board of directors authorized a share redemption program for stockholders who held their shares for more than one year. Under the program, our board reserved the right in its sole discretion at any time, and from time to time, to (i) waive the one-year holding period in the event of the death, disability or bankruptcy of a stockholder or other exigent circumstances, (ii) reject any request for redemption, (iii) change the purchase price for redemptions, or (iv) terminate, suspend or amend the share redemption program. In January 2011, the board completely suspended the redemption program and has not considered any redemption requests since 2010. Therefore, we did not redeem any shares of our common stock during the year ended December 31, 2015. An aggregate total of 984,267 shares of common stock have been redeemed since inception. Distributions We initiated the payment of monthly distributions in August 2006. Pursuant to our distribution reinvestment plan (the "DRP"), many of our stockholders elected to reinvest any cash distributions in additional shares of common stock. We have recorded all distributions when declared, except for the stock issued through the DRP which has been recorded when the shares were actually issued. Distributions are authorized at the discretion of our board of directors based on its analysis of our forthcoming cash needs, earnings, cash flow, anticipated cash flow, capital expenditure requirements, cash on hand, general financial condition and other factors that our board deems relevant. The board's decision will be influenced, in substantial part, by its obligation to ensure that we maintain our status as a REIT. In connection with entering our disposition phase, on March 28, 2011, our board of directors discontinued regular quarterly distributions. Any future distributions will be based on available cash after weighing operational needs. Historically, distributions paid to stockholders have been funded through various sources, including cash flow from operating activities, proceeds raised as part of our initial public offering, reinvestment through our distribution reinvestment plan and/or additional borrowings. We paid no distributions to stockholders during the years ended December 31, 2015, 2014 and 2013.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Our board of directors originally approved the Behringer Harvard Opportunity REIT I, Inc. Incentive Award Plan on November 23, 2004. An Amended and Restated 2004 Incentive Award Plan (“Incentive Award Plan”) was approved by our board of directors on July 19, 2005 and by our stockholders on July 25, 2005. The Incentive Award Plan provides for equity awards to our directors and consultants and to employees, directors, and consultants of our affiliates. In November 2008, the board of directors approved an amendment to the grantees' stock option agreements for all awards granted prior to December 31, 2007, setting forth a revised vesting and expiration schedule. Accordingly, all options granted prior to December 31, 2007 that were previously outstanding and fully vested were subject to the revised vesting and expiration schedule as follows: 25% became exercisable in each of the calendar years 2010 and 2011 with the remaining 50% exercisable in the calendar year 2012. Any vested awards not exercised in the calendar year specified were forfeited and were no longer exercisable. None of the options granted prior to December 31, 2007 were exercised and all expired as of December 31, 2012. Options to acquire 5,000 shares of our common stock were awarded to each of Ms. Bufkin, Mr. Gage and Mr. Kaplan on July 24, 2008, June 22, 2009, October 18, 2010, October 17, 2011 and November 9, 2012 in connection with their reelection to our board of directors each year. As of December 31, 2015, each of Ms. Bufkin, Mr. Gage and Mr. Kaplan have 25,000 stock options for a total of 75,000 stock options outstanding at December 31, 2015. On March 25, 2013, our board of directors, voted to amend the Incentive Award Plan to eliminate the automatic option grant. We did not recognize any incremental compensation cost as a result of these modifications. As no awards could be granted after November 2014, there were no stock options granted, exercised, forfeited or expired in 2015. The following table summarizes the outstanding options, options granted, exercised, and forfeited or expired, as well as the corresponding weighted average exercise prices, for the years ended December 31, 2015, 2014 and 2013: Options Shares Weighted- Average Exercise Price Outstanding at January 1, 2013 75,000 $ 7.50 Granted — Exercised — Forfeited or expired — Outstanding at December 31, 2013 75,000 7.50 Granted — Exercised — Forfeited or expired — Outstanding at December 31, 2014 75,000 7.50 Granted — Exercised — Forfeited or expired — Outstanding at December 31, 2015 75,000 (1) 7.50 Exercisable at December 31, 2015 75,000 7.50 ________________________________________________________ (1) The remaining contractual life of the outstanding options is 3.3 years.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Advisor 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 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 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 The Ablon at Frisco Square multifamily development. In all other material respects, the terms of the Advisory Agreement remain unchanged. We pay the Advisor, or its affiliates, 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 each of the years ended December 31, 2015, 2014 and 2013, we incurred $2.3 million of asset management fees. Amounts for the year ended December 31, 2013 include asset management fees that were classified in discontinued operations for our held for sale property and our disposed properties. The Advisor, 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 years ended December 31, 2015 and 2014, we incurred acquisition and advisory fees of $0.3 million and $0.2 million , respectively, related to The Ablon at Frisco Square development. As noted above, during the year ended December 31, 2015, the Advisor waived $200,000 of acquisition fees related to the construction of The Ablon at Frisco Square. For the year ended December 31, 2013, there were 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 incurred $0.6 million in debt financing fees for the year ended December 31, 2014 related to the Chase Park Plaza Hotel debt that we refinanced on August 11, 2014. We did not incur any debt financing fees for the years ended December 31, 2015 and 2013. Subject to certain restrictions as described in the Amendment, we reimburse the Advisor 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: (i) 2% of our average invested assets or (ii) 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. In addition, pursuant to the Amendment, our obligation to reimburse the Advisor for certain costs incurred in connection with administrative services is limited to $1.7 million . 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 years ended December 31, 2015, 2014 and 2013, we incurred costs for administrative services of $1.4 million , $1.7 million and $1.4 million , respectively. We pay our property manager and affiliate of the Advisor, Behringer Harvard Opportunity Management Services, LLC or its affiliates (collectively, "BH Property Management"), fees for management, leasing, and maintenance supervision of our properties. Such fees are equal to 4.5% of gross revenues plus leasing commissions based upon the customary leasing commission applicable to the same geographic location of the respective property. We will pay BH Property Management an oversight fee equal to 0.5% of gross revenues of the property managed if we contract directly with a non-affiliated third-party property manager in respect of the property. In no event will we pay both a property management fee and an oversight fee to BH Property Management with respect to any particular property. If we own a property through a joint venture that does not pay BH Property Management directly for its services, we will pay BH Property Management a management fee or oversight fee, as applicable, based only on our economic interest in the property. We incurred property management fees or oversight fees of $0.7 million , $0.9 million and $1 million during the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015 and 2014, we had a payable to our Advisor and its affiliates of $0.8 million and $1.1 million , respectively. These balances consist of accrued fees, including asset management fees, administrative service expenses, property management fees and other miscellaneous costs payable to the Advisor and BH Property Management. We are dependent on the Advisor 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	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Supplemental cash flow information is summarized below for the years ended December 31, 2015, 2014, and 2013: Year ended December 31, 2015 2014 2013 Supplemental disclosure: Interest paid, net of amounts capitalized $ 5,402 $ 7,188 $ 11,414 Reorganization expenses paid — — 768 Income taxes paid, net of refunds 140 135 198 Non-cash investing and financing activities: Property and equipment additions and purchases of real estate in accrued liabilities 2,580 1,479 1,353 Capital expenditures for real estate under development in accounts payable and accrued liabilities 1,940 1,817 47 Additions to real estate under development reclassified from land 108 3,346 — Additions to building and building improvements reclassed from real estate under development 6,879 — — Additions to land and land improvements reclassed from real estate under development 542 170 — Additions to furniture, fixtures and equipment reclassed from real estate under development — 211 — Amortization of deferred financing fees in properties under development 88 31 — Transfer of noncontrolling interest — 2,136 — Capitalized deferred financing costs in accrued liabilities — 31 — Consolidation of hotel operations with no consideration paid: Assets consolidated — — (2,649 ) Liabilities consolidated — — 2,649

Discontinued Operations and Rea

Discontinued Operations and Real Estate Held for Sale	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Real Estate Held for Sale
Discontinued Operations and Real Estate Held for Sale	Discontinued Operations Effective as of January 1, 2015, we adopted the revised guidance for discontinued operations as further discussed in Note 3, New Accounting Pronouncements. For sales of real estate or assets classified as held for sale after January 1, 2015, we will evaluate whether the 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. Any sales of real estate prior to January 1, 2015 that were reported in discontinued operations in prior reporting periods will continue to be reported as discontinued operations. The following table summarizes the disposition of our properties during 2013 (in millions): Property Name Date of Disposition Contract Sales Price Becket House April 5, 2013 $ 19.8 Rio Salado May 28, 2013 9.3 4950 S. Bowen Road October 22, 2013 1.6 We classified the results of operations for Becket House into discontinued operations in the accompanying consolidated statements of operations and comprehensive loss for the year ended December 31, 2013. We did not classify the results of operations for Rio Salado and 4950 S. Bowen Road into discontinued operations as they represent land-only interests. The following table summarizes the income from discontinued operations for Becket House for the year ended December 31, 2013 (in thousands): Description Year Ended December 31, 2013 Revenues Rental revenue $ 514 Expenses Property operating expenses 189 Bad debt expense (111 ) Interest expense 633 Real estate taxes (21 ) Impairment charge 305 Property management fees 24 Asset management fees 16 Depreciation and amortization — Total expenses 1,035 Interest Income (2 ) Realized loss on currency translation adjustment (1) (3,624 ) Gain on troubled debt restructuring (1) 8,132 Income from discontinued operations 3,985 Loss attributable to noncontrolling interests (1,460 ) Income from discontinued operations attributable to the Company $ 2,525 _______________________________________________________________________________ (1) Due to the sale of Becket House on April 5, 2013, $3.6 million was reclassified from unrealized foreign currency translation loss in OCI to net loss and $8.1 million was recorded as a gain on troubled debt restructuring. We did not classify the condominiums sold during 2013 at Chase—The Private Residences as discontinued operations. Additionally, on June 13, 2014, we sold 1.62 acres of land that was a part of our Frisco Square investment to an unaffiliated third party that is not included in discontinued operations.

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except per share amounts): 2015 Quarters Ended March 31 June 30 September 30 December 31 Revenue $ 12,025 $ 15,081 $ 14,863 $ 13,422 Loss from continuing operations (4,392 ) (2,934 ) (16,547 ) (1,701 ) (1) Gain on sale of real estate — — — — Add: Net loss attributable to the noncontrolling interest 97 92 84 113 Net loss attributable to common stockholders (4,295 ) (2,842 ) (16,463 ) (1,588 ) Basic and diluted weighted average shares outstanding 56,500 56,500 56,500 56,500 Basic and diluted loss per share $ (0.08 ) $ (0.05 ) $ (0.29 ) $ (0.03 ) __________________________ (1) We recorded the following non-cash impairment charges during the year ended December 31, 2015: (i) a $0.7 million impairment for our one remaining condominium unit at Chase - The Private Residences, and (ii) a total of $11.6 million was recorded during 2015 for non-cash impairment charges which consisted of $6.8 million for our Frisco Square land, $2.1 million for Northborough Tower and $2.7 million for Northpoint Central. See Note 4, Assets and Liabilities Measured at Fair Value - Nonrecurring Fair Value Measurements, for additional information. 2014 Quarters Ended March 31 June 30 September 30 December 31 Revenue $ 12,418 $ 15,009 $ 14,838 $ 13,222 Loss from continuing operations (4,270 ) (2,907 ) (3,546 ) (13,697 ) (1) Gain on sale of real estate — 476 — — Add: Net loss attributable to the noncontrolling interest 97 104 104 109 Net loss attributable to common stockholders (4,173 ) (2,327 ) (3,442 ) (13,588 ) Basic and diluted weighted average shares outstanding 56,500 56,500 56,500 56,500 Basic and diluted loss per share $ (0.08 ) $ (0.04 ) $ (0.06 ) $ (0.24 ) __________________________ (1) During the fourth quarter of 2014, we recorded a non-cash impairment charge of $9.4 million related to our Northborough office building. See Note 4, Assets and Liabilities Measured at Fair Value - Nonrecurring Fair Value Measurements, for additional information. *********

Schedule II Valuation and Quali

Schedule II Valuation and Qualifying Accounts and Reserves	12 Months Ended
	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
Schedule II Valuation and Qualifying Accounts and Reserves	Behringer Harvard Opportunity REIT I, Inc. Valuation and Qualifying Accounts and Reserves Schedule II December 31, 2015, 2014, and 2013 (in thousands) Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Year ended December 31, 2015 Allowance for doubtful accounts $ 207 58 — 19 $ 246 Allowance for loan loss 13,670 — — 13,670 (1) — Year ended December 31, 2014 Allowance for doubtful accounts $ 2,375 $ 137 $ — $ 2,305 $ 207 Allowance for loan loss 13,897 — — 227 13,670 Year ended December 31, 2013 Allowance for doubtful accounts $ 234 $ 2,585 $ — $ 444 $ 2,375 Allowance for loan loss 13,897 — — — 13,897 _______________________________________________________________________________ (1) In September 2007, we made mezzanine loans to the owner and developer of Alexan Black Mountain Apartments, a multifamily community located in Henderson, Nevada, and obtained an option to purchase the property after completion of construction. On August 18, 2015, we entered into a letter agreement with the owner pursuant to which we consented to the sale of Alexan Black Mountain Apartments to a third party for an amount less than the senior mortgage loan on the property and released our option rights in exchange for a payment of less than $0.1 million. The sale of the property closed on August 19, 2015. Our mezzanine loan, which was fully reserved, was retired and the proceeds were recorded as other income.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	Behringer Harvard Opportunity REIT I, Inc. Real Estate and Accumulated Depreciation Schedule III December 31, 2015 ($ in thousands) Initial Cost Property Name Location Encumbrances Land and improvements Building and improvements Cost capitalized subsequent to acquisition (1) Gross amount carried at close of period Accumulated depreciation Year of construction Date acquired Depreciable life Chase Park Plaza St. Louis, MO $ 62,182 $ 3,612 $ 50,143 $ 40,915 $ 94,670 $ 21,200 1922 - 1931 12/8/2006 (2) The Lodge & Spa at Cordillera Edwards, CO — 9,398 7,468 (6,603 ) 10,263 1,810 1988 6/6/2007 (2) Frisco Square Frisco, TX 30,578 40,098 27,907 10,525 78,530 16,387 2002 - 2003 8/3/2007 (3) Northpoint Central Houston, TX 11,720 (5) 750 19,849 (5,403 ) 15,196 2,397 1982 9/13/2007 (3) Northborough Tower Houston, TX 18,516 1,400 31,401 (19,748 ) 13,053 194 1983 2/26/2008 (3) Royal Island Commonwealth of Bahamas 13,872 21,158 2,842 — 24,000 2,099 — 6/6/2012 (3) The Ablon at Frisco Square Frisco, TX 18,679 — — 39,102 39,102 — 2014 -2015 (4) (4) Sub-total 155,547 76,416 139,610 58,788 274,814 44,087 Real Estate Held for Sale: Las Colinas Commons Irving, TX 14,900 (5) 2,785 9,718 3,507 16,010 4,864 1979 - 2001 12/20/2006 (3) Totals $ 170,447 $ 79,201 $ 149,328 $ 62,295 $ 290,824 $ 48,951 _______________________________________________________________________________ (1) Includes adjustment to basis, such as impairment losses (2) Hotels are depreciated according to Company policy, which uses the straight-line method over their estimated useful life of 39 years. (3) Buildings are depreciated according to Company policy, which uses the straight-line method over their estimated useful life of 25 years. (4) Construction of a 275 -unit multifamily project at The Ablon at Frisco Square development began on September 2, 2014. (5) Las Colinas Commons and Northpoint Central are both borrowers under a loan that matures in May 2017. The Las Colinas Commons loan balance at December 31, 2015 is $11.3 million . Under the terms of the loan, the lender requires a release price payment of $14.9 million to release the Las Colinas Commons property from the loan. The $3.6 million excess principal payment amount is used to reduce Northpoint Central's loan balance. We have reclassified the full release price as a liability associated with our real estate held for sale as of December 31, 2015. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2015, 2014 and 2013 is as follows: Real Estate and Accumulated Depreciation Schedule III (in thousands) Year Ended December 31, 2015 2014 2013 Real Estate: Balance at beginning of period $ 278,558 $ 284,532 $ 292,737 Acquisitions — — — Improvements 34,587 14,519 4,222 Write-offs (3,378 ) (759 ) (1,635 ) Establishment of new basis for impaired assets (18,943 ) (1) (18,467 ) (2) (119 ) Cost of real estate sold — (1,267 ) (10,673 ) Balance at end of the period $ 290,824 $ 278,558 $ 284,532 Accumulated depreciation: Balance at beginning of period $ 49,258 $ 48,652 $ 41,186 Depreciation expense 10,366 9,931 9,073 Write-offs (3,270 ) (440 ) (1,607 ) Reclassification (7,403 ) (1) (8,885 ) (2) — Disposals — — — Balance at end of the period $ 48,951 $ 49,258 $ 48,652 _______________________________________________________________________________ (1) During the year ended December 31, 2015, we recorded non-cash impairment charges for our Frisco Square land and our Northborough Tower and Northpoint Central office buildings of $6.8 million , $2.1 million and $2.7 million , respectively, for a total of $11.6 million . The accumulated depreciation for Northborough Tower and Northpoint Central of $0.8 million and $6.6 million , respectively, were offset against the basis of the assets. (2) During the year ended December 31, 2014, we recorded non-cash impairment charges for our Northborough Tower office building of $9.4 million . The accumulated depreciation for the asset, of $8.9 million , was offset against the basis of the asset. The carrying value of the asset also includes a reclass of $0.2 million .

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
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. We evaluate these estimates, including investment impairment, on a regular basis. These estimates will be based on management's historical industry experience and on various other assumptions that are believed to be reasonable under the circumstances and include such items as impairment of long-lived assets, depreciation and amortization and allowance for doubtful accounts. Actual results could differ from those estimates.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation Our 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.
Subsequent Events	Subsequent Events We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.
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 December 31, 2015, the estimated remaining average useful lives for acquired lease intangibles range from less than one year to approximately seven years.
Condominium Inventory	Condominium Inventory Condominium inventory is stated at the lower of cost or fair market value. In addition to land acquisition costs, land development costs, and construction costs, costs include interest and real estate taxes, which are capitalized during the period beginning with the commencement of development and ending with the completion of construction. 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. At December 31, 2015, we had one remaining condominium unit in inventory at Chase—The Private Residences which was sold for a price of $2.5 million on February 22, 2016.
Real Estate Held for Sale	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. During the fourth quarter of 2015, we entered into a purchase and sale agreement for Las Colinas Commons, an office building located in Texas, and classified the investment as real estate held for sale in our consolidated balance sheet at December 31, 2015. The sales transaction closed on February 2, 2016. We did not have any properties classified as held for sale at December 31, 2014. Effective as of January 1, 2015, we adopted the revised guidance regarding discontinued operations as further discussed in Note 3, New Accounting Pronouncements. 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. Prior to this adoption, when we had no involvement after the sale of a real estate investment it was treated as a discontinued operation. The following table presents net loss attributable to the Company for the three years ended December 31, 2015, 2014 and 2013 related to the Las Colinas Commons office building (in millions): Years Ended December 31, Description 2015 2014 2013 Net loss attributable to the Company $ (0.3 ) $ (0.4 ) $ (0.3 )
Cash and Cash Equivalents	Cash and Cash Equivalents We consider investments in highly-liquid money market funds or investments with original maturities of three months or less to be cash equivalents.
Restricted Cash	Restricted Cash As required by our lenders, restricted cash is held in escrow accounts for real estate taxes and other reserves for our consolidated properties.
Accounts Receivable	Accounts Receivable Accounts receivable primarily consist of straight-line rental revenue receivables of $4.2 million and $5.9 million as of December 31, 2015 and 2014, respectively, and receivables from our hotel operators and tenants related to our other consolidated properties of $2.4 million and $2.3 million as of the years ended December 31, 2015 and 2014, respectively. The allowance for doubtful accounts was $0.3 million and $0.2 million as of December 31, 2015 and 2014, respectively.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets Prepaid expenses and other assets include prepaid directors' and officers' insurance, prepaid advertising, the fair value of certain derivative instruments, as well as inventory, prepaid insurance, and real estate taxes of our consolidated properties. Inventory consists of food, beverages, linens, glassware, china, and silverware and is carried at the lower of cost or market value.
Furniture, Fixtures, and Equipment	Furniture, Fixtures, and Equipment Furniture, fixtures, and equipment are recorded at cost and are depreciated using the straight-line method over their estimated useful lives of five to seven years. Properties classified as held for sale are not depreciated. Maintenance and repairs are charged to operations as incurred while renewals or improvements to such assets are capitalized. Accumulated depreciation associated with our furniture, fixtures, and equipment was $16.3 million and $15.5 million as of December 31, 2015 and 2014, respectively.
Consolidation of Real Estate in Bankruptcy	Three of our consolidated properties represented more than 10% of our 2015 total revenue, excluding revenues for Las Colinas Commons which was classified as real estate held for sale at December 31, 2015: Chase Park Plaza at 60% ; Frisco Square at 14% ; and Northborough Tower at 11% . During the third quarter of 2015, Northborough Tower’s single tenant vacated the building. The tenant’s lease does not expire until April 2018, and the tenant has continued to make its monthly rental payment. The cash management agreement provides that upon an event of default, the lender can cause all funds in the property account to be deposited into a lender-controlled and administered bank account. In December 2015, the lender exercised its right to control the operating funds of the property. See Note 9, Notes Payable, for additional information.
Reorganization Expense	Reorganization Items, Net We incurred reorganization expense of approximately $0.2 million during the year ended December 31, 2013 as a result of the 2012 restructuring of the debt related to our Frisco Square investment. This expense is presented separately in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2013.
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 review these projected cash flows to assure that the valuation is prepared using reasonable inputs and assumptions that are consistent with market data and with assumptions that would be used by a third-party market participant and assume the highest and best use of the investment. We consider trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. In the event that the carrying amount exceeds the estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the asset to estimated fair value. While we believe our estimates of future cash flows are reasonable, different assumptions regarding factors such as market rents, economic conditions, and occupancy rates could significantly affect these estimates. In evaluating our investments for impairment, management may use appraisals and make estimates and assumptions, including, but not limited to, the projected date of disposition of the properties, the estimated future cash flows of the properties during our ownership, planned development and the projected sales price of each of the properties. A future change in these estimates and assumptions could result in understating or overstating the book value of our investments, which could be material to our financial statements. In addition, we may incur impairment charges on real estate assets classified as held for sale in the future if the carrying amount of the asset upon classification as held for sale exceeds the estimated fair value, less costs to sell. We also evaluate our investment in an unconsolidated joint venture at each reporting date. If we believe there is an other than temporary decline in market value, we will record an impairment charge based on these evaluations. We assess potential impairment by comparing our portion of estimated future undiscounted operating cash flows expected to be generated by the joint venture over the life of the joint venture's assets to the carrying amount of the joint venture. In the event that the carrying amount exceeds our portion of estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the joint venture to its estimated fair value. 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. During the year ended December 31, 2015, we recorded approximately $12.3 million of non-cash impairment charges as a result of measurable decreases in the fair value of four of our investments. We recorded a $0.7 million impairment for our one remaining condominium unit at Chase—The Private Residences during the year ended December 31, 2015. In the third quarter of 2015, we recorded a non-cash impairment charge of $6.8 million for our Frisco Square land based on an indication of a change in market conditions for land development. In estimating the fair value of the Frisco Square land, we considered market comparables as well as the time and costs to hold the land until developed. We also recorded non-cash impairment charges of approximately $2.1 million for Northborough Tower and approximately $2.7 million for our Northpoint Central office building during the third quarter of 2015. In estimating the fair value of both Northborough Tower and Northpoint Central, we considered offers received during the marketing process of the assets in the third quarter of 2015, market comparables and management’s internal discounted cash flow analysis prepared with the consideration of the market conditions in Houston where both buildings are located. We believe the carrying value of our operating real estate assets, our properties under development and our investment in an unconsolidated joint venture 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.
Deferred Financing Fees	Deferred Financing Fees Deferred financing fees are recorded at cost and are amortized to interest expense for notes payable using a straight-line method that approximates the effective interest method over the life of the related debt. Accumulated amortization of deferred financing fees was $1.8 million and $1 million as of December 31, 2015 and 2014, respectively.
Derivative Financial Instruments	Derivative Financial Instruments Our objective in using derivatives is to add stability to interest expense and to manage our exposure to interest rate movements or other identified risks and to minimize the variability caused by foreign currency translation risk related to our net investment in foreign real estate. To accomplish these objectives, we use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of London Interbank Offer Rate ("LIBOR"). These instruments include LIBOR-based interest rate swaps and caps. For our net investments in foreign real estate, we may use foreign exchange put/call options to eliminate the impact of foreign currency exchange movements on our financial position. We measure our derivative instruments and hedging activities at fair value and record them as an asset or liability, depending on our rights or obligations under the applicable derivative contract. For derivatives designated as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged items are recorded in earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivatives are reported in other comprehensive income (loss) and are subsequently reclassified into earnings when the hedged item affects earnings. For derivatives designated as net investment hedges, changes in fair value are reported in other comprehensive income (loss) as part of the foreign currency translation gain or loss. Changes in fair value of derivative instruments not designated as hedges and ineffective portions of hedges are recognized in earnings in the affected period. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. As of December 31, 2015, we do not have any derivatives designated as fair value hedges, nor are derivatives being used for trading or speculative purposes.
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). The foreign currency translation adjustments were losses of $2.5 million and $2.3 million for the years ended December 31, 2015 and 2014, respectively, and a gain of $1.4 million for the year ended December 31, 2013. 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 December 31, 2015. The joint venture sold one property in 2014 and three properties in 2015, and had 18 properties remaining as of December 31, 2015. We will recognize CTA upon the sale of all or substantially all of our investment in the Central Europe Joint Venture. On April 5, 2013, we sold Becket House and the lender accepted the net sales proceeds of $19.8 million as full satisfaction of the outstanding debt of $27.7 million . As a result, $8.1 million was recorded as a gain on troubled debt restructuring and is included in discontinued operations. Additionally, due to the sale of Becket House, $3.6 million was reclassified from unrealized foreign currency translation loss to net loss and is included in discontinued operations.
Accumulated Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss)
Revenue Recognition	Revenue Recognition We recognize rental income generated from leases on real estate assets on a straight-line basis over the terms of the respective leases, including the effect of rent holidays, if any. Straight-line rental revenue was a decrease of $0.9 million in rental revenues for the year ended December 31, 2015. Straight-line rental revenue was income of $0.4 million and $0.7 million recognized in rental revenues for the years ended December 31, 2014 and 2013, respectively. Hotel revenue is derived from the operations of The Lodge & Spa at Cordillera and Chase Park Plaza Hotel and consists of guest room, food and beverage, and other revenue, and is recognized as the services are rendered. Revenues from the sales of condominiums are recognized when sales are closed and title passes to the new owner, the new owner's initial and continuing investment is adequate to demonstrate a commitment to pay for the condominium, the new owner's receivable is not subject to future subordination, and we do not have a substantial continuing involvement with the new condominium. Amounts received prior to closing on sales of condominiums are recorded as deposits in our financial statements.
Income Taxes	Income Taxes We elected to be taxed, and qualified, as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), beginning with the year ended December 31, 2006. We are organized and operate in such a manner as to qualify for taxation as a REIT under the Code, and we intend to continue to operate in such a manner, but no assurance can be given that we will operate in a manner so as to qualify or remain qualified as a REIT. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax at the corporate level except for the operations of our wholly owned taxable REIT subsidiaries. Taxable income from non-REIT activities managed through a taxable REIT subsidiary ("TRS") is subject to applicable federal, state, and local income and margin taxes. We have no taxable income associated with a TRS. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level. We have two TRS that own and/or provide management and development services to certain of our investments in real estate and real estate under development. We have reviewed our tax positions under GAAP guidance that clarifies the relevant criteria and approach for the recognition and measurement of uncertain tax positions. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that the tax positions taken relative to our status as a REIT will be sustained in any tax examination. We believe that it is more likely than not that the tax positions taken relative to the TRS will be sustained in any tax examination. For the years ended December 31, 2015, 2014, and 2013, we recognized a current and deferred tax provision of $0.1 million , $0.1 million and less than $0.1 million , respectively, related to the Texas margin tax. Taxable income (loss) differs from net income (loss) for financial reporting purposes principally because of differences in the timing of recognition of depreciation expense, impairment losses and gain from sales of property. As a result of these differences, the tax basis of our fixed assets exceeds the book value by $223.3 million at December 31, 2015 and $176.3 million at December 31, 2014.
Stock-Based Compensation	Stock-Based Compensation We have a stock-based incentive award plan for our directors and consultants and for employees, directors, and consultants of our affiliates. Awards are granted at the fair market value on the date of grant with fair value estimated using the Black-Scholes-Merton option valuation model, which incorporates assumptions surrounding volatility, dividend yield, the risk-free interest rate, expected life, and the exercise price as compared to the underlying stock price on the grant date. The tax benefits associated with these share-based payments are classified as financing activities in the consolidated statement of cash flows. On March 25, 2013, our board of directors, voted to amend the Incentive Award Plan to eliminate the automatic option grant. We did not recognize any incremental compensation cost as a result of these modifications. There were no stock options granted, exercised, or forfeited in 2015.
Concentration of Credit Risk	Concentration of Credit Risk At December 31, 2015 and 2014, we had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. We have diversified our cash and cash equivalents between several banking institutions in an attempt to minimize exposure to any one of these entities. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents or restricted cash.
Geographic Concentration	Geographic Concentration At any one time, a significant portion of our consolidated investments could be in one property class or concentrated in one or several geographic regions. For the year ended December 31, 2015, excluding revenue of $2.7 million for Las Colinas Commons, which was classified as real estate held for sale as of December 31, 2015, and mineral rights we received in 2015 of less than $0.1 million on a parcel of land we sold in 2013, 60% , 32% and 8% of our total revenues were derived from properties in Missouri, Texas and Colorado, respectively. Additionally, excluding revenue of $2.7 million for Las Colinas Commons, which was classified as real estate held for sale as of December 31, 2015, and mineral rights we received in 2015 of less than $0.1 million on a parcel of land we sold in 2013, 68% , 28% and 4% of our total revenues for the year ended December 31, 2015 were from our three asset types, hotel, office building and multifamily, respectively. To the extent that our portfolio is concentrated in limited geographic regions, types of assets, industries or business sectors, downturns relating generally to such region, type of asset, industry or business sector may result in defaults by our tenants within a short time period, which may reduce our net income and the value of our common stock and accordingly limit our ability to fund our operations.
Noncontrolling Interest	Noncontrolling Interest Noncontrolling interest represents the noncontrolling ownership interest's proportionate share of the equity in our consolidated real estate investments. Income and losses are allocated to noncontrolling interest holders based on their ownership percentage.
Reportable Segments	Reportable Segments We have determined that we have one reportable segment, with activities related to the ownership, development and management of real estate assets. Our income producing properties generated 100% of our consolidated revenues for the years ended December 31, 2015, 2014, and 2013. Our chief operating decision maker evaluates operating performance on an individual property level. Therefore, our properties are aggregated into one reportable segment.
Earnings per Share	Earnings (loss) per Share Earnings (loss) per share is calculated based on the weighted average number of shares outstanding during each period. As of each of the periods ended December 31, 2015, 2014 and 2013, we had options to purchase 75,000 shares of common stock at a weighted average exercise price of $7.50 . These options are excluded from the calculation of earnings (loss) per share for the years ended December 31, 2015, 2014, and 2013 because the effect would be anti-dilutive.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of anticipated amortization expense associated with the acquired lease intangibles and acquired other intangible assets	Anticipated amortization expense associated with the acquired lease intangibles for each of the following five years ended December 31 is as follows (in thousands): Year Lease Intangibles (1) 2016 $ 56 2017 56 2018 19 2019 — 2020 —
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): December 31, 2015 Buildings and Improvements (1) Land and Improvements (1) Lease Intangibles (1) Acquired Below-Market Leases Other Intangibles Cost $ 174,732 $ 60,962 $ 7,580 $ (3,311 ) $ 9,626 Less: depreciation and amortization (42,062 ) (2,026 ) (5,332 ) 2,553 (5,421 ) Net $ 132,670 $ 58,936 $ 2,248 $ (758 ) $ 4,205 ______________________________________________ (1) Excludes Las Colinas Commons, which was classified as held for sale as of December 31, 2015. Net book values included in assets associated with real estate held for sale in the consolidated balance sheet were buildings and improvements of $8.3 million , land and improvements of $2.8 million and lease intangibles of $0.7 million . See Note 7, Real Estate Held for Sale. 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 Measur28

Assets and Liabilities Measured at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Schedule of assets measured at fair value on a nonrecurring basis	The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis during the periods presented (in thousands): As of December 31, 2015 Level 1 Level 2 Level 3 Total Fair Value Loss Assets Buildings and improvements, net (1) $ — $ — $ 29,500 $ 29,500 $ (4,778 ) Land and improvements, net (2) — — 19,606 19,606 (6,762 ) Condominium inventory (one remaining finished unit) (3) — — 2,201 2,201 (761 ) ________________________________ (1) During the year ended December 31, 2015, we recorded non-cash impairments of $2.1 million and $2.7 million associated with our Northborough Tower and Northpoint Central office buildings. (2) In the third quarter of 2015, we recorded a $6.8 million non-cash impairment associated with our Frisco land. (3) During 2015, we recorded non-cash impairment charges totaling approximately $0.7 million associated with our one remaining condominium unit at Chase — The Private Residences. 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 Valuation Techniques Unobservable Input Range (Weighted Average) Buildings and improvements, net (1) $ 29,500 Discounted cash flow Discount rate Terminal capitalization rate Market rent growth Expense growth rate 7.75% - 11.50% 8.00% - 9.75% 0% - 3.00% 0% - 3.00% Land and improvements, net (2) $ 19,606 Market comparable Lot price Inflation rate Discount rate $20 - $45 psf 0% - 3.00% 12.50% - 20.00% Condominium inventory (one remaining finished unit) (3) $ 2,201 Market comparable List price for unit; due to limited market comparables $511 to $555 per square feet ______________________________ (1) In the third quarter of 2015, we recorded non-cash impairments of $2.1 million and $2.7 million associated with our Northborough Tower and Northpoint Central office buildings. (2) In the third quarter of 2015, we recorded a $6.8 million non-cash impairment associated with our Frisco land. (3) In the second quarter of 2015, we recorded a non-cash impairment of $0.6 million associated with our one remaining condominium unit at Chase — The Private Residences. We recorded an additional $0.1 million non-cash impairment for the condominium unit in the fourth quarter of 2015, based on offers received during the marketing process. 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 Tower office building, we evaluated the asset for recoverability, and as a result, recorded a non-cash impairment of $9.4 million during the year ended December 31, 2014.

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of information about consolidated properties	The following table presents certain information about our consolidated properties as of December 31, 2015: Property Name Location Approximate Rentable Square Footage (Unaudited) Description Ownership Interest Year Acquired Chase Park Plaza St. Louis, Missouri — hotel and condominium development property 100% (1) 2006 Las Colinas Commons (2) Irving, Texas 239,000 3-building office complex 100% 2006 Frisco Square Frisco, Texas (3 ) mixed-use development (multifamily, retail, office, restaurant and land) (3) 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 (4) 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 Las Colinas Commons office building is classified as held for sale in our consolidated balance sheet as of December 31, 2015. We sold the property on February 2, 2016. (3) 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. (4) 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 unaudited pro forma	Chase Park Plaza Hotel contributed a net loss of $0.7 million to our consolidated statements of operations for the period from February 19, 2013 through December 31, 2013. The following unaudited pro forma summary presents financial information as if the hotel operations had been consolidated on January 1, 2012 (in thousands, except per share amounts): Description Unaudited Pro Forma for the Twelve Months Ended December 31, 2013 Rental revenue $ 20,007 Hotel revenue 33,313 Property operating expenses 11,127 Hotel operating expenses 25,331 Bad debt expense (1) 498 Net loss (18,537 ) Net loss per share $ (0.33 ) These unaudited pro forma amounts have been calculated after applying our accounting policies and adjusting the results of Chase Park Plaza Hotel to reflect the elimination of the lease rental revenue and the consolidation of the hotel operations as if it had been applied from January 1, 2012.
Schedule of information about unconsolidated investments	Investment in Unconsolidated Joint Venture The following table presents certain information about our unconsolidated investment as of December 31, 2015 and 2014 ($ in thousands): Ownership Interest Carrying Value of Investment Property Name December 31, 2015 December 31, 2014 Central Europe Joint Venture 47.01 % $ 13,953 $ 15,948
Schedule of proportionate share of combined assets and liabilities of investment properties	Our investment in the unconsolidated joint venture as of December 31, 2015 and 2014 consisted of our proportionate share of the combined assets and liabilities of our investment property, shown at 100%, as follows (in thousands): December 31, 2015 December 31, 2014 Real estate assets, net $ 59,415 $ 88,681 Cash and cash equivalents 6,827 3,872 Other assets 1,441 1,872 Total assets $ 67,683 $ 94,425 Notes payable $ 40,895 $ 65,373 Other liabilities 2,526 3,239 Total liabilities 43,421 68,612 Equity 24,262 25,813 Total liabilities and equity $ 67,683 $ 94,425
Schedule of proportionate share of combined losses of unconsolidated joint ventures	Our equity in earnings (losses) from our investment is our proportionate share of the combined earnings (losses) of our unconsolidated joint venture for the years ended December 31, 2015, 2014, and 2013, shown at 100%, as follows (in thousands): Year Ended December 31, 2015 2014 2013 Revenue $ 8,247 $ 10,696 $ 11,259 Operating expenses: Operating expenses 2,165 2,487 2,846 Property taxes 252 321 323 Total operating expenses 2,417 2,808 3,169 Operating income 5,830 7,888 8,090 Non-operating expenses: Depreciation and amortization 3,131 4,225 4,752 Impairment charge 2,634 (1) — 5,913 (1) Interest and other, net 3,244 3,743 1,029 Gain on sale (3,294 ) (442 ) — Gain on extinguishment of debt (2,030 ) — — Total non-operating expenses 3,685 7,526 11,694 Net income $ 2,145 $ 362 $ (3,604 ) Equity in earnings of unconsolidated joint venture (2) $ 1,008 $ 170 $ (1,694 ) _______________________________________________________________________________ (1) Our Central Europe Joint Venture recorded impairment charges of approximately $2.6 million and $5.9 million during the years ended December 31, 2015 and 2013, respectively. (2) Company's share of net income (loss).

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of notes payable on consolidated properties, including debt obligations of properties	The following table sets forth our notes payable on our consolidated properties at December 31, 2015 and 2014 ($ in thousands): Notes Payable as of Description December 31, 2015 December 31, 2014 Interest Rate Maturity Date Northborough Tower $ 18,516 $ 19,071 5.67% 1/11/2016 Royal Island 13,872 13,872 15.00% 10/10/2016 Northpoint Central 11,720 (1) 15,574 5.15% 5/9/2017 Las Colinas Commons N/A (1) 11,484 5.15% 5/9/2017 Chase Park Plaza Hotel and Chase—The Private Residences 62,182 62,500 4.95% 8/11/2017 BHFS II, LLC 6,856 6,962 30-day LIBOR + 3% (2) 2/1/2018 BHFS III, LLC 6,154 6,250 30-day LIBOR + 3% (2) 2/1/2018 BHFS IV, LLC 12,783 12,983 30-day LIBOR + 3% (2) 2/1/2018 BHFS Theatre, LLC 4,785 4,860 30-day LIBOR + 3% (2) 2/1/2018 The Ablon at Frisco Square 18,679 — 30-day LIBOR + 2.5% (2) 8/26/2017 $ 155,547 $ 153,556 Notes payable included with Obligations related to real estate held for sale: Las Colinas Commons 14,900 (1) n/a (1) 5.15% 5/9/2017 Total notes payable obligations $ 170,447 $ 153,556 _______________________________________________________________________________ (1) Las Colinas Commons and Northpoint Central are both borrowers under a loan that matures in May 2017. The Las Colinas Commons loan balance at December 31, 2015 is $11.3 million . Under the terms of the loan, the lender requires a release price payment of $14.9 million to release the Las Colinas Commons property from the loan. The $3.6 million excess principal payment amount is used to reduce Northpoint Central's loan balance. We have reclassified the full release price as a liability associated with our real estate held for sale as of December 31, 2015. (2) 30-day LIBOR was 0.43% at December 31, 2015.
Schedule of aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale	The following table summarizes our aggregate contractual obligations for principal payments as of December 31, 2015 (in thousands): Principal Payments Due: Amount (1) 2016 $ 35,557 2017 71,839 2018 29,456 2019 18,680 2020 — Thereafter — Total contractual obligations 155,532 Unamortized premium 15 Total $ 155,547 _______________________________________________________________________________ (1) Our office building, Las Colinas Commons, was classified as real estate held for sale on our consolidated balance sheet as of December 31, 2015. Total contractual obligations does not include $14.9 million of debt that is classified as obligations related to real estate held for sale as of December 31, 2015. We are subject to customary affirmative, negative, and financial covenants and representations, warranties, and borrowing conditions, all as set forth in our loan agreements, including, among other things, maintaining minimum debt service coverage ratios, loan to value ratios and liquidity. As of December 31, 2015, we believe we were in compliance with the covenants under our loan agreements.

Derivative Instruments and He31

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Derivatives designated as hedging instruments
Derivative financial instruments
Effect of derivative financial instruments on condensed consolidated statements of operations	The table below presents the effect of our derivative financial instruments on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2014 (in thousands): Derivatives Not Designated as Hedging Instruments Amount of Loss (1) Description Year Ended December 31, 2014 Interest rate $ 86
Derivatives not designated as hedging Instruments
Derivative financial instruments
Effect of derivative financial instruments on condensed consolidated statements of operations	Derivatives Not Designated as Hedging Instruments Amount of Loss (1) Description Year Ended December 31, 2014 Interest rate $ 86

Leasing Activity (Tables)

Leasing Activity (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of future minimum base rental payments due to non-cancelable leases	Future minimum base rental payments of our office properties due to us under non-cancelable leases in effect as of December 31, 2015 for our consolidated properties are as follows (in thousands): Year Future Minimum Base Rental Payments 2016 $ 13,165 2017 11,954 2018 5,312 2019 3,751 2020 2,994 2021 2,364 2022 1,913 2023 1,511 2024 976 2025 957 Thereafter 660 Total $ 45,557

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of outstanding options	The following table summarizes the outstanding options, options granted, exercised, and forfeited or expired, as well as the corresponding weighted average exercise prices, for the years ended December 31, 2015, 2014 and 2013: Options Shares Weighted- Average Exercise Price Outstanding at January 1, 2013 75,000 $ 7.50 Granted — Exercised — Forfeited or expired — Outstanding at December 31, 2013 75,000 7.50 Granted — Exercised — Forfeited or expired — Outstanding at December 31, 2014 75,000 7.50 Granted — Exercised — Forfeited or expired — Outstanding at December 31, 2015 75,000 (1) 7.50 Exercisable at December 31, 2015 75,000 7.50 ________________________________________________________ (1) The remaining contractual life of the outstanding options is

Supplemental Cash Flow Inform34

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information	Supplemental cash flow information is summarized below for the years ended December 31, 2015, 2014, and 2013: Year ended December 31, 2015 2014 2013 Supplemental disclosure: Interest paid, net of amounts capitalized $ 5,402 $ 7,188 $ 11,414 Reorganization expenses paid — — 768 Income taxes paid, net of refunds 140 135 198 Non-cash investing and financing activities: Property and equipment additions and purchases of real estate in accrued liabilities 2,580 1,479 1,353 Capital expenditures for real estate under development in accounts payable and accrued liabilities 1,940 1,817 47 Additions to real estate under development reclassified from land 108 3,346 — Additions to building and building improvements reclassed from real estate under development 6,879 — — Additions to land and land improvements reclassed from real estate under development 542 170 — Additions to furniture, fixtures and equipment reclassed from real estate under development — 211 — Amortization of deferred financing fees in properties under development 88 31 — Transfer of noncontrolling interest — 2,136 — Capitalized deferred financing costs in accrued liabilities — 31 — Consolidation of hotel operations with no consideration paid: Assets consolidated — — (2,649 ) Liabilities consolidated — — 2,649

Discontinued Operations and R35

Discontinued Operations and Real Estate Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Real Estate Held for Sale
Real Estate Held for Sale	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. During the fourth quarter of 2015, we entered into a purchase and sale agreement for Las Colinas Commons, an office building located in Texas, and classified the investment as real estate held for sale in our consolidated balance sheet at December 31, 2015. The sales transaction closed on February 2, 2016. We did not have any properties classified as held for sale at December 31, 2014. Effective as of January 1, 2015, we adopted the revised guidance regarding discontinued operations as further discussed in Note 3, New Accounting Pronouncements. 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. Prior to this adoption, when we had no involvement after the sale of a real estate investment it was treated as a discontinued operation. The following table presents net loss attributable to the Company for the three years ended December 31, 2015, 2014 and 2013 related to the Las Colinas Commons office building (in millions): Years Ended December 31, Description 2015 2014 2013 Net loss attributable to the Company $ (0.3 ) $ (0.4 ) $ (0.3 )
Schedule of Regulatory Assets and Liabilities [Text Block]	The major classes of assets and liabilities associated with our real estate held for sale as of December 31, 2015 were as follows (in thousands): Description Amount Land and improvements, net $ 2,785 Building and improvements, net 8,362 Lease intangibles, net 668 Straight-line rent 864 Assets associated with real estate held for sale $ 12,679 Notes payable (1) $ 14,900 Accrued and other liabilities 66 Obligations associated with real estate held for sale $ 14,966 _______________________________________________________________________________ (1) Las Colinas Commons and Northpoint Central are both borrowers under a loan that matures in May 2017. The Las Colinas Commons loan balance at December 31, 2015 is $11.3 million . Under the terms of the loan, the lender requires a release price payment of $14.9 million to release the Las Colinas Commons property from the loan. The $3.6 million excess principal payment amount is used to reduce Northpoint Central's loan balance. We have reclassified the full release price as a liability associated with our real estate held for sale as of December 31, 2015.
Schedule of disposition of real estate properties	The following table summarizes the disposition of our properties during 2013 (in millions): Property Name Date of Disposition Contract Sales Price Becket House April 5, 2013 $ 19.8 Rio Salado May 28, 2013 9.3 4950 S. Bowen Road October 22, 2013 1.6
Schedule of discontinued operations in the condensed consolidated statements of operations and other comprehensive loss	We classified the results of operations for Becket House into discontinued operations in the accompanying consolidated statements of operations and comprehensive loss for the year ended December 31, 2013. We did not classify the results of operations for Rio Salado and 4950 S. Bowen Road into discontinued operations as they represent land-only interests. The following table summarizes the income from discontinued operations for Becket House for the year ended December 31, 2013 (in thousands): Description Year Ended December 31, 2013 Revenues Rental revenue $ 514 Expenses Property operating expenses 189 Bad debt expense (111 ) Interest expense 633 Real estate taxes (21 ) Impairment charge 305 Property management fees 24 Asset management fees 16 Depreciation and amortization — Total expenses 1,035 Interest Income (2 ) Realized loss on currency translation adjustment (1) (3,624 ) Gain on troubled debt restructuring (1) 8,132 Income from discontinued operations 3,985 Loss attributable to noncontrolling interests (1,460 ) Income from discontinued operations attributable to the Company $ 2,525 _______________________________________________________________________________ (1) Due to the sale of Becket House on April 5, 2013, $3.6 million was reclassified from unrealized foreign currency translation loss in OCI to net loss and $8.1 million was recorded as a gain on troubled debt restructuring.

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary of the unaudited quarterly financial information	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except per share amounts): 2015 Quarters Ended March 31 June 30 September 30 December 31 Revenue $ 12,025 $ 15,081 $ 14,863 $ 13,422 Loss from continuing operations (4,392 ) (2,934 ) (16,547 ) (1,701 ) (1) Gain on sale of real estate — — — — Add: Net loss attributable to the noncontrolling interest 97 92 84 113 Net loss attributable to common stockholders (4,295 ) (2,842 ) (16,463 ) (1,588 ) Basic and diluted weighted average shares outstanding 56,500 56,500 56,500 56,500 Basic and diluted loss per share $ (0.08 ) $ (0.05 ) $ (0.29 ) $ (0.03 ) __________________________ (1) We recorded the following non-cash impairment charges during the year ended December 31, 2015: (i) a $0.7 million impairment for our one remaining condominium unit at Chase - The Private Residences, and (ii) a total of $11.6 million was recorded during 2015 for non-cash impairment charges which consisted of $6.8 million for our Frisco Square land, $2.1 million for Northborough Tower and $2.7 million for Northpoint Central. See Note 4, Assets and Liabilities Measured at Fair Value - Nonrecurring Fair Value Measurements, for additional information. 2014 Quarters Ended March 31 June 30 September 30 December 31 Revenue $ 12,418 $ 15,009 $ 14,838 $ 13,222 Loss from continuing operations (4,270 ) (2,907 ) (3,546 ) (13,697 ) (1) Gain on sale of real estate — 476 — — Add: Net loss attributable to the noncontrolling interest 97 104 104 109 Net loss attributable to common stockholders (4,173 ) (2,327 ) (3,442 ) (13,588 ) Basic and diluted weighted average shares outstanding 56,500 56,500 56,500 56,500 Basic and diluted loss per share $ (0.08 ) $ (0.04 ) $ (0.06 ) $ (0.24 )

Business and Organization (Deta

Business and Organization (Details) - property	12 Months Ended
	Dec. 31, 2015	Jul. 28, 2008
Wholly owned properties
Business
Number of properties	4
Consolidated properties
Business
Number of properties	3
Equity Method Investments [Member] | Wholly owned properties
Business
BHO, Inc., percentage ownership interest in Behringer Harvard OP I (less than)	0.10%
Noncontrolling Interest in Joint Venture | Equity Method Investments [Member] | Unconsolidated properties
Business
Number of properties	18	22

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Reclassification) (Details)	Feb. 22, 2016USD ($)	Dec. 31, 2015USD ($)property$ / shares	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)property$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares	Jul. 28, 2008property
Real estate Investments
Sales of Real Estate					$ 0	$ 0	$ 3,404,000
Concentration Risk, Percentage					100.00%	100.00%	100.00%
Debtor Reorganization Items, Other Expense (Income)							$ 200,000
Allocated Share-based Compensation Expense					$ 0
Foreign Currency Transaction Loss, before Tax					$ 2,500,000	$ 2,300,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares					75,000	75,000	75,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares		$ 7.50			$ 7.50	$ 7.50	$ 7.50
Subsidiary or Equity Method Investee, Deferred Income Tax Provision on Gain (Loss) Recognized, Amount					$ 100,000	$ 100,000	$ 100,000
Foreign Currency Transaction Gain (Loss), before Tax							1,400,000
Impairment charge					11,540,000	9,371,000	363,000
Real Estate Held-for-sale		$ 12,679,000			12,679,000	0
Direct costs of owned hotels					27,671,000	$ 26,253,000	$ 23,091,000
Las Colinas Commons [Member]
Real estate Investments
Real Estate Held-for-sale		2,700,000			2,700,000
Northpoint Central
Real estate Investments
Impairment charge			$ 2,700,000		2,700,000
Chase Private Residences [Member]
Real estate Investments
Impairment charge		$ 100,000		$ 600,000	$ 700,000
Equity Method Investments [Member] | Noncontrolling Interest | Unconsolidated properties
Real estate Investments
Number of properties | property		18			18			22
Number of Real Estate Investments - Sold/Disposed					3	1
Hotel [Member]
Real estate Investments
Finite-Lived Intangible Asset, Useful Life					39 years
Building [Member]
Real estate Investments
Finite-Lived Intangible Asset, Useful Life					25 years
Buildings and Improvements | Las Colinas Commons [Member]
Real estate Investments
Real Estate Held-for-sale		$ 8,300,000			$ 8,300,000
Land and Land Improvements [Member] | Las Colinas Commons [Member]
Real estate Investments
Real Estate Held-for-sale		2,800,000			2,800,000
Other Intangible Assets [Member] | Las Colinas Commons [Member]
Real estate Investments
Real Estate Held-for-sale		$ 700,000			$ 700,000
Geographic Concentration Risk [Member] | Sales [Member]
Real estate Investments
Concentration Risk, Percentage					10.00%
Chase Park Plaza - The Private Residences [Member]
Real estate Investments
Sales of Real Estate	$ 2,500,000
Fair Value, Measurements, Nonrecurring [Member]
Real estate Investments
Impairment charge					$ 12,300,000

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Estimated Useful Lives) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Building [Member]
Real Estate
Finite-Lived Intangible Asset, Useful Life	25 years
Hotel [Member]
Real Estate
Finite-Lived Intangible Asset, Useful Life	39 years
Furniture and Fixtures [Member] | Minimum [Member]
Real Estate
Estimated useful lives	5 years
Furniture and Fixtures [Member] | Maximum
Real Estate
Estimated useful lives	7 years
Northborough Tower [Member]
Real Estate
Amortization of Intangible Assets	$ 0.5

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Leases
Accumulated amortization of deferred financing fees	$ 1,800	$ 1,000
Lease/Other Intangibles
2,016	56
2,017	56
2,018	19
2,019	0
2,020	$ 0
Lease acquired in-place | Minimum [Member]
Leases
Finite-Lived Intangible Asset, Useful Life	1 year
Lease acquired in-place | Maximum
Leases
Finite-Lived Intangible Asset, Useful Life	7 years

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Accumulated Depreciation and Amortization) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Real Estate
Allocated Share-based Compensation Expense	$ 0
Total real estate	230,727,000	$ 229,300,000
Lease intangibles, net	2,248,000	4,328,000
Other intangibles, net	4,205,000	4,801,000
Acquired below-market leases, net	(758,000)	(1,084,000)
Lease Intangibles
Real Estate
Cost	7,580,000	11,329,000
Less: depreciation and amortization	(5,332,000)	(7,001,000)
Lease intangibles, net	2,248,000	4,328,000
Acquired Below-Market Leases
Real Estate
Cost	(3,311,000)	(3,312,000)
Less: depreciation and amortization	2,553,000	2,228,000
Acquired below-market leases, net	(758,000)	(1,084,000)
Other Intangible Assets [Member]
Real Estate
Cost	9,626,000	9,626,000
Less: depreciation and amortization	(5,421,000)	(4,825,000)
Other intangibles, net	4,205,000	4,801,000
Buildings and Improvements
Real Estate
Real Estate Investment Property, at Cost	174,732,000	195,348,000
Less: depreciation and amortization	(42,062,000)	(47,547,000)
Total real estate	132,670,000	147,801,000
Land and Land Improvements [Member]
Real Estate
Real Estate Investment Property, at Cost	60,962,000	68,915,000
Less: depreciation and amortization	(2,026,000)	(1,711,000)
Total real estate	$ 58,936,000	$ 67,204,000
Minimum [Member] | Lease Intangibles
Real Estate
Finite-Lived Intangible Asset, Useful Life	1 year
Maximum | Lease Intangibles
Real Estate
Finite-Lived Intangible Asset, Useful Life	7 years

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Inventory, Receivables and PPE) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)property	Dec. 31, 2013USD ($)
Condominium Inventory
Impairment charge	$ 11,540	$ 9,371	$ 363
Accounts Receivable
Straight-line rental revenue	4,200	5,900
Accounts Receivable from Hotel Operators and Tenants Related to Consolidated Properties	2,400	2,300
Allowance for doubtful accounts receivable	300	$ 200
Real estate held for sale
Furniture, Fixtures, and Equipment [Abstract]
Number of properties | property		0
Furniture, fixtures, and equipment
Furniture, Fixtures, and Equipment [Abstract]
Accumulated depreciation	$ 16,300	$ 15,500

Summary of Significant Accoun43

Summary of Significant Accounting Policies (Other) (Details)	Apr. 05, 2013USD ($)	Dec. 31, 2015USD ($)subsidiarysegment$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares
Real Estate
Foreign Currency Transaction Loss, before Tax		$ 2,500,000	$ 2,300,000
Deferred Financing Fees
Accumulated amortization of deferred financing fees		1,800,000	1,000,000
Foreign Currency Translation
Foreign Currency Transaction Gain (Loss), before Tax				$ 1,400,000
Proceeds from sale of real estate	$ 19,800,000	0	1,743,000	30,563,000
Outstanding mortgage debt on real estate	27,700,000
Gain on troubled debt restructuring	8,100,000			8,132,000
Foreign currency translation loss reclassified to net loss	$ (3,600,000)
Revenue Recognition
Straight-line rental revenue		$ 900,000	400,000	$ 700,000
Income Taxes
Required minimum percentage distribution of ordinary taxable income to stockholders to qualify as a REIT		90.00%
Number of taxable REIT subsidiaries | subsidiary		2
Tax basis of fixed assets exceeding book value		$ 223,300,000	$ 176,300,000
Stock-Based Compensation
Allocated Share-based Compensation Expense		$ 0
Reportable Segments
Number of reportable segments | segment		1
Concentration Risk, Percentage		100.00%	100.00%	100.00%
Earnings per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares		75,000	75,000	75,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares		$ 7.50	$ 7.50	$ 7.50

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Geographic Concentration) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)asset_type	Dec. 31, 2014	Dec. 31, 2013
Concentration Risk [Line Items]
Mineral rights | $	$ 0.1
Concentration Risk, Percentage	100.00%	100.00%	100.00%
Number of asset types | asset_type	3
Geographic Concentration Risk [Member] | Sales [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%
Geographic Concentration Risk [Member] | Sales [Member] | Missouri
Concentration Risk [Line Items]
Concentration Risk, Percentage	60.00%
Geographic Concentration Risk [Member] | Sales [Member] | Texas
Concentration Risk [Line Items]
Concentration Risk, Percentage	32.00%
Geographic Concentration Risk [Member] | Sales [Member] | Colorado
Concentration Risk [Line Items]
Concentration Risk, Percentage	8.00%
Asset type | Sales [Member] | Hotel
Concentration Risk [Line Items]
Concentration Risk, Percentage	68.00%
Asset type | Sales [Member] | Office Building [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	28.00%
Asset type | Sales [Member] | Multifamily [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	4.00%

Assets and Liabilities Measur45

Assets and Liabilities Measured at Fair Value (Recurring) (Details) - USD ($)	3 Months Ended			12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets and liabilities measured at fair value
Impairment of Real Estate				$ 11,540,000	$ 9,371,000	$ 363,000
Fair Value Assets and Liabilities, Amount of Transfers Between Levels of Fair Value				0	0
Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Impairment of Real Estate				12,300,000
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	$ 0			0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	2,201,000			2,201,000
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	0			0
Northpoint Central
Assets and liabilities measured at fair value
Impairment of Real Estate		$ 2,700,000		2,700,000
Chase Private Residences [Member]
Assets and liabilities measured at fair value
Impairment of Real Estate	100,000		$ 600,000	700,000
Northborough Tower [Member]
Assets and liabilities measured at fair value
Impairment of Real Estate		2,100,000		2,100,000	9,400,000
Land [Member] | Frisco Square [Member]
Assets and liabilities measured at fair value
Impairment of Real Estate		$ 6,800,000		6,800,000
Buildings and Improvements | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring					19,397,000
Buildings and Improvements | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring					0
Buildings and Improvements | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	29,500,000			29,500,000	19,397,000
Buildings and Improvements | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring					0
Land and Land Improvements [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	(6,762,000)			(6,762,000)
Land and Land Improvements [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	19,606,000			19,606,000
Changes Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	(761,000)			(761,000)
Changes Measurement [Member] | Buildings and Improvements | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	(4,778,000)			(4,778,000)	(9,371,000)
Income Approach Valuation Technique [Member] | Land and Land Improvements [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	19,606,000			19,606,000
Income Approach Valuation Technique [Member] | Investment Building and Building Improvements [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	$ 29,500,000			$ 29,500,000	$ 19,397,000

Assets and Liabilities Measur46

Assets and Liabilities Measured at Fair Value (Nonrecurring) (Details) - USD ($) $ in Thousands	3 Months Ended						10 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013	Apr. 05, 2013	Oct. 22, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets and liabilities measured at fair value
Impairment charge								$ 11,540	$ 9,371	$ 363
Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Impairment charge								12,300
Fair Value, Measurements, Nonrecurring [Member] | Chase Park Plaza - The Private Residences [Member]
Assets and liabilities measured at fair value
Condominium inventory impairment charges					$ 300
Impairment of intangible assets, related to real estate inventory					$ 200
Fair Value, Measurements, Nonrecurring [Member] | Becket House | Discontinued operations
Assets and liabilities measured at fair value
Condominium inventory impairment charges						$ 300
Fair Value, Measurements, Nonrecurring [Member] | 4950 S Bowen Road | Continuing operations
Assets and liabilities measured at fair value
Condominium inventory impairment charges							$ 100
Chase Private Residences [Member]
Assets and liabilities measured at fair value
Impairment charge	$ 100		$ 600					700
Northborough Tower [Member]
Assets and liabilities measured at fair value
Impairment charge		$ 2,100						2,100	9,400
Northpoint Central
Assets and liabilities measured at fair value
Impairment charge		2,700						2,700
Buildings and Improvements | Northborough Tower [Member]
Assets and liabilities measured at fair value
Impairment charge				$ 9,400
Buildings and Improvements | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring				19,397					19,397
Land [Member] | Frisco Square [Member]
Assets and liabilities measured at fair value
Impairment charge		$ 6,800						6,800
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	2,201							2,201
Fair Value, Inputs, Level 3 [Member] | Buildings and Improvements | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	29,500			19,397				29,500	19,397
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	0							0
Fair Value, Inputs, Level 1 [Member] | Buildings and Improvements | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring				0					0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	0							0
Fair Value, Inputs, Level 2 [Member] | Buildings and Improvements | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring				0					0
Land and Land Improvements [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	(6,762)							(6,762)
Land and Land Improvements [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	19,606							19,606
Changes Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	(761)							(761)
Changes Measurement [Member] | Buildings and Improvements | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	(4,778)			(9,371)				(4,778)	(9,371)
Income Approach Valuation Technique [Member] | Investment Building and Building Improvements [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	29,500			$ 19,397				29,500	$ 19,397
Income Approach Valuation Technique [Member] | Land and Land Improvements [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	19,606							19,606
Market Approach Valuation Technique [Member] | Inventory, Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	$ 2,201							$ 2,201

Assets and Liabilities Measur47

Assets and Liabilities Measured at Fair Value (Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets and liabilities measured at fair value
Impairment charge	$ 11,540	$ 9,371	$ 363
Fair Value, Measurements, Nonrecurring [Member]
Assets and liabilities measured at fair value
Impairment charge	12,300
Fair Value, Measurements, Nonrecurring [Member] | Level 1
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	0
Fair Value, Measurements, Nonrecurring [Member] | Level 2
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	0
Fair Value, Measurements, Nonrecurring [Member] | Level 3
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	2,201
Fair Value, Measurements, Nonrecurring [Member] | Buildings and improvements, net
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring		19,397
Fair Value, Measurements, Nonrecurring [Member] | Buildings and improvements, net | Level 1
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring		0
Fair Value, Measurements, Nonrecurring [Member] | Buildings and improvements, net | Level 2
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring		0
Fair Value, Measurements, Nonrecurring [Member] | Buildings and improvements, net | Level 3
Assets and liabilities measured at fair value
Assets, Fair Value Disclosure, Nonrecurring	$ 29,500	$ 19,397

Assets and Liabilities Measur48

Assets and Liabilities Measured at Fair Value (Level 3 Fair Value Measurements) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quantitative Information about Level 3 Fair Value Measurements
Impairment charge		$ 11,540,000	$ 9,371,000	$ 363,000
Amount of transfers between levels of fair value		$ 0	0
Buildings and improvements, net | Northborough office building
Quantitative Information about Level 3 Fair Value Measurements
Impairment charge	$ 9,400,000
Condominium inventory (finished units) | Minimum [Member] | Market comparable
Quantitative Information about Level 3 Fair Value Measurements
Amount per condo unit due to limited market comparables (in dollars per square foot)		511
Condominium inventory (finished units) | Maximum | Market comparable
Quantitative Information about Level 3 Fair Value Measurements
Amount per condo unit due to limited market comparables (in dollars per square foot)		555
Fair Value, Measurements, Nonrecurring [Member]
Quantitative Information about Level 3 Fair Value Measurements
Impairment charge		$ 12,300,000
Fair Value, Measurements, Nonrecurring [Member] | Buildings and improvements, net
Quantitative Information about Level 3 Fair Value Measurements
Assets, Fair Value Disclosure, Nonrecurring	19,397,000		19,397,000
Fair Value, Measurements, Nonrecurring [Member] | Buildings and improvements, net | Minimum [Member] | Discounted cash flow
Quantitative Information about Level 3 Fair Value Measurements
Discount rate (percent)		7.75%
Terminal capitalization rate (percent)		8.00%
Market rent growth rate (percent)		0.00%
Expense growth rate (percent)		0.00%
Fair Value, Measurements, Nonrecurring [Member] | Buildings and improvements, net | Maximum | Discounted cash flow
Quantitative Information about Level 3 Fair Value Measurements
Discount rate (percent)		11.50%
Terminal capitalization rate (percent)		9.75%
Market rent growth rate (percent)		3.00%
Expense growth rate (percent)		3.00%
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Quantitative Information about Level 3 Fair Value Measurements
Assets, Fair Value Disclosure, Nonrecurring		$ 2,201,000
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Buildings and improvements, net
Quantitative Information about Level 3 Fair Value Measurements
Assets, Fair Value Disclosure, Nonrecurring	19,397,000	29,500,000	19,397,000
Investment Building and Building Improvements [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Income Approach Valuation Technique [Member]
Quantitative Information about Level 3 Fair Value Measurements
Assets, Fair Value Disclosure, Nonrecurring	$ 19,397,000	29,500,000	$ 19,397,000
Land and Land Improvements [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Quantitative Information about Level 3 Fair Value Measurements
Assets, Fair Value Disclosure, Nonrecurring		19,606,000
Land and Land Improvements [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Income Approach Valuation Technique [Member]
Quantitative Information about Level 3 Fair Value Measurements
Assets, Fair Value Disclosure, Nonrecurring		19,606,000
Inventory, Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Market comparable
Quantitative Information about Level 3 Fair Value Measurements
Assets, Fair Value Disclosure, Nonrecurring		$ 2,201,000

Fair Value Measurement of Fin49

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets and liabilities measured at fair value
Notes and Loans Payable	$ 155,500	$ 153,600
Notes Payable	155,547	153,556
Notes payable, fair value	155,600	154,300
Las Colinas Commons [Member]
Assets and liabilities measured at fair value
Notes Payable	14,900	11,484
Real Estate Held For Sale [Member]
Assets and liabilities measured at fair value
Notes Payable	170,447	$ 153,556
Real Estate Held For Sale [Member] | Las Colinas Commons [Member]
Assets and liabilities measured at fair value
Notes Payable	$ 14,900

Real Estate Investments (Detail

Real Estate Investments (Details) $ / shares in Units, € in Millions	Oct. 21, 2015EUR (€)	Oct. 21, 2015USD ($)	Aug. 20, 2015USD ($)	Jul. 15, 2015EUR (€)	Jul. 15, 2015USD ($)	Feb. 01, 2015EUR (€)	Feb. 01, 2015USD ($)	Aug. 07, 2014	Dec. 31, 2015USD ($)ft²apropertyunit	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015EUR (€)buildingstory	Dec. 31, 2015USD ($)ft²abuildingpropertyunitstory	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)$ / shares	Sep. 02, 2014USD ($)	Aug. 26, 2014USD ($)aunit	Aug. 05, 2014	Jun. 13, 2014a	Feb. 19, 2013	Jul. 28, 2008property
Real estate Investments
Equity in losses of unconsolidated joint ventures																		$ 1,008,000	$ 170,000	$ (1,694,000)
Sales of Real Estate																		0	0	3,404,000
Gains (Losses) on Sales of Investment Real Estate									$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 476,000	$ 0		0	476,000	86,000
Payments of Debt Extinguishment Costs																		0	590,000	0
Gains (Losses) on Extinguishment of Debt																		0	(246,000)	0
Proceeds from sale of real estate | €						€ 0.2
Impairment of Real Estate																		11,540,000	9,371,000	363,000
Impairment charge																		12,301,000	9,371,000	932,000
Real estate assets, net									230,727,000				229,300,000					230,727,000	229,300,000
Unaudited pro forma summary
Gain (Loss) on Sale of Properties			$ 100,000															0	476,000	86,000
Notes Payable									$ 155,547,000				153,556,000					$ 155,547,000	153,556,000
Las Colinas Commons [Member]
Real estate Investments
Investment Owned, Percent of Net Assets									100.00%									100.00%
Approximate rentable square footage | ft²									239,000									239,000
Number of building office complex | building																	3	3
Unaudited pro forma summary
Notes Payable									$ 14,900,000				11,484,000					$ 14,900,000	11,484,000
Northpoint Central
Real estate Investments
Investment Owned, Percent of Net Assets									100.00%									100.00%
Approximate rentable square footage | ft²									180,000									180,000
Impairment of Real Estate										2,700,000								$ 2,700,000
Number of stories in office building | story																	9	9
Unaudited pro forma summary
Notes Payable									$ 11,720,000				15,574,000					$ 11,720,000	15,574,000
The Lodge & Spa at Cordillera
Real estate Investments
Investment Owned, Percent of Net Assets									94.00%									94.00%
Northborough Tower [Member]
Real estate Investments
Investment Owned, Percent of Net Assets									100.00%									100.00%
Approximate rentable square footage | ft²									207,000									207,000
Impairment of Real Estate										$ 2,100,000								$ 2,100,000	9,400,000
Number of stories in office building | story																	14	14
Unaudited pro forma summary
Notes Payable									$ 18,516,000				19,071,000					$ 18,516,000	19,071,000
Chase Park Plaza [Member]
Real estate Investments
Investment Owned, Percent of Net Assets									100.00%									100.00%
Actual net loss of acquiree since acquisition date																				700,000
Unaudited pro forma summary
Rental revenue																				20,007,000
Hotel revenue																				33,313,000
Property operating expenses																				11,127,000
Hotel operating expenses																				25,331,000
Bad debt expense																				498,000
Net loss																				$ (18,537,000)
Net loss per share (in dollars per share) | $ / shares																				$ (0.33)
Frisco Square [Member]
Unaudited pro forma summary
Area of Land, Contributed Real Estate | a																								1.66
Number of condominium units remaining in inventory | unit									114									114
Area of real estate property (in acres) | a									27									27				3.4		1.62
Percentage of Real Estate Owned									100.00%									100.00%
Royal Island
Real estate Investments
Investment Owned, Percent of Net Assets									87.00%									87.00%
Approximate rentable square footage | ft²									0									0
Ownership interest in the joint venture, non-controlling interest (as a percent)									12.71%									12.71%
Real estate assets, net									$ 0									$ 0
Unaudited pro forma summary
Notes Payable									$ 13,872,000				13,872,000					$ 13,872,000	13,872,000
Wholly owned properties
Real estate Investments
Number of properties | property									4									4
Consolidated properties
Real estate Investments
Number of properties | property									3									3
The Ablon at Frisco Square [Member]
Unaudited pro forma summary
Area of Land, Contributed Real Estate | a									3.4									3.4				3.4
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest								90.00%									90.00%	90.00%
Number of condominium units remaining in inventory | unit																						275
Real Estate Property, Estimated Gross Construction Costs																					$ 42,100,000
Face amount																						$ 26,300,000
Real Estate Investment Property, at Cost									$ 36,400,000									$ 36,400,000
Notes Payable									$ 18,679,000				$ 0					18,679,000	0
Central Europe Joint Venture
Real estate Investments
Equity in losses of unconsolidated joint ventures																		1,200,000		$ 2,800,000
Sales of Real Estate						€ 0.7	$ 900,000
Gains (Losses) on Sales of Investment Real Estate																	€ 0.1	100,000
Payments of Debt Extinguishment Costs | €																	10.8
Extinguishment of Debt, Amount | €																	12.6
Unaudited pro forma summary
Other than Temporary Impairment Losses, Investments																		$ 2,600,000	$ 0	$ 5,900,000
Noncontrolling Interest in Joint Venture | Equity Method Investments [Member] | Unconsolidated properties
Real estate Investments
Number of properties | property									18									18								22
Chase Park Plaza Hotel LLC [Member]
Real estate Investments
Business Acquisition, Percentage of Voting Interests Acquired																							5.00%
Co-venturer [Member] | Chase Park Plaza [Member]
Real estate Investments
Ownership interest in the joint venture, non-controlling interest (as a percent)																							5.00%		5.00%
Office Space [Member] | Frisco Square [Member]
Real estate Investments
Approximate rentable square footage | ft²									101,000									101,000
Retail Space [Member] | Frisco Square [Member]
Real estate Investments
Approximate rentable square footage | ft²									71,000									71,000
Movie Theater [Member] | Frisco Square [Member]
Real estate Investments
Approximate rentable square footage | ft²									41,500									41,500
Other Property [Member] | Central Europe Joint Venture
Real estate Investments
Sales of Real Estate				€ 3.9	$ 4,300,000
Gains (Losses) on Sales of Investment Real Estate																	0.2	$ 200,000
Gains (Losses) on Extinguishment of Debt																	1.8	2,000,000
Proceeds from sale of real estate | €				€ 1.4
Other Real Estate Properties [Member] | Central Europe Joint Venture
Real estate Investments
Sales of Real Estate	€ 13.1	$ 14,800,000
Gains (Losses) on Sales of Investment Real Estate																	€ 2.5	2,800,000
Proceeds from sale of real estate | €	€ 1.1
Fair Value, Measurements, Nonrecurring [Member]
Real estate Investments
Impairment of Real Estate																		$ 12,300,000

Real Estate Investments (Deta51

Real Estate Investments (Details 2) € in Millions	Feb. 01, 2015EUR (€)	Feb. 01, 2015USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Aug. 05, 2014	Feb. 19, 2013	Dec. 31, 2012USD ($)
Real estate asset disposition and investment in unconsolidated joint ventures
Sales of Real Estate												$ 0	$ 0	$ 3,404,000
Gains (Losses) on Sales of Investment Real Estate			$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 476,000	$ 0		0	476,000	86,000
Proceeds from sale of real estate | €	€ 0.2
Impairment charge												11,540,000	9,371,000	363,000
Carrying Value of Investment			13,953,000				15,948,000					13,953,000	15,948,000
Combined assets and liabilities of investment properties
Real estate assets, net			230,727,000				229,300,000					230,727,000	229,300,000
Cash and cash equivalents			20,746,000				35,015,000					20,746,000	35,015,000	36,796,000			$ 34,825,000
Total assets			307,802,000				314,492,000					307,802,000	314,492,000
Notes Payable			155,547,000				153,556,000					155,547,000	153,556,000
Total liabilities			201,057,000				180,454,000					201,057,000	180,454,000
Total liabilities and equity			307,802,000				314,492,000					307,802,000	314,492,000
Combined losses of investments
Revenue			13,422,000	14,863,000	15,081,000	12,025,000	13,222,000	14,838,000	15,009,000	12,418,000		55,391,000	55,487,000	55,068,000
Non-operating expenses:
Depreciation and amortization												13,294,000	12,701,000	13,037,000
Impairment charge												12,301,000	9,371,000	932,000
Interest and other, net												(74,000)	(759,000)	24,000
Gain on extinguishment of debt												0	246,000	0
Net loss attributable to common shareholders			(1,588,000)	$ (16,463,000)	$ (2,842,000)	$ (4,295,000)	(13,588,000)	$ (3,442,000)	$ (2,327,000)	$ (4,173,000)		(25,188,000)	(23,530,000)	(20,256,000)
Equity in losses of unconsolidated joint ventures												1,008,000	170,000	(1,694,000)
Investment in unconsolidated joint ventures
Combined assets and liabilities of investment properties
Real estate assets, net			59,415,000				88,681,000					59,415,000	88,681,000
Cash and cash equivalents			6,827,000				3,872,000					6,827,000	3,872,000
Other assets			1,441,000				1,872,000					1,441,000	1,872,000
Total assets			67,683,000				94,425,000					67,683,000	94,425,000
Notes Payable			40,895,000				65,373,000					40,895,000	65,373,000
Other liabilities			2,526,000				3,239,000					2,526,000	3,239,000
Total liabilities			43,421,000				68,612,000					43,421,000	68,612,000
Equity			24,262,000				25,813,000					24,262,000	25,813,000
Total liabilities and equity			$ 67,683,000				94,425,000					67,683,000	94,425,000
Combined losses of investments
Revenue												8,247,000	10,696,000	11,259,000
Operating expenses:
Operating expenses												2,165,000	2,487,000	2,846,000
Property taxes												252,000	321,000	323,000
Total operating expenses												2,417,000	2,808,000	3,169,000
Operating income												5,830,000	7,888,000	8,090,000
Non-operating expenses:
Depreciation and amortization												3,131,000	4,225,000	4,752,000
Impairment charge												2,634,000	0	5,913,000
Interest and other, net												3,244,000	3,743,000	1,029,000
Gain on sale												(3,294,000)	(442,000)	0
Gain on extinguishment of debt												(2,030,000)	0	0
Total non-operating expenses												3,685,000	7,526,000	11,694,000
Net loss attributable to common shareholders												2,145,000	362,000	(3,604,000)
Equity in losses of unconsolidated joint ventures												$ 1,008,000	170,000	(1,694,000)
Royal Island
Real estate asset disposition and investment in unconsolidated joint ventures
Ownership percentage by noncontrolling owners			12.71%									12.71%
Combined assets and liabilities of investment properties
Real estate assets, net			$ 0									$ 0
Notes Payable			$ 13,872,000				13,872,000					13,872,000	13,872,000
Central Europe Joint Venture
Real estate asset disposition and investment in unconsolidated joint ventures
Sales of Real Estate	€ 0.7	$ 900,000
Gains (Losses) on Sales of Investment Real Estate											€ 0.1	$ 100,000
Ownership interest percentage			47.01%									47.01%
Carrying Value of Investment			$ 13,953,000				$ 15,948,000					$ 13,953,000	15,948,000
Non-operating expenses:
Equity in losses of unconsolidated joint ventures												1,200,000		2,800,000
Other than Temporary Impairment Losses, Investments												$ 2,600,000	$ 0	$ 5,900,000
Chase Park Plaza [Member] | Co-venturer [Member]
Real estate asset disposition and investment in unconsolidated joint ventures
Ownership percentage by noncontrolling owners															5.00%	5.00%

Notes Receivable (Details)

Notes Receivable (Details) $ in Millions	Apr. 05, 2013USD ($)
Notes receivable
Note receivable balance	$ 27.7

Notes Payable (Details)

Notes Payable (Details) $ in Thousands	Aug. 26, 2014USD ($)extension	Dec. 27, 2012	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jan. 12, 2016
Notes Payable
Notes Payable			$ 155,547	$ 153,556
Notes and loan payable			$ 155,500	153,600
Weighted average interest rate (as a percent)			5.40%
Notes payable subject to variable rate			$ 49,300
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
2,016			35,557
2,017			71,839
2,018			29,456
2,019			18,680
2,020			0
Thereafter			0
Total contractual obligations			155,532
Unamortized premium			15
Loan balance			155,547	153,556
Repayments of Notes Payable			1,616	47,825	$ 23,800
Gains (Losses) on Extinguishment of Debt			0	$ (246)	$ 0
Debt Instrument, Sinking Fund Payment			$ 18,700
Concentration Risk, Percentage			100.00%	100.00%	100.00%
Assets			$ 307,802	$ 314,492
Minimum [Member]
Notes Payable
Notes payable, interest rates (as a percent)			2.90%
Maximum
Notes Payable
Notes payable, interest rates (as a percent)			15.00%
LIBOR
Notes Payable
Debt instrument, reference rate			0.43%
Central Europe Joint Venture
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Other than Temporary Impairment Losses, Investments			$ 2,600	0	$ 5,900
Chase Park Plaza - The Private Residences [Member]
Notes Payable
Notes Payable			62,182	62,500
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			$ 62,182	$ 62,500
Chase Park Plaza - The Private Residences [Member] | LIBOR
Notes Payable
Variable rate basis				30-day LIBOR
Debt instrument, variable rate basis, term				30 days
Debt instrument, stated interest rate (as a percent)			4.95%
Northborough Tower [Member]
Notes Payable
Notes Payable			$ 18,516	$ 19,071
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			18,516	19,071
Operating Leases, Income Statement, Lease Revenue			$ 5,700
Northborough Tower [Member] | LIBOR
Notes Payable
Variable rate basis			30-day LIBOR
Royal Island
Notes Payable
Notes Payable			$ 13,872	13,872
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			$ 13,872	13,872
Royal Island | LIBOR
Notes Payable
Variable rate basis			30-day LIBOR
The Ablon at Frisco Square [Member]
Notes Payable
Notes Payable			$ 18,679	0
Face amount	$ 26,300
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			18,679	0
Capital Contributions Required Prior to Use of Debt Financing	15,800		15,800
Other Ownership Interests, Contributed Capital			15,800
Northpoint Central
Notes Payable
Notes Payable			11,720	15,574
Notes and loan payable			3,600
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			$ 11,720	15,574
Northpoint Central | LIBOR
Notes Payable
Variable rate basis			30-day LIBOR
Las Colinas Commons [Member]
Notes Payable
Loans Payable			$ 11,300
Notes Payable			14,900	11,484
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			$ 14,900	11,484
Las Colinas Commons [Member] | LIBOR
Notes Payable
Variable rate basis			30-day LIBOR
BHFS II, LLC
Notes Payable
Notes Payable			$ 6,856	6,962
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			$ 6,856	$ 6,962
BHFS II, LLC | LIBOR
Notes Payable
Variable rate basis			30-day LIBOR
Variable interest rate (as a percent)			3.00%
Debt instrument, variable rate basis, term				30 days
BHFS III, LLC
Notes Payable
Notes Payable			$ 6,154	$ 6,250
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			$ 6,154	$ 6,250
BHFS III, LLC | LIBOR
Notes Payable
Variable rate basis			30-day LIBOR
Variable interest rate (as a percent)			3.00%
Debt instrument, variable rate basis, term				30 days
BHFS IV, LLC
Notes Payable
Notes Payable			$ 12,783	$ 12,983
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			$ 12,783	$ 12,983
BHFS IV, LLC | LIBOR
Notes Payable
Variable rate basis			30-day LIBOR
Variable interest rate (as a percent)			3.00%
Debt instrument, variable rate basis, term				30 days
BHFS Theater, LLC
Notes Payable
Notes Payable			$ 4,785	$ 4,860
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			$ 4,785	$ 4,860
BHFS Theater, LLC | LIBOR
Notes Payable
Variable rate basis				30-day LIBOR
Variable interest rate (as a percent)		3.00%	3.00%
Debt instrument, variable rate basis, term				30 days
Frisco Square LLC
Notes Payable
Notes Payable			$ 30,600
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			30,600
Construction Loans [Member] | The Ablon at Frisco Square [Member]
Notes Payable
Face amount	$ 26,300		26,300
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Minimum extension period	12 months
Debt Instrument, Term	3 years
Number of Extension Options | extension	2
Construction Loans [Member] | The Ablon at Frisco Square [Member] | LIBOR
Notes Payable
Debt instrument, variable rate basis, term	30 days
Loans Receivable, Basis Spread on Variable Rate	2.50%
Notes Payable, Other | Maximum | Frisco Debtors Loans
Notes Payable
Unconditional guarantee of debt			$ 11,200
Notes Payable, Other | Chase Park Plaza - The Private Residences [Member]
Notes Payable
Debt instrument, stated interest rate (as a percent)			4.95%
Notes Payable, Other | Northborough Tower [Member]
Notes Payable
Debt instrument, stated interest rate (as a percent)			5.67%
Notes Payable, Other | Royal Island
Notes Payable
Debt instrument, stated interest rate (as a percent)			15.00%
Notes Payable, Other | Northpoint Central
Notes Payable
Debt instrument, stated interest rate (as a percent)			5.15%
Notes Payable, Other | Las Colinas Commons [Member]
Notes Payable
Debt instrument, stated interest rate (as a percent)			5.15%	5.15%
Northborough Tower [Member]
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Non-Recourse Debt			$ 18,500
Assets			$ 15,200
Customer Concentration Risk [Member] | Real Estate Revenue, Net [Member] | Northborough Tower [Member]
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Concentration Risk, Percentage			11.00%	40.00%
Real Estate Held For Sale [Member]
Notes Payable
Notes Payable			$ 170,447	$ 153,556
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			170,447	$ 153,556
Real Estate Held For Sale [Member] | Las Colinas Commons [Member]
Notes Payable
Notes Payable			14,900
Aggregate contractual obligations for principal payments excluding obligations associated with real estate held for sale
Loan balance			$ 14,900
Subsequent Event | Northborough Tower [Member]
Notes Payable
Notes payable, interest rates (as a percent)						8.67%

Derivative Instruments and He54

Derivative Instruments and Hedging Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)item	Dec. 31, 2012item
Derivative instruments and hedging activities
Number of derivative instruments classified as liabilities | item			0	0
Reclassification of unrealized loss to interest expense		$ 100	$ 100
Interest rate, Amount of Gain or (Loss)	$ 0	(86)	$ (90)
Derivatives not designated as hedging Instruments | Interest rate
Derivative instruments and hedging activities
Interest rate, Amount of Gain or (Loss)		$ 86
Chase Park Plaza Hotel and Chase the Private Residences [Member]
Derivative instruments and hedging activities
Debt instrument, stated interest rate (as a percent)		4.95%

Leasing Activity (Details)

Leasing Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)lease	Dec. 31, 2014USD ($)	Dec. 31, 2013	Jan. 12, 2016
Future Minimum Base Rental Payments
2,016	$ 13,165
2,017	11,954
2,018	5,312
2,019	3,751
2,020	2,994
2,021	2,364
2,022	1,913
2,023	1,511
2,024	976
2,025	957
Thereafter	660
Total	$ 45,557
Number of leases | lease	1
Concentration Risk, Percentage	100.00%	100.00%	100.00%
Assets	$ 307,802	$ 314,492
Office Building [Member] | Customer Concentration Risk [Member]
Future Minimum Base Rental Payments
Concentration Risk, Percentage	10.00%
Sales [Member] | Geographic Concentration Risk [Member]
Future Minimum Base Rental Payments
Concentration Risk, Percentage	10.00%
Northborough Tower [Member]
Future Minimum Base Rental Payments
Non-Recourse Debt	$ 18,500
Assets	$ 15,200
Chase Park Plaza [Member] | Sales [Member] | Geographic Concentration Risk [Member]
Future Minimum Base Rental Payments
Concentration Risk, Percentage	60.00%
Frisco Square [Member] | Sales [Member] | Geographic Concentration Risk [Member]
Future Minimum Base Rental Payments
Concentration Risk, Percentage	14.00%
Northborough Tower [Member] | Sales [Member] | Geographic Concentration Risk [Member]
Future Minimum Base Rental Payments
Concentration Risk, Percentage	11.00%
Subsequent Event | Northborough Tower [Member]
Future Minimum Base Rental Payments
Notes payable, interest rates (as a percent)				8.67%

Leasing Activity - Geographic C

Leasing Activity - Geographic Concentration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Concentration Risk [Line Items]
Real Estate Held-for-sale	$ 12,679	$ 0
Mineral rights	$ 100
Concentration Risk, Percentage	100.00%	100.00%	100.00%
Sales [Member] | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%
Sales [Member] | Geographic Concentration Risk [Member] | Missouri
Concentration Risk [Line Items]
Concentration Risk, Percentage	60.00%
Sales [Member] | Geographic Concentration Risk [Member] | Texas
Concentration Risk [Line Items]
Concentration Risk, Percentage	32.00%
Sales [Member] | Geographic Concentration Risk [Member] | Colorado
Concentration Risk [Line Items]
Concentration Risk, Percentage	8.00%
Sales [Member] | Geographic Concentration Risk [Member] | Chase Park Plaza [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	60.00%
Sales [Member] | Geographic Concentration Risk [Member] | Frisco Square [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	14.00%
Sales [Member] | Geographic Concentration Risk [Member] | Northborough Tower [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	11.00%
Sales [Member] | Asset type | Hotel
Concentration Risk [Line Items]
Concentration Risk, Percentage	68.00%
Sales [Member] | Asset type | Office Building [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	28.00%
Sales [Member] | Asset type | Multifamily [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	4.00%
Las Colinas Commons [Member]
Concentration Risk [Line Items]
Real Estate Held-for-sale	$ 2,700

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Aug. 26, 2014USD ($)aunit	Aug. 07, 2014USD ($)parking_space	Jun. 13, 2014USD ($)a	Dec. 31, 2015USD ($)aunitparking_garageparking_space	Dec. 31, 2014USD ($)	Aug. 05, 2014	Feb. 19, 2013
Commitments and Contingencies
Percentage of reduction in bond obligation for an amount exceeding threshold limit				1.00%
Real property assessed value exceeding threshold limit				$ 1,000
Real property value at which debt obligation is terminated				225,000
Bond Debt Service, Expense Credit					$ 100
Book value of real estate land				230,727	229,300
Construction and Development Costs				42,100
Debt Instrument, Sinking Fund Payment				18,700
Bonds
Commitments and Contingencies
Real property assessed value threshold				$ 174,000
Percentage of reduction in bond obligation for an amount exceeding threshold limit				26.00%
Outstanding debt obligation				$ 4,700	$ 5,100
Assessed value of annual debt service				400
City of Frisco | Bonds
Commitments and Contingencies
Debt issued				$ 12,500
Frisco Square [Member]
Commitments and Contingencies
Number of units in multifamily development | unit				114
Area of real estate property (in acres) | a	3.4		1.62	27
Land Sales			$ 1,800
Sale Proceeds Placed in Escrow			$ 600
Area of Land, Contributed Real Estate | a			1.66
Frisco Square [Member] | Bonds
Commitments and Contingencies
Real property assessed value threshold				$ 125,000
Assessed value of annual debt service				$ 100
The Ablon at Frisco Square [Member]
Commitments and Contingencies
Number of units in multifamily development | unit	275
Area of Land, Contributed Real Estate | a	3.4			3.4
Construction in Progress, Gross				$ 2,800
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		90.00%		90.00%
Construction Contract		$ 33,200
Face amount	$ 26,300
Capital Contributions Required Prior to Use of Debt Financing	15,800			$ 15,800
Frisco Square I LLC
Commitments and Contingencies
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
Escrow Deposits Related to Property Sales				1,400
Land Available for Development				$ 16,000
Number of Additional Parking Spaces to be Constructed | parking_space				108
Number of parking spaces required to be constructed | parking_space				720
Minimum number of garages required to be constructed | parking_garage				2
BHFS II, LLC
Commitments and Contingencies
Number of Additional Parking Spaces to be Constructed | parking_space		226
Construction Contract		$ 3,400
Co-venturer [Member] | Chase Park Plaza [Member]
Commitments and Contingencies
Ownership percentage by noncontrolling owners						5.00%	5.00%
812930 Parking Lots and Garages [Member] | Frisco Square I LLC
Commitments and Contingencies
Contribution for construction of additional parking spaces				$ 1,700
Gearbox Garage [Member] | Frisco Square I LLC
Commitments and Contingencies
Number of Additional Parking Spaces to be Constructed | parking_space				152
Construction Loans [Member] | The Ablon at Frisco Square [Member]
Commitments and Contingencies
Face amount	$ 26,300			$ 26,300
Multifamily [Member] | The Ablon at Frisco Square [Member]
Commitments and Contingencies
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest				10.00%
Land [Member] | The Ablon at Frisco Square [Member]
Commitments and Contingencies
Contribution for construction of additional parking spaces				$ 2,500

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	Nov. 23, 2004	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stockholders' Equity
Value of common stock issued on conversion expressed as a percentage	15.00%
Cumulative, non-compounded, annual return on capital (as a percent)	10.00%
Convertible Stock
Stockholders' Equity
Stock sold		1,000	1,000	1,000	1,000
Common Stock
Stockholders' Equity
Shares redeemed		984,267
Behringer Harvard Holdings | Convertible Stock
Stockholders' Equity
Stock sold	1,000
Behringer Harvard Holdings | Common Stock
Stockholders' Equity
Stock sold	21,739
Stock Issued During Period, Value, Issued for Services	$ 201,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - $ / shares	Nov. 09, 2012	Oct. 17, 2011	Oct. 18, 2010	Jun. 22, 2009	Jul. 24, 2008	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)						$ 7.50	$ 7.50
Outstanding at the end of the period (in dollars per share)						$ 7.50	$ 7.50	$ 7.50
Stock options
Stock-based Compensation
Stock options exercised						0
Shares
Outstanding at the beginning of the period (in shares)						75,000	75,000	75,000
Granted (in shares)							0	0
Forfeited or expired (in shares)						0	0	0
Outstanding at the end of the period (in shares)						75,000	75,000	75,000	75,000
Exercisable at the end of the period (in shares)						75,000
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)						$ 7.50	$ 7.50	$ 7.50
Granted (in dollars per share)
Forfeited or expired (in dollars per share)
Outstanding at the end of the period (in dollars per share)						7.50	$ 7.50	$ 7.50	$ 7.50
Exercisable at the end of the period (in dollars per share)						$ 7.50
Contractual life of outstanding options						2 years 6 months 292 days
Stock options | Bufkin
Shares
Granted (in shares)	5,000	5,000	5,000	5,000	5,000
Outstanding at the end of the period (in shares)						25,000
Stock options | Gage
Shares
Granted (in shares)	5,000	5,000	5,000	5,000	5,000
Outstanding at the end of the period (in shares)						25,000
Stock options | Kaplan
Shares
Granted (in shares)	5,000	5,000	5,000	5,000	5,000
Outstanding at the end of the period (in shares)						25,000
Incentive Award Plan | Stock options
Stock-based Compensation
Award vesting percentage									50.00%	25.00%	25.00%

Related Party Transactions (Det

Related Party Transactions (Details)	Jul. 08, 2015	May. 08, 2015	May. 15, 2014	May. 15, 2013	Dec. 31, 2015USD ($)fiscal_quarter	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Related Party Transaction
Asset management fees					$ 2,312,000	$ 2,263,000	$ 2,290,000
Number of fiscal quarters immediately preceding the date reimbursement is sought | fiscal_quarter					4
Administrative services cost incurred					$ 4,842,000	5,964,000	5,657,000
Property management fees					1,924,000	1,842,000	1,745,000
Payables to related parties					747,000	1,122,000
Behringer Harvard Opportunity Advisors I
Related Party Transaction
Asset management fees					$ 2,300,000	2,300,000	2,300,000
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					$ 300,000	200,000	0
Debt Instrument, Fee Amount					$ 0	600,000	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					$ 1,400,000	1,700,000	1,400,000
Behringer Harvard Opportunity Advisors I | Maximum
Related Party Transaction
Administrative services cost incurred					1,700,000
The Ablon at Frisco Square [Member]
Related Party Transaction
Acquisition and Advisory Fees					$ 200,000
BH Property Management
Related Party Transaction
Advisor's and property management fee as a percentage of gross revenue					4.50%
Oversight fee as a percentage of gross revenues of the property managed					0.50%
Property management fees					$ 700,000	900,000	$ 1,000,000
Advisor and its affiliates
Related Party Transaction
Payables to related parties					$ 800,000	$ 1,100,000
After amendment
Related Party Transaction
Asset management fee as a percentage of aggregate asset value of acquired real estate and real estate related assets					0.575%
Advisory Agreement [Member] | Behringer Harvard Opportunity Advisors I
Related Party Transaction
Related Party, Term of Contract				1 year
Related Party, Basis Points of Loan Commitment, Year One					0.40%
Related Party, Term of Contract Renewal		1 month	1 year
Related Party, Basis Points of Loan Commitment, Year Two					0.30%
Related Party, Basis Points of Loan Commitment, Year Three					0.30%
Advisory Agreement [Member] | Behringer Harvard Opportunity Advisors I | First year of any extension | Minimum [Member]
Related Party Transaction
Minimum extension period					120 days
Advisory Agreement [Member] | Behringer Harvard Opportunity Advisors I | Extension of three or more years | Maximum
Related Party Transaction
Advisor's debt financing fee for revised loan as a percentage of loan commitment amount					1.00%
Amount due to advisor for revised loan as percentage of loan commitment amount					1.00%
Amendment [Member] | Behringer Harvard Opportunity Advisors I
Related Party Transaction
Related Party, Term of Contract	10 months

Supplemental Cash Flow Inform61

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Cash Flow Information [Abstract]
Interest paid, net of amounts capitalized	$ 5,402	$ 7,188	$ 11,414
Reorganization expenses paid	0	0	768
Income Taxes Paid, Net	140	135	198
Non-cash investing and financing activities:
Property and equipment additions and purchases of real estate in accrued liabilities	2,580	1,479	1,353
Capital expenditures for real estate under development in accounts payable and accrued liabilities	1,940	1,817	47
Real Estate Reclassification of Land to Real Estate Under Development	108	3,346	0
Real Estate Reclassification of Real Estate under Development to building and improvement	6,879	0	0
Real Estate Reclassification of Real Estate Under Development to Land and Land Improvements	542	170	0
Real Estate Reclassification of Real Estate Under Development to Furniture, Fixtures and Equipment	0	211	0
Amortization of deferred financing fees in properties under development	88	31	0
Transfer of noncontrolling interest	0	2,136	0
Capitalized deferred financing costs in accrued liabilities	0	31	0
Consolidation of properties
Assets consolidated	0	0	(2,649)
Liabilities consolidated	$ 0	$ 0	$ 2,649

Discontinued Operations and R62

Discontinued Operations and Real Estate Held for Sale (Sale of Properties) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 18, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract to Sell Real Estate, Due Diligence Period				$ 14,300,000
Land and improvements, net	$ 58,936,000	$ 67,204,000
Buildings and improvements, net	132,670,000	147,801,000
Finite-Lived Intangible Assets, Net	2,248,000	4,328,000
Straight-line rental revenue	900,000	400,000	$ 700,000
Real Estate Held-for-sale	12,679,000	0
Notes Payable	155,547,000	153,556,000
Accrued and other liabilities	25,606,000	22,765,000
Sales of Real Estate	0	0	3,404,000
Notes Payable	14,966,000	0
Notes and Loans Payable	155,500,000	153,600,000
Las Colinas Commons [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains (Losses) on Sales of Other Real Estate	(0.3)	(0.4)	$ (0.3)
Real Estate Held-for-sale	2,700,000
Notes Payable	14,900,000	11,484,000
Loans Payable	11,300,000
Northpoint Central
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Notes Payable	11,720,000	15,574,000
Notes and Loans Payable	3,600,000
Real Estate Held For Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land and improvements, net	2,785,000
Buildings and improvements, net	8,362,000
Finite-Lived Intangible Assets, Net	668,000
Straight-line rental revenue	864,000
Real Estate Held-for-sale	12,679,000
Notes Payable	170,447,000	$ 153,556,000
Accrued and other liabilities	66,000
Notes Payable	14,966,000
Real Estate Held For Sale [Member] | Las Colinas Commons [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Notes Payable	$ 14,900,000

Discontinued Operations and R63

Discontinued Operations and Real Estate Held for Sale (Details) $ in Thousands	Apr. 05, 2013USD ($)	Dec. 31, 2015USD ($)aproperty	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Aug. 26, 2014a	Jun. 13, 2014a
Revenues
Rental revenue				$ 514
Expenses
Property operating expenses				189
Bad debt expense				(111)
Interest expense				633
Real estate taxes				(21)
Impairment charges, discontinued operations				305
Property management fees				24
Asset management fees				16
Depreciation and amortization				0
Total expenses				1,035
Interest Income				(2)
Realized loss on currency translation adjustment		$ 0	$ 0	(3,624)
Gain on troubled debt restructuring	$ 8,100			8,132
Gain (Loss) from discontinued operations		0	0	3,985
Loss attributable to noncontrolling interests		0	0	(1,460)
Income from discontinued operations attributable to the Company		$ 0	$ 0	$ 2,525
Consolidated properties
Real estate Investments
Number of properties | property		3
Frisco Square [Member]
Expenses
Area of real estate property (in acres) | a		27			3.4	1.62

Quarterly Results (Unaudited)64

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Impairment charge									$ 11,540	$ 9,371	$ 363
Revenue	$ 13,422	$ 14,863	$ 15,081	$ 12,025	$ 13,222	$ 14,838	$ 15,009	$ 12,418	55,391	55,487	55,068
Loss from continuing operations	(1,701)	(16,547)	(2,934)	(4,392)	(13,697)	(3,546)	(2,907)	(4,270)	(25,574)	(24,420)	(23,445)
Income (loss) from discontinued operations									0	0	3,985
Gains (Losses) on Sales of Investment Real Estate	0	0	0	0	0	0	476	0	0	476	86
Add : Net loss attributable to the noncontrolling interest	113	84	92	97	109	104	104	97
Net income (loss) attributable to common shareholders	$ (1,588)	$ (16,463)	$ (2,842)	$ (4,295)	$ (13,588)	$ (3,442)	$ (2,327)	$ (4,173)	$ (25,188)	$ (23,530)	$ (20,256)
Basic and diluted weighted average shares outstanding	56,500	56,500	56,500	56,500	56,500	56,500	56,500	56,500	56,500	56,500	56,500
Basic and diluted income (loss) per share (in dollars per share)	$ (0.03)	$ (0.29)	$ (0.05)	$ (0.08)	$ (0.24)	$ (0.06)	$ (0.04)	$ (0.08)	$ (0.45)	$ (0.42)	$ (0.36)
Northpoint Central
Impairment charge		$ 2,700							$ 2,700
Chase Private Residences [Member]
Impairment charge	$ 100		$ 600						700
Northborough Tower [Member]
Impairment charge		2,100							2,100	$ 9,400
Frisco Square [Member] | Land [Member]
Impairment charge		$ 6,800							6,800
Impaired Long-Lived Assets Held and Used, Asset Name [Domain]
Impairment charge									11,600
Fair Value, Measurements, Nonrecurring [Member]
Impairment charge									$ 12,300

Schedule II Valuation and Qua65

Schedule II Valuation and Qualifying Accounts and Reserves (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts
Change in valuation and qualifying accounts and reserves
Balance at Beginning of period	$ 207,000	$ 2,375,000	$ 234,000
Charged to Costs and Expenses	0	137,000	2,585,000
Deductions	0	2,305,000	444,000
Balance at End of period	246,000	207,000	2,375,000
Allowance for loan loss
Change in valuation and qualifying accounts and reserves
Balance at Beginning of period	13,670,000	13,897,000	13,897,000
Charged to Costs and Expenses	0	0	0
Deductions	13,670	227,000	0
Balance at End of period	$ 0	$ 13,670,000	$ 13,897,000

Schedule III Real Estate and 66

Schedule III Real Estate and Accumulated Depreciation (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Aug. 26, 2014unit	Dec. 31, 2012USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate Accumulated Depreciation, Other Deductions		$ 7,403	$ 8,885	$ 0
Impairment of Real Estate		11,540	9,371	363
Encumbrances		155,547
Initial cost, Land and improvements		76,416
Initial cost, Building and improvements		139,610
Costs capitalized subsequent to acquisition		58,788
Gross amount carried at close of period		274,814	278,558	284,532		$ 292,737
Accumulated depreciation		44,087	49,258	$ 48,652		$ 41,186
Notes Payable		155,547	153,556
Notes and Loans Payable		155,500	153,600
Chase Park Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		62,182
Initial cost, Land and improvements		3,612
Initial cost, Building and improvements		50,143
Costs capitalized subsequent to acquisition		40,915
Gross amount carried at close of period		94,670
Accumulated depreciation		$ 21,200
Depreciable life		39 years
Las Colinas Commons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 14,900
Initial cost, Land and improvements		2,785
Initial cost, Building and improvements		9,718
Costs capitalized subsequent to acquisition		3,507
Gross amount carried at close of period		16,010
Accumulated depreciation		$ 4,864
Depreciable life		25 years
The Lodge & Spa at Cordillera
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, Land and improvements		$ 9,398
Initial cost, Building and improvements		7,468
Costs capitalized subsequent to acquisition		(6,603)
Gross amount carried at close of period		10,263
Accumulated depreciation		$ 1,810
Depreciable life		39 years
Frisco Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 30,578
Initial cost, Land and improvements		40,098
Initial cost, Building and improvements		27,907
Costs capitalized subsequent to acquisition		10,525
Gross amount carried at close of period		78,530
Accumulated depreciation		$ 16,387
Depreciable life		25 years
Northpoint Central
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate Accumulated Depreciation, Other Deductions		$ 6,600
Encumbrances		11,720
Initial cost, Land and improvements		750
Initial cost, Building and improvements		19,849
Costs capitalized subsequent to acquisition		(5,403)
Gross amount carried at close of period		15,196
Accumulated depreciation		$ 2,397
Depreciable life		25 years
Northborough Tower [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate Accumulated Depreciation, Other Deductions		$ 800
Encumbrances		18,516
Initial cost, Land and improvements		1,400
Initial cost, Building and improvements		31,401
Costs capitalized subsequent to acquisition		(19,748)
Gross amount carried at close of period		13,053
Accumulated depreciation		$ 194
Depreciable life		25 years
Royal Island
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 13,872
Initial cost, Land and improvements		21,158
Initial cost, Building and improvements		2,842
Costs capitalized subsequent to acquisition		0
Gross amount carried at close of period		24,000
Accumulated depreciation		$ 2,099
Depreciable life		25 years
The Ablon at Frisco Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 18,679
Initial cost, Land and improvements		0
Initial cost, Building and improvements		0
Costs capitalized subsequent to acquisition		39,102
Gross amount carried at close of period		39,102
Accumulated depreciation		0
Northborough Tower [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Impairment of Real Estate	$ 2,100	2,100	9,400
Notes Payable		18,516	19,071
Northpoint Central
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Impairment of Real Estate	2,700	2,700
Notes Payable		11,720	15,574
Notes and Loans Payable		3,600
Las Colinas Commons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Loans Payable		11,300
Notes Payable		14,900	11,484
The Ablon at Frisco Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of units in multifamily development | unit					275
Notes Payable		18,679	0
Real Estate Held For Sale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Notes Payable		170,447	$ 153,556
Real Estate Held For Sale [Member] | Las Colinas Commons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Notes Payable		14,900
Assets, Total [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Impairment of Real Estate		11,600
Real Estate Held For Sale [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		170,447
Initial cost, Land and improvements		79,201
Initial cost, Building and improvements		149,328
Costs capitalized subsequent to acquisition		62,295
Gross amount carried at close of period		290,824
Accumulated depreciation		48,951
Land [Member] | Frisco Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Impairment of Real Estate	$ 6,800	$ 6,800

Schedule III Real Estate and 67

Schedule III Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate:
Balance at beginning of period	$ 278,558	$ 284,532	$ 292,737
Acquisitions	0	0	0
Improvements	34,587	14,519	4,222
Write-offs	(3,378)	(759)	(1,635)
Reclassification	(18,943)	(18,467)	(119)
Cost of real estate sold	0	(1,267)	(10,673)
Balance at end of the period	274,814	278,558	284,532
Accumulated depreciation:
Balance at beginning of period	49,258	48,652	41,186
Depreciation expense	10,366	9,931	9,073
Write-offs	(3,270)	(440)	(1,607)
SEC Schedule III, Real Estate Accumulated Depreciation, Other Deductions	7,403	8,885	0
Disposals	0	0	0
Balance at end of the period	44,087	49,258	48,652
Real Estate Reclassification of Real Estate Under Development to Furniture, Fixtures and Equipment	0	$ 211	$ 0
Real Estate Held For Sale [Member]
Real Estate:
Balance at end of the period	290,824
Accumulated depreciation:
Balance at end of the period	$ 48,951