Behringer Harvard Opportunity REIT I (BHOR) 10-Q 11 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document and Entity Information
Entity Registrant Name	Behringer Harvard Opportunity REIT I, Inc.
Entity Central Index Key	1,308,711
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		56,500,472
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Real estate
Land and improvements, net	$ 62,516,000	$ 58,936,000
Buildings and improvements, net	168,136,000	132,670,000
Real estate under development	0	39,121,000
Total real estate	230,652,000	230,727,000
Real Estate Held-for-sale	0	12,679,000
Condominium inventory	0	2,201,000
Cash and cash equivalents	19,798,000	20,746,000
Restricted cash	6,462,000	8,880,000
Accounts receivable, net	6,261,000	6,273,000
Prepaid expenses and other assets	1,568,000	2,015,000
Investments in unconsolidated joint ventures	14,516,000	13,953,000
Furniture, fixtures and equipment, net	4,127,000	2,719,000
Deferred financing fees, net	918,000	1,087,000
Lease intangibles, net	2,091,000	2,248,000
Other intangibles, net	4,056,000	4,205,000
Total assets	289,531,000	306,646,000
Liabilities and Equity
Notes payable, net	158,861,000	154,460,000
Accounts payable	1,212,000	3,433,000
Payables to related parties	641,000	747,000
Acquired below-market leases, net	677,000	758,000
Accrued and other liabilities	25,062,000	25,606,000
Real Estate Liabilities Associated with Assets Held for Development and Sale	0	14,897,000
Total liabilities	186,453,000	199,901,000
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 March 31, 2016 and December 31, 2015	6,000	6,000
Additional paid-in capital	507,303,000	507,303,000
Accumulated distributions and net loss	(401,498,000)	(397,259,000)
Accumulated other comprehensive income (loss)	(3,590,000)	(4,301,000)
Total Behringer Harvard Opportunity REIT I, Inc. equity	102,221,000	105,749,000
Noncontrolling interest	857,000	996,000
Total equity	103,078,000	106,745,000
Total liabilities and equity	$ 289,531,000	$ 306,646,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares outstanding	0	0
Convertible stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible stock, shares authorized	1,000	1,000
Convertible stock, shares issued	1,000	1,000
Convertible stock, shares outstanding	1,000	1,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	56,500,472	56,500,472
Common stock, stares outstanding	56,500,472	56,500,472

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Rental revenue	$ 4,141	$ 4,727
Hotel revenue	7,619	7,298
Sales of Real Estate	2,271	0
Total revenues	14,031	12,025
Expenses
Property operating expenses	1,863	1,889
Hotel operating expenses	6,901	6,324
Bad debt expense (recovery)	(15)	(132)
Cost of Real Estate Sales	2,271	0
Interest expense	2,854	2,098
Real estate taxes	1,015	598
Property management fees	431	412
Asset management fees	536	568
General and administrative	1,210	1,041
Depreciation and amortization	2,638	3,171
Total expenses	19,704	16,233
Interest income	1	5
Other expense, net	(15)	(61)
Loss before gain on sale of real estate, income tax expense and equity in earnings (losses) of unconsolidated joint venture	(5,687)	(4,264)
Gain on sale of real estate	1,277	0
Income tax expense	(22)	(36)
Equity in earnings (losses) of unconsolidated joint venture	54	(92)
Net loss	(4,378)	(4,392)
Net loss attributable to the noncontrolling interest	139	97
Net loss attributable to common shareholders	$ (4,239)	$ (4,295)
Weighted average shares outstanding:
Basic and diluted (in shares)	56,500	56,500
Basic and diluted loss per share (in dollars per share)	$ (0.08)	$ (0.08)
Comprehensive income (loss)
Net loss	$ (4,378)	$ (4,392)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	711	(2,201)
Total other comprehensive income (loss)	711	(2,201)
Comprehensive loss	(3,667)	(6,593)
Comprehensive loss attributable to the noncontrolling interest	139	97
Comprehensive loss attributable to common shareholders	$ (3,528)	$ (6,496)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Distributions and Net Loss	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest [Member]	Convertible Stock
Balance (in shares) at Dec. 31, 2014		56,500,472					1,000
Balance at Dec. 31, 2014	$ 134,038	$ 6	$ 507,303	$ (372,071)	$ (1,817)	$ 617
Increase (Decrease) in Stockholders' Equity
Net loss	(4,392)			(4,295)		(97)
Contributions from noncontrolling interest	498					498
Other comprehensive income:
Foreign currency translation gain (loss)	(2,201)				(2,201)
Balance (in shares) at Mar. 31, 2015		56,500,472					1,000
Balance at Mar. 31, 2015	127,943	$ 6	507,303	(376,366)	(4,018)	1,018
Balance (in shares) at Dec. 31, 2015		56,500,472					1,000
Balance at Dec. 31, 2015	106,745	$ 6	507,303	(397,259)	(4,301)	996
Increase (Decrease) in Stockholders' Equity
Net loss	(4,378)			(4,239)		(139)
Other comprehensive income:
Foreign currency translation gain (loss)	711				711
Balance (in shares) at Mar. 31, 2016		56,500,472					1,000
Balance at Mar. 31, 2016	$ 103,078	$ 6	$ 507,303	$ (401,498)	$ (3,590)	$ 857

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (4,378)	$ (4,392)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	2,602	3,110
Amortization of deferred financing fees	158	166
Gains (Losses) on Extinguishment of Debt	(16)	0
Bad debt expense (recovery)	(15)	(132)
Gain on sale of real estate	(1,277)	0
Equity in (earnings) losses of unconsolidated joint venture	(54)	92
Change in operating assets and liabilities:
Accounts receivable	27	(25)
Prepaid expenses and other assets	452	141
Condominium inventory	2,201	0
Accounts payable	127	0
Accrued and other liabilities	477	757
Payables to related parties	(106)	(370)
Lease intangibles	(56)	(234)
Cash provided by (used in) operating activities	174	(623)
Cash flows from investing activities:
Proceeds from sale of real estate	14,004	0
Additions of property and equipment	(7,094)	(7,950)
Change in restricted cash	2,418	(268)
Proceeds from Distributions Received from Real Estate Partnerships	202	0
Cash provided by (used in) investing activities	9,530	(8,218)
Cash flows from financing activities:
Proceeds from notes payable	6,533	0
Payments on notes payable	(17,185)	(328)
Contributions from noncontrolling interest holders	0	498
Cash provided by (used in) financing activities	(10,652)	170
Net change in cash and cash equivalents	(948)	(8,671)
Cash and cash equivalents at beginning of the year	20,746	35,015
Cash and cash equivalents at end of the period	$ 19,798	$ 26,344

Business

Business	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Behringer Harvard Opportunity REIT I, Inc. (which may be referred to as the “Company,” “we,” “us,” or “our”) was incorporated in November 2004 as a Maryland corporation and has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. We operate commercial real estate and real estate-related assets located in and outside the United States. With our opportunistic and value-add investment strategy, we have focused generally on acquiring properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment, or repositioning, or those located in markets and submarkets with higher volatility, lower barriers to entry, and high growth potential. We have acquired a wide variety of properties, including office, retail, hospitality, recreation and leisure, multifamily, industrial, and other properties. We have purchased existing and newly constructed properties and properties under development or construction. As of March 31, 2016, we wholly owned three properties and consolidated three properties through investments in joint ventures on our condensed 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. 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 have entered our disposition phase and are currently considering liquidity options for our stockholders. Therefore, we are not actively seeking to purchase additional properties. We will seek stockholder approval prior to liquidating our entire portfolio. Our investment properties are located in Colorado, Missouri, Texas, The Commonwealth of The Bahamas, the Czech Republic, and Poland. We are externally managed and advised by Behringer Harvard Opportunity Advisors I, LLC (“Behringer Harvard Opportunity Advisors I” or the “Advisor”), a Texas limited liability company. Behringer Harvard Opportunity Advisors I is responsible for managing our day-to-day affairs and for identifying and making acquisitions, dispositions, and investments on our behalf. Presentation of Financial Statements Our financial statements are presented on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business as we proceed through our disposition phase. As is usual for opportunity-style real estate investment programs, we are structured as a finite-life entity, and have entered the final phase of operations. This phase includes selling our assets, retiring our liabilities, and distributing net proceeds to stockholders. We have experienced significant losses and may generate negative cash flows as mortgage note obligations and expenses exceed revenues. If we are unable to sell a property when we determine to do so, it could have a significant adverse effect on our cash flows that are necessary to meet our mortgage obligations and our ability to satisfy our other liabilities in the normal course of business. Our ability to continue as a going concern is dependent upon our ability to sell real estate investments, to pay down debt as it matures if extensions or new financings are unavailable, and our ability to fund ongoing costs of our Company, including our development and operating properties.

Interim Unaudited Financial Inf

Interim Unaudited Financial Information	3 Months Ended
	Mar. 31, 2016
Interim Unaudited Financial Information
Interim Unaudited Financial Information	Interim Unaudited Financial Information The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the Securities and Exchange Commission (“SEC”) on March 18, 2016. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted in this report on Form 10-Q pursuant to the rules and regulations of the SEC. The results for the interim periods shown in this report are not necessarily indicative of future financial results. The accompanying condensed consolidated balance sheet as of March 31, 2016, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2016 and 2015, and the condensed consolidated statements of equity and cash flows for the three months ended March 31, 2016 and 2015 have not been audited by our independent registered public accounting firm. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary to fairly present our condensed consolidated financial position as of March 31, 2016 and our condensed consolidated results of operations, equity, and cash flows for the periods ended March 31, 2016 and 2015. Such adjustments are normal and recurring in nature. As discussed in Note 6, Real Estate Investments, subheading Discontinued Operations, effective January 1, 2015, we adopted the Financial Accounting Standards Board (“FASB”) guidance that changes the criteria for reporting a discontinued operation. This adoption impacts the comparability of our financial statements as disposals of individual operating properties will generally no longer qualify as discontinued operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Described below are certain of our significant accounting policies. The disclosures regarding several of the policies have been condensed or omitted in accordance with interim reporting regulations specified by Form 10-Q. Please see our Annual Report on Form 10-K for a complete listing of all of our significant accounting policies. In the Notes to Condensed Consolidated Financial Statements, all dollar and share amounts in tabulation are in thousands of dollars and shares, respectively, unless otherwise noted. Principles of Consolidation and Basis of Presentation Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries over which we have control. All inter-company transactions, balances, and profits have been eliminated in consolidation. Interests in entities acquired will be evaluated based on applicable GAAP, which includes the requirement to consolidate entities deemed to be variable interest entities (“VIE”) in which we are the primary beneficiary. If the interest in the entity is determined not to be a VIE, then the entity will be evaluated for consolidation based on legal form, economic substance, and the extent to which we have control and/or substantive participating rights under the respective ownership agreement. For entities in which we have less than a controlling interest or entities which we are not deemed to be the primary beneficiary, we account for the investment using the equity method of accounting. There are judgments and estimates involved in determining if an entity in which we have made an investment is a VIE and, if so, whether we are the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to our financial statements. Real Estate We amortize the value of in-place leases, in-place tenant improvements and in-place leasing commissions to expense over the initial term of the respective leases. In no event does the amortization period for intangible assets or liabilities exceed the remaining depreciable life of the building. Should a tenant terminate its lease, the unamortized portion of the acquired lease intangibles related to that tenant would be charged to expense. As of March 31, 2016, the estimated remaining average useful lives for acquired lease intangibles range from less than 1 year to approximately 3 years . The net balance of acquired lease intangibles totaling approximately $0.1 million , as of March 31, 2016, will be fully amortized in April 2018. Anticipated amortization expense associated with the acquired lease intangibles for each of the following three years as of March 31, 2016 is as follows (in thousands): Year Lease Intangibles April 1, 2016 - December 31, 2016 $ 42 2017 56 2018 18 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): March 31, 2016 Buildings and Improvements Land and Improvements Lease Intangibles Acquired Below-Market Leases Other Intangibles Cost $ 212,167 $ 64,625 $ 7,482 $ (3,311 ) $ 9,626 Less: depreciation and amortization (44,031 ) (2,109 ) (5,391 ) 2,634 (5,570 ) Net $ 168,136 $ 62,516 $ 2,091 $ (677 ) $ 4,056 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. 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 condensed 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 condensed 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 March 31, 2016. Effective as of January 1, 2015, we adopted the revised guidance regarding discontinued operations. For sales of real estate or assets classified as held for sale after January 1, 2015, we will evaluate whether a disposal transaction meets the criteria of a strategic shift and will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations. Prior to the adoption, when we had no involvement after the sale of a real estate investment it was treated as a discontinued operation. Condominium Inventory For condominium inventory, at each reporting date, management compares the estimated fair value less costs to sell to the carrying value. An adjustment is recorded to the extent that the fair value less selling costs is less than the carrying value. We determine the estimated fair value of condominiums based on comparable sales in the normal course of business under existing and anticipated market conditions. This evaluation takes into consideration estimated future selling prices, costs incurred to date, estimated additional future costs, and management’s plans for the property. On February 22, 2016, we sold our one remaining condominium unit in inventory at Chase — The Private Residences for a sales price of $2.5 million , receiving net proceeds of $2.2 million after closing costs. Accounts Receivable Accounts receivable primarily consist of straight-line rental revenue receivables of $4 million and $4.2 million as of March 31, 2016 and December 31, 2015, respectively, and receivables from our hotel operators and tenants related to our other consolidated properties of $2.4 million as of March 31, 2016 and December 31, 2015. The allowance for doubtful accounts was $0.1 million and $0.3 million as of March 31, 2016 and December 31, 2015, respectively. Investment Impairment For all of our real estate and real estate-related investments, we monitor events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable. Examples of the types of events and circumstances that would cause management to assess our assets for potential impairment include, but are not limited to: a significant decrease in the market price of an asset; a significant change in the manner in which the asset is being used; an accumulation of costs in excess of the acquisition basis plus construction of the property; major vacancies and the resulting loss of revenues; natural disasters; a change in the projected holding period; legitimate purchase offers and changes in the global and local markets or economic conditions. Our assets may at times be concentrated in limited geographic locations and, to the extent that our portfolio is concentrated in limited geographic locations, downturns specifically related to such regions may result in tenants defaulting on their lease obligations at a portion of our properties within a short time period, which may result in asset impairments. When such events or changes in circumstances are present, we assess potential impairment by comparing estimated future undiscounted operating cash flows expected to be generated over the life of the asset and from its eventual disposition to the carrying amount of the asset. These projected cash flows are prepared internally by the Advisor and reflect in-place and projected leasing activity, market revenue and expense growth rates, market capitalization rates, discount rates, and changes in economic and other relevant conditions. The Company's principal executive officer and principal financial officer 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 $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 first quarter of 2016, we sold the condominium for a sales price of $2.5 million , receiving net proceeds of $2.2 million after closing costs. In addition, we recorded a non-cash impairment charge of $6.8 million during 2015 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 $2.1 million for Northborough Tower and $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. We did not record any non-cash impairment charges in the first quarter of 2016. 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 using a straight-line method that approximates the effective interest method over the life of the related debt. Deferred financing fees, net of accumulated amortization, were $0.9 million and $1.2 million as of March 31, 2016 and December 31, 2015, respectively. The $1.2 million balance of deferred financing fees, net of accumulated amortization, as of December 31, 2015, was composed of $1.1 million related to notes payable and less than $0.1 million related to obligations associated with real estate held for sale. Accumulated amortization of deferred financing fees was $1.8 million as of March 31, 2016 and 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 adoption of ASU 2015-03, effective January 1, 2016, required companies to present debt issuance costs related to a recognized debt liability as a direct reduction from the carrying amount of the related debt liability, retrospectively. See New Accounting Pronouncements below for further details. The adoption of the new standard resulted in the following reclassifications of unamortized deferred financing fees as of December 31, 2015 (in thousands): Description Originally Reported Reclassification Adjusted Deferred financing fees, net $ 1,156 $ (1,156 ) $ — Notes payable 155,547 (1,087 ) 154,460 Obligations associated with real estate held for sale (1) 14,966 (69 ) 14,897 ______________________________ (1) Obligations associated with real estate held for sale, as adjusted, consisted of $14.8 million of notes payable, net of deferred financing fees of less than $0.1 million , and other liabilities totaling an aggregate of less than $0.1 million . 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”). 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 a gain of $0.7 million and a loss of $2.2 million for the three months ended March 31, 2016 and 2015, respectively. 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 the Central Europe Joint Venture that owned 22 properties. Central Europe Joint Venture is our only foreign investment as of March 31, 2016. The joint venture sold one property in 2014 and three properties in 2015, and had 18 properties remaining as of March 31, 2016. We will recognize CTA upon the sale of all or substantially all of our investment in the Central Europe Joint Venture. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include such items as impairment of long-lived assets, depreciation and amortization, allowance for doubtful accounts, and allowance for loan losses. Actual results could differ from those estimates. Subsequent Events We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements. New Accounting Pronouncements In 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. In addition, early adoption will be permitted 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”) to ASC Topic 205, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management’s assessment of a company’s ability to continue as a going concern and provide related footnote disclosures when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. ASU 2014-15 applies to all companies and is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. We do not believe the adoption of this guidance will have a material impact on our disclosures. In January 2015, the FASB issued (“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 that begin after December 15, 2015. The adoption of ASU 2015-01, effective January 1, 2016, did not impact our consolidated financial position, results of operations, or cash flows. In February 2015, the FASB issued an update ("ASU 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 adoption of ASU 2015-02, effective January 1, 2016, did not impact our consolidated financial position, results of operations, or cash flows. See Note 8 for further details. 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. Effective January 1, 2016, 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. We adopted ASU 2015-03 on January 1, 2016. The recognition and measurement guidance for debt issuance costs is not affected. The new guidance requires retrospective application. As of December 31, 2015, we had $1.2 million of net deferred financing costs that were reclassified from assets to a reduction in the carrying amount of our debt. In January 2016, the FASB issued an update ("ASU 2016-01") to ASC Topic 825-10, Financial Instruments - Overall, Recognition and Measurement of Financial Assets and Liabilities. ASU 2016-01 will require certain investments in equity securities to be measured at fair value with changes in fair value recognized in net income, and will modify the impairment assessment of certain equity securities. The new guidance is effective January 1, 2018. Certain aspects of the guidance may require a cumulative-effect adjustment and other aspects of the guidance are required to be adopted prospectively. We are currently evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements. In February 2016, the FASB issued an update ("ASU 2016-02") to ASC Topic 842, Leases. ASU 2016-02 supersedes the existing lease accounting model, and modifies both lessee and lessor accounting. The new guidance will require a lessee to reflect most operating lease arrangements on the balance sheet by recording a right-of-use asset and a lease liability that will initially be measured at the present value of lease payments. Among other changes, the new standard also modifies the definition of a lease, and requires expanded lease disclosures. The new standard will be effective January 1, 2019, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements. In April 2016, the FASB issued an update ("ASU 2016-10") to ASC Topic 606, Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing. The new guidance will require companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Lease contracts will be excluded from this revenue recognition criteria; however, the sale of real estate will be required to follow the new model. The new guidance is effective January 1, 2018, with early adoption permitted beginning January 1, 2017, and allows full or modified retrospective application. We are currently evaluating the impact of the adoption of ASU 2016-10 on our consolidated financial statements.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	3 Months Ended
	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Assets and Liabilities Measured at Fair Value	Assets and Liabilities Measured at Fair Value Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy) has been established. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Recurring Fair Value Measurements Historically, we have used interest rate caps to manage our interest rate risk. The valuation of these instruments was determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflected the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves, implied volatilities, and foreign currency exchange rates. As of March 31, 2016 and December 31, 2015, we had no derivatives. Nonrecurring Fair Value Measurements We recorded no non-cash impairment charges during the three months ended March 31, 2016. During the year ended December 31, 2015, we recorded non-cash impairment charges totaling $12.3 million . We recorded $2.1 million and $2.7 million of non-cash impairment charges to reduce the carrying values of our Northborough Tower and Northpoint Central office buildings, respectively, to the estimated fair value. 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. In addition, we recorded a non-cash impairment charge of $6.8 million related to our Frisco Square land to reduce the carrying value to the estimated fair value 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 a $0.7 million non-cash impairment charge to reduce the carrying value of our one remaining condominium at Chase — The Private Residences to current market price. We based the fair value on the current list price less concessions and closing costs totaling $0.2 million for a fair value of $2.2 million at December 31, 2015. We sold the condominium for a cash consideration of $2.5 million on February 22, 2016. The estimates are considered Level 3 under the fair value hierarchy described above. The following fair value hierarchy tables present information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015 (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) 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 Square land. (3) During 2015, we recorded a non-cash impairment of $0.7 million associated with our one remaining condominium unit at Chase — The Private Residences. 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 Square land. (3) During 2015, we recorded a non-cash impairment of $0.7 million associated with our one remaining condominium unit at Chase — The Private Residences. There were no transfers of assets or liabilities between the levels of the fair value hierarchy during the three months ended March 31, 2016 and the year ended December 31, 2015.

Fair Value Measurement of Finan

Fair Value Measurement of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurement of Financial Instruments	Fair Value Measurement of Financial Instruments We determined the following disclosure of estimated fair values using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop the related estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. As of March 31, 2016 and December 31, 2015, 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 totaling $158.9 million , net of deferred financing fees of $0.9 million , as of March 31, 2016, had a fair value of approximately $159.9 million . As of December 31, 2015, we had notes payable totaling $154.5 million , net of deferred financing fees of $1.1 million , and excluding $14.8 million of contractual obligations on real estate held for sale which was net of deferred financing fees of $0.1 million . The notes payable totaling $154.5 million as of December 31, 2015, had a fair value of approximately $155.5 million . The fair values are based upon interest rates for mortgages with similar terms and remaining maturities that management believes we could obtain. The fair value of the notes payable is categorized as a Level 2 basis. The fair value is estimated using a discounted cash flow analysis valuation on the borrowing rates currently available for loans with similar terms and maturities. The fair value of the notes payable was determined by discounting the future contractual interest and principal payments by a market rate. The fair value estimates presented herein are based on information available to our management as of March 31, 2016 and December 31, 2015. Although our management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these condensed consolidated financial statements since those respective dates, and current estimates of fair value may differ significantly from the amounts presented herein.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of March 31, 2016, we wholly owned three properties and consolidated three properties through investments in joint ventures on our condensed consolidated balance sheets. In addition, we have a noncontrolling, unconsolidated ownership interest in a joint venture consisting of 18 properties that are accounted for using the equity method. Capital contributions, distributions, and profits and losses of these properties are allocated in accordance with the terms of the applicable partnership agreement. The following table presents certain information about our consolidated properties as of March 31, 2016: Property Name Location Approximate Rentable Square Footage Description Ownership Interest Year Acquired Chase Park Plaza St. Louis, Missouri — hotel and condominium development property 100% 2006 Frisco Square Frisco, Texas (1 ) mixed-use development (multifamily, retail, office, restaurant and land) (1) 2007 Northpoint Central Houston, Texas 180,000 9-story office building 100% 2007 The Lodge & Spa at Cordillera Edwards, Colorado — land, hotel and development property 94% 2007 Northborough Tower (2) Houston, Texas 207,000 14-story office building 100% 2008 Royal Island (3) Commonwealth of Bahamas — land 87% 2012 _________________________________ (1) Our Frisco Square mixed-use development consists of 101,000 square feet of office space, 71,000 square feet of retail, a 41,500 square foot movie theater, 114 multifamily units, approximately 27 acres of land which we own 100% , and a 275 -unit multifamily project which became fully developed in the first quarter of 2016 in which we own a 90% interest. (2) Northborough Tower was transferred to its lender via a deed-in-lieu of foreclosure on May 9, 2016. (3) Our initial investment in Royal Island was made in May 2007. We consolidated Royal Island as of June 6, 2012 when we obtained all of the outstanding shares of Royal Island (Australia) Pty Limited. A third party indirectly owns 12.71% of Royal Island. Real Estate Development The Ablon at Frisco Square On August 26, 2014, we contributed 3.4 acres of land held by our Frisco Square mixed-use project to The Ablon at Frisco Square, LLC (“Ablon Frisco Square Venture”), a special purpose entity in which we own a 90% limited partnership interest. The venture was formed to construct a 275 -unit multifamily project. Concurrently, with the land contribution, the joint venture closed on a $26.3 million construction loan. Construction on the development began on September 2, 2014. Total construction costs for the development were approximately $41.5 million . The project was completed and available for occupancy in the first quarter of 2016. See Note 9, Notes Payable, for additional information. Real Estate Asset Disposition Las Colinas Commons On February 2, 2016, we sold Las Colinas Commons for a contract sales price of approximately $14.3 million . We recorded a gain on sale of real estate property of $1.3 million . A portion of the proceeds from the sale were used to pay off in full the existing indebtedness of approximately $11.3 million associated with the office building. Las Colinas Commons and Northpoint Central are both borrowers under a loan that matures in May 2017. Under the terms of the loan, the lender required 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 was used to reduce Northpoint Central's loan balance. The full release price was reclassified as a liability associated with our real estate held for sale as of December 31, 2015. Las Colinas Commons was classified as held for sale on our consolidated balance sheet at December 31, 2015. Sales of Real Estate Reported in Continuing Operations The Company does not view the disposal of Las Colinas Commons as a strategic shift, therefore the results of operations for the investment is presented in continuing operations in the condensed consolidated statements of operations for the three months ended March 31, 2016 and 2015. The following table presents our sale of the Las Colinas Commons real estate investment during the first quarter of 2016 (in millions): Date of Sale Property Ownership Interest Sales Contract Price Net Cash Proceeds (1) Gain on Sale of Real Estate February 2, 2016 Las Colinas Commons 100% $ 14.3 $ 14.0 $ 1.3 The following table presents net income (loss) attributable to the Company for the three months ended March 31, 2016 and 2015 related to Las Colinas Commons. Net income for the three months ended March 31, 2016 includes the $1.3 million gain on sale of Las Colinas Commons (in millions): For the Three Months Ended March 31, Description 2016 2015 Net income (loss) attributable to the Company $ 0.8 $ (0.1 ) 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 gain on sale of real estate for disposals from January 1, 2015 forward that 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. Investment in Unconsolidated Joint Venture The following table presents certain information about our unconsolidated investment as of March 31, 2016 and December 31, 2015 ($ in thousands): Ownership Interest Carrying Value of Investment Property Name March 31, 2016 December 31, 2015 Central Europe Joint Venture 47.01 % $ 14,516 $ 13,953 Our investment in the unconsolidated joint venture as of March 31, 2016 and December 31, 2015 consisted of our proportionate share of the combined assets and liabilities of our investment property, shown at 100%, as follows (in thousands): March 31, 2016 December 31, 2015 Real estate assets, net $ 61,257 $ 59,415 Cash and cash equivalents 6,338 6,827 Other assets 1,362 1,441 Total assets $ 68,957 $ 67,683 Notes payable $ 42,110 $ 40,895 Other liabilities 2,030 2,526 Total liabilities 44,140 43,421 Equity 24,817 24,262 Total liabilities and equity $ 68,957 $ 67,683 Our equity in losses from our investment is our proportionate share of the combined losses of our unconsolidated joint venture for the three months ended March 31, 2016 and 2015, shown at 100%, as follows (in thousands): Three Months Ended March 31, 2016 2015 Revenue $ 1,736 $ 2,243 Operating expenses: Operating expenses 504 509 Property taxes 48 68 Total operating expenses 552 577 Operating income 1,184 1,666 Non-operating expenses: Depreciation and amortization 617 886 Interest and other, net 452 1,054 Gain on sale — (78 ) Total non-operating expenses 1,069 1,862 Net income (loss) $ 115 $ (196 ) Equity in earnings (losses) of unconsolidated joint venture (1) $ 54 $ (92 ) ________________________________ (1) Company’s share of net income (loss). We will recognize CTA upon the sale of all or substantially all of the assets in our Central Europe Joint Venture, which is our only foreign investment. See Note 3, Summary of Significant Accounting Policies, Foreign Currency Translation. 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.

Real Estate Held for Sale

Real Estate Held for Sale	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Real Estate Held for Sale
Discontinued Operations and Real Estate Held for Sale	Real Estate Held for Sale As of December 31, 2015, Las Colinas Commons was classified as real estate held for sale on our consolidated balance sheet. We did not have any real estate assets classified as held for sale at March 31, 2016. In 2006, we acquired Las Colinas Commons, an office building located in the Dallas, Texas area. We entered into a purchase and sale agreement with an unaffiliated third party on December 18, 2015 for a contract sales price of $14.3 million . The sales transaction closed on February 2, 2016. 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 Deferred financing fees (2) (69 ) Notes payable, net of deferred financing fees 14,831 Accrued and other liabilities 66 Obligations associated with real estate held for sale $ 14,897 _______________________________________________________________________________ (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 was $11.3 million . Under the terms of the loan, the lender required 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 was used to reduce Northpoint Central's loan balance. We reclassified the full release price as a liability associated with our real estate held for sale as of December 31, 2015. (2) Effective January 1, 2016, we adopted ASU 2015-03, which requires companies to present debt issuance costs related to a recognized debt liability as a direct reduction from the carrying amount of the related debt liability. See Note 3 under the caption New Accounting Pronouncements for further details.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2016
Variable Interest Entities
Variable Interest Entity Disclosure [Text Block]	8. Variable Interest Entities As discussed in Note 3, effective January 1, 2016, we have adopted the guidance in ASU 2015-02. As a result, the Operating Partnership (see Note 1) and each of our less than wholly-owned real estate partnerships (BH Cordillera, LLC, BH Residences at Cordillera, LLC and Behringer Harvard Royal Island, LLC) have been deemed to have the characteristics of a VIE. However, we were not required to consolidate any previously unconsolidated entities or deconsolidate any previously consolidated entities as a result of the change in classification. Accordingly, there has been no change to the amounts reported in our condensed consolidated balance sheets and statements of cash flows or amounts recognized in our condensed consolidated statements of operations. Consolidated VIEs Behringer Harvard Opportunity REIT I, Inc. consolidates the Operating Partnership, BH Cordillera, LLC, BH Residences at Cordillera, LLC and Behringer Harvard Royal Island, LLC, which are variable interest entities, or VIEs, for which the Company is the primary beneficiary. Generally, a VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Notes Payable	Notes Payable The following table sets forth our notes payable on our consolidated properties at March 31, 2016 and December 31, 2015 ($ in thousands): Notes Payable as of Description March 31, 2016 December 31, 2015 Interest Rate Maturity Date Northborough Tower (1) $ 16,847 $ 18,516 8.67% (1) 1/11/2016 Royal Island (2) 14,429 13,872 15.00% 10/10/2016 Northpoint Central (3) 11,544 11,720 5.15% 5/9/2017 Las Colinas Commons (3) — n/a 5.15% 5/9/2017 Chase Park Plaza Hotel and Chase — The Private Residences 61,860 62,182 4.95% 8/11/2017 BHFS II, LLC 6,826 6,856 30-day LIBOR + 3% (4) 2/1/2018 BHFS III, LLC 6,127 6,154 30-day LIBOR + 3% (4) 2/1/2018 BHFS IV, LLC 12,727 12,783 30-day LIBOR + 3% (4) 2/1/2018 BHFS Theatre, LLC 4,764 4,785 30-day LIBOR + 3% (4) 2/1/2018 The Ablon at Frisco Square 24,655 18,679 30-day LIBOR + 2.5% (4) 8/26/2017 Total debt 159,779 155,547 Deferred financing fees (4) (918 ) (1,087 ) Notes payable, net of deferred financing fees 158,861 154,460 Notes payable included with Obligations related to real estate held for sale: Las Colinas Commons debt (3) — 14,900 5.15% 5/9/2017 Deferred financing fees (5) — (69 ) Notes payable included with Obligations related to real estate held for sale, net of deferred financing fees: — 14,831 Total notes payable obligations $ 158,861 $ 169,291 _________________________________ (1) Due to the maturity default on our Northborough debt, the stated interest rate of 5.67% was increased to the default interest rate of 8.67% effective January 12, 2016. The property was transferred to the lender via a deed-in-lieu of foreclosure on May 9, 2016. (2) In January 2016, the lenders agreed to increase the amount available to draw on the loan to $14.4 million . (3) 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 was $11.3 million . Under the terms of the loan, the lender required 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 reclassified the full release price as a liability associated with our real estate held for sale as of December 31, 2015. (4) 30 -day LIBOR was 0.44% at March 31, 2016. (5) Effective January 1, 2016, we adopted ASU 2015-03, which requires companies to present debt issuance costs related to a recognized debt liability as a direct reduction from the carrying amount of the related debt liability. See Note 3 under the caption New Accounting Pronouncements for further details. Our notes payable balance, net of deferred financing fees of $0.9 million , was $158.9 million at March 31, 2016. Our notes payable balance at December 31, 2015, was $154.5 million , net of deferred financing fees of $1.1 million , and excluding $14.8 million of contractual obligations on real estate held for sale which was net of deferred financing fees of less than $0.1 million at December 31, 2015, respectively, consisted of new financing and loan assumptions related to our consolidated property acquisitions. Each of our notes payable is collateralized by one or more of our properties. At March 31, 2016, our notes payable interest rates ranged from 2.9% to 15% , with a weighted average interest rate of approximately 5.3% . Of our $158.9 million in notes payable at March 31, 2016, $55.1 million represented debt subject to variable interest rates. At March 31, 2016, our notes payable had maturity dates that ranged from October 2016 to February 2018. We have unconditionally guaranteed payment of the notes payable related to the four loan tranches associated with our Frisco Square investment (the “BHFS Loans”) up to $11.2 million . The BHFS Loans had an outstanding balance at March 31, 2016 of $30.4 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 was $11.3 million . Under the terms of the loan, the lender required 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 was used to reduce Northpoint Central's loan balance. The full release price was reclassified as a liability associated with our real estate held for sale as of December 31, 2015. We sold the Las Colinas Commons office buildings on February 2, 2016 and paid in full the existing indebtedness of the Las Colinas Commons loan of $11.3 million and paid $3.6 million to reduce Northpoint Central's loan balance, which was $11.5 million as of March 31, 2016. Ablon at Frisco Square Financing On August 26, 2014, the Ablon Frisco Square Venture obtained a $26.3 million construction loan. The loan incurs interest at 30 -day LIBOR plus 2.5% and has a three -year term with two 12 -month extensions available. Payments of interest-only are required during the initial three-year term. As of March 31, 2016, we had drawn approximately $24.7 million under the construction loan. The project was completed and available for occupancy in the first quarter of 2016. 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 loan agreement and cash management agreement provide that in the event the tenant vacated the building, 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 $16.8 million at March 31, 2016. 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. In February 2016, the lender applied $0.9 million of cash reserves held for tenant and capital improvements to the principal balance of the loan. The lender also applied $0.8 million of excess cash reserves to the principal balance of the loan. On March 15, 2016, we received notice that Northborough Tower had been posted for foreclosure on April 5, 2016. The property was transferred to the lender via a deed-in-lieu of foreclosure on May 9, 2016. Northborough Tower accounted for $1.5 million , or 13% , of our aggregate annual rental revenue from our consolidated office properties, excluding tenant reimbursements, and 10% of our total revenues as of March 31, 2016. The carrying value of the Northborough Tower asset at March 31, 2016 was $14.7 million . The following table summarizes our aggregate contractual obligations for principal payments as of March 31, 2016 (in thousands): Principal Payments Due: Amount April 1, 2016 - December 31, 2016 (1) $ 35,526 2017 70,220 2018 29,379 2019 24,654 2020 — Total contractual obligations 159,779 Less: Deferred financing fees, net (918 ) Notes payable, net $ 158,861 ________________________________ (1) The 2016 principal payments include the nonrecourse debt secured by Northborough Tower which had an outstanding principal balance of $16.8 million at March 31, 2016.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Frisco Square In connection with our investment in the Frisco Square property, we were initially 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 is reduced by 1.0% and will terminate at $225 million of real property values. The total outstanding Bond Obligation at March 31, 2016 and December 31, 2015 was $4.2 million and $4.7 million , respectively. As of March 31, 2016, the value of the real property within the MMD is assessed at $174 million . Therefore, we are currently responsible for 27% of the bond debt service payments. Although, as described above, we are ultimately responsible for 27% 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 the year ended December 31, 2016, the annual bond debt service assessed by the POA is approximately $0.3 million . We estimate our annual pro rata share of the expense at less than $0.1 million . For the three months ended March 31, 2016, we expensed less than $0.1 million related to bond debt service, which is included in the accompanying condensed consolidated statements of operations and other comprehensive loss. Under a development agreement with the City of Frisco, we were 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 sold all or a part of the vacant land, 33% of the net sales proceeds were 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 was $7 million . The book value of the BHFS I, LLC land and land improvements at March 31, 2016 was 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 contributed land for the development of a garage constructed for a certain building and parking garage development (the “Gearbox" development), constructed a proposed multifamily development (including a related garage), and built a structured public parking garage, that when combined with the Gearbox garage, provided 108 parking spaces that are open and free to the public at all times, the City of Frisco would not require any further escrow of funds from the sale of Frisco Square land and would 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 construction 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 March 31, 2016, 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 a $33.2 million general construction contract. Construction commenced on September 2, 2014. Concurrently, with the land contribution, the Ablon Venture closed on a $26.3 million construction loan. Proceeds from the construction loan could not be drawn until the venture partners had contributed $15.8 million of equity. The partners had funded all of the required equity, including land, as of December 31, 2015. As of March 31, 2016, we had drawn $24.7 million under the construction loan. Ablon, or its principals, are the guarantors for the construction loan. Total construction costs incurred for the project were $41.5 million . The project, including the parking garage, was completed and available for occupancy in the first quarter of 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. The completion of the three garages discussed above fulfilled our Parking Obligation, as amended. The City of Frisco released the City Escrow and the liens on the land on March 15, 2016 and March 17, 2016, respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
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 (the “Amendment”) with the Advisor that renewed the Advisory Agreement for a ten -month term with an expiration date of May 15, 2016. The Amendment amended the Advisory Agreement to (i) limit certain cost reimbursements to the Advisor for administrative services, to be effective January 1, 2015, and (ii) document a waiver of $200,000 of acquisition fees related to the construction of 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 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 three months ended March 31, 2016 and 2015, we incurred approximately $0.5 million and $0.6 million of asset management fees, respectively. 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 three months ended March 31, 2016 and 2015, we incurred no acquisition and advisory fees. Under the Advisory Agreement, as amended, the debt financing fee paid to the Advisor for a Loan (as defined in the agreement) will be 1% of the loan commitment amount. Amounts due to the Advisor for a Revised Loan (as defined in the agreement) will be 40 basis points of the loan commitment amount for the first year of any extension (provided the extension is for at least 120 days ), an additional 30 basis points for the second year of an extension, and another 30 basis points for the third year of an extension in each case, prorated for any extension period less than a full year. The maximum debt financing fee for any extension of three or more years is 1% of the loan commitment amount. We did not incur any debt financing fees for the three months ended March 31, 2016 or 2015. 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 three months ended March 31, 2016 and 2015, we incurred costs for administrative services of $0.4 million and $0.2 million , respectively. We pay our property manager and affiliate of the Advisor, Behringer Harvard Opportunity Management Services, LLC or its affiliates (collectively, “BH Property Management”), fees for management, leasing, and maintenance supervision of our properties. Such fees are equal to 4.5% of gross revenues plus leasing commissions based upon the customary leasing commission applicable to the same geographic location of the respective property. We will pay BH Property Management an oversight fee equal to 0.5% of gross revenues of the property managed if we contract directly with a non-affiliated third-party property manager in respect of the property. In no event will we pay both a property management fee and an oversight fee to BH Property Management with respect to any particular property. If we own a property through a joint venture that does not pay BH Property Management directly for its services, we will pay BH Property Management a management fee or oversight fee, as applicable, based only on our economic interest in the property. We incurred property management fees or oversight fees of approximately $0.2 million during each of the three months ended March 31, 2016 and 2015. At March 31, 2016 and December 31, 2015, we had a payable to our Advisor and its affiliates of $0.6 million and $0.8 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 Advisors 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	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Supplemental cash flow information is summarized below: Three months ended March 31, Description 2016 2015 Supplemental disclosure: Interest paid, net of amounts capitalized $ 2,108 $ 1,180 Non-cash investing and financing activities: Property and equipment additions and purchases of real estate in accrued liabilities 257 1,681 Capital expenditures for real estate under development in accounts payable and accrued liabilities 847 2,516 Additions to buildings and improvements reclassified from real estate under development 37,110 2,508 Additions to land and land improvements reclassified from real estate under development 3,662 — Additions to furniture, fixtures and equipment reclassified from real estate under development 1,088 — Amortization of deferred financing fees in properties under development 10 22

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Real Estate	Real Estate We amortize the value of in-place leases, in-place tenant improvements and in-place leasing commissions to expense over the initial term of the respective leases. In no event does the amortization period for intangible assets or liabilities exceed the remaining depreciable life of the building. Should a tenant terminate its lease, the unamortized portion of the acquired lease intangibles related to that tenant would be charged to expense. As of March 31, 2016, the estimated remaining average useful lives for acquired lease intangibles range from less than 1 year to approximately 3 years .
Condominium Inventory	Condominium Inventory For condominium inventory, at each reporting date, management compares the estimated fair value less costs to sell to the carrying value. An adjustment is recorded to the extent that the fair value less selling costs is less than the carrying value. We determine the estimated fair value of condominiums based on comparable sales in the normal course of business under existing and anticipated market conditions. This evaluation takes into consideration estimated future selling prices, costs incurred to date, estimated additional future costs, and management’s plans for the property. On February 22, 2016, we sold our one remaining condominium unit in inventory at Chase — The Private Residences for a sales price of $2.5 million , receiving net proceeds of $2.2 million after closing costs.
Accounts Receivable	Accounts Receivable Accounts receivable primarily consist of straight-line rental revenue receivables of $4 million and $4.2 million as of March 31, 2016 and December 31, 2015, respectively, and receivables from our hotel operators and tenants related to our other consolidated properties of $2.4 million as of March 31, 2016 and December 31, 2015. The allowance for doubtful accounts was $0.1 million and $0.3 million as of March 31, 2016 and December 31, 201
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 $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 first quarter of 2016, we sold the condominium for a sales price of $2.5 million , receiving net proceeds of $2.2 million after closing costs. In addition, we recorded a non-cash impairment charge of $6.8 million during 2015 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 $2.1 million for Northborough Tower and $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. We did not record any non-cash impairment charges in the first quarter of 2016. 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.
New Accounting Pronouncements	The adoption of the new standard resulted in the following reclassifications of unamortized deferred financing fees as of December 31, 2015 (in thousands): Description Originally Reported Reclassification Adjusted Deferred financing fees, net $ 1,156 $ (1,156 ) $ — Notes payable 155,547 (1,087 ) 154,460 Obligations associated with real estate held for sale (1) 14,966 (69 ) 14,897 New Accounting Pronouncements 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. In addition, early adoption will be permitted 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”) to ASC Topic 205, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management’s assessment of a company’s ability to continue as a going concern and provide related footnote disclosures when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. ASU 2014-15 applies to all companies and is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. We do not believe the adoption of this guidance will have a material impact on our disclosures. In January 2015, the FASB issued (“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 that begin after December 15, 2015. The adoption of ASU 2015-01, effective January 1, 2016, did not impact our consolidated financial position, results of operations, or cash flows. In February 2015, the FASB issued an update ("ASU 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 adoption of ASU 2015-02, effective January 1, 2016, did not impact our consolidated financial position, results of operations, or cash flows. See Note 8 for further details. 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. Effective January 1, 2016, 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. We adopted ASU 2015-03 on January 1, 2016. The recognition and measurement guidance for debt issuance costs is not affected. The new guidance requires retrospective application. As of December 31, 2015, we had $1.2 million of net deferred financing costs that were reclassified from assets to a reduction in the carrying amount of our debt. In January 2016, the FASB issued an update ("ASU 2016-01") to ASC Topic 825-10, Financial Instruments - Overall, Recognition and Measurement of Financial Assets and Liabilities. ASU 2016-01 will require certain investments in equity securities to be measured at fair value with changes in fair value recognized in net income, and will modify the impairment assessment of certain equity securities. The new guidance is effective January 1, 2018. Certain aspects of the guidance may require a cumulative-effect adjustment and other aspects of the guidance are required to be adopted prospectively. We are currently evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements. In February 2016, the FASB issued an update ("ASU 2016-02") to ASC Topic 842, Leases. ASU 2016-02 supersedes the existing lease accounting model, and modifies both lessee and lessor accounting. The new guidance will require a lessee to reflect most operating lease arrangements on the balance sheet by recording a right-of-use asset and a lease liability that will initially be measured at the present value of lease payments. Among other changes, the new standard also modifies the definition of a lease, and requires expanded lease disclosures. The new standard will be effective January 1, 2019, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements. In April 2016, the FASB issued an update ("ASU 2016-10") to ASC Topic 606, Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing. The new guidance will require companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Lease contracts will be excluded from this revenue recognition criteria; however, the sale of real estate will be required to follow the new model. The new guidance is effective January 1, 2018, with early adoption permitted beginning January 1, 2017, and allows full or modified retrospective application. We are currently evaluating the impact of the adoption of ASU 2016-10 on our consolidated financial statements. Deferred Financing Fees Deferred financing fees are recorded at cost and are amortized to interest expense using a straight-line method that approximates the effective interest method over the life of the related debt. Deferred financing fees, net of accumulated amortization, were $0.9 million and $1.2 million as of March 31, 2016 and December 31, 2015, respectively. The $1.2 million balance of deferred financing fees, net of accumulated amortization, as of December 31, 2015, was composed of $1.1 million related to notes payable and less than $0.1 million related to obligations associated with real estate held for sale. Accumulated amortization of deferred financing fees was $1.8 million as of March 31, 2016 and 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 adoption of ASU 2015-03, effective January 1, 2016, required companies to present debt issuance costs related to a recognized debt liability as a direct reduction from the carrying amount of the related debt liability, retrospectively. See New Accounting Pronouncements below for further details.
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”). 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 a gain of $0.7 million and a loss of $2.2 million for the three months ended March 31, 2016 and 2015, respectively. 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 the Central Europe Joint Venture that owned 22 properties. Central Europe Joint Venture is our only foreign investment as of March 31, 2016. The joint venture sold one property in 2014 and three properties in 2015, and had 18 properties remaining as of March 31, 2016. We will recognize CTA upon the sale of all or substantially all of our investment in the Central Europe Joint Venture.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include such items as impairment of long-lived assets, depreciation and amortization, allowance for doubtful accounts, and allowance for loan losses. Actual results could differ from those estimates.
Subsequent Events	Subsequent Events We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
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 three years as of March 31, 2016 is as follows (in thousands): Year Lease Intangibles April 1, 2016 - December 31, 2016 $ 42 2017 56 2018 18
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): March 31, 2016 Buildings and Improvements Land and Improvements Lease Intangibles Acquired Below-Market Leases Other Intangibles Cost $ 212,167 $ 64,625 $ 7,482 $ (3,311 ) $ 9,626 Less: depreciation and amortization (44,031 ) (2,109 ) (5,391 ) 2,634 (5,570 ) Net $ 168,136 $ 62,516 $ 2,091 $ (677 ) $ 4,056 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

Assets and Liabilities Measur21

Assets and Liabilities Measured at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Schedule of assets measured at fair value on a nonrecurring basis	The following fair value hierarchy tables present information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015 (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) 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 Square land. (3) During 2015, we recorded a non-cash impairment of $0.7 million associated with our one remaining condominium unit at Chase — The Private Residences.
Schedule of Quantitative Information about Level 3 Fair Value Measurements	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 Square land. (3) During 2015, we recorded a non-cash impairment of $0.7 million associated with our one remaining condominium unit at Chase — The Private Residences.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Schedule of information about consolidated properties	The following table presents certain information about our consolidated properties as of March 31, 2016: Property Name Location Approximate Rentable Square Footage Description Ownership Interest Year Acquired Chase Park Plaza St. Louis, Missouri — hotel and condominium development property 100% 2006 Frisco Square Frisco, Texas (1 ) mixed-use development (multifamily, retail, office, restaurant and land) (1) 2007 Northpoint Central Houston, Texas 180,000 9-story office building 100% 2007 The Lodge & Spa at Cordillera Edwards, Colorado — land, hotel and development property 94% 2007 Northborough Tower (2) Houston, Texas 207,000 14-story office building 100% 2008 Royal Island (3) Commonwealth of Bahamas — land 87% 2012 _________________________________ (1) Our Frisco Square mixed-use development consists of 101,000 square feet of office space, 71,000 square feet of retail, a 41,500 square foot movie theater, 114 multifamily units, approximately 27 acres of land which we own 100% , and a 275 -unit multifamily project which became fully developed in the first quarter of 2016 in which we own a 90% interest. (2) Northborough Tower was transferred to its lender via a deed-in-lieu of foreclosure on May 9, 2016. (3) Our initial investment in Royal Island was made in May 2007. We consolidated Royal Island as of June 6, 2012 when we obtained all of the outstanding shares of Royal Island (Australia) Pty Limited. A third party indirectly owns 12.71% of Royal Island.
Schedule of information about unconsolidated investments	Investment in Unconsolidated Joint Venture The following table presents certain information about our unconsolidated investment as of March 31, 2016 and December 31, 2015 ($ in thousands): Ownership Interest Carrying Value of Investment Property Name March 31, 2016 December 31, 2015 Central Europe Joint Venture 47.01 % $ 14,516 $ 13,953
Schedule of proportionate share of combined assets and liabilities of investment properties	Our investment in the unconsolidated joint venture as of March 31, 2016 and December 31, 2015 consisted of our proportionate share of the combined assets and liabilities of our investment property, shown at 100%, as follows (in thousands): March 31, 2016 December 31, 2015 Real estate assets, net $ 61,257 $ 59,415 Cash and cash equivalents 6,338 6,827 Other assets 1,362 1,441 Total assets $ 68,957 $ 67,683 Notes payable $ 42,110 $ 40,895 Other liabilities 2,030 2,526 Total liabilities 44,140 43,421 Equity 24,817 24,262 Total liabilities and equity $ 68,957 $ 67,683
Schedule of proportionate share of combined losses of unconsolidated joint ventures	Our equity in losses from our investment is our proportionate share of the combined losses of our unconsolidated joint venture for the three months ended March 31, 2016 and 2015, shown at 100%, as follows (in thousands): Three Months Ended March 31, 2016 2015 Revenue $ 1,736 $ 2,243 Operating expenses: Operating expenses 504 509 Property taxes 48 68 Total operating expenses 552 577 Operating income 1,184 1,666 Non-operating expenses: Depreciation and amortization 617 886 Interest and other, net 452 1,054 Gain on sale — (78 ) Total non-operating expenses 1,069 1,862 Net income (loss) $ 115 $ (196 ) Equity in earnings (losses) of unconsolidated joint venture (1) $ 54 $ (92 ) ________________________________ (1) Company’s share of net income (loss).

Real Estate Held for Sale (Tabl

Real Estate Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Real Estate Held for Sale
Schedule of Regulatory Assets and Liabilities	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 Deferred financing fees (2) (69 ) Notes payable, net of deferred financing fees 14,831 Accrued and other liabilities 66 Obligations associated with real estate held for sale $ 14,897 _______________________________________________________________________________ (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 was $11.3 million . Under the terms of the loan, the lender required 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 was used to reduce Northpoint Central's loan balance. We reclassified the full release price as a liability associated with our real estate held for sale as of December 31, 2015. (2) Effective January 1, 2016, we adopted ASU 2015-03, which requires companies to present debt issuance costs related to a recognized debt liability as a direct reduction from the carrying amount of the related debt liability. See Note 3 under the caption New Accounting Pronouncements for further details.

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of notes payable of the properties	The following table sets forth our notes payable on our consolidated properties at March 31, 2016 and December 31, 2015 ($ in thousands): Notes Payable as of Description March 31, 2016 December 31, 2015 Interest Rate Maturity Date Northborough Tower (1) $ 16,847 $ 18,516 8.67% (1) 1/11/2016 Royal Island (2) 14,429 13,872 15.00% 10/10/2016 Northpoint Central (3) 11,544 11,720 5.15% 5/9/2017 Las Colinas Commons (3) — n/a 5.15% 5/9/2017 Chase Park Plaza Hotel and Chase — The Private Residences 61,860 62,182 4.95% 8/11/2017 BHFS II, LLC 6,826 6,856 30-day LIBOR + 3% (4) 2/1/2018 BHFS III, LLC 6,127 6,154 30-day LIBOR + 3% (4) 2/1/2018 BHFS IV, LLC 12,727 12,783 30-day LIBOR + 3% (4) 2/1/2018 BHFS Theatre, LLC 4,764 4,785 30-day LIBOR + 3% (4) 2/1/2018 The Ablon at Frisco Square 24,655 18,679 30-day LIBOR + 2.5% (4) 8/26/2017 Total debt 159,779 155,547 Deferred financing fees (4) (918 ) (1,087 ) Notes payable, net of deferred financing fees 158,861 154,460 Notes payable included with Obligations related to real estate held for sale: Las Colinas Commons debt (3) — 14,900 5.15% 5/9/2017 Deferred financing fees (5) — (69 ) Notes payable included with Obligations related to real estate held for sale, net of deferred financing fees: — 14,831 Total notes payable obligations $ 158,861 $ 169,291 _________________________________ (1) Due to the maturity default on our Northborough debt, the stated interest rate of 5.67% was increased to the default interest rate of 8.67% effective January 12, 2016. The property was transferred to the lender via a deed-in-lieu of foreclosure on May 9, 2016. (2) In January 2016, the lenders agreed to increase the amount available to draw on the loan to $14.4 million . (3) 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 was $11.3 million . Under the terms of the loan, the lender required 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 reclassified the full release price as a liability associated with our real estate held for sale as of December 31, 2015. (4) 30 -day LIBOR was 0.44% at March 31, 2016. (5) Effective January 1, 2016, we adopted ASU 2015-03, which requires companies to present debt issuance costs related to a recognized debt liability as a direct reduction from the carrying amount of the related debt liability. See Note 3 under the caption New Accounting Pronouncements for further details.
Schedule of aggregate contractual obligations for principal	The following table summarizes our aggregate contractual obligations for principal payments as of March 31, 2016 (in thousands): Principal Payments Due: Amount April 1, 2016 - December 31, 2016 (1) $ 35,526 2017 70,220 2018 29,379 2019 24,654 2020 — Total contractual obligations 159,779 Less: Deferred financing fees, net (918 ) Notes payable, net $ 158,861 ________________________________ (1) The 2016 principal payments include the nonrecourse debt secured by Northborough Tower which had an outstanding principal balance of $16.8 million at March 31, 2016.

Supplemental Cash Flow Inform25

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information	Supplemental cash flow information is summarized below: Three months ended March 31, Description 2016 2015 Supplemental disclosure: Interest paid, net of amounts capitalized $ 2,108 $ 1,180 Non-cash investing and financing activities: Property and equipment additions and purchases of real estate in accrued liabilities 257 1,681 Capital expenditures for real estate under development in accounts payable and accrued liabilities 847 2,516 Additions to buildings and improvements reclassified from real estate under development 37,110 2,508 Additions to land and land improvements reclassified from real estate under development 3,662 — Additions to furniture, fixtures and equipment reclassified from real estate under development 1,088 — Amortization of deferred financing fees in properties under development 10 22

Business (Details)

Business (Details) - property	3 Months Ended
	Mar. 31, 2016	Jul. 28, 2008
Wholly owned properties
Real Estate Properties [Line Items]
Number of Real Estate Properties	3
Consolidated properties
Real Estate Properties [Line Items]
Number of Real Estate Properties	3
Equity Method Investments [Member] | Unconsolidated Properties | Noncontrolling Interest [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	18	22
Equity Method Investments [Member] | Maximum | Wholly owned properties | Noncontrolling Interest [Member]
Real Estate Properties [Line Items]
Ownership interest	0.10%

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	Feb. 22, 2016USD ($)	Mar. 31, 2016USD ($)propertycondominium	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)property	Dec. 31, 2014property	Jul. 28, 2008property
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Current		$ 100
Sales of Real Estate		2,271		$ 0
Straight Line Rental Revenue Receivables		4,000			$ 4,200
Accounts Receivable from Hotel Operators and Tenants Related to Consolidated Properties		2,400			2,400
Allowance for Doubtful Accounts Receivable		100			300
Foreign Currency Transaction Gain (Loss), before Tax		700
Debt Issuance Costs, Net		918			1,087
Accumulated Amortization, Debt Issuance Costs		$ 10		22	0
Foreign Currency Transaction Loss, before Tax				$ 2,200
Hotel [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		39 years
Building [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		25 years
Minimum | Lease acquired in-place
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		1 year
Maximum | Lease acquired in-place
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		3 years
Chase Private Residences [Member]
Finite-Lived Intangible Assets [Line Items]
Number of units in multifamily project | condominium		1
Chase Park Plaza - The Private Residences [Member]
Finite-Lived Intangible Assets [Line Items]
Sales of Real Estate	$ 2,500
Proceeds from Sale of Real Estate	$ 2,200
Chase Private Residences [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of Real Estate					700
Northborough Tower
Finite-Lived Intangible Assets [Line Items]
Impairment of Real Estate			$ 2,100		2,100
Northpoint Central
Finite-Lived Intangible Assets [Line Items]
Impairment of Real Estate			2,700		2,700
Fair Value, Measurements, Nonrecurring [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of Real Estate		$ 0			12,300
Land [Member] | Frisco Square
Finite-Lived Intangible Assets [Line Items]
Impairment of Real Estate			$ 6,800		6,800
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Finite-Lived Intangible Assets [Line Items]
Disposal Group, Including Discontinued Operation, Debt Issuance Costs					69
Accumulated Amortization, Debt Issuance Costs		$ 1,800
Accounting Standards Update 2015-03 [Member]
Finite-Lived Intangible Assets [Line Items]
Debt Issuance Costs, Net					0
Accounting Standards Update 2015-03 [Member] | Scenario, Previously Reported [Member]
Finite-Lived Intangible Assets [Line Items]
Debt Issuance Costs, Net					$ 1,156
Equity Method Investments [Member] | Noncontrolling Interest [Member] | Unconsolidated Properties
Finite-Lived Intangible Assets [Line Items]
Number of Real Estate Properties | property		18					22
Number of Real Estate Investments - Sold/Disposed | property					3	1

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Schedule of Amortization Expense (Details) $ in Thousands	Mar. 31, 2016USD ($)
Accounting Policies [Abstract]
April 1, 2016 - December 31, 2016	$ 42
2,017	56
2,018	$ 18

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Schedule of Accumulated Depreciation (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Real Estate
Accumulated Amortization, Debt Issuance Costs	$ 10	$ 0	$ 22
Total real estate	230,652	230,727
Lease intangibles, net	2,091	2,248
Other intangibles, net	4,056	4,205
Acquired below-market leases, net	(677)	(758)
Real Estate Held-for-sale	0	12,679
Lease Intangibles
Real Estate
Cost	7,482	7,580
Less: depreciation and amortization	(5,391)	(5,332)
Lease intangibles, net	2,091	2,248
Acquired Below-Market Leases
Real Estate
Cost	(3,311)	(3,311)
Less: depreciation and amortization	2,634	2,553
Acquired below-market leases, net	(677)	(758)
Other Intangible Assets [Member]
Real Estate
Cost	9,626	9,626
Less: depreciation and amortization	(5,570)	(5,421)
Other intangibles, net	4,056	4,205
Building and Building Improvements [Member]
Real Estate
Real Estate Investment Property, at Cost	212,167	174,732
Less: depreciation and amortization	(44,031)	(42,062)
Total real estate	168,136	132,670
Land and Land Improvements [Member]
Real Estate
Real Estate Investment Property, at Cost	64,625	60,962
Less: depreciation and amortization	(2,109)	(2,026)
Total real estate	62,516	58,936
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Real Estate
Accumulated Amortization, Debt Issuance Costs	$ 1,800
Disposal Group, Including Discontinued Operation, Debt Issuance Costs		69
Las Colinas Commons [Member] | Other Intangible Assets [Member]
Real Estate
Real Estate Held-for-sale		700
Las Colinas Commons [Member] | Land and Land Improvements [Member]
Real Estate
Real Estate Held-for-sale		2,800
Las Colinas Commons [Member] | Building and Building Improvements [Member]
Real Estate
Real Estate Held-for-sale		$ 8,300

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Schedule of Deferred Financing Fees (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Issuance Costs, Net	$ 918	$ 1,087
Long-term Debt	158,861	154,460
Real Estate Liabilities Associated with Assets Held for Development and Sale	0	14,897
Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Issuance Costs, Net		0
Long-term Debt		154,460
Real Estate Liabilities Associated with Assets Held for Development and Sale		14,897
Scenario, Previously Reported [Member] | Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Issuance Costs, Net		1,156
Long-term Debt		155,547
Real Estate Liabilities Associated with Assets Held for Development and Sale		14,966
Restatement Adjustment [Member] | Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Issuance Costs, Net		(1,156)
Long-term Debt		(1,087)
Real Estate Liabilities Associated with Assets Held for Development and Sale		(69)
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Disposal Group, Including Discontinued Operation, Notes Payable, Net	$ 0	14,831
Disposal Group, Including Discontinued Operation, Debt Issuance Costs		69
Disposal Group, Including Discontinued Operation, Other Liabilities		$ 66

Assets and Liabilities Measur31

Assets and Liabilities Measured at Fair Value - Additional Information (Details) - USD ($) $ in Thousands	Feb. 22, 2016	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Condominium inventory		$ 0			$ 2,201
Sales of Real Estate		2,271		$ 0
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Condominium inventory impairment		$ 0			12,300
Northborough Tower
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Condominium inventory impairment			$ 2,100		2,100
Northpoint Central
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Condominium inventory impairment			2,700		2,700
Chase Private Residences [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Condominium inventory impairment					700
Concessions and closing costs					200
Condominium inventory					2,200
Chase Park Plaza - The Private Residences [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales of Real Estate	$ 2,500
Land [Member] | Frisco Square
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Condominium inventory impairment			$ 6,800		$ 6,800

Assets and Liabilities Measur32

Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Feb. 22, 2016	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales of Real Estate		$ 2,271		$ 0
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Condominium inventory impairment		$ 0			$ 12,300
Northpoint Central
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Condominium inventory impairment			$ 2,700		2,700
Chase Private Residences [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Condominium inventory impairment					700
Northborough Tower
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Condominium inventory impairment			2,100		2,100
Chase Park Plaza - The Private Residences [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales of Real Estate	$ 2,500
Investment Building and Building Improvements | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					29,500
Investment Building and Building Improvements | Changes Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					(4,778)
Investment Building and Building Improvements | Level 1 | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					0
Investment Building and Building Improvements | Level 2 | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					0
Investment Building and Building Improvements | Level 3 | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					29,500
Investment Building and Building Improvements | Level 3 | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					$ 29,500
Investment Building and Building Improvements | Level 3 | Minimum | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate					7.75%
Terminal cap rate					8.00%
Market rent growth					0.00%
Expense growth rate					0.00%
Investment Building and Building Improvements | Level 3 | Maximum | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate					11.50%
Terminal cap rate					9.75%
Market rent growth					3.00%
Expense growth rate					3.00%
Land and Land Improvements [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					$ 19,606
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value					(6,762)
Land and Land Improvements [Member] | Level 1 | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					0
Land and Land Improvements [Member] | Level 2 | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					0
Land and Land Improvements [Member] | Level 3 | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					19,606
Land and Land Improvements [Member] | Level 3 | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					$ 19,606
Land and Land Improvements [Member] | Level 3 | Minimum | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate					12.50%
Inflation rate					0.00%
Lot price (in dollars per square foot)					20
Land and Land Improvements [Member] | Level 3 | Maximum | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate					20.00%
Inflation rate					3.00%
Lot price (in dollars per square foot)					45
Inventory, Real Estate | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					$ 2,201
Inventory, Real Estate | Changes Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					(761)
Inventory, Real Estate | Level 1 | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					0
Inventory, Real Estate | Level 2 | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					0
Inventory, Real Estate | Level 3 | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					2,201
Inventory, Real Estate | Level 3 | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, nonrecurring basis					$ 2,201
Inventory, Real Estate | Level 3 | Minimum | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lot price (in dollars per square foot)					511
Inventory, Real Estate | Level 3 | Maximum | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lot price (in dollars per square foot)					555
Land [Member] | Frisco Square
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Condominium inventory impairment			$ 6,800		$ 6,800

Fair Value Measurement of Fin33

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	$ 158,861	$ 154,460
Debt Issuance Costs, Net	918	1,087
Notes and Loans Payable Fair Value Disclosure	159,900	155,547
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Disposal Group, Including Discontinued Operation, Notes Payable, Net	$ 0	14,831
Disposal Group, Including Discontinued Operation, Debt Issuance Costs		$ 69

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details)	Feb. 02, 2016USD ($)	Mar. 31, 2016USD ($)propertyunit	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Aug. 26, 2014USD ($)aunit	Jul. 28, 2008property
Real Estate Properties [Line Items]
Sales of Real Estate		$ 2,271,000	$ 0
Gain (Loss) on Sale of Properties		1,277,000	$ 0
Notes payable, net		158,861,000		$ 154,460,000
Northpoint Central
Real Estate Properties [Line Items]
Notes payable, net		$ 11,500,000
Notes and Loans Payable				3,600,000
The Ablon at Frisco Square
Real Estate Properties [Line Items]
Area of land, contributed (acres) | a					3.4
Ownership interest, limited partnership investment		90.00%
Number of units in multifamily project | unit		275			275
Construction and Development Costs		$ 41,500,000
Las Colinas Commons [Member]
Real Estate Properties [Line Items]
Sales of Real Estate	$ 14,300,000
Gain (Loss) on Sale of Properties	$ 1,300,000	1,300,000
Loans Payable		$ 11,300,000		11,300,000
Notes payable, net				$ 14,900,000
Wholly owned properties
Real Estate Properties [Line Items]
Number of Real Estate Properties | property		3
Consolidated properties
Real Estate Properties [Line Items]
Number of Real Estate Properties | property		3
Noncontrolling Interest [Member] | Equity Method Investments [Member] | Unconsolidated Properties
Real Estate Properties [Line Items]
Number of Real Estate Properties | property		18				22
Construction Loans [Member] | The Ablon at Frisco Square
Real Estate Properties [Line Items]
Debt instrument, face amount					$ 26,300,000

Real Estate Investments (Detail

Real Estate Investments (Details)	Feb. 02, 2016USD ($)	Mar. 31, 2016USD ($)ft²abuildingunit	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)building_stories	Aug. 26, 2014unit	Jun. 13, 2014a
Real Estate Properties [Line Items]
Notes payable, net		$ 158,861,000		$ 154,460,000
Sale of land		2,271,000	$ 0
Gain (Loss) on Sale of Properties		1,277,000	0
Investments in unconsolidated joint ventures		14,516,000		13,953,000
Unconsolidated Joint Ventures [Member]
Real Estate Properties [Line Items]
Notes payable, net		$ 42,110,000		40,895,000
Las Colinas Commons [Member]
Real Estate Properties [Line Items]
Notes payable, net				14,900,000
Number of buildings | building		3
Ownership Interest (as a percent)		100.00%
Sale of land	$ 14,300,000
Proceeds from Sale of Buildings	14,000
Gain (Loss) on Sale of Properties	$ 1,300,000	$ 1,300,000
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax		$ 800	$ (100)
The Ablon at Frisco Square
Real Estate Properties [Line Items]
Number of units in multifamily project | unit		275			275
Ownership interest, limited partnership investment		90.00%
Chase Park Plaza
Real Estate Properties [Line Items]
Ownership Interest (as a percent)		100.00%
Northpoint Central
Real Estate Properties [Line Items]
Notes payable, net		$ 11,500,000
Notes and Loans Payable				$ 3,600,000
Approximate rentable square footage | ft²		180,000
Number of buildings | building		1
Number of stories | building_stories				9
Ownership Interest (as a percent)		100.00%
The Lodge & Spa at Cordillera
Real Estate Properties [Line Items]
Ownership Interest (as a percent)		94.00%
Northborough Tower
Real Estate Properties [Line Items]
Approximate rentable square footage | ft²		207,000
Number of buildings | building		1
Number of stories | building_stories				14
Ownership Interest (as a percent)		100.00%
Frisco Square
Real Estate Properties [Line Items]
Approximate rentable square footage | ft²		0
Ownership Interest (as a percent)		100.00%
Number of units in multifamily project | unit		114
Area of land sold (acres) | a		27				1.62
Frisco Square | Office space
Real Estate Properties [Line Items]
Approximate rentable square footage | ft²		101,000
Frisco Square | Retail space
Real Estate Properties [Line Items]
Approximate rentable square footage | ft²		71,000
Frisco Square | Movie theater
Real Estate Properties [Line Items]
Approximate rentable square footage | ft²		41,500
Royal Island
Real Estate Properties [Line Items]
Ownership Interest (as a percent)		87.00%
Ownership interest in the joint venture, non-controlling interest (as a percent)		12.71%
Central Europe Joint Venture
Real Estate Properties [Line Items]
Investments in unconsolidated joint ventures		$ 14,516,000		$ 13,953,000
Ownership interest percentage		47.01%

Real Estate Investments (Deta36

Real Estate Investments (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Combined assets and liabilities of investment properties
Real estate assets, net	$ 230,652		$ 230,727
Cash and cash equivalents	19,798	$ 26,344	20,746	$ 35,015
Total assets	289,531		306,646
Notes payable, net	158,861		154,460
Total liabilities	186,453		199,901
Total liabilities and equity	289,531		306,646
Combined losses of investments
Revenue	14,031	12,025
Non-operating expenses:
Depreciation and amortization	2,638	3,171
Equity in earnings (losses) of unconsolidated joint ventures	54	(92)
Unconsolidated Joint Ventures [Member]
Combined assets and liabilities of investment properties
Real estate assets, net	61,257		59,415
Cash and cash equivalents	6,338		6,827
Other assets	1,362		1,441
Total assets	68,957		67,683
Notes payable, net	42,110		40,895
Other liabilities	2,030		2,526
Total liabilities	44,140		43,421
Equity	24,817		24,262
Total liabilities and equity	68,957		$ 67,683
Combined losses of investments
Revenue	1,736	2,243
Operating expenses:
Operating expenses	504	509
Property taxes	48	68
Total operating expenses	552	577
Operating income	1,184	1,666
Non-operating expenses:
Depreciation and amortization	617	886
Interest and other, net	452	1,054
Gain on sale	0	(78)
Total non-operating expenses	1,069	1,862
Net Income (Loss) Attributable to Parent	115	(196)
Equity in earnings (losses) of unconsolidated joint ventures	$ 54	$ (92)

Real Estate Held for Sale (Deta

Real Estate Held for Sale (Details) - USD ($)	Feb. 02, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Real Estate Properties [Line Items]
Sales of Real Estate		$ 2,271,000	$ 0
Land and improvements, net		62,516,000		$ 58,936,000
Buildings and improvements, net		168,136,000		132,670,000
Lease intangibles, net		2,091,000		2,248,000
Real Estate Held-for-sale		0		12,679,000
Notes payable, net		158,861,000		154,460,000
Accrued and other liabilities		25,062,000		25,606,000
Real Estate Liabilities Associated with Assets Held for Development and Sale		0		14,897,000
Real Estate Held for Sale [Member]
Real Estate Properties [Line Items]
Land and improvements, net				2,785,000
Buildings and improvements, net				8,362,000
Lease intangibles, net				668,000
Straight-line rental revenue				864,000
Real Estate Held-for-sale				12,679,000
Disposal Group, Including Discontinued Operation, Notes Payable, Net				14,831,000
Accrued and other liabilities				66,000
Real Estate Liabilities Associated with Assets Held for Development and Sale				14,897,000
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Real Estate Properties [Line Items]
Disposal Group, Including Discontinued Operation, Debt Issuance Costs				(69,000)
Disposal Group, Including Discontinued Operation, Notes Payable, Net		0		14,831,000
Las Colinas Commons [Member]
Real Estate Properties [Line Items]
Sales of Real Estate	$ 14,300,000
Notes payable, net				14,900,000
Loans Payable		11,300,000		11,300,000
Las Colinas Commons [Member] | Real Estate Held for Sale [Member]
Real Estate Properties [Line Items]
Notes payable, net				14,900,000
Northpoint Central
Real Estate Properties [Line Items]
Notes payable, net		$ 11,500,000
Notes and Loans Payable				$ 3,600,000

Notes Payable (Details)

Notes Payable (Details) $ in Thousands	Aug. 26, 2014USD ($)extension	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2015	Dec. 31, 2015USD ($)	Feb. 29, 2016USD ($)	Jan. 12, 2016
Debt Instrument [Line Items]
Notes payable, net		$ 158,861			$ 154,460
Long-term Debt, Net of Unamortized (Discount) Premium		159,779			155,547
Long-term Debt		158,861			154,460
Cash reserves applied to principal balance						$ 900
Excess cash reserves applied to principal balance						$ 800
Repayment of notes payable		$ 17,185	$ 328
Weighted average interest rate (as a percent)		5.30%
Notes payable subject to variable rate		$ 55,100
2,017		70,220
Debt Instrument, Sinking Fund Payment		24,700
Assets		289,531			306,646
Debt Issuance Costs, Net		918			1,087
Disposal Group, Including Discontinued Operation, Notes Payable, Gross		0			14,900
Long Term Debt, Including Disposal Group		158,861			169,291
Notes payable, net		$ 158,861			154,460
Minimum
Debt Instrument [Line Items]
Notes payable, interest rates (as a percent)		2.90%
Maximum
Debt Instrument [Line Items]
Notes payable, interest rates (as a percent)		15.00%
BHFS, LLC
Debt Instrument [Line Items]
Notes payable, net		$ 30,400
Notes payable, net		30,400
Northpoint Central
Debt Instrument [Line Items]
Notes payable, net		11,500
Notes and loan payable					3,600
Notes payable, net		$ 11,500
Northborough Tower
Debt Instrument [Line Items]
Note payable, stated interest rate (as a percent)		8.67%
Non-Recourse Debt		$ 16,800
Operating Leases, Income Statement, Lease Revenue		1,500
Las Colinas Commons [Member]
Debt Instrument [Line Items]
Notes payable, net					14,900
Loans Payable		11,300			11,300
Notes payable, net					14,900
The Ablon at Frisco Square
Debt Instrument [Line Items]
Equity contributions required prior to drawing loan proceeds	$ 15,800
The Ablon at Frisco Square | Construction Loans [Member]
Debt Instrument [Line Items]
Note payable, term	3 years
Number of extension options | extension	2
Note payable, extension period	12 months
Debt instrument, face amount	$ 26,300
Notes payable | Maximum | Frisco Debtors Loans
Debt Instrument [Line Items]
Unconditional guarantee of debt		11,200
Notes payable | Frisco Square II LLC [Member]
Debt Instrument [Line Items]
Notes payable, net		$ 6,826			6,856
Variable rate basis		30-day LIBOR
Variable interest rate (as a percent)		3.00%
Notes payable, net		$ 6,826			6,856
Notes payable | BHFS III, LLC
Debt Instrument [Line Items]
Notes payable, net		$ 6,127			6,154
Variable rate basis		30-day LIBOR
Variable interest rate (as a percent)		3.00%
Notes payable, net		$ 6,127			6,154
Notes payable | BHFS IV, LLC
Debt Instrument [Line Items]
Notes payable, net		$ 12,727			12,783
Variable rate basis		30-day LIBOR
Variable interest rate (as a percent)		3.00%
Notes payable, net		$ 12,727			12,783
Notes payable | BHFS Theater, LLC
Debt Instrument [Line Items]
Notes payable, net		$ 4,764			4,785
Variable rate basis		30-day LIBOR
Variable interest rate (as a percent)		3.00%
Notes payable, net		$ 4,764			4,785
Notes payable | Chase Park Plaza - The Private Residences [Member]
Debt Instrument [Line Items]
Notes payable, net		$ 61,860			62,182
Variable rate basis		30-day LIBOR
Variable interest rate (as a percent)		4.95%
Note payable, stated interest rate (as a percent)		4.95%
Notes payable, net		$ 61,860			62,182
Notes payable | Northpoint Central
Debt Instrument [Line Items]
Notes payable, net		$ 11,544			11,720
Note payable, stated interest rate (as a percent)		5.15%
Notes payable, net		$ 11,544			11,720
Notes payable | Northborough Tower
Debt Instrument [Line Items]
Notes payable, net		$ 16,847			18,516
Note payable, stated interest rate (as a percent)		5.67%					8.67%
Notes payable, net		$ 16,847			18,516
Notes payable | Royal Island
Debt Instrument [Line Items]
Notes payable, net		$ 14,429			13,872
Note payable, stated interest rate (as a percent)		15.00%
Notes payable, net		$ 14,429			13,872
Notes payable | Las Colinas Commons [Member]
Debt Instrument [Line Items]
Notes payable, net		$ 0
Note payable, stated interest rate (as a percent)		5.15%
Notes payable, net		$ 0
Notes payable | The Ablon at Frisco Square
Debt Instrument [Line Items]
Notes payable, net		$ 24,655			18,679
Variable rate basis		30-day LIBOR
Variable interest rate (as a percent)		2.50%
Notes payable, net		$ 24,655			18,679
LIBOR | Frisco Square
Debt Instrument [Line Items]
Variable rate basis, term				30 days
Variable rate (as a percent)				0.44%
LIBOR | The Ablon at Frisco Square | Construction Loans [Member]
Debt Instrument [Line Items]
Variable rate basis, term	30 days
Basis spread on variable interest rate	2.50%
Northborough Tower
Debt Instrument [Line Items]
Assets		14,700
Real Estate [Member]
Debt Instrument [Line Items]
Notes payable, net		158,861
Notes payable, net		158,861
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Debt Instrument [Line Items]
Disposal Group, Including Discontinued Operation, Debt Issuance Costs					(69)
Disposal Group, Including Discontinued Operation, Notes Payable, Net		$ 0			$ 14,831
Customer Concentration Risk [Member] | Northborough Tower
Debt Instrument [Line Items]
Concentration Risk, Percentage		10.00%			13.00%

Notes Payable - Schedule of Pri

Notes Payable - Schedule of Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
April 1, 2016 - December 31, 2016	$ 35,526
2,017	70,220
2,018	29,379
2,019	24,654
2,020	0
Long-term Debt, Net of Unamortized (Discount) Premium	159,779	$ 155,547
Debt Issuance Costs, Net	(918)	(1,087)
Notes payable, net	158,861	$ 154,460
Real Estate [Member]
Debt Instrument [Line Items]
Notes payable, net	$ 158,861

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Aug. 26, 2014USD ($)aunit	Aug. 07, 2014USD ($)parking_space	Jun. 13, 2014USD ($)a	Mar. 31, 2016USD ($)aparking_garageunitparking_space	Dec. 31, 2015USD ($)
Commitments and Contingencies
Real property assessed value exceeding threshold limit				$ 1
Real property assessed value threshold				$ 174
Percentage of reduction in bond obligation for an amount exceeding threshold limit				1.00%
Real property value at which debt obligation is terminated				$ 225
Assessed value of annual debt service				0.1
Debt Instrument, Sinking Fund Payment				$ 24.7
BHFS I, LLC (Land)
Commitments and Contingencies
Minimum number of garages required to be constructed | parking_garage				2
Number of parking spaces required to be constructed | parking_space				720
Percentage of net sales proceeds to be deposited into escrow account				33.00%
Limit up to which sales proceeds will be transferred to escrow accounts				$ 7
Land Available for Development				$ 16
Number of additional parking spaces to be constructed | parking_space				108
Frisco Square
Commitments and Contingencies
Area of land (in acres) | a			1.62	27
Land Sales			$ 1.8
Real estate sale proceeds placed in escrow			$ 0.6
Area of land, contributed (acres) | a				1.66
Number of units in multifamily project | unit				114
The Ablon at Frisco Square
Commitments and Contingencies
Area of land, contributed (acres) | a	3.4
General construction contract		$ 33.2
Number of units in multifamily project | unit	275			275
Ownership interest, limited partnership investment				90.00%
Inventory, Real Estate, Construction in Process				$ 2.8
Equity contributions required prior to drawing loan proceeds	$ 15.8
Construction and Development Costs				41.5
Frisco Square II LLC [Member]
Commitments and Contingencies
Number of additional parking spaces to be constructed | parking_space		226
General construction contract		$ 3.4
Bonds
Commitments and Contingencies
Real property assessed value threshold				$ 125
Percentage of reduction in bond obligation for an amount exceeding threshold limit				27.00%
Outstanding debt obligation				$ 4.2	$ 4.7
Assessed value of annual debt service				0.3
Bonds | Frisco Square
Commitments and Contingencies
Assessed value of annual debt service				0.1
Bonds | City of Frisco
Commitments and Contingencies
Debt issued				12.5
812930 Parking Lots and Garages | BHFS I, LLC (Land)
Commitments and Contingencies
Contributions in Aid of Construction				$ 1.7
Gearbox Garage | BHFS I, LLC (Land)
Commitments and Contingencies
Number of additional parking spaces to be constructed | parking_space				152
Multifamily [Member] | The Ablon at Frisco Square
Commitments and Contingencies
Ownership interest, limited partnership investment	10.00%
Land [Member] | The Ablon at Frisco Square
Commitments and Contingencies
Contributions in Aid of Construction				$ 2.5
Construction Loans [Member] | The Ablon at Frisco Square
Commitments and Contingencies
Construction loan, face amount	$ 26.3

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	Jul. 08, 2015	May. 08, 2015	May. 15, 2014	May. 15, 2013	Mar. 31, 2016USD ($)fiscal_quarter	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction
Asset management fees					$ 536	$ 568
Number of fiscal quarters immediately preceding the date reimbursement is sought | fiscal_quarter					4
Administrative services cost incurred					$ 1,210	1,041
Property management fees					431	412
Payables to related parties					$ 641		$ 747
Behringer Harvard Opportunity Advisors I
Related Party Transaction
Asset management fee as a percentage of aggregate asset value of acquired real estate and real estate related assets					0.575%
Asset management fees					$ 500	600
Acquisition and advisory fees as a percentage of contract purchase price					2.50%
Acquisition and advisory fees as a percentage of funds advanced in respect of loan investment					2.50%
Advisor's operating expenses as a percentage of average invested assets					2.00%
Advisor's operating expenses as percentage of net income other than any additions to non cash reserves and any gain from sale of assets					25.00%
Administrative services cost incurred					$ 400	200
Property management fees					200	$ 200
Behringer Harvard Opportunity Advisors I | Maximum
Related Party Transaction
Administrative services cost incurred					$ 1,700
Behringer Harvard Opportunity Advisors I | Advisory Agreement
Related Party Transaction
Term of agreement				1 year
Term of agreement renewal		1 month	1 year
Basis points of loan commitment, year two					0.00%
Basis points of loan commitment, year three					0.00%
Related Party, Basis Points of Loan Commitment, Year One					0.00%
Behringer Harvard Opportunity Advisors I | Advisory Agreement | First year of any extension | Minimum
Related Party Transaction
Note payable, extension period					120 days
Behringer Harvard Opportunity Advisors I | Advisory Agreement | Extension of three or more years | Maximum
Related Party Transaction
Percentage of Commitment Amount					1.00%
Amount due to advisor for revised loan as percentage of loan commitment amount					1.00%
Behringer Harvard Opportunity Advisors I | Amendment
Related Party Transaction
Term of agreement	10 months
The Ablon at Frisco Square
Related Party Transaction
Acquisition and Advisory Fees					$ 200
BH Property Management
Related Party Transaction
Advisor's and property management fee as a percentage of gross revenue					4.50%
Oversight fee as a percentage of gross revenues of the property managed					0.50%
Advisor and its affiliates
Related Party Transaction
Payables to related parties					$ 600		$ 800

Supplemental Cash Flow Inform42

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Supplemental disclosure:
Interest paid, net of amounts capitalized	$ 2,108	$ 1,180
Non-cash investing and financing activities:
Property and equipment additions and purchases of real estate in accrued liabilities	257	1,681
Capital expenditures for real estate under development in accounts payable and accrued liabilities	847	2,516
Additions to buildings and improvements reclassified from real estate under development	37,110	2,508
Additions to land and land improvements reclassified from real estate under development	3,662	0
Additions to furniture, fixtures and equipment reclassified from real estate under development	1,088	0
Accumulated Amortization, Debt Issuance Costs	$ 10	$ 22	$ 0