Behringer Harvard Opportunity REIT I (BHOR) 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2016shares
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	Sep. 30, 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	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Real estate
Land and improvements, net	$ 54,853,000	$ 58,936,000
Buildings and improvements, net	151,663,000	132,670,000
Real estate under development	343,000	39,121,000
Total real estate	206,859,000	230,727,000
Assets associated with real estate held for sale	0	12,679,000
Condominium inventory	0	2,201,000
Cash and cash equivalents	21,959,000	20,746,000
Restricted cash	9,119,000	8,880,000
Accounts receivable, net	4,446,000	6,273,000
Prepaid expenses and other assets	1,247,000	2,015,000
Investments in unconsolidated joint ventures	7,228,000	13,953,000
Furniture, fixtures and equipment, net	3,732,000	2,719,000
Lease intangibles, net	1,257,000	2,248,000
Other intangibles, net	3,759,000	4,205,000
Total assets	259,606,000	306,646,000
Liabilities and Equity
Notes payable, net	142,512,000	154,460,000
Accounts payable	1,211,000	3,433,000
Payables to related parties	352,000	747,000
Acquired below-market leases, net	0	758,000
Accrued and other liabilities	25,961,000	25,606,000
Obligations associated with real estate held for sale	0	14,897,000
Total liabilities	170,036,000	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 September 30, 2016 and December 31, 2015	6,000	6,000
Additional paid-in capital	507,303,000	507,303,000
Accumulated distributions and net loss	(414,478,000)	(397,259,000)
Accumulated other comprehensive loss	(3,819,000)	(4,301,000)
Total Behringer Harvard Opportunity REIT I, Inc. equity	89,012,000	105,749,000
Noncontrolling interest	558,000	996,000
Total equity	89,570,000	106,745,000
Total liabilities and equity	$ 259,606,000	$ 306,646,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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 (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Convertible stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible stock, shares authorized (in shares)	1,000	1,000
Convertible stock, shares issued (in shares)	1,000	1,000
Convertible stock, shares outstanding (in shares)	1,000	1,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	56,500,472	56,500,472
Common stock, stares outstanding (in shares)	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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Rental revenue	$ 3,632	$ 5,146	$ 11,621	$ 15,007
Hotel revenue	10,385	9,717	27,542	26,962
Condominium sale	0	0	2,271	0
Total revenues	14,017	14,863	41,434	41,969
Expenses
Property operating expenses	1,469	1,903	4,829	5,796
Hotel operating expenses	7,654	7,426	21,756	20,821
Bad debt expense (recovery)	17	(32)	43	8
Cost of condominium sale	0	0	2,271	0
Impairment charge	9,200		9,247	12,156
Interest expense	2,116	2,061	7,205	6,210
Real estate taxes	1,058	772	3,073	2,432
Property management fees	423	514	1,205	1,456
Asset management fees	503	590	1,563	1,737
General and administrative	1,791	1,311	4,424	3,375
Depreciation and amortization	2,602	4,359	7,966	10,594
Total expenses	26,880	30,444	63,582	64,585
Interest income	2	4	4	14
Other income (expense), net	(86)	51	(101)	0
Gain on extinguishment of debt	0	0	1,624	0
Loss before gain on sale of real estate, income tax expense and equity in earnings (losses) of unconsolidated joint venture	(12,947)	(15,526)	(20,621)	(22,602)
Gain on sale of real estate	0	0	3,025	0
Income tax expense	(49)	(36)	(91)	(106)
Equity in earnings (losses) of unconsolidated joint venture	(27)	(985)	30	(1,165)
Net loss	(13,023)	(16,547)	(17,657)	(23,873)
Net loss attributable to the noncontrolling interest	129	84	438	273
Net loss attributable to common shareholders	$ (12,894)	$ (16,463)	$ (17,219)	$ (23,600)
Weighted average shares outstanding:
Basic and diluted (in shares)	56,500	56,500	56,500	56,500
Basic and diluted loss per share (in dollars per share)	$ (0.23)	$ (0.29)	$ (0.30)	$ (0.42)
Comprehensive loss
Net loss	$ (13,023)	$ (16,547)	$ (17,657)	$ (23,873)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	169	(154)	482	(1,943)
Total other comprehensive income (loss)	169	(154)	482	(1,943)
Comprehensive loss	(12,854)	(16,701)	(17,175)	(25,816)
Comprehensive loss attributable to the noncontrolling interest	129	84	438	273
Comprehensive loss attributable to common shareholders	(12,725)	(16,617)	(16,737)	(25,543)
Chase Private Residences
Expenses
Impairment charge	0	0	0	616
Other Real Estate Properties
Expenses
Impairment charge	$ 9,247	$ 11,540	$ 9,247	$ 11,540

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Convertible Stock	Common Stock	Additional Paid-In Capital	Accumulated Distributions and Net Loss	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance (in shares) at Dec. 31, 2014		1,000	56,500,472
Balance at Dec. 31, 2014	$ 134,038		$ 6	$ 507,303	$ (372,071)	$ (1,817)	$ 617
Increase (Decrease) in Stockholders' Equity
Net loss	23,873				23,600		273
Contributions from noncontrolling interest	765						765
Other comprehensive income:
Foreign currency translation gain (loss)	(1,943)					(1,943)
Balance (in shares) at Sep. 30, 2015		1,000	56,500,472
Balance at Sep. 30, 2015	108,987		$ 6	507,303	(395,671)	(3,760)	1,109
Balance (in shares) at Dec. 31, 2015		1,000	56,500,472
Balance at Dec. 31, 2015	106,745		$ 6	507,303	(397,259)	(4,301)	996
Increase (Decrease) in Stockholders' Equity
Net loss	17,657				17,219		438
Other comprehensive income:
Foreign currency translation gain (loss)	482					482
Balance (in shares) at Sep. 30, 2016		1,000	56,500,472
Balance at Sep. 30, 2016	$ 89,570		$ 6	$ 507,303	$ (414,478)	$ (3,819)	$ 558

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ 17,657	$ 23,873
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	8,019	10,416
Amortization of deferred financing fees	487	499
Gain on extinguishment of debt	(1,624)	0
Loss on retirement of asset	16	0
Gain on sale of real estate	(3,025)	0
Impairment charges	9,247	12,156
Bad debt expense	(43)	(8)
Equity in (earnings) losses of unconsolidated joint venture	(30)	1,165
Change in operating assets and liabilities:
Accounts receivable	(37)	368
Prepaid expenses and other assets	773	131
Condominium inventory	2,201	5
Accounts payable	241	3
Accrued and other liabilities	2,599	3,689
Payables to related parties	(394)	(400)
Lease intangibles	(219)	(307)
Cash provided by operating activities	640	3,860
Cash flows from investing activities:
Proceeds from sale of real estate	21,852	0
Additions of property and equipment	(9,318)	(25,631)
Change in restricted cash	(686)	(1,418)
Distributions from unconsolidated joint venture	202	520
Cash provided by (used in) investing activities	12,050	(26,529)
Cash flows from financing activities:
Proceeds from notes payable	8,237	12,048
Payments on notes payable	(19,714)	(954)
Contributions from noncontrolling interest holders	0	765
Cash provided by (used in) financing activities	(11,477)	11,859
Net change in cash and cash equivalents	1,213	(10,810)
Cash and cash equivalents at beginning of the year	20,746	35,015
Cash and cash equivalents at end of the period	$ 21,959	$ 24,205

Business

Business	9 Months Ended
	Sep. 30, 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 September 30, 2016, we wholly owned two 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. Our investment properties are located in Colorado, Missouri, Texas, the Commonwealth of The Bahamas, the Czech Republic, and Poland. Substantially all of our business is conducted through Behringer Harvard Opportunity OP I, LP, a Texas limited partnership organized in November 2004 (the “Operating Partnership”), or its subsidiaries. Our wholly owned subsidiary, BHO, Inc., a Delaware corporation, owns less than a 0.1% interest in the Operating Partnership as its sole general partner. The remaining interest of the Operating Partnership is held as a limited partnership interest by our wholly owned subsidiary, BHO Business Trust, a Maryland business trust. We are externally managed and advised by Behringer Harvard Opportunity Advisors I, LLC (“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. On August 26, 2016, in connection with a review of potential strategic alternatives available to us, our board of directors unanimously approved a plan for the sale of all of our assets and our dissolution pursuant to the terms of a plan of complete liquidation and dissolution (the “Plan of Liquidation”). The Company is in various stages of marketing all of its assets for sale and if the Plan of Liquidation is approved, it expects to market and dispose of its remaining assets within two years. Pursuant to our charter, the affirmative vote of a majority of all of the shares of our common stock entitled to vote on the Plan of Liquidation is required for approval of the Plan of Liquidation. We can provide no assurance that the Plan of Liquidation will be approved by our stockholders. If the Plan of Liquidation is approved by our stockholders, we expect to make liquidating distribution payments to our stockholders after we sell all of our assets, pay all of our known liabilities, and provide for unknown liabilities. We expect to complete these activities within 24 months after stockholder approval of the Plan of Liquidation; however, there can be no assurances regarding the amounts or timing of any liquidating distributions. 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 is usual for opportunity-style real estate investment programs, we are structured as a finite-life entity. As discussed above, our board of directors unanimously approved a plan for the sale of all of our assets and our dissolution pursuant to the Plan of Liquidation. If the Plan of Liquidation is approved by our stockholders, we expect to sell all of our assets, pay for all of our known liabilities, provide for unknown liabilities, and distribute the net proceeds from our liquidation to our stockholders. There can be no assurances regarding the amounts or timing of any liquidating distributions. 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. If our stockholders approve the Plan of Liquidation, we anticipate we will change our basis of accounting from the going concern basis to the liquidation basis of accounting. Under the liquidation basis of accounting, all of our assets must be stated at their estimated net realizable value and all of our liabilities must be recorded at the estimated amounts at which they are expected to be settled. If our stockholders do not approve the Plan of Liquidation Proposal, we expect to continue to account for our assets and liabilities under the going concern basis of accounting.

Interim Unaudited Financial Inf

Interim Unaudited Financial Information	9 Months Ended
	Sep. 30, 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 September 30, 2016, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2016 and 2015, and the condensed consolidated statements of equity and cash flows for the nine months ended September 30, 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 September 30, 2016 and our condensed consolidated results of operations, equity, and cash flows for the periods ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2016, all of our lease intangibles were fully amortized. 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): September 30, 2016 Buildings and Improvements Land and Improvements Lease Intangibles Acquired Below-Market Leases Other Intangibles Cost $ 198,135 $ 57,148 $ 3,608 $ — $ 9,626 Less: depreciation and amortization (46,472 ) (2,295 ) (2,351 ) — (5,867 ) Net $ 151,663 $ 54,853 $ 1,257 $ — $ 3,759 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. Along with the criteria, management must determine if a sale is probable. Criteria management considers in determining if a sale is probable include a signed purchase and sale agreement, completion of the due diligence period, and whether there is a significant monetary penalty incurred by the purchaser if the sale does not close. 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. The Company is in various stages of marketing all of its assets for sale and if the Plan of Liquidation is approved, it expects to market and dispose of its remaining assets within two years. We did not have any properties classified as held for sale at September 30, 2016 as we determined that none of our assets meet the criteria that a sale is probable as discussed above. 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 whether 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 $2 million and $4.2 million as of September 30, 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 September 30, 2016 and December 31, 2015. The allowance for doubtful accounts was $0.1 million and $0.3 million as of September 30, 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 that actual results could differ substantially from those estimated. In the third quarter of 2016, we recorded $9.2 million of non-cash impairment charges as a result of measurable decreases in the fair value of two of our investments. We recorded a non-cash impairment charge of $2.2 million for our Northpoint Central building based upon indication of a decline in market value of the asset. In estimating the fair value of Northpoint Central, we primarily considered an appraisal prepared for the Plan of Liquidation. The appraised value was determined using a discounted cash flow analysis. We also recorded a non-cash impairment charge of $7 million for our unconsolidated investment in Central Europe. We reviewed estimates of the underlying real estate assets of the venture based upon a discounted cash flow analysis and did not find the asset book value reported by the venture impaired. We then evaluated our interest in the Central Europe investment for an other than temporary decline in market value and determined that we would not recover our investment during our hold period. Due to the shortened hold period contemplated in the Plan of Liquidation, the lack of control by the Company to compel the venture to sell the remaining assets and liquidate the venture during our hold period, and the absence of a market to buy our interest, we recorded an impairment of our investment interest by discounting our interest in the investment by 40% to reflect the impact of holding a non-controlling interest. 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 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. In addition, we recorded a $0.7 million impairment for our one remaining condominium unit at Chase — The Private Residences during 2015. 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. 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 $0.6 million and $1.2 million as of September 30, 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 were $1.7 million and $1.8 million as of September 30, 2016 and December 31, 2015, respectively. 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. 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). For the three and nine months ended September 30, 2016, the foreign currency translation adjustment was a gain of $0.2 million and a gain of $0.5 million , respectively. For the three and nine months ended September 30, 2015, the foreign currency translation adjustment was a loss of $0.2 million and a loss of $1.9 million , 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 September 30, 2016. The joint venture sold one property in 2014 and three properties in 2015, and had 18 properties remaining as of September 30, 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. 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. 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 do not expect that the adoption of this pronouncement will have a material effect on our condensed consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. During the quarter ended June 30, 2016, the FASB issued subsequent updates to ASU 2014-09. 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. In May 2016, the FASB issued an update (“ASU 2016-12”) to ASC Topic 606, Revenue from Contracts with Customers, Narrow-Scope Improvement and Practical Expedients. The amendments in these updates did not change the core principle of the guidance in Topic 606; rather, they added improvements to reduce the diversity in practice at initial application and the cost and complexity of applying Topic 606 both at transition and an ongoing basis. The areas affected include: assessing the collectability criteria; presentation of sales taxes and other similar taxes collected from customers; noncash consideration; contract modification and completed contracts at transition; and technical correction as it relates to retrospective application and disclosure. The new guidance is effective January 1, 2018, with early adoption permitted beginning January 1, 2017, and allows full or modified retrospective application. We do not expect the adoption of ASU 2016-10 and ASU 2016-12 to have a material effect on our consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. 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 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 lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. Under this new pronouncement, lessor accounting will be largely unchanged from existing GAAP. The new standard will be effective January 1, 2019, with early adoption permitted. We do not expect that the adoption of this pronouncement will have a material effect on our condensed consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. In August 2016, the FASB issued an update (“ASU 2016-15”) to ASC Topic 230, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments. The objective of this amendment is to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statements of cash flows. Of the eight types of cash flows discussed in the new standard, the classification of debt prepayment, distributions received from equity method investees, and debt extinguishment costs as financing outflows may impact the Company. ASU 2016-15 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The amendment in the update should be applied using the retrospective transition method for each period presented. We will continue to evaluate the impact until the guidance becomes effective.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [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 September 30, 2016 and December 31, 2015, we had no derivatives. Nonrecurring Fair Value Measurements In the third quarter of 2016, we recorded $9.2 million of non-cash impairment charges as a result of measurable decreases in the fair value of two of our investments. We recorded a non-cash impairment charge of $2.2 million for our Northpoint Central building based upon indication of a decline in market value of the asset. In estimating the fair value of Northpoint Central, we primarily considered an appraisal prepared for the Plan of Liquidation. The appraised value was determined using a discounted cash flow analysis. We also recorded a non-cash impairment charge of $7 million for our unconsolidated investment in Central Europe. We reviewed estimates of the underlying real estate assets of the venture based upon a discounted cash flow analysis and did not find the asset book value reported by the venture impaired. We then evaluated our interest in the Central Europe investment for an other than temporary decline in market value and determined that we would not recover our investment value during our hold period. Due to the shortened hold period contemplated in the Plan of Liquidation, the lack of control by the Company to compel the venture to sell the remaining assets and liquidate the venture during our hold period, and the absence of a market to buy our interest, we recorded an impairment of our investment interest by discounting our interest in the investment by 40% to reflect the impact of holding a non-controlling interest. 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 nine months ended September 30, 2016 and the year ended December 31, 2015 (in thousands): As of September 30, 2016 Level 1 Level 2 Level 3 Total Fair Value Loss Assets Buildings and improvements, net (1) $ — $ — $ 10,584 $ 10,584 $ (2,212 ) Investment in unconsolidated joint venture (2) — — 7,228 7,228 (7,035 ) ________________________________ (1) In the third quarter of 2016, we recorded a non-cash impairment of $2.2 million with our Northpoint Central office building. (2) In the third quarter of 2016, we recorded a $7 million non-cash impairment associated with our unconsolidated investment in Central Europe. For the year ended 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, respectively. (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 September 30, 2016 (in 000s) Valuation Techniques Unobservable Input Range (Weighted Average) Buildings and improvements, net (1) $ 10,584 Discounted cash flow Discount rate Terminal capitalization rate Market rent growth Expense growth rate 10.50% 9.50% 0% - 3.00% 0% - 3.00% Investment in unconsolidated joint venture (2) 7,228 Market comparable Discount for non-controlling interest (3) 40% ______________________________ (1) In the third quarter of 2016, we recorded a non-cash impairment of $2.2 million with our Northpoint Central office building. (2) In the third quarter of 2016, we recorded a $7 million non-cash impairment associated with our unconsolidated investment in Central Europe. (3) In determining the discount for our non-controlling interest, we considered the terms of the investment agreement, which limit our control to compel the liquidation of the investment, as well as the lack of a market for our interest in the investment. Description Fair Value for the year ended 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, respectively. (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 nine months ended September 30, 2016 and the year ended December 31, 2015.

Fair Value Measurement of Finan

Fair Value Measurement of Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 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 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. Carrying amounts of our notes payable and the related estimated fair value as of September 30, 2016 and December 31, 2015 are as follows (in thousands): September 30, 2016 December 31, 2015 (1) Carrying Amount Fair Value Carrying Amount Fair Value Notes payable $ 143,102 $ 142,932 $ 155,547 $ 155,610 Less: unamortized debt issuance costs (590 ) (1,087 ) Notes payable, net $ 142,512 $ 154,460 _________________________________ (1) Our debt secured by Las Colinas Commons, with a balance at December 31, 2015 of $14.8 million , net of deferred financing fees of $0.1 million is not included in the table, as the investment was classified as held for sale at December 31, 2015. The fair value estimates presented herein are based on information available to our management as of September 30, 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	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of September 30, 2016, we wholly owned two 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 September 30, 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 97% 2007 Royal Island (2) 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 24 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) 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. See Note 9, Notes Payable, for additional information. Construction on the development began on September 2, 2014. Total construction costs for the development were approximately $41.9 million . The project was completed and available for occupancy in the first quarter of 2016. As of September 30, 2016, the project was approximately 87% leased and 82% occupied. Real Estate Asset Dispositions Las Colinas Commons On February 2, 2016, we sold Las Colinas Commons for a contract sales price of approximately $14.3 million , resulting in $14 million of cash proceeds after reduction for certain transaction costs. We recorded a gain on sale of real estate property of $1.3 million . 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. 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. The $3.6 million excess principal payment amount was used to reduce Northpoint Central’s allocated loan balance. Las Colinas Commons was classified as held for sale on our consolidated balance sheet at December 31, 2015. The full release price was reclassified as a liability associated with our real estate held for sale as of December 31, 2015. Northborough Tower The non-recourse loan for Northborough Tower matured on January 11, 2016, and we did not repay the debt. On May 9, 2016, we transferred the property to the lender via a deed-in-lieu of foreclosure. As a result of the transfer, we recorded a gain on extinguishment of debt of $1.6 million representing the difference between the debt extinguished of $16 million over the net book value of the assets and liabilities transferred to the lender of $14.4 million . During 2015, we recorded a non-cash impairment of $2.1 million for Northborough Tower. At the date of transfer, we assessed the carrying value of the assets and liabilities transferred to the lender and concluded that an additional impairment was not needed. Frisco Square Land Sale On May 24, 2016, we sold a 5.2 acre parcel of undeveloped land at Frisco Square for a contract sales price of approximately $8 million . We recorded a gain on sale of real estate property of $1.7 million . Disposed Real Estate Reported in Continuing Operations The Company does not view the 2016 disposals of Las Colinas Commons and Northborough Tower as a strategic shift. Therefore, the results of operations of these properties continues to be included in continuing operations within the condensed consolidated statements of operations prior to the dispositions. The following table presents net income (loss) attributable to the Company for the three and nine months ended September 30, 2016 and 2015 related to Las Colinas Commons and Northborough Tower. Net income for the nine months ended September 30, 2016 includes the $1.3 million gain on sale of Las Colinas Commons and the $1.6 million gain on extinguishment of debt of Northborough Tower (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Description 2016 2015 2016 2015 Net income (loss) attributable to the Company $ — $ (4,134 ) $ 2,666 $ (3,681 ) 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 from 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 September 30, 2016 and December 31, 2015 ($ in thousands): Ownership Interest Carrying Value of Investment Property Name September 30, 2016 December 31, 2015 Central Europe Joint Venture 47.01 % $ 7,228 $ 13,953 Our investment in the unconsolidated joint venture as of September 30, 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): September 30, 2016 December 31, 2015 Real estate assets, net $ 59,282 $ 59,415 Cash and cash equivalents 5,663 6,827 Other assets 1,440 1,441 Total assets $ 66,385 $ 67,683 Notes payable $ 40,141 $ 40,895 Other liabilities 2,068 2,526 Total liabilities 42,209 43,421 Equity 24,176 24,262 Total liabilities and equity $ 66,385 $ 67,683 Our equity in earnings (losses) from our investment is our proportionate share of the combined earnings (losses) of our unconsolidated joint venture, shown at 100%, for the three and nine months ended September 30, 2016 and 2015, as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenue $ 1,607 $ 2,091 $ 4,954 $ 6,536 Operating expenses: Operating expenses 419 533 1,455 1,563 Property taxes 55 60 155 192 Total operating expenses 474 593 1,610 1,755 Operating income 1,133 1,498 3,344 4,781 Non-operating expenses: Depreciation and amortization 594 788 1,783 2,484 Impairment charge — 2,634 — 2,634 Interest and other, net 596 594 1,497 2,642 Gain on sale — (423 ) — (501 ) Total non-operating expenses 1,190 3,593 3,280 7,259 Net income (loss) $ (57 ) $ (2,095 ) $ 64 $ (2,478 ) Equity in earnings (losses) of unconsolidated joint venture (1) $ (27 ) $ (985 ) $ 30 $ (1,165 ) ________________________________ (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. In the third quarter of 2016, we recorded a $7 million impairment in our unconsolidated investment in Central Europe. See Note 4, Assets and Liabilities Measured at Fair Value for more information.

Real Estate Held for Sale

Real Estate Held for Sale	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Real Estate Held for Sale
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 September 30, 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 with 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 allocated 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, Summary of Significant Accounting Policies, under the caption Deferred Financing Fees for further details.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2016
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities As discussed in Note 3, Summary of Significant Accounting Policies, effective January 1, 2016, we have adopted the guidance in ASU 2015-02. As a result, the Operating Partnership (see Note 1, Business) and each of our less than wholly-owned real estate partnerships (Behringer Harvard Cordillera, LLC, Behringer Harvard Residences at Cordillera, LLC and Behringer Harvard Royal Island Debt, LP) 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 We consolidate the Operating Partnership, Behringer Harvard Cordillera, LLC, Behringer Harvard Residences at Cordillera, LLC, and Behringer Harvard Royal Island Debt, LP, which are variable interest entities, or VIEs, for which the Company 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	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Notes Payable	Notes Payable The following table sets forth our notes payable on our consolidated properties at September 30, 2016 and December 31, 2015 (in thousands): Notes Payable as of Description September 30, 2016 December 31, 2015 Interest Rate Maturity Date Northborough Tower (1) $ — $ 18,516 8.67% (1) 1/11/2016 Royal Island (2) 14,489 13,872 15% 11/10/2016 Northpoint Central (3) 10,921 11,720 5.15% 5/9/2017 Chase Park Plaza Hotel and Chase — The Private Residences 61,222 62,182 4.95% 8/11/2017 BHFS II, LLC 6,764 6,856 30-day LIBOR + 3% (4) 2/1/2018 BHFS III, LLC 6,072 6,154 30-day LIBOR + 3% (4) 2/1/2018 BHFS IV, LLC 12,613 12,783 30-day LIBOR + 3% (4) 2/1/2018 BHFS Theatre, LLC 4,721 4,785 30-day LIBOR + 3% (4) 2/1/2018 The Ablon at Frisco Square 26,300 18,679 30-day LIBOR + 2.5% (4) 8/26/2017 Total debt 143,102 155,547 Deferred financing fees (5) (590 ) (1,087 ) Notes payable, net of deferred financing fees 142,512 154,460 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 $ 142,512 $ 169,291 _________________________________ (1) Due to the maturity default on our Northborough Tower 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 . In April 2016, the lenders agreed to increase the amount available to draw on the loan to $14.5 million . We received a short term extension of the loan secured by Royal Island, extending our maturity date from November 10, 2016 to November 30, 2016. (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 was used to reduce Northpoint Central’s allocated 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 0.53% at September 30, 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, Summary of Significant Accounting Policies, under the caption Deferred Financing Fees for further details. Our notes payable balance, net of deferred financing fees of $0.6 million , was $142.5 million at September 30, 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, net of deferred financing fees of less than $0.1 million at December 31, 2015, 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 September 30, 2016, our notes payable interest rates ranged from 3% to 15% , with a weighted average interest rate of approximately 5.3% . Of our $142.5 million in notes payable at September 30, 2016, $56.5 million represented debt subject to variable interest rates. At September 30, 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 September 30, 2016 of $30.2 million . Las Colinas Commons and Northpoint Central are both borrowers under a loan that matures in May 2017. The Las Colinas Commons allocated 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 allocated loan balance. As of September 30, 2016, the loan balance associated with Northpoint Central was $10.9 million . The notes related to Royal Island, Northpoint Central, Chase Park Plaza Hotel, and Ablon at Frisco Square mature in the next 12 months. The loans are non-recourse to the Company. We are in various stages of marketing our assets for sale and generally expect to sell assets prior to their loan maturities. We are in negotiations to sell Royal Island to the lender for $0.9 million and discharge of all indebtedness. We are currently marketing Northpoint Central for sale and expect to complete a sale prior to the loan maturity in May 2017. The loan is non-recourse to the Company. If we do not receive offers above the debt or are unable to close a sale transaction prior to maturity, we will consider all alternatives, including transferring legal possession of the property to the lender. The Chase Park Plaza loan matures in August 2017. We are in early stages of marketing the hotel for sale in 2017, but have also engaged a broker to explore refinancing options for the asset in the event we do not have a sale transaction prior to maturity. The Ablon at Frisco Square loan matures in August 2017 and has two one -year extensions available. If we do not sell the asset prior to its mortgage maturity, we expect to exercise the extension option. 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 September 30, 2016, we had drawn $26.3 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 The non-recourse loan for our Northborough Tower office building matured on January 11, 2016, and we did not pay the outstanding principal balance, which constituted an event of default. Prior to the debt maturity we had actively marketed the property for sale, but did not receive any offers above the loan balance. In December 2015, the lender exercised its right to control the operating funds of the property, as the single tenant of building moved out during the third quarter of 2015. The tenant’s lease does not expire until April 2018, and the tenant continued to make its monthly rental payment. On February 5, 2016, we received a notice from the lender of their intent to increase the interest on the Northborough loan to the default interest rate of 8.67% , 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 a 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. The outstanding principal balance at the time of the transfer to the lender was $15.9 million . Chase Park Plaza Modification On August 4, 2016, we modified the Chase Park Plaza loan to extend the completion date for the required room and common area renovations from August 10, 2016 to August 10, 2017. The Company previously provided a completion guarantee of $6.5 million for the required renovations and that guarantee was reaffirmed with the modification. If the renovation is not completed by August 10, 2017 the lender may require the Company to escrow 125% of the unspent funds related to the renovation. The loan continues to bear interest at 4.95% and matures on August 11, 2017 with two one -year extensions available. Under the modification, the property must have a debt service coverage ratio, as defined, of 1.35 to exercise the extension options. Under the modified loan, we are required to escrow $1.5 million with the lender for the estimated 2017 property tax increase due to the expirations of the 10 -year property tax abatement program in December 2016. The modification also requires the establishment of a $3.1 million escrow related to certain facade repairs and enhancements. The lender will disburse funds from the escrow monthly to pay the construction contract draws as the construction project is invoiced and completed. The Park Plaza Residential Association is responsible to reimburse 39.3% of the construction cost as invoiced. The project is expected to be completed in December 2017. The escrow balance was $2.9 million at September 30, 2016. The following table summarizes our aggregate contractual obligations for principal payments as of September 30, 2016 (in thousands): Principal Payments Due: Amount October 1, 2016 - December 31, 2016 $ 15,267 2017 98,379 2018 29,456 2019 — 2020 — Total contractual obligations 143,102 Less: Deferred financing fees, net (590 ) Notes payable, net $ 142,512

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 was $4.2 million and $4.7 million , respectively. As of September 30, 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, 2015, 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 nine months ended September 30, 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 an amended development agreement with the City of Frisco, we were obligated to construct certain parking improvements (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 . As of December 31, 2015 we had $1.4 million in the City Escrow from land sales. We completed the requirements of the Parking Obligation in February 2016 and the City of Frisco released the City Escrow of $1.4 million and the liens on the land on March 15, 2016 and March 17, 2016, respectively. Chase Park Plaza Hotel Under the Chase Park Plaza Hotel loan agreement, the Company provided a completion guarantee of $6.5 million for room renovations and other improvements to be finished by August 10, 2017. If the renovation is not completed by August 10, 2017 the lender may require the Company to escrow 125% of the unspent funds related to the renovation. In August 2016, as part of our Chase Park Plaza loan modification, we escrowed $3.1 million for a construction project and $1.5 million for 2017 real estate taxes. At September 30, 2016, the construction and tax escrow balances are $2.9 million and $1.5 million , respectively. Royal Island We are currently in negotiations to sell our Royal Island asset to its lender for $0.9 million and discharge of all indebtedness under the loan. The proceeds from the sale are not sufficient to pay the outstanding obligations of the partnership entities that own Royal Island. These obligations are non-recourse to the Company. The Company is exploring alternatives to settle these obligations, which may include, placing the underlying partnerships in receivership or some other form of judicial liquidation process.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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. On May 31, 2016 we entered into the Fourth Amended and Restated Advisory Management Agreement (the “Fourth Advisory Agreement”) effective as of May 15, 2016. The Fourth Advisory Agreement amended and restated the Third Amended and Restated Advisory Management Agreement (the “Third Advisory Agreement”), as amended by the First Amendment to Third Amended and Restated Advisory Management Agreement (the “First Amendment to Third Advisory Agreement”) to: (a) incorporate amendments made by the First Amendment to Third Advisory Agreement into the body of the agreement; (b) amend certain limitations on expense reimbursements to the Advisor; (c) amend the non-solicitation provision; and (d) extend the term of the agreement to May 15, 2017. In all other material respects, the terms of the 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 September 30, 2016 and 2015, we incurred approximately $0.5 million and $0.6 million of asset management fees, respectively. For each of the nine months ended September 30, 2016 and 2015, we incurred approximately $1.5 million and $1.7 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 and nine months ended September 30, 2016, we incurred no acquisition and advisory fees. For the three and nine months ended September 30, 2015, we incurred acquisition and advisory fees of $0.2 million related to The Ablon at Frisco Square development. 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 and nine months ended September 30, 2016 or 2015. Subject to certain restrictions as described in the Fourth Advisory Agreement, 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 Fourth Advisory Agreement, our obligation to reimburse the Advisor for certain costs incurred in connection with administrative services (i) during 2016 is limited to $1.66 million and (ii) during 2017 is limited to $1.66 million prorated for the number of days during 2017 for which the Advisor provides services to us pursuant to the Fourth Advisory Agreement. Pursuant to First Amendment to Third Advisory Agreement, our obligation to reimburse the Advisor for certain costs incurred in connection with administrative services during 2015 was 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 September 30, 2016 and 2015, we incurred costs for administrative services of $0.3 million and $0.4 million , respectively. For the nine months ended September 30, 2016 and 2015, we incurred costs for administrative services of $0.9 million and $1 million , respectively. Additionally, on May 31, 2016, the Company entered into the Third Amended and Restated Property Management and Leasing Agreement (“Third Property Management Agreement”) with the Operating Partnership. Behringer Harvard Opportunity Management Services, LLC, an affiliated Texas limited liability company (the “Manager”), Behringer Harvard Real Estate Services, LLC, an affiliated Texas limited liability company, and several affiliated special purpose entities formed to directly own the properties in which the Company has invested (collectively, “BH Property Management”). The Third Property Management Agreement amended and restated the Second Amended and Restated Property Management and Leasing Agreement (“Second Property Management Agreement”), as amended by the First Amendment to Second Amended and Restated Property Management and Leasing Agreement (the “First Amendment to Second Property Management Agreement”) to amend the non-solicitation provision and incorporate the amendments made by the First Amendment to Second Property Management Agreement into the body of the agreement. In all other material respects, the terms of the agreement remain unchanged. 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 $0.1 million and $0.2 million during the three months ended September 30, 2016 and 2015, respectively. We incurred property management fees or oversight fees of approximately $0.5 million and $0.7 million during the nine months ended September 30, 2016 and 2015, respectively. At September 30, 2016 and December 31, 2015, we had a payable to our Advisor and its affiliates of $0.4 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	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Supplemental cash flow information is summarized below: Nine months ended September 30, Description 2016 2015 Supplemental disclosure: Interest paid, net of amounts capitalized $ 5,208 $ 3,960 Income taxes paid, net of refunds 125 140 Non-cash investing and financing activities: Property and equipment additions and purchases of real estate in accrued liabilities 541 2,603 Capital expenditures for real estate under development in accounts payable and accrued liabilities — 3,535 Transfer from real estate under development to building and improvements 37,110 2,611 Additions to land and land improvements reclassified from real estate under development 3,685 — Additions to furniture, fixtures and equipment reclassified from real estate under development 1,101 — Amortization of deferred financing fees in properties under development 10 66 Deed in lieu of foreclosure: Real estate and lease intangibles 12,723 — Note payable 15,853 — Other assets and liabilities, net 1,506 —

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 2016, all of our lease intangibles were fully amortized. 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): September 30, 2016 Buildings and Improvements Land and Improvements Lease Intangibles Acquired Below-Market Leases Other Intangibles Cost $ 198,135 $ 57,148 $ 3,608 $ — $ 9,626 Less: depreciation and amortization (46,472 ) (2,295 ) (2,351 ) — (5,867 ) Net $ 151,663 $ 54,853 $ 1,257 $ — $ 3,759 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. Along with the criteria, management must determine if a sale is probable. Criteria management considers in determining if a sale is probable include a signed purchase and sale agreement, completion of the due diligence period, and whether there is a significant monetary penalty incurred by the purchaser if the sale does not close. 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. The Company is in various stages of marketing all of its assets for sale and if the Plan of Liquidation is approved, it expects to market and dispose of its remaining assets within two years. We did not have any properties classified as held for sale at September 30, 2016 as we determined that none of our assets meet the criteria that a sale is probable as discussed above. 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 whether 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	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 $2 million and $4.2 million as of September 30, 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 September 30, 2016 and December 31, 2015. The allowance for doubtful accounts was $0.1 million and $0.3 million as of September 30, 2016 and December 31, 2015, respectively.
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 that actual results could differ substantially from those estimated. In the third quarter of 2016, we recorded $9.2 million of non-cash impairment charges as a result of measurable decreases in the fair value of two of our investments. We recorded a non-cash impairment charge of $2.2 million for our Northpoint Central building based upon indication of a decline in market value of the asset. In estimating the fair value of Northpoint Central, we primarily considered an appraisal prepared for the Plan of Liquidation. The appraised value was determined using a discounted cash flow analysis. We also recorded a non-cash impairment charge of $7 million for our unconsolidated investment in Central Europe. We reviewed estimates of the underlying real estate assets of the venture based upon a discounted cash flow analysis and did not find the asset book value reported by the venture impaired. We then evaluated our interest in the Central Europe investment for an other than temporary decline in market value and determined that we would not recover our investment during our hold period. Due to the shortened hold period contemplated in the Plan of Liquidation, the lack of control by the Company to compel the venture to sell the remaining assets and liquidate the venture during our hold period, and the absence of a market to buy our interest, we recorded an impairment of our investment interest by discounting our interest in the investment by 40% to reflect the impact of holding a non-controlling interest. 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 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. In addition, we recorded a $0.7 million impairment for our one remaining condominium unit at Chase — The Private Residences during 2015. 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. 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.
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). For the three and nine months ended September 30, 2016, the foreign currency translation adjustment was a gain of $0.2 million and a gain of $0.5 million , respectively. For the three and nine months ended September 30, 2015, the foreign currency translation adjustment was a loss of $0.2 million and a loss of $1.9 million , 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 September 30, 2016. The joint venture sold one property in 2014 and three properties in 2015, and had 18 properties remaining as of September 30, 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.
New Accounting Pronouncements	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. 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. 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 do not expect that the adoption of this pronouncement will have a material effect on our condensed consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. During the quarter ended June 30, 2016, the FASB issued subsequent updates to ASU 2014-09. 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. In May 2016, the FASB issued an update (“ASU 2016-12”) to ASC Topic 606, Revenue from Contracts with Customers, Narrow-Scope Improvement and Practical Expedients. The amendments in these updates did not change the core principle of the guidance in Topic 606; rather, they added improvements to reduce the diversity in practice at initial application and the cost and complexity of applying Topic 606 both at transition and an ongoing basis. The areas affected include: assessing the collectability criteria; presentation of sales taxes and other similar taxes collected from customers; noncash consideration; contract modification and completed contracts at transition; and technical correction as it relates to retrospective application and disclosure. The new guidance is effective January 1, 2018, with early adoption permitted beginning January 1, 2017, and allows full or modified retrospective application. We do not expect the adoption of ASU 2016-10 and ASU 2016-12 to have a material effect on our consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. 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 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 lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. Under this new pronouncement, lessor accounting will be largely unchanged from existing GAAP. The new standard will be effective January 1, 2019, with early adoption permitted. We do not expect that the adoption of this pronouncement will have a material effect on our condensed consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. In August 2016, the FASB issued an update (“ASU 2016-15”) to ASC Topic 230, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments. The objective of this amendment is to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statements of cash flows. Of the eight types of cash flows discussed in the new standard, the classification of debt prepayment, distributions received from equity method investees, and debt extinguishment costs as financing outflows may impact the Company. ASU 2016-15 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The amendment in the update should be applied using the retrospective transition method for each period presented. We will continue to evaluate the impact until the guidance becomes effective. 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 $0.6 million and $1.2 million as of September 30, 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 were $1.7 million and $1.8 million as of September 30, 2016 and December 31, 2015, respectively. 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. 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

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Schedule of accumulated depreciation and amortization related to the consolidated investments in real estate assets and intangibles	Accumulated depreciation and amortization related to our consolidated investments in real estate assets and intangibles were as follows (in thousands): September 30, 2016 Buildings and Improvements Land and Improvements Lease Intangibles Acquired Below-Market Leases Other Intangibles Cost $ 198,135 $ 57,148 $ 3,608 $ — $ 9,626 Less: depreciation and amortization (46,472 ) (2,295 ) (2,351 ) — (5,867 ) Net $ 151,663 $ 54,853 $ 1,257 $ — $ 3,759 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.

Assets and Liabilities Measur21

Assets and Liabilities Measured at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements, Nonrecurring	The following fair value hierarchy tables present information about our assets measured at fair value on a nonrecurring basis during the nine months ended September 30, 2016 and the year ended December 31, 2015 (in thousands): As of September 30, 2016 Level 1 Level 2 Level 3 Total Fair Value Loss Assets Buildings and improvements, net (1) $ — $ — $ 10,584 $ 10,584 $ (2,212 ) Investment in unconsolidated joint venture (2) — — 7,228 7,228 (7,035 ) ________________________________ (1) In the third quarter of 2016, we recorded a non-cash impairment of $2.2 million with our Northpoint Central office building. (2) In the third quarter of 2016, we recorded a $7 million non-cash impairment associated with our unconsolidated investment in Central Europe. For the year ended 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, respectively. (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.
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Quantitative Information	Quantitative Information about Level 3 Fair Value Measurements Description Fair Value at September 30, 2016 (in 000s) Valuation Techniques Unobservable Input Range (Weighted Average) Buildings and improvements, net (1) $ 10,584 Discounted cash flow Discount rate Terminal capitalization rate Market rent growth Expense growth rate 10.50% 9.50% 0% - 3.00% 0% - 3.00% Investment in unconsolidated joint venture (2) 7,228 Market comparable Discount for non-controlling interest (3) 40% ______________________________ (1) In the third quarter of 2016, we recorded a non-cash impairment of $2.2 million with our Northpoint Central office building. (2) In the third quarter of 2016, we recorded a $7 million non-cash impairment associated with our unconsolidated investment in Central Europe. (3) In determining the discount for our non-controlling interest, we considered the terms of the investment agreement, which limit our control to compel the liquidation of the investment, as well as the lack of a market for our interest in the investment. Description Fair Value for the year ended 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, respectively. (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.

Fair Value Measurement of Fin22

Fair Value Measurement of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Carrying Amounts and Related Fair Value of Notes Payable	Carrying amounts of our notes payable and the related estimated fair value as of September 30, 2016 and December 31, 2015 are as follows (in thousands): September 30, 2016 December 31, 2015 (1) Carrying Amount Fair Value Carrying Amount Fair Value Notes payable $ 143,102 $ 142,932 $ 155,547 $ 155,610 Less: unamortized debt issuance costs (590 ) (1,087 ) Notes payable, net $ 142,512 $ 154,460 _________________________________ (1) Our debt secured by Las Colinas Commons, with a balance at December 31, 2015 of $14.8 million , net of deferred financing fees of $0.1 million is not included in the table, as the investment was classified as held for sale at December 31, 2015.

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Schedule of Information About Consolidated Properties	The following table presents certain information about our consolidated properties as of September 30, 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 97% 2007 Royal Island (2) 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 24 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) 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. Re
Schedule of Disposed Real Estate Reported in Continuing Operations	Net income for the nine months ended September 30, 2016 includes the $1.3 million gain on sale of Las Colinas Commons and the $1.6 million gain on extinguishment of debt of Northborough Tower (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Description 2016 2015 2016 2015 Net income (loss) attributable to the Company $ — $ (4,134 ) $ 2,666 $ (3,681 )
Schedule of Information About Unconsolidated Investments	Investment in Unconsolidated Joint Venture The following table presents certain information about our unconsolidated investment as of September 30, 2016 and December 31, 2015 ($ in thousands): Ownership Interest Carrying Value of Investment Property Name September 30, 2016 December 31, 2015 Central Europe Joint Venture 47.01 % $ 7,228 $ 13,953
Schedule of Proportionate Share of Combined Assets and Liabilities of Investment Properties	Our investment in the unconsolidated joint venture as of September 30, 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): September 30, 2016 December 31, 2015 Real estate assets, net $ 59,282 $ 59,415 Cash and cash equivalents 5,663 6,827 Other assets 1,440 1,441 Total assets $ 66,385 $ 67,683 Notes payable $ 40,141 $ 40,895 Other liabilities 2,068 2,526 Total liabilities 42,209 43,421 Equity 24,176 24,262 Total liabilities and equity $ 66,385 $ 67,683
Schedule of Proportionate Share of Combined Earnings (Losses) of Unconsolidated Joint Ventures	Our equity in earnings (losses) from our investment is our proportionate share of the combined earnings (losses) of our unconsolidated joint venture, shown at 100%, for the three and nine months ended September 30, 2016 and 2015, as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenue $ 1,607 $ 2,091 $ 4,954 $ 6,536 Operating expenses: Operating expenses 419 533 1,455 1,563 Property taxes 55 60 155 192 Total operating expenses 474 593 1,610 1,755 Operating income 1,133 1,498 3,344 4,781 Non-operating expenses: Depreciation and amortization 594 788 1,783 2,484 Impairment charge — 2,634 — 2,634 Interest and other, net 596 594 1,497 2,642 Gain on sale — (423 ) — (501 ) Total non-operating expenses 1,190 3,593 3,280 7,259 Net income (loss) $ (57 ) $ (2,095 ) $ 64 $ (2,478 ) Equity in earnings (losses) of unconsolidated joint venture (1) $ (27 ) $ (985 ) $ 30 $ (1,165 ) ________________________________ (1) Company’s share of net income (loss).

Real Estate Held for Sale (Tabl

Real Estate Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Real Estate Held for Sale
Schedule of Real Estate Held for Sale	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 allocated 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, Summary of Significant Accounting Policies, under the caption Deferred Financing Fees for further details.

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Notes Payable	The following table sets forth our notes payable on our consolidated properties at September 30, 2016 and December 31, 2015 (in thousands): Notes Payable as of Description September 30, 2016 December 31, 2015 Interest Rate Maturity Date Northborough Tower (1) $ — $ 18,516 8.67% (1) 1/11/2016 Royal Island (2) 14,489 13,872 15% 11/10/2016 Northpoint Central (3) 10,921 11,720 5.15% 5/9/2017 Chase Park Plaza Hotel and Chase — The Private Residences 61,222 62,182 4.95% 8/11/2017 BHFS II, LLC 6,764 6,856 30-day LIBOR + 3% (4) 2/1/2018 BHFS III, LLC 6,072 6,154 30-day LIBOR + 3% (4) 2/1/2018 BHFS IV, LLC 12,613 12,783 30-day LIBOR + 3% (4) 2/1/2018 BHFS Theatre, LLC 4,721 4,785 30-day LIBOR + 3% (4) 2/1/2018 The Ablon at Frisco Square 26,300 18,679 30-day LIBOR + 2.5% (4) 8/26/2017 Total debt 143,102 155,547 Deferred financing fees (5) (590 ) (1,087 ) Notes payable, net of deferred financing fees 142,512 154,460 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 $ 142,512 $ 169,291 _________________________________ (1) Due to the maturity default on our Northborough Tower 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 . In April 2016, the lenders agreed to increase the amount available to draw on the loan to $14.5 million . We received a short term extension of the loan secured by Royal Island, extending our maturity date from November 10, 2016 to November 30, 2016. (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 was used to reduce Northpoint Central’s allocated 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 0.53% at September 30, 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, Summary of Significant Accounting Policies, under the caption Deferred Financing Fees for further details.
Schedule of Aggregate Contractual Obligations for Principal	The following table summarizes our aggregate contractual obligations for principal payments as of September 30, 2016 (in thousands): Principal Payments Due: Amount October 1, 2016 - December 31, 2016 $ 15,267 2017 98,379 2018 29,456 2019 — 2020 — Total contractual obligations 143,102 Less: Deferred financing fees, net (590 ) Notes payable, net $ 142,512

Supplemental Cash Flow Inform26

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information is summarized below: Nine months ended September 30, Description 2016 2015 Supplemental disclosure: Interest paid, net of amounts capitalized $ 5,208 $ 3,960 Income taxes paid, net of refunds 125 140 Non-cash investing and financing activities: Property and equipment additions and purchases of real estate in accrued liabilities 541 2,603 Capital expenditures for real estate under development in accounts payable and accrued liabilities — 3,535 Transfer from real estate under development to building and improvements 37,110 2,611 Additions to land and land improvements reclassified from real estate under development 3,685 — Additions to furniture, fixtures and equipment reclassified from real estate under development 1,101 — Amortization of deferred financing fees in properties under development 10 66 Deed in lieu of foreclosure: Real estate and lease intangibles 12,723 — Note payable 15,853 — Other assets and liabilities, net 1,506 —

Business (Details)

Business (Details) - property	9 Months Ended
	Sep. 30, 2016	Jul. 28, 2008
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of real estate properties	2
Wholly Owned Properties | Equity Method Investments | Maximum | Noncontrolling Interest
Real Estate Properties [Line Items]
Ownership interest	0.10%
Consolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties	3
Unconsolidated Properties | Equity Method Investments | Noncontrolling Interest
Real Estate Properties [Line Items]
Number of real estate properties	18	22

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Real Estate (Details)	9 Months Ended
	Sep. 30, 2016
Hotels
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	39 years
All Other Buildings
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	25 years

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Schedule of Accumulated Depreciation (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real Estate
Total real estate	$ 206,859	$ 230,727
Net	1,257	2,248
Net	3,759	4,205
Net	0	(758)
Assets associated with real estate held for sale	0	12,679
Lease Intangibles
Real Estate
Cost	3,608	7,580
Less: depreciation and amortization	(2,351)	(5,332)
Net	1,257	2,248
Acquired Below-Market Leases
Real Estate
Cost	0	(3,311)
Less: depreciation and amortization	0	2,553
Net	0	(758)
Other Intangibles
Real Estate
Cost	9,626	9,626
Less: depreciation and amortization	(5,867)	(5,421)
Net	3,759	4,205
Building and Building Improvements
Real Estate
Cost	198,135	174,732
Less: depreciation and amortization	(46,472)	(42,062)
Total real estate	151,663	132,670
Land and improvements, net
Real Estate
Cost	57,148	60,962
Less: depreciation and amortization	(2,295)	(2,026)
Total real estate	$ 54,853	58,936
Building and Building Improvements | Las Colinas Commons
Real Estate
Assets associated with real estate held for sale		8,300
Land and improvements, net | Las Colinas Commons
Real Estate
Assets associated with real estate held for sale		2,800
Other Intangibles | Las Colinas Commons
Real Estate
Assets associated with real estate held for sale		$ 700

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Condominium Inventory (Details) $ in Thousands	Feb. 22, 2016USD ($)condominium	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Real Estate Properties [Line Items]
Condominium sale		$ 0		$ 0	$ 2,271	$ 0
Chase Private Residences
Real Estate Properties [Line Items]
Condominium sale	$ 2,500		$ 2,500
Proceeds from sale of condominium	$ 2,200		$ 2,200
Chase Private Residences
Real Estate Properties [Line Items]
Number of units in multifamily project | condominium	1

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Straight line rental revenue receivables	$ 2	$ 4.2
Accounts receivable from hotel operators and tenants related to consolidated properties	2.4	2.4
Allowance for doubtful accounts	$ 0.1	$ 0.3

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Investment Impairment (Details) - USD ($) $ in Thousands	Feb. 22, 2016	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Impairment charge		$ 9,200			$ 9,247	$ 12,156
Condominium sale		0		$ 0	2,271	0
Fair Value, Measurements, Nonrecurring
Finite-Lived Intangible Assets [Line Items]
Impairment charge		9,200					$ 12,300
Northpoint Central
Finite-Lived Intangible Assets [Line Items]
Impairment charge		2,200		2,700			2,700
Central Europe Joint Venture
Finite-Lived Intangible Assets [Line Items]
Impairment charge		7,000
Northborough Tower
Finite-Lived Intangible Assets [Line Items]
Impairment charge				2,100			2,100
Chase Private Residences
Finite-Lived Intangible Assets [Line Items]
Impairment charge		$ 0		0	$ 0	$ 616	700
Chase Private Residences
Finite-Lived Intangible Assets [Line Items]
Condominium sale	$ 2,500		$ 2,500
Proceeds from sale of condominium	$ 2,200		$ 2,200
Land | Frisco Square
Finite-Lived Intangible Assets [Line Items]
Impairment charge				$ 6,800			$ 6,800

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Schedule of Reclassifications of Deferred Financing Fees (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: unamortized debt issuance costs	$ 590	$ 1,087
Notes payable	142,512	154,460
Obligations associated with real estate held for sale	0	14,897
Disposal Group, Held-for-sale, Not Discontinued Operations
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Real estate held for sale, notes payable	0	14,831
Deferred financing fees, real estate held for sale	$ 0	69
Real estate held for sale, real estate held for sale		100
Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: unamortized debt issuance costs		0
Notes payable		154,460
Obligations associated with real estate held for sale		14,897
Originally Reported | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: unamortized debt issuance costs		1,156
Notes payable		155,547
Obligations associated with real estate held for sale		14,966
Reclassification | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: unamortized debt issuance costs		(1,156)
Notes payable		(1,087)
Obligations associated with real estate held for sale		$ (69)

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Deferred Financing Fees (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: unamortized debt issuance costs	$ 590	$ 1,087
Deferred financing fees, accumulated amortization	1,700	1,800
Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: unamortized debt issuance costs		0
Accounting Standards Update 2015-03 | Scenario
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: unamortized debt issuance costs	590	1,156
Disposal Group, Held-for-sale, Not Discontinued Operations
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, real estate held for sale	$ 0	$ 69

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Dec. 31, 2015property	Dec. 31, 2014property	Jul. 28, 2008property
Finite-Lived Intangible Assets [Line Items]
Foreign currency translation adjustment | $	$ 0.2	$ (0.2)	$ 0.5	$ (1.9)
Unconsolidated Properties | Noncontrolling Interest | Equity Method Investments
Finite-Lived Intangible Assets [Line Items]
Number of real estate properties	18		18				22
Number of real estate properties sold					3	1

Assets and Liabilities Measur36

Assets and Liabilities Measured at Fair Value - Nonrecurring Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands	Feb. 22, 2016	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Real Estate Properties [Line Items]
Impairment charge		$ 9,200			$ 9,247	$ 12,156
Condominium inventory		0			0		$ 2,201
Condominium sale		0		$ 0	2,271	0
Fair Value, Measurements, Nonrecurring
Real Estate Properties [Line Items]
Impairment charge		9,200					12,300
Frisco Square | Land
Real Estate Properties [Line Items]
Impairment charge				6,800			6,800
Northpoint Central
Real Estate Properties [Line Items]
Impairment charge		2,200		2,700			2,700
Central Europe Joint Venture
Real Estate Properties [Line Items]
Impairment charge		7,000
Northborough Tower
Real Estate Properties [Line Items]
Impairment charge				2,100			2,100
Chase Private Residences
Real Estate Properties [Line Items]
Impairment charge		$ 0		$ 0	$ 0	$ 616	700
Concessions and closing costs							200
Condominium inventory							$ 2,200
Chase Private Residences
Real Estate Properties [Line Items]
Condominium sale	$ 2,500		$ 2,500

Assets and Liabilities Measur37

Assets and Liabilities Measured at Fair Value - Schedule of Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	$ 9,200		$ 9,247	$ 12,156
Frisco Square | Land
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges		$ 6,800			$ 6,800
Northpoint Central
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	2,200	2,700			2,700
Chase Private Residences
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	0	0	0	$ 616	700
Central Europe Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	7,000
Northborough Tower
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges		$ 2,100			2,100
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	9,200				12,300
Buildings and improvements, net | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	10,584		10,584		29,500
Loss	(2,212)		(2,212)		(4,778)
Buildings and improvements, net | Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0		0		0
Buildings and improvements, net | Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0		0		0
Buildings and improvements, net | Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	10,584		10,584		29,500
Investment in unconsolidated joint venture | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	7,228		7,228
Loss	(7,035)		(7,035)
Investment in unconsolidated joint venture | Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0		0
Investment in unconsolidated joint venture | Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0		0
Investment in unconsolidated joint venture | Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	$ 7,228		$ 7,228
Land and improvements, net | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value					19,606
Loss					(6,762)
Land and improvements, net | Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value					0
Land and improvements, net | Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value					0
Land and improvements, net | Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value					19,606
Condominium inventory (one remaining finished unit) | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value					2,201
Loss					(761)
Condominium inventory (one remaining finished unit) | Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value					0
Condominium inventory (one remaining finished unit) | Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value					0
Condominium inventory (one remaining finished unit) | Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value					$ 2,201

Assets and Liabilities Measur38

Assets and Liabilities Measured at Fair Value - Quantitative Information about Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment charge	$ 9,200		$ 9,247	$ 12,156
Land | Frisco Square
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment charge		$ 6,800			$ 6,800
Northborough Tower
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment charge		2,100			2,100
Northpoint Central
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment charge	2,200	2,700			2,700
Central Europe Joint Venture
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment charge	7,000
Chase Private Residences
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment charge	0	$ 0	0	$ 616	700
Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impairment charge	9,200				12,300
Fair Value, Measurements, Nonrecurring | Buildings and improvements, net
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value	10,584		10,584		29,500
Fair Value, Measurements, Nonrecurring | Buildings and improvements, net | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value	10,584		10,584		29,500
Fair Value, Measurements, Nonrecurring | Buildings and improvements, net | Income Approach Valuation Technique | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value	10,584		$ 10,584		$ 29,500
Fair Value, Measurements, Nonrecurring | Buildings and improvements, net | Minimum | Income Approach Valuation Technique | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate					7.75%
Terminal capitalization rate					8.00%
Market rent growth			0.00%		0.00%
Expense growth rate			0.00%		0.00%
Fair Value, Measurements, Nonrecurring | Buildings and improvements, net | Maximum | Income Approach Valuation Technique | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate			10.50%		11.50%
Terminal capitalization rate			9.50%		9.75%
Market rent growth			3.00%		3.00%
Expense growth rate			3.00%		3.00%
Discount for non-controlling interest			40.00%
Fair Value, Measurements, Nonrecurring | Land and improvements, net
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value					$ 19,606
Fair Value, Measurements, Nonrecurring | Land and improvements, net | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value					19,606
Fair Value, Measurements, Nonrecurring | Land and improvements, net | Market Approach Valuation Technique | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value					$ 19,606
Fair Value, Measurements, Nonrecurring | Land and improvements, net | Minimum | Market Approach Valuation Technique | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate					12.50%
Price per square foot					20
Inflation rate					0.00%
Fair Value, Measurements, Nonrecurring | Land and improvements, net | Maximum | Market Approach Valuation Technique | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate					20.00%
Price per square foot					45
Inflation rate					3.00%
Fair Value, Measurements, Nonrecurring | Condominium inventory (one remaining finished unit)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value					$ 2,201
Fair Value, Measurements, Nonrecurring | Condominium inventory (one remaining finished unit) | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value					2,201
Fair Value, Measurements, Nonrecurring | Condominium inventory (one remaining finished unit) | Market Approach Valuation Technique | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value					$ 2,201
Fair Value, Measurements, Nonrecurring | Condominium inventory (one remaining finished unit) | Minimum | Income Approach Valuation Technique | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Price per square foot					511
Fair Value, Measurements, Nonrecurring | Condominium inventory (one remaining finished unit) | Maximum | Income Approach Valuation Technique | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Price per square foot					555
Fair Value, Measurements, Nonrecurring | Investment in unconsolidated joint venture
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value	7,228		$ 7,228
Fair Value, Measurements, Nonrecurring | Investment in unconsolidated joint venture | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value	7,228		7,228
Fair Value, Measurements, Nonrecurring | Investment in unconsolidated joint venture | Market Approach Valuation Technique | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value	$ 7,228		$ 7,228

Fair Value Measurement of Fin39

Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, carrying value	$ 143,102	$ 155,547
Less: unamortized debt issuance costs	590	1,087
Notes payable, net	142,512	154,460
Notes payable, fair value	142,932	155,610
Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale, notes payable	0	14,831
Deferred financing fees, real estate held for sale	$ 0	$ 69

Real Estate Investments (Detail

Real Estate Investments (Details) - property	Sep. 30, 2016	Jul. 28, 2008
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of real estate properties	2
Consolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties	3
Unconsolidated Properties | Equity Method Investments | Noncontrolling Interest
Real Estate Properties [Line Items]
Number of real estate properties	18	22

Real Estate Investments - Sche

Real Estate Investments - Schedule of Real Estate Investments (Details) - 9 months ended Sep. 30, 2016	ft²	a	building	Total	unit	building_stories
Chase Park Plaza
Real Estate Properties [Line Items]
Ownership Interest				100.00%
Frisco Square
Real Estate Properties [Line Items]
Ownership Interest				100.00%
Area of land | a		24
Number of units in multifamily project				275	114
Ownership interest, limited partnership investment	90.00%
Frisco Square | Office space
Real Estate Properties [Line Items]
Approximate Rentable Square Footage	101,000
Frisco Square | Retail space
Real Estate Properties [Line Items]
Approximate Rentable Square Footage	71,000
Frisco Square | Movie theater
Real Estate Properties [Line Items]
Approximate Rentable Square Footage	41,500
Northpoint Central
Real Estate Properties [Line Items]
Approximate Rentable Square Footage	180,000
Number of buildings | building			1
Number of stories | building_stories						9
Ownership Interest				100.00%
The Lodge & Spa at Cordillera
Real Estate Properties [Line Items]
Ownership Interest				97.00%
Royal Island
Real Estate Properties [Line Items]
Ownership Interest				87.00%
Ownership interest in the joint venture, non-controlling interest				12.71%

Real Estate Investments - Real

Real Estate Investments - Real Estate Development (Details) - The Ablon at Frisco Square $ in Millions	Aug. 26, 2014USD ($)aunit	Sep. 30, 2016USD ($)
Real Estate Properties [Line Items]
Area of land | a	3.4
Ownership interest, limited partnership investment	90.00%
Number of units in multifamily project | unit	275
Total construction costs		$ 41.9
Percentage of property leased		87.00%
Percentage of property occupied		82.00%
Construction Loans
Real Estate Properties [Line Items]
Construction loan	$ 26.3

Real Estate Investments - Rea43

Real Estate Investments - Real Estate Asset Dispositions (Details) $ in Thousands	May 24, 2016USD ($)a	May 09, 2016	Feb. 02, 2016USD ($)	Sep. 30, 2016USD ($)a	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)a	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Real estate sales price				$ 0	$ 0	$ 2,271	$ 0
Gain (loss) on sale of properties						3,025	0
Gain on extinguishment of debt				0	0	1,624	0
Impairment charge				$ 9,200		9,247	$ 12,156
Las Colinas Commons
Real Estate Properties [Line Items]
Real estate sales price			$ 14,300
Cash proceeds from sale			14,000
Gain (loss) on sale of properties			1,300			$ 1,300
Loan payable			11,300
Frisco Square
Real Estate Properties [Line Items]
Gain (loss) on sale of properties	$ 1,700
Area of land | a				24		24
Land sales price	$ 8,000
Northpoint Central and Las Colinas Commons [Member]
Real Estate Properties [Line Items]
Loan payable			14,900
Northpoint Central
Real Estate Properties [Line Items]
Loan payable			$ 3,600
Impairment charge				$ 2,200	2,700			$ 2,700
Northborough Tower
Real Estate Properties [Line Items]
Gain on extinguishment of debt						$ 1,600
Debt extinguishment						$ 16,000
Impairment charge					$ 2,100			$ 2,100
Assets Transfered in Satisfaction of Debt | Northborough Tower
Real Estate Properties [Line Items]
Book value of assets and liabilities transfered		14.4
Land | Frisco Square
Real Estate Properties [Line Items]
Area of land | a	5.2

Real Estate Investments - Dispo

Real Estate Investments - Disposed Real Estate Reported in Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Las Colinas Commons
Real Estate Properties [Line Items]
Net income (loss) attributable to the Company	$ 0	$ (4,134)	$ 2,666	$ (3,681)

Real Estate Investments - Inves

Real Estate Investments - Investment in Unconsolidated Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Information about unconsolidated investment
Carrying Value of Investment	$ 7,228		$ 7,228		$ 13,953
Combined assets and liabilities of investment properties
Real estate assets, net	206,859		206,859		230,727
Cash and cash equivalents	21,959	$ 24,205	21,959	$ 24,205	20,746	$ 35,015
Total assets	259,606		259,606		306,646
Notes payable	142,512		142,512		154,460
Total liabilities	170,036		170,036		199,901
Equity	89,012		89,012		105,749
Total liabilities and equity	259,606		259,606		306,646
Combined income (losses) of investments
Revenue	14,017	14,863	41,434	41,969
Non-operating expenses:
Depreciation and amortization	2,602	4,359	7,966	10,594
Impairment charge	9,200		9,247	12,156
Equity in earnings (losses) of unconsolidated joint venture	(27)	(985)	30	(1,165)
Investment in unconsolidated joint venture
Combined assets and liabilities of investment properties
Real estate assets, net	59,282		59,282		59,415
Cash and cash equivalents	5,663		5,663		6,827
Other assets	1,440		1,440		1,441
Total assets	66,385		66,385		67,683
Notes payable	40,141		40,141		40,895
Other liabilities	2,068		2,068		2,526
Total liabilities	42,209		42,209		43,421
Equity	24,176		24,176		24,262
Total liabilities and equity	66,385		66,385		67,683
Combined income (losses) of investments
Revenue	1,607	2,091	4,954	6,536
Operating expenses:
Operating expenses	419	533	1,455	1,563
Property taxes	55	60	155	192
Total operating expenses	474	593	1,610	1,755
Operating income	1,133	1,498	3,344	4,781
Non-operating expenses:
Depreciation and amortization	594	788	1,783	2,484
Impairment charge	0	2,634	0	2,634
Interest and other, net	596	594	1,497	2,642
Gain on sale	0	(423)	0	(501)
Total non-operating expenses	1,190	3,593	3,280	7,259
Net income (loss)	(57)	(2,095)	64	(2,478)
Equity in earnings (losses) of unconsolidated joint venture	$ (27)	$ (985)	$ 30	$ (1,165)
Central Europe Joint Venture
Information about unconsolidated investment
Ownership Interest	47.01%		47.01%
Carrying Value of Investment	$ 7,228		$ 7,228		$ 13,953
Non-operating expenses:
Impairment charge	$ 7,000

Real Estate Held for Sale (Deta

Real Estate Held for Sale (Details) - USD ($) $ in Thousands	Feb. 02, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Real Estate Properties [Line Items]
Real estate sales price		$ 0	$ 0	$ 2,271	$ 0
Land and improvements, net		54,853		54,853		$ 58,936
Buildings and improvements, net		151,663		151,663		132,670
Lease intangibles, net		1,257		1,257		2,248
Assets associated with real estate held for sale		0		0		12,679
Notes payable		142,512		142,512		154,460
Accrued and other liabilities		25,961		25,961		25,606
Obligations associated with real estate held for sale		0		0		14,897
Las Colinas Commons
Real Estate Properties [Line Items]
Real estate sales price	$ 14,300
Notes payable						14,900
Loan balance						11,300
Northpoint Central
Real Estate Properties [Line Items]
Notes payable		10,900		10,900
Excess principal balance						3,600
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Deferred financing fees		0		0		(69)
Notes payable, net of deferred financing fees		$ 0		$ 0		14,831
Real Estate Held for Sale
Real Estate Properties [Line Items]
Land and improvements, net						2,785
Buildings 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, net of deferred financing fees						14,831
Accrued and other liabilities						66
Obligations associated with real estate held for sale						14,897
Real Estate Held for Sale | Las Colinas Commons
Real Estate Properties [Line Items]
Notes payable						$ 14,900

Notes Payable - Schedule of No

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Jan. 12, 2016	Jan. 11, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Notes payable, net	$ 142,512				$ 154,460
Total debt	143,102				155,547
Deferred financing fees	590				1,087
Notes payable	142,512				154,460
Notes payable, related to real estate held for sale	0				14,900
Total notes payable obligations	142,512				169,291
Disposal Group, Held-for-sale, Not Discontinued Operations
Debt Instrument [Line Items]
Deferred financing fees, real estate held for sale	0				69
Notes payable, net of deferred financing fees	$ 0				14,831
Northborough Tower
Debt Instrument [Line Items]
Interest rate, fixed rate	8.67%
Northborough Tower | Notes Payable
Debt Instrument [Line Items]
Notes payable, net	$ 0				18,516
Interest rate, fixed rate			8.67%	5.67%
Royal Island | Notes Payable
Debt Instrument [Line Items]
Notes payable, net	$ 14,489				13,872
Interest rate, fixed rate	15.00%
Amount available to draw on loan	$ 14,500	$ 14,400
Northpoint Central
Debt Instrument [Line Items]
Notes payable, net	10,900
Excess principal balance					3,600
Northpoint Central | Notes Payable
Debt Instrument [Line Items]
Notes payable, net	$ 10,921				11,720
Interest rate, fixed rate	5.15%
Frisco Square
Debt Instrument [Line Items]
Notes payable, net	$ 30,200
Chase Park Plaza Hotel and Chase — The Private Residences | Notes Payable
Debt Instrument [Line Items]
Notes payable, net	$ 61,222				62,182
Interest rate, fixed rate	4.95%
Description of variable rate basis	30-day LIBOR
Interest rate, variable rate basis	4.95%
BHFS II, LLC | Notes Payable
Debt Instrument [Line Items]
Notes payable, net	$ 6,764				6,856
Description of variable rate basis	30-day LIBOR
Interest rate, variable rate basis	3.00%
BHFS III, LLC | Notes Payable
Debt Instrument [Line Items]
Notes payable, net	$ 6,072				6,154
Description of variable rate basis	30-day LIBOR
Interest rate, variable rate basis	3.00%
BHFS IV, LLC | Notes Payable
Debt Instrument [Line Items]
Notes payable, net	$ 12,613				12,783
Description of variable rate basis	30-day LIBOR
Interest rate, variable rate basis	3.00%
BHFS Theatre, LLC | Notes Payable
Debt Instrument [Line Items]
Notes payable, net	$ 4,721				4,785
Description of variable rate basis	30-day LIBOR
Interest rate, variable rate basis	3.00%
The Ablon at Frisco Square | Notes Payable
Debt Instrument [Line Items]
Notes payable, net	$ 26,300				18,679
Description of variable rate basis	30-day LIBOR
Interest rate, variable rate basis	2.50%
Las Colinas Commons debt
Debt Instrument [Line Items]
Notes payable, net					14,900
Loan balance					$ 11,300
Las Colinas Commons debt | Notes Payable
Debt Instrument [Line Items]
Interest rate, fixed rate	5.15%
LIBOR
Debt Instrument [Line Items]
LIBOR term	30 days
LIBOR | Frisco Square
Debt Instrument [Line Items]
LIBOR reference rate	0.53111%

Notes Payable (Details)

Notes Payable (Details) $ in Thousands	Feb. 02, 2016USD ($)	May 31, 2017USD ($)	Sep. 30, 2016USD ($)extension	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Deferred financing fees			$ 590	$ 1,087
Notes payable			$ 142,512	154,460
Notes payable, weighted average interest rate			5.30%
Notes payable with variable interest rates			$ 56,500
Notes payable, net			142,512	154,460
Frisco Square
Debt Instrument [Line Items]
Notes payable, net			30,200
Las Colinas Commons
Debt Instrument [Line Items]
Notes payable, net				14,900
Loan balance				11,300
Sales price	$ 14,000
Northpoint Central
Debt Instrument [Line Items]
Notes payable, net			$ 10,900
Excess principal balance				3,600
Royal Island, Northpoint Central, Chase Park Plaza Hotel, and Ablon at Frisco Square
Debt Instrument [Line Items]
Notes payable, remaining term			12 months
Number of extension options | extension			2
Note payable, extension period			1 year
Notes Payable | Northpoint Central
Debt Instrument [Line Items]
Notes payable, net			$ 10,921	11,720
Minimum
Debt Instrument [Line Items]
Notes payable, interest rates			3.00%
Maximum
Debt Instrument [Line Items]
Notes payable, interest rates			15.00%
Maximum | Notes Payable | Frisco Debtors Loans
Debt Instrument [Line Items]
Guarantor obligations, loans			$ 11,200
Disposal Group, Held-for-sale, Not Discontinued Operations
Debt Instrument [Line Items]
Notes payable, net of deferred financing fees			0	14,831
Deferred financing fees, real estate held for sale			0	69
Disposal Group, Held-for-sale, Not Discontinued Operations | Royal Island
Debt Instrument [Line Items]
Sales price			900
Forecast | Disposal Group, Held-for-sale, Not Discontinued Operations | Royal Island
Debt Instrument [Line Items]
Sales price		$ 900
Accounting Standards Update 2015-03
Debt Instrument [Line Items]
Deferred financing fees				0
Notes payable				154,460
Accounting Standards Update 2015-03 | Scenario
Debt Instrument [Line Items]
Deferred financing fees			$ 590	$ 1,156

Notes Payable - Ablon at Frisco

Notes Payable - Ablon at Frisco Square Financing (Details) $ in Millions	Aug. 26, 2014USD ($)extension	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
Sinking fund payment		$ 26.3
Construction Loans | The Ablon at Frisco Square
Debt Instrument [Line Items]
Construction loan	$ 26.3
Notes payable, term	3 years
Number of extension options | extension	2
Note payable, extension period	12 months
LIBOR
Debt Instrument [Line Items]
LIBOR term		30 days
LIBOR | Construction Loans | The Ablon at Frisco Square
Debt Instrument [Line Items]
LIBOR term	30 days
Basis spread on variable rate	2.50%

Notes Payable - Northborough To

Notes Payable - Northborough Tower Debt (Details) - USD ($) $ in Millions	Sep. 30, 2016	May 09, 2016	Feb. 29, 2016	Jan. 12, 2016	Jan. 11, 2016
Debt Instrument [Line Items]
Tenant and capital improvements cash reserves applied to principal balance			$ 0.9
Excess cash reserves applied to the principal balance of the loan			$ 0.8
Northborough Tower
Debt Instrument [Line Items]
Interest rate, fixed rate	8.67%
Principal balance		$ 15.9
Northborough Tower | Notes Payable
Debt Instrument [Line Items]
Interest rate, fixed rate				8.67%	5.67%

Notes Payable - Chase Park Plaz

Notes Payable - Chase Park Plaza Modification (Details) - Chase Private Residences $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)extension	Aug. 04, 2016USD ($)
Debt Instrument [Line Items]
Completion guarantee	$ 6.5
Percentage of unspent funds required to be put in escrow if renovation is not completed by August 10, 2017	125.00%
Property tax escrow	$ 1.5	$ 1.5
Property tax abatement period	10 years
Escrow related to construction project	$ 2.9	$ 3.1
Reimbursement commitment as a percentage of total construction cost invoiced		39.30%
Notes Payable
Debt Instrument [Line Items]
Interest rate, fixed rate	4.95%
Number of extension options | extension	2
Note payable, extension period	1 year
Debt service ratio required to exercise extensions	1.35

Notes Payable - Future Principa

Notes Payable - Future Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
October 1, 2016 - December 31, 2016	$ 15,267
2,017	98,379
2,018	29,456
2,019	0
2,020	0
Total debt	143,102	$ 155,547
Less: unamortized debt issuance costs	590	1,087
Notes payable, net	142,512	$ 154,460
Real Estate
Debt Instrument [Line Items]
Notes payable, net	$ 142,512

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Aug. 04, 2016
Commitments [Line Items]
Release of escrow		$ (686)	$ (1,418)
Royal Island | Disposal Group, Held-for-sale, Not Discontinued Operations
Commitments [Line Items]
Cash proceeds from sale		900
Frisco Square
Commitments [Line Items]
Bond obligation reduction threshold for assessed value of real property		1,000
Real property assessed value		$ 174,000
Percentage of reduction in bond obligation		0.00%
Real property assessment threshold for bond obligation termination		$ 225,000
Assessed amount of annual bond debt service		$ 0
Sale proceeds placed in escrow				$ 1,400
Release of escrow	$ 1,400
BHFS I, LLC Land
Commitments [Line Items]
Percentage of net sales proceeds to be deposited into an escrow account		33.00%
Threshold up to which net sale proceeds will be transfered into escrow		$ 7,000
Chase Private Residences
Commitments [Line Items]
Completion guarantee		$ 6,500
Percentage of unspent funds required to be put in escrow if renovation is not completed by August 10, 2017		125.00%
Escrow related to construction project		$ 2,900			$ 3,100
Escrow related to property tax		1,500			$ 1,500
Bonds | Frisco Square
Commitments [Line Items]
Real property assessed value		$ 125,000
Percentage of reduction in bond obligation		0.00%
Outstanding bond obligation		$ 4,200		4,700
Assessed amount of annual bond debt service		100		$ 300
City of Frisco | Bonds | Frisco Square
Commitments [Line Items]
Proceeds from issuance of bonds		$ 12,500

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)fiscal_quarter	Sep. 30, 2015USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction
Asset management fees	$ 503,000	$ 590,000	$ 1,563,000	$ 1,737,000
Number of fiscal quarters immediately preceding the date reimbursement is sought | fiscal_quarter			4
Administrative services cost incurred	1,791,000	1,311,000	$ 4,424,000	3,375,000
Property management fees	423,000	514,000	1,205,000	1,456,000
Payables to related parties	352,000		$ 352,000				$ 747,000
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 fee as a percentage of aggregate asset value of acquired real estate and real estate related assets, monthly rate			0.05%
Asset management fees	500,000	600,000	$ 1,500,000	1,700,000
Acquisition and advisory fees as a percentage of contract purchase price			2.50%
Acquisition and advisory fees as a percentage of funds advanced in respect of loan investment			2.50%
Acquisition and advisory fees	0	200,000	$ 0	200,000
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 reserves and any gain from sale of assets			25.00%
Obligation to reimburse advisor							1,700,000
Administrative services cost incurred	300,000	400,000	$ 900,000	1,000,000
Property management fees	$ 100,000	$ 200,000	$ 500,000	$ 700,000
Behringer Harvard Opportunity Advisors I | Forecast
Related Party Transaction
Obligation to reimburse advisor					$ 1,660,000	$ 1,660,000
Behringer Harvard Opportunity Advisors I | Advisory Agreement
Related Party Transaction
Basis points of loan commitment, first year			40.00%
Basis points of loan commitment, second year			30.00%
Basis points of loan commitment, third year			30.00%
Behringer Harvard Opportunity Advisors I | Advisory Agreement | Extension of three or more years | Maximum
Related Party Transaction
Percentage of loan commitment amount	1.00%		1.00%
Amount due to advisor for revised loan as percentage of loan commitment amount	1.00%		1.00%
Behringer Harvard Opportunity Advisors I | Advisory Agreement | First year of any extension | Minimum
Related Party Transaction
Note payable, extension period			120 days
BH Property Management
Related Party Transaction
Advisor's and property management fee as a percentage of gross revenue			4.50%
Oversight fee as a percentage of gross revenues of the property managed	0.50%		0.50%
Advisor and its affiliates
Related Party Transaction
Payables to related parties	$ 400,000		$ 400,000				$ 800,000

Supplemental Cash Flow Inform55

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Supplemental disclosure:
Interest paid, net of amounts capitalized	$ 5,208	$ 3,960
Income taxes paid, net of refunds	125	140
Non-cash investing and financing activities:
Property and equipment additions and purchases of real estate in accrued liabilities	541	2,603
Capital expenditures for real estate under development in accounts payable and accrued liabilities	0	3,535
Transfer from real estate under development to building and improvements	37,110	2,611
Additions to land and land improvements reclassified from real estate under development	3,685	0
Additions to furniture, fixtures and equipment reclassified from real estate under development	1,101	0
Amortization of deferred financing fees in properties under development	10	66
Northborough Tower
Non-cash investing and financing activities:
Real estate and lease intangibles	12,723	0
Note payable	15,853	0
Other assets and liabilities, net	$ 1,506	$ 0