Lightstone Value Plus REIT V (LVVP) 10-Q 12 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Registrant Name	Behringer Harvard Opportunity REIT II, Inc.
Entity Central Index Key	1,387,061
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	BHHV
Entity Common Stock, Shares Outstanding		24,996,585

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate
Land and improvements, net	$ 42,571	$ 42,710
Buildings and improvements, net	130,647	132,359
Total real estate	173,218	175,069
Cash and cash equivalents	67,150	67,111
Restricted cash	6,177	6,101
Accounts receivable, net	2,088	1,415
Prepaid expenses and other assets	725	1,051
Investment in unconsolidated joint venture	14,658	14,658
Furniture, fixtures and equipment, net	2,783	3,148
Lease intangibles, net	326	352
Total assets	267,125	268,905
Liabilities and Equity
Notes payable, net	141,819	142,332
Accounts payable	573	491
Payables to related parties	530	370
Acquired below-market leases, net	62	65
Distributions payable to noncontrolling interest	22	21
Income taxes payable	42	38
Deferred gain	964	1,247
Accrued and other liabilities	5,941	5,702
Total liabilities	149,953	150,266
Equity
Preferred stock, $.0001 par value per share; 50,000,000 shares authorized, none issued and outstanding	0	0
Convertible stock, $.0001 par value per share; 1,000 shares authorized, 1,000 issued and outstanding	0	0
Common stock, $.0001 par value per share; 350,000,000 shares authorized, 25,086,778 and 25,218,770 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	3	3
Additional paid-in capital	227,210	227,891
Accumulated distributions and net loss	(115,522)	(114,666)
Accumulated other comprehensive loss	(441)	(495)
Total Behringer Harvard Opportunity REIT II, Inc. equity	111,250	112,733
Noncontrolling interest	5,922	5,906
Total equity	117,172	118,639
Total liabilities and equity	$ 267,125	$ 268,905

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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 issued (in shares)	0	0
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 share)	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)	25,086,778	25,218,770
Common stock, shares outstanding (in shares)	25,086,778	25,218,770

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Rental revenue	$ 6,072	$ 7,319
Hotel revenue	5,345	5,131
Total revenues	11,417	12,450
Expenses
Property operating expenses	2,087	2,283
Hotel operating expenses	3,570	3,448
Interest expense, net	1,469	1,524
Real estate taxes	1,107	1,465
Property management fees	395	414
Asset management fees	509	614
General and administrative	798	802
Depreciation and amortization	2,578	3,165
Total expenses	12,513	13,715
Interest income, net	62	14
Other income	1	284
Loss before gain on sale of real estate	(1,033)	(967)
Gain on sale of real estate	282	0
Net loss	(751)	(967)
Net income attributable to the noncontrolling interest	(105)	(106)
Net loss attributable to the Company	$ (856)	$ (1,073)
Weighted average shares outstanding:
Basic and diluted	25,172	25,553
Basic and diluted loss per share	$ (0.03)	$ (0.04)
Comprehensive income (loss):
Net loss	$ (751)	$ (967)
Other comprehensive income:
Foreign currency translation gain	54	157
Total other comprehensive income	54	157
Comprehensive loss	(697)	(810)
Comprehensive income attributable to noncontrolling interest	(105)	(106)
Comprehensive loss attributable to the Company	$ (802)	$ (916)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Convertible Stock	Common Stock	Additional Paid-in Capital	Accumulated Distributions and Net Loss	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning Balance at Dec. 31, 2015	$ 116,579	$ 0	$ 3	$ 229,796	$ (119,609)	$ (372)	$ 6,761
Beginning Balance (in shares) at Dec. 31, 2015		1	25,585
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(967)				(1,073)		106
Redemptions of common stock	(463)			(463)
Redemptions of common stock (in shares)			(90)
Contributions from noncontrolling interest	60						60
Distributions to noncontrolling interest	(427)						(427)
Other comprehensive income:
Foreign currency translation gain	157					157
Ending Balance at Mar. 31, 2016	114,939	$ 0	$ 3	229,333	(120,682)	(215)	6,500
Ending Balance (in shares) at Mar. 31, 2016		1	25,495
Beginning Balance at Dec. 31, 2016	118,639	$ 0	$ 3	227,891	(114,666)	(495)	5,906
Beginning Balance (in shares) at Dec. 31, 2016		1	25,219
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(751)				(856)		105
Redemptions of common stock	(681)			(681)
Redemptions of common stock (in shares)			(132)
Contributions from noncontrolling interest	30						30
Distributions to noncontrolling interest	(119)						(119)
Other comprehensive income:
Foreign currency translation gain	54					54
Ending Balance at Mar. 31, 2017	$ 117,172	$ 0	$ 3	$ 227,210	$ (115,522)	$ (441)	$ 5,922
Ending Balance (in shares) at Mar. 31, 2017		1	25,087

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (751)	$ (967)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation and amortization	2,538	3,126
Amortization of deferred financing fees	110	137
Loss on derivatives	0	1
Change in operating assets and liabilities:
Accounts receivable	(672)	188
Prepaid expenses and other assets	326	125
Accounts payable	82	(110)
Income taxes payable	4	12
Accrued and other liabilities	185	(1,786)
Payables to related parties	161	(1)
Addition of lease intangibles	(1)	(27)
Deferred gain on sale	(282)	0
Cash provided by operating activities	1,700	698
Cash flows from investing activities:
Investment in unconsolidated joint venture	0	(132)
Additions of real estate and furniture, fixtures, and equipment	(299)	(668)
Cash used in investing activities	(299)	(800)
Cash flows from financing activities:
Payments on notes payable	(581)	(424)
Redemptions of common stock	(681)	(463)
Distributions paid on common stock	0	(38,378)
Contributions from noncontrolling interest holders	30	60
Distributions to noncontrolling interest holders	(119)	(459)
Cash used in financing activities	(1,351)	(39,664)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	65	197
Net change in cash, cash equivalents, and restricted cash	115	(39,569)
Cash, cash equivalents, and restricted cash at beginning of period	73,212	81,396
Cash, cash equivalents, and restricted cash at end of period	$ 73,327	$ 41,827

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	1. Business and Organization Business Behringer Harvard Opportunity REIT II, Inc. (which may be referred to as the “Company,” “we,” “us,” or “our”) was organized as a Maryland corporation on January 9, 2007 and has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. We were formed primarily to acquire and operate commercial real estate and real estate-related assets on an opportunistic and value-add basis. In particular, we have focused generally on acquiring commercial properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment, or repositioning, those located in markets and submarkets with high growth potential, and those available from sellers who are distressed or face time-sensitive deadlines. We have acquired a wide variety of commercial properties, including office, industrial, retail, hospitality, and multifamily. We have purchased existing, income-producing properties, and newly-constructed properties. We have also invested in a mortgage loan and a mezzanine loan. We intend to hold the various real properties in which we have invested until such time as our board of directors determines that a sale or other disposition appears to be advantageous to achieve our investment objectives or until it appears that the objectives will not be met. Consistent with our investment objectives, our board of directors is considering liquidity options for our stockholders. As of March 31, 2017, we had eight real estate investments, seven of which were consolidated. One of our consolidated properties is wholly owned and six properties are consolidated through investments in joint ventures. Substantially all of our business is conducted through Behringer Harvard Opportunity OP II LP, a limited partnership organized in Delaware (the “Operating Partnership”). As of March 31, 2017, our wholly-owned subsidiary, BHO II, Inc., a Delaware corporation, owned a 0.1 99.9 Our business has been managed by an external advisor since the commencement of our initial public offering, and we have no employees. From January 4, 2008 through February 10, 2017, an affiliate of Stratera Services, LLC, formerly known as “Behringer Harvard Holdings, LLC” (“Behringer”), acted as our external advisor (the “Behringer Advisor”). On February 10, 2017, we terminated our engagement of the Behringer Advisor and engaged affiliates of the Lightstone Group (“Lightstone”), LSG-BH II Advisor LLC and LSG Development Advisor LLC (collectively, the “Advisor”), to provide advisory services to us. The external advisor is responsible for managing our day-to-day affairs and for services related to the management of our assets. Organization In connection with our initial capitalization, we issued 22,471 1,000 25.1 1,000 Our common stock is not currently listed on a national securities exchange. The timing of a liquidity event will depend upon then prevailing market conditions. Our board of directors is considering liquidity options for our stockholders, and we can provide no assurances as to the timing of our ultimate liquidation. We will seek stockholder approval prior to liquidating our entire portfolio.

Interim Unaudited Financial Inf

Interim Unaudited Financial Information	3 Months Ended
	Mar. 31, 2017
Interim Unaudited Financial Information Disclosure [Abstract]
Interim Unaudited Financial Information	2. Interim Unaudited Financial Information The accompanying unaudited interim 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, 2016, which was filed with the SEC on March 16, 2017. 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 Securities and Exchange Commission (“SEC”). The results for the interim periods shown in this report are not necessarily indicative of future financial results. The accompanying condensed consolidated balance sheet as of March 31, 2017, the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2017 and 2016 and the condensed consolidated statements of equity and cash flows for the three months ended March 31, 2017 and 2016 have not been audited by our independent registered public accounting firm. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary to fairly present our condensed consolidated financial position as of March 31, 2017 and our condensed consolidated results of operations and cash flows for the periods ended March 31, 2017 and 2016. Such adjustments are of a normal recurring nature. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. 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. 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 and depreciation and amortization. Actual results could differ from those estimates. 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. In addition, interests in entities acquired are evaluated based on applicable GAAP, and entities deemed to be variable interest entities (“VIE”) in which we are the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which we have control, substantive participating rights or both 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 consolidated financial statements. Lease Acquired March 31, 2017 Buildings and Improvements Land and Improvements Intangibles Below-Market Leases Cost $ 164,314 $ 45,898 $ 1,600 $ (137) Less: depreciation and amortization (33,667) (3,327) (1,274) 75 Net $ 130,647 $ 42,571 $ 326 $ (62) Lease Acquired December 31, 2016 Buildings and Improvements Land and Improvements Intangibles Below-Market Leases Cost $ 164,087 $ 45,885 $ 1,599 $ (137) Less: depreciation and amortization (31,728) (3,175) (1,247) 72 Net $ 132,359 $ 42,710 $ 352 $ (65) 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. Lease / Other Year Intangibles / Below-Market Leases April 1, 2017 - December 31, 2017 $ 11 2018 (14) 2019 (12) 2020 (10) 2021 (10) We classify properties as held for sale when certain criteria are met in accordance with GAAP. At that time, we present the assets and obligations of the property held for sale separately in our consolidated balance sheet and we cease recording depreciation and amortization expense related to that property. Properties held for sale are reported at the lower of their carrying amount or their estimated fair value, less estimated costs to sell. We did not have any real estate assets classified as held for sale as of March 31, 2017 or December 31, 2016. As required by our lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as tenant improvements, leasing commissions, and major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. March 31, 2016 Cash and cash equivalents $ 37,990 Restricted cash 3,837 Total cash, cash equivalents, and restricted cash $ 41,827 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 adverse 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. 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 those 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 or 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, 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 carrying value of our investments, which could be material to our financial statements. In addition, we may incur impairment charges on assets classified as held for sale in the future if the carrying amount of the asset upon classification as held for sale exceeds the estimated fair value, less costs to sell. We also evaluate our investments in unconsolidated joint ventures at each reporting date. If we believe there is an other than temporary decline in market value, we will record an impairment charge based on these evaluations. We assess potential impairment by comparing our portion of estimated future undiscounted operating cash flows expected to be generated by the joint venture over the life of the joint venture’s assets to the carrying amount of the joint venture. In the event that the carrying amount exceeds our portion of estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the joint venture to its estimated fair value. We believe the carrying value of our operating real estate assets and our investment in an unconsolidated joint venture is currently recoverable. There were no impairment charges for the three months ended March 31, 2017 and 2016. However, if market conditions worsen unexpectedly or if changes in our strategy significantly affect any key assumptions used in our fair value calculations, we may need to take charges in future periods for impairments related to our existing investments. Any such non-cash charges would have an adverse effect on our consolidated financial position and results of operations. We provide funding to third-party developers for the acquisition, development, and construction of real estate (“ADC Arrangement”). Under an ADC Arrangement, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate this arrangement to determine if it has characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. When we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for the arrangement as an investment in an unconsolidated joint venture under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. The ADC Arrangement is reassessed at each reporting period. See Note 8, Investment in Unconsolidated Joint Venture, for further discussion. We recognize rental income generated from leases of our operating properties on a straight-line basis over the terms of the respective leases, including the effect of rent holidays, if any. Straight-line rent was income of less than $ 0.1 0.1 Hotel revenue is derived from the operations of the Courtyard Kauai Coconut Beach Hotel and consists primarily of guest room, food and beverage, and other ancillary revenues such as laundry and parking. Hotel revenue is recognized as the services are rendered. Accounts receivable primarily consist of receivables related to our consolidated properties of $ 2.1 1.4 0.4 Furniture, fixtures, and equipment are recorded at cost and are depreciated according to the Company’s capitalization policy, which uses the straight-line method over their estimated useful lives of five to seven years. Furniture, fixtures, and equipment associated with properties classified as held for sale are not depreciated. Maintenance and repairs are charged to operations as incurred. Accumulated depreciation associated with our furniture, fixtures, and equipment was $ 10.4 9.9 Deferred financing fees are recorded at cost, accounted for as a reduction to notes payable, 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 $ 0.7 0.8 2.0 1.9 We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and have qualified as a REIT since the year ended December 31, 2008. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90 We did not record any income tax during the three months ended March 31, 2017 and 2016. We have reviewed our tax positions under GAAP guidance that clarify the relevant criteria and approach for the recognition and measurement of uncertain tax positions. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that the tax positions taken relative to our federal tax status as a REIT will be sustained in any tax examination. For our international investments where the functional currency is other than the U.S. dollar, assets and liabilities are translated using period-end exchange rates, while the statement of operations amounts are translated using the average exchange rates 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). Gains and losses resulting from foreign currency transactions are included in the condensed consolidated statements of operations and comprehensive income (loss). The Euro is the functional currency for the operations of Alte Jakobstraße (“AJS”) and Holstenplatz, which were both sold in 2015. We maintain a Euro-denominated bank account that is comprised primarily of the remaining proceeds from the sale of these properties and is translated into U.S. dollars at the current exchange rate at each reporting period. For the three months ended March 31, 2017 and 2016, the foreign currency translation adjustment gain was less than $ 0.1 0.2 When the Company has substantially liquidated its investment in a foreign entity, the cumulative translation adjustment (“CTA”) balance is required to be released into earnings. In accordance with Accounting Standards Update (“ASU”) 2013-05, upon disposal of the property, we would recognize the CTA as an adjustment to the gain on sale. With the sale of AJS and Holstenplatz, we no longer have foreign operations. At March 31, 2017 and December 31, 2016, we had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. We have diversified our cash and cash equivalents among several banking institutions in an attempt to minimize exposure to any one of these entities. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents or restricted cash. Geographic and Asset Type Concentration Our investments may at times be concentrated in certain asset types that are subject to higher risk of foreclosure, or secured by assets concentrated in a limited number of geographic locations. For the three months ended March 31, 2017, 47 15 47 29 20 Noncontrolling interest represents the noncontrolling ownership interest’s proportionate share of the equity in our consolidated real estate investments. Income and losses are allocated to noncontrolling interest holders based generally on their ownership percentage. In certain instances, our joint venture agreement provides for liquidating distributions based on achieving certain return metrics (“promoted interest”). If a property reaches a defined return threshold, then it will result in distributions to noncontrolling interest which is different from the standard pro-rata allocation percentage. Net income (loss) per share is calculated based on the weighted average number of common shares outstanding during each period. The weighted average shares outstanding used to calculate both basic and diluted income per share were the same for each of the three months ended March 31, 2017 and 2016 as there were no potentially dilutive securities outstanding.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	4. New Accounting Pronouncements New Accounting Pronouncements to be Adopted 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 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 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 consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. In June 2016, the FASB issued an update (“ASU 2016-13”) to ASC Topic 326, Credit Losses. This amended guidance requires measurement and recognition of expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This is different from the current guidance as this will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. Financial assets that are measured at amortized cost will be required to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. Generally, the pronouncement requires a modified retrospective method of adoption. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact this guidance will have on our financial statements when adopted. In January 2017, the FASB issued an update (“ASU 2017-01”) to ASC Topic 805, Business Combinations, Clarifying the Definition of a Business. The guidance clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Under the updated guidance, an acquisition of a single property will likely be treated as an asset acquisition as opposed to a business combination and associated transaction costs will be capitalized rather than expensed as incurred. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted, including for interim or annual periods for which financial statements have not yet been issued. Upon adoption of this guidance, we anticipate future acquisitions of real estate assets, if any, will likely qualify as an asset acquisition. Therefore, any future transactions costs associated with an asset acquisition will be capitalized and accounted for in accordance with the guidance in ASU 2017-01. Recently Adopted Accounting Pronouncements In November 2016, the FASB issued an update (“ASU 2016-18”) to ASC Topic 230, Statement of Cash Flows, Restricted Cash. This new guidance requires amounts that are generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted and the pronouncement requires a retrospective transition method of adoption. We early adopted this guidance on December 31, 2016 and included amounts generally described as restricted cash within the beginning-of-period, change, and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows. This adoption changes our statements of cash flows and related disclosure for all periods presented.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	3 Months Ended
	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Assets and Liabilities Measured at Fair Value	5. 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 Currently, we use interest rate swaps and caps to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, implied volatilities, and foreign currency exchange rates. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2017, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. As of March 31, 2017 and 2016, Courtyard Kauai Coconut Beach Hotel was our only remaining asset with an interest rate cap and it had a nominal value. Derivative financial instruments classified as assets are included in prepaid expenses and other assets on the accompanying condensed consolidated balance sheets. Nonrecurring Fair Value Measurements There were no impairment charges recorded during the three months ended March 31, 2017 and 2016.

Financial Instruments not Repor

Financial Instruments not Reported at Fair Value	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Financial Instruments not Reported at Fair Value	6. Financial Instruments not Reported at Fair Value We determined the following disclosure of estimated fair values using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop the related estimates of fair value. The use of different market assumptions or only estimation methodologies may have a material effect on the estimated fair value amounts. As of March 31, 2017 and December 31, 2016, management estimated that the carrying value of cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other assets, accounts payable, accrued and other liabilities, payables/receivables from related parties, and distributions payable to noncontrolling interests were at amounts that reasonably approximated their fair value based on their highly-liquid nature and short-term maturities. The fair value of the notes payable is categorized as a Level 2 in the fair value hierarchy. The fair value was 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. Disclosure about fair value of financial instruments is based on pertinent information available to management as of March 31, 2017 and December 31, 2016. March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Notes payable $ 142,497 $ 145,638 $ 143,119 $ 146,790 Less: unamortized debt issuance costs (678) (787) Notes payable, net $ 141,819 $ 142,332

Real Estate and Real Estate-Rel

Real Estate and Real Estate-Related Investments	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Real Estate and Real Estate-Related Investments	7. Real Estate and Real Estate-Related Investments Ownership Property Name Description Location Date Acquired Interest Gardens Medical Pavilion Medical office building Palm Beach Gardens, Florida October 20, 2010 82% Courtyard Kauai Coconut Beach Hotel Hotel Kauai, Hawaii October 20, 2010 80% River Club and the Townhomes at River Club Student housing Athens, Georgia April 25, 2011 85% Lakes of Margate Multifamily Margate, Florida October 19, 2011 92.5% Arbors Harbor Town Multifamily Memphis, Tennessee December 20, 2011 94% 22 Exchange Student housing Akron, Ohio April 16, 2013 90% Arcadian Sugar Land (“Parkside”) Multifamily Sugar Land, Texas August 8, 2013 90%

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	8. Investment in Unconsolidated Joint Venture We provided mezzanine financing totaling $ 15.3 40 15.3 10 18 Both the senior loan and our mezzanine loan were in technical default at December 31, 2016 due to a delay in completion of the project. The project was completed in January 2017. On March 23, 2017, the Senior Lender executed a loan amendment extending the maturity date of the loan to March 24, 2018. The Senior Lender loan amendment also increased the interest rate 75 basis points to 30-day LIBOR plus 375 basis points and added provisions to maintain minimum occupancy and rental rates at future dates. On May 8, 2017, we amended the mezzanine loan agreement to mirror the maturity date of the senior loan and changed our interest rate to 11 15.3 We considered the impact of these events on the accounting treatment and determined the ADC Arrangement will continue to be accounted for as an unconsolidated joint venture under the equity method of accounting. We will continue to monitor this situation and any impact these events might have on our ability to ultimately realize the investment. The ADC Arrangement is reassessed at each reporting period. In connection with this investment, interest capitalized for the three months ended March 31, 2 0 0.1 Ownership Interest Carrying Amount Property Name March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 The Huron N/A N/A $ 14,658 $ 14,658 Summarized balance sheet information for the unconsolidated joint venture as of March 31, 2017 and December 31, 2016, shown at 100%, is as follows (in thousands): March 31, 2017 December 31, 2016 Total assets $ 71,214 $ 72,272 Total debt, net $ 59,829 $ 56,638 Total equity $ 10,755 $ 11,957 Summarized statement of operations information for the unconsolidated joint venture for the three months ended March 31, 2017 and 2016, shown at 100%, is as follows (in thousands): March 31, 2017 March 31, 2016 Total revenues $ 438 $ — Net loss $ (2,085) $ (74)

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	9. Variable Interest Entities Effective January 1, 2016, we adopted the guidance in ASU 2015-02. As a result, the Operating Partnership (see Note 1) and each of our less than wholly-owned real estate partnerships (22 Exchange, LLC, Gardens Medical Pavilion, LLC, SL Parkside Apartments, LLC, and the ADC Arrangement associated with the Huron) 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 The Company consolidates the Operating Partnership, 22 Exchange, LLC, Gardens Medical Pavilion, LLC through BH-AW-Florida MOB Venture, LLC, and SL Parkside Apartments, LLC, which are variable interest entities, or VIEs, for which we are 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, or legal entities such as an LLC, are 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. Unconsolidated VIEs Included in the Company’s joint venture investments at March 31, 2017 is the ADC Arrangement associated with the Huron, which is accounted for as an unconsolidated joint venture and is a VIE. Refer to Note 8 for further details on the ADC Arrangement. This arrangement was established to provide mezzanine financing to an unaffiliated third party that owns the Huron, an apartment complex in Denver, Colorado. Based on our reevaluation under ASU 2015-02, we determined that we are not the primary beneficiary of this VIE based on the rights of the general partner. The arrangement does not allow for substantive kick-out rights over the general partner and we do not have the power to direct the activities of the Huron that most significantly affect the entity’s economic performance. Accordingly, we have determined it is appropriate, consistent with past accounting, that the Huron ADC Arrangement will continue to be accounted for under the equity method.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Notes Payable	10. Notes Payable Notes Payable as of March 31, December 31, Description 2017 2016 Interest Rate Maturity Date Courtyard Kauai Coconut Beach Hotel $ 38,000 $ 38,000 30-day LIBOR + .95% (1) 5/9/2017 (2) Gardens Medical Pavilion 12,796 12,899 4.9% 1/1/2018 River Club and the Townhomes at River Club 23,813 23,917 5.26% 5/1/2018 Lakes of Margate 14,174 14,243 5.49% and 5.92% 1/1/2020 Arbors Harbor Town 24,487 24,653 3.985% 1/1/2019 22 Exchange 19,220 19,307 3.93% 5/5/2023 Parkside (3) 10,007 10,100 5% 6/1/2018 Total debt 142,497 143,119 Deferred financing fees (678) (787) Total notes payable, net $ 141,819 $ 142,332 (1) 30-day London Interbank Offered Rate (“LIBOR”) was 0.98% at March 31, 2017. (2) The debt secured by Courtyard Kauai Coconut Beach Hotel, with a balance of $ 38 80 44 4.7 (3) Includes approximately $ 0.2 At March 31, 2017, our notes payable balance was $ 141.8 0.7 0.1 We are subject to customary affirmative, negative, and financial covenants and representations, warranties, and borrowing conditions, all as set forth in our loan agreements, including, among other things, maintaining minimum debt service coverage ratios, loan to value ratios and liquidity. As of March 31, 2017, we did not meet the debt service coverage requirements for our 22 Exchange loan. We expect the lender to begin sweeping the cash from operations; however, the loan is not in default. We believe we were in compliance with the covenants under our remaining loan agreements. Year Amount Due April 1, 2017 - December 31, 2017 $ 39,570 2018 46,808 2019 24,307 2020 13,771 2021 404 Thereafter 17,441 Total contractual obligations for principal payments 142,301 Unamortized premium 196 Total notes payable 142,497 Less: Deferred financing fees, net (678) Notes payable, net $ 141,819

Leasing Activity

Leasing Activity	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Leasing Activity	11. Leasing Activity Future minimum base rental payments of our office property, Gardens Medical Pavilion, and the retail space at 22 Exchange due to us under non-cancelable leases in effect as of March 31, 2017 are as follows: Year Amount Due April 1, 2017 - December 31, 2017 $ 1,209 2018 1,399 2019 1,098 2020 993 2021 872 Thereafter 2,412 Total $ 7,983 The schedule above does not include rental payments due to us from our multifamily, hotel, and student housing properties, as leases associated with these properties typically are for periods of one year or less.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	12. Derivative Instruments and Hedging Activities We may be exposed to the risk associated with variability of interest rates that might impact our cash flows and the results of operations. The hedging strategy of entering into interest rate caps and swaps, therefore, is to eliminate or reduce, to the extent possible, the volatility of cash flows. As of March 31, 2017, we had one remaining interest rate cap, which was not designated as a hedging instrument. Our remaining interest rate cap matures on May 15, 2017 and has a notional value of $ 38 30-day LIBOR plus 3% Our derivative financial instrument had a nominal effect on the condensed consolidated statements of operations for the three months ended March 31, 2017 and 2016.

Distributions

Distributions	3 Months Ended
	Mar. 31, 2017
Distributions [Abstract]
Distributions	13. Distributions Distributions are authorized at the discretion of our board of directors based on its analysis of our performance over the previous periods and expectations of performance for future periods. These analyses may include actual and anticipated operating cash flow, changes in market capitalization rates for investments suitable for our portfolio, capital expenditure needs, general financial and market conditions, proceeds from asset sales, and other factors that our board deems relevant. The board’s decision will be substantially influenced by its obligation to ensure that we maintain our federal tax status as a REIT. We cannot provide assurance that we will pay distributions at any particular level, or at all.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	14. Related Party Transactions Advisor Our external advisor and certain of its affiliates may receive fees and compensation in connection with the management and sale of our assets based on an advisory management agreement, as amended and restated. From January 4, 2008 through February 10, 2017, we were party to successive advisory management agreements, each with a term of one year or less, with the Behringer Advisor. The most recently executed advisory management agreement was the Fifth Amended and Restated Advisory Management Agreement (the “Fifth Advisory Agreement”) entered into on July 25, 2016 and effective as of June 6, 2016. On February 10, 2017, we entered into a Termination of Advisory Management Agreement with the Behringer Advisor and (solely with respect to certain sections) Behringer (the “Advisory Termination Agreement”) pursuant to which the Fifth Advisory Agreement was terminated as of the close of business on February 10, 2017. Concurrently with our entry into the Advisory Termination Agreement, we engaged the Advisor to provide us with advisory services pursuant to two separate advisory management agreements (collectively, the “Lightstone Advisory Agreement”). With the exception of the Administrative Services Fee, the fees earned by and expenses reimbursed to the Advisor pursuant to the Lightstone Advisory Agreement are identical to the fees earned by and expenses reimbursed to the Behringer Advisor pursuant to the Fifth Advisory Agreement. The following discussion describes the fees and expenses payable to our external advisor and its respective affiliates under both the Fifth Advisory Agreement and the Lightstone Advisory Agreement. We pay acquisition and advisory fees of 1.5 1.5 We also pay an acquisition expense reimbursement in the amount of (i) 0.25 0.25 0.25 Our external advisor and its affiliates are also responsible for paying all of the investment-related expenses that we or the external advisor or its affiliates incur that are due to third parties or related to the additional services provided by our external advisor as described above with respect to investments we do not make, other than certain non-refundable payments made in connection with any acquisition. For the three months ended March 31, 2017 and 2016, we incurred no acquisition expense reimbursements. We pay a debt financing fee of 0.5 We pay a development fee in an amount that is usual and customary for comparable services rendered to similar projects in the geographic market of the project if such affiliate provides the development services and if a majority of our independent directors determines that such development fee is fair and reasonable to us. We incurred no such fees for the three months ended March 31, 2017 and 2016. We pay a monthly asset management fee of one-twelfth of 0.7 0.4 0.6 Our external advisor is responsible for paying all of the expenses it incurs associated with persons employed by the external advisor to the extent that they provide services related to us for which our external advisor receives an acquisition, asset management, or debt financing fee, including wages and benefits of the personnel. Instead of reimbursing our external advisor for specific expenses paid or incurred in connection with providing services to us, we pay our external advisor an administrative services fee (renamed an administrative services reimbursement under the Lightstone Advisory Agreement) based on a budget of expenses prepared by the Behringer Advisor. The administrative services fee is intended to reimburse for all costs associated with providing services to us. For the calendar year ending December 31, 2017, the administrative services fee is $ 1.325 1.30 1.325 45 0.3 0.1 Notwithstanding the fees and cost reimbursements payable to our external advisor pursuant to our advisory management agreement, under our charter we may not reimburse the external advisor for any amount by which our operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeds the greater of: (i) 2 25 Property Manager From January 4, 2008 through February 10, 2017, we were party to a property management and leasing agreement (as amended and restated, the “Behringer Property Management Agreement”) between us, our operating partnership, Behringer Harvard Opportunity Management Services, LLC, and Behringer Harvard Real Estate Services, LLC (collectively, the “Behringer Manager”). On February 10, 2017, we entered into a Termination of Property Management and Leasing Agreement with the Behringer Manager and (solely with respect to certain sections) Behringer (the “Property Management Termination Agreement”) pursuant to which the Behringer Property Management Agreement was terminated as of the close of business on February 10, 2017. Concurrently with our entry into the Property Management Termination Agreement, we engaged LSG-BH II Property Manager LLC (the “Lightstone Manager”) pursuant to a property management and leasing agreement (the “Lightstone Property Management Agreement”). The fees earned by and expenses reimbursed to the Lightstone Manager pursuant to the Lightstone Property Management Agreement are identical to the fees earned by and expenses reimbursed to the Behringer Manager pursuant to the Behringer Property Management Agreement. The following discussion describes the fees and expenses payable to our affiliated property manager and its respective affiliates under both the Behringer Property Management Agreement (in effect from August 13, 2008 through February 10, 2017) and the Lightstone Property Management Agreement (in effect as of February 10, 2017). We pay our property manager and affiliate of our external advisor, fees for the management, leasing, and construction supervision of our properties which is 4.0 0.5 0.1 We pay our property manager a construction management fee in an amount not to exceed 5 At March 31, 2017 and December 31, 2016, we had a payable to our external advisor and its affiliates of $ 0.5 0.4 We are dependent on our external advisor and our property manager for certain services that are essential to us, including asset disposition decisions, property management and leasing services, and other general administrative responsibilities. In the event that these companies were unable to provide us with their respective services, we would be required to obtain such services from other sources.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	15. Supplemental Cash Flow Information Three months ended March 31, Description 2017 2016 Interest paid, net of amounts capitalized 1,484 $ 1,422 Non-cash investing activities and financing activities: Capital expenditures for real estate in accounts payable — 5 Capital expenditures for real estate in accrued liabilities 45 130 Accrued distributions to noncontrolling interest 22 19

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Share Redemption Program On May 10, 2017, our board of directors approved redemptions for the second quarter of 2017 totaling 90,193 $ 0.5 Courtyard Kauai Coconut Beach Hotel Debt The debt secured by Courtyard Kauai Coconut Beach Hotel, with a balance of $ 38 80 44 36 4.7 The Huron Mezzanine Loan Both the senior loan and our mezzanine loan were in technical default at December 31, 2016 due to a delay in completion of the project. The project was completed in January 2017. On March 23, 2017, the Senior Lender executed a loan amendment extending the maturity date of the loan to March 24, 2018 30-day LIBOR the mezzanine loan agreement to mirror the maturity date of the senior loan and changed our interest rate to 11% for the entire balance of the loan. 15.3

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include such items as impairment of long-lived assets and depreciation and amortization. Actual results could differ from those estimates.
Principles of Consolidation and Basis of Presentation	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. In addition, interests in entities acquired are evaluated based on applicable GAAP, and entities deemed to be variable interest entities (“VIE”) in which we are the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which we have control, substantive participating rights or both 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 consolidated financial statements.
Real Estate	Real Estate Lease Acquired March 31, 2017 Buildings and Improvements Land and Improvements Intangibles Below-Market Leases Cost $ 164,314 $ 45,898 $ 1,600 $ (137) Less: depreciation and amortization (33,667) (3,327) (1,274) 75 Net $ 130,647 $ 42,571 $ 326 $ (62) Lease Acquired December 31, 2016 Buildings and Improvements Land and Improvements Intangibles Below-Market Leases Cost $ 164,087 $ 45,885 $ 1,599 $ (137) Less: depreciation and amortization (31,728) (3,175) (1,247) 72 Net $ 132,359 $ 42,710 $ 352 $ (65) 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. Lease / Other Year Intangibles / Below-Market Leases April 1, 2017 - December 31, 2017 $ 11 2018 (14) 2019 (12) 2020 (10) 2021 (10)
Real Estate Held for Sale	Real Estate Held for Sale We classify properties as held for sale when certain criteria are met in accordance with GAAP. At that time, we present the assets and obligations of the property held for sale separately in our consolidated balance sheet and we cease recording depreciation and amortization expense related to that property. Properties held for sale are reported at the lower of their carrying amount or their estimated fair value, less estimated costs to sell. We did not have any real estate assets classified as held for sale as of March 31, 2017 or December 31, 2016.
Restricted Cash	Restricted Cash As required by our lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as tenant improvements, leasing commissions, and major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. March 31, 2016 Cash and cash equivalents $ 37,990 Restricted cash 3,837 Total cash, cash equivalents, and restricted cash $ 41,827
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 adverse 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. 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 those 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 or 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, 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 carrying value of our investments, which could be material to our financial statements. In addition, we may incur impairment charges on assets classified as held for sale in the future if the carrying amount of the asset upon classification as held for sale exceeds the estimated fair value, less costs to sell. We also evaluate our investments in unconsolidated joint ventures at each reporting date. If we believe there is an other than temporary decline in market value, we will record an impairment charge based on these evaluations. We assess potential impairment by comparing our portion of estimated future undiscounted operating cash flows expected to be generated by the joint venture over the life of the joint venture’s assets to the carrying amount of the joint venture. In the event that the carrying amount exceeds our portion of estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the joint venture to its estimated fair value. We believe the carrying value of our operating real estate assets and our investment in an unconsolidated joint venture is currently recoverable. There were no impairment charges for the three months ended March 31, 2017 and 2016. However, if market conditions worsen unexpectedly or if changes in our strategy significantly affect any key assumptions used in our fair value calculations, we may need to take charges in future periods for impairments related to our existing investments. Any such non-cash charges would have an adverse effect on our consolidated financial position and results of operations.
Investment in Unconsolidated Joint Venture	We provide funding to third-party developers for the acquisition, development, and construction of real estate (“ADC Arrangement”). Under an ADC Arrangement, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate this arrangement to determine if it has characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. When we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for the arrangement as an investment in an unconsolidated joint venture under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. The ADC Arrangement is reassessed at each reporting period. See Note 8, Investment in Unconsolidated Joint Venture, for further discussion.
Revenue Recognition	Revenue Recognition We recognize rental income generated from leases of our operating properties on a straight-line basis over the terms of the respective leases, including the effect of rent holidays, if any. Straight-line rent was income of less than $ 0.1 0.1 Hotel revenue is derived from the operations of the Courtyard Kauai Coconut Beach Hotel and consists primarily of guest room, food and beverage, and other ancillary revenues such as laundry and parking. Hotel revenue is recognized as the services are rendered.
Accounts Receivable	Accounts Receivable Accounts receivable primarily consist of receivables related to our consolidated properties of $ 2.1 1.4 0.4
Furniture, Fixtures, and Equipment	Furniture, Fixtures, and Equipment Furniture, fixtures, and equipment are recorded at cost and are depreciated according to the Company’s capitalization policy, which uses the straight-line method over their estimated useful lives of five to seven years. Furniture, fixtures, and equipment associated with properties classified as held for sale are not depreciated. Maintenance and repairs are charged to operations as incurred. Accumulated depreciation associated with our furniture, fixtures, and equipment was $ 10.4 9.9
Deferred Financing Fees	Deferred Financing Fees Deferred financing fees are recorded at cost, accounted for as a reduction to notes payable, 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 $ 0.7 0.8 2.0 1.9
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and have qualified as a REIT since the year ended December 31, 2008. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90 We did not record any income tax during the three months ended March 31, 2017 and 2016. We have reviewed our tax positions under GAAP guidance that clarify the relevant criteria and approach for the recognition and measurement of uncertain tax positions. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that the tax positions taken relative to our federal tax status as a REIT will be sustained in any tax examination.
Foreign Currency Translation	Foreign Currency Translation For our international investments where the functional currency is other than the U.S. dollar, assets and liabilities are translated using period-end exchange rates, while the statement of operations amounts are translated using the average exchange rates 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). Gains and losses resulting from foreign currency transactions are included in the condensed consolidated statements of operations and comprehensive income (loss). The Euro is the functional currency for the operations of Alte Jakobstraße (“AJS”) and Holstenplatz, which were both sold in 2015. We maintain a Euro-denominated bank account that is comprised primarily of the remaining proceeds from the sale of these properties and is translated into U.S. dollars at the current exchange rate at each reporting period. For the three months ended March 31, 2017 and 2016, the foreign currency translation adjustment gain was less than $ 0.1 0.2 When the Company has substantially liquidated its investment in a foreign entity, the cumulative translation adjustment (“CTA”) balance is required to be released into earnings. In accordance with Accounting Standards Update (“ASU”) 2013-05, upon disposal of the property, we would recognize the CTA as an adjustment to the gain on sale. With the sale of AJS and Holstenplatz, we no longer have foreign operations.
Concentration of Credit Risk	Concentration of Credit Risk At March 31, 2017 and December 31, 2016, we had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. We have diversified our cash and cash equivalents among several banking institutions in an attempt to minimize exposure to any one of these entities. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents or restricted cash. Geographic and Asset Type Concentration Our investments may at times be concentrated in certain asset types that are subject to higher risk of foreclosure, or secured by assets concentrated in a limited number of geographic locations. For the three months ended March 31, 2017, 47 15 47 29 20
Noncontrolling Interest	Noncontrolling Interest Noncontrolling interest represents the noncontrolling ownership interest’s proportionate share of the equity in our consolidated real estate investments. Income and losses are allocated to noncontrolling interest holders based generally on their ownership percentage. In certain instances, our joint venture agreement provides for liquidating distributions based on achieving certain return metrics (“promoted interest”). If a property reaches a defined return threshold, then it will result in distributions to noncontrolling interest which is different from the standard pro-rata allocation percentage.
Earnings per Share	Earnings per Share Net income (loss) per share is calculated based on the weighted average number of common shares outstanding during each period. The weighted average shares outstanding used to calculate both basic and diluted income per share were the same for each of the three months ended March 31, 2017 and 2016 as there were no potentially dilutive securities outstanding.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Schedule of accumulated depreciation and amortization related to entity's consolidated investments in real estate assets and intangibles	As of March 31, 2017 and December 31, 2016, accumulated depreciation and amortization related to our consolidated investments in real estate assets and intangibles were as follows: Lease Acquired March 31, 2017 Buildings and Improvements Land and Improvements Intangibles Below-Market Leases Cost $ 164,314 $ 45,898 $ 1,600 $ (137) Less: depreciation and amortization (33,667) (3,327) (1,274) 75 Net $ 130,647 $ 42,571 $ 326 $ (62) Lease Acquired December 31, 2016 Buildings and Improvements Land and Improvements Intangibles Below-Market Leases Cost $ 164,087 $ 45,885 $ 1,599 $ (137) Less: depreciation and amortization (31,728) (3,175) (1,247) 72 Net $ 132,359 $ 42,710 $ 352 $ (65)
Schedule of anticipated amortization expense associated with acquired lease intangibles	Anticipated net amortization expense (accretion) associated with the acquired lease intangibles and acquired below-market leases for each of the following five years as of March 31, 2017 is as follows: Lease / Other Year Intangibles / Below-Market Leases April 1, 2017 - December 31, 2017 $ 11 2018 (14) 2019 (12) 2020 (10) 2021 (10)
Schedule of cash, cash equivalents and restricted cash	We early adopted the new Financial Accounting Standards Board (“FASB”) guidance on December 31, 2016, which changed the presentation of our statements of cash flows and related disclosures for all periods presented and accordingly, the following is a summary of our cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the three months ended March 31, 2016 (in thousands): March 31, 2016 Cash and cash equivalents $ 37,990 Restricted cash 3,837 Total cash, cash equivalents, and restricted cash $ 41,827

Financial Instruments not Rep25

Financial Instruments not Reported at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	Carrying amounts of our notes payable and the related estimated fair value as of March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Notes payable $ 142,497 $ 145,638 $ 143,119 $ 146,790 Less: unamortized debt issuance costs (678) (787) Notes payable, net $ 141,819 $ 142,332

Real Estate and Real Estate-R26

Real Estate and Real Estate-Related Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of information pertaining to consolidated investments	As of March 31, 2017, we consolidated seven real estate assets in our condensed consolidated balance sheet. The following table presents certain information about our consolidated investments as of March 31, 2017: Ownership Property Name Description Location Date Acquired Interest Gardens Medical Pavilion Medical office building Palm Beach Gardens, Florida October 20, 2010 82% Courtyard Kauai Coconut Beach Hotel Hotel Kauai, Hawaii October 20, 2010 80% River Club and the Townhomes at River Club Student housing Athens, Georgia April 25, 2011 85% Lakes of Margate Multifamily Margate, Florida October 19, 2011 92.5% Arbors Harbor Town Multifamily Memphis, Tennessee December 20, 2011 94% 22 Exchange Student housing Akron, Ohio April 16, 2013 90% Arcadian Sugar Land (“Parkside”) Multifamily Sugar Land, Texas August 8, 2013 90%

Investment in Unconsolidated 27

Investment in Unconsolidated Joint Venture (Tables)	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Ownership in Joint Venture	The following table sets forth our ownership interest in the Huron: Ownership Interest Carrying Amount Property Name March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 The Huron N/A N/A $ 14,658 $ 14,658 Summarized balance sheet information for the unconsolidated joint venture as of March 31, 2017 and December 31, 2016, shown at 100%, is as follows (in thousands): March 31, 2017 December 31, 2016 Total assets $ 71,214 $ 72,272 Total debt, net $ 59,829 $ 56,638 Total equity $ 10,755 $ 11,957 Summarized statement of operations information for the unconsolidated joint venture for the three months ended March 31, 2017 and 2016, shown at 100%, is as follows (in thousands): March 31, 2017 March 31, 2016 Total revenues $ 438 $ — Net loss $ (2,085) $ (74)

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of information on notes payable	The following table sets forth information on our notes payable as of March 31, 2017 and December 31, 2016: Notes Payable as of March 31, December 31, Description 2017 2016 Interest Rate Maturity Date Courtyard Kauai Coconut Beach Hotel $ 38,000 $ 38,000 30-day LIBOR + .95% (1) 5/9/2017 (2) Gardens Medical Pavilion 12,796 12,899 4.9% 1/1/2018 River Club and the Townhomes at River Club 23,813 23,917 5.26% 5/1/2018 Lakes of Margate 14,174 14,243 5.49% and 5.92% 1/1/2020 Arbors Harbor Town 24,487 24,653 3.985% 1/1/2019 22 Exchange 19,220 19,307 3.93% 5/5/2023 Parkside (3) 10,007 10,100 5% 6/1/2018 Total debt 142,497 143,119 Deferred financing fees (678) (787) Total notes payable, net $ 141,819 $ 142,332 (1) 30-day London Interbank Offered Rate (“LIBOR”) was 0.98% at March 31, 2017. (2) The debt secured by Courtyard Kauai Coconut Beach Hotel, with a balance of $ 38 80 44 4.7 (3) Includes approximately $ 0.2
Contractual obligations for principal payments	The following table summarizes our contractual obligations for principal payments as of March 31, 2017: Year Amount Due April 1, 2017 - December 31, 2017 $ 39,570 2018 46,808 2019 24,307 2020 13,771 2021 404 Thereafter 17,441 Total contractual obligations for principal payments 142,301 Unamortized premium 196 Total notes payable 142,497 Less: Deferred financing fees, net (678) Notes payable, net $ 141,819

Leasing Activity (Tables)

Leasing Activity (Tables)	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Future minimum base rental payments of remaining office property	Future minimum base rental payments of our office property, Gardens Medical Pavilion, and the retail space at 22 Exchange due to us under non-cancelable leases in effect as of March 31, 2017 are as follows: Year Amount Due April 1, 2017 - December 31, 2017 $ 1,209 2018 1,399 2019 1,098 2020 993 2021 872 Thereafter 2,412 Total $ 7,983

Supplemental Cash Flow Inform30

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information	Supplemental cash flow information is summarized below: Three months ended March 31, Description 2017 2016 Interest paid, net of amounts capitalized 1,484 $ 1,422 Non-cash investing activities and financing activities: Capital expenditures for real estate in accounts payable — 5 Capital expenditures for real estate in accrued liabilities 45 130 Accrued distributions to noncontrolling interest 22 19

Business and Organization (Deta

Business and Organization (Details)	3 Months Ended
	Mar. 31, 2017real / estateshares	Dec. 31, 2016shares	Jan. 19, 2007shares
Organization
Number of real estate investments | real / estate	8
Percentage of ownership interest by BHO II, Inc	0.10%
Percentage of remaining ownership interest held by BHO Business Trust II	99.90%
Common stock, shares outstanding (in shares)	25,086,778	25,218,770
Common stock, shares issued (in shares)	25,086,778	25,218,770
Convertible stock issued (in shares)	1,000	1,000
Convertible Stock Shares Outstanding	1,000	1,000
Real Estate Assets Consolidated Number | real / estate	7
Initial Offering
Organization
Common stock, shares outstanding (in shares)	25,100,000
Initial Offering | Lightstone Group
Organization
Convertible Stock Shares Outstanding	1,000
Initial Capitalization | Behringer Harvard Holdings
Organization
Common stock, shares issued (in shares)			22,471
Convertible stock issued (in shares)			1,000
Wholly owned
Organization
Real Estate Assets Consolidated Number | real / estate	1
Partially owned (joint venture)
Organization
Real Estate Assets Consolidated Number | real / estate	6

Summary of Significant Accoun32

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total real estate	$ 173,218	$ 175,069
Net	326	352
Lease / Other Intangibles
April 1, 2017 - December 31, 2017	11
2,018	(14)
2,019	(12)
2,020	(10)
2,021	(10)
Lease Intangibles
Property, Plant and Equipment [Line Items]
Cost	1,600	1,599
Less: depreciation and amortization	(1,274)	(1,247)
Net	326	352
Acquired Below-Market Leases
Property, Plant and Equipment [Line Items]
Cost	(137)	(137)
Less: depreciation and amortization	75	72
Net	(62)	(65)
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Cost	164,314	164,087
Less: depreciation and amortization	(33,667)	(31,728)
Total real estate	130,647	132,359
Land and Improvements
Property, Plant and Equipment [Line Items]
Cost	45,898	45,885
Less: depreciation and amortization	(3,327)	(3,175)
Total real estate	$ 42,571	$ 42,710

Summary of Significant Accoun33

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Cash and cash equivalents	$ 67,150	$ 67,111	$ 37,990
Restricted cash	6,177	6,101	3,837
Total cash, cash equivalents, and restricted cash	$ 73,327	$ 73,212	$ 41,827	$ 81,396

Summary of Significant Accoun34

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Straight-line rent	$ 0.1	$ 0.1
Amortization of above and below market leases	$ 0.1	$ 0.1

Summary of Significant Accoun35

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Real Estate [Line Items]
Straight-line rental revenue receivables	$ 0.4	$ 0.4
Consolidated properties
Real Estate [Line Items]
Receivables	$ 2.1	$ 1.4

Summary of Significant Accoun36

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - FF&E (Details) - Furniture, Fixtures, and Equipment - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Accumulated Depreciation	$ 10.4	$ 9.9
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years

Summary of Significant Accoun37

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Deferred Financing Fees (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net	$ 678	$ 787
Accumulated amortization of deferred financing fees	$ 2,000	$ 1,900

Summary of Significant Accoun38

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Income Taxes (Details)	3 Months Ended
	Mar. 31, 2017
Real Estate [Line Items]
Required minimum percentage distribution of ordinary taxable income to stockholders to qualify as a REIT	90.00%

Summary of Significant Accoun39

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Real Estate [Line Items]
Cumulative foreign currency translation adjustment	$ 0.1	$ 0.2

Summary of Significant Accoun40

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Geographic and Asset type concentration (Details)	3 Months Ended
	Mar. 31, 2017
Hawaii [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	47.00%
Florida [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%
Hotels | Real Estate Asset Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	47.00%
Multifamily | Real Estate Asset Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	29.00%
Student Housing | Real Estate Asset Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%

Assets and Liabilities Measur41

Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Assets
Impairment charge	$ 0	$ 0

Financial Instruments not Rep42

Financial Instruments not Reported at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Notes payable, carrying amount	$ 142,497	$ 143,119
Less: unamortized debt issuance costs, carrying amounts	(678)	(787)
Notes payable, net, carrying amount	141,819	142,332
Notes payable, fair value	$ 145,638	$ 146,790

Real Estate and Real Estate-R43

Real Estate and Real Estate-Related Investments - Consolidated Properties (Details)	3 Months Ended
	Mar. 31, 2017
Gardens Medical Pavilion
Real Estate Properties [Line Items]
Ownership Interest	82.00%
Courtyard Kauai Coconut Beach Hotel
Real Estate Properties [Line Items]
Ownership Interest	80.00%
River Club and the Townhomes at River Club
Real Estate Properties [Line Items]
Ownership Interest	85.00%
Lakes of Margate
Real Estate Properties [Line Items]
Ownership Interest	92.50%
Arbors Harbor Town
Real Estate Properties [Line Items]
Ownership Interest	94.00%
22 Exchange
Real Estate Properties [Line Items]
Ownership Interest	90.00%
Arcadian Sugar Land (“Parkside”)
Real Estate Properties [Line Items]
Ownership Interest	90.00%

Investment in Unconsolidated 44

Investment in Unconsolidated Joint Venture (Details) - USD ($)	May 08, 2017	May 24, 2013	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Mezzanine financing to unaffiliated third party Entity		$ 15,300,000
Amount of senior construction loan taken by unconsolidated joint venture		40,000,000
Outstanding principal balance under mezzanine Loan			$ 15,300,000
Capitalized interest costs			0	$ 100,000
Carrying Amount			14,658,000		$ 14,658,000
Equity in earnings (losses)			$ 0	$ 0
Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Annual interest rate for mezzanine loan	11.00%
Initial Advance to Joint Venture
Schedule of Equity Method Investments [Line Items]
Advances		$ 15,300,000
Minimum
Schedule of Equity Method Investments [Line Items]
Annual interest rate for mezzanine loan		10.00%
Maximum
Schedule of Equity Method Investments [Line Items]
Annual interest rate for mezzanine loan		18.00%

Investment in Unconsolidated 45

Investment in Unconsolidated Joint Venture - Summary of Balance Sheet Information (Details) - Prospect Park - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Total assets	$ 71,214	$ 72,272
Total debt, net	59,829	56,638
Total equity	$ 10,755	$ 11,957

Investment in Unconsolidated 46

Investment in Unconsolidated Joint Venture - Summary of Statement of Operations Information (Details) - Prospect Park - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 438	$ 0
Net loss	$ (2,085)	$ (74)

Notes Payable - Information on

Notes Payable - Information on Notes Payable (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt		$ 142,497	$ 143,119
Deferred financing fees		678	787
Notes payable, net		141,819	142,332
Notes payable
Debt Instrument [Line Items]
Notes payable, net		$ 141,800
Courtyard Kauai Coconut Beach Hotel
Debt Instrument [Line Items]
Variable rate basis, description		30-day LIBOR
Variable interest rate (as a percent)		0.95%
Courtyard Kauai Coconut Beach Hotel | Notes payable
Debt Instrument [Line Items]
Notes payable, net		$ 38,000	38,000
Variable rate basis, description	[1]	30-day LIBOR
Variable interest rate (as a percent)	[1]	0.95%
Debt Instrument, Maturity Date	[2]	May 9, 2017
Gardens Medical Pavilion | Notes payable
Debt Instrument [Line Items]
Notes payable, net		$ 12,796	12,899
Interest rate (as a percent)		4.90%
Debt Instrument, Maturity Date		Jan. 1, 2018
River Club and the Townhomes at River Club | Notes payable
Debt Instrument [Line Items]
Notes payable, net		$ 23,813	23,917
Interest rate (as a percent)		5.26%
Debt Instrument, Maturity Date		May 1, 2018
Lakes of Margate | Notes payable
Debt Instrument [Line Items]
Notes payable, net		$ 14,174	14,243
Debt Instrument, Maturity Date		Jan. 1, 2020
Arbors Harbor Town | Notes payable
Debt Instrument [Line Items]
Notes payable, net		$ 24,487	24,653
Interest rate (as a percent)		3.985%
Debt Instrument, Maturity Date		Jan. 1, 2019
22 Exchange | Notes payable
Debt Instrument [Line Items]
Notes payable, net		$ 19,220	19,307
Interest rate (as a percent)		3.93%
Debt Instrument, Maturity Date		May 5, 2023
Parkside | Notes payable
Debt Instrument [Line Items]
Notes payable, net	[3]	$ 10,007	$ 10,100
Interest rate (as a percent)		5.00%
Debt Instrument, Maturity Date		Jun. 1, 2018
Minimum | Lakes of Margate | Notes payable
Debt Instrument [Line Items]
Interest rate (as a percent)		5.49%
Maximum | Lakes of Margate | Notes payable
Debt Instrument [Line Items]
Interest rate (as a percent)		5.92%
[1]	30-day London Interbank Offered Rate (“LIBOR”) was 0.98% at March 31, 2017.
[2]	The debt secured by Courtyard Kauai Coconut Beach Hotel, with a balance of $38 million at March 31, 2017, matured on May 9, 2017. We, through our 80% ownership interest in a joint venture, refinanced the debt on May 8, 2017 with a new lender for up to $44 million in proceeds. The interest rate went from a 30-day LIBOR + .95%, to 30-day LIBOR + 4.7% on the new debt. The new loan matures in three years with two one-year extensions available. See Note 16, Subsequent Events for additional information.
[3]	Includes approximately $0.2 million of unamortized premium related to debt we assumed at acquisition.

Notes Payable - Contractual Obl

Notes Payable - Contractual Obligations for Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
April 1, 2017 - December 31, 2017	$ 39,570
2,018	46,808
2,019	24,307
2,020	13,771
2,021	404
Thereafter	17,441
Total contractual obligations for principal payments	142,301
Unamortized premium	196
Total notes payable	142,497	$ 143,119
Less: Deferred financing fees, net	(678)	(787)
Notes payable, net	$ 141,819	$ 142,332

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($) $ in Thousands		May 08, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Deferred financing fees			$ 678		$ 787
Capitalized interest costs			0	$ 100
Debt Instrument, Unamortized Premium			$ 196
London Interbank Offered Rate ("LIBOR")
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.98%
Notes payable
Debt Instrument [Line Items]
Notes payable, net			$ 141,800
Huron
Debt Instrument [Line Items]
Capitalized interest costs				$ 100
Courtyard Kauai Coconut Beach Hotel
Debt Instrument [Line Items]
Long-term Debt			$ 38,000
Debt Instrument, Description of Variable Rate Basis			30-day LIBOR
Debt Instrument, Basis Spread on Variable Rate			0.95%
Courtyard Kauai Coconut Beach Hotel | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 44,000
Debt Instrument, Description of Variable Rate Basis		30-day LIBOR
Debt Instrument, Basis Spread on Variable Rate		4.70%
Equity Method Investment, Ownership Percentage		80.00%
Courtyard Kauai Coconut Beach Hotel | Notes payable
Debt Instrument [Line Items]
Notes payable, net			$ 38,000		38,000
Debt Instrument, Description of Variable Rate Basis	[1]		30-day LIBOR
Debt Instrument, Basis Spread on Variable Rate	[1]		0.95%
Parkside
Debt Instrument [Line Items]
Debt Instrument, Unamortized Premium			$ 200
Parkside | Notes payable
Debt Instrument [Line Items]
Notes payable, net	[2]		$ 10,007		$ 10,100
[1]	30-day London Interbank Offered Rate (“LIBOR”) was 0.98% at March 31, 2017.
[2]	Includes approximately $0.2 million of unamortized premium related to debt we assumed at acquisition.

Leasing Activity (Details)

Leasing Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Operating Leased Assets [Line Items]
Maximum lease term	1 year
Future minimum base rental payments due to entity under non-cancelable leases
April 1, 2017 - December 31, 2017	$ 1,209
2,018	1,399
2,019	1,098
2,020	993
2,021	872
Thereafter	2,412
Total	$ 7,983

Derivative Instruments and He51

Derivative Instruments and Hedging Activities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Derivative Not Designated as Hedging Instruments
Derivative Instruments and Hedging Activities
Debt Instrument, Description of Variable Rate Basis	30-day LIBOR plus 3%
Courtyard Kauai Coconut Beach Hotel
Derivative Instruments and Hedging Activities
Debt Instrument, Description of Variable Rate Basis	30-day LIBOR
Courtyard Kauai Coconut Beach Hotel | Interest Rate Cap | Derivative Not Designated as Hedging Instruments
Derivative Instruments and Hedging Activities
Notational value	$ 38

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Related party transaction
Asset management fees	$ 509	$ 614
Advisor
Related party transaction
Acquisition and advisory fees as percentage of purchase, development, construction, or improvement of each asset acquired	1.50%
Acquisition and advisory fees as percentage of funds advanced in respect of loan investment	1.50%
Acquisition and advisory fees incurred	$ 0	0
Reimbursement of acquisition expense	$ 0	0
Percentage of debt financing fee payable under loan or line of credit	0.50%
Debt financing fee	$ 0	0
Monthly asset management fee	0.70%
Asset management fees	$ 400	600			$ 1,325
Development fee paid to advisor or its affiliates	0	0
Administrative services cost incurred and expensed	300	300
Due diligence	100	100
Property management fees or oversight fees incurred	$ 100	100
Construction management fees, percentage	5.00%
Construction management fees	$ 0	$ 0
Payment of Administrative Service Costs Maximum Period	45 years
Payable to external advisor and affiliates	$ 500				$ 400
Advisor | Minimum
Related party transaction
Operating expenses in excess of average invested assets	2.00%
Operating expenses in excess of net income	25.00%
Advisor | Scenario, Forecast
Related party transaction
Administrative services fee			$ 1,325	$ 1,300
Advisor
Related party transaction
Property management fees as percentage of gross revenues of properties	4.00%
Oversight fee as percentage of gross revenues of property managed	0.50%
Asset Purchases | Advisor
Related party transaction
Percentage of reimbursement of acquisition expense	0.25%
Development, Construction or Improvement of Assets | Advisor
Related party transaction
Percentage of reimbursement of acquisition expense	0.25%
Funds Advanced for Loan Investment | Advisor
Related party transaction
Percentage of reimbursement of acquisition expense	0.25%

Supplemental Cash Flow Inform53

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Cash Flow Information [Abstract]
Interest paid, net of amounts capitalized	$ 1,484	$ 1,422
Non-cash investing activities and financing activities:
Capital expenditures for real estate in accounts payable	0	5
Capital expenditures for real estate in accrued liabilities	45	130
Accrued distributions to noncontrolling interest	$ 22	$ 19

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	May 08, 2017	Mar. 23, 2017	Mar. 31, 2017	Mar. 31, 2016	May 10, 2017
Subsequent Event [Line Items]
Repayments of Notes Payable			$ 581	$ 424
Outstanding Principal Balance under Mezzanine Loan			$ 15,300
Mezzanine Loan [Member]
Subsequent Event [Line Items]
Debt Instrument, Description of Variable Rate Basis		interest rateto 11% for the entire balance of the loan.
Senior Loans [Member]
Subsequent Event [Line Items]
Debt Instrument, Description of Variable Rate Basis		interest rate 75 basis points to 30-day LIBOR plus 375 basis points
Debt Instrument, Maturity Date		Mar. 24, 2018
Subsequent Event
Subsequent Event [Line Items]
Shares approved for redemption (in shares)					90,193
Shares approved for redemption					$ 500
Subsequent Event | Courtyard Kauai Coconut Beach Hotel Kauai [Member] | Notes Payable, Other Payables [Member]
Subsequent Event [Line Items]
Repayments of Notes Payable	$ 38,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 44,000
Debt Instrument, Basis Spread on Variable Rate	4.70%
Debt Instrument, Description of Variable Rate Basis	30-day LIBOR
Debt Instrument, Term	3 years
Line of Credit Facility, Current Borrowing Capacity	$ 36,000
Equity Method Investment, Ownership Percentage	80.00%