Lightstone Value Plus REIT V (LVVP) 10-Q 14 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 09, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	Lightstone Value Plus Real Estate Investment Trust V, Inc.
Entity Central Index Key	1,387,061
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		24,996,586

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real estate
Land and improvements, net	$ 42,437	$ 42,710
Building and improvements, net	129,096	132,359
Total real estate	171,533	175,069
Cash and cash equivalents	64,890	67,111
Restricted cash	4,886	6,101
Accounts receivable, net	2,309	1,415
Prepaid expenses and other assets	847	1,051
Investment in unconsolidated joint venture	14,658	14,658
Furniture, fixtures and equipment, net	2,371	3,148
Lease intangibles, net	308	352
Total Assets	261,802	268,905
Liabilities and Stockholders' Equity
Notes payable, net	138,004	142,332
Accounts payable	474	491
Payables to related parties	145	370
Acquired below-market leases, net	59	65
Distributions payable to noncontrolling interest	18	21
Income taxes payable	46	38
Deferred gain	964	1,247
Accrued and other liabilities	6,790	5,702
Total liabilities	146,500	150,266
Stockholders' Equity:
Preferred stock, $.0001 par value per share; 50,000,000 shares authorized, none issued and outstanding
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, 24,996,586 and 25,218,770 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	3	3
Additional paid-in-capital	226,744	227,891
Accumulated other comprehensive loss	(208)	(495)
Accumulated deficit	(117,061)	(114,666)
Total Company stockholders' equity	109,478	112,733
Noncontrolling interest	5,824	5,906
Total Stockholder's Equity	115,302	118,639
Total Liabilities and Stockholders' Equity	$ 261,802	$ 268,905

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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)	24,996,586	25,218,770
Common stock, shares outstanding (in shares)	24,996,586	25,218,770

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Rental revenues	$ 6,151	$ 7,531	$ 12,223	$ 14,850
Hotel revenues	5,209	4,162	10,554	9,293
Total revenues	11,360	11,693	22,777	24,143
Expenses
Property operating expenses	1,974	2,210	4,061	4,493
Hotel operating expenses	3,676	3,262	7,246	6,710
Interest expense, net	1,773	1,607	3,242	3,131
Real estate taxes	1,118	1,451	2,225	2,916
Property management fees	363	376	758	790
Asset management fees	510	605	1,019	1,219
General and administrative	963	739	1,761	1,541
Depreciation and amortization	2,568	2,615	5,146	5,780
Total expenses	12,945	12,865	25,458	26,580
Interest income, net	65	19	127	33
Other income (expense)	3	(73)	4	211
Loss before gain on sale of real estate	(1,517)	(1,226)	(2,550)	(2,193)
Gain on sale of real estate	0	0	282	0
Net loss	(1,517)	(1,226)	(2,268)	(2,193)
Net (income) loss attributable to the noncontrolling interest	(22)	61	(127)	(45)
Net loss attributable to the Company's shares	$ (1,539)	$ (1,165)	$ (2,395)	$ (2,238)
Weighted average shares outstanding:
Basic and diluted	25,026	25,466	25,098	25,510
Basic and diluted loss per share	$ (0.06)	$ (0.05)	$ (0.10)	$ (0.09)
Comprehensive income (loss):
Net loss	$ (1,517)	$ (1,226)	$ (2,268)	$ (2,193)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	233	(88)	287	69
Total other comprehensive income (loss)	233	(88)	287	69
Comprehensive loss	(1,284)	(1,314)	(1,981)	(2,124)
Comprehensive (income) loss attributable to noncontrolling interest	(22)	61	(127)	(45)
Comprehensive loss attributable to the Company's shares	$ (1,306)	$ (1,253)	$ (2,108)	$ (2,169)

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) shares in Thousands, $ in Thousands	Total	Convertible Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Noncontrolling Interests
Beginning Balance at Dec. 31, 2016	$ 118,639	$ 0	$ 3	$ 227,891	$ (495)	$ (114,666)	$ 5,906
Beginning Balance (in shares) at Dec. 31, 2016		1	25,219
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(2,268)	$ 0	$ 0	0	0	(2,395)	127
Contributions from noncontrolling interest holders	30	0	0	0	0		30
Distributions to noncontrolling interest holders	(239)	0	0	0	0	0	(239)
Redemption and cancellation of shares	(1,147)	$ 0	$ 0	(1,147)	0	0	0
Redemption and cancellation (in shares)		0	(222)
Foreign currency translation gain	287	$ 0	$ 0	0	287	0	0
Ending Balance at Jun. 30, 2017	$ 115,302	$ 0	$ 3	$ 226,744	$ (208)	$ (117,061)	$ 5,824
Ending Balance (in shares) at Jun. 30, 2017		1	24,997

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,268)	$ (2,193)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	5,065	5,701
Amortization of deferred financing fees	289	275
Loss on derivatives		2
Gain on sale of real estate	(282)	0
Changes in operating assets and liabilities:
Accounts receivable	(762)	772
Prepaid expenses and other assets	204	503
Accounts payable	(16)	198
Income taxes payable	9	(35)
Accrued and other liabilities	1,147	(411)
Payables to related parties	(356)	(124)
Lease intangibles	(10)	(51)
Net cash provided by operating activities	3,020	4,637
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in unconsolidated joint venture	0	(176)
Additions of real estate and furniture, fixtures, and equipment	(851)	(1,266)
Net cash used in investing activities	(851)	(1,442)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on notes payable	(39,068)	(872)
Proceeds from notes payable	36,000	0
Financing costs	(1,465)	0
Redemptions of common stock	(1,147)	(680)
Distributions paid on common stock	0	(38,378)
Contributions from noncontrolling interest holders	30	60
Distributions to noncontrolling interest holders	(242)	(691)
Net cash used in financing activities	(5,892)	(40,561)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	287	96
Net change in cash, cash equivalents restricted cash	(3,436)	(37,270)
Cash, cash equivalents restricted cash, beginning of year	73,212	81,396
Cash, cash equivalents restricted cash, end of period	69,776	44,126
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest, net of amounts capitalized	1,484	2,947
Income taxes paid, net	0	60
Capital expenditures for real estate in accounts payable	0	9
Capital expenditures for real estate in accrued liabilities	0	72
Accrued distributions to noncontrolling interest	$ 18	$ 18

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	1. Business and Organization Business Behringer Harvard Opportunity REIT II, Inc., which changed its name to Lightstone Value Plus Real Estate Investment Trust V, Inc. effective July 20, 2017 (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. As of June 30, 2017, we had eight real estate investments, seven of which were 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 June 30, 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 25.0 1,000 Our common stock is not currently listed on a national securities exchange. The timing of a liquidity event for our stockholders will depend upon then prevailing market conditions. We previously targeted the commencement of a liquidity event within six years after the termination of our initial public offering, which occurred on July 3, 2011. On June 29, 2017, our board of directors elected to extend the targeted timeline an additional six years until June 30, 2023 based on their assessment of our investment objectives and liquidity options for our stockholders. However, we can provide no assurances as to the actual timing of the commencement of a liquidity event for our stockholders or the ultimate liquidation of the Company. We will seek stockholder approval prior to liquidating our entire portfolio.

Interim Unaudited Financial Inf

Interim Unaudited Financial Information	6 Months Ended
	Jun. 30, 2017
Interim Unaudited Financial Information Disclosure [Abstract]
Interim Unaudited Financial Information	2. Interim Unaudited Financial Information The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, which was filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2017. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus Real Estate Investment Trust V, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated balance sheet as of December 31, 2016 included herein has been derived from the consolidated balance sheet included in the Company's Annual Report on Form 10-K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. In the Notes to Consolidated Financial Statements, all dollar and share amounts are in thousands of dollars and shares, respectively, unless otherwise

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of 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. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these Our consolidated financial statements include our accounts and the accounts of other subsidiaries over which we have control. All inter-company transactions, balances, and profits have been eliminated in consolidation. 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. Buildings and Land and Acquired Below- June 30, 2017 Improvements Improvements Lease Intangibles Market Leases Cost $ 164,695 $ 45,917 $ 1,610 $ (137) Less: depreciation and amortization (35,599) (3,480) (1,302) 78 Net $ 129,096 $ 42,437 $ 308 $ (59) Buildings and Land and Acquired Below- December 31, 2016 Improvements Improvements Lease Intangibles 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. 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 June 30, 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. June 30, 2016 Cash and cash equivalents $ 38,896 Restricted cash 5,230 Total cash, cash equivalents and restricted cash $ 44,126 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 six months ended June 30, 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. Leases associated with our multifamily, student housing, and hotel assets are generally short-term in nature, and thus have no straight-line rent. 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 $ 2.3 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 $ 10.9 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 were $ 2.0 0.8 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 and six months ended June 30, 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 consolidated statements of operations and comprehensive income (loss). Upon the substantial liquidation of our 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 recognize the CTA as an adjustment to the resulting gain or loss on sale. The Euro was the functional currency for the operations of Alte Jakobstraße (“AJS”) and Holstenplatz, which were both sold in 2015. As a result of the sale of AJS and Holstenplatz, we no longer have foreign operations. However, we still maintain a Euro-denominated bank account that is comprised primarily of the remaining undistributed proceeds from the sale of these properties, which we translate into U.S. dollars at the current exchange rate at each reporting period. As of June 30, 2017, we maintained approximately $ 4.4 0.2 0.3 0.1 0.1 As of June 30, 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. 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 six months ended June 30, 2017, 46 15 46 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. 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. In certain instances, our joint venture agreement provides for liquidating distributions based on achieving certain return metrics (“promoted interest”) The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the applicable

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 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. 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 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, with classification affecting the pattern of expense recognition in the statement of earnings. 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 consolidated 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.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2017, 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 consolidated balance sheets. Nonrecurring Fair Value Measurements There were no impairment charges recorded during the six months ended June 30, 2017 and 2016.

Financial Instruments not Repor

Financial Instruments not Reported at Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2017 and December 31, 2016. As of June 30, 2017 As of December 31, 2016 Estimated Fair Estimated Fair Carrying Amount Value Carrying Amount Value Mortgages payable $ 139,967 $ 142,721 $ 143,119 $ 146,790

Real Estate and Real Estate-Rel

Real Estate and Real Estate-Related Investments	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate and Real Estate-Related Investments	7. Real Estate and Real Estate-Related Investments As of June 30, 2017, we consolidated seven real estate assets in our consolidated balance sheet. The following table presents certain information about our consolidated investments as of June 30, 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 Jo

Investment in Unconsolidated Joint Venture	6 Months Ended
	Jun. 30, 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 subsequently 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 require the maintenance of certain prescribed 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 our accounting treatment and determined the ADC Arrangement should still continue to be accounted for as an unconsolidated joint venture under the equity method of accounting. We will continue to monitor this situation and assess any impact these or future events might have on our ability to ultimately realize the carrying value of our investment. The ADC Arrangement is reassessed at each reporting period. In connection with our investment in the Huron, we capitalized interest of $ 44 176 Ownership Interest Carrying Amount Property Name June 30, 2017 December 31, 2016 June 30, 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 June 30, 2017 and December 31, 2016, shown at 100%, is as follows: June 30, 2017 December 31, 2016 Total assets $ 70,257 $ 72,272 Total debt, net $ 60,325 $ 56,638 Total equity $ 8,506 $ 11,957 Summarized statement of operations information for the unconsolidated joint venture for the periods indicated, shown at 100%, is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Total revenues $ 579 $ 54 $ 1,017 $ 54 Net loss (2,750) (1,082) (4,835) (1,008)

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 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 consolidated balance sheets and statements of cash flows or amounts recognized in our 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 as of June 30, 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	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Notes Payable	10. Notes Payable Amount Due Notes Payable as of Description Interest Rate Maturity Date at Maturity June 30, 2017 December 31, 2016 Courtyard Kauai Coconut Beach Hotel Repaid in full on 5/8/2017 $ - $ - $ 38,000 Courtyard Kauai Coconut Beach Hotel (1) 30-day LIBOR + 4.7% 5/8/2020 36,000 36,000 - Gardens Medical Pavilion 4.90% 1/1/2018 12,480 12,692 12,899 River Club and the Townhomes at River Club 5.26% 5/1/2018 23,368 23,715 23,917 Lakes of Margate 5.49% and 5.92% 1/1/2020 13,384 14,108 14,243 Arbors Harbor Town 3.99% 1/1/2019 23,632 24,404 24,653 22 Exchange 3.93% 5/5/2023 16,875 19,136 19,307 Parkside (2) 5% 6/1/2018 9,560 9,912 10,100 Total debt $ 135,299 139,967 143,119 Deferred financing fees (1,963) (787) Total notes payable, net $ 138,004 $ 142,332 (1) Interest rate as of June 30, 2017 was 5.80%. (2) Includes approximately $ 0.2 As of June 30, 2017, our outstanding notes payable were $ 138.0 2.0 5.0 We are subject to various customary financial covenants, including, maintaining minimum debt service coverage ratios, loan to value ratios and liquidity. We did not meet the debt service coverage requirements for our 22 Exchange loan as of both March 31, 2017 and June 30, 2017. As a result, we expect the lender to begin sweeping the cash from operations; however, the loan is not in default. We were in compliance with the financial covenants under our remaining loan agreements as of June 30, 2017. Year Amount Due July 1, 2017 - December 31, 2017 $ 1,083 2018 46,808 2019 24,308 2020 49,771 2021 404 Thereafter 17,439 Total contractual obligations for principal payments 139,813 Unamortized premium 154 Total notes payable 139,967 Less: Deferred financing fees, net (1,963) Notes payable, net $ 138,004 Courtyard Kauai Coconut Beach Hotel Debt The debt secured by Courtyard Kauai Coconut Beach Hotel, with an outstanding balance of $ 38 80 44 36 4.7

Leasing Activity

Leasing Activity	6 Months Ended
	Jun. 30, 2017
Leases [Abstract]
Leasing Activity	11. Leasing Activity Year Amount Due Remainder of 2017 $ 817 2018 1,403 2019 1,105 2020 1,000 2021 872 Thereafter 2,413 Total $ 7,610 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	6 Months Ended
	Jun. 30, 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 June 30, 2017, we had an interest rate cap related to the Courtyard Kauai Loan, which we entered into on May 8, 2017. This interest rate cap was not designated as a hedging instrument, matures on May 9, 2019 and has a notional value of $44 million with a strike price of 3% based on 30-day LIBOR. The notional value provides an indication of the extent of our involvement in this instrument, but does not represent exposure to credit, interest rate, or market risks. Our derivative financial instruments had a nominal effect on the consolidated statements of operations for the three and six months ended June 30, 2017 and 2016.

Distributions

Distributions	6 Months Ended
	Jun. 30, 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 of directors deems relevant. Our board of director’s decisions will be substantially influenced by the 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	6 Months Ended
	Jun. 30, 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 our external advisor 1.5 1.5 We also pay our external advisor 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 and six months ended June 30, 2017 and 2016, we incurred no acquisition expense reimbursements. We pay our external advisor 0.5 0.2 We pay our external advisor We pay our external advisor 0.7 0.5 1.0 0.5 1.1 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 to us for which our external advisor receives an acquisition, asset management, or debt financing fee, including wages and benefits of the applicable 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 (also referred to as an administrative services reimbursement under the Lightstone Advisory Agreement) based on a budget of expenses prepared by the external 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 0.4 0.7 0.4 0.7 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 0.1 0.2 0.3 We pay our property manager a construction management fee in an amount not to exceed 5 As of June 30, 2017 and December 31, 2016, we had a payable to our external advisor and its affiliates of $ 0.1 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Share Redemption Program On August 9, 2017, our board of directors approved redemptions for the third quarter of 2017 totaling approximately 239,000 1.2

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation Our consolidated financial statements include our accounts and the accounts of other subsidiaries over which we have control. All inter-company transactions, balances, and profits have been eliminated in consolidation. 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 Buildings and Land and Acquired Below- June 30, 2017 Improvements Improvements Lease Intangibles Market Leases Cost $ 164,695 $ 45,917 $ 1,610 $ (137) Less: depreciation and amortization (35,599) (3,480) (1,302) 78 Net $ 129,096 $ 42,437 $ 308 $ (59) Buildings and Land and Acquired Below- December 31, 2016 Improvements Improvements Lease Intangibles 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.
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 June 30, 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. June 30, 2016 Cash and cash equivalents $ 38,896 Restricted cash 5,230 Total cash, cash equivalents and restricted cash $ 44,126
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 six months ended June 30, 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	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. Leases associated with our multifamily, student housing, and hotel assets are generally short-term in nature, and thus have no straight-line rent. 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 $ 2.3 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 $ 10.9 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 were $ 2.0 0.8
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 and six months ended June 30, 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 consolidated statements of operations and comprehensive income (loss). Upon the substantial liquidation of our 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 recognize the CTA as an adjustment to the resulting gain or loss on sale. The Euro was the functional currency for the operations of Alte Jakobstraße (“AJS”) and Holstenplatz, which were both sold in 2015. As a result of the sale of AJS and Holstenplatz, we no longer have foreign operations. However, we still maintain a Euro-denominated bank account that is comprised primarily of the remaining undistributed proceeds from the sale of these properties, which we translate into U.S. dollars at the current exchange rate at each reporting period. As of June 30, 2017, we maintained approximately $ 4.4 0.2 0.3 0.1 0.1
Concentration of Credit Risk	Concentration of Credit Risk As of June 30, 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 six months ended June 30, 2017, 46 15 46 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. 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. In certain instances, our joint venture agreement provides for liquidating distributions based on achieving certain return metrics (“promoted interest”)
Earnings per Share	Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the applicable

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Schedule of accumulated depreciation and amortization related to entity's consolidated investments in real estate assets and intangibles	Accumulated depreciation and amortization related to our consolidated investments in real estate assets and intangibles were as follows: Buildings and Land and Acquired Below- June 30, 2017 Improvements Improvements Lease Intangibles Market Leases Cost $ 164,695 $ 45,917 $ 1,610 $ (137) Less: depreciation and amortization (35,599) (3,480) (1,302) 78 Net $ 129,096 $ 42,437 $ 308 $ (59) Buildings and Land and Acquired Below- December 31, 2016 Improvements Improvements Lease Intangibles 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 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 six months ended June 30, 2016: June 30, 2016 Cash and cash equivalents $ 38,896 Restricted cash 5,230 Total cash, cash equivalents and restricted cash $ 44,126

Financial Instruments not Rep24

Financial Instruments not Reported at Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 are as follows: As of June 30, 2017 As of December 31, 2016 Estimated Fair Estimated Fair Carrying Amount Value Carrying Amount Value Mortgages payable $ 139,967 $ 142,721 $ 143,119 $ 146,790

Real Estate and Real Estate-R25

Real Estate and Real Estate-Related Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of information pertaining to consolidated investments	As of June 30, 2017, we consolidated seven real estate assets in our consolidated balance sheet. The following table presents certain information about our consolidated investments as of June 30, 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 26

Investment in Unconsolidated Joint Venture (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 December 31, 2016 June 30, 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 June 30, 2017 and December 31, 2016, shown at 100%, is as follows: June 30, 2017 December 31, 2016 Total assets $ 70,257 $ 72,272 Total debt, net $ 60,325 $ 56,638 Total equity $ 8,506 $ 11,957 Summarized statement of operations information for the unconsolidated joint venture for the periods indicated, shown at 100%, is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Total revenues $ 579 $ 54 $ 1,017 $ 54 Net loss (2,750) (1,082) (4,835) (1,008)

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of information on notes payable	The following table sets forth information on our notes payable as of June 30, 2017 and December 31, 2016: Amount Due Notes Payable as of Description Interest Rate Maturity Date at Maturity June 30, 2017 December 31, 2016 Courtyard Kauai Coconut Beach Hotel Repaid in full on 5/8/2017 $ - $ - $ 38,000 Courtyard Kauai Coconut Beach Hotel (1) 30-day LIBOR + 4.7% 5/8/2020 36,000 36,000 - Gardens Medical Pavilion 4.90% 1/1/2018 12,480 12,692 12,899 River Club and the Townhomes at River Club 5.26% 5/1/2018 23,368 23,715 23,917 Lakes of Margate 5.49% and 5.92% 1/1/2020 13,384 14,108 14,243 Arbors Harbor Town 3.99% 1/1/2019 23,632 24,404 24,653 22 Exchange 3.93% 5/5/2023 16,875 19,136 19,307 Parkside (2) 5% 6/1/2018 9,560 9,912 10,100 Total debt $ 135,299 139,967 143,119 Deferred financing fees (1,963) (787) Total notes payable, net $ 138,004 $ 142,332 (1) Interest rate as of June 30, 2017 was 5.80%. (2) Includes approximately $ 0.2
Contractual obligations for principal payments	The following table summarizes our contractual obligations for principal payments, based on initial scheduled maturity dates and does not reflect the exercise of any extension options, as of June 30, 2017: Year Amount Due July 1, 2017 - December 31, 2017 $ 1,083 2018 46,808 2019 24,308 2020 49,771 2021 404 Thereafter 17,439 Total contractual obligations for principal payments 139,813 Unamortized premium 154 Total notes payable 139,967 Less: Deferred financing fees, net (1,963) Notes payable, net $ 138,004

Leasing Activity (Tables)

Leasing Activity (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 are as follows: Year Amount Due Remainder of 2017 $ 817 2018 1,403 2019 1,105 2020 1,000 2021 872 Thereafter 2,413 Total $ 7,610

Business and Organization (Deta

Business and Organization (Details) - shares	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Jan. 19, 2007
Organization
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)	24,996,586	25,218,770
Common stock, shares issued (in shares)	24,996,586	25,218,770
Convertible stock issued (in shares)	1,000	1,000
Convertible Stock Shares Outstanding	1,000	1,000
Initial Offering
Organization
Common stock, shares outstanding (in shares)	25,000,000
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

Summary of Significant Accoun30

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total real estate	$ 171,533	$ 175,069
Net	308	352
Lease Intangibles
Property, Plant and Equipment [Line Items]
Cost	1,610	1,599
Less: depreciation and amortization	(1,302)	(1,247)
Net	308	352
Acquired Below-Market Leases
Property, Plant and Equipment [Line Items]
Cost	(137)	(137)
Less: depreciation and amortization	78	72
Net	(59)	(65)
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Cost	164,695	164,087
Less: depreciation and amortization	(35,599)	(31,728)
Total real estate	129,096	132,359
Land and Improvements
Property, Plant and Equipment [Line Items]
Cost	45,917	45,885
Less: depreciation and amortization	(3,480)	(3,175)
Total real estate	$ 42,437	$ 42,710

Summary of Significant Accoun31

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Cash and cash equivalents	$ 64,890	$ 67,111	$ 38,896
Restricted cash	4,886	6,101	5,230
Total cash, cash equivalents and restricted cash	$ 69,776	$ 73,212	$ 44,126	$ 81,396

Summary of Significant Accoun32

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Investment Impairment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Impairment charge	$ 0	$ 0

Summary of Significant Accoun33

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Real Estate [Line Items]
Straight-line rental revenue receivables	$ 0.4	$ 0.4
Consolidated properties
Real Estate [Line Items]
Receivables	$ 2.3	$ 1.4

Summary of Significant Accoun34

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - FF&E (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Accumulated Depreciation	$ 10.9	$ 9.9

Summary of Significant Accoun35

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Deferred Financing Fees (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated amortization of deferred financing fees	$ 2	$ 0.8

Summary of Significant Accoun36

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Income Taxes (Details)	6 Months Ended
	Jun. 30, 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 Accoun37

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real Estate [Line Items]
Deposits Assets	$ 4.4		$ 4.4
Cumulative foreign currency translation adjustment	$ 0.2	$ 0.1	$ 0.3	$ 0.1

Summary of Significant Accoun38

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Geographic and Asset type concentration (Details)	6 Months Ended
	Jun. 30, 2017
Hawaii [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	46.00%
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	46.00%
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 Measur39

Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Assets
Impairment charge	$ 0	$ 0

Financial Instruments not Rep40

Financial Instruments not Reported at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Mortgages payable, carrying amount	$ 139,967	$ 143,119
Mortgages payable, Estimated Fair Value	$ 142,721	$ 146,790

Real Estate and Real Estate-R41

Real Estate and Real Estate-Related Investments - Consolidated Properties (Details)	6 Months Ended
	Jun. 30, 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 42

Investment in Unconsolidated Joint Venture (Details) - USD ($) $ in Thousands	May 08, 2017	May 24, 2013	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Mezzanine financing to unaffiliated third party Entity		$ 15,300
Amount of senior construction loan taken by unconsolidated joint venture		40,000
Annual interest rate for mezzanine loan	11.00%
Outstanding principal balance under mezzanine Loan			$ 15,300	$ 15,300
Capitalized interest costs			44,000	176,000
Carrying Amount			$ 14,658	$ 14,658	$ 14,658
Initial Advance to Joint Venture
Schedule of Equity Method Investments [Line Items]
Advances		$ 15,300
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 43

Investment in Unconsolidated Joint Venture - Summary of Balance Sheet Information (Details) - Prospect Park - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Total assets	$ 70,257	$ 72,272
Total debt, net	60,325	56,638
Total equity	$ 8,506	$ 11,957

Investment in Unconsolidated 44

Investment in Unconsolidated Joint Venture - Summary of Statement of Operations Information (Details) - Prospect Park - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 579	$ 54	$ 1,017	$ 54
Net loss	$ (2,750)	$ (1,082)	$ (4,835)	$ (1,008)

Notes Payable - Information on

Notes Payable - Information on Notes Payable (Details) - USD ($) $ in Thousands		May 08, 2017	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt			$ 139,967	$ 143,119
Deferred financing fees			(1,963)	(787)
Notes payable, net			138,004	142,332
Notes payable
Debt Instrument [Line Items]
Notes payable, net			138,000
Long-term Debt			$ 135,299
Courtyard Kauai Coconut Beach Hotel
Debt Instrument [Line Items]
Variable rate basis, description			30-day LIBOR
Courtyard Kauai Coconut Beach Hotel | Notes payable
Debt Instrument [Line Items]
Notes payable, net			$ 0	38,000
Variable rate basis, description		30-day LIBOR
Variable interest rate (as a percent)		4.70%
Debt Instrument, Maturity Date			May 8, 2017
Long-term Debt			$ 0
Courtyard Kauai Coconut Beach Hotel
Debt Instrument [Line Items]
Variable rate basis, description	[1]		30-day LIBOR
Variable interest rate (as a percent)			4.70%
Courtyard Kauai Coconut Beach Hotel | Notes payable
Debt Instrument [Line Items]
Notes payable, net	[1]		$ 36,000	0
Debt Instrument, Maturity Date	[1]		May 8, 2020
Long-term Debt	[1]		$ 36,000
Gardens Medical Pavilion | Notes payable
Debt Instrument [Line Items]
Notes payable, net			$ 12,692	12,899
Interest rate (as a percent)			4.90%
Debt Instrument, Maturity Date			Jan. 1, 2018
Long-term Debt			$ 12,480
River Club and the Townhomes at River Club | Notes payable
Debt Instrument [Line Items]
Notes payable, net			$ 23,715	23,917
Interest rate (as a percent)			5.26%
Debt Instrument, Maturity Date			May 1, 2018
Long-term Debt			$ 23,368
Lakes of Margate | Notes payable
Debt Instrument [Line Items]
Notes payable, net			$ 14,108	14,243
Debt Instrument, Maturity Date			Jan. 1, 2020
Long-term Debt			$ 13,384
Arbors Harbor Town | Notes payable
Debt Instrument [Line Items]
Notes payable, net			$ 24,404	24,653
Interest rate (as a percent)			3.99%
Debt Instrument, Maturity Date			Jan. 1, 2019
Long-term Debt			$ 23,632
22 Exchange | Notes payable
Debt Instrument [Line Items]
Notes payable, net			$ 19,136	19,307
Interest rate (as a percent)			3.93%
Debt Instrument, Maturity Date			May 5, 2018
Long-term Debt			$ 16,875
Parkside | Notes payable
Debt Instrument [Line Items]
Notes payable, net	[2]		$ 9,912	$ 10,100
Interest rate (as a percent)	[2]		5.00%
Debt Instrument, Maturity Date	[2]		Jun. 1, 2018
Long-term Debt	[2]		$ 9,560
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]	Interest rate as of June 30, 2017 was 5.80%.
[2]	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	Jun. 30, 2017	Dec. 31, 2016
July 1, 2017 - December 31, 2017	$ 1,083
2,018	46,808
2,019	24,308
2,020	49,771
2,021	404
Thereafter	17,439
Total contractual obligations for principal payments	139,813
Unamortized premium	154
Total notes payable	139,967	$ 143,119
Less: Deferred financing fees, net	(1,963)	(787)
Notes payable, net	$ 138,004	$ 142,332

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($) $ in Thousands		May 08, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Deferred financing fees			$ 1,963		$ 787
Repayment of existing indebtedness			39,068	$ 872
Debt Instrument, Unamortized Premium			$ 154
Debt, Weighted Average Interest Rate			5.00%
London Interbank Offered Rate ("LIBOR")
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			5.80%
Notes payable
Debt Instrument [Line Items]
Notes payable, net			$ 138,000
Courtyard Kauai Coconut Beach Hotel
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 44,000
Debt Instrument, Description of Variable Rate Basis			30-day LIBOR
Courtyard Kauai Coconut Beach Hotel | Notes payable
Debt Instrument [Line Items]
Notes payable, net			$ 0		38,000
Repayment of existing indebtedness			38,000
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%
Line of Credit Facility, Current Borrowing Capacity		$ 36,000
Debt Instrument, Term		3 years
Parkside
Debt Instrument [Line Items]
Debt Instrument, Unamortized Premium			200
Parkside | Notes payable
Debt Instrument [Line Items]
Notes payable, net	[1]		$ 9,912		$ 10,100
[1]	Includes approximately $0.2 million of unamortized premium related to debt we assumed at acquisition.

Leasing Activity (Details)

Leasing Activity (Details) $ in Thousands	Jun. 30, 2017USD ($)
Future minimum base rental payments due to entity under non-cancelable leases
Remainder of 2017	$ 817
2,018	1,403
2,019	1,105
2,020	1,000
2,021	872
Thereafter	2,413
Total	$ 7,610

Derivative Instruments and He49

Derivative Instruments and Hedging Activities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Derivative Not Designated as Hedging Instruments
Derivative Instruments and Hedging Activities
Debt Instrument, Basis Spread on Variable Rate	3.00%
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	$ 44

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related party transaction
Asset management fees	$ 510,000	$ 605,000		$ 1,019,000	$ 1,219,000
Debt Instrument, Fee Amount	220			$ 220
Courtyard Kauai Coconut Beach Hotel Kauai [Member]
Related party transaction
Acquisition and advisory fees as percentage of purchase, development, construction, or improvement of each asset acquired				1.50%
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		$ 0	0
Reimbursement of acquisition expense	$ 0	0		$ 0	0
Percentage of debt financing fee payable under loan or line of credit	1.50%			0.50%
Monthly asset management fee				0.70%
Asset management fees	$ 500,000	500,000		$ 1,000,000	1,100,000	$ 1,325,000
Administrative services fee				1,500,000
Administrative services cost incurred and expensed	400,000	400,000			700,000
Due diligence				250,000	250,000
Property management fees or oversight fees incurred		$ 200,000		$ 100,000
Construction management fees, percentage				5.00%
Payment of Administrative Service Costs Maximum Period				45 days
Payable to external advisor and affiliates	100,000			$ 100,000		$ 400,000
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			$ 1,325,000
Advisor
Related party transaction
Asset management fees	$ 500,000
Administrative services cost incurred and expensed					$ 700,000
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%

Subsequent Events (Details)

Subsequent Events (Details) - Scenario, Forecast [Member] $ in Millions	Sep. 30, 2017USD ($)shares
Subsequent Event [Line Items]
Shares approved for redemption (in shares) | shares	239,000
Shares approved for redemption | $	$ 1.2