Lightstone Value Plus REIT V (LVVP) 10-K 29 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2017	Mar. 16, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		24.6

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate
Land and improvements, net	$ 37,097	$ 42,710
Building and improvements, net	126,653	132,359
Total real estate	163,750	175,069
Cash and cash equivalents	52,147	67,111
Restricted cash	5,213	6,101
Accounts receivable, net	1,554	1,415
Prepaid expenses and other assets	541	1,051
Investment in unconsolidated joint venture	10,944	14,658
Furniture, fixtures and equipment, net	1,116	3,148
Lease intangibles, net	899	352
Total Assets	236,164	268,905
Liabilities and Stockholders' Equity
Notes payable, net	89,921	142,332
Accounts payable	315	491
Payables to related parties	33	370
Acquired below-market leases, net	52	65
Distributions payable to noncontrolling interest	27	21
Income taxes payable	55	38
Deferred gain	558	1,247
Accrued property tax	2,398	1,385
Accrued and other liabilities	3,170	4,317
Total liabilities	96,529	150,266
Commitments and Contingencies
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, issued and outstanding	0	0
Common stock, $.0001 par value per share; 350,000,000 shares authorized, 24,646,494 and 25,218,770 shares issued and outstanding, respectively	2	3
Additional paid-in-capital	224,923	227,891
Accumulated other comprehensive loss	(27)	(495)
Accumulated deficit	(90,108)	(114,666)
Total Company stockholders' equity	134,790	112,733
Noncontrolling interest	4,845	5,906
Total Stockholder's Equity	139,635	118,639
Total Liabilities and Stockholders' Equity	$ 236,164	$ 268,905

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares 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)	24,646,494	25,218,770
Common stock, shares outstanding (in shares)	24,646,494	25,218,770

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Rental revenues	$ 24,337	$ 27,630	$ 32,556
Hotel revenues	13,207	18,501	17,694
Total revenues	37,544	46,131	50,250
Expenses
Property operating expenses	8,855	9,496	11,503
Hotel operating expenses	9,299	13,608	12,498
Interest expense, net	6,129	6,164	6,791
Real estate taxes	4,343	5,173	6,127
Impairment charge	4,132	0	1,417
Property management fees	1,258	1,512	1,650
Asset management fees	1,782	2,264	2,702
General and administrative	4,512	3,139	3,620
Depreciation and amortization	9,618	11,014	14,950
Total expenses	49,928	52,370	61,258
Interest income, net	279	137	149
Income from investment in unconsolidated joint venture	17,931	0	0
Loss on early extinguishment of debt	0	(500)	(732)
Other income (expense)	8	122	(777)
Loss before gain on sale of real estate and income taxes	5,834	(6,480)	(12,368)
Gain on sale of real estate	21,605	11,341	22,771
Income tax benefit (expense)	1,604	47	(2,726)
Net income	29,043	4,908	7,677
Net (income) loss attributable to the noncontrolling interest	(4,485)	35	(699)
Net income attributable to the Company's shares	$ 24,558	$ 4,943	$ 6,978
Weighted average shares outstanding:
Basic and diluted (in shares)	24,950	25,418	25,688
Basic and diluted earnings per share	$ 0.98	$ 0.19	$ 0.27
Comprehensive income:
Net income	$ 29,043	$ 4,908	$ 7,677
Other comprehensive income:
Reclassification of unrealized loss on currency translation to net income	0	0	250
Foreign currency translation gain (loss)	468	(123)	(376)
Total other comprehensive income (loss)	468	(123)	(126)
Comprehensive income:	29,511	4,785	7,551
Revenues	(4,485)	35	(699)
Comprehensive income attributable to the Company's shares	$ 25,026	$ 4,820	$ 6,852

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Convertible Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Noncontrolling Interest
BALANCE at Dec. 31, 2014	$ 176,556	$ 0	$ 3	$ 231,240	$ (246)	$ (62,477)	$ 8,036
BALANCE (in shares) at Dec. 31, 2014		1	25,802
Net income	7,677	$ 0	$ 0	0	0	6,978	699
Distributions declared on common stock ($2.50 per share)	(64,110)	0				(64,110)
Contributions from noncontrolling interest holders	538	0	0	0	0		538
Distributions to noncontrolling interest holders	(2,512)	0	0	0	0	0	(2,512)
Redemption and cancellation of shares	(1,444)	$ 0	$ 0	(1,444)	0	0	0
Redemption and cancellation of shares (in shares)		0	(217)
Reclassification of unrealized loss on currency translation to net income	250	$ 0			250	0
Foreign currency translation gain (loss)	(376)	0	$ 0	0	(376)	0	0
BALANCE at Dec. 31, 2015	116,579	$ 0	$ 3	229,796	(372)	(119,609)	6,761
BALANCE (in shares) at Dec. 31, 2015		1	25,585
Net income	4,908	$ 0	$ 0	0	0	4,943	(35)
Contributions from noncontrolling interest holders	92	0	0	0	0		92
Distributions to noncontrolling interest holders	(912)	0	0	0	0	0	(912)
Redemption and cancellation of shares	(1,905)	$ 0	$ 0	(1,905)	0	0	0
Redemption and cancellation of shares (in shares)		0	(366)
Reclassification of unrealized loss on currency translation to net income	0
Foreign currency translation gain (loss)	(123)	$ 0	$ 0	0	(123)	0	0
BALANCE at Dec. 31, 2016	118,639	$ 0	$ 3	227,891	(495)	(114,666)	5,906
BALANCE (in shares) at Dec. 31, 2016		1	25,219
Net income	29,043	$ 0	$ 0	0	0	24,558	4,485
Contributions from noncontrolling interest holders	55	0	0	0	0		55
Distributions to noncontrolling interest holders	(5,601)	0	0	0	0	0	(5,601)
Redemption and cancellation of shares	(2,969)	$ 0	$ (1)	(2,968)	0	0	0
Redemption and cancellation of shares (in shares)		0	(572)
Reclassification of unrealized loss on currency translation to net income	0
Foreign currency translation gain (loss)	468	$ 0	$ 0	0	468	0	0
BALANCE at Dec. 31, 2017	$ 139,635	$ 0	$ 2	$ 224,923	$ (27)	$ (90,108)	$ 4,845
BALANCE (in shares) at Dec. 31, 2017		1	24,647

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2015$ / shares
Common Stock, Dividends, Per Share, Declared	$ 2.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 29,043	$ 4,908	$ 7,677
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,618	10,856	14,762
Amortization of deferred financing fees	509	503	689
Loss on early extinguishment of debt	0	500	732
Loss on derivatives	0	2	26
Impairment charge	4,132	0	1,417
Income from investment in unconsolidated joint venture	(17,931)	0	0
Gain on sale of real estate	(21,605)	(11,341)	(22,771)
Other non-cash adjustments	(578)	(118)	(80)
Changes in operating assets and liabilities:
Decrease/(increase) in prepaid expenses and other assets	322	26	297
(Increase)/decrease in accounts receivable	(247)	1,043	384
Increase/(decrease) in accounts payable, accrued property tax and accrued and other liabilities	(249)	(3,419)	1,997
Decrease in payables to related parties	(337)	(63)	(33)
Net cash provided by operating activities	2,677	2,897	5,097
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in unconsolidated joint venture	0	(176)	(509)
Distributions from unconsolidated joint venture	21,645	0	0
Net proceeds from sale of real estate and other assets	24,047	68,399	79,075
Additions of real estate and furniture, fixtures, and equipment	(38,085)	(2,474)	(4,258)
Net cash provided by investing activities	7,607	65,749	74,308
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing costs	(1,465)	(135)	(492)
Proceeds from notes payable	36,000	0	0
Payments on notes payable	(52,630)	(35,404)	(45,094)
Purchase of interest rate derivatives	0	0	(6)
Redemptions of common stock	(2,969)	(1,905)	(1,444)
Distributions paid on common stock	0	(38,378)	(25,732)
Contributions from noncontrolling interest holders	55	92	538
Distributions to noncontrolling interest holders	(5,595)	(943)	(2,480)
Net cash used in financing activities	(26,604)	(76,673)	(74,710)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	468	(157)	(447)
Net change in cash, cash equivalents and restricted cash	(15,852)	(8,184)	4,248
Cash, cash equivalents and restricted cash, beginning of year	73,212	81,396	77,148
Cash, cash equivalents and restricted cash, end of year	57,360	73,212	81,396
Supplemental cash flow information for the years indicated is as follows:
Cash paid for interest, net of amounts capitalized	5,878	5,876	6,286
Income taxes paid, net	0	932	1,703
Debt assumed by buyer in connection with disposition of investment property	(36,000)	0	0
Proceeds held in escrow through sale of real estate interests	0	0	912
Accrued distributions payable	0	0	38,378
Capital expenditures for real estate in accrued liabilities and accounts payable	51	268	224
Accrued distributions to noncontrolling interest	$ 27	$ 21	$ 52

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	1. Business and Organization Business Behringer Harvard Opportunity REIT II, Inc., which 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 other real estate-related investments such as mortgage and mezzanine loans. 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. 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 December 31, 2017, our wholly-owned subsidiary, BHO II, Inc., a Delaware corporation, owned a 0.1 99.9 Our business has been managed by an external advisor since the commencement of our initial public offering, and we have no employees. From January 4, 2008 through February 10, 2017, an affiliate of Stratera Services, LLC, formerly known as “Behringer Harvard Holdings, LLC” (“Behringer”), acted as our external advisor (the “Behringer Advisor”). On February 10, 2017, we terminated our engagement of the Behringer Advisor and engaged affiliates of the Lightstone Group (“Lightstone”), LSG-BH II Advisor LLC and LSG Development Advisor LLC (collectively, the “Advisor”), to provide advisory services to us. The external advisor is responsible for managing our day-to-day affairs and for services related to the management of our assets. As of December 31, 2017, we had eight real estate investments, seven of which were consolidated (one wholly owned property and six properties consolidated through investments in joint ventures) and one real estate investment which we account for under the equity method. We sold one property (Courtyard Kauai Coconut Beach Hotel) on August 15, 2017 and acquired one property (Flats at Fishers Marketplace) on November 30, 2017. Organization We commenced an initial public offering of our common stock on January 21, 2008 (the "Initial Offering"), including shares offered pursuant to our distribution reinvestment plan (the “DRP”). On July 3, 2011, the Initial Offering terminated in accordance with its terms. On July 5, 2011, we commenced a follow-on public offering of our common stock (the "Follow-On Offering"), including shares offered pursuant to our DRP. We terminated the primary component of the Follow-On Offering effective March 15, 2012 and the DRP component effective April 3, 2012. We raised gross offering proceeds of 265.3 26.7 shares under the Offerings, including shares sold under the DRP. In connection with our initial capitalization, we issued 22.5 1.0 shares of our convertible stock to Behringer on January 19, 2007. Behringer transferred its shares of convertible stock to one of its affiliates on April 2, 2010. Behringer's affiliate transferred its shares of convertible stock to an affiliate of Lightstone on February 10, 2017. As of December 31, 2017, we had 24.6 1.0 convertible stock outstanding. The outstanding convertible stock is held by an affiliate of Lightstone. 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 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. (“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 including impairment and depreciable lives. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. 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 but have significant influence 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. Upon the acquisition of real estate properties that qualify as a business, we recognize the assets acquired, the liabilities assumed and any noncontrolling interest as of the acquisition date, measured at their fair values. The acquisition date is the date on which we obtain control of the real estate property. The assets acquired and liabilities assumed may consist of land, inclusive of associated rights, buildings, assumed debt, identified intangible assets and liabilities, and asset retirement obligations. Identified intangible assets generally consist of above-market leases, in-place leases, in-place tenant improvements, in-place leasing commissions, and tenant relationships. Identified intangible liabilities generally consist of below-market leases. Goodwill is recognized as of the acquisition date and measured as the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree over the fair value of the identifiable net assets acquired. Likewise, a bargain purchase gain is recognized in current earnings when the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree is less than the fair value of the identifiable net assets acquired. Acquisition-related costs are expensed in the period incurred. Initial valuations are subject to change until our information is finalized, which is no later 12 The fair value of the tangible assets acquired, consisting of land and buildings, is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings. Land values are derived from appraisals, and building values are calculated as replacement cost less depreciation or management’s estimates of the fair value of these assets using discounted cash flow analyses or similar methods believed to be used by market participants. The value of hotels and all other buildings is depreciated over the estimated useful lives 39 25 We determine the fair value of assumed debt by calculating the net present value of the scheduled mortgage payments using interest rates for debt with similar terms and remaining maturities that management believes we could obtain at the date of the debt assumption. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan using the effective interest method. We determine the value of above-market and below-market leases for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) management’s estimate of current market lease rates for the corresponding in-place leases, measured over a period equal to (a) the remaining non-cancelable lease term for above-market leases, or (b) the remaining non-cancelable lease term plus any below-market fixed rate renewal options that, based on a qualitative assessment of several factors, including the financial condition of the lessee, the business conditions in the industry in which the lessee operates, the economic conditions in the area in which the property is located, and the ability of the lessee to sublease the property during the renewal term, are reasonably assured to be exercised by the lessee for below-market leases. We record the fair value of above-market and below-market leases as intangible assets or intangible liabilities, respectively, and amortize them as an adjustment to rental income over the determined lease term. The total value of identified real estate intangible assets acquired is further allocated to in-place leases, in-place tenant improvements, in-place leasing commissions, and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. The aggregate value for tenant improvements and leasing commissions is based on estimates of these costs incurred at inception of the acquired leases, amortized through the date of acquisition. The aggregate value of in-place leases acquired and tenant relationships is determined by applying a fair value model. The estimates of fair value of in-place leases include an estimate of carrying costs during the expected lease-up periods for the respective spaces considering existing market conditions. In estimating the carrying costs that would have otherwise been incurred had the leases not been in place, we include such items as real estate taxes, insurance and other operating expenses as well as lost rental revenue during the expected lease-up period based on existing market conditions. The estimates of the fair value of tenant relationships also include costs to execute similar leases including leasing commissions, legal fees, and tenant improvements as well as an estimate of the likelihood of renewal as determined by management on a tenant-by-tenant basis. 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. Buildings and Land and Lease Acquired Below- December 31, 2017 Improvements Improvements Intangibles Market Leases Cost $ 157,074 $ 40,354 $ 2,288 $ (207) Less: accumulated depreciation and amortization (30,421) (3,257) (1,389) 155 Net $ 126,653 $ 37,097 $ 899 $ (52) Buildings and Land and Lease Acquired Below- December 31, 2016 Improvements Improvements Intangibles Market Leases Cost $ 164,087 $ 45,885 $ 1,599 $ (137) Less: accumulated depreciation and amortization (31,728) (3,175) (1,247) 72 Net $ 132,359 $ 42,710 $ 352 $ (65) 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 at December 31, 2017 or 2016. For sales of real estate or assets classified as held for sale, we will evaluate whether a disposal transaction meets the criteria of a strategic shift that will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations. We consider investments in highly liquid money market funds or investments with original maturities of three months or less to be cash equivalents. The carrying amount of cash and cash equivalents reported on the balance sheet approximates fair value. As required by our lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for certain of 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. Restricted cash may also include certain funds temporarily placed in escrow with qualified intermediaries to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended. December 31, 2017 2016 2015 Cash and cash equivalents 52,147 67,111 76,815 Restricted cash 5,213 6,101 4,581 Total cash, cash equivalents, and restricted cash 57,360 73,212 81,396 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. Our management reviews 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. During the year ended December 31, 2017, we recorded a non-cash impairment charge of $ 4.1 1.4 We believe the carrying value of our operating real estate assets and our investment in an unconsolidated joint venture is currently recoverable. 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 have and may continue to 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 such arrangements to determine if they have 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. ADC Arrangements are reassessed at each reporting period. See Note 7 of the Notes to the Consolidated Financial Statements for additional information. We recognize rental income generated from leases of our operating properties on a straight-line basis over the terms of the respective leases, including the effect of rent holidays, if any. Straight-line rent income of less than $ 0.1 0.1 Hotel revenues consist primarily of guest room, food and beverage, and other ancillary revenues such as laundry and parking at hotel properties. Hotel revenues are recognized as the services are rendered. During the periods presented, our hotel revenues were derived from the operations of the Courtyard Kauai Coconut Beach Hotel, which was sold on August 15, 2017. Accounts receivable primarily consists of receivables related to our consolidated properties as of both December 31, 2017 and 2016. Prepaid expenses included prepaid directors and officers’ insurance premiums, as well as prepaid insurance premiums for our consolidated properties. Furniture, fixtures, and equipment are recorded at cost and are depreciated according to our 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 $ 4.7 9.9 Deferred financing fees are recorded at cost, accounted for as a reduction to notes payable and 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 $ 0.4 0.8 2.2 1.9 Our objective in using derivatives is to add stability to interest expense and to manage our exposure to interest rate movements or other identified risks and to minimize the variability caused by foreign currency translation risk related to our net investment in foreign real estate. To accomplish these objectives, we use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of London Interbank Offered Rate (“LIBOR”). These instruments include LIBOR-based interest rate swaps and caps. For our net investments in foreign real estate, we may use foreign exchange put/call options to eliminate the impact of foreign currency exchange movements on our financial position. We measure our derivative instruments and hedging activities at fair value and record them as an asset or liability, depending on our rights or obligations under the applicable derivative contract. Changes in fair value of derivative instruments not designated as hedges are recognized in earnings in the affected period. As of December 31, 2017 and 2016, we do not have any derivatives designated as net investment hedges, fair value hedges or cash flow hedges. No derivatives were being used for trading or speculative purposes. See Notes 4 and 11 of the Notes to Consolidated Financial Statements for additional information. We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue 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 During 2015, we recorded an aggregate provision for income tax of approximately $ 2.7 The foreign income tax recorded during 2015 was calculated on gains recognized at the exchange rate in effect on the date of sale and calculated using then current tax rates. 0.1 1.6 0.8 0.8 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). The Euro was the functional currency for the operations of 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 December 31, 2017 and 2016, we maintained approximately $ 0.4 3.6 0.5 0.1 0.4 Upon the substantial liquidation of an 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 a foreign property, we recognize the CTA as an adjustment to the resulting gain or loss on sale. During the first quarter of 2015, we recognized a CTA of approximately $ 0.6 0.4 Items of other comprehensive income (loss) consist of gains and losses affecting equity that are excluded from net income (loss) under GAAP. The components of other comprehensive income (loss) consist of cumulative foreign currency translation gains and losses. We had a stock-based incentive award plan for our directors and consultants and for employees, directors, and consultants of our affiliates. However, we have did not issued any stock-based awards under the plan and effective on December 19, 2017, we may no longer issue any awards under the plan as of December 31, 2017. At December 31, 2017 and 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 year ended December 31, 2017, excluding the investment we sold in 2017 28.1 13.9 21.3 13.1 22.6 1.0 Florida Texas, Tennessee, Ohio, Georgia and Indiana, 54.7 35.7 9.6 properties, properties and medical office building Noncontrolling interest represents the noncontrolling ownership interest’s proportionate share of the equity in our consolidated real estate investments. Income and losses are allocated to noncontrolling interest holders based generally on their ownership percentage. In certain instances, our joint venture agreement provides for liquidating distributions based on achieving certain return metrics (“promoted interest”). If a property reaches a defined return threshold, then it will result in distributions to noncontrolling interest which is different from the standard pro-rata allocation percentage. Net income (loss) per share is calculated based on the weighted average number of common shares outstanding during each period. The weighted average shares outstanding used to calculate both basic and diluted income (loss) per share were the same for each of the three years ended December 31, 2017, 2016, and 2015, as there were no potentially dilutive securities outstanding. GAAP establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment, with activities related to the ownership, development, and management of real estate assets. Our chief operating decision maker evaluates operating performance on an individual property level. Therefore, our properties are aggregated into one reportable segment. Certain prior period amounts may have been reclassified to conform to the current year presentation.

New Accounting Pronouncements

New Accounting Pronouncements	12 Months Ended
	Dec. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	3. 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. The Company has adopted this standard for the year beginning on January 1, 2018 using the modified retrospective approach The adoption of this pronouncement will not have a material effect on our consolidated financial statements since, with the disposal of the Courtyard Kauai Coconut Beach Hotel in August 2017 (See Note 6), substantially all revenues now consists of rental income from leasing arrangements, which is specifically excluded from the standard. In February 2016, the FASB issued an update (“ASU 2016-02”) to ASC Topic 842, Leases. ASU 2016-02 supersedes the existing lease accounting model, and modifies both lessee and lessor accounting. The new guidance will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. The new standard will be effective January 1, 2019, with early adoption permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements when adopted. In June 2016, the FASB issued an update (“ASU 2016-13”) to ASC Topic 326, Credit Losses. This amended guidance requires measurement and recognition of expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This is different from the current guidance as this will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. Financial assets that are measured at amortized cost will be required to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. Generally, the pronouncement requires a modified retrospective method of adoption. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact this guidance will have on our financial statements when adopted. In January 2017, the FASB issued an update (“ASU 2017-01”) to ASC Topic 805, Business Combinations, Clarifying the Definition of a Business. The guidance clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Under the updated guidance, an acquisition of a single property will likely be treated as an asset acquisition as opposed to a business combination and associated transaction costs will be capitalized rather than expensed as incurred. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted, including for interim or annual periods for which financial statements have not yet been issued. Upon adoption of this guidance, we anticipate future acquisitions of real estate assets, if any, will likely qualify as an asset acquisition. Therefore, any future transactions costs associated with an asset acquisition will be capitalized and accounted for in accordance with the guidance in ASU 2017-01.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	12 Months Ended
	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
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 We may 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. Such 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. As of December 31, 2017, we had no derivative financial instruments. As of December 31, 2016, we had an interest rate cap associated with the debt on the Courtyard Kauai Coconut Beach Hotel which we determined had a nominal value. The interest rate cap matured in May 2017. Derivative financial instruments, if any, are classified as assets are included in prepaid expenses and other assets on the consolidated Nonrecurring Fair Value Measurements During the year ended December 31, 2017, we recorded a $ 4.1 Total For the year ended December 31, 2017 Level 1 Level 2 Level 3 Fair Value Loss Assets Buildings and improvements, net (1) $ — $ — $ 19.0 million $ 19.0 million $ (4.1 million) (1) We recorded non-cash impairment charge of $4.1 million during the year ended December 31, 2017 as a result of a measurable decrease in the fair value of 22 Exchange. Quantitative Information about Level 3 Fair Value Measurements Fair Value as of Valuation Description December 31, 2017 Techniques Unobservable Input Buildings and improvements, net (1) Discounted cash flow Discount rate 8.0% $ 19.0 million Terminal capitalization rate 7.0% (1) We recorded a non-cash impairment charge of $4.1 million during the year ended December 31, 2017 on our investment in 22 Exchange, one of our student housing investments. We did not record any impairment charges during the year ended December 31, 2016. During the year ended December 31, 2015, we recorded a $1.4 million non-cash impairment charge as a result of a measurable decrease in the fair value of 22 Exchange, one of our student housing investments. In estimating the fair value of 22 Exchange, we used management’s internal discounted cash flow analysis prepared with consideration of the local market. The discounted cash flow estimate is considered Level 3 under the fair value hierarchy described above. For the year ended December 31, 2015 Level 1 Level 2 Level 3 Total Loss Assets Buildings and improvements, net(1) $ — $ — $ 25.0 million $ 25.0 million $ (1.4 million) (1) We recorded a non-cash impairment charge of $1.4 million during the year ended December 31, 2015 as a result of a measurable decrease in the fair value of 22 Exchange, one of our student housing investments. Description Fair Value Valuation Unobservable Input Range Buildings and improvements, net (1) $ 25.0 million Discounted cash flow Discount rate 7.5% - 8.0% (1) Due to the local market decline in Akron, Ohio, we recorded a non-cash impairment charge of $1.4 million on our investment in 22 Exchange, a student housing property, during the year ended December 31, 2015.

Financial Instruments not Repor

Financial Instruments not Reported at Fair Value	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Financial Instruments not Reported at Fair Value	5. 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 December 31, 2017 and 2016, management estimated that the carrying value of cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other assets, accounts payable, accrued expenses, 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 December 31, 2017 and 2016. December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Notes payable $ 90,321 $ 91,449 $ 143,119 $ 146,790 Less: unamortized debt issuance costs (400) (787) Notes payable, net $ 89,921 $ 142,332

Real Estate and Real Estate-Rel

Real Estate and Real Estate-Related Investments	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Real Estate and Real Estate-Related Investments	6. Real Estate and Real Estate-Related Investments Property Name Description Location Date Acquired Ownership Gardens Medical Pavilion Medical office building Palm Beach Gardens, Florida October 20, 2010 81.8 % 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 and Retail Akron, Ohio April 16, 2013 90 % Parkside Apartments (“Parkside”) Multifamily Sugar Land, Texas August 8, 2013 90 % Flats at Fishers Fishers Multifamily Fishers, Indiana November 30, 2017 100 % Real Estate Asset Acquisitions and Dispositions Babcock Self Storage On January 8, 2015, we sold Babcock Self Storage (“Babcock”) for a contractual sales price of approximately $ 5.4 2.0 2.1 Alte Jakobstraße On February 21, 2015, we sold AJS, which is located in Berlin, Germany, for a contractual sales price of approximately € 12.4 14.1 3.3 0.6 5.7 6.5 1.7 Holstenplatz On September 1, 2015, we sold Holstenplatz, which is located in Hamburg, Germany, for a contractual sales price of approximately € 16.4 18.4 8.1 8.6 0.4 1.0 The foreign income tax for our AJS and Holstenplatz sales were calculated on gains recognized at the exchange rate in effect on the sale dates of February 21, 2015 and September 1, 2015, respectively, and were calculated using current tax rates. All U.S. dollar amounts related to the AJS and Holstenplatz sales were based on the exchange rate in effect on their respective sale dates. Wimberly at Deerwood On September 9, 2015, we sold Wimberly at Deerwood (“Wimberly”), a 322 43.5 8.9 26.4 Lakewood Flats On August 16, 2016, we sold Lakewood Flats for a contractual sales price of approximately $ 68.8 11.5 1.2 33.5 Courtyard Kauai Coconut Beach Hotel On August 15, 2017, we sold the Courtyard Kauai Coconut Beach Hotel, a 311 62.0 36.0 24.0 1.7 20.9 In connection with the sale of the Courtyard Kauai Coconut Beach Hotel, approximately $27.0 million of funds were placed in escrow with a qualified intermediary in order to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code. These funds were subsequently used in connection with our acquisition of the Flats at Fishers on November 30, 2017, as discussed below. Flats at Fishers On November 30, 2017, we acquired the Flats at Fishers, a 306-unit multifamily property located in Fishers, Indiana from an unrelated third party for an aggregate purchase price of approximately $ 36.9 0.6 27.0 The acquisition of the Flats at Fishers was accounted for under the purchase method of accounting with us treated as the acquiring entity. Accordingly, the consideration paid by us to complete the acquisition of the Flats at Fishers has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $ 6.9 29.3 0.7 The capitalization rate for the acquisition of the Flats at Fishers was approximately 3.8%. We calculate the capitalization rate for a real property by dividing net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income was based upon the twelve-month period ended June 30, 2017. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation. Sales of Real Estate Reported in Continuing Operations Ownership Sales Contract Net Cash Gain on Sale of Date of Sale Property Interest Price Proceeds (1) Real Estate January 8, 2015 Babcock 85 % $ 5.4 $ 5.2 $ 2.0 February 21, 2015 AJS 99.7 % $ 14.1 $ 13.0 $ 3.3 (2) September 1, 2015 Holstenplatz 100 % $ 18.4 $ 18.0 $ 8.6 September 9, 2015 Wimberly 95 % $ 43.5 $ 42.9 $ 8.9 August 16, 2016 Lakewood Flats 100 % $ 68.8 $ 68.5 $ 11.5 August 15, 2017 Courtyard Kauai Coconut Beach Hotel 80 % $ 62.0 $ 24.0 $ 20.9 (1) A portion of the net cash proceeds was used to pay off the property-associated debt of $2.1 million, $6.5 million, $26.4 million, and $33.5 million for Babcock, AJS, Wimberly, and Lakewood Flats, respectively. The Holstenplatz debt was paid off on April 30, 2015. The property-associated debt of $36.0 million for the Courtyard Kauai Coconut Beach Hotel was assumed by the buyer. (2) The 2015 gain on sale for AJS of $3.3 million does not include an additional $0.1 million loss recorded in 2016 related to the final settlement of certain fees associated with our disposal of AJS. The dispositions during 2017, 2016 and 2015 did not qualify to be reported as discontinued operations since they did not represent a strategic shift that had a major effect on our operations and financial results. Accordingly, the operating results of these disposed properties are reflected in our results from continuing operations for all periods presented through their respective date of disposition. For the Year Ended December 31, Description 2017 2016 2015 Net income attributable to the Company related to dispositions $ 16.9 $ 12.4 $ 17.4

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	7. Investment in Unconsolidated Joint Venture We provided mezzanine financing totaling $ 15.3 40.0 15.3 10 18 Pursuant to the terms of the mezzanine loan, we participate in the residual interests of Prospect Park attributable to a sale or refinancing even though we have no actual ownership interest. We evaluated this ADC Arrangement and determined that its characteristics were similar to a jointly-owned investment or partnership. Accordingly, our investment is accounted for as an unconsolidated joint venture under the equity method of accounting instead of loan accounting. On December 15, 2017, the Borrower sold Prospect Park to an unrelated third-party for a contractual sales price of approximately $100.5 million. In connection with the sale, the Borrower repaid the Senior Construction Loan in full and we received aggregate proceeds of approximately $21.6 million representing the repayment in full of the outstanding principal and accrued interest due on our mezzanine loan. Additionally, the Borrower has placed approximately $15.1 million of the net proceeds from the sale into an escrow account to be used for settlement of the amount due to us for our participation in the residual interests of Prospect Park. The carrying value of our unconsolidated investment in Prospect Park was $10.9 million and $14.7 million as of December 31, 2017 and 2016, respectively. Our carrying amount as of December 31, 2017 represents the minimum amount payable to us for our participation in the residual interests of Prospect Park. Both the senior construction loan and our mezzanine loan were in technical default as of December 31, 2016 due to a delay in completion of Prospect Park. Prospect Park was subsequently completed in January 2017 and the Borrower funded all cost overruns. On March 23, 2017, the Senior Lender executed a loan amendment extending the maturity date of the senior construction loan to March 24, 2018. The Senior Lender’s loan amendment also increased the interest rate by 75 basis points to 30-day LIBOR plus 3.75% and added provisions which required the maintenance of certain prescribed minimum occupancy and rental rates at future dates. On May 8, 2017, we amended the terms of our mezzanine loan to mirror the maturity date of the senior construction loan and change the interest rate to 11.0 We considered the impact of these events on the accounting treatment and determined the ADC Arrangement would continue to be accounted for as an unconsolidated joint venture under the equity method of accounting. We continued to monitor this situation and any impact these events might have had on our ability to ultimately realize the investment. The ADC Arrangement was reassessed at each reporting period. In connection with this investment, we capitalized interest of approximately $ 0.2 0.5 17.9

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	8. Variable Interest Entities 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 December 31, 2017 was the ADC Arrangement associated with Prospect Park, which we account for as an unconsolidated joint venture and is a VIE. Refer to Note 7 of the Notes to Consolidated Financial Statements for additional information. This arrangement was established to provide mezzanine financing to an unrelated third party that owned Prospect Park, an apartment complex located in Denver, Colorado, which was sold on December 15, 2017. Based on our reevaluation under ASU 2015-02, we determined that we were not the primary beneficiary of this VIE based on the rights of the general partner. The arrangement did not allow for substantive kick-out rights over the general partner and we did not have the power to direct the activities of Prospect Park that most significantly affected the entity’s economic performance. Accordingly, we determined it was appropriate, consistent with past accounting, that the Prospect Park ADC Arrangement was accounted for under the equity method.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Notes Payable	9. Notes Payable Amount Due Loan Amount Outstanding Description Interest Rate Maturity Date at Maturity December 31, 2017 December 31, 2016 Courtyard Kauai Coconut Beach Hotel Repaid in full on 5/8/2017 (See note below) $ - $ - $ 38,000 Gardens Medical Pavilion 4.90% 1/1/2018 - - 12,899 River Club and the Townhomes at River Club 5.26% 5/1/2018 23,368 23,511 23,917 Lakes of Margate 5.49% and 5.92% 1/1/2020 13,384 13,973 14,243 Arbors Harbor Town 3.99% 1/1/2019 23,632 24,153 24,653 22 Exchange 3.93% Due on demand 16,875 18,963 19,307 Parkside (1) 5% 6/1/2018 9,560 9,721 10,100 Total mortgages payable $ 86,819 90,321 143,119 Less: deferred financing costs (400) (787) Total mortgages payable, net $ 89,921 $ 142,332 (1) Includes approximately $ 0.1 As of December 31, 2017, our notes payable balance had a weighted-average interest rate of 4.97%. For loans in place as of December 31, 2017, we have guaranteed payment of certain recourse liabilities with respect to certain customary nonrecourse carveouts as set forth in the guaranties in favor of the unaffiliated lenders with respect to the 22 Exchange and Parkside notes payable. Debt Transactions Our debt secured by Courtyard Kauai Coconut Beach Hotel, with an outstanding balance of $ 38.0 80 44.0 36.0 4.7 On August 15, 2017, the Courtyard Kauai Loan was assumed by the unrelated third-party buyer in connection with the sale of the Courtyard Kauai Coconut Beach Hotel. The outstanding balance as of the date of sale was $ 36.0 12.5 On August 16, 2016, we sold Lakewood Flats to an unaffiliated third party and used a portion of the proceeds from the sale to fully satisfy the existing indebtedness of approximately $ 33.5 Debt Compliance Our loan agreements stipulate that we comply with certain reporting and financial covenants. These covenants include, among other things, maintaining minimum debt service coverage ratios, loan to value ratios, and liquidity. We are currently in compliance with all of our debt covenants other than the debt associated with 22 Exchange (outstanding balance of approximately $ 19.0 We did not meet the debt service coverage requirements for our 22 Exchange loan as of March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017. As a result, the lender elected to sweep the cash from operations beginning in January 2018. Additionally, the cash from operations was not sufficient to fully pay the scheduled monthly debt service due on January 5, 2018, which constituted an event of default and therefore, the 22 Exchange loan which was scheduled to mature in May 2023 is now due on demand. We received notice on January 9, 2018 that the 22 Exchange loan had been transferred to a special servicer effective immediately. Subsequently, the special servicer placed the property in receivership and commenced foreclosure proceedings. However, we believe the loss of cash flow from 22 Exchange or the loss of the property will not have a material impact on our results of operations or financial conditions. Debt Maturities Year Amount Due 2018 $ 52,932 2019 23,934 2020 13,384 2021 - 2022 - Thereafter - Total contractual obligations for principal payments 90,250 Unamortized premium 71 Total notes payable 90,321 Less: Deferred financing fees, net (400) Notes payable, net $ 89,921 In addition to the 22 Exchange loan, as of December 31, 2017, the Company had debt of approximately $ 23.5 9.7

Leasing Activity

Leasing Activity	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Leasing Activity	10. Leasing Activity Year Amount Due 2018 $ 1,468 2019 1,260 2020 1,169 2021 1,046 2022 905 Thereafter 1,623 Total $ 7,471 The schedule above does not include rental payments due to us from our multifamily 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	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	11. 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 December 31, 2017, we did not have any derivative instruments. As of December 31, 2016, we had an interest rate cap related to the associated indebtedness of the Courtyard Kauai Coconut Beach Hotel, which was not designated as a hedging instrument. This interest rate cap matured on May 15, 2017 and had a notional value of $ 38 3

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Income Taxes We have maintained and intend to maintain our election as a REIT under the Internal Revenue For the year ended December 31, 2017, we had a federal taxable loss of approximately $2.1 million, which included the disposal of the Courtyard Kauai Coconut Beach Hotel, and had remaining federal NOL carryovers of approximately $ 15.2 1.6 0.8 0.8 For the year ended December 31, 2016, we had federal taxable income of approximately $ 7.0 38.4 13.1 0.1 We originally estimated federal taxable income of $ 3.8 4.8 25.7 13.1 2.7 We have a TRS which is subject to federal and state income taxes. As of December 31, 2017, our TRS had NOL carryforwards of approximately $ 4.5 We and our subsidiaries’ income tax returns are subject to examination by federal, state, and local tax jurisdictions for years 2014 through 2017. If a return filed was examined and a substantial error was discovered, the Internal Revenue Service has the right to add additional years to their audit, but will not go back more than six years. Net income tax loss carry forwards and other tax attributes generated in years prior to 2014 are also subject to challenge in any examination of those tax years. We and our subsidiaries were not under any notice of audit from any taxing authority as of December 31,

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity	13. Stockholders’ Equity Capitalization As of December 31, 2017, our authorized capital was 350,000,000 50,000,000 1,000 As of December 31, 2017, we had issued 26.7 2.2 2.1 24.6 1,000 The shares of convertible stock will be converted into shares of common stock automatically if (1) we have made total distributions on then outstanding shares of our common stock equal to the issue price of those shares plus a 10 30 10 20 15 6 The timing of the conversion of any or all of the convertible stock may be deferred by our board of directors if it determines that full conversion may jeopardize our qualification as a REIT. Any such deferral will in no event otherwise alter the terms of the convertible stock, and such stock shall be converted at the earliest date after our board of directors determines that such conversion will not jeopardize our qualification as a REIT. Our board of directors is authorized to amend our charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that we have authority to issue. Share Redemption Program Our board of directors has adopted a share redemption program that permits stockholders to sell their shares back to us, subject to the significant conditions and limitations of the program. Our board of directors can amend the provisions of our share redemption program at any time without the approval of our stockholders. The terms on which we redeem shares may differ between redemptions upon a stockholder’s death, “qualifying disability” (as defined in the share redemption program) or confinement to a long-term care facility (collectively, “Exceptional Redemptions”) and all other redemptions (“Ordinary Redemptions”). From April 1, 2012 through May 15, 2014, our board of directors suspended accepting Ordinary Redemptions. On May 15, 2014, our board of directors adopted the Third Amended and Restated Share Redemption Program and reopened the share redemption program for Ordinary Redemptions, to be effective on that date. In addition, for periods beginning on or after May 15, 2014, the cash available for redemptions was increased from $ 1.0 10.0 The per share redemption price for Ordinary Redemptions and Exceptional Redemptions is equal to the lesser of 80 90 Notwithstanding the redemption prices set forth above, our board of directors may determine, whether pursuant to formulas or processes as approved or set by our board of directors, the redemption price of the shares, which may differ between Ordinary Redemptions and Exceptional Redemptions; provided, however, that we must provide at least 30 Any shares approved for redemption will be redeemed on a periodic basis as determined from time to time by our board of directors, and no less frequently than annually. We will not redeem, during any twelve-month period, more than 5 Any Ordinary Redemption requests submitted while Ordinary Redemptions were suspended were returned to investors and must be resubmitted. We gave all stockholders notice that we were resuming Ordinary Redemptions, so that all stockholders would have an equal opportunity to submit shares for redemption. Any redemption requests are honored pro rata among all requests received based on funds available and are not honored on a first come, first served basis. On August 9, 2017, our board of directors adopted a Fourth Amended and Restated Share Redemption Program (the “Amended Share Redemption Program”) to be effective July 1, 2018. The material changes to the program are as follows. We will no longer process redemptions upon death, “qualifying disability,” or confinement to a long-term care facility on terms different than those on which we process all other redemptions. For Redemptions with an Effective Date Between July 1, 2018 and June 30, 2019: 92.5 July 1, 2019 and June 30, 2020: 95.0 July 1, 2020 and June 30, 2021: 97.5 Thereafter: 100 Distributions U.S. federal tax law requires a REIT distribute at least 90 We did not make any distributions to our stockholders during the year ended December 31, 2017. On November 20, 2015, our board of directors authorized a special cash distribution of $ 1.50 38.4 1.00 25.7 Description 2016 2015 Ordinary income — — Capital gains 25.4 % 25.8 % Return of capital 74.6 % 74.2 % Total 100.0 % 100.0 %

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	14. Related Party Transactions Advisor The Behringer Advisor served as our external advisor from January 4, 2008 through their termination as of the close of business on February 10, 2017. Commencing thereafter on February 10, 2017, the Advisor has served as our external advisor. Our external advisor and certain of its affiliates may receive fees and compensation in connection with the management, acquisition, financing and disposition of our assets based on an advisory management agreement, as periodically amended and restated. The following discussion describes the fees and expenses payable to our external advisors and their respective affiliates under the applicable advisory agreement. We pay acquisition and advisory fees of 1.5 1.5 0.6 0.1 We also pay an acquisition expense reimbursement in the amount of (i) 0.25 0.25 0.25 Our external advisor and its affiliates are also responsible for paying all of the investment-related expenses that we or the external advisor or its affiliates incur that are due to third parties or related to the additional services provided by our external advisor as described above with respect to investments we do not make, other than certain non-refundable payments made in connection with any acquisition. For the year ended December 31, 2017, we incurred less than $ 0.1 0.1 We pay our external advisor 0.5 0.2 We pay a development fee in an amount that is usual and customary for comparable services rendered to similar projects in the geographic market of the project if such affiliate provides the development services and if a majority of our independent directors determines that such development fee is fair and reasonable to us. During the years ended December 31, 2017, 2016 and 2015, we did not incur We pay a monthly asset management fee of one-twelfth of 0.7 a NAV 1.6 2.1 2.5 Our external advisor is responsible for paying all of the expenses it incurs associated with persons employed by the external advisor to the extent that they provide services related to us for which our external advisor receives an acquisition, asset management, or debt financing fee, including wages and benefits of the personnel. Instead of reimbursing our external advisor for specific expenses paid or incurred in connection with providing services to us, we pay our external advisor an administrative services fee (renamed an administrative services reimbursement under the Lightstone Advisory Agreement). The administrative services fee/ reimbursement For the calendar year ending December 31, 2017, the administrative services fee was $1.325 million annually, pro-rated for the first six months of the year and $1.3 million annually, pro-rated for the second six months of the year. 1.325 1.5 1.3 1.2 1.5 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 exceeded the limit on total operating expenses; however, our independent directors determined the excess expenses were justified primarily as a result of the timing of the redeployment of our cash proceeds from the sale of the Courtyard Kauai Coconut Beach Hotel 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) Stratera (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 0.2 0.6 0.6 We pay our property manager a construction management fee in an amount not to exceed 5 We are dependent on our external advisor and our property manager for certain services that are essential to us, including asset acquisition, financing and 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.

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	15. Quarterly Results (Unaudited) 2017 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Revenue $ 37,544 $ 5,992 $ 8,775 $ 11,360 $ 11,417 Net income (loss) 29,043 10,774 (2) 20,537 (1) (1,517) (751) Add: net (income)/loss attributable to noncontrolling interest (4,485) 72 (4,430) (22) (105) Net income/(loss) applicable to Company's common shares $ 24,558 $ 10,846 $ 16,107 $ (1,539) $ (856) Net income/(loss) per common share, basic and diluted $ 0.98 $ 0.29 $ 0.65 $ (0.06) $ (0.03) 2016 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Revenue $ 46,131 $ 10,595 $ 11,393 $ 11,693 $ 12,450 Net income (loss)(3) 4,908 (2,223) 9,324 (1,226) (967) Add: net (income)/loss attributable to noncontrolling interest 35 21 59 61 (106) Net income/(loss) applicable to Company's common shares $ 4,943 $ (2,202) $ 9,383 $ (1,165) $ (1,073) Net income/(loss) per common share, basic and diluted $ 0.19 $ (0.09) $ 0.37 $ (0.05) $ (0.04) (1) Income from continuing operations for the quarter ended September 30, 2017 includes (i) a gain on the sale of real estate of approximately $ 20.9 1.6 (2) Income from continuing operations for the quarter ended December 31, 2017 includes a non-cash impairment charge of $ 4.1 offset by income from our investment in unconsolidated affiliated joint venture of $ 17.9 (3) Income from continuing operations for the quarter ended September 30, 2016 includes gain on the sale of Lakewood Flats of $ 11.5

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Share Redemption Program On March 27, 2018, our board of directors approved redemptions for the first quarter of 2018 totaling approximately 112 0.6

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation Schedule III	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Schedule III	Lightstone Value Plus Real Estate Investment Trust V, Inc. (Formerly Behringer Harvard Opportunity REIT II, Inc.) Real Estate and Accumulated Depreciation Schedule III December 31, 2017 (dollars in thousands) Gross amount Initial cost Cost capitalized carried at Land and Building and subsequent to close of Accumulated Year of Date Depreciable Property Name Location Encumbrances improvements improvements acquisition (1) period depreciation construction acquired life Operating: Gardens Medical Pavilion Palm Beach Gardens, Florida $ - $ 5,675 $ 13,158 $ 5,254 $ 24,087 $ 5,736 1968-1995 10/20/2010 (2) River Club and the Townhomes at River Club Athens, Georgia 23,511 6,639 24,789 2,847 34,275 9,723 1996 & 1989 4/25/2011 (2) Lakes of Margate Margate, Florida 13,973 9,776 13,061 4,700 27,537 6,025 1987 10/19/2011 (2) Arbors Harbor Town Memphis, Tennessee 24,153 5,413 24,713 3,008 33,134 7,864 1991 12/20/2011 (2) 22 Exchange Akron, Ohio 18,963 2,380 24,786 (8,242) 18,924 - 2010 4/16/2013 (2) Parkside Apartments Sugarland, Texas 9,721 3,143 18,148 1,991 23,282 4,210 1998 8/8/2013 (2) Addison Landing Fishers, Indiana - 6,867 29,322 - 36,189 120 2014 11/30/2017 (2) Totals $ 90,321 $ 39,893 $ 147,977 $ 9,558 $ 197,428 $ 33,678 (1) Includes adjustment to basis, such as impairment losses. (2) Buildings are depreciated according to Company policy, which uses the straight-line method over their estimated useful life of 25 years. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2017, 2016 and 2015 is as follows (dollars in thousands): For the years ended December 31, Real Estate: 2017 2016 2015 Balance at beginning of year $ 209,972 $ 265,879 $ 329,643 Acquisitions 36,189 - - Improvements (1) 1,279 2,190 2,044 Disposals/written-off (168) - (77) Reclassification (2) (16) (105) (390) Establishment of new basis for impaired asset (3) (6,347) - (4,149) Cost of real estate sold (43,481) (57,992) (61,192) Balance at end of year $ 197,428 $ 209,972 $ 265,879 For the years ended December 31, Accumulated depreciation: 2017 2016 2015 Balance at beginning of year $ 34,903 $ 29,108 $ 27,569 Depreciation expense 12,209 8,759 11,109 Disposals/written-off (11,219) (2,964) (6,838) Accumulated depreciation on impaired asset (3) (2,215) - (2,732) Balance at end of year $ 33,678 $ 34,903 $ 29,108 (1) For the year ended December 31, 2015, includes foreign currency translation loss of $ 1.6 (2) For the years ended December 31, 2016 and 2015, includes reclassification from improvements to furniture, fixtures, and equipment of $ 0.1 0.4 (3) We recorded non-cash impairment charges of $ 4.1 1.4

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. (“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 including impairment and depreciable lives. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.
Principles of Consolidation and Basis of Presentation	Our consolidated financial statements include our accounts and the accounts of other subsidiaries over which we have control. All inter-company transactions, balances, and profits have been eliminated in consolidation. 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 but have significant influence 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 Upon the acquisition of real estate properties that qualify as a business, we recognize the assets acquired, the liabilities assumed and any noncontrolling interest as of the acquisition date, measured at their fair values. The acquisition date is the date on which we obtain control of the real estate property. The assets acquired and liabilities assumed may consist of land, inclusive of associated rights, buildings, assumed debt, identified intangible assets and liabilities, and asset retirement obligations. Identified intangible assets generally consist of above-market leases, in-place leases, in-place tenant improvements, in-place leasing commissions, and tenant relationships. Identified intangible liabilities generally consist of below-market leases. Goodwill is recognized as of the acquisition date and measured as the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree over the fair value of the identifiable net assets acquired. Likewise, a bargain purchase gain is recognized in current earnings when the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree is less than the fair value of the identifiable net assets acquired. Acquisition-related costs are expensed in the period incurred. Initial valuations are subject to change until our information is finalized, which is no later 12 The fair value of the tangible assets acquired, consisting of land and buildings, is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings. Land values are derived from appraisals, and building values are calculated as replacement cost less depreciation or management’s estimates of the fair value of these assets using discounted cash flow analyses or similar methods believed to be used by market participants. The value of hotels and all other buildings is depreciated over the estimated useful lives 39 25 We determine the fair value of assumed debt by calculating the net present value of the scheduled mortgage payments using interest rates for debt with similar terms and remaining maturities that management believes we could obtain at the date of the debt assumption. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan using the effective interest method. We determine the value of above-market and below-market leases for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) management’s estimate of current market lease rates for the corresponding in-place leases, measured over a period equal to (a) the remaining non-cancelable lease term for above-market leases, or (b) the remaining non-cancelable lease term plus any below-market fixed rate renewal options that, based on a qualitative assessment of several factors, including the financial condition of the lessee, the business conditions in the industry in which the lessee operates, the economic conditions in the area in which the property is located, and the ability of the lessee to sublease the property during the renewal term, are reasonably assured to be exercised by the lessee for below-market leases. We record the fair value of above-market and below-market leases as intangible assets or intangible liabilities, respectively, and amortize them as an adjustment to rental income over the determined lease term. The total value of identified real estate intangible assets acquired is further allocated to in-place leases, in-place tenant improvements, in-place leasing commissions, and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. The aggregate value for tenant improvements and leasing commissions is based on estimates of these costs incurred at inception of the acquired leases, amortized through the date of acquisition. The aggregate value of in-place leases acquired and tenant relationships is determined by applying a fair value model. The estimates of fair value of in-place leases include an estimate of carrying costs during the expected lease-up periods for the respective spaces considering existing market conditions. In estimating the carrying costs that would have otherwise been incurred had the leases not been in place, we include such items as real estate taxes, insurance and other operating expenses as well as lost rental revenue during the expected lease-up period based on existing market conditions. The estimates of the fair value of tenant relationships also include costs to execute similar leases including leasing commissions, legal fees, and tenant improvements as well as an estimate of the likelihood of renewal as determined by management on a tenant-by-tenant basis. 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. Buildings and Land and Lease Acquired Below- December 31, 2017 Improvements Improvements Intangibles Market Leases Cost $ 157,074 $ 40,354 $ 2,288 $ (207) Less: accumulated depreciation and amortization (30,421) (3,257) (1,389) 155 Net $ 126,653 $ 37,097 $ 899 $ (52) Buildings and Land and Lease Acquired Below- December 31, 2016 Improvements Improvements Intangibles Market Leases Cost $ 164,087 $ 45,885 $ 1,599 $ (137) Less: accumulated depreciation and amortization (31,728) (3,175) (1,247) 72 Net $ 132,359 $ 42,710 $ 352 $ (65)
Real Estate Held for Sale	Real Estate Held for Sale and Discontinued Operations We classify properties as held for sale when certain criteria are met in accordance with GAAP. At that time, we present the assets and obligations of the property held for sale separately in our consolidated balance sheet and we cease recording depreciation and amortization expense related to that property. Properties held for sale are reported at the lower of their carrying amount or their estimated fair value, less estimated costs to sell. We did not have any real estate assets classified as held for sale at December 31, 2017 or 2016. For sales of real estate or assets classified as held for sale, we will evaluate whether a disposal transaction meets the criteria of a strategic shift that will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider investments in highly liquid money market funds or investments with original maturities of three months or less to be cash equivalents. The carrying amount of cash and cash equivalents reported on the balance sheet approximates fair value.
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 certain of 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. Restricted cash may also include certain funds temporarily placed in escrow with qualified intermediaries to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended. December 31, 2017 2016 2015 Cash and cash equivalents 52,147 67,111 76,815 Restricted cash 5,213 6,101 4,581 Total cash, cash equivalents, and restricted cash 57,360 73,212 81,396
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. Our management reviews 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. During the year ended December 31, 2017, we recorded a non-cash impairment charge of $ 4.1 1.4 We believe the carrying value of our operating real estate assets and our investment in an unconsolidated joint venture is currently recoverable. 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 have and may continue to 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 such arrangements to determine if they have 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. ADC Arrangements are reassessed at each reporting period. See Note 7 of the Notes to the Consolidated Financial Statements for additional information.
Revenue Recognition	Revenue Recognition We recognize rental income generated from leases of our operating properties on a straight-line basis over the terms of the respective leases, including the effect of rent holidays, if any. Straight-line rent income of less than $ 0.1 0.1 Hotel revenues consist primarily of guest room, food and beverage, and other ancillary revenues such as laundry and parking at hotel properties. Hotel revenues are recognized as the services are rendered. During the periods presented, our hotel revenues were derived from the operations of the Courtyard Kauai Coconut Beach Hotel, which was sold on August 15, 2017.
Accounts Receivable	Accounts Receivable Accounts receivable primarily consists of receivables related to our consolidated properties as of both December 31, 2017 and 2016.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets Prepaid expenses included prepaid directors and officers’ insurance premiums, as well as prepaid insurance premiums for our consolidated properties.
Furniture, Fixtures, and Equipment	Furniture, Fixtures, and Equipment Furniture, fixtures, and equipment are recorded at cost and are depreciated according to our 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 $ 4.7 9.9
Deferred Financing Fees	Deferred Financing Fees Deferred financing fees are recorded at cost, accounted for as a reduction to notes payable and 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 $ 0.4 0.8 2.2 1.9
Derivative Financial Instruments	Derivative Financial Instruments Our objective in using derivatives is to add stability to interest expense and to manage our exposure to interest rate movements or other identified risks and to minimize the variability caused by foreign currency translation risk related to our net investment in foreign real estate. To accomplish these objectives, we use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of London Interbank Offered Rate (“LIBOR”). These instruments include LIBOR-based interest rate swaps and caps. For our net investments in foreign real estate, we may use foreign exchange put/call options to eliminate the impact of foreign currency exchange movements on our financial position. We measure our derivative instruments and hedging activities at fair value and record them as an asset or liability, depending on our rights or obligations under the applicable derivative contract. Changes in fair value of derivative instruments not designated as hedges are recognized in earnings in the affected period. As of December 31, 2017 and 2016, we do not have any derivatives designated as net investment hedges, fair value hedges or cash flow hedges. No derivatives were being used for trading or speculative purposes. See Notes 4 and 11 of the Notes to Consolidated Financial Statements for additional information.
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 “Internal Revenue 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 During 2015, we recorded an aggregate provision for income tax of approximately $ 2.7 The foreign income tax recorded during 2015 was calculated on gains recognized at the exchange rate in effect on the date of sale and calculated using then current tax rates. 0.1 1.6 0.8 0.8 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). The Euro was the functional currency for the operations of 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 December 31, 2017 and 2016, we maintained approximately $ 0.4 3.6 0.5 0.1 0.4 Upon the substantial liquidation of an 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 a foreign property, we recognize the CTA as an adjustment to the resulting gain or loss on sale. During the first quarter of 2015, we recognized a CTA of approximately $ 0.6 0.4
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Items of other comprehensive income (loss) consist of gains and losses affecting equity that are excluded from net income (loss) under GAAP. The components of other comprehensive income (loss) consist of cumulative foreign currency translation gains and losses.
Stock-Based Compensation	Stock-Based Compensation We had a stock-based incentive award plan for our directors and consultants and for employees, directors, and consultants of our affiliates. However, we have did not issued any stock-based awards under the plan and effective on December 19, 2017, we may no longer issue any awards under the plan as of December 31, 2017.
Concentration of Credit Risk	Concentration of Credit Risk At December 31, 2017 and 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 year ended December 31, 2017, excluding the investment we sold in 2017 28.1 13.9 21.3 13.1 22.6 1.0 Florida Texas, Tennessee, Ohio, Georgia and Indiana, 54.7 35.7 9.6 properties, properties and medical office building
Noncontrolling Interest	Noncontrolling Interest Noncontrolling interest represents the noncontrolling ownership interest’s proportionate share of the equity in our consolidated real estate investments. Income and losses are allocated to noncontrolling interest holders based generally on their ownership percentage. In certain instances, our joint venture agreement provides for liquidating distributions based on achieving certain return metrics (“promoted interest”). If a property reaches a defined return threshold, then it will result in distributions to noncontrolling interest which is different from the standard pro-rata allocation percentage.
Earnings per Share	Earnings per Share Net income (loss) per share is calculated based on the weighted average number of common shares outstanding during each period. The weighted average shares outstanding used to calculate both basic and diluted income (loss) per share were the same for each of the three years ended December 31, 2017, 2016, and 2015, as there were no potentially dilutive securities outstanding.
Reportable Segments	Reportable Segments GAAP establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment, with activities related to the ownership, development, and management of real estate assets. Our chief operating decision maker evaluates operating performance on an individual property level. Therefore, our properties are aggregated into one reportable segment.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain prior period amounts may have been reclassified to conform to the current year presentation.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of accumulated depreciation and amortization related to entity's consolidated investments in real estate assets and intangibles	As of December 31, 2017 and 2016, accumulated depreciation and amortization related to our consolidated investments in real estate assets and intangibles were as follows: Buildings and Land and Lease Acquired Below- December 31, 2017 Improvements Improvements Intangibles Market Leases Cost $ 157,074 $ 40,354 $ 2,288 $ (207) Less: accumulated depreciation and amortization (30,421) (3,257) (1,389) 155 Net $ 126,653 $ 37,097 $ 899 $ (52) Buildings and Land and Lease Acquired Below- December 31, 2016 Improvements Improvements Intangibles Market Leases Cost $ 164,087 $ 45,885 $ 1,599 $ (137) Less: accumulated 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 new Financial Accounting Standards Board (“FASB”) guidance on December 31, 2016, which changes 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 consolidated statements of cash flows for the periods presented: December 31, 2017 2016 2015 Cash and cash equivalents 52,147 67,111 76,815 Restricted cash 5,213 6,101 4,581 Total cash, cash equivalents, and restricted cash 57,360 73,212 81,396

Assets and Liabilities Measur27

Assets and Liabilities Measured at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Schedule of the fair value hierarchy of assets measured on a nonrecurring basis	Total For the year ended December 31, 2017 Level 1 Level 2 Level 3 Fair Value Loss Assets Buildings and improvements, net (1) $ — $ — $ 19.0 million $ 19.0 million $ (4.1 million) (1) We recorded non-cash impairment charge of $4.1 million during the year ended December 31, 2017 as a result of a measurable decrease in the fair value of 22 Exchange. Quantitative Information about Level 3 Fair Value Measurements Fair Value as of Valuation Description December 31, 2017 Techniques Unobservable Input Buildings and improvements, net (1) Discounted cash flow Discount rate 8.0% $ 19.0 million Terminal capitalization rate 7.0% (1) We recorded a non-cash impairment charge of $4.1 million during the year ended December 31, 2017 on our investment in 22 Exchange, one of our student housing investments.
Schedule of quantitative information about level 3 fair value measurements	For the year ended December 31, 2015 Level 1 Level 2 Level 3 Total Loss Assets Buildings and improvements, net(1) $ — $ — $ 25.0 million $ 25.0 million $ (1.4 million) (1) We recorded a non-cash impairment charge of $1.4 million during the year ended December 31, 2015 as a result of a measurable decrease in the fair value of 22 Exchange, one of our student housing investments. Description Fair Value Valuation Unobservable Input Range Buildings and improvements, net (1) $ 25.0 million Discounted cash flow Discount rate 7.5% - 8.0% (1) Due to the local market decline in Akron, Ohio, we recorded a non-cash impairment charge of $1.4 million on our investment in 22 Exchange, a student housing property, during the year ended December 31, 2015.

Financial Instruments not Rep28

Financial Instruments not Reported at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	Carrying amounts of our notes payable and the related estimated fair value as of December 31, 2017 and December 31, 2016 are as follows: December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Notes payable $ 90,321 $ 91,449 $ 143,119 $ 146,790 Less: unamortized debt issuance costs (400) (787) Notes payable, net $ 89,921 $ 142,332

Real Estate and Real Estate-R29

Real Estate and Real Estate-Related Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of information pertaining to consolidated investments	Property Name Description Location Date Acquired Ownership Gardens Medical Pavilion Medical office building Palm Beach Gardens, Florida October 20, 2010 81.8 % 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 and Retail Akron, Ohio April 16, 2013 90 % Parkside Apartments (“Parkside”) Multifamily Sugar Land, Texas August 8, 2013 90 % Flats at Fishers Fishers Multifamily Fishers, Indiana November 30, 2017 100 %
Schedule of sales of Real Estate	The following table presents our sale of real estate for the years ended December 31, 2017, 2016, and 2015 (dollars in millions): Ownership Sales Contract Net Cash Gain on Sale of Date of Sale Property Interest Price Proceeds (1) Real Estate January 8, 2015 Babcock 85 % $ 5.4 $ 5.2 $ 2.0 February 21, 2015 AJS 99.7 % $ 14.1 $ 13.0 $ 3.3 (2) September 1, 2015 Holstenplatz 100 % $ 18.4 $ 18.0 $ 8.6 September 9, 2015 Wimberly 95 % $ 43.5 $ 42.9 $ 8.9 August 16, 2016 Lakewood Flats 100 % $ 68.8 $ 68.5 $ 11.5 August 15, 2017 Courtyard Kauai Coconut Beach Hotel 80 % $ 62.0 $ 24.0 $ 20.9 (1) A portion of the net cash proceeds was used to pay off the property-associated debt of $2.1 million, $6.5 million, $26.4 million, and $33.5 million for Babcock, AJS, Wimberly, and Lakewood Flats, respectively. The Holstenplatz debt was paid off on April 30, 2015. The property-associated debt of $36.0 million for the Courtyard Kauai Coconut Beach Hotel was assumed by the buyer. (2) The 2015 gain on sale for AJS of $3.3 million does not include an additional $0.1 million loss recorded in 2016 related to the final settlement of certain fees associated with our disposal of AJS.
Net income (loss), real estate sold during period	For the Year Ended December 31, Description 2017 2016 2015 Net income attributable to the Company related to dispositions $ 16.9 $ 12.4 $ 17.4

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of information on notes payable	The following table sets forth information on our notes payable as of December 31, 2017 and 2016: Amount Due Loan Amount Outstanding Description Interest Rate Maturity Date at Maturity December 31, 2017 December 31, 2016 Courtyard Kauai Coconut Beach Hotel Repaid in full on 5/8/2017 (See note below) $ - $ - $ 38,000 Gardens Medical Pavilion 4.90% 1/1/2018 - - 12,899 River Club and the Townhomes at River Club 5.26% 5/1/2018 23,368 23,511 23,917 Lakes of Margate 5.49% and 5.92% 1/1/2020 13,384 13,973 14,243 Arbors Harbor Town 3.99% 1/1/2019 23,632 24,153 24,653 22 Exchange 3.93% Due on demand 16,875 18,963 19,307 Parkside (1) 5% 6/1/2018 9,560 9,721 10,100 Total mortgages payable $ 86,819 90,321 143,119 Less: deferred financing costs (400) (787) Total mortgages payable, net $ 89,921 $ 142,332 (1) Includes approximately $ 0.1
Contractual obligations for principal payments	The following table provides information with respect to the contractual maturities and scheduled principal repayments of our indebtedness as of December 31, 2017. The table amounts reflect the 22 Exchange loan as due on demand. However, the table amounts do not reflect the effect of any available extension options: Year Amount Due 2018 $ 52,932 2019 23,934 2020 13,384 2021 - 2022 - Thereafter - Total contractual obligations for principal payments 90,250 Unamortized premium 71 Total notes payable 90,321 Less: Deferred financing fees, net (400) Notes payable, net $ 89,921

Leasing Activity (Tables)

Leasing Activity (Tables)	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Future minimum base rental payments of remaining office property	Future minimum base rental payments of our office property, Gardens Medical Pavilion, and the retail space at 22 Exchange due to us under non-cancelable leases in effect as of December 31, 2017 are as follows: Year Amount Due 2018 $ 1,468 2019 1,260 2020 1,169 2021 1,046 2022 905 Thereafter 1,623 Total $ 7,471

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Schedule of Redemption Program	The price at which we will redeem shares submitted for redemption will be a percentage of the estimated NAV per Share as of the Effective Date (as defined in the Amended Share Redemption Program), as follows: For Redemptions with an Effective Date Between July 1, 2018 and June 30, 2019: 92.5 July 1, 2019 and June 30, 2020: 95.0 July 1, 2020 and June 30, 2021: 97.5 Thereafter: 100
Schedule of Distributions to Shareholders	During 2016 and 2015, our distributions were classified as follows for federal income tax purposes: Description 2016 2015 Ordinary income — — Capital gains 25.4 % 25.8 % Return of capital 74.6 % 74.2 % Total 100.0 % 100.0 %

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Summary of the unaudited quarterly financial information	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2017 and 2016: 2017 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Revenue $ 37,544 $ 5,992 $ 8,775 $ 11,360 $ 11,417 Net income (loss) 29,043 10,774 (2) 20,537 (1) (1,517) (751) Add: net (income)/loss attributable to noncontrolling interest (4,485) 72 (4,430) (22) (105) Net income/(loss) applicable to Company's common shares $ 24,558 $ 10,846 $ 16,107 $ (1,539) $ (856) Net income/(loss) per common share, basic and diluted $ 0.98 $ 0.29 $ 0.65 $ (0.06) $ (0.03) 2016 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Revenue $ 46,131 $ 10,595 $ 11,393 $ 11,693 $ 12,450 Net income (loss)(3) 4,908 (2,223) 9,324 (1,226) (967) Add: net (income)/loss attributable to noncontrolling interest 35 21 59 61 (106) Net income/(loss) applicable to Company's common shares $ 4,943 $ (2,202) $ 9,383 $ (1,165) $ (1,073) Net income/(loss) per common share, basic and diluted $ 0.19 $ (0.09) $ 0.37 $ (0.05) $ (0.04) (1) Income from continuing operations for the quarter ended September 30, 2017 includes (i) a gain on the sale of real estate of approximately $ 20.9 1.6 (2) Income from continuing operations for the quarter ended December 31, 2017 includes a non-cash impairment charge of $ 4.1 offset by income from our investment in unconsolidated affiliated joint venture of $ 17.9 (3) Income from continuing operations for the quarter ended September 30, 2016 includes gain on the sale of Lakewood Flats of $ 11.5

Business and Organization (Deta

Business and Organization (Details) - USD ($) $ in Millions	12 Months Ended	119 Months Ended
	Dec. 31, 2017	Dec. 31, 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)	24,646,494	24,646,494	25,218,770
Common stock, shares issued (in shares)	24,646,494	24,646,494	25,218,770
Convertible stock issued (in shares)	1,000	1,000	1,000
Initial Offering
Organization
Gross offering proceeds		$ 265.3
Common stock sold (in shares)		26,700,000
Common stock, shares outstanding (in shares)	24,600,000	24,600,000
Initial Offering | LightstoneGroup [Member]
Organization
Common stock, shares issued (in shares)	1,000	1,000
Initial Capitalization | Behringer Harvard Holdings
Organization
Common stock, shares issued (in shares)				22,500
Convertible stock issued (in shares)				1,000

Summary of Significant Accoun35

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Period for change in initial valuation from acquisition	12 days
Total real estate	$ 163,750	$ 175,069
Net	899	352
Lease Intangibles
Property, Plant and Equipment [Line Items]
Cost	2,288	1,599
Less: accumulated depreciation and amortization	(1,389)	(1,247)
Net	899	352
Acquired Below-Market Leases
Property, Plant and Equipment [Line Items]
Cost	(207)	(137)
Less: accumulated depreciation and amortization	155	72
Net	$ (52)	(65)
Hotels
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years
Cost	$ 157,074	164,087
Less: accumulated depreciation and amortization	(30,421)	(31,728)
Total real estate	126,653	132,359
Land and Improvements
Property, Plant and Equipment [Line Items]
Cost	40,354	45,885
Less: accumulated depreciation and amortization	(3,257)	(3,175)
Total real estate	$ 37,097	$ 42,710

Summary of Significant Accoun36

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Cash and cash equivalents	$ 52,147	$ 67,111	$ 76,815
Restricted cash	5,213	6,101	4,581
Total cash, cash equivalents, and restricted cash	$ 57,360	$ 73,212	$ 81,396	$ 77,148

Summary of Significant Accoun37

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Investment Impairment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Impairment charge	$ 4,100	$ 4,132	$ 0	$ 1,417

Summary of Significant Accoun38

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Straight-line rent	$ 0.1	$ 0.1	$ 0.1
Amortization of above and below market leases	$ 0.1	$ 0.1	$ 0.1

Summary of Significant Accoun39

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - FF&E (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Accumulated Depreciation	$ 33,678	$ 34,903	$ 29,108	$ 27,569
Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Accumulated Depreciation	$ 4,700	$ 9,900

Summary of Significant Accoun40

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Deferred Financing Fees (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net	$ 400	$ 787	$ 787
Accumulated amortization of deferred financing fees	$ 2,200	$ 1,900

Summary of Significant Accoun41

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Line Items]
Required minimum percentage distribution of of ordinary taxable income to stockholders to qualify as a REIT			90.00%
Income Tax Expense (Benefit)	$ 1,600		$ (1,604)	$ (47)	$ 2,726
Maximum
Real Estate [Line Items]
Income Tax Expense (Benefit)		$ 100
AJS and Holstenplatz
Real Estate [Line Items]
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount	800
Foreign Tax Authority
Real Estate [Line Items]
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount	$ 800

Summary of Significant Accoun42

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands	Sep. 01, 2015	Feb. 21, 2015	Mar. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Line Items]
Cumulative foreign currency translation adjustment				$ 500	$ 100	$ 400
Reduction (increase) on the gain on sale				0	0	$ (250)
Deposits Assets				$ 400	$ 3,600
Alte Jakobstrabe
Real Estate [Line Items]
Reduction (increase) on the gain on sale		$ 600	$ 600
Holstenplatz
Real Estate [Line Items]
Reduction (increase) on the gain on sale	$ 400

Summary of Significant Accoun43

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Number of potentially dilutive securities outstanding (in shares)	0	0	0

Summary of Significant Accoun44

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Geographic and Asset type concentration (Details)	12 Months Ended
	Dec. 31, 2017
Florida | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	28.10%
TEXAS | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	13.90%
TUNISIA | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	21.30%
OHIO | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	13.10%
GEORGIA, REPUBLIC OF | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	22.60%
INDIA | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	1.00%
Multifamily | Real Estate Asset Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	54.70%
Student Housing | Real Estate Asset Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	35.70%
medical office building [Member] | Real Estate Asset Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	9.60%

Assets and Liabilities Measur45

Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Assets
Impairment charge		$ 4,100		$ 4,132		$ 0		$ 1,417
Nonrecurring | Buildings and Improvements
Assets
Buildings and improvements, net		19,000	[1]	19,000	[1]	25,000	[2]
Impairment charge				4,100	[1]	1,400	[2]
Nonrecurring | Buildings and Improvements | Discounted cash flow
Assets
Buildings and improvements, net		19,000	[3]	19,000	[3]	25,000	[4]
Nonrecurring | Level 3 | Buildings and Improvements
Assets
Buildings and improvements, net		19,000	[1]	$ 19,000	[1]	25,000	[2]
Nonrecurring | Level 3 | Buildings and Improvements | Discounted cash flow
Assets
Discount rate	[5]			8.00%
Terminal capitalization rate	[5]			7.00%
Nonrecurring | Level 1 | Buildings and Improvements
Assets
Buildings and improvements, net		0	[1]	$ 0	[1]	0	[2]
Nonrecurring | Level 2 | Buildings and Improvements
Assets
Buildings and improvements, net		$ 0	[1]	$ 0	[1]	$ 0	[2]
Nonrecurring | Minimum | Buildings and Improvements
Assets
Discount rate	[4]					7.50%
Nonrecurring | Minimum | Buildings and Improvements | Discounted cash flow
Assets
Terminal capitalization rate	[4]					6.50%
Nonrecurring | Maximum | Buildings and Improvements
Assets
Discount rate	[4]					8.00%
Nonrecurring | Maximum | Buildings and Improvements | Discounted cash flow
Assets
Terminal capitalization rate	[4]					7.50%
[1]	We recorded non-cash impairment charge of $4.1 million during the year ended December 31, 2017 as a result of a measurable decrease in the fair value of 22 Exchange.
[2]	We recorded a non-cash impairment charge of $1.4 million during the year ended December 31, 2015 as a result of a measurable decrease in the fair value of 22 Exchange, one of our student housing investments.
[3]	We recorded a non-cash impairment charge of $4.1 million during the year ended December 31, 2017 on our investment in 22 Exchange, one of our student housing investments.
[4]	Due to the local market decline in Akron, Ohio, we recorded a non-cash impairment charge of $1.4 million on our investment in 22 Exchange, a student housing property, during the year ended December 31, 2015.
[5]	We recorded a non-cash impairment charge of $4.1 million on our investment in 22 Exchange during the year ended December 31, 2017.

Financial Instruments not Rep46

Financial Instruments not Reported at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Notes payable, carrying amount	$ 90,321	$ 143,119	$ 143,119
Less: unamortized debt issuance costs, carrying amounts	(400)	(787)	(787)
Notes payable, net, carrying amount	$ 86,819	89,921	142,332
Notes payable, fair value		$ 91,449	$ 146,790

Real Estate and Real Estate-R47

Real Estate and Real Estate-Related Investments Real Estate and Real Estate-Related Investments - Narrative (Details) $ in Thousands, € in Millions

Aug. 15, 2017USD ($)

Aug. 16, 2016USD ($)

Sep. 09, 2015USD ($)

Sep. 01, 2015USD ($)

Sep. 01, 2015EUR (€)

Feb. 21, 2015USD ($)

Feb. 21, 2015EUR (€)

Jan. 08, 2015USD ($)

Nov. 30, 2017USD ($)

Sep. 30, 2017USD ($)

Sep. 30, 2016USD ($)

Mar. 31, 2015USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Real Estate Properties [Line Items]

Gain on sale of real estate and other assets, net

$ 21,605

$ 11,341

$ 22,771

Gain (loss) on extinguishment of debt

0

(500)

(732)

Repayment of existing indebtedness

52,630

35,404

45,094

Reduction (increase) on the gain on sale

0

0

(250)

Deferred gain

558

1,247

Escrow Deposits Related to Property Sales

0

0

912

Proceeds from Sale of Real Estate Held-for-investment

$ 24,047

$ 68,399

$ 79,075

Other Assets [Member]

Real Estate Properties [Line Items]

Business Combination, Consideration Transferred

$ 700

Land and Improvements

Real Estate Properties [Line Items]

Business Combination, Consideration Transferred

6,900

Building and Building Improvements [Member]

Real Estate Properties [Line Items]

Business Combination, Consideration Transferred

29,300

Babcock Self Storage

Real Estate Properties [Line Items]

Sales Contract Price

$ 5,400

Gain on sale of real estate and other assets, net

2,000

Gain (loss) on extinguishment of debt

(100)

Repayment of existing indebtedness

$ 2,100

Alte Jakobstrabe

Real Estate Properties [Line Items]

Sales Contract Price

$ 14,100

€ 12.4

Gain on sale of real estate and other assets, net

[1]

3,300

Gain (loss) on extinguishment of debt

(100)

Repayment of existing indebtedness

6,500

€ 5.7

Reduction (increase) on the gain on sale

600

$ 600

Alte Jakobstrabe | Foreign Tax Authority

Real Estate Properties [Line Items]

Income tax related to sale of investment

$ 1,700

Holstenplatz

Real Estate Properties [Line Items]

Sales Contract Price

$ 18,400

€ 16.4

Gain on sale of real estate and other assets, net

8,600

Reduction (increase) on the gain on sale

400

Holstenplatz | Foreign Tax Authority

Real Estate Properties [Line Items]

Income tax related to sale of investment

1,000

Holstenplatz | Debt

Real Estate Properties [Line Items]

Repayment of existing indebtedness

$ 8,100

Wimberly

Real Estate Properties [Line Items]

Number of real estate assets consolidated

322

Sales Contract Price

$ 43,500

Gain on sale of real estate and other assets, net

8,900

Gain (loss) on extinguishment of debt

(600)

Repayment of existing indebtedness

26,400

Wimberly | Write-off of Deferred Financing Fees

Real Estate Properties [Line Items]

Gain (loss) on extinguishment of debt

(300)

Wimberly | Early Termination Fee

Real Estate Properties [Line Items]

Gain (loss) on extinguishment of debt

$ (300)

Lakewood Flats

Real Estate Properties [Line Items]

Sales Contract Price

$ 68,800

Gain on sale of real estate and other assets, net

11,500

$ 11,500

Gain (loss) on extinguishment of debt

(500)

Repayment of existing indebtedness

33,500

Deferred gain

1,200

Lakewood Flats | Write-off of Deferred Financing Fees

Real Estate Properties [Line Items]

Gain (loss) on extinguishment of debt

(400)

Lakewood Flats | Early Termination Fee

Real Estate Properties [Line Items]

Gain (loss) on extinguishment of debt

$ (100)

Flats at Fishers [Member]

Real Estate Properties [Line Items]

Business Combination, Consideration Transferred

36,900

Business Combination, Acquisition Related Costs

600

Courtyard Kauai Coconut Beach Hotel [Member]

Real Estate Properties [Line Items]

Number of real estate assets consolidated

311

Sales Contract Price

$ 62,000

Gain on sale of real estate and other assets, net

20,900

$ 20,900

Gain (loss) on extinguishment of debt

20,900

Escrow Deposits Related to Property Sales

$ 27,000

Transfer Mortgage Payable

36,000

Proceeds from Sale of Real Estate Held-for-investment

24,000

Payments to Noncontrolling Interests

$ 1,700

[1]

The 2015 gain on sale for AJS of $3.3 million does not include an additional $0.1 million loss recorded in 2016 related to the final settlement of certain fees associated with our disposal of AJS.

Real Estate and Real Estate-R48

Real Estate and Real Estate-Related Investments - Consolidated Properties (Details)	12 Months Ended
	Dec. 31, 2017
Gardens Medical Pavilion
Real Estate Properties [Line Items]
Ownership Interest	81.80%
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%
Parkside Apartments (“Parkside”)
Real Estate Properties [Line Items]
Ownership Interest	90.00%
Flats at Fishers Fishers [Member]
Real Estate Properties [Line Items]
Ownership Interest	100.00%

Real Estate and Real Estate-R49

Real Estate and Real Estate-Related Investments - Sales of Real Estate Reported in Continuing Operations (Details) $ in Thousands, € in Millions

Aug. 15, 2017USD ($)

Aug. 16, 2016USD ($)

Sep. 09, 2015USD ($)

Sep. 01, 2015USD ($)

Feb. 21, 2015USD ($)

Feb. 21, 2015EUR (€)

Jan. 08, 2015USD ($)

Sep. 30, 2017USD ($)

Sep. 30, 2016USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Real Estate Properties [Line Items]

Gain on Sale of Real Estate

$ 21,605

$ 11,341

$ 22,771

Babcock [Member]

Real Estate Properties [Line Items]

Ownership Interest

85.00%

Sales Contract Price

$ 5,400

Net Cash Proceeds

[1]

5,200

Gain on Sale of Real Estate

$ 2,000

AJS [Member]

Real Estate Properties [Line Items]

Ownership Interest

99.70%

99.70%

Sales Contract Price

$ 14,100

€ 12.4

Net Cash Proceeds

[1]

13,000

Gain on Sale of Real Estate

[2]

$ 3,300

Holstenplatz [Mmebr]

Real Estate Properties [Line Items]

Ownership Interest

100.00%

Sales Contract Price

$ 18,400

Net Cash Proceeds

[1]

18,000

Gain on Sale of Real Estate

$ 8,600

Wimberly [Member]

Real Estate Properties [Line Items]

Ownership Interest

95.00%

Sales Contract Price

$ 43,500

Net Cash Proceeds

[1]

42,900

Gain on Sale of Real Estate

$ 8,900

Lakewood Flats [Member]

Real Estate Properties [Line Items]

Ownership Interest

100.00%

Sales Contract Price

$ 68,800

Net Cash Proceeds

[1]

68,500

Gain on Sale of Real Estate

$ 11,500

$ 11,500

Courtyard Kauai Coconut Beach Hotel [Member]

Real Estate Properties [Line Items]

Ownership Interest

80.00%

Sales Contract Price

$ 62,000

Net Cash Proceeds

[1]

24,000

Gain on Sale of Real Estate

$ 20,900

$ 20,900

[1]

A portion of the net cash proceeds was used to pay off the property-associated debt of $2.1 million, $6.5 million, $26.4 million, and $33.5 million for Babcock, AJS, Wimberly, and Lakewood Flats, respectively. The Holstenplatz debt was paid off on April 30, 2015. The property-associated debt of $36.0 million for the Courtyard Kauai Coconut Beach Hotel was assumed by the buyer.

[2]

The 2015 gain on sale for AJS of $3.3 million does not include an additional $0.1 million loss recorded in 2016 related to the final settlement of certain fees associated with our disposal of AJS.

Real Estate and Real Estate-R50

Real Estate and Real Estate-Related Investments - Sales of Real Estate Properties Included in Net Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Net income attributable to the Company related to dispositions	$ 10,846	$ 16,107	$ (1,539)	$ (856)	$ (2,202)	$ 9,383	$ (1,165)	$ (1,073)	$ 24,558	$ 4,943	$ 6,978
Sale of Real Estate | Lakewood Flats, Babcock, AJS, Holstenplatz, Wimberly, and 1875 Lawrence
Real Estate Properties [Line Items]
Net income attributable to the Company related to dispositions										$ 16,900	$ 12,400	$ 17,400

Investment in Unconsolidated 51

Investment in Unconsolidated Joint Venture (Details) - USD ($) $ in Thousands	Dec. 15, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	May 08, 2017
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
Outstanding principal balance under mezzanine Loan		15,300
Escrow Deposits Related to Property Sales		$ 0	$ 0	$ 912
Mezzanine loan [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					11.00%
Senior Lender's loan [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Description of Variable Rate Basis		increased the interest rate by 75 basis points to 30-day LIBOR plus 3.75%
Prospect Park
Schedule of Equity Method Investments [Line Items]
Real Estate Property Contractual Sales Price				100,500
Proceeds from Sale of Real Estate	$ 21,600
Escrow Deposits Related to Property Sales	$ 15,100
Equity Method Investments			14,700	10,900
Equity Earnings Related to Unconsolidated Investment		$ 17,900
Minimum
Schedule of Equity Method Investments [Line Items]
Annual interest rate for mezzanine loan		10.00%
Minimum | Prospect Park
Schedule of Equity Method Investments [Line Items]
Interest Costs Capitalized			$ 200
Maximum
Schedule of Equity Method Investments [Line Items]
Annual interest rate for mezzanine loan		18.00%
Maximum | Prospect Park
Schedule of Equity Method Investments [Line Items]
Interest Costs Capitalized				$ 500

Notes Payable - Information on

Notes Payable - Information on Notes Payable (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Notes payable, net		$ 89,921	$ 142,332
Total debt		90,321	143,119	$ 143,119
Deferred financing fees, net		(400)	(787)	(787)
Notes payable, net of deferred financing fees		86,819	89,921	$ 142,332
Courtyard Kauai Coconut Beach Hotel
Debt Instrument [Line Items]
Notes payable, net		0	38,000
Notes payable, net of deferred financing fees		0
Gardens Medical Pavilion
Debt Instrument [Line Items]
Notes payable, net		0	12,899
Notes payable, net of deferred financing fees		$ 0
Interest rate (as a percent)		4.90%
Debt Instrument, Maturity Date		Jan. 1, 2018
River Club and the Townhomes at River Club
Debt Instrument [Line Items]
Notes payable, net		$ 23,511	23,917
Notes payable, net of deferred financing fees		$ 23,368
Interest rate (as a percent)		5.26%
Debt Instrument, Maturity Date		May 1, 2018
Lakes of Margate
Debt Instrument [Line Items]
Notes payable, net		$ 13,973	14,243
Notes payable, net of deferred financing fees		$ 13,384
Debt Instrument, Maturity Date		Jan. 1, 2020
Arbors Harbor Town
Debt Instrument [Line Items]
Notes payable, net		$ 24,153	24,653
Notes payable, net of deferred financing fees		$ 23,632
Interest rate (as a percent)		3.99%
Debt Instrument, Maturity Date		Jan. 1, 2019
22 Exchange
Debt Instrument [Line Items]
Notes payable, net		$ 18,963	19,307
Notes payable, net of deferred financing fees		$ 16,875
Interest rate (as a percent)		3.93%
Parkside
Debt Instrument [Line Items]
Notes payable, net	[1]	$ 9,721	$ 10,100
Notes payable, net of deferred financing fees	[1]	$ 9,560
Interest rate (as a percent)	[1]	5.00%
Debt Instrument, Maturity Date	[1]	Jun. 1, 2018
Minimum | Lakes of Margate
Debt Instrument [Line Items]
Interest rate (as a percent)		5.49%
Maximum | Lakes of Margate
Debt Instrument [Line Items]
Interest rate (as a percent)		5.92%
[1]	Includes approximately $0.1 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	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,018	$ 52,932
2,019	23,934
2,020	13,384
2,021	0
2,022	0
Thereafter	0
Total contractual obligations for principal payments	90,250
Unamortized premium	71
Total debt	90,321	$ 143,119	$ 143,119
Deferred financing fees, net	(400)	(787)	(787)
Notes payable, net of deferred financing fees	$ 86,819	$ 89,921	$ 142,332

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($) $ in Thousands	Aug. 15, 2017	May 08, 2017	Aug. 16, 2016	Dec. 27, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Notes payable, net					$ 89,921	$ 142,332
Mortgage Loan Related to Property Sales					36,000	0	$ 0
Repayments of Notes Payable					52,630	35,404	$ 45,094
Notes Payable					89,921	142,332
Debt Instrument, Unamortized Premium					71
Exchange loan [Member]
Debt Instrument [Line Items]
Notes Payable					19,000
Parkside
Debt Instrument [Line Items]
Debt Instrument, Unamortized Premium					100
Gardens Medical Pavilion [Member]
Debt Instrument [Line Items]
Repayments of Notes Payable				$ 12,500
River Club and the Townhomes at River Club [Member]
Debt Instrument [Line Items]
Notes payable, net					23,500
Parkside [Member]
Debt Instrument [Line Items]
Notes payable, net					9,700
Lakewood Flats
Debt Instrument [Line Items]
Repayments of Notes Payable			$ 33,500
Courtyard Kauai Coconut Beach Hotel Kauai [Member]
Debt Instrument [Line Items]
Notes payable, net					$ 0	38,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 44,000
Mortgage Loan Related to Property Sales	$ 36,000
Courtyard Kauai Coconut Beach Hotel Kauai [Member] | Notes payable
Debt Instrument [Line Items]
Notes payable, net						$ 38,000
Equity Method Investment, Ownership Percentage		80.00%
Line of Credit Facility, Maximum Borrowing Capacity		$ 36,000
Debt Instrument, Basis Spread on Variable Rate		4.70%

Leasing Activity (Details)

Leasing Activity (Details) $ in Thousands	Dec. 31, 2017USD ($)
Future minimum base rental payments due to entity under non-cancelable leases
2,018	$ 1,468
2,019	1,260
2,020	1,169
2,021	1,046
2,022	905
Thereafter	1,623
Total	$ 7,471

Derivative Instruments and He56

Derivative Instruments and Hedging Activities (Details) - Courtyard Kauai Coconut Beach Hotel - Interest Rate Cap $ in Millions	Dec. 31, 2017USD ($)
Derivative Not Designated as Hedging Instruments
Derivative Instruments and Hedging Activities
Notational value	$ 38
London Interbank Offered Rate (LIBOR) [Member]
Derivative Instruments and Hedging Activities
Interest rate	3.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Loss Contingencies [Line Items]
Estimated federal taxable income				$ 3,800
Federal taxable income			$ 7,000	4,800
Distributions paid			38,400	25,700
Net operating loss carryforwards			13,100	13,100
Accrued current tax expense		$ 55	38
Income Tax Expense (Benefit)	$ 1,600	(1,604)	(47)	2,726
Courtyard Kauai Coconut Beach Hotel Kauai [Member]
Loss Contingencies [Line Items]
Estimated federal taxable income		(2,100)
Net operating loss carryforwards		15,200
Income Tax Expense (Benefit)		1,600
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority		800
Income Tax Examination, Increase (Decrease) in Liability from Prior Year		800
Taxable REIT subsidiaries
Loss Contingencies [Line Items]
Net operating loss carryforwards		$ 4,500
AJS and Holstenplatz | Foreign Tax Authority
Loss Contingencies [Line Items]
Income tax related to sale of investment				$ 2,700
Accrued current tax expense			$ 100

Stockholders_ Equity- Summary o

Stockholders’ Equity- Summary of Estimated Net Asset Value Per Share as of Effective Date (Details)	Dec. 31, 2017
July 1, 2018 and June 30, 2019 [Member]
Share Redemption Program, Redemption Price, Percentage of Share Price	92.50%
July 1, 2019 and June 30, 2020 [Member]
Share Redemption Program, Redemption Price, Percentage of Share Price	95.00%
July 1, 2020 and June 30, 2021 [Member]
Share Redemption Program, Redemption Price, Percentage of Share Price	97.50%
Thereafter [Member]
Share Redemption Program, Redemption Price, Percentage of Share Price	100.00%

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions Classified for Federal Tax Purposes (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Ordinary income	0.00%	0.00%
Capital gains	25.40%	25.80%
Return of capital	74.60%	74.20%
Total	100.00%	100.00%

Stockholders' Equity- Narrative

Stockholders' Equity- Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 05, 2016	Nov. 20, 2015	Mar. 31, 2015	Mar. 18, 2015	May 14, 2014	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						350,000,000	350,000,000
Preferred stock, shares authorized (in shares)						50,000,000	50,000,000
Convertible stock, shares authorized (in shares)						1,000	1,000
Number of shares of common stock issued in offering (in shares)						26,700,000
Common stock, shares outstanding (in shares)						24,646,494	25,218,770
Number of shares issued through distribution reinvestment (in shares)						2,200,000
Common stock redeemed (in shares)						2,100,000
Convertible stock, shares outstanding (in shares)						1,000	1,000
Share repurchase program, cash available for redemption					$ 1	$ 10
Share redemption program, annual limitation, percentage of weighted average shares outstanding						5.00%
Special distributions declared on common stock (in dollars per share)		$ 1.50		$ 1
Total distributions paid to stockholders	$ 38.4		$ 25.7
Percentage of real estate investment trust taxable income						90.00%
Minimum
Class of Stock [Line Items]
Share redemption program, redemption price, percentage of share price						80.00%
Stock repurchase program period of notice to be provided to stockholders for application of new redemption price						30 days
Maximum
Class of Stock [Line Items]
Share redemption program, redemption price, percentage of share price						90.00%
Convertible Stock
Class of Stock [Line Items]
Cumulative, non-compounded, annual return for shares for automatic conversion of convertible stock						10.00%
Average period considered for determination of aggregate market value of common stock						30 days
Percentage of excess of enterprise value plus the aggregate value of distributions paid to date on outstanding shares of common stock over aggregate issue price of outstanding shares for determination of conversion price						20.00%
Cumulative, non-compounded, annual return on issue price added to issue price for determination of conversion price						10.00%
Percentage of excess of enterprise value plus the aggregate value of distributions paid to date on outstanding shares of common stock over aggregate issue price of outstanding shares for determination of conversion price						15.00%
Cumulative, non-compounded, annual return on issue price for determination of conversion price						6.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related party transaction
Asset management fees		$ 1,782,000	$ 2,264,000	$ 2,702,000
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		$ 600,000	0	100,000
Reimbursement of acquisition expense		$ 100,000	0	100,000
Percentage of debt financing fee payable under loan or line of credit		0.50%
Debt financing fee		$ 200,000
Monthly asset management fee		0.70%
Asset management fees		$ 1,600,000	2,100,000	2,500,000
Development fee paid to advisor or its affiliates		0	0	0
Administrative services cost incurred and expensed		$ 1,300,000	1,200,000	1,500,000
Due diligence services related to asset dispositions			100,000	100,000
Operating expenses in excess of net income		25.00%
Advisor | Minimum
Related party transaction
Operating expenses in excess of average invested assets		2.00%
Advisor
Related party transaction
Administrative services fee	$ 1.3	$ 1,325,000	1.325	1,500,000
Property management fees as percentage of gross revenues of properties		4.00%
Oversight fee as percentage of gross revenues of property managed		0.50%
Property management fees or oversight fees incurred		$ 200,000	$ 600,000	$ 600,000
Construction management fees, percentage		5.00%
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%

Quarterly Results (Unaudited)62

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 15, 2017	Aug. 16, 2016	Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Real Estate Properties [Line Items]
Revenue			$ 5,992		$ 8,775		$ 11,360	$ 11,417	$ 10,595		$ 11,393		$ 11,693		$ 12,450		$ 37,544	$ 46,131		$ 50,250
Net income (loss)			10,774	[1]	20,537	[2]	(1,517)	(751)	(2,223)	[3]	9,324	[3]	(1,226)	[3]	(967)	[3]	29,043	4,908	[3]
Add: Net (income)/loss attributable to noncontrolling interest			72		(4,430)		(22)	(105)	21		59		61		(106)		(4,485)	35		(699)
Net income attributable to the Company's shares			$ 10,846		$ 16,107		$ (1,539)	$ (856)	$ (2,202)		$ 9,383		$ (1,165)		$ (1,073)		$ 24,558	$ 4,943		$ 6,978
Net income/(loss) per common share, basic and diluted			$ 0.29		$ 0.65		$ (0.06)	$ (0.03)	$ (0.09)		$ 0.37		$ (0.05)		$ (0.04)		$ 0.98	$ 0.19		$ 0.27
Gain on sale of real estate and other assets, net																	$ 21,605	$ 11,341		$ 22,771
Impairment charge			$ 4,100														4,132	0		1,417
Income Tax Expense (Benefit)					$ 1,600												(1,604)	(47)		2,726
Income (Loss) from Equity Method Investments																	$ 17,931	$ 0		$ 0
Lakewood Flats
Real Estate Properties [Line Items]
Gain on sale of real estate and other assets, net		$ 11,500									$ 11,500
Courtyard Kauai Coconut Beach Hotel [Member]
Real Estate Properties [Line Items]
Gain on sale of real estate and other assets, net	$ 20,900				20,900
AJS and Holstenplatz [Member]
Real Estate Properties [Line Items]
Income Tax Expense (Benefit)					$ 1,600
[1]	Income from continuing operations for the quarter ended December 31, 2017 includes a non-cash impairment charge of $4.1million on our investment in 22 Exchange offset by income from our investment in unconsolidated affiliated joint venture of $17.9 million. See Note 2 and 7 of the Notes to Consolidated Financial Statements for additional information.
[2]	Income from continuing operations for the quarter ended September 30, 2017 includes (i) a gain on the sale of real estate of approximately $20.9 million in connection with the sale of the Courtyard Kauai Coconut Beach Hotel and (ii) an aggregate income tax benefit of approximately $1.6 million related to two foreign investments, AJS and Holstenplatz, which were sold in 2015. See Notes 2 and 6 of the Notes to Consolidated Financial Statements for additional information.
[3]	Income from continuing operations for the quarter ended September 30, 2016 includes gain on the sale of Lakewood Flats of $11.5 million. See Note 6 of the Notes to Consolidated Financial Statements for additional information.

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event shares in Thousands, $ in Millions	Mar. 27, 2018USD ($)shares
Subsequent Event [Line Items]
Shares approved for redemption (in shares) | shares	112
Shares approved for redemption | $	$ 0.6

Real Estate and Accumulated D64

Real Estate and Accumulated Depreciation Schedule III (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation
Gross amount carried at close of period		$ 197,428	$ 209,972	$ 265,879	$ 329,643
Accumulated Depreciation		33,678	$ 34,903	$ 29,108	$ 27,569
Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances		90,321
Initial cost, Land and Improvements		39,893
Initial cost, Building and Improvements		147,977
Costs capitalized subsequent to acquisition	[1]	9,558
Gross amount carried at close of period		197,428
Accumulated Depreciation		$ 33,678
Gardens Medical Pavilion
Real Estate and Accumulated Depreciation
Depreciable life		25 years
Gardens Medical Pavilion | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances		$ 0
Initial cost, Land and Improvements		5,675
Initial cost, Building and Improvements		13,158
Costs capitalized subsequent to acquisition	[1]	5,254
Gross amount carried at close of period		24,087
Accumulated Depreciation		$ 5,736
River Club and the Townhomes at River Club
Real Estate and Accumulated Depreciation
Depreciable life		25 years
River Club and the Townhomes at River Club | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances		$ 23,511
Initial cost, Land and Improvements		6,639
Initial cost, Building and Improvements		24,789
Costs capitalized subsequent to acquisition	[1]	2,847
Gross amount carried at close of period		34,275
Accumulated Depreciation		$ 9,723
Lakes of Margate
Real Estate and Accumulated Depreciation
Depreciable life		25 years
Lakes of Margate | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances		$ 13,973
Initial cost, Land and Improvements		9,776
Initial cost, Building and Improvements		13,061
Costs capitalized subsequent to acquisition	[1]	4,700
Gross amount carried at close of period		27,537
Accumulated Depreciation		$ 6,025
Arbors Harbor Town
Real Estate and Accumulated Depreciation
Depreciable life		25 years
Arbors Harbor Town | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances		$ 24,153
Initial cost, Land and Improvements		5,413
Initial cost, Building and Improvements		24,713
Costs capitalized subsequent to acquisition	[1]	3,008
Gross amount carried at close of period		33,134
Accumulated Depreciation		$ 7,864
22 Exchange
Real Estate and Accumulated Depreciation
Depreciable life		25 years
22 Exchange | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances		$ 18,963
Initial cost, Land and Improvements		2,380
Initial cost, Building and Improvements		24,786
Costs capitalized subsequent to acquisition	[1]	(8,242)
Gross amount carried at close of period		18,924
Accumulated Depreciation		$ 0
Parkside Apartments
Real Estate and Accumulated Depreciation
Depreciable life		25 years
Parkside Apartments | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances		$ 9,721
Initial cost, Land and Improvements		3,143
Initial cost, Building and Improvements		18,148
Costs capitalized subsequent to acquisition	[1]	1,991
Gross amount carried at close of period		23,282
Accumulated Depreciation		$ 4,210
Addison Landing
Real Estate and Accumulated Depreciation
Depreciable life		25 years
Addison Landing | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances		$ 0
Initial cost, Land and Improvements		6,867
Initial cost, Building and Improvements		29,322
Costs capitalized subsequent to acquisition	[1]	0
Gross amount carried at close of period		36,189
Accumulated Depreciation		$ 120
[1]	Includes adjustment to basis, such as impairment losses.

Real Estate and Accumulated D65

Real Estate and Accumulated Depreciation Schedule III - Summary of Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate:
Balance at beginning of year			$ 209,972	$ 265,879	$ 329,643
Acquisitions			36,189	0	0
Improvements	[1]		1,279	2,190	2,044
Disposals/written-off			(168)	0	(77)
Reclassification	[2]		(16)	(105)	(390)
Establishment of new basis for impaired asset	[3]		(6,347)	0	(4,149)
Cost of real estate sold			(43,481)	(57,992)	(61,192)
Balance at end of year		$ 197,428	197,428	209,972	265,879
Accumulated depreciation:
Balance at beginning of year			34,903	29,108	27,569
Depreciation expense			12,209	8,759	11,109
Disposals/written-off			(11,219)	(2,964)	(6,838)
Accumulated depreciation on impaired asset	[3]		(2,215)	0	(2,732)
Balance at end of year		33,678	33,678	34,903	29,108
Impairment charge		$ 4,100	$ 4,132	0	1,417
Foreign currency translation loss					1,600
Reclassification from improvements to furniture, fixtures and equipment				$ 100	$ 400
[1]	For the year ended December 31, 2015, includes foreign currency translation loss of $1.6 million.
[2]	For the years ended December 31, 2016 and 2015, includes reclassification from improvements to furniture, fixtures, and equipment of $0.1 million and $0.4 million, respectively.
[3]	We recorded non-cash impairment charges of $4.1 million and $1.4 million on our investment in 22 Exchange, a student housing property, during the years ended December 31, 2017 and December 31, 2015, respectively. The accumulated depreciation at the time of the impairment charge for this asset, of $2.2 million and $2.7 million, respectively, was offset against the basis of the asset.