Lightstone Value Plus REIT V (LVVP) 10-K 16 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	Behringer Harvard Opportunity REIT II, Inc.
Entity Central Index Key	1,387,061
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		25,086,778
Entity Public Float			$ 222

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Real estate
Land and improvements, net	$ 42,710,000	$ 51,382,000
Buildings and improvements, net	132,359,000	185,213,000
Real estate under development	0	176,000
Total real estate	175,069,000	236,771,000
Cash and cash equivalents	67,111,000	76,815,000
Restricted cash	6,101,000	4,581,000
Accounts receivable, net	1,415,000	2,426,000
Accounts receivable, net	1,051,000	1,078,000
Investment in unconsolidated joint venture	14,658,000	14,482,000
Furniture, fixtures and equipment, net	3,148,000	5,702,000
Lease intangibles, net	352,000	334,000
Total assets	268,905,000	342,189,000
Liabilities and Equity
Notes payable, net	142,332,000	177,036,000
Accounts payable	491,000	479,000
Payables to related parties	370,000	433,000
Acquired below-market leases, net	65,000	80,000
Distributions payable to noncontrolling interest	21,000	52,000
Distributions payable	0	38,378,000
Income taxes payable	38,000	986,000
Deferred Gain on Sale of Property	1,247,000	0
Accrued and other liabilities	5,702,000	8,166,000
Total liabilities	150,266,000	225,610,000
Commitments and contingencies	0	0
Equity
Preferred stock, $.0001 par value per share; 50,000,000 shares authorized, none outstanding	0	0
Convertible stock, $.0001 par value per share; 1,000 shares authorized, 1,000 outstanding	0	0
Common stock, $.0001 par value per share; 350,000,000 shares authorized, 25,218,770 and 25,585,198 shares issued and outstanding at December 31, 2016 and 2015, respectively	3,000	3,000
Additional paid-in capital	227,891,000	229,796,000
Accumulated distributions and net loss	(114,666,000)	(119,609,000)
Accumulated other comprehensive loss	(495,000)	(372,000)
Total Behringer Harvard Opportunity REIT II, Inc. equity	112,733,000	109,818,000
Noncontrolling interest	5,906,000	6,761,000
Total equity	118,639,000	116,579,000
Total liabilities and equity	$ 268,905,000	$ 342,189,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Convertible stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible stock, shares authorized (in shares)	1,000	1,000
Convertible stock, shares outstanding (in shares)	1,000	1,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	25,218,770	25,585,198
Common stock, shares outstanding (in shares)	25,218,770	25,585,198

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Rental revenue	$ 27,630	$ 32,556	$ 32,226
Hotel revenue	18,501	17,694	16,371
Total revenues	46,131	50,250	48,597
Expenses:
Property operating expenses	9,496	11,503	11,288
Hotel operating expenses	13,608	12,498	11,954
Interest expense	6,164	6,791	7,833
Real estate taxes	5,173	6,127	5,388
Impairment charge	0	1,417	0
Property management fees	1,512	1,650	1,642
Asset management fees	2,264	2,702	2,368
General and administrative	3,139	3,620	4,076
Acquisition expense	0	0	1,307
Depreciation and amortization	11,014	14,950	14,362
Total expenses	52,370	61,258	60,218
Interest income, net	137	149	224
Loss on early extinguishment of debt	(500)	(732)	(454)
Other income (loss)	122	(777)	(38)
Loss before gain on sale of real estate and income taxes	(6,480)	(12,368)	(11,889)
Gain on sale of real estate	11,341	22,771	11,454
Income tax benefit (expense)	47	(2,726)	101
Net income (loss)	4,908	7,677	(334)
Net (income) loss attributable to noncontrolling interest	35	(699)	331
Net income (loss) attributable to the Company	$ 4,943	$ 6,978	$ (3)
Weighted average shares outstanding:
Basic and diluted (in shares)	25,418	25,688	25,943
Basic and diluted income per share (in dollars per share)	$ 0.19	$ 0.27	$ 0
Comprehensive income (loss):
Net income (loss)	$ 4,908	$ 7,677	$ (334)
Other comprehensive loss:
Reclassification of unrealized loss on interest rate derivatives to net income	0	0	58
Reclassification of unrealized loss on currency translation to net income	0	250	0
Foreign currency translation loss	(123)	(376)	(791)
Total other comprehensive loss	(123)	(126)	(733)
Comprehensive income (loss)	4,785	7,551	(1,067)
Comprehensive (income) loss attributable to noncontrolling interest	35	(699)	320
Comprehensive income (loss) attributable to common shareholders	$ 4,820	$ 6,852	$ (747)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Convertible Stock	Common Stock	Additional Paid-in Capital	Accumulated Distributions and Net (Loss)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance at Dec. 31, 2013	$ 192,789	$ 0	$ 3	$ 232,903	$ (49,520)	$ 498	$ 8,905
Balance (in shares) at Dec. 31, 2013		1	26,016
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(334)				(3)		(331)
Redemption of common stock	(1,663)			(1,663)
Redemption of common stock (in shares)			(214)
Distributions declared on common stock					(12,954)
Contributions from noncontrolling interest	273						273
Distributions to noncontrolling interest	(822)						(822)
Other comprehensive income (loss):
Reclassification of unrealized loss on interest rate derivatives to net income	58					47	11
Reclassification of unrealized loss on currency translation to net income	0
Foreign currency translation loss	(791)					(791)
Balance at Dec. 31, 2014	176,556	$ 0	$ 3	231,240	(62,477)	(246)	8,036
Balance (in shares) at Dec. 31, 2014		1	25,802
Increase (Decrease) in Stockholders' Equity
Net income (loss)	7,677				6,978		699
Redemption of common stock	(1,444)			(1,444)
Redemption of common stock (in shares)			(217)
Distributions declared on common stock	(64,110)				(64,110)
Contributions from noncontrolling interest	538						538
Distributions to noncontrolling interest	(2,512)						(2,512)
Other comprehensive income (loss):
Reclassification of unrealized loss on interest rate derivatives to net income	0
Reclassification of unrealized loss on currency translation to net income	250					250
Foreign currency translation loss	(376)					(376)
Balance at Dec. 31, 2015	116,579	$ 0	$ 3	229,796	(119,609)	(372)	6,761
Balance (in shares) at Dec. 31, 2015		1	25,585
Increase (Decrease) in Stockholders' Equity
Net income (loss)	4,908				4,943		(35)
Redemption of common stock	(1,905)			1,905
Redemption of common stock (in shares)			366
Contributions from noncontrolling interest	92						92
Distributions to noncontrolling interest	(912)						912
Other comprehensive income (loss):
Reclassification of unrealized loss on interest rate derivatives to net income	0
Reclassification of unrealized loss on currency translation to net income	0
Foreign currency translation loss	(123)					(123)
Balance at Dec. 31, 2016	$ 118,639	$ 0	$ 3	$ 227,891	$ (114,666)	$ (495)	$ 5,906
Balance (in shares) at Dec. 31, 2016		1	25,219

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income (loss)	$ 4,908,000	$ 7,677,000	$ (334,000)
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Depreciation and amortization	10,856,000	14,762,000	14,217,000
Amortization of deferred financing fees	503,000	689,000	779,000
Gain on sale of real estate	(11,341,000)	(22,771,000)	(11,454,000)
Loss on early extinguishment of debt	500,000	732,000	454,000
Loss on derivatives	2,000	26,000	215,000
Impairment charge	0	1,417,000	0
Change in operating assets and liabilities:
Accounts payable	1,043,000	384,000	(235,000)
Prepaid expenses and other assets	26,000	297,000	(358,000)
Accounts payable	(1,000)	(223,000)	210,000
Income taxes payable	(924,000)	1,121,000	0
Accrued and other liabilities	(2,494,000)	1,099,000	(1,305,000)
Net payables to related parties	(63,000)	(33,000)	(375,000)
Addition of lease intangibles	(118,000)	(80,000)	(313,000)
Cash provided by operating activities	2,897,000	5,097,000	1,501,000
Cash flows from investing activities:
Acquisition deposits reimbursed	0	0	500,000
Purchase of real estate	0	0	(60,433,000)
Investment in unconsolidated joint venture	(176,000)	(509,000)	(1,988,000)
Proceeds from sale of real estate	68,399,000	79,075,000	46,300,000
Additions of property and equipment	(2,474,000)	(4,258,000)	(8,566,000)
Cash provided by (used in) investing activities	65,749,000	74,308,000	(24,187,000)
Cash flows from financing activities:
Financing costs	(135,000)	(492,000)	(670,000)
Proceeds from notes payable	0	0	33,500,000
Payments on notes payable	(35,404,000)	(45,094,000)	(17,791,000)
Purchase of interest rate derivatives	0	(6,000)	(7,000)
Redemptions of common stock	(1,905,000)	(1,444,000)	(1,663,000)
Distributions paid to common shareholders	(38,378,000)	(25,732,000)	(12,954,000)
Contributions received from noncontrolling interest holders	92,000	538,000	273,000
Distributions paid to noncontrolling interest holders	(943,000)	(2,480,000)	(822,000)
Cash used in financing activities	(76,673,000)	(74,710,000)	(134,000)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(157,000)	(447,000)	(252,000)
Net change in cash, cash equivalents, and restricted cash	(8,184,000)	4,248,000	(23,072,000)
Cash, cash equivalents, and restricted cash at beginning of year	81,396,000	77,148,000	100,220,000
Cash, cash equivalents, and restricted cash at end of year	$ 73,212,000	$ 81,396,000	$ 77,148,000

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business Behringer Harvard Opportunity REIT II, Inc. (which may be referred to as the “Company,” “we,” “us,” or “our”) was organized as a Maryland corporation on January 9, 2007 and has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. We were formed primarily to acquire and operate commercial real estate and real estate-related assets on an opportunistic and value-add basis. In particular, we have focused generally on acquiring commercial properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment, or repositioning, those located in markets and submarkets with high growth potential, and those available from sellers who are distressed or face time-sensitive deadlines. We have acquired a wide variety of commercial properties, including office, industrial, retail, hospitality, and multifamily. We have purchased existing, income-producing properties, and newly-constructed properties. We have also invested in a mortgage loan and a mezzanine loan. We intend to hold the various real properties in which we have invested until such time as our board of directors determines that a sale or other disposition appears to be advantageous to achieve our investment objectives or until it appears that the objectives will not be met. Consistent with our investment objectives, our board of directors is considering liquidity options for our stockholders. As of December 31, 2016, we had eight real estate investments, seven of which were consolidated in our consolidated financial statements ( one wholly owned and six properties consolidated through investments in joint ventures). We sold one property, Lakewood Flats on August 16, 2016. 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, 2016, our wholly-owned subsidiary, BHO II, Inc., a Delaware corporation, owned a 0.1% partnership interest in the Operating Partnership as its sole general partner. As of December 31, 2016, our wholly-owned subsidiary, BHO Business Trust II, a Maryland business trust, was the sole limited partner of the Operating Partnership and owned the remaining 99.9% interest in the Operating Partnership. 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 Behringer Harvard Holdings, LLC (“Behringer”) acted as our external advisor (the “Behringer Advisor”). On February 10, 2017, we terminated our engagement of 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 sale of our assets. Organization We commenced a public offering of our common stock on January 21, 2008, including shares offered pursuant to our distribution reinvestment plan (the “DRP”). We terminated the primary component of the public offering effective March 15, 2012 and the DRP component of the offering effective April 3, 2012. We raised gross offering proceeds of approximately $265.3 million from the sale of approximately 26.7 million shares under the offering. In connection with our initial capitalization, we issued 22,471 shares of our common stock and 1,000 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. As of December 31, 2016, we had issued 26.7 million shares of our common stock, including 22,471 shares owned by Behringer and 2.2 million shares issued through the distribution reinvestment plan. As of December 31, 2016, we had redeemed 1.5 million shares of our common stock and had 25.2 million shares of common stock outstanding. As of December 31, 2016, we had 1,000 shares of convertible stock outstanding held by an affiliate of Behringer. Behringer transferred its shares of convertible stock to an affiliate of Lightstone on February 10, 2017. Our common stock is not currently listed on a national securities exchange. The timing of a liquidity event will depend upon then prevailing market conditions. Our board of directors is considering liquidity options for our stockholders, and we can provide no assurances as to the timing of our ultimate liquidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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. These estimates include such items as impairment of long-lived assets, depreciation and amortization, and allowance for doubtful accounts. Actual results could differ from those 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 or entities which we are not deemed to be the primary beneficiary, we account for the investment using the equity method of accounting. There are judgments and estimates involved in determining if an entity in which we have made an investment is a VIE and, if so, whether we are the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility, and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to our financial statements. In February 2015, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2015-02”) to ASC Topic 810, Amendments to the Consolidation Analysis. ASU 2015-02 makes several modifications to the consolidation guidance for VIEs and general partners’ investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. The adoption of ASU 2015-02, effective January 1, 2016, did not impact our consolidated financial position, results of operations, or cash flows. See Note 9 for further details. In the Notes to Consolidated Financial Statements, all dollar and share amounts in tabulation are in thousands of dollars and shares, respectively, unless otherwise noted. Real Estate Upon the acquisition of real estate properties, 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 than 12 months from the acquisition date. 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 of 39 years and 25 years , respectively, using the straight-line method. 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. As of December 31, 2016 and 2015, accumulated depreciation and amortization related to our consolidated investments in real estate assets and intangibles were as follows: December 31, 2016 Buildings and Land and Improvements Lease Intangibles Acquired Below-Market Leases Cost $ 164,087 $ 45,885 $ 1,599 $ (137 ) Less: depreciation and amortization (31,728 ) (3,175 ) (1,247 ) 72 Net $ 132,359 $ 42,710 $ 352 $ (65 ) December 31, 2015 Buildings and Improvements Land and Improvements Lease Intangibles Acquired Below-Market Leases Cost $ 211,635 $ 54,068 $ 3,083 $ (184 ) Less: depreciation and amortization (26,422 ) (2,686 ) (2,749 ) 104 Net $ 185,213 $ 51,382 $ 334 $ (80 ) Anticipated net amortization expense (accretion) associated with the acquired lease intangibles for each of the following five years ended December 31 is as follows: Year Lease / Other Intangibles 2017 $ 20 2018 (14 ) 2019 (12 ) 2020 (10 ) 2021 (10 ) 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, 2016 or 2015. Effective as of April 1, 2014, we early adopted the revised guidance in Accounting Standards Update No. 2014-08 regarding discontinued operations. For sales of real estate or assets classified as held for sale after April 1, 2014, we will evaluate whether a disposal transaction meets the criteria of a strategic shift and will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations. 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 As required by our lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as tenant improvements, leasing commissions, and major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. We early adopted new 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 statements of cash flows for the years ended December 31, 2016, 2015, and 2014 (in thousands): December 31, 2016 December 31, 2015 December 31, 2014 Cash and cash equivalents $ 67,111 $ 76,815 $ 72,949 Restricted cash 6,101 4,581 4,199 Total cash, cash equivalents, and restricted cash $ 73,212 $ 81,396 $ 77,148 Investment Impairment For all of our real estate and real estate related investments, we monitor events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable. Examples of the types of events and circumstances that would cause management to assess our assets for potential impairment include, but are not limited to: a significant decrease in the market price of an asset; a significant adverse change in the manner in which the asset is being used; an accumulation of costs in excess of the acquisition basis plus construction of the property; major vacancies and the resulting loss of revenues; natural disasters; a change in the projected holding period; legitimate purchase offers; and changes in the global and local markets or economic conditions. To the extent that our portfolio is concentrated in limited geographic locations, downturns specifically related to such regions may result in tenants defaulting on their lease obligations at those properties within a short time period, which may result in asset impairments. When such events or changes in circumstances are present, we assess potential impairment by comparing estimated future undiscounted operating cash flows expected to be generated over the life of the asset and from its eventual disposition to the carrying amount of the asset. These projected cash flows are prepared internally by the Advisor and reflect in-place and projected leasing activity, market revenue and expense growth rates, market capitalization rates, discount rates, and changes in economic and other relevant conditions. The Company’s principal executive officer and principal financial officer review these projected cash flows to assure that the valuation is prepared using reasonable inputs and assumptions that are consistent with market data or with assumptions that would be used by a third-party market participant and assume the highest and best use of the investment. We consider trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. In the event that the carrying amount exceeds the estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the asset to estimated fair value. While we believe our estimates of future cash flows are reasonable, different assumptions regarding factors such as market rents, economic conditions, and occupancy rates could significantly affect these estimates. In evaluating our investments for impairment, management may use appraisals and make estimates and assumptions, including, but not limited to, the projected date of disposition of the properties, the estimated future cash flows of the properties during our ownership, and the projected sales price of each of the properties. A future change in these estimates and assumptions could result in understating or overstating the carrying value of our investments, which could be material to our financial statements. In addition, we may incur impairment charges on assets classified as held for sale in the future if the carrying amount of the asset upon classification as held for sale exceeds the estimated fair value, less costs to sell. We also evaluate our investments in unconsolidated joint ventures at each reporting date. If we believe there is an other than temporary decline in market value, we will record an impairment charge based on these evaluations. We assess potential impairment by comparing our portion of estimated future undiscounted operating cash flows expected to be generated by the joint venture over the life of the joint venture’s assets to the carrying amount of the joint venture. In the event that the carrying amount exceeds our portion of estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the joint venture to its estimated fair value. During the year ended December 31, 2015, we recorded a non-cash impairment charge of $1.4 million to reduce the carrying value of 22 Exchange, one of our student housing investments, to its estimated fair value. In estimating the fair value of 22 Exchange, we used management’s internal discounted cash flow analysis prepared with consideration of the local market. There were no impairment charges recorded during the years ended December 31, 2016 and 2014. 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 We provide funding to third-party developers for the acquisition, development, and construction of real estate (“ADC Arrangement”). Under an ADC Arrangement, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate this arrangement to determine if it has characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. When we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for the arrangement as an investment in an unconsolidated joint venture under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. The ADC Arrangement is reassessed at each reporting period. See Note 7, Investment in Unconsolidated Joint Venture, for further discussion. Revenue Recognition We recognize rental income generated from leases of our operating properties on a straight-line basis over the terms of the respective leases, including the effect of rent holidays, if any. Straight-line rent was income of less than $0.1 million recognized in rental revenues for the year ended December 31, 2016. Straight-line rent was income of less than $0.1 million and $0.2 million recognized in rental revenues for the years ended December 31, 2015 and 2014, respectively. Leases associated with our multifamily, student housing, and hotel assets are generally short-term in nature, and thus have no straight-line rent. Net below-market lease amortization of less than $0.1 million was recognized in rental revenues for the years ended December 31, 2016 and 2015. Net above-market lease amortization of less than $0.1 million was recognized in rental revenues for the year ended December 31, 2014. Hotel revenue is derived from the operations of the Courtyard Kauai Coconut Beach Hotel and consists primarily of guest room, food and beverage, and other ancillary revenues such as laundry and parking. Hotel revenue is recognized as the services are rendered. Accounts Receivable Accounts receivable primarily consist of receivables related to our consolidated properties of $1.4 million and $2.4 million as of December 31, 2016 and 2015, respectively, and included straight-line rental revenue receivables of $0.4 million and $0.3 million as of December 31, 2016 and 2015, respectively. Prepaid Expenses and Other Assets Prepaid expenses and other assets of $1.1 million as of December 31, 2016 and 2015, included prepaid directors’ and officers’ insurance, as well as prepaid insurance of our consolidated properties. Furniture, Fixtures, and Equipment Furniture, fixtures, and equipment are recorded at cost and are depreciated according to the Company’s capitalization policy, which uses the straight-line method over their estimated useful lives of five to seven years . Furniture, fixtures, and equipment associated with properties classified as held for sale are not depreciated. Maintenance and repairs are charged to operations as incurred. Accumulated depreciation associated with our furniture, fixtures, and equipment was $9.9 million and $8.1 million as of December 31, 2016 and 2015, respectively. Deferred Financing Fees Deferred financing fees are recorded at cost and are amortized to interest expense using a straight-line method that approximates the effective interest method over the life of the related debt. Deferred financing fees, net of accumulated amortization, were $0.8 million and $1.7 million as of December 31, 2016 and 2015, respectively. Accumulated amortization of deferred financing fees were $1.9 million and $2.5 million as of December 31, 2016 and 2015, respectively. In April 2015, the FASB issued an update (“ASU 2015-03”) to ASC Topic 835, Interest - Imputation of Interest, Simplifying the Presentation of Debt Issuance Costs. The adoption of ASU 2015-03, effective January 1, 2016, requires companies to present debt issuance costs related to a recognized debt liability as a direct reduction from the carrying amount of the related debt liability, retrospectively. The adoption of the new standard resulted in the following reclassifications of unamortized deferred financing fees as of December 31, 2015: December 31, 2015 Originally Reported Reclassification Adjusted Deferred financing fees, net $ 1,656 $ (1,656 ) $ — Notes payable 178,692 (1,656 ) 177,036 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, 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 Note 4, Assets and Liabilities Measured at Fair Value, and Note 11, Derivative Instruments and Hedging Activities, for further information regarding our derivative financial instruments. Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and have qualified as a REIT since the year ended December 31, 2008. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax at the corporate level. We are organized and operate in such a manner as to qualify for taxation as a REIT under the Code and intend to continue to operate in such a manner, but no assurance can be given that we will operate in a manner so as to qualify or remain qualified as a REIT. Taxable income from non-REIT activities managed through a taxable REIT subsidiary (“TRS”) is subject to applicable federal, state, and local income and margin taxes. We currently have no taxable income associated with a TRS. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level. As a result of the sale of two foreign investments during 2015, Alte Jakobstraße (“AJS”) and Holstenplatz, we recorded estimated foreign income tax of approximately $2.7 million . During the third quarter of 2016, we recorded a credit of approximately $0.1 million to the provision for income tax based on the difference in the actual taxes due and the originally estimated taxes payable on the sale of Holstenplatz. 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 current tax rates. 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 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) (“OCI”). Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations and comprehensive income (loss). The Euro is the functional currency for the operations of AJS and Holstenplatz, which were both sold in 2015. We maintain a Euro-denominated bank account that is comprised primarily of the remaining proceeds from the sale of these properties and is translated into U.S. dollars at the current exchange rate at each reporting period. For the three years ended December 31, 2016, 2015, and 2014, the cumulative foreign currency translation adjustment was a loss of $0.1 million , a loss of $0.4 million , and a loss of $0.8 million , respectively. When the Company has substantially liquidated its investment in a foreign entity, the cumulative translation adjustment (“CTA”) balance is required to be released into earnings. In accordance with ASU 2013-05, upon disposal of the property, we would recognize the CTA as an adjustment to the gain on sale. During the first quarter of 2015, we recognized a CTA of approximately $0.6 million as a reduction to the gain on sale of our AJS office building, which we sold on February 21, 2015. We sold our wholly owned investment in the Holstenplatz office building, located in Hamburg, Germany, on September 1, 2015. We recognized a CTA credit of approximately $0.4 million as an increase to the gain on sale of Holstenplatz. With the sale of Holstenplatz, we no longer have foreign operations. 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 OCI consist of cumulative foreign currency translation gains and losses and the unrealized gain on derivative instruments. Stock-Based Compensation We have adopted a stock-based incentive award plan for our directors and consultants and for employees, directors, and consultants of our affiliates. We have not issued any stock-based awards under the plan as of December 31, 2016. Concentration of Credit Risk At December 31, 2016 and 2015, 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, 2016, excluding sold assets, 44% and 16% of our total revenues were derived from our properties located in Hawaii and Florida, respectively. Additionally, excluding our property sold in 2016, 44% , 30% , and 21% of our total revenues for the year ended December 31, 2016 were from our hotel, multifamily, and student housing investments, respectively. To the extent that our portfolio is concentrated in limited geographic regions or types of assets, downturns relating generally to such region or type of asset may result in defaults on a number of our investments within a short time period, which may reduce our net income and the value of our common stock and accordingly limit our ability to fund our operations. 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 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, 2016, 2015, and 2014, as there were no potentially dilutive securities outstanding. 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. Subsequent Events We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.

New Accounting Pronouncements

New Accounting Pronouncements	12 Months Ended
	Dec. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements New Accounting Pronouncements to be Adopted In May 2014, the FASB issued an update (“ASU 2014-09”) to ASC Topic 606, Revenue from Contracts with Customers. ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. The new guidance will require companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Lease contracts will be excluded from this revenue recognition criteria; however, the sale of real estate will be required to follow the new model. ASU 2014-09 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. In addition, early adoption will be permitted beginning after December 15, 2016, including interim reporting periods within those annual periods. Either full retrospective adoption or modified retrospective adoption is permitted. We do not expect that the adoption of this pronouncement will have a material effect on our consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. During the quarter ended June 30, 2016, the FASB issued subsequent updates to ASU 2014-09. In April 2016, the FASB issued an update (“ASU 2016-10”) to ASC Topic 606, Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing. In May 2016, the FASB issued an update (“ASU 2016-12”) to ASC Topic 606, Revenue from Contracts with Customers, Narrow-Scope Improvement and Practical Expedients. The amendments in these updates did not change the core principle of the guidance in Topic 606; rather, they added improvements to reduce the diversity in practice at initial application and the cost and complexity of applying Topic 606 both at transition and an ongoing basis. The areas affected include: assessing the collectability criteria; presentation of sales taxes and other similar taxes collected from customers; noncash consideration; contract modification and completed contracts at transition; and technical correction as it relates to retrospective application and disclosure. The new guidance is effective January 1, 2018, with early adoption permitted beginning January 1, 2017, and allows full or modified retrospective application. We do not expect the adoption of ASU 2016-10 and ASU 2016-12 to have a material effect on our consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. In February 2016, the FASB issued an update (“ASU 2016-02”) to ASC Topic 842, Leases. ASU 2016-02 supersedes the existing lease accounting model, and modifies both lessee and lessor accounting. The new guidance will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. Under this new pronouncement, lessor accounting will be largely unchanged from existing GAAP. The new standard will be effective January 1, 2019, with early adoption permitted. We do not expect that the adoption of this pronouncement will have a material effect on our consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. In June 2016, the FASB issued an update (“ASU 2016-13”) to ASC Topic 326, Credit Losses. This amended guidance requires measurement and recognition of expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This is different from the current guidance as this will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. Financial assets that are measured at amortized cost will be required to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. Generally, the pronouncement requires a modified retrospective method of adoption. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact this guidance will have on our financial statements when adopted. In January 2017, the FASB issued an update (“ASU 2017-01”) to ASC Topic 805, Business Combinations, Clarifying the Definition of a Business. The guidance clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Under the updated guidance, an acquisition of a single property will likely be treated as an asset acquisition as opposed to a business combination and associated transaction costs will be capitalized rather than expensed as incurred. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted, including for interim or annual periods for which financial statements have not yet been issued. Upon adoption of this guidance, we anticipate future acquisitions of real estate assets, if any, will likely qualify as an asset acquisition. Therefore, any future transactions costs associated with an asset acquisition will be capitalized and accounted for in accordance with the guidance in ASU 2017-01. Recently Adopted Accounting Pronouncements In August 2014, the FASB issued an update (“ASU 2014-15”) to ASC Topic 205, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management’s assessment of a company’s ability to continue as a going concern and provide related footnote disclosures when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. ASU 2014-15 applies to all companies and is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. The adoption of this guidance did not have an impact on our disclosures. In August 2016, the FASB issued an update (“ASU 2016-15”) to ASC Topic 230, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments. The objective of this amendment is to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statements of cash flows. Of the eight types of cash flows discussed in the new standard, the classification of debt prepayment, distributions received from equity method investees, and debt extinguishment costs as financing outflows may impact the Company. ASU 2016-15 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The amendment in the update should be applied using the retrospective transition method for each period presented. We adopted this guidance on December 31, 2016 and the adoption of this guidance did not have a material impact on our consolidated financial statements or disclosures. In November 2016, the FASB issued an update (“ASU 2016-18”) to ASC Topic 230, Statement of Cash Flows, Restricted Cash. This new guidance requires amounts that are generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted and the pronouncement requires a retrospective transition method of adoption. We early adopted this guidance on December 31, 2016 and included amounts generally described as restricted cash within the beginning-of-period, change, and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows. This adoption changes our statements of cash flows and related disclosure for all period presented.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	12 Months Ended
	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Assets and Liabilities Measured at Fair Value	Assets and Liabilities Measured at Fair Value Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy) has been established. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Recurring Fair Value Measurements Currently, we use interest rate swaps and caps to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, implied volatilities, and foreign currency exchange rates. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2016, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy As of December 31, 2016 and 2015, Courtyard Kauai Coconut Beach Hotel was our only remaining asset with an interest rate cap and it had a nominal value. Derivative financial instruments classified as assets are included in prepaid expenses and other assets on the balance sheet. Nonrecurring Fair Value Measurements 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. The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015: For the year ended December 31, 2015 Level 1 Level 2 Level 3 Total Fair Value Loss Assets Buildings and improvements, net (1) $ — $ — $ 25,000 $ 25,000 $ (1,417 ) ______________________________________ (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. Quantitative Information about Level 3 Fair Value Measurements Description Fair Value for the year ended December 31, 2015 (in 000s) Valuation Unobservable Input Range Buildings and improvements, net (1) $ 25,000 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. There were no impairment charges recorded during the years ended December 31, 2016 and 2014.

Financial Instruments not Repor

Financial Instruments not Reported at Fair Value	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Financial Instruments not Reported at Fair Value	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, 2016 and 2015, 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, 2016 and 2015. Carrying amounts of our notes payable and the related estimated fair value as of December 31, 2016 and December 31, 2015 are as follows: December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Notes payable $ 143,119 $ 146,790 $ 178,692 $ 179,306 Less: unamortized debt issuance costs (787 ) (1,656 ) Notes payable, net $ 142,332 $ 177,036

Real Estate and Real Estate-Rel

Real Estate and Real Estate-Related Investments	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Real Estate and Real Estate-Related Investments	Real Estate and Real Estate-Related Investments As of December 31, 2016, we consolidated seven real estate assets. The following table presents certain information about our consolidated investments as of December 31, 2016: Property Name Description Location Date Acquired Ownership Interest Gardens Medical Pavilion Medical office building Palm Beach Gardens, Florida October 20, 2010 81.8 % Courtyard Kauai Coconut Beach Hotel Hotel Kauai, Hawaii October 20, 2010 80 % River Club and the Townhomes at River Club Student housing Athens, Georgia April 25, 2011 85 % Lakes of Margate Multifamily Margate, Florida October 19, 2011 92.5 % Arbors Harbor Town Multifamily Memphis, Tennessee December 20, 2011 94 % 22 Exchange Student housing Akron, Ohio April 16, 2013 90 % Parkside Apartments (“Parkside”) Multifamily Sugar Land, Texas August 8, 2013 90 % Real Estate Asset Dispositions 1875 Lawrence On May 30, 2014, we sold 1875 Lawrence for a contract sales price of approximately $46.7 million . We recorded a gain on sale of real estate property of $11.5 million and loss on early extinguishment of debt of $0.5 million , which was comprised of the write-off of deferred financing fees of $0.4 million and an early termination fee of $0.1 million . A portion of the proceeds from the sale were used to pay off in full the existing indebtedness of approximately $15.6 million associated with the office building. Babcock Self Storage On January 8, 2015, we sold Babcock Self Storage (“Babcock”) for a contract sales price of approximately $5.4 million . We recorded a gain on sale of real estate of $2 million and loss on early extinguishment of debt of less than $0.1 million , which was composed of the write-off of deferred financing fees and an early termination fee. A portion of the proceeds from the sale were used to pay off in full the existing indebtedness of approximately $2.1 million associated with the storage facility. Babcock was classified as held for sale on our consolidated balance sheet at December 31, 2014. Alte Jakobstraße On February 21, 2015, we sold AJS, which is located in Berlin, Germany, for a contract sales price of approximately €12.4 million (approximately $14.1 million ). We recorded a gain on sale of real estate of approximately $3.3 million , which is net of a CTA charge of approximately $0.6 million . We recognized a loss on early extinguishment of debt of less than $0.1 million , which was composed of the write-off of deferred financing fees and an early termination fee. A portion of the proceeds from the sale were used to fully satisfy the existing indebtedness associated with the property of approximately €5.7 million (approximately $6.5 million ). The Company recorded a provision for income tax of approximately $1.7 million during 2015 as a result of foreign income tax related to the sale. AJS was classified as held for sale on our consolidated balance sheet at December 31, 2014. Additionally, in 2016, we recorded a $0.1 million loss related to the final settlement of certain fees associated with our 2015 disposal of AJS. Holstenplatz On September 1, 2015, we sold Holstenplatz, which is located in Hamburg, Germany, for a contract sales price of approximately €16.4 million (approximately $18.4 million ). We paid off the balance of the Holstenplatz debt of $8.1 million on its maturity date of April 30, 2015. We recorded a gain on sale of real estate of approximately $8.6 million , which includes a CTA credit of approximately $0.4 million . The Company recorded a provision for income tax of approximately $1 million as a result of foreign income tax related to the sale. 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 -unit multifamily community in Jacksonville, Florida, for a contract sales price of approximately $43.5 million . We recorded a gain on sale of real estate of $8.9 million and loss on early extinguishment of debt of $0.6 million , which was composed of the write-off of deferred financing fees of $0.3 million and an early termination fee of $0.3 million . A portion of the proceeds from the sale of the asset were used to pay off in full the existing indebtedness of approximately $26.4 million secured by the property. Lakewood Flats On August 16, 2016, we sold Lakewood Flats for a contract sales price of approximately $68.8 million , resulting in a gain on sale of real estate of $11.5 million and a deferred gain of approximately $1.2 million . The deferred gain represents the amount of monies held in escrow to be reimbursed upon completion of the property’s outstanding insurance claim. We recorded a loss on early extinguishment of debt of $0.5 million , which was composed of the write-off of deferred financing fees of $0.4 million and an early termination fee of $0.1 million . A portion of the proceeds from the sale were used to pay off in full the existing indebtedness of approximately $33.5 million secured by the property. Sales of Real Estate Reported in Continuing Operations The following table presents our sale of real estate for the years ended December 31, 2016, 2015, and 2014 (in millions): Date of Sale Property Ownership Interest Sales Contract Price Net Cash Proceeds (1) Gain on Sale of Real Estate May 30, 2014 1875 Lawrence 100% $ 46.7 $ 46.3 $ 11.5 January 8, 2015 Babcock Self Storage 85% $ 5.4 $ 5.2 $ 2.0 February 21, 2015 Alte Jakobstraße 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 ______________________________________ (1) A portion of the net cash proceeds was used to pay off the property-associated debt of $15.6 million , $2.1 million , $6.5 million , $26.4 million , and $33.5 million for 1875 Lawrence, Babcock, AJS, Wimberly, and Lakewood Flats, respectively. The Holstenplatz debt was paid off on April 30, 2015. (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. The Company does not view the 2016, 2015, or 2014 disposals as a strategic shift. Therefore, the results of operations for Lakewood Flats are presented in continuing operations in the consolidated statements of operations for the years ended December 31, 2016, 2015, and 2014. The results of operations for Babcock, AJS, Holstenplatz, and Wimberly are presented in continuing operations in the consolidated statements of operations for the years ended December 31, 2015 and 2014, and the results of operations for 1875 Lawrence are included in continuing operations for the year ended December 31, 2014. The following table presents net income attributable to the Company for the three years ended December 31, 2016, 2015 and 2014 related to Lakewood Flats, Babcock, AJS, Holstenplatz, Wimberly, and 1875 Lawrence. Net income for the year ended December 31, 2016 includes the gain on sale of Lakewood Flats of $11.5 million . Net income for the year ended December 31, 2015 includes the gains on sale of Babcock, AJS, Holstenplatz, and Wimberly for a total of $22.8 million . Net income for the year ended December 31, 2014 includes the gain on sale of 1875 Lawrence of $11.5 million (in millions): For the Year Ended December 31, Description 2016 2015 2014 Net income (loss) attributable to the Company $ 11.8 $ 16.7 $ 8.7 Discontinued Operations Effective as of April 1, 2014, we early adopted the revised guidance in Accounting Standards Update No. 2014-08 regarding discontinued operations. Accordingly, we have no discontinued operations for the years ended December 31, 2016, 2015, and 2014.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture We provided mezzanine financing totaling $15.3 million to an unaffiliated third-party entity (the “Borrower”) that owns an apartment complex under development in Denver, Colorado (“Prospect Park”). The Borrower also has a senior construction loan with a third-party construction lender (the “Senior Lender”) in an aggregate original principal amount of $40 million . The senior construction loan is guaranteed by the owners of the developer. We also have a personal guaranty from the owners of the developer guaranteeing completion of the project and payment of cost overruns. Our mezzanine loan is secured by all of the membership interests of the Borrower and is subordinate to the senior construction loan. Our advances of $15.3 million have annual stated interest rates ranging from 10% to 18% . We evaluated this ADC Arrangement and determined that the characteristics are similar to a jointly-owned investment or partnership. Accordingly, the investment was accounted for as an unconsolidated joint venture under the equity method of accounting instead of loan accounting since we will participate in the residual interests through the sale or refinancing of the property. Both the senior loan and our mezzanine loan were in technical default at December 31, 2016 due to a delay in completion of the project. The Senior Lender and the Company have stated their intention to not call the loan and currently plan to amend the loan agreements. The project was completed in January 2017. As of December 31, 2016, the outstanding principal balance under the mezzanine loan was $15.3 million . The Borrower has funded any cost overruns. We considered the impact of these events on the accounting treatment and determined the ADC Arrangement will continue to be accounted for as an unconsolidated joint venture under the equity method of accounting. We will continue to monitor this situation and any impact these events might have on our ability to ultimately realize the investment. The ADC Arrangement is reassessed at each reporting period. In connection with this investment, interest capitalized for the years ended December 31, 2016, 2015, and 2014 was $0.2 million , $0.5 million , and $0.5 million , respectively. For the years ended December 31, 2016, 2015, and 2014, we recorded no equity in earnings (losses) of unconsolidated joint venture related to our investment in Prospect Park. The Company’s maximum exposure to losses associated with its unconsolidated joint venture is limited to its carrying value in this investment. The following table sets forth our ownership interest in Prospect Park: Property Name Ownership Interest at December 31, Carrying Amount at December 31, 2016 2015 2016 2015 Prospect Park N/A N/A $14,658 $14,482 Summarized balance sheet information for the unconsolidated joint venture as of December 31, 2016 and 2015, shown at 100%, is as follows (in thousands): December 31, 2016 December 31, 2015 Total assets $ 72,272 $ 61,528 Total debt, net $ 56,638 $ 43,944 Total equity $ 11,957 $ 14,976 Summarized statement of operations information for the unconsolidated joint venture for the years ended December 31, 2016, 2015, and 2014, shown at 100%, is as follows (in thousands): Year Ended December 31, 2016 2015 2014 Total revenues $ 600 $ 25 $ 101 Net income (loss) $ (4,135 ) $ (329 ) $ 92

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities As discussed in Note 2, effective January 1, 2016, we have adopted the guidance in ASU 2015-02. As a result, the Operating Partnership (see Note 1) and each of our less than wholly-owned real estate partnerships (22 Exchange, LLC, Gardens Medical Pavilion, LLC, SL Parkside Apartments, LLC, and the ADC Arrangement associated with Prospect Park) have been deemed to have the characteristics of a VIE. However, we were not required to consolidate any previously unconsolidated entities or deconsolidate any previously consolidated entities as a result of the change in classification. Accordingly, there has been no change to the amounts reported in our consolidated balance sheets and statements of cash flows or amounts recognized in our consolidated statements of operations. Consolidated VIEs The Company consolidates the Operating Partnership, 22 Exchange, LLC, Gardens Medical Pavilion, LLC through BH-AW-Florida MOB Venture, LLC, and SL Parkside Apartments, LLC, which are variable interest entities, or VIEs, for which we are the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership, or legal entities such as an LLC, are considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. Unconsolidated VIEs Included in the Company’s joint venture investments at December 31, 2016 is the ADC Arrangement associated with Prospect Park, which is accounted for as an unconsolidated joint venture and is a VIE. Refer to Note 7 for further details on the ADC Arrangement. This arrangement was established to provide mezzanine financing to an unaffiliated third party that owns Prospect Park, an apartment complex under development in Denver, Colorado. Based on our reevaluation under ASU 2015-02, we determined that we are not the primary beneficiary of this VIE based on the rights of the general partner. The arrangement does not allow for substantive kick-out rights over the general partner and we do not have the power to direct the activities of Prospect Park that most significantly affect the entity’s economic performance. Accordingly, we have determined it is appropriate, consistent with past accounting, that the Prospect Park ADC Arrangement will continue to be accounted for under the equity method.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Notes Payable	Notes Payable The following table sets forth information on our notes payable as of December 31, 2016 and 2015: Description 2016 2015 Interest Rate Maturity Date Courtyard Kauai Coconut Beach Hotel $ 38,000 $ 38,000 30-day LIBOR + .95% (1) 5/9/2017 Gardens Medical Pavilion 12,899 13,298 4.9% 1/1/2018 River Club and the Townhomes at River Club 23,917 24,299 5.26% 5/1/2018 Lakes of Margate 14,243 14,496 5.49% and 5.92% 1/1/2020 Arbors Harbor Town 24,653 25,130 3.985% 1/1/2019 22 Exchange 19,307 19,500 3.93% 5/5/2023 Parkside (2) 10,100 10,469 5% 6/1/2018 Lakewood Flats (3) — 33,500 30-day LIBOR + 1.5% (1) 11/5/2019 Total debt 143,119 178,692 Deferred financing fees (4) (787 ) (1,656 ) Total notes payable, net $ 142,332 $ 177,036 _____________________________ (1) 30-day London Interbank Offered Rate (“LIBOR”) was 0.77 % at December 31, 2016. (2) Includes approximately $0.2 million of unamortized premium related to debt we assumed at acquisition. (3) On August 16, 2016, we sold Lakewood Flats to an unaffiliated third party. A portion of the proceeds from the sale were used to payoff the existing indebtedness associated with the property. (4) Effective January 1, 2016, we adopted ASU 2015-03, which requires companies to present the debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the related debt liability. See Note 2, Summary of Significant Accounting Policies, for further details. At December 31, 2016, our notes payable balance was $142.3 million , net of deferred financing fees of $0.8 million . 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 Courtyard Kauai Coconut Beach Hotel, 22 Exchange, and Parkside notes payable. Interest capitalized in connection with our equity method investment in Prospect Park for the years ended December 31, 2016, 2015, and 2014 was $0.2 million , $0.5 million , and $0.5 million respectively. 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 million . We used a portion of the proceeds from the 2015 sales of Babcock and Wimberly to fully satisfy their existing indebtedness of approximately $2.1 million and $26.4 million , respectively. In 2015, we also sold AJS, located in Germany, and used a portion of the proceeds to fully satisfy the existing indebtedness of approximately €5.7 million , or approximately $6.5 million based on the exchange rate in effect on the date of sale. We paid off the Holstenplatz debt of approximately $8.1 million on its maturity date of April 30, 2015. We are subject to customary affirmative, negative, and financial covenants and representations, warranties, and borrowing conditions, all as set forth in our loan agreements, including, among other things, maintaining minimum debt service coverage ratios, loan to value ratios, and liquidity. As of December 31, 2016, we believe we were in compliance with the covenants under our loan agreements. The following table summarizes our contractual obligations for principal payments as of December 31, 2016: Year Amount Due 2017 $ 40,151 2018 46,807 2019 24,307 2020 13,771 2021 404 Thereafter 17,441 Total contractual obligations for principal payments 142,881 Unamortized premium 238 Total notes payable 143,119 Less: Deferred financing fees, net (787 ) Notes payable, net $ 142,332

Leasing Activity

Leasing Activity	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Leasing Activity	Leasing Activity Future minimum base rental payments of our office property, Gardens Medical Pavilion, and the retail space at 22 Exchange due to us under non-cancelable leases in effect as of December 31, 2016 are as follows: Year Amount Due 2017 $ 1,512 2018 1,171 2019 1,038 2020 971 2021 857 Thereafter 2,232 Total $ 7,781 The schedule above does not include rental payments due to us from our multifamily, hotel, and student housing properties, as leases associated with these properties typically are for periods of one year or less.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	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, 2016, we had one remaining interest rate cap related to Courtyard Kauai Coconut Beach Hotel, which was not designated as a hedging instrument. Our remaining interest rate cap matures on May 15, 2017 and has a notional value of $38 million at a rate of 30-day LIBOR + 3% . The notional value provides an indication of the extent of our involvement in this instrument, but does not represent exposure to credit, interest rate, or market risks. The table below presents the effect of our derivative financial instrument on the consolidated statements of operations for the years ended December 31, 2016 and 2015: Derivative Not Designated as Hedging Instruments Amount of Loss Year ended December 31, 2016 2015 $2 $26

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Income Taxes We have maintained and intend to maintain our election as a REIT under the Code. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our REIT taxable income, computed without regard to the dividends paid deduction and our net capital gains. As a REIT, we generally will not be subject to federal income tax on our taxable income at the corporate level to the extent such income is distributed to our shareholders annually. Any current year taxable income generated by the Company may be offset by carrying forward unused prior year net operating losses (“NOLs”). If our taxable income after application of NOL carryforwards exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income taxes at regular corporate rates, including any applicable alternative minimum tax (“AMT”). In addition, we may not be able to requalify as a REIT for the four subsequent taxable years. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income and margin taxes. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level. For the year ended December 31, 2016, we had federal taxable income of approximately $7 million , which includes the disposal of Lakewood Flats. The Company paid special cash distributions of $38.4 million during the year and had remaining federal NOL carryovers of approximately $13.1 million at December 31, 2016. The Company has continued to establish a valuation allowance against its deferred tax assets as the utilization of any deferred tax asset is not at a level of more likely than not that they will be realized prior to their expiration. The Company recorded a credit of less than $0.1 million to the provision for income tax based on the difference in the actual taxes due and the originally estimated taxes payable on the sale of Holstenplatz in 2015. We originally estimated federal taxable income of $3.8 million for the year ended December 31, 2015. Actual federal taxable income for the year ended December 31, 2015 was $4.8 million , which includes the disposals of Babcock, AJS, Holstenplatz, and Wimberly. The Company paid special cash distributions of $25.7 million during the year and had remaining federal NOL carryovers of approximately $13.1 million at December 31, 2015. During 2015, we recorded provision for income tax of approximately $2.7 million as a result of estimated foreign income tax related to the sales of AJS and Holstenplatz which were both located in Germany. The foreign income tax related to both dispositions was calculated on gains recognized at the exchange rate in effect on the date of sale and calculated using current tax rates. For the year ended December 31, 2014, we had federal taxable income of $4.2 million , which includes the disposal of 1875 Lawrence. The Company made special cash distributions of $13 million during the year and had remaining federal NOL carryovers of $13.1 million at December 31, 2014. The Company recorded an income tax benefit of $0.1 million during the year ended December 31, 2014 related to the overpayment of AMT tax for the year ended December 31, 2013. We recorded estimated AMT tax of $0.2 million for the year ended December 31, 2013 as a result of gains recognized on the sale of investments during the year. The Company recorded no provision for income tax, including AMT, during the year ended December 31, 2014. We have a TRS which is subject to federal and state income taxes. At December 31, 2016, our TRS had NOL carryforwards of approximately $4.5 million which expire in years 2030 to 2035. Because NOL’s are subject to certain change of ownership, continuity of business, and separate return year limitations, and because it is unlikely the available NOL’s will be utilized or because we consider any amounts possibly utilized to be immaterial, no benefits related to these NOL’s have been recognized in our consolidated financial statements. We have no significant temporary differences or tax credits associated with our TRS. Taxable income differs from net income for financial reporting purposes principally because of differences in the timing of recognition of depreciation, rental revenue, compensation expense, impairment losses and gain from sales of property. As a result of these differences, the tax basis of our fixed assets exceeds the book value by approximately $2.4 million at December 31, 2016. We and our subsidiaries’ income tax returns are subject to examination by federal, state, and local tax jurisdictions for years 2013 through 2016. 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 2013 are also subject to challenge in any examination of those tax years. The Company and its subsidiaries are not under any notice of audit from any taxing authority at year end 2016. We have reviewed our tax positions under GAAP guidance that clarifies 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 status as a REIT will be sustained in any tax examination.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Capitalization As of December 31, 2016, our authorized capital was 350,000,000 shares of common stock, 50,000,000 shares of preferred stock, and 1,000 shares of convertible stock. All shares of such stock have a par value of $.0001 per share. As of December 31, 2016, we had issued 26.7 million shares of our common stock, including 22,471 shares owned by the Behringer Advisor and 2.2 million shares issued through the DRP. As of December 31, 2016, we had redeemed 1.5 million shares of our common stock and had 25,218,770 shares of common stock outstanding. As of December 31, 2016, we had 1,000 shares of convertible stock held by an affiliate of Behringer. 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% cumulative, non-compounded, annual return on the issue price of those outstanding shares, or (2) we list our common stock for trading on a national securities exchange if the sum of the prior distributions on then outstanding shares of the common stock plus the aggregate market value of the common stock (based on the 30 -day average closing price) meets the same 10% performance threshold. In general, the convertible stock will convert into shares of common stock with a value equal to the lesser of (A) 20% of the excess of our enterprise value plus the aggregate value of distributions paid to date on then outstanding shares of our common stock over the aggregate issue price of those outstanding shares plus a 10% cumulative, non-compounded, annual return on the issue price of those outstanding shares, or (B) 15% of the excess of our enterprise value plus the aggregate value of distributions paid to date on then outstanding shares of the common stock over the aggregate issue price of those outstanding shares plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares. At the date of issuance of the shares of convertible stock, management determined the fair value under GAAP was less than the nominal value paid for the shares; therefore, the difference is not material. 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 million to no more than $10 million in any twelve-month period. The redemption limitations apply to all redemptions, whether Ordinary or Exceptional Redemptions. The per share redemption price for Ordinary Redemptions and Exceptional Redemptions is equal to the lesser of 80% and 90% , respectively, of (i) the current estimated per share value and (ii) the average price per share the investor paid for all of his shares (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to our common stock) less the Special Distributions (as defined in the share redemption program). 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 days’ notice to stockholders before applying this new price determined by our board of directors. 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% of the weighted average number of shares outstanding during the twelve-month period immediately prior to the date of redemption. In addition, the cash available for redemptions is limited to no more than $10 million in any twelve-month period. The redemption limitations apply to all redemptions, whether Ordinary or Exceptional Redemptions. 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. Distributions Distributions are authorized at the discretion of our board of directors based on its analysis of our performance over the previous periods and expectations of performance for future periods. These analyses may include actual and anticipated operating cash flow, changes in market capitalization rates for investments suitable for our portfolio, capital expenditure needs, general financial and market conditions, proceeds from asset sales, and other factors that our board deems relevant. The board’s decision will be substantially influenced by its obligation to ensure that we maintain our federal tax status as a REIT. We cannot provide assurance that we will pay distributions at any particular level, or at all. On November 20, 2015, our board of directors authorized a special cash distribution of $1.50 per share of common stock, payable to our stockholders of record as of December 31, 2015. On March 18, 2015, our board of directors authorized a special cash distribution of $1.00 per share of common stock, payable to our stockholders of record as of March 30, 2015. On August 8, 2014, our board of directors authorized a special cash distribution of $0.50 per share of common stock, payable to our stockholders of record as of September 15, 2014. The following table sets forth information on the distributions declared and distributions paid during the years ended December 31, 2016, 2015, and 2014 (in millions): Year Distributions Declared Distributions Paid 2014 $ 13.0 $ 13.0 2015 (1) 64.1 25.7 2016 — 38.4 ________________________________________ (1) Our board of directors declared two special cash distributions during 2015, one on March 18 for a total of $25.7 million and one on November 20 for a total of $38.4 million , for an aggregate total of $64.1 million . The Company paid the $25.7 million special cash distribution on March 31, 2015 and the $38.4 million special cash distribution on January 5, 2016. Total distributions paid to stockholders during the years ended December 31, 2016 and 2015 were $38.4 million and $25.7 million , respectively, and represented special cash distributions. Distributions during both of the years ended December 31, 2016 and 2015 were fully funded with proceeds from asset sales. 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 %

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Advisor Our external advisor and certain of its affiliates may receive fees and compensation in connection with the management and sale of our assets based on an advisory management agreement, as amended and restated. From January 4, 2008 through February 10, 2017, we were party to successive advisory management agreements, each with a term of one year or less, with the Behringer Advisor. The most recently executed advisory management agreement was the Fifth Amended and Restated Advisory Management Agreement (the “Fifth Advisory Agreement”) entered into on July 25, 2016 and effective as of June 6, 2016. On February 10, 2017, we entered into a Termination of Advisory Management Agreement with the Behringer Advisor and (solely with respect to certain sections) Stratera (the “Advisory Termination Agreement”) pursuant to which the Fifth Advisory Agreement was terminated as of the close of business on February 10, 2017. Concurrently with our entry into the Advisory Termination Agreement, we engaged the Advisor to provide us with advisory services pursuant to two separate advisory management agreements (collectively, the “Lightstone Advisory Agreement”). With the exception of the Administrative Services Fee, the fees earned by and expenses reimbursed to the Advisor pursuant to the Lightstone Advisory Agreement are identical to the fees earned by and expenses reimbursed to the Behringer Advisor pursuant to the Fifth Advisory Agreement. The following discussion describes the fees and expenses payable to our external advisor and its respective affiliates under both the Fifth Advisory Agreement (in effect from June 6, 2016 through February 10, 2017) and the Lightstone Advisory Agreement (in effect as of February 10, 2017). We pay acquisition and advisory fees of 1.5% of the amount paid in respect of the purchase, development, construction, or improvement of each asset we acquire, including any debt attributable to those assets. In addition, we pay acquisition and advisory fees of 1.5% of the funds advanced in respect of a loan investment. No acquisition and advisory fees were paid to the Behringer Advisor for the year ended December 31, 2016. We incurred acquisition and advisory fees payable to the Behringer Advisor of less than $0.1 million and $1 million for the years ended December 31, 2015 and 2014, respectively, as a result of acquisitions and improvements made to our assets. We had one acquisition in the year ended December 31, 2014. We had no acquisitions during the years ended December 31, 2016 and 2015. We also pay an acquisition expense reimbursement in the amount of (i) 0.25% of the funds paid for purchasing an asset, including any debt attributable to the asset, plus 0.25% of the funds budgeted for development, construction, or improvement in the case of assets that we acquire and intend to develop, construct, or improve or (ii) 0.25% of the funds advanced in respect of a loan investment. We also pay third parties, or reimburse our external advisor or its affiliates, for any investment-related expenses due to third parties in the case of a completed investment, including, but not limited to, legal fees and expenses, travel and communication expenses, costs of appraisals, accounting fees and expenses, third-party brokerage or finder’s fees, title insurance, premium expenses, and other closing costs. 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, 2016, we incurred no acquisition expense reimbursements. For the years ended December 31, 2015 and 2014, we incurred acquisition expense reimbursements of less than $0.1 million and $0.2 million , respectively, payable to the Behringer Advisor. We pay a debt financing fee of 0.5% of the amount available under any loan or line of credit made available to us and pay directly all third-party costs associated with obtaining the debt financing. We incurred debt financing fees of $0.2 million for the year ended December 31, 2014. We incurred no financing fees for the years ended December 31, 2016 and 2015. We pay a development fee in an amount that is usual and customary for comparable services rendered to similar projects in the geographic market of the project if such affiliate provides the development services and if a majority of our independent directors determines that such development fee is fair and reasonable to us. We incurred no such fees for the years ended December 31, 2016, 2015 or 2014. We pay a monthly asset management fee of one-twelfth of 0.7% of the value of each asset. The value of our assets will be the value as determined in connection with the establishment and publication of an estimated value per share unless the asset was acquired after our publication of an estimated value per share (in which case the value of the asset will be the contract purchase price of the asset). For the years ended December 31, 2016, 2015 and 2014, we expensed $2.1 million , $2.5 million and $2.2 million , respectively, of asset management fees payable to the Behringer Advisor. The totals for the years ended December 31, 2016, 2015, and 2014 include asset management fees related to our disposed properties. Our external advisor is responsible for paying all of the expenses it incurs associated with persons employed by the external advisor to the extent that they provide services related to us for which our external advisor receives an acquisition, asset management, or debt financing fee, including wages and benefits of the personnel. Instead of reimbursing our external advisor for specific expenses paid or incurred in connection with providing services to us, we pay our external advisor an administrative services fee (renamed an administrative services reimbursement under the Lightstone Advisory Agreement) based on a budget of expenses prepared by the Behringer Advisor. The administrative services fee is intended to reimburse for all costs associated with providing services to us. Under the Fifth Advisory Agreement, for the calendar year ended December 31, 2016, the administrative services fee was the lesser of (i) $1.325 million per calendar year, and (ii) the actual costs of providing administrative services to us under the Fifth Advisory Agreement, payable in four equal quarterly installments within 45 days of the end of each calendar quarter. For the calendar year ending December 31, 2015, the administrative services fee was $1.5 million . In addition, under the advisory management agreement, we are to reimburse the Advisor for certain due diligence services provided in connection with asset dispositions or debt financings separately from the administrative services fee. For the calendar year ending December 31, 2017, the administrative services fee is $ 1.325 million annually, pro-rated for the first six months of the year and $ 1.30 million annually, pro-rated for the second six months of the year. For the years ended December 31, 2016, 2015 and 2014, we incurred and expensed such costs for administrative services and due diligence services of approximately $1.2 million , $1.5 million , and $1.8 million , respectively. Included in that amount is less than $0.1 million related to certain due diligence services provided in connection with asset dispositions during the years ended December 31, 2016, 2015, and 2014. 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% of our average invested assets, or (ii) 25% of our net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of our assets for that period unless a majority of our independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended December 31, 2016, our total operating expenses (including the asset management fee) were not excessive. 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% of gross revenues of the properties managed by our property manager. We pay our property manager an oversight fee equal to 0.5% of the gross revenues of the property managed for any property for which we contract directly with a third-party property manager. In no event will our property manager or its affiliates receive both a property management fee and an oversight fee with respect to any particular property. In the event we own a property through a joint venture that does not pay our property manager directly for its services, we will pay our property manager a management fee or oversight fee, as applicable, based only on our economic interest in the property. We incurred and expensed property management fees or oversight fees to the Behringer Property Manager of approximately $0.6 million for the years ended December 31, 2016, 2015, and 2014. We pay our property manager a construction management fee in an amount not to exceed 5% of all hard construction costs incurred in connection with, but not limited to capital repairs and improvements, major building reconstruction and tenant improvements, if such affiliate supervises construction performed by or on behalf of us or our affiliates. We incurred construction management fees of $0.1 million for the year ended December 31, 2014. We incurred no construction management fees for the years ended December 31, 2016 and 2015. We are dependent on our external advisor and our property manager for certain services that are essential to us, including asset disposition decisions, property management and leasing services, and other general administrative responsibilities. In the event that these companies were unable to provide us with their respective services, we would be required to obtain such services from other sources.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Supplemental cash flow information is summarized below: Twelve Months ended December 31, 2016 2015 2014 Interest paid, net of amounts capitalized $ 5,876 $ 6,286 $ 7,443 Income tax paid, net of overpayment 932 1,703 29 Non-cash investing activities and financing activities: Proceeds held in escrow through sale of real estate interests — 912 — Capital expenditures for real estate in accounts payable 12 — — Capital expenditures for real estate in accrued liabilities 256 224 237 Accrued distributions payable — 38,378 — Accrued distributions to noncontrolling interest 21 52 19

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 and 2015 ($ in thousands, except per share amounts): 2016 Quarters Ended Description March 31 June 30 September 30 December 31 Revenue $ 12,450 $ 11,693 $ 11,393 $ 10,595 Net income (loss) (1) (967 ) (1,226 ) 9,324 (2,223 ) Add: Net (income)/loss attributable to noncontrolling interest (106 ) 61 59 21 Net income (loss) attributable to common shareholders $ (1,073 ) $ (1,165 ) $ 9,383 $ (2,202 ) Basic and diluted weighted average shares outstanding 25,553 25,466 25,391 25,266 Basic and diluted income (loss) per share $ (0.04 ) $ (0.05 ) $ 0.37 $ (0.09 ) 2015 Quarters Ended Description March 31 June 30 September 30 December 31 Revenue $ 13,314 $ 12,779 $ 12,539 $ 11,618 Net income (loss) (2) 338 (1,878 ) 13,117 (3,900 ) (3 ) Add: Net (income)/loss attributable to noncontrolling interest (511 ) (82 ) (262 ) 156 Net income (loss) attributable to common shareholders $ (173 ) $ (1,960 ) $ 12,855 $ (3,744 ) Basic and diluted weighted average shares outstanding 25,776 25,704 25,667 25,607 Basic and diluted income (loss) per share $ (0.01 ) $ (0.07 ) $ 0.50 $ (0.15 ) __________________________________________ (1) 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, Real Estate and Real Estate-Related Investments. (2) Income from continuing operations for the quarter ended March 31, 2015 includes gains on the sale of Babcock and AJS totaling $5.3 million . Income from continuing operations for the quarter ended September 30, 2015 includes gains on the sale of Holstenplatz and Wimberly totaling $17.5 million . See Note 6, Real Estate and Real Estate-Related Investments. (3) Loss from continuing operations for the quarter ended December 31, 2015 includes a non-cash impairment charge of $1.4 million on our investment in 22 Exchange due to the local market decline in Akron, Ohio.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Share Redemption Program On March 8, 2017, our board of directors approved redemptions for the first quarter of 2017 totaling 131,991 shares with an aggregate redemption payment of approximately $0.7 million .

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts and Reserves Schedule II	12 Months Ended
	Dec. 31, 2016
Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts and Reserves Schedule II	Behringer Harvard Opportunity REIT II, Inc. Valuation and Qualifying Accounts and Reserves Schedule II December 31, 2016, 2015 and 2014 (in thousands) Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period As of December 31, 2016 Allowance for doubtful accounts $ 111 $ 57 $ — $ 168 $ — As of December 31, 2015 Allowance for doubtful accounts 2 369 — 260 111 As of December 31, 2014 Allowance for doubtful accounts 46 304 — 348 2

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation Schedule III	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Schedule III	Behringer Harvard Opportunity REIT II, Inc. Real Estate and Accumulated Depreciation Schedule III December 31, 2016 (in thousands) Initial cost Property Name Location Encumbrances Land and Improvements Building and Improvements Cost capitalized subsequent to acquisition (1) Gross amount carried at close of period (2) Accumulated Depreciation Year of Construction Date Acquired Depreciable Life Gardens Medical Pavilion Palm Beach Gardens, Florida $ 12,899 $ 5,675 $ 13,158 $ 5,324 $ 24,157 $ 4,764 1995 10/20/2010 (3) Courtyard Kauai Coconut Beach Hotel Kauai, Hawaii 38,000 11,801 20,948 10,614 43,363 6,257 1977 10/20/2010 (4) River Club and the Townhomes at River Club Athens, Georgia 23,917 6,639 24,789 2,749 34,177 8,238 1996 & 1989 4/25/2011 (3) Lakes of Margate Margate, Florida 14,243 9,776 13,061 4,294 27,131 4,961 1987 10/19/2011 (3) Arbors Harbor Town Memphis, Tennessee 24,653 5,413 24,713 2,843 32,969 6,506 1991 12/20/2011 (3) 22 Exchange Akron, Ohio 19,307 2,380 24,786 (2,233 ) 24,933 1,097 2010 4/16/2013 (3) Parkside Apartments Sugar Land, Texas 10,100 3,143 18,148 1,951 23,242 3,080 1998 8/8/2013 (3) Totals 143,119 44,827 139,603 25,542 209,972 34,903 __________________ (1) Includes adjustment to basis, such as impairment losses. (2) The aggregate cost for federal income tax purposes is approximately $229 million . (3) Buildings are depreciated according to Company policy, which uses the straight-line method over their estimated useful life of 25 years. (4) Hotels are depreciated according to Company policy, which uses the straight-line method over their estimated useful life of 39 years. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2016, 2015 and 2014 is as follows (in thousands): 2016 2015 2014 Real Estate: Balance at beginning of period $ 265,879 $ 329,643 $ 308,808 Acquisitions — — 57,899 Improvements (1) 2,190 2,044 4,477 Disposals/written-off — (77 ) (19 ) Reclassification (2) (105 ) (390 ) (689 ) Establishment of new basis for impaired asset (3) — (4,149 ) — Cost of real estate sold (57,992 ) (61,192 ) (40,833 ) Balance at end of the period (4) $ 209,972 $ 265,879 $ 329,643 Accumulated depreciation: Balance at beginning of period $ 29,108 $ 27,569 $ 23,779 Depreciation expense 8,759 11,109 11,077 Disposals/written-off (2,964 ) (6,838 ) (7,287 ) Accumulated depreciation on impaired asset (3) — (2,732 ) — Balance at end of the period (4) $ 34,903 $ 29,108 $ 27,569 _______________________________________________________________________________ (1) For the years ended December 31, 2015 and 2014, includes foreign currency translation losses of $1.6 million and $3 million , respectively. (2) For the years ended December 31, 2016, 2015 and 2014, includes reclassification from improvements to furniture, fixtures, and equipment of $0.1 million , $0.4 million , and $0.7 million , respectively. (3) 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. The accumulated depreciation for the asset, of $2.7 million , was offset against the basis of the asset. (4) For the year ended December 31, 2014, includes Alte Jakobstraße and Babcock Self Storage which were classified as held for sale in our consolidated balance sheet.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
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. These estimates include such items as impairment of long-lived assets, depreciation and amortization, and allowance for doubtful accounts. Actual results could differ from those estimates.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation Our consolidated financial statements include our accounts and the accounts of other subsidiaries over which we have control. All inter-company transactions, balances, and profits have been eliminated in consolidation. In addition, interests in entities acquired are evaluated based on applicable GAAP, and entities deemed to be variable interest entities (“VIE”) in which we are the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which we have control, substantive participating rights or both under the respective ownership agreement. For entities in which we have less than a controlling interest or entities which we are not deemed to be the primary beneficiary, we account for the investment using the equity method of accounting. There are judgments and estimates involved in determining if an entity in which we have made an investment is a VIE and, if so, whether we are the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility, and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to our financial statements. In February 2015, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2015-02”) to ASC Topic 810, Amendments to the Consolidation Analysis. ASU 2015-02 makes several modifications to the consolidation guidance for VIEs and general partners’ investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. The adoption of ASU 2015-02, effective January 1, 2016, did not impact our consolidated financial position, results of operations, or cash flows. See Note 9 for further details. In the Notes to Consolidated Financial Statements, all dollar and share amounts in tabulation are in thousands of dollars and shares, respectively, unless otherwise noted.
Real Estate	Real Estate Upon the acquisition of real estate properties, 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 than 12 months from the acquisition date. 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 of 39 years and 25 years , respectively, using the straight-line method. 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.
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, 2016 or 2015. Effective as of April 1, 2014, we early adopted the revised guidance in Accounting Standards Update No. 2014-08 regarding discontinued operations. For sales of real estate or assets classified as held for sale after April 1, 2014, we will evaluate whether a disposal transaction meets the criteria of a strategic shift and will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations.
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 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.
Investment Impairment	Investment Impairment For all of our real estate and real estate related investments, we monitor events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable. Examples of the types of events and circumstances that would cause management to assess our assets for potential impairment include, but are not limited to: a significant decrease in the market price of an asset; a significant adverse change in the manner in which the asset is being used; an accumulation of costs in excess of the acquisition basis plus construction of the property; major vacancies and the resulting loss of revenues; natural disasters; a change in the projected holding period; legitimate purchase offers; and changes in the global and local markets or economic conditions. To the extent that our portfolio is concentrated in limited geographic locations, downturns specifically related to such regions may result in tenants defaulting on their lease obligations at those properties within a short time period, which may result in asset impairments. When such events or changes in circumstances are present, we assess potential impairment by comparing estimated future undiscounted operating cash flows expected to be generated over the life of the asset and from its eventual disposition to the carrying amount of the asset. These projected cash flows are prepared internally by the Advisor and reflect in-place and projected leasing activity, market revenue and expense growth rates, market capitalization rates, discount rates, and changes in economic and other relevant conditions. The Company’s principal executive officer and principal financial officer review these projected cash flows to assure that the valuation is prepared using reasonable inputs and assumptions that are consistent with market data or with assumptions that would be used by a third-party market participant and assume the highest and best use of the investment. We consider trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. In the event that the carrying amount exceeds the estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the asset to estimated fair value. While we believe our estimates of future cash flows are reasonable, different assumptions regarding factors such as market rents, economic conditions, and occupancy rates could significantly affect these estimates. In evaluating our investments for impairment, management may use appraisals and make estimates and assumptions, including, but not limited to, the projected date of disposition of the properties, the estimated future cash flows of the properties during our ownership, and the projected sales price of each of the properties. A future change in these estimates and assumptions could result in understating or overstating the carrying value of our investments, which could be material to our financial statements. In addition, we may incur impairment charges on assets classified as held for sale in the future if the carrying amount of the asset upon classification as held for sale exceeds the estimated fair value, less costs to sell. We also evaluate our investments in unconsolidated joint ventures at each reporting date. If we believe there is an other than temporary decline in market value, we will record an impairment charge based on these evaluations. We assess potential impairment by comparing our portion of estimated future undiscounted operating cash flows expected to be generated by the joint venture over the life of the joint venture’s assets to the carrying amount of the joint venture. In the event that the carrying amount exceeds our portion of estimated future undiscounted operating cash flows, we recognize an impairment loss to adjust the carrying amount of the joint venture to its estimated fair value. During the year ended December 31, 2015, we recorded a non-cash impairment charge of $1.4 million to reduce the carrying value of 22 Exchange, one of our student housing investments, to its estimated fair value. In estimating the fair value of 22 Exchange, we used management’s internal discounted cash flow analysis prepared with consideration of the local market. There were no impairment charges recorded during the years ended December 31, 2016 and 2014. 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 provide funding to third-party developers for the acquisition, development, and construction of real estate (“ADC Arrangement”). Under an ADC Arrangement, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate this arrangement to determine if it has characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. When we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for the arrangement as an investment in an unconsolidated joint venture under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. The ADC Arrangement is reassessed at each reporting period. See Note 7, Investment in Unconsolidated Joint Venture, for further discussion.
Revenue Recognition	Revenue Recognition We recognize rental income generated from leases of our operating properties on a straight-line basis over the terms of the respective leases, including the effect of rent holidays, if any. Straight-line rent was income of less than $0.1 million recognized in rental revenues for the year ended December 31, 2016. Straight-line rent was income of less than $0.1 million and $0.2 million recognized in rental revenues for the years ended December 31, 2015 and 2014, respectively. Leases associated with our multifamily, student housing, and hotel assets are generally short-term in nature, and thus have no straight-line rent. Net below-market lease amortization of less than $0.1 million was recognized in rental revenues for the years ended December 31, 2016 and 2015. Net above-market lease amortization of less than $0.1 million was recognized in rental revenues for the year ended December 31, 2014. Hotel revenue is derived from the operations of the Courtyard Kauai Coconut Beach Hotel and consists primarily of guest room, food and beverage, and other ancillary revenues such as laundry and parking. Hotel revenue is recognized as the services are rendered.
Accounts Receivable	Accounts Receivable Accounts receivable primarily consist of receivables related to our consolidated properties of $1.4 million and $2.4 million as of December 31, 2016 and 2015, respectively, and included straight-line rental revenue receivables of $0.4 million and $0.3 million as of December 31, 2016 and 2015, respectively.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets Prepaid expenses and other assets of $1.1 million as of December 31, 2016 and 2015, included prepaid directors’ and officers’ insurance, as well as prepaid insurance of our consolidated properties.
Furniture, Fixtures, and Equipment	Furniture, Fixtures, and Equipment Furniture, fixtures, and equipment are recorded at cost and are depreciated according to the Company’s capitalization policy, which uses the straight-line method over their estimated useful lives of five to seven years . Furniture, fixtures, and equipment associated with properties classified as held for sale are not depreciated. Maintenance and repairs are charged to operations as incurred. Accumulated depreciation associated with our furniture, fixtures, and equipment was $9.9 million and $8.1 million as of December 31, 2016 and 2015, respectively.
Deferred Financing Fees	Deferred Financing Fees Deferred financing fees are recorded at cost and are amortized to interest expense using a straight-line method that approximates the effective interest method over the life of the related debt. Deferred financing fees, net of accumulated amortization, were $0.8 million and $1.7 million as of December 31, 2016 and 2015, respectively. Accumulated amortization of deferred financing fees were $1.9 million and $2.5 million as of December 31, 2016 and 2015, respectively. In April 2015, the FASB issued an update (“ASU 2015-03”) to ASC Topic 835, Interest - Imputation of Interest, Simplifying the Presentation of Debt Issuance Costs. The adoption of ASU 2015-03, effective January 1, 2016, requires companies to present debt issuance costs related to a recognized debt liability as a direct reduction from the carrying amount of the related debt liability, retrospectively. The adoption of the new standard resulted in the following reclassifications of unamortized deferred financing fees as of December 31, 2015: December 31, 2015 Originally Reported Reclassification Adjusted Deferred financing fees, net $ 1,656 $ (1,656 ) $ — Notes payable 178,692 (1,656 ) 177,036
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, 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 Note 4, Assets and Liabilities Measured at Fair Value, and Note 11, Derivative Instruments and Hedging Activities, for further information regarding our derivative financial instruments.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and have qualified as a REIT since the year ended December 31, 2008. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax at the corporate level. We are organized and operate in such a manner as to qualify for taxation as a REIT under the Code and intend to continue to operate in such a manner, but no assurance can be given that we will operate in a manner so as to qualify or remain qualified as a REIT. Taxable income from non-REIT activities managed through a taxable REIT subsidiary (“TRS”) is subject to applicable federal, state, and local income and margin taxes. We currently have no taxable income associated with a TRS. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level. As a result of the sale of two foreign investments during 2015, Alte Jakobstraße (“AJS”) and Holstenplatz, we recorded estimated foreign income tax of approximately $2.7 million . During the third quarter of 2016, we recorded a credit of approximately $0.1 million to the provision for income tax based on the difference in the actual taxes due and the originally estimated taxes payable on the sale of Holstenplatz. 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 current tax rates. 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) (“OCI”). Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations and comprehensive income (loss). The Euro is the functional currency for the operations of AJS and Holstenplatz, which were both sold in 2015. We maintain a Euro-denominated bank account that is comprised primarily of the remaining proceeds from the sale of these properties and is translated into U.S. dollars at the current exchange rate at each reporting period. For the three years ended December 31, 2016, 2015, and 2014, the cumulative foreign currency translation adjustment was a loss of $0.1 million , a loss of $0.4 million , and a loss of $0.8 million , respectively. When the Company has substantially liquidated its investment in a foreign entity, the cumulative translation adjustment (“CTA”) balance is required to be released into earnings. In accordance with ASU 2013-05, upon disposal of the property, we would recognize the CTA as an adjustment to the gain on sale. During the first quarter of 2015, we recognized a CTA of approximately $0.6 million as a reduction to the gain on sale of our AJS office building, which we sold on February 21, 2015. We sold our wholly owned investment in the Holstenplatz office building, located in Hamburg, Germany, on September 1, 2015. We recognized a CTA credit of approximately $0.4 million as an increase to the gain on sale of Holstenplatz. With the sale of Holstenplatz, we no longer have foreign operations.
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 OCI consist of cumulative foreign currency translation gains and losses and the unrealized gain on derivative instruments.
Stock-Based Compensation	Stock-Based Compensation We have adopted a stock-based incentive award plan for our directors and consultants and for employees, directors, and consultants of our affiliates. We have not issued any stock-based awards under the plan as of December 31, 2016.
Concentration of Credit Risk	We have adopted a stock-based incentive award plan for our directors and consultants and for employees, directors, and consultants of our affiliates. We have not issued any stock-based awards under the plan as of December 31, 2016. Concentration of Credit Risk At December 31, 2016 and 2015, 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, 2016, excluding sold assets, 44% and 16% of our total revenues were derived from our properties located in Hawaii and Florida, respectively. Additionally, excluding our property sold in 2016, 44% , 30% , and 21% of our total revenues for the year ended December 31, 2016 were from our hotel, multifamily, and student housing investments, respectively. To the extent that our portfolio is concentrated in limited geographic regions or types of assets, downturns relating generally to
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, 2016, 2015, and 2014, 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.
Subsequent Events	Subsequent Events We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.
New Accounting Pronouncements	In May 2014, the FASB issued an update (“ASU 2014-09”) to ASC Topic 606, Revenue from Contracts with Customers. ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. The new guidance will require companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Lease contracts will be excluded from this revenue recognition criteria; however, the sale of real estate will be required to follow the new model. ASU 2014-09 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. In addition, early adoption will be permitted beginning after December 15, 2016, including interim reporting periods within those annual periods. Either full retrospective adoption or modified retrospective adoption is permitted. We do not expect that the adoption of this pronouncement will have a material effect on our consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. During the quarter ended June 30, 2016, the FASB issued subsequent updates to ASU 2014-09. In April 2016, the FASB issued an update (“ASU 2016-10”) to ASC Topic 606, Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing. In May 2016, the FASB issued an update (“ASU 2016-12”) to ASC Topic 606, Revenue from Contracts with Customers, Narrow-Scope Improvement and Practical Expedients. The amendments in these updates did not change the core principle of the guidance in Topic 606; rather, they added improvements to reduce the diversity in practice at initial application and the cost and complexity of applying Topic 606 both at transition and an ongoing basis. The areas affected include: assessing the collectability criteria; presentation of sales taxes and other similar taxes collected from customers; noncash consideration; contract modification and completed contracts at transition; and technical correction as it relates to retrospective application and disclosure. The new guidance is effective January 1, 2018, with early adoption permitted beginning January 1, 2017, and allows full or modified retrospective application. We do not expect the adoption of ASU 2016-10 and ASU 2016-12 to have a material effect on our consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. In February 2016, the FASB issued an update (“ASU 2016-02”) to ASC Topic 842, Leases. ASU 2016-02 supersedes the existing lease accounting model, and modifies both lessee and lessor accounting. The new guidance will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. Under this new pronouncement, lessor accounting will be largely unchanged from existing GAAP. The new standard will be effective January 1, 2019, with early adoption permitted. We do not expect that the adoption of this pronouncement will have a material effect on our consolidated financial statements; however, we will continue to evaluate this assessment until the guidance becomes effective. In June 2016, the FASB issued an update (“ASU 2016-13”) to ASC Topic 326, Credit Losses. This amended guidance requires measurement and recognition of expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This is different from the current guidance as this will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. Financial assets that are measured at amortized cost will be required to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. Generally, the pronouncement requires a modified retrospective method of adoption. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact this guidance will have on our financial statements when adopted. In January 2017, the FASB issued an update (“ASU 2017-01”) to ASC Topic 805, Business Combinations, Clarifying the Definition of a Business. The guidance clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Under the updated guidance, an acquisition of a single property will likely be treated as an asset acquisition as opposed to a business combination and associated transaction costs will be capitalized rather than expensed as incurred. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted, including for interim or annual periods for which financial statements have not yet been issued. Upon adoption of this guidance, we anticipate future acquisitions of real estate assets, if any, will likely qualify as an asset acquisition. Therefore, any future transactions costs associated with an asset acquisition will be capitalized and accounted for in accordance with the guidance in ASU 2017-01. Recently Adopted Accounting Pronouncements In August 2014, the FASB issued an update (“ASU 2014-15”) to ASC Topic 205, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management’s assessment of a company’s ability to continue as a going concern and provide related footnote disclosures when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. ASU 2014-15 applies to all companies and is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. The adoption of this guidance did not have an impact on our disclosures. In August 2016, the FASB issued an update (“ASU 2016-15”) to ASC Topic 230, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments. The objective of this amendment is to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statements of cash flows. Of the eight types of cash flows discussed in the new standard, the classification of debt prepayment, distributions received from equity method investees, and debt extinguishment costs as financing outflows may impact the Company. ASU 2016-15 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The amendment in the update should be applied using the retrospective transition method for each period presented. We adopted this guidance on December 31, 2016 and the adoption of this guidance did not have a material impact on our consolidated financial statements or disclosures. In November 2016, the FASB issued an update (“ASU 2016-18”) to ASC Topic 230, Statement of Cash Flows, Restricted Cash. This new guidance requires amounts that are generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted and the pronouncement requires a retrospective transition method of adoption. We early adopted this guidance on December 31, 2016 and included amounts generally described as restricted cash within the beginning-of-period, change, and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows. This adoption changes our statements of cash flows and related disclosure for all period presented.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015, accumulated depreciation and amortization related to our consolidated investments in real estate assets and intangibles were as follows: December 31, 2016 Buildings and Land and Improvements Lease Intangibles Acquired Below-Market Leases Cost $ 164,087 $ 45,885 $ 1,599 $ (137 ) Less: depreciation and amortization (31,728 ) (3,175 ) (1,247 ) 72 Net $ 132,359 $ 42,710 $ 352 $ (65 ) December 31, 2015 Buildings and Improvements Land and Improvements Lease Intangibles Acquired Below-Market Leases Cost $ 211,635 $ 54,068 $ 3,083 $ (184 ) Less: depreciation and amortization (26,422 ) (2,686 ) (2,749 ) 104 Net $ 185,213 $ 51,382 $ 334 $ (80 )
Schedule of anticipated amortization expense associated with acquired lease intangibles	Anticipated net amortization expense (accretion) associated with the acquired lease intangibles for each of the following five years ended December 31 is as follows: Year Lease / Other Intangibles 2017 $ 20 2018 (14 ) 2019 (12 ) 2020 (10 ) 2021 (10 )
Schedule of cash, cash equivalents and restricted cash	We early adopted new 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 statements of cash flows for the years ended December 31, 2016, 2015, and 2014 (in thousands): December 31, 2016 December 31, 2015 December 31, 2014 Cash and cash equivalents $ 67,111 $ 76,815 $ 72,949 Restricted cash 6,101 4,581 4,199 Total cash, cash equivalents, and restricted cash $ 73,212 $ 81,396 $ 77,148
Schedule of effects of adoption of new standard	The adoption of the new standard resulted in the following reclassifications of unamortized deferred financing fees as of December 31, 2015: December 31, 2015 Originally Reported Reclassification Adjusted Deferred financing fees, net $ 1,656 $ (1,656 ) $ — Notes payable 178,692 (1,656 ) 177,036

Assets and Liabilities Measur28

Assets and Liabilities Measured at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Schedule of quantitative information about level 3 fair value measurements	Description Fair Value for the year ended December 31, 2015 (in 000s) Valuation Unobservable Input Range Buildings and improvements, net (1) $ 25,000 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.
Schedule of the fair value hierarchy of assets measured on a nonrecurring basis	The following fair value hierarchy table presents information about our assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015: For the year ended December 31, 2015 Level 1 Level 2 Level 3 Total Fair Value Loss Assets Buildings and improvements, net (1) $ — $ — $ 25,000 $ 25,000 $ (1,417 ) ______________________________________ (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.

Real Estate and Real Estate-R29

Real Estate and Real Estate-Related Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Schedule of information pertaining to consolidated investments	As of December 31, 2016, we consolidated seven real estate assets. The following table presents certain information about our consolidated investments as of December 31, 2016: Property Name Description Location Date Acquired Ownership Interest Gardens Medical Pavilion Medical office building Palm Beach Gardens, Florida October 20, 2010 81.8 % Courtyard Kauai Coconut Beach Hotel Hotel Kauai, Hawaii October 20, 2010 80 % River Club and the Townhomes at River Club Student housing Athens, Georgia April 25, 2011 85 % Lakes of Margate Multifamily Margate, Florida October 19, 2011 92.5 % Arbors Harbor Town Multifamily Memphis, Tennessee December 20, 2011 94 % 22 Exchange Student housing Akron, Ohio April 16, 2013 90 % Parkside Apartments (“Parkside”) Multifamily Sugar Land, Texas August 8, 2013 90 %
Schedule of sales of Real Estate	The following table presents our sale of real estate for the years ended December 31, 2016, 2015, and 2014 (in millions): Date of Sale Property Ownership Interest Sales Contract Price Net Cash Proceeds (1) Gain on Sale of Real Estate May 30, 2014 1875 Lawrence 100% $ 46.7 $ 46.3 $ 11.5 January 8, 2015 Babcock Self Storage 85% $ 5.4 $ 5.2 $ 2.0 February 21, 2015 Alte Jakobstraße 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 ______________________________________ (1) A portion of the net cash proceeds was used to pay off the property-associated debt of $15.6 million , $2.1 million , $6.5 million , $26.4 million , and $33.5 million for 1875 Lawrence, Babcock, AJS, Wimberly, and Lakewood Flats, respectively. The Holstenplatz debt was paid off on April 30, 2015.
Net income (loss), real estate sold during period	The following table presents net income attributable to the Company for the three years ended December 31, 2016, 2015 and 2014 related to Lakewood Flats, Babcock, AJS, Holstenplatz, Wimberly, and 1875 Lawrence. Net income for the year ended December 31, 2016 includes the gain on sale of Lakewood Flats of $11.5 million . Net income for the year ended December 31, 2015 includes the gains on sale of Babcock, AJS, Holstenplatz, and Wimberly for a total of $22.8 million . Net income for the year ended December 31, 2014 includes the gain on sale of 1875 Lawrence of $11.5 million (in millions): For the Year Ended December 31, Description 2016 2015 2014 Net income (loss) attributable to the Company $ 11.8 $ 16.7 $ 8.7

Investment in Unconsolidated 30

Investment in Unconsolidated Joint Venture (Tables)	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Ownership in Joint Venture	The following table sets forth our ownership interest in Prospect Park: Property Name Ownership Interest at December 31, Carrying Amount at December 31, 2016 2015 2016 2015 Prospect Park N/A N/A $14,658 $14,482 Summarized balance sheet information for the unconsolidated joint venture as of December 31, 2016 and 2015, shown at 100%, is as follows (in thousands): December 31, 2016 December 31, 2015 Total assets $ 72,272 $ 61,528 Total debt, net $ 56,638 $ 43,944 Total equity $ 11,957 $ 14,976 Summarized statement of operations information for the unconsolidated joint venture for the years ended December 31, 2016, 2015, and 2014, shown at 100%, is as follows (in thousands): Year Ended December 31, 2016 2015 2014 Total revenues $ 600 $ 25 $ 101 Net income (loss) $ (4,135 ) $ (329 ) $ 92

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of information on notes payable	The following table sets forth information on our notes payable as of December 31, 2016 and 2015: Description 2016 2015 Interest Rate Maturity Date Courtyard Kauai Coconut Beach Hotel $ 38,000 $ 38,000 30-day LIBOR + .95% (1) 5/9/2017 Gardens Medical Pavilion 12,899 13,298 4.9% 1/1/2018 River Club and the Townhomes at River Club 23,917 24,299 5.26% 5/1/2018 Lakes of Margate 14,243 14,496 5.49% and 5.92% 1/1/2020 Arbors Harbor Town 24,653 25,130 3.985% 1/1/2019 22 Exchange 19,307 19,500 3.93% 5/5/2023 Parkside (2) 10,100 10,469 5% 6/1/2018 Lakewood Flats (3) — 33,500 30-day LIBOR + 1.5% (1) 11/5/2019 Total debt 143,119 178,692 Deferred financing fees (4) (787 ) (1,656 ) Total notes payable, net $ 142,332 $ 177,036 _____________________________ (1) 30-day London Interbank Offered Rate (“LIBOR”) was 0.77 % at December 31, 2016. (2) Includes approximately $0.2 million of unamortized premium related to debt we assumed at acquisition. (3) On August 16, 2016, we sold Lakewood Flats to an unaffiliated third party. A portion of the proceeds from the sale were used to payoff the existing indebtedness associated with the property.
Contractual obligations for principal payments	following table summarizes our contractual obligations for principal payments as of December 31, 2016: Year Amount Due 2017 $ 40,151 2018 46,807 2019 24,307 2020 13,771 2021 404 Thereafter 17,441 Total contractual obligations for principal payments 142,881 Unamortized premium 238 Total notes payable 143,119 Less: Deferred financing fees, net (787 ) Notes payable, net $ 142,332

Leasing Activity (Tables)

Leasing Activity (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 are as follows: Year Amount Due 2017 $ 1,512 2018 1,171 2019 1,038 2020 971 2021 857 Thereafter 2,232 Total $ 7,781

Derivative Instruments and He33

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of effect of derivative financial instruments on consolidated statements of operations	The table below presents the effect of our derivative financial instrument on the consolidated statements of operations for the years ended December 31, 2016 and 2015: Derivative Not Designated as Hedging Instruments Amount of Loss Year ended December 31, 2016 2015 $2 $26

Stockholders' Equity Stockholde

Stockholders' Equity Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Distributions Declared and Paid	The following table sets forth information on the distributions declared and distributions paid during the years ended December 31, 2016, 2015, and 2014 (in millions): Year Distributions Declared Distributions Paid 2014 $ 13.0 $ 13.0 2015 (1) 64.1 25.7 2016 — 38.4 ________________________________________ (1) Our board of directors declared two special cash distributions during 2015, one on March 18 for a total of $25.7 million and one on November 20 for a total of $38.4 million , for an aggregate total of $64.1 million . The Company paid the $25.7 million special cash distribution on March 31, 2015 and the $38.4 million special cash distribution on January 5, 2016.
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 %

Supplemental Cash Flow Inform35

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information	Supplemental cash flow information is summarized below: Twelve Months ended December 31, 2016 2015 2014 Interest paid, net of amounts capitalized $ 5,876 $ 6,286 $ 7,443 Income tax paid, net of overpayment 932 1,703 29 Non-cash investing activities and financing activities: Proceeds held in escrow through sale of real estate interests — 912 — Capital expenditures for real estate in accounts payable 12 — — Capital expenditures for real estate in accrued liabilities 256 224 237 Accrued distributions payable — 38,378 — Accrued distributions to noncontrolling interest 21 52 19

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 ($ in thousands, except per share amounts): 2016 Quarters Ended Description March 31 June 30 September 30 December 31 Revenue $ 12,450 $ 11,693 $ 11,393 $ 10,595 Net income (loss) (1) (967 ) (1,226 ) 9,324 (2,223 ) Add: Net (income)/loss attributable to noncontrolling interest (106 ) 61 59 21 Net income (loss) attributable to common shareholders $ (1,073 ) $ (1,165 ) $ 9,383 $ (2,202 ) Basic and diluted weighted average shares outstanding 25,553 25,466 25,391 25,266 Basic and diluted income (loss) per share $ (0.04 ) $ (0.05 ) $ 0.37 $ (0.09 ) 2015 Quarters Ended Description March 31 June 30 September 30 December 31 Revenue $ 13,314 $ 12,779 $ 12,539 $ 11,618 Net income (loss) (2) 338 (1,878 ) 13,117 (3,900 ) (3 ) Add: Net (income)/loss attributable to noncontrolling interest (511 ) (82 ) (262 ) 156 Net income (loss) attributable to common shareholders $ (173 ) $ (1,960 ) $ 12,855 $ (3,744 ) Basic and diluted weighted average shares outstanding 25,776 25,704 25,667 25,607 Basic and diluted income (loss) per share $ (0.01 ) $ (0.07 ) $ 0.50 $ (0.15 ) __________________________________________ (1) 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, Real Estate and Real Estate-Related Investments. (2) Income from continuing operations for the quarter ended March 31, 2015 includes gains on the sale of Babcock and AJS totaling $5.3 million . Income from continuing operations for the quarter ended September 30, 2015 includes gains on the sale of Holstenplatz and Wimberly totaling $17.5 million . See Note 6, Real Estate and Real Estate-Related Investments. (3) Loss from continuing operations for the quarter ended December 31, 2015 includes a non-cash impairment charge of $1.4 million on our investment in 22 Exchange due to the local market decline in Akron, Ohio.

Business and Organization (Deta

Business and Organization (Details) $ in Millions	12 Months Ended	119 Months Ended
	Dec. 31, 2016real_estate_investmentpropertyshares	Dec. 31, 2016USD ($)propertyshares	Dec. 31, 2015shares	Jan. 19, 2007shares
Organization
Number of real estate investments | real_estate_investment	8
Number of properties sold | real_estate_investment	1
Percentage of ownership interest by BHO II, Inc	0.10%
Percentage of remaining ownership interest held by BHO Business Trust II	99.90%
Common stock, shares outstanding (in shares)	25,218,770	25,218,770	25,585,198
Common stock, shares issued (in shares)	25,218,770	25,218,770	25,585,198
Behringer Harvard Holdings
Organization
Common stock, shares outstanding (in shares)	22,471	22,471
Initial Offering
Organization
Gross offering proceeds | $		$ 265.3
Common stock sold (in shares)		26,700,000
Common stock, shares outstanding (in shares)	25,200,000	25,200,000
Common stock, shares issued (in shares)	26,700,000	26,700,000
Common stock issued pursuant to distribution reinvestment plan	2,200,000
Common stock redeemed (in shares)		1,500,000
Initial Capitalization | Behringer Harvard Holdings
Organization
Common stock, shares outstanding (in shares)	22,471	22,471
Common stock, shares issued (in shares)				22,471
Convertible stock issued (in shares)	1,000	1,000		1,000
Wholly owned
Organization
Number of properties | property	1	1
Partially owned (joint venture)
Organization
Number of properties | property	6	6
Consolidated
Organization
Number of real estate investments | real_estate_investment	7

Summary of Significant Accoun38

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Period for change in initial valuation from acquisition	12 months
Total real estate	$ 175,069	$ 236,771
Net	352	334
Lease / Other Intangibles
2,017	20
2,018	(14)
2,019	(12)
2,020	(10)
2,021	(10)
Lease Intangibles
Property, Plant and Equipment [Line Items]
Cost	1,599	3,083
Less: depreciation and amortization	(1,247)	(2,749)
Net	352	334
Acquired Below-Market Leases
Property, Plant and Equipment [Line Items]
Cost	(137)	(184)
Less: depreciation and amortization	72	104
Net	$ (65)	(80)
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	$ 164,087	211,635
Less: depreciation and amortization	(31,728)	(26,422)
Total real estate	132,359	185,213
Land and Improvements
Property, Plant and Equipment [Line Items]
Cost	45,885	54,068
Less: depreciation and amortization	(3,175)	(2,686)
Total real estate	$ 42,710	$ 51,382

Summary of Significant Accoun39

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Cash and cash equivalents	$ 67,111	$ 76,815	$ 72,949
Restricted cash	6,101	4,581	4,199
Total cash, cash equivalents, and restricted cash	$ 73,212	$ 81,396	$ 77,148	$ 100,220

Summary of Significant Accoun40

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Investment Impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Impairment charge	$ 0	$ 1,417	$ 0

Summary of Significant Accoun41

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Straight-line rent	$ 0.1	$ 0.1	$ 0.2
Amortization of above and below market leases	$ 0.1	$ 0.1	$ 0.1

Summary of Significant Accoun42

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Line Items]
Straight-line rental revenue receivables	$ 0.4	$ 0.3
Consolidated properties
Real Estate [Line Items]
Receivables	$ 1.4	$ 2.4

Summary of Significant Accoun43

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Prepaid and Other Assets (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Accounts receivable, net	$ 1,051,000	$ 1,078,000

Summary of Significant Accoun44

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - FF&E (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Accumulated Depreciation	$ 34,903	$ 29,108	$ 27,569	$ 23,779
Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Accumulated Depreciation	$ 9,900	$ 8,100
Furniture, Fixtures, and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Furniture, Fixtures, and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years

Summary of Significant Accoun45

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Deferred Financing Fees (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net	$ 787	$ 1,656
Accumulated amortization of deferred financing fees	1,900	2,500
Notes payable, net of deferred financing fees	142,332	177,036
Deferred financing fees, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net		0
Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net	$ 787	1,656
Accounting Standards Update 2015-03 | Originally Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notes payable, net of deferred financing fees		178,692
Accounting Standards Update 2015-03 | Originally Reported | Deferred financing fees, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net		1,656
Accounting Standards Update 2015-03 | Reclassification
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notes payable, net of deferred financing fees		1,656
Accounting Standards Update 2015-03 | Reclassification | Deferred financing fees, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing fees, net		$ 1,656

Summary of Significant Accoun46

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Derivatives (Details)	12 Months Ended
	Dec. 31, 2016derivative
Accounting Policies [Abstract]
Number of derivatives used for trading or speculative purposes	0

Summary of Significant Accoun47

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Millions	Sep. 01, 2015	Sep. 30, 2016	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%
Foreign Tax Authority | AJS and Holstenplatz
Real Estate [Line Items]
Income tax related to sale of investment				$ 2.7
Foreign Tax Authority | Holstenplatz
Real Estate [Line Items]
Income tax related to sale of investment	$ 1	$ (0.1)	$ (0.1)

Summary of Significant Accoun48

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands	Sep. 01, 2015	Feb. 21, 2015	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Line Items]
Cumulative foreign currency translation adjustment					$ (100)	$ (400)	$ 800
Reduction (increase) on the gain on sale					$ 0	$ (250)	$ 0
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)		$ (400)

Summary of Significant Accoun49

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Geographic and Asset type concentration (Details) - Revenue	12 Months Ended
	Dec. 31, 2016
Hawaii | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	44.00%
Florida | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%
Hotels | Real Estate Asset Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	44.00%
Multifamily | Real Estate Asset Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	30.00%
Student Housing | Real Estate Asset Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	21.00%

Summary of Significant Accoun50

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Number of potentially dilutive securities outstanding (in shares)	0	0	0

Summary of Significant Accoun51

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Reportable Segments (Details)	12 Months Ended
	Dec. 31, 2016segment
Accounting Policies [Abstract]
Number of reportable segments	1

Assets and Liabilities Measur52

Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets
Impairment charge	$ 0	$ 1,417	$ 0
Buildings and Improvements
Assets
Impairment charge		1,417
Nonrecurring | Buildings and Improvements
Assets
Buildings and improvements, net		25,000
Nonrecurring | Level 3 | Buildings and Improvements
Assets
Buildings and improvements, net		25,000
Nonrecurring | Level 3 | Buildings and Improvements | Discounted cash flow
Assets
Buildings and improvements, net		$ 25,000
Nonrecurring | Minimum | Level 3 | Buildings and Improvements | Discounted cash flow
Assets
Discount rate	6.50%
Terminal capitalization rate	7.50%
Nonrecurring | Maximum | Level 3 | Buildings and Improvements | Discounted cash flow
Assets
Discount rate	7.50%
Terminal capitalization rate	8.00%

Financial Instruments not Rep53

Financial Instruments not Reported at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Notes payable, carrying amount	$ 143,119	$ 178,692
Less: unamortized debt issuance costs, carrying amounts	(787)	(1,656)
Notes payable, net, carrying amount	142,332	177,036
Notes payable, fair value	$ 146,790	$ 179,306

Real Estate and Real Estate-R54

Real Estate and Real Estate-Related Investments Real Estate and Real Estate-Related Investments - Narrative (Details) $ in Thousands, € in Millions	Aug. 16, 2016USD ($)	Sep. 09, 2015USD ($)unit	Sep. 01, 2015EUR (€)	Sep. 01, 2015USD ($)	Apr. 30, 2015USD ($)	Feb. 21, 2015EUR (€)	Feb. 21, 2015USD ($)	Jan. 08, 2015USD ($)	May 30, 2014USD ($)	Dec. 31, 2016USD ($)real_estate_investment	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2016USD ($)real_estate_investment	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Number of real estate assets consolidated | real_estate_investment										7									7
Impairment charge																			$ 0	$ 1,417	$ 0
Gain on sale of real estate																			11,341	22,771	11,454
Gain (loss) on extinguishment of debt																			(500)	(732)	(454)
Repayment of existing indebtedness																			35,404	45,094	17,791
Reduction (increase) on the gain on sale																			0	(250)	0
Deferred Gain on Sale of Property										$ 1,247	$ 1,200			$ 0					1,247	0
Net income (loss) attributable to the Company										$ (2,202)	9,383	$ (1,165)	$ (1,073)	$ (3,744)	$ 12,855	$ (1,960)	$ (173)		4,943	6,978	$ (3)
1875 Lawrence
Real Estate Properties [Line Items]
Sales Contract Price									$ 46,700
Gain on sale of real estate									11,500
Gain (loss) on extinguishment of debt									(500)
Repayment of existing indebtedness									15,600
1875 Lawrence | Sale of Real Estate
Real Estate Properties [Line Items]
Net income (loss) attributable to the Company																				$ 11,500
1875 Lawrence | Write-off of Deferred Financing Fees
Real Estate Properties [Line Items]
Gain (loss) on extinguishment of debt									(400)
1875 Lawrence | Early Termination Fee
Real Estate Properties [Line Items]
Gain (loss) on extinguishment of debt									$ (100)
Babcock Self Storage
Real Estate Properties [Line Items]
Sales Contract Price								$ 5,400
Gain on sale of real estate								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						€ 12.4	$ 14,100
Gain on sale of real estate							3,300
Gain (loss) on extinguishment of debt							(100)
Repayment of existing indebtedness						€ 5.7	6,500
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 | Debt
Real Estate Properties [Line Items]
Repayment of existing indebtedness					$ 8,100
Holstenplatz
Real Estate Properties [Line Items]
Sales Contract Price			€ 16.4	$ 18,400
Gain on sale of real estate				8,600
Reduction (increase) on the gain on sale				(400)											$ (400)
Holstenplatz | Foreign Tax Authority
Real Estate Properties [Line Items]
Income tax related to sale of investment				$ 1,000							(100)								(100)
Wimberly
Real Estate Properties [Line Items]
Sales Contract Price		$ 43,500
Gain on sale of real estate		8,900
Gain (loss) on extinguishment of debt		(600)
Repayment of existing indebtedness		$ 26,400
Number of units in multifamily property | unit		322
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	11,500										$ 11,500
Gain (loss) on extinguishment of debt	500
Repayment of existing indebtedness	33,500
Lakewood Flats | Sale of Real Estate
Real Estate Properties [Line Items]
Gain on sale of real estate																		$ 11,500	11,500
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
Lakewood Flats, Babock, AJS, Holstenplatz, Wimberly, and 1875 Lawrence | Sale of Real Estate
Real Estate Properties [Line Items]
Net income (loss) attributable to the Company																			$ 22,800

Real Estate and Real Estate-R55

Real Estate and Real Estate-Related Investments - Consolidated Properties (Details)	12 Months Ended
	Dec. 31, 2016
Gardens Medical Pavilion
Real Estate Properties [Line Items]
Ownership Interest	81.80%
Courtyard Kauai Coconut Beach Hotel
Real Estate Properties [Line Items]
Ownership Interest	80.00%
River Club and the Townhomes at River Club
Real Estate Properties [Line Items]
Ownership Interest	85.00%
Lakes of Margate
Real Estate Properties [Line Items]
Ownership Interest	92.50%
Arbors Harbor Town
Real Estate Properties [Line Items]
Ownership Interest	94.00%
22 Exchange
Real Estate Properties [Line Items]
Ownership Interest	90.00%
Parkside Apartments (“Parkside”)
Real Estate Properties [Line Items]
Ownership Interest	90.00%

Real Estate and Real Estate-R56

Real Estate and Real Estate-Related Investments - Sales of Real Estate Reported in Continuing Operations (Details) $ in Thousands, € in Millions	Aug. 16, 2016USD ($)	Sep. 09, 2015USD ($)	Sep. 01, 2015EUR (€)	Sep. 01, 2015USD ($)	Feb. 21, 2015EUR (€)	Feb. 21, 2015USD ($)	Jan. 08, 2015USD ($)	May 30, 2014USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Gain on Sale of Real Estate										$ 11,341	$ 22,771	$ 11,454
Repayment of existing indebtedness										$ 35,404	$ 45,094	$ 17,791
1875 Lawrence
Real Estate Properties [Line Items]
Ownership Interest								100.00%
Sales Contract Price								$ 46,700
Net Cash Proceeds								46,300
Gain on Sale of Real Estate								11,500
Repayment of existing indebtedness								$ 15,600
Babcock Self Storage
Real Estate Properties [Line Items]
Ownership Interest							85.00%
Sales Contract Price							$ 5,400
Net Cash Proceeds							5,200
Gain on Sale of Real Estate							2,000
Repayment of existing indebtedness							$ 2,100
Alte Jakobstraße
Real Estate Properties [Line Items]
Ownership Interest					99.70%	99.70%
Sales Contract Price					€ 12.4	$ 14,100
Net Cash Proceeds						13,000
Gain on Sale of Real Estate						3,300
Repayment of existing indebtedness					€ 5.7	$ 6,500
Holstenplatz
Real Estate Properties [Line Items]
Ownership Interest			100.00%	100.00%
Sales Contract Price			€ 16.4	$ 18,400
Net Cash Proceeds				18,000
Gain on Sale of Real Estate				$ 8,600
Wimberly
Real Estate Properties [Line Items]
Ownership Interest		95.00%
Sales Contract Price		$ 43,500
Net Cash Proceeds		42,900
Gain on Sale of Real Estate		8,900
Repayment of existing indebtedness		$ 26,400
Lakewood Flats
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Sales Contract Price	$ 68,800
Net Cash Proceeds	68,500
Gain on Sale of Real Estate	11,500								$ 11,500
Repayment of existing indebtedness	$ 33,500

Real Estate and Real Estate-R57

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Net income (loss) attributable to the Company	$ (2,202)	$ 9,383	$ (1,165)	$ (1,073)	$ (3,744)	$ 12,855	$ (1,960)	$ (173)	$ 4,943	$ 6,978	$ (3)
Sale of Real Estate | Lakewood Flats, Babcock, AJS, Holstenplatz, Wimberly, and 1875 Lawrence
Real Estate Properties [Line Items]
Net income (loss) attributable to the Company									$ 11,800	$ 16,700	$ 8,700

Investment in Unconsolidated 58

Investment in Unconsolidated Joint Venture (Details) - Prospect Park - USD ($) $ in Thousands	May 24, 2013	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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
Capitalized interest costs		200	$ 500	$ 500
Carrying Amount		$ 14,658	$ 14,482
Initial Advance to Joint Venture
Schedule of Equity Method Investments [Line Items]
Advances	$ 15,300
Minimum
Schedule of Equity Method Investments [Line Items]
Annual interest rate for mezzanine loan	10.00%
Maximum
Schedule of Equity Method Investments [Line Items]
Annual interest rate for mezzanine loan	18.00%

Investment in Unconsolidated 59

Investment in Unconsolidated Joint Venture - Summary of Balance Sheet Information (Details) - Prospect Park - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Total assets	$ 72,272	$ 61,528
Total debt, net	56,638	43,944
Total equity	$ 11,957	$ 14,976

Investment in Unconsolidated 60

Investment in Unconsolidated Joint Venture - Summary of Statement of Operations Information (Details) - Prospect Park - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 600	$ 25	$ 101
Net income (loss)	$ (4,135)	$ (329)	$ 92

Notes Payable - Information on

Notes Payable - Information on Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Notes payable, net	$ 142,332	$ 177,036
Total debt	143,119	178,692
Deferred financing fees	(787)	(1,656)
Notes payable, net of deferred financing fees	142,332	177,036
Total notes payable, net	$ 142,332	177,036
Variable rate (as a percent)	77.00%
Unamortized premium	$ 238
Notes payable
Debt Instrument [Line Items]
Notes payable, net	$ 142,300
Courtyard Kauai Coconut Beach Hotel
Debt Instrument [Line Items]
Variable rate basis, description	30-day LIBOR
Variable interest rate (as a percent)	0.95%
Courtyard Kauai Coconut Beach Hotel | Notes payable
Debt Instrument [Line Items]
Notes payable, net	$ 38,000	38,000
Gardens Medical Pavilion | Notes payable
Debt Instrument [Line Items]
Notes payable, net	$ 12,899	13,298
Interest rate (as a percent)	4.90%
River Club and the Townhomes at River Club | Notes payable
Debt Instrument [Line Items]
Notes payable, net	$ 23,917	24,299
Interest rate (as a percent)	5.26%
Lakes of Margate | Notes payable
Debt Instrument [Line Items]
Notes payable, net	$ 14,243	14,496
Arbors Harbor Town | Notes payable
Debt Instrument [Line Items]
Notes payable, net	$ 24,653	25,130
Interest rate (as a percent)	3.985%
22 Exchange | Notes payable
Debt Instrument [Line Items]
Notes payable, net	$ 19,307	19,500
Interest rate (as a percent)	3.93%
Parkside | Notes payable
Debt Instrument [Line Items]
Notes payable, net	$ 10,100	10,469
Interest rate (as a percent)	5.00%
Unamortized premium	$ 200
Lakewood Flats
Debt Instrument [Line Items]
Variable rate basis, description	30-day LIBOR
Variable interest rate (as a percent)	1.50%
Lakewood Flats | Notes payable
Debt Instrument [Line Items]
Notes payable, net	$ 0	$ 33,500
Minimum | Lakes of Margate
Debt Instrument [Line Items]
Variable interest rate (as a percent)	5.49%
Maximum | Lakes of Margate
Debt Instrument [Line Items]
Variable interest rate (as a percent)	5.92%

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) $ in Thousands, € in Millions	Aug. 16, 2016USD ($)	Sep. 09, 2015USD ($)	Apr. 30, 2015USD ($)	Feb. 21, 2015EUR (€)	Feb. 21, 2015USD ($)	Jan. 08, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Notes payable, net							$ 142,332	$ 177,036
Deferred financing fees, net							787	1,656
Repayment of existing indebtedness							35,404	45,094	$ 17,791
Notes payable
Debt Instrument [Line Items]
Notes payable, net							142,300
Prospect Park
Debt Instrument [Line Items]
Capitalized interest costs							200	500	$ 500
Lakewood Flats
Debt Instrument [Line Items]
Repayment of existing indebtedness	$ 33,500
Lakewood Flats | Notes payable
Debt Instrument [Line Items]
Notes payable, net							$ 0	$ 33,500
Holstenplatz | Debt
Debt Instrument [Line Items]
Repayment of existing indebtedness			$ 8,100
Babcock Self Storage
Debt Instrument [Line Items]
Repayment of existing indebtedness						$ 2,100
Alte Jakobstraße
Debt Instrument [Line Items]
Repayment of existing indebtedness				€ 5.7	$ 6,500
Wimberly
Debt Instrument [Line Items]
Repayment of existing indebtedness		$ 26,400

Notes Payable - Contractual Ob

Notes Payable - Contractual Obligations for Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,017	$ 40,151
2,018	46,807
2,019	24,307
2,021	13,771
2,022	404
Thereafter	17,441
Total contractual obligations for principal payments	142,881
Unamortized premium	238
Total debt	143,119	$ 178,692
Deferred financing fees, net	787	1,656
Notes payable, net of deferred financing fees	$ 142,332	$ 177,036

Leasing Activity (Details)

Leasing Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Operating Leased Assets [Line Items]
Maximum lease term	1 year
Future minimum base rental payments due to entity under non-cancelable leases
2,017	$ 1,512
2,018	1,171
2,019	1,038
2,020	971
2,021	857
Thereafter	2,232
Total	$ 7,781

Derivative Instruments and He65

Derivative Instruments and Hedging Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)derivative	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative Instruments and Hedging Activities
Amount of Loss	$ (2)	$ (26)	$ (215)
Derivative Not Designated as Hedging Instruments
Derivative Instruments and Hedging Activities
Amount of Loss	$ 2	$ 26
Interest Rate Cap
Derivative Instruments and Hedging Activities
Number of remaining interest rate caps | derivative	1
Courtyard Kauai Coconut Beach Hotel | Interest Rate Cap | Derivative Not Designated as Hedging Instruments
Derivative Instruments and Hedging Activities
Notational value	$ 38,000
London Interbank Offered Rate (LIBOR) [Member] | Courtyard Kauai Coconut Beach Hotel | Interest Rate Cap
Derivative Instruments and Hedging Activities
Interest rate	3.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 01, 2015	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Estimated federal taxable income				$ 3,800
Federal taxable income			$ 7,000	4,800	$ 4,200
Distributions paid			38,400	25,700	13,000
Net operating loss carryforwards			13,100	13,100	13,100
Accrued current tax expense			38	986
Amount by which the tax basis of fixed assets exceeds book value			2,400
Taxable REIT subsidiaries
Loss Contingencies [Line Items]
Net operating loss carryforwards			4,500
Alternative Minimum Tax (AMT)
Loss Contingencies [Line Items]
Accrued current tax expense					$ 100	$ 200
AJS and Holstenplatz | Foreign Tax Authority
Loss Contingencies [Line Items]
Income tax related to sale of investment	$ 1,000	$ (100)	$ (100)
AJS and Holstenplatz | Foreign Tax Authority
Loss Contingencies [Line Items]
Income tax related to sale of investment				$ 2,700

Stockholders' Equity- Narrative

Stockholders' Equity- Narrative (Details) - USD ($)	Nov. 20, 2015	Mar. 18, 2015	Aug. 09, 2014	May 14, 2014	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
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
Common stock, par value (in dollars per share)						$ 0.0001	$ 0.0001
Convertible stock, par value (in dollars per share)						$ 0.0001	$ 0.0001
Number of shares of common stock issued in offering (in shares)						26,700,000
Common stock, shares outstanding (in shares)						25,218,770	25,585,198
Number of shares issued through distribution reinvestment (in shares)						2,200,000
Common stock redeemed (in shares)						1,500,000
Convertible stock, shares outstanding (in shares)						1,000	1,000
Share repurchase program, cash available for redemption				$ 1,000,000	$ 10,000,000	$ 10,000,000
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	$ 0.50
Total distributions paid to stockholders						$ 38,400,000	$ 25,700,000
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%
Advisor
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)						22,471
Convertible stock, shares outstanding (in shares)						1,000
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%

Stockholders' Equity- Informati

Stockholders' Equity- Information on Distributions Declared and Paid (Details) - USD ($)	Jan. 05, 2016	Nov. 20, 2015	Mar. 31, 2015	Mar. 08, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Distributions Declared		$ 38,400,000		$ 25,700,000	$ 0	$ 64,100,000	$ 13,000,000
Distributions Paid	$ 38,400,000		$ 25,700,000		$ 38,378,000	$ 25,732,000	$ 12,954,000

Stockholders' Equity - Distrib

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%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	6 Months Ended		12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related party transaction
Asset management fees			$ 2,264,000	$ 2,702,000	$ 2,368,000
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			$ 0	100,000	1,000,000
Reimbursement of acquisition expense			$ 0	100,000	200,000
Percentage of debt financing fee payable under loan or line of credit			0.50%
Debt financing fee			$ 0	0	200,000
Monthly asset management fee			0.70%
Asset management fees			$ 2,100,000	2,500,000	2,200,000
Development fee paid to advisor or its affiliates			0	0	0
Administrative services fee			1,330,000	1,500,000
Administrative services cost incurred and expensed			1,200,000	1,500,000	1,800,000
Due diligence services related to asset dispositions			$ 100,000	100,000	100,000
Oversight fee as percentage of gross revenues of property managed			0.50%
Construction management fees			$ 0	100,000	0
Advisor | Scenario, Forecast
Related party transaction
Administrative services fee	$ 1,300,000	$ 1,325,000
Advisor
Related party transaction
Operating expenses in excess of net income			25.00%
Property management fees as percentage of gross revenues of properties			4.00%
Property management fees or oversight fees incurred			$ 600,000	$ 600,000	$ 600,000
Construction management fees, percentage			5.00%
Advisor | Minimum
Related party transaction
Operating expenses in excess of average invested assets			2.00%
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%

Supplemental Cash Flow Inform71

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Information [Abstract]
Interest paid, net of amounts capitalized	$ 5,876	$ 6,286	$ 7,443
Income tax paid, net of overpayment	932	1,703	29
Non-cash investing activities and financing activities:
Proceeds held in escrow through sale of real estate interests	0	912	0
Noncash Investing Activities Capital Expenditures for Real Estate in Accounts Payable	12	0	0
Capital expenditures for real estate in accrued liabilities	256	224	237
Accrued distributions payable	0	38,378	0
Accrued distributions to noncontrolling interest	$ 21	$ 52	$ 19

Quarterly Results (Unaudited)72

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Aug. 16, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenue		$ 10,595	$ 11,393	$ 11,693	$ 12,450	$ 11,618	$ 12,539	$ 12,779	$ 13,314	$ 46,131	$ 50,250	$ 48,597
Income (loss) from continuing operations		(2,223)	9,324	(1,226)	(967)	(3,900)	13,117	(1,878)	338
Add: Net (income)/loss attributable to noncontrolling interest		21	59	61	(106)	156	(262)	(82)	(511)	35	(699)	331
Net income (loss) attributable to the Company		$ (2,202)	$ 9,383	$ (1,165)	$ (1,073)	$ (3,744)	$ 12,855	$ (1,960)	$ (173)	$ 4,943	$ 6,978	$ (3)
Basic and diluted weighted average shares outstanding (in shares)		25,266	25,391	25,466	25,553	25,607	25,667	25,704	25,776	25,418	25,688	25,943
Basic and diluted income per share (in dollars per share)		$ (0.09)	$ 0.37	$ (0.05)	$ (0.04)	$ (0.15)	$ 0.50	$ (0.07)	$ (0.01)	$ 0.19	$ 0.27	$ 0
Real Estate Properties [Line Items]
Gain on sale of real estate										$ 11,341	$ 22,771	$ 11,454
Impairment charge										$ 0	$ 1,417	$ 0
Lakewood Flats
Real Estate Properties [Line Items]
Gain on sale of real estate	$ 11,500		$ 11,500
Babcock and AJS
Real Estate Properties [Line Items]
Gain on sale of real estate									$ 5,300
Holstenplatz and Wimberly
Real Estate Properties [Line Items]
Gain on sale of real estate							$ 17,500

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Mar. 08, 2017USD ($)shares
Subsequent Event [Line Items]
Shares approved for redemption (in shares) | shares	131,991.3090
Shares approved for redemption | $	$ 0.7

Valuation and Qualifying Acco74

Valuation and Qualifying Accounts and Reserves Schedule II (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Change in valuation and qualifying accounts and reserves
Balance at Beginning of Period	$ 111	$ 2	$ 46
Charged to Costs and Expenses	57	369	304
Deductions	168	260	348
Balance at End of Period	$ 0	$ 111	$ 2

Real Estate and Accumulated D75

Real Estate and Accumulated Depreciation Schedule III (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate and Accumulated Depreciation
Gross amount carried at close of period (2)	$ 209,972	$ 265,879	$ 329,643	$ 308,808
Accumulated Depreciation	34,903	$ 29,108	$ 27,569	$ 23,779
Aggregate cost for federal income tax purposes	229,000
Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances	143,119
Initial cost, Land and Improvements	44,827
Initial cost, Building and Improvements	139,603
Costs capitalized subsequent to acquisition	25,542
Gross amount carried at close of period (2)	209,972
Accumulated Depreciation	$ 34,903
Holstenplatz
Real Estate and Accumulated Depreciation
Depreciable life	25 years
Gardens Medical Pavilion
Real Estate and Accumulated Depreciation
Depreciable life	25 years
Gardens Medical Pavilion | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances	$ 12,899
Initial cost, Land and Improvements	5,675
Initial cost, Building and Improvements	13,158
Costs capitalized subsequent to acquisition	5,324
Gross amount carried at close of period (2)	24,157
Accumulated Depreciation	$ 4,764
Courtyard Kauai Coconut Beach Hotel
Real Estate and Accumulated Depreciation
Depreciable life	39 years
Courtyard Kauai Coconut Beach Hotel | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances	$ 38,000
Initial cost, Land and Improvements	11,801
Initial cost, Building and Improvements	20,948
Costs capitalized subsequent to acquisition	10,614
Gross amount carried at close of period (2)	43,363
Accumulated Depreciation	$ 6,257
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	$ 23,917
Initial cost, Land and Improvements	6,639
Initial cost, Building and Improvements	24,789
Costs capitalized subsequent to acquisition	2,749
Gross amount carried at close of period (2)	34,177
Accumulated Depreciation	$ 8,238
Lakes of Margate
Real Estate and Accumulated Depreciation
Depreciable life	25 years
Lakes of Margate | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances	$ 14,243
Initial cost, Land and Improvements	9,776
Initial cost, Building and Improvements	13,061
Costs capitalized subsequent to acquisition	4,294
Gross amount carried at close of period (2)	27,131
Accumulated Depreciation	$ 4,961
Arbors Harbor Town
Real Estate and Accumulated Depreciation
Depreciable life	25 years
Arbors Harbor Town | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances	$ 24,653
Initial cost, Land and Improvements	5,413
Initial cost, Building and Improvements	24,713
Costs capitalized subsequent to acquisition	2,843
Gross amount carried at close of period (2)	32,969
Accumulated Depreciation	$ 6,506
22 Exchange
Real Estate and Accumulated Depreciation
Depreciable life	25 years
22 Exchange | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances	$ 19,307
Initial cost, Land and Improvements	2,380
Initial cost, Building and Improvements	24,786
Costs capitalized subsequent to acquisition	(2,233)
Gross amount carried at close of period (2)	24,933
Accumulated Depreciation	$ 1,097
Parkside
Real Estate and Accumulated Depreciation
Depreciable life	25 years
Parkside | Real Estate Investments
Real Estate and Accumulated Depreciation
Encumbrances	$ 10,100
Initial cost, Land and Improvements	3,143
Initial cost, Building and Improvements	18,148
Costs capitalized subsequent to acquisition	1,951
Gross amount carried at close of period (2)	23,242
Accumulated Depreciation	$ 3,080

Real Estate and Accumulated D76

Real Estate and Accumulated Depreciation Schedule III - Summary of Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate:
Balance at beginning of period	$ 265,879	$ 329,643	$ 308,808
Acquisitions	0	0	57,899
Improvements	2,190	2,044	4,477
Disposals/written-off	0	(77)	(19)
Reclassification	(105)	(390)	(689)
Establishment of new basis for impaired asset	0	(4,149)	0
Cost of real estate sold	(57,992)	(61,192)	(40,833)
Balance at end of the period	209,972	265,879	329,643
Accumulated depreciation:
Balance at beginning of period	29,108	27,569	23,779
Depreciation expense	8,759	11,109	11,077
Disposals/written-off	(2,964)	(6,838)	(7,287)
Accumulated depreciation on impaired asset	0	(2,732)	0
Balance at end of the period	34,903	29,108	27,569
Impairment charge	0	1,417	0
Foreign currency translation loss		1,600	3,000
Reclassification from improvements to furniture, fixtures and equipment	$ 100	$ 400	$ 700