HGR Liquidating Trust 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2019	May 06, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Hines Global REIT, Inc.
Entity Central Index Key	0001453818
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity, Common Stock, Shares, Outstanding		264.2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Investment property, net	$ 1,548,432	$ 1,769,955
Cash and cash equivalents	68,705	244,277
Restricted cash	15,929	16,740
Tenant and other receivables, net	59,291	68,639
Intangible lease assets, net	114,329	226,593
Right-of-use asset, net	96,453
Deferred leasing costs, net	148,562	158,378
Deferred financing costs, net	1,328	364
Other assets	15,721	14,765
Total assets	2,068,750	2,499,711
Liabilities:
Accounts payable and accrued expenses	106,932	128,397
Due to affiliates	5,697	7,968
Intangible lease liabilities, net	52,723	55,521
Other liabilities	20,383	23,728
Distributions payable	0	14,468
Notes payable, net	770,571	676,767
Total liabilities	956,306	906,849
Commitments and contingencies (Note 10)	0	0
Stockholders’ equity:
Preferred shares, $.001 par value; 500,000 preferred shares authorized, none issued or outstanding as of March 31, 2019 and December 31, 2018	0	0
Common stock, $.001 par value; 1,500,000 shares authorized, 264,425 and 267,073 issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	264	267
Additional paid-in capital	2,393,223	2,409,529
Accumulated distributions in excess of earnings	(1,158,312)	(688,475)
Accumulated other comprehensive income (loss)	(123,256)	(128,927)
Total stockholders’ equity	1,111,919	1,592,394
Noncontrolling interests	525	468
Total equity	1,112,444	1,592,862
Total liabilities and equity	$ 2,068,750	$ 2,499,711

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	500,000,000	500,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	264,425,000	267,073,000
Common stock, shares outstanding (in shares)	264,425,000	267,073,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Rental revenue	$ 45,856	$ 79,892
Revenues	48,233	84,499
Expenses:
Property operating expenses	12,738	21,532
Real property taxes	6,789	10,355
Property management fees	1,148	1,767
Depreciation and amortization	13,444	33,998
Asset management fees	6,780	8,859
General and administrative expenses	2,595	2,902
Total expenses	43,494	79,413
Other income (expenses):
Gain (loss) on derivative instruments	(126)	351
Gain on sale of real estate investments	192,189	19
Foreign currency gains (losses)	399	(1,220)
Interest expense	(7,347)	(14,999)
Other income (expenses)	1,283	263
Income (loss) before benefit (provision) for income taxes	191,137	(10,500)
Benefit (provision) for income taxes	273	317
Net income (loss)	191,410	(10,183)
Net (income) loss attributable to noncontrolling interests	(9)	3
Net income (loss) attributable to common stockholders	$ 191,401	$ (10,180)
Basic and diluted income (loss) per common share (in dollars per share)	$ 0.72	$ (0.04)
Weighted average number of common shares outstanding (in shares)	265,029	273,352
Net comprehensive income (loss):
Net income (loss)	$ 191,410	$ (10,183)
Other comprehensive income (loss):
Foreign currency translation adjustment	5,675	9,655
Net comprehensive income (loss)	197,085	(528)
Net comprehensive (income) loss attributable to noncontrolling interests	(13)	(41)
Net comprehensive income (loss) attributable to common stockholders	197,072	(569)
Other revenue
Revenues:
Revenues	$ 2,377	$ 4,607

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders’ Equity	Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting changes				$ 1,365		$ 1,365	$ 898
Beginning balance, shares (in shares) at Dec. 31, 2017		274,255
Beginning balance at Dec. 31, 2017		$ 274	$ 2,471,004	(968,158)	$ (128,869)	1,374,251	1,307
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares, shares (in shares)		2,512
Issuance of common shares		$ 3	22,611			22,614
Contribution from noncontrolling interest							70
Distributions declared				(44,420)		(44,420)	(60)
Redemption of common shares, shares (in shares)		(3,658)
Redemption of common shares		$ (4)	(32,191)			(32,195)
Issuer costs			(29)			(29)
Net income (loss)	$ (10,183)			(10,180)		(10,180)	(3)
Foreign currency translation adjustment	$ 9,655				9,611	9,611	44
Ending balance, shares (in shares) at Mar. 31, 2018		273,109
Ending balance at Mar. 31, 2018		$ 273	2,461,395	(1,021,393)	(119,258)	1,321,017	2,256
Beginning balance, shares (in shares) at Dec. 31, 2018	267,073	267,073
Beginning balance at Dec. 31, 2018	$ 1,592,862	$ 267	2,409,529	(688,475)	(128,927)	1,592,394	468
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from noncontrolling interest							97
Distributions declared				(661,238)		(661,238)	(53)
Redemption of common shares, shares (in shares)		(2,648)
Redemption of common shares		$ (3)	(16,298)			(16,301)
Issuer costs			(8)			(8)
Net income (loss)	191,410			191,401		191,401	9
Foreign currency translation adjustment	$ 5,675				5,671	5,671	4
Ending balance, shares (in shares) at Mar. 31, 2019	264,425	264,425
Ending balance at Mar. 31, 2019	$ 1,112,444	$ 264	$ 2,393,223	$ (1,158,312)	$ (123,256)	$ 1,111,919	$ 525

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 191,410	$ (10,183)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	16,939	37,834
Foreign currency (gains) losses	(399)	1,220
(Gain) on the sale of real estate investments	(192,189)	(19)
(Gain) loss on derivative instruments	126	(351)
Changes in assets and liabilities:
Change in other assets	(1,072)	(3,351)
Change in tenant and other receivables	732	4,208
Change in deferred leasing costs	(3,347)	(3,869)
Change in accounts payable and accrued expenses	(7,407)	(21,780)
Change in other liabilities	(4,970)	(692)
Change in due to affiliates	(2,217)	(3,655)
Net cash used in operating activities	(2,394)	(638)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of real estate investments	455,220	0
Capital expenditures at operating properties and developments	(21,979)	(11,795)
Net cash from (used in) investing activities	433,241	(11,795)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contribution from noncontrolling interest	97	70
Redemption of common shares	(23,736)	(32,904)
Payments of issuer costs	(11)	(47)
Distributions paid to stockholders and noncontrolling interests	(675,758)	(310,204)
Proceeds from notes payable	169,000	109,000
Payments on notes payable	(75,553)	(29,844)
Change in security deposit liability	179	(14)
Deferred financing costs paid	(1,761)	(9)
Net cash used in financing activities	(607,543)	(263,952)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	313	1,183
Net change in cash, cash equivalents, and restricted cash	(176,383)	(275,202)
Cash, cash equivalents, and restricted cash, beginning of period	261,017	418,210
Cash, cash equivalents, and restricted cash, end of period	$ 84,634	$ 143,008

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION The accompanying interim unaudited condensed consolidated financial information has been prepared according to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted according to such rules and regulations. For further information, refer to the financial statements and footnotes for the year ended December 31, 2018 included in Hines Global REIT, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2018 . In the opinion of management, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly and in conformity with GAAP the financial position of Hines Global REIT, Inc. as of March 31, 2019 , the results of operations for the three months ended March 31, 2019 and 2018 and cash flows for the three months ended March 31, 2019 and 2018 have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. Hines Global REIT, Inc. (the “Company”), was formed as a Maryland corporation on December 10, 2008, under the General Corporation Law of the state of Maryland for the purpose of engaging in the business of investing in and owning commercial real estate properties and other real estate investments. The Company conducts substantially all of its operations through Hines Global REIT Properties, LP (the “Operating Partnership”) and subsidiaries of the Operating Partnership. The Company operates in a manner to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The business of the Company is managed by Hines Global REIT Advisors LP (the “Advisor”), an affiliate of Hines Interests Limited Partnership (“Hines”), pursuant to the Advisory Agreement between the Company, the Advisor and the Operating Partnership (the “Advisory Agreement”). The Company raised the equity capital for its real estate investments through two public offerings from August 5, 2009 through April 11, 2014 , which included primary offering shares as well as shares issued through its distribution reinvestment plan. The Company terminated its offering of primary offering shares in April 2014, but continued to issue shares through its distribution reinvestment plan (the “DRP Offering”) from April 24, 2014 to August 2018 . Collectively, through these public offerings, the Company received gross offering proceeds of approximately $3.1 billion from the sale of 313.3 million shares, which was invested in the Company’s real estate portfolio. In recent years, the Company has concentrated its efforts on actively managing its assets and exploring a variety of strategic opportunities focused on enhancing the composition of its portfolio and its total return potential for its stockholders. On April 23, 2018 , in connection with its review of potential strategic alternatives available to the Company, the Company’s board of directors determined that it is in the best interest of the Company and its stockholders to sell all or substantially all of the Company’s properties and assets and for the Company to liquidate and dissolve pursuant to a Plan of Liquidation and Dissolution (the “Plan of Liquidation”). The principal purpose of the Plan of Liquidation is to provide liquidity to the Company’s stockholders by selling the Company’s assets, paying its debts and distributing the net proceeds from liquidation to the Company’s stockholders. As required by Maryland law and the Company’s charter, the Plan of Liquidation was approved by the affirmative vote of the holders of at least a majority of the shares of the Company’s common stock outstanding and entitled to vote thereon at the Company’s annual meeting of stockholders held on July 17, 2018 . In accordance with Maryland law, the Plan of Liquidation provides the Company’s board of directors with the authority to modify or amend the Plan of Liquidation without further action by the Company’s stockholders to the extent permitted by then-current law and to terminate the Plan of Liquidation for any reason, provided that the board of directors may not terminate the Plan of Liquidation after Articles of Dissolution have been filed with and accepted for record by the State Department of Assessments and Taxation of Maryland. If the sale of all or substantially all of the Company’s assets is completed as expected, the Company expects to make one or more additional liquidating distributions to its stockholders during the period of the liquidation process and to make the final liquidating distribution to its stockholders on or before a date that is within 24 months after stockholder approval of the Plan of Liquidation. There can be no assurances regarding the timing or amounts of any additional liquidating distributions or that the Company will make the final distribution on or before July 17, 2020. In addition, even if the Company sells all of its assets by July 17, 2020, it may determine not to distribute all distributable cash by that date and may establish a reserve to provide for any remaining obligations and to cover its expenses as it completes its wind down and dissolution. Through May 14, 2019 , the Company has paid aggregate return of capital distributions of $4.00 per share to its stockholders, which included $2.83 per share of liquidating distributions pursuant to the Plan of Liquidation. See “Note 5 — Distributions” for additional information regarding these distributions. Because the Plan of Liquidation follows the Company’s initial business plan and given the Company’s board of directors has the authority to modify, amend, or terminate the Plan of Liquidation without further action by the Company’s stockholders, these financial statements have not been prepared on the liquidation basis of accounting. The Company sold interests in six properties for an aggregate sales price of $1.0 billion during 2017, 20 properties in 2018 for an aggregate sales price of $1.7 billion , and two properties in the first quarter of 2019 for an aggregate sales price of $477.8 million . As of March 31, 2019 , the Company owned interests in 12 real estate investments, consisting of the following types of investments: • Domestic office investments ( 3 investments) • Domestic other investments ( 4 investments) • International office investments ( 4 investments) • International other investments ( 1 investments) As of May 14, 2019 , the Company has $699.2 million of debt scheduled to mature within a year. The Company does not have sufficient cash on hand or other legally binding commitments that can be utilized to repay such debt. In evaluating the Company’s current and projected sources of liquidity to meet the obligations of such debt, the Company has assessed its available options and has determined that its plan is to repay such obligations with proceeds from the sale of assets pursuant to the Plan of Liquidation. To the extent such proceeds are not sufficient, the Company has determined it is probable that it will either meet the covenant requirements necessary to exercise the extension options on its Revolving Credit Facility (as defined in Note 4) or that market-based alternatives to refinance the maturing debt will be available and that these actions will provide the necessary cash flows to repay the maturing debt.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Described below are certain of the Company’s significant accounting policies. The disclosures regarding several of the policies have been condensed or omitted in accordance with interim reporting regulations specified in the instructions for Form 10-Q. Please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for a complete listing of all of its significant accounting policies. Other Assets Other assets included the following (in thousands): March 31, 2019 December 31, 2018 Prepaid expenses $ 1,896 $ 1,770 Deferred tax assets 13,486 12,654 Other 339 341 Other assets $ 15,721 $ 14,765 Revenue Recognition Rental payments are generally paid by the tenants prior to the beginning of each month or quarter to which they relate. As of March 31, 2019 and December 31, 2018 , respectively, the Company recorded liabilities of $10.2 million and $15.5 million related to prepaid rental payments, which were included in other liabilities in the accompanying Condensed Consolidated Balance Sheets. The Company recognizes rental revenue on a straight-line basis over the life of the lease, including rent holidays, if any. Straight-line rent receivable was $38.9 million and $44.0 million as of March 31, 2019 and December 31, 2018 , respectively. Straight-line rent receivable consists of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying Condensed Consolidated Balance Sheets. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the time that a tenant’s right to occupy the leased space is modified through the end of the revised lease term. Other revenues consist primarily of parking revenue. Parking revenue represents amounts generated from contractual and transient parking and is recognized in accordance with contractual terms or as services are rendered. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02 which requires companies that lease assets to recognize on the balance sheet the right-of-use assets and related lease liabilities (“ASC 842”). The accounting by companies that own the assets leased by the lessee (the lessor) is largely unchanged from previous GAAP. The Company adopted ASC 842 as of January 1, 2019, and is using the modified retrospective approach. No adjustment to opening retained earnings was required. In July 2018, the FASB issued ASU 2018-11, which allows lessors to account for lease and non-lease components by class of underlying assets, as a single lease component if certain criteria are met. Also, the new standard indicates that companies are permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of restating prior periods in accordance with ASC 842 and provides other optional practical expedients. Upon adoption, the Company has elected the following practical expedients: • The transition method in which the application date of January 1, 2019 is the beginning of the reporting period that the Company first applied the new guidance. • The practical expedient package which allows an entity not to reassess (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; (3) initial direct costs for any existing leases. • As an accounting policy election, a lessor may choose not to separate the non-lease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component under certain conditions. • As an accounting policy election, a lessee may choose not to separate the non-lease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component. The Company elected to apply the practical expedient for all of its leases to account for the lease and non-lease components as a single, combined operating lease component. The Company completed its evaluation of the impact that the adoption of ASC 842 will have on the Company’s consolidated financial statements relating to its leases from both the lessee and lessor perspective. Based on the Company’s analysis, the Company identified the following changes to result from its adoption of ASC 842: Lessor Accounting • The Company is entitled to receive tenant reimbursements for operating expenses for common area maintenance (“CAM”). Based on guidance in these ASUs, CAM reimbursement revenue is defined as a non-lease component, which would be accounted for in accordance with ASC 606. However, the Company elected to apply the practical expedient for all of its leases to account for the lease and non-lease components as a single, combined operating lease component. • Capitalization of leasing costs is limited to initial direct costs. Initial direct costs have been defined as incremental costs of a lease that would not have been incurred if the lease had not been obtained. Legal costs are no longer capitalized, but expensed as incurred. There is no change in the Company’s accounting for lease inducements and commissions. • The Company’s existing leases continue to be classified as operating leases, however, leases entered into or modified after January 1, 2019 may be classified as either operating or sales-type leases, based on specific classification criteria. The Company believes all of its leases will continue to be classified as operating leases, and all operating leases will continue to have a similar pattern of recognition as under current GAAP. Lessee Accounting • The Company has two ground lease agreements in which the Company is the lessee for land underneath 25 Cabot Square. The Company previously recognized an amount related to these ground leases as part of the allocation of the purchase price of 25 Cabot Square, which was recorded to intangible lease assets, net. The leases have remaining terms of 198 years and 973 years . Upon adoption of ASC 842 on January 1, 2019, the Company reclassified approximately £58.3 million (approximately $74.4 million converted using an exchange rate of $1.28 per GBP on January 1, 2019) from intangible lease assets, net to right-of-use asset in the Company’s Condensed Consolidated Balance Sheets. No lease liability was recorded since the payments required under the lease are immaterial. • The Company has a ground lease agreement in which the Company is the lessee for land underneath New City that is currently accounted for as an operating lease. The lease currently ends in December 2089 and has fixed payments. The rental expense associated with this lease was $0.2 million and $0.2 million for the three months ended March 31, 2019 , and 2018 , respectively. The Company previously recognized an amount related to this ground lease as part of the allocation of the purchase price of New City, which was recorded to intangible lease assets, net. Upon adoption of ASC 842 on January 1, 2019, the Company recorded a right-of-use asset and lease liability of approximately $3.6 million in right-of-use asset, net and other liabilities, respectively, in the Company’s Condensed Consolidated Balance Sheets and reclassified an additional 65.1 million Polish zloty (“PLN”) (approximately $17.3 million converted using an exchange rate of $0.27 per PLN on January 1, 2019) from intangible lease assets, net to right-of-use asset in the Company’s Condensed Consolidated Balance Sheets. The determination of the discount rate used in a lease should be the incremental borrowing rate of the lease contract. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a term similar to the lease. Since the term of the New City ground lease is much longer than a typical borrowing, we derived the incremental borrowing rate of 6.4% , as the spread in a current financing quote for the property plus the applicable base rate corresponding to the longest term available in the base rate market. A reconciliation of our lease liabilities on an undiscounted cash flow basis for the ground lease at New City as of March 31, 2019 , for the period from April 1, 2019 through December 31, 2019 and for each of the years ending December 31, 2020 through December 31, 2024 are as follows (in thousands): Lease Payments April 1, 2019 through December 31, 2019 $ — 2020 232 2021 232 2022 232 2023 232 2024 232 Thereafter 15,065 Total $ 16,225 Lease liabilities $ 3,579 Undiscounted excess amount $ 12,646 New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, "Changes to the Disclosure Requirements for Fair Value Measurement." This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. The ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosures upon issuance of this ASU. The Company is currently assessing the impact the adoption of this guidance will have on its financial statements.

Investment Property

Investment Property	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
INVESTMENT PROPERTY	INVESTMENT PROPERTY Investment property consisted of the following amounts as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Buildings and improvements (1) $ 1,299,932 $ 1,475,007 Less: accumulated depreciation (152,680 ) (172,659 ) Buildings and improvements, net 1,147,252 1,302,348 Land 401,180 467,607 Investment property, net $ 1,548,432 $ 1,769,955 (1) Included in buildings and improvements was approximately $11.5 million of construction-in-progress related to the Company’s development at Summit III. In 2019, the Company commenced construction of Summit III, a new 374,220 square foot building at the Summit property. The office space has been fully pre-leased to a single tenant. The construction project is expected to be completed in 2020. Recent Dispositions of Real Estate Investments In January 2019, the Company completed the sale of 55M Street for a contract sales price of $135.3 million . The Company recognized a gain on sale of this asset of $17.4 million net of disposition fees, which was recorded in gain on sale of real estate investments on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). In February 2019, the Company completed the sale of 550 Terry Francois for a contract sales price of $342.5 million . The Company recognized a gain on sale of this asset of $175.0 million n et of disposition fees, which was recorded in gain on sale of real estate investments on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of March 31, 2019 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases (1) Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 268,994 $ 22,481 $ (94,783 ) Less: accumulated amortization (162,006 ) (15,140 ) 42,060 Net $ 106,988 $ 7,341 $ (52,723 ) (1) The Company adopted ASC 842 beginning January 1, 2019 and reclassified certain assets from intangible lease assets, net to right-of-use asset, net in the Company’s Condensed Consolidated Balance Sheets. The amounts reclassified from intangible lease assets included $93.5 million in gross cost, net of $1.8 million of accumulated amortization. See “Note 2 — Summary of Significant Accounting Policies” for more information on the adoption of ASC 842. As of December 31, 2018 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles Out-of-Market Lease Assets Out-of-Market Lease Liabilities In-Place Leases Cost $ 404,662 $ 26,072 $ (99,434 ) Less: accumulated amortization (187,581 ) (16,560 ) 43,913 Net $ 217,081 $ 9,512 $ (55,521 ) Amortization expense of in-place leases was $4.5 million and $18.3 million for the three months ended March 31, 2019 and 2018 , respectively. Net amortization of out-of-market leases resulted in increases to rental revenue of $1.0 million and $2.2 million for the three months ended March 31, 2019 and 2018 , respectively. Anticipated amortization of in-place leases and out-of-market leases, net, for the period from April 1, 2019 through December 31, 2019 and for each of the years ending December 31, 2020 through December 31, 2023 are as follows (in thousands): In-Place Leases Out-of-Market Leases, Net April 1, 2019 through December 31, 2019 $ 12,033 $ (3,196 ) 2020 14,456 (4,147 ) 2021 12,372 (3,788 ) 2022 11,068 (2,955 ) 2023 10,292 (2,623 ) Leases The Company’s leases are generally for terms of 15 years or less and may include multiple options to extend the lease term upon tenant election. The Company’s leases typically do not include an option to purchase. Generally, the Company does not expect the value of its real estate assets to be impacted materially at the end of any individual lease term, as the Company is typically able to re-lease the space and real estate assets tend to hold their value over a long period of time. Tenant terminations prior to the lease end date occasionally result in a one-time termination fee based on the remaining unpaid lease payments including variable payments and could be material to the tenant. Many of the Company’s leases have increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, the majority of the Company’s leases provide for variable rental revenues, such as, reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants’ sales. Total revenue related to expense reimbursements from tenants for the three months ended March 31, 2019 was $12.2 million which is included in rental revenue on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has entered into non-cancelable lease agreements with tenants for space. As of March 31, 2019 , the approximate fixed future minimum rentals for the period from April 1, 2019 through December 31, 2019 , for each of the years ending December 31, 2020 through December 31, 2023 and for the period thereafter are as follows (in thousands): Fixed Future Minimum Rentals April 1, 2019 through December 31, 2019 $ 104,461 2020 124,866 2021 125,511 2022 117,576 2023 109,445 Thereafter 816,047 Total $ 1,397,906 During the three months ended March 31, 2019 and 2018 , the Company did not earn more than 10% of its total rental revenue from any individual tenant.

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING As of March 31, 2019 and December 31, 2018 , the Company had approximately $772.0 million and $678.1 million of principal outstanding, respectively, with a weighted average years to maturity of 0.9 years and 0.9 years , respectively, and a weighted average interest rate of 3.5% and 3.4% , respectively. The following table describes the Company’s debt outstanding at March 31, 2019 and December 31, 2018 (in thousands, except percentages): Description Origination or Assumption Date Maturity Date Interest Rate Description Interest Rate as of March 31, 2019 Principal Outstanding at March 31, 2019 Principal Outstanding at December 31, 2018 Secured Mortgage Debt Minneapolis Retail Center 8/2/2012 8/10/2019 Fixed 3.50 % $ 65,500 $ 65,500 New City 3/28/2013 3/18/2021 Variable, subject to interest rate cap 2.30 % 72,821 74,861 Perspective Défense 6/21/2013 7/25/2019 Variable, subject to interest rate cap 2.19 % 78,519 80,108 25 Cabot Square 3/26/2014 3/26/2020 Fixed 3.50 % 161,160 157,583 Other Notes Payable JPMorgan Chase Revolving Credit Facility - Revolving Loan 4/13/2012 3/4/2020 Variable 3.99 % 169,000 — JPMorgan Chase Revolving Credit Facility - Term Loan 5/22/2013 3/4/2020 Variable 3.94 % 225,000 300,000 Total Principal Outstanding $ 772,000 $ 678,052 Unamortized Deferred Financing Costs (1) $ (1,429 ) $ (1,285 ) Notes Payable, net $ 770,571 $ 676,767 (1) Includes unamortized deferred financing costs related to the secured mortgage debt and the term loan commitment of the JPMorgan Chase Revolving Credit Facility. Unamortized deferred financing costs related to the revolving loan commitment of the JPMorgan Chase Revolving Credit Facility are included in deferred financing costs, net on the Company’s Condensed Consolidated Balance Sheets. The variable-rate debt has interest rates ranging from the LIBOR or EURIBOR screen rate plus 1.45% to 2.50% per annum. As of March 31, 2019 , $136.8 million of the Company’s variable-rate debt was capped at strike rates ranging from 1.0% to 2.00% . Additionally, as of December 31, 2018 , $140.0 million of our variable rate debt was capped at strike rates ranging from 1.0% to 2.00% . JPMorgan Chase Revolving Credit Facility In April 2012, the Operating Partnership entered into a credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent for itself and various lenders named in the Credit Agreement. The Company refers to the Revolving Loan Commitment and Term Loan Commitment collectively as the “Revolving Credit Facility.” As amended in June 2015, the borrowings may be denominated in U.S. dollars, British pound sterling, Euros, Australian dollars or Canadian dollars with up to $920.0 million maximum amount available under the Revolving Credit Facility. In March 2019, the Company entered into an amendment to its Revolving Credit Facility, which resulted in the following changes: • a decrease in total commitments to $725.0 million , including $225.0 million to the term loan commitment (“Term Loan Commitment”), and $500.0 million available under the revolving loan commitment (“Revolving Loan Commitment”); • extended the maturity date to March 4, 2020, subject to three additional six -month extensions at the Company’s option and subject to the satisfaction of certain conditions. For the period from January 2019 through March 2019 , the Company made draws of approximately $169.0 million and payments of $75.0 million on the Revolving Credit Facility. From April 1, 2019 through May 14, 2019 , the Company made no draws or payments under the Revolving Credit Facility, resulting in an outstanding principal balance of $394.0 million as of May 14, 2019 . Financial Covenants The Company's mortgage agreements and other loan documents for the debt described in the table above contain customary events of default, with corresponding grace periods, including payment defaults, cross-defaults to other agreements and bankruptcy-related defaults, and customary covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. In addition, the Company has executed customary recourse carve-out guarantees of certain obligations under its mortgage agreements and the other loan documents. As of March 31, 2019, the Company was in compliance with its financial covenants. Principal Payments on Debt The Company is required to make the following principal payments on its outstanding notes payable for period April 1, 2019 through December 31, 2019 , and each of the years ending December 31, 2020 through December 31, 2023 and for the period thereafter (amounts are in thousands): Payments due by Year April 1, 2019 through December 31, 2019 2020 2021 2022 2023 Thereafter Principal payments $ 145,708 $ 557,412 $ 68,880 $ — $ — $ —

Distributions

Distributions	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
DISTRIBUTIONS	DISTRIBUTIONS The Company declared distributions for the months of January 2018 through December 2018 at an amount equal to $0.0541667 per share, per month ( $0.65 per share on an annualized basis). Approximately $0.45 per share of these distributions were designated as a return of a portion of the stockholders’ invested capital as described further below. From January 2018 through February 2019, the Company paid aggregate return of capital distributions (“Return of Capital Distributions”) to stockholders totaling approximately $4.00 per share, which represented a return of a portion of the stockholders’ invested capital. These Return of Capital Distributions were made up of the following: • a $1.05 per share special distribution (the “Special Distribution”) declared to all stockholders of record as of December 30, 2017 and paid in January 2018. The Special Distribution was funded with a portion of the net proceeds received from the strategic sale of six assets during 2017. • $0.12 per share resulting from a portion of the monthly distributions declared for the months of January 2018 through June 2018, (approximately $0.02 per share, per month), which were designated by our board of directors as a return of a portion of the stockholders’ invested capital and, as such, reduced the stockholders’ remaining investment in the Company. • Approximately $0.33 per share resulting from the monthly liquidating distributions declared for the months of July 2018 through December 2018 ( $0.541667 per share, per month), which were designated as liquidating distributions and, as such, reduced the stockholders’ remaining investment in the Company. • a $2.50 per share designated liquidating distribution declared to all stockholders of record as of February 13, 2019 and paid in February 2019. On July 17, 2018, in connection with the stockholder approval of the Plan of Liquidation, the board of directors determined to suspend the distribution reinvestment plan indefinitely effective as of August 31, 2018. As a result of the suspension of the distribution reinvestment plan, all distributions paid after August 31, 2018 were paid to stockholders in cash. Additionally, because the Company already sold a significant number of assets and its expectation is to sell all of its remaining assets in the time frame set forth under its Plan of Liquidation, the Company determined to stop paying monthly distributions for periods after December 2018. We intend to fund all future liquidating distributions with proceeds from the sale of our remaining properties in addition to any distributable cash from the operating income of our remaining properties. The table below outlines the Company’s total distributions declared to stockholders and noncontrolling interests for each of the quarters ended during 2019 and 2018 , including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). Stockholders Noncontrolling Interests Distributions for the three months ended Cash Distributions Distributions Reinvested Total Declared Distributions Declared per Common Share Total Declared 2019 March 31, 2019 $ 661,238 $ — $ 661,238 $ 2.50 $ 53 Total $ 661,238 $ — $ 661,238 $ 2.50 $ 53 2018 December 31, 2018 $ 43,586 $ — $ 43,586 $ 0.1625 $ 134 September 30, 2018 36,970 7,187 44,157 0.1625 11,769 (1) June 30, 2018 22,457 21,844 44,301 0.1625 52 March 31, 2018 22,126 22,294 44,420 0.1625 60 Total $ 125,139 $ 51,325 $ 176,464 $ 0.65 $ 12,015 (1) For the three months ended September 30, 2018, distributions declared to noncontrolling interests included a distribution totaling $11.6 million to an affiliate of Hines, who was the Company’s joint venture partner in the WaterWall joint venture, as a result of the sale of WaterWall Place.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The table below outlines fees and expense reimbursements incurred that are payable by the Company to the Advisor, Hines and its affiliates for the periods indicated below and amounts unpaid as of March 31, 2019 and December 31, 2018 (in thousands): Incurred Three Months Ended March 31, Unpaid as of Type and Recipient 2019 2018 March 31, 2019 December 31, 2018 Asset Management Fee- the Advisor and affiliates of Hines $ 6,780 $ 8,859 $ 2,010 $ 2,495 Disposition Fee- the Advisor $ 4,777 $ — — — Other (1) $ 1,488 $ 1,496 991 2,089 Property Management Fee- Hines $ 1,055 $ 1,531 158 125 Development/Construction Management Fee- Hines $ 572 $ 483 498 314 Leasing Fee- Hines $ 194 $ 306 1,907 2,361 Expense Reimbursement- Hines (with respect to management and operations of the Company’s properties) $ 1,887 $ 2,447 133 584 Due to Affiliates $ 5,697 $ 7,968 (1) Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses and issuer costs. These amounts are generally reimbursed to the Advisor during the month following the period in which they are incurred. Summit Development Agreement In March 2019, the Company entered into a Development Management Agreement with Hines, the Company’s sponsor, for the construction and development of an office building at the Summit in Bellevue, Washington. Hines will be paid a project administration fee equal to 2.5% of the qualified construction costs.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Financial Instruments Fair Value Disclosures As of March 31, 2019 , the Company estimated that the fair value of its notes payable, which had a book value (excluding any unamortized discount or premium) of $772.0 million , was $773.1 million . As of December 31, 2018, the Company estimated that the fair value of its notes payable, which had a book value of $678.1 million , was $679.3 million . Management has utilized available market information, such as interest rate and spread assumptions of notes payable with similar terms and remaining maturities, to estimate the amounts required to be disclosed. Although the Company has determined the majority of the inputs used to value its notes payable fall within Level 2 of the fair value hierarchy, the credit quality adjustments associated with its fair value of notes payable utilize Level 3 inputs. However, as of March 31, 2019 , the Company has assessed the significance of the impact of the credit quality adjustments on the overall valuations of its fair market value of notes payable and has determined that they are not significant. As a result, the Company has determined these financial instruments utilize Level 2 inputs. Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed values could be realized. Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable. The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or short-term maturities. Due to the short-term nature of these instruments, Level 1 inputs are utilized to estimate the fair value of the cash and cash equivalents and restricted cash and Level 2 inputs are utilized to estimate the fair value of the remaining financial instruments. Financial Instruments Measured on a Nonrecurring Basis Certain long-lived assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments (i.e., impairments) in certain circumstances. The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy. Impairment of Investment Property Investment properties are reviewed for impairment at each reporting period if events or changes in circumstances indicate that the carrying amount may not be recoverable. No investment properties were impaired during the three months ended March 31, 2019 . For the year ended December 31, 2018 , the Company determined that three of its properties ( two of which were measured using executed purchase and sale agreements which are considered level 2 inputs, and one of which was measured using level 3 inputs) were impaired as a result of deteriorating market conditions. The changes in assumptions resulted in the net book value of the assets exceeding the projected undiscounted cash flows for the property. As a result, these properties were written down to fair value. The following table summarizes activity for the properties measured at fair value, on a non-recurring basis, for the year ended December 31, 2018 (in thousands). Basis of Fair Value Measurements As of Description Fair Value of Assets Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Impairment Loss December 31, 2018 Investment property $ 138,550 $ — $ 68,250 $ 70,300 $ 19,180 The Company’s estimated fair value of the property measured using level 3 inputs was based on comparisons of recent market activity and discounted cash flow models, which include estimates of property-specific inflows and outflows over a specific holding period. Significant unobservable quantitative inputs used in determining the fair value of the property for the period ended December 31, 2018 include: a discount rate of 9.0% ; a capitalization rate of 8.0% ; stabilized occupancy rate of 90.0% ; and a current market rental rate of $25.00 per square foot. These inputs are based on the location, type and nature of each property, current and anticipated market conditions, and management’s knowledge and expertise in real estate.

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS The Company’s real estate investments are geographically diversified and management evaluates the operating performance of each at an individual investment level and considers each investment to be an operating segment. The Company has aggregated all of its operating segments into four reportable segments based on the location of the segment and the underlying asset class. Management has aggregated the Company’s investments that are not office properties in “other” based on the geographic location of the investment, due to the Company’s ownership of interests in various different types of investments that do not stand alone as their own reportable segment. The Company’s reporting segments consist of the following, based on the Company’s investments as of March 31, 2019 : • Domestic office investments ( 3 investments) • Domestic other investments ( 4 investments) • International office investments ( 4 investments) • International other investments ( 1 investments) The tables below provide additional information related to each of the Company’s segments, geographic location and a reconciliation to the Company’s net income (loss), as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments (all amounts are in thousands, except for percentages): Three Months Ended March 31, 2019 2018 Total Revenue Domestic office investments $ 16,841 $ 32,662 Domestic other investments 18,660 20,104 International office investments 11,991 21,509 International other investments 741 10,224 Total Revenue $ 48,233 $ 84,499 For the three months ended March 31, 2019 and 2018 the Company’s total revenue was attributable to the following countries: Three Months Ended March 31, 2019 2018 Total Revenue United States 73 % 63 % United Kingdom 14 % 10 % Poland 5 % 7 % Russia 5 % 3 % France 3 % 2 % Australia — % 9 % Germany — % 6 % For the three months ended March 31, 2019 and 2018 , the Company’s property revenues in excess of expenses by segment was as follows (in thousands): Three Months Ended March 31, 2019 2018 Property revenues in excess of expenses (1) Domestic office investments $ 10,166 $ 20,902 Domestic other investments 11,393 11,439 International office investments 5,599 11,232 International other investments 400 7,272 Property revenues in excess of expenses $ 27,558 $ 50,845 (1) Revenues less property operating expenses, real property taxes and property management fees. As of March 31, 2019 and December 31, 2018 , the Company’s total assets by segment was as follows (in thousands): March 31, 2019 December 31, 2018 Total Assets Domestic office investments $ 644,019 $ 913,982 Domestic other investments 707,395 715,919 International office investments 658,058 640,319 International other investments 33,692 33,905 Corporate-level accounts 25,586 195,586 Total Assets $ 2,068,750 $ 2,499,711 As of March 31, 2019 and December 31, 2018 , the Company’s total assets were attributable to the following countries: March 31, 2019 December 31, 2018 Total Assets United States 67 % 73 % United Kingdom 18 % 14 % Poland 6 % 5 % France 6 % 5 % Russia 3 % 2 % Australia — % 1 % For the three months ended March 31, 2019 and 2018 , the reconciliation of the Company’s total property revenues in excess of expenses to the Company’s net income (loss) is as follows (in thousands): Three Months Ended March 31, 2019 2018 Reconciliation to property revenues in excess of expenses Net income (loss) $ 191,410 $ (10,183 ) Depreciation and amortization 13,444 33,998 Asset management fees 6,780 8,859 General and administrative expenses 2,595 2,902 (Gain) loss on derivatives 126 (351 ) (Gain) loss on sale of real estate investments (192,189 ) (19 ) Foreign currency (gains) losses (399 ) 1,220 Interest expense 7,347 14,999 Other (income) expenses (1,283 ) (263 ) (Benefit) provision for income taxes (273 ) (317 ) Total property revenues in excess of expenses $ 27,558 $ 50,845

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 5,717 $ 13,705 Cash paid for taxes $ 794 $ 5,923 Supplemental Schedule of Non-Cash Activities Distributions declared and unpaid $ — $ 14,795 Distributions reinvested $ — $ 22,612 Shares tendered for redemption $ 705 $ 10,986 Accrued capital additions $ 7,182 $ 13,881

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In May 2018, Puget Sound Energy renewed its lease for its space in The Summit located in Bellevue, Washington. In connection with this lease, the Company committed to fund $9.7 million of tenant inducements, to be paid in future periods. As of March 31, 2019 , $6.2 million of the Company’s commitment remained unfunded and is recorded in accounts payable and accrued expenses in the accompanying Condensed Consolidated Balance Sheet. In September 2018, WeWork signed a lease for space in The Summit located in Bellevue, Washington. In connection with this lease, the Company committed to fund $14.0 million of tenant inducements, to be paid in future periods. As of March 31, 2019 , $11.0 million of the Company’s commitment remained unfunded and is recorded in accounts payable and accrued expenses in the accompanying Condensed Consolidated Balance Sheet. In December 2018, Amazon signed a lease for space in the new building that is being constructed at The Summit property, which is located in Bellevue, Washington. In connection with this lease, the Company committed to fund $40.7 million of tenant inducements, to be paid in future periods. As of March 31, 2019 , $40.7 million of the Company’s commitment remained unfunded and is recorded in accounts payable and accrued expenses in the accompanying Condensed Consolidated Balance Sheet. See “Note 3 — Investment Property” for more information on the building construction project. The Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on the Company’s condensed consolidated financial statements. *****

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition Rental payments are generally paid by the tenants prior to the beginning of each month or quarter to which they relate. As of March 31, 2019 and December 31, 2018 , respectively, the Company recorded liabilities of $10.2 million and $15.5 million related to prepaid rental payments, which were included in other liabilities in the accompanying Condensed Consolidated Balance Sheets. The Company recognizes rental revenue on a straight-line basis over the life of the lease, including rent holidays, if any. Straight-line rent receivable was $38.9 million and $44.0 million as of March 31, 2019 and December 31, 2018 , respectively. Straight-line rent receivable consists of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying Condensed Consolidated Balance Sheets. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the time that a tenant’s right to occupy the leased space is modified through the end of the revised lease term. Other revenues consist primarily of parking revenue. Parking revenue represents amounts generated from contractual and transient parking and is recognized in accordance with contractual terms or as services are rendered.
Recently Adopted and New Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02 which requires companies that lease assets to recognize on the balance sheet the right-of-use assets and related lease liabilities (“ASC 842”). The accounting by companies that own the assets leased by the lessee (the lessor) is largely unchanged from previous GAAP. The Company adopted ASC 842 as of January 1, 2019, and is using the modified retrospective approach. No adjustment to opening retained earnings was required. In July 2018, the FASB issued ASU 2018-11, which allows lessors to account for lease and non-lease components by class of underlying assets, as a single lease component if certain criteria are met. Also, the new standard indicates that companies are permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of restating prior periods in accordance with ASC 842 and provides other optional practical expedients. Upon adoption, the Company has elected the following practical expedients: • The transition method in which the application date of January 1, 2019 is the beginning of the reporting period that the Company first applied the new guidance. • The practical expedient package which allows an entity not to reassess (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; (3) initial direct costs for any existing leases. • As an accounting policy election, a lessor may choose not to separate the non-lease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component under certain conditions. • As an accounting policy election, a lessee may choose not to separate the non-lease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component. The Company elected to apply the practical expedient for all of its leases to account for the lease and non-lease components as a single, combined operating lease component. The Company completed its evaluation of the impact that the adoption of ASC 842 will have on the Company’s consolidated financial statements relating to its leases from both the lessee and lessor perspective. Based on the Company’s analysis, the Company identified the following changes to result from its adoption of ASC 842: Lessor Accounting • The Company is entitled to receive tenant reimbursements for operating expenses for common area maintenance (“CAM”). Based on guidance in these ASUs, CAM reimbursement revenue is defined as a non-lease component, which would be accounted for in accordance with ASC 606. However, the Company elected to apply the practical expedient for all of its leases to account for the lease and non-lease components as a single, combined operating lease component. • Capitalization of leasing costs is limited to initial direct costs. Initial direct costs have been defined as incremental costs of a lease that would not have been incurred if the lease had not been obtained. Legal costs are no longer capitalized, but expensed as incurred. There is no change in the Company’s accounting for lease inducements and commissions. • The Company’s existing leases continue to be classified as operating leases, however, leases entered into or modified after January 1, 2019 may be classified as either operating or sales-type leases, based on specific classification criteria. The Company believes all of its leases will continue to be classified as operating leases, and all operating leases will continue to have a similar pattern of recognition as under current GAAP. Lessee Accounting • The Company has two ground lease agreements in which the Company is the lessee for land underneath 25 Cabot Square. The Company previously recognized an amount related to these ground leases as part of the allocation of the purchase price of 25 Cabot Square, which was recorded to intangible lease assets, net. The leases have remaining terms of 198 years and 973 years . Upon adoption of ASC 842 on January 1, 2019, the Company reclassified approximately £58.3 million (approximately $74.4 million converted using an exchange rate of $1.28 per GBP on January 1, 2019) from intangible lease assets, net to right-of-use asset in the Company’s Condensed Consolidated Balance Sheets. No lease liability was recorded since the payments required under the lease are immaterial. • The Company has a ground lease agreement in which the Company is the lessee for land underneath New City that is currently accounted for as an operating lease. The lease currently ends in December 2089 and has fixed payments. The rental expense associated with this lease was $0.2 million and $0.2 million for the three months ended March 31, 2019 , and 2018 , respectively. The Company previously recognized an amount related to this ground lease as part of the allocation of the purchase price of New City, which was recorded to intangible lease assets, net. Upon adoption of ASC 842 on January 1, 2019, the Company recorded a right-of-use asset and lease liability of approximately $3.6 million in right-of-use asset, net and other liabilities, respectively, in the Company’s Condensed Consolidated Balance Sheets and reclassified an additional 65.1 million Polish zloty (“PLN”) (approximately $17.3 million converted using an exchange rate of $0.27 per PLN on January 1, 2019) from intangible lease assets, net to right-of-use asset in the Company’s Condensed Consolidated Balance Sheets. The determination of the discount rate used in a lease should be the incremental borrowing rate of the lease contract. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a term similar to the lease. Since the term of the New City ground lease is much longer than a typical borrowing, we derived the incremental borrowing rate of 6.4% , as the spread in a current financing quote for the property plus the applicable base rate corresponding to the longest term available in the base rate market. A reconciliation of our lease liabilities on an undiscounted cash flow basis for the ground lease at New City as of March 31, 2019 , for the period from April 1, 2019 through December 31, 2019 and for each of the years ending December 31, 2020 through December 31, 2024 are as follows (in thousands): Lease Payments April 1, 2019 through December 31, 2019 $ — 2020 232 2021 232 2022 232 2023 232 2024 232 Thereafter 15,065 Total $ 16,225 Lease liabilities $ 3,579 Undiscounted excess amount $ 12,646 New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, "Changes to the Disclosure Requirements for Fair Value Measurement." This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. The ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosures upon issuance of this ASU. The Company is currently assessing the impact the adoption of this guidance will have on its financial statements.
Fair Value Measurements	Management has utilized available market information, such as interest rate and spread assumptions of notes payable with similar terms and remaining maturities, to estimate the amounts required to be disclosed. Although the Company has determined the majority of the inputs used to value its notes payable fall within Level 2 of the fair value hierarchy, the credit quality adjustments associated with its fair value of notes payable utilize Level 3 inputs. However, as of March 31, 2019 , the Company has assessed the significance of the impact of the credit quality adjustments on the overall valuations of its fair market value of notes payable and has determined that they are not significant. As a result, the Company has determined these financial instruments utilize Level 2 inputs. Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed values could be realized. Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable. The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or short-term maturities. Due to the short-term nature of these instruments, Level 1 inputs are utilized to estimate the fair value of the cash and cash equivalents and restricted cash and Level 2 inputs are utilized to estimate the fair value of the remaining financial instruments. Financial Instruments Measured on a Nonrecurring Basis Certain long-lived assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments (i.e., impairments) in certain circumstances. The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy.
Impairment of Investment Property	Impairment of Investment Property Investment properties are reviewed for impairment at each reporting period if events or changes in circumstances indicate that the carrying amount may not be recoverable.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule Of Other Assets	Other assets included the following (in thousands): March 31, 2019 December 31, 2018 Prepaid expenses $ 1,896 $ 1,770 Deferred tax assets 13,486 12,654 Other 339 341 Other assets $ 15,721 $ 14,765
Lessee, Operating Lease, Liability, Maturity	A reconciliation of our lease liabilities on an undiscounted cash flow basis for the ground lease at New City as of March 31, 2019 , for the period from April 1, 2019 through December 31, 2019 and for each of the years ending December 31, 2020 through December 31, 2024 are as follows (in thousands): Lease Payments April 1, 2019 through December 31, 2019 $ — 2020 232 2021 232 2022 232 2023 232 2024 232 Thereafter 15,065 Total $ 16,225 Lease liabilities $ 3,579 Undiscounted excess amount $ 12,646

Investment Property (Tables)

Investment Property (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of Real Estate Properties	Investment property consisted of the following amounts as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Buildings and improvements (1) $ 1,299,932 $ 1,475,007 Less: accumulated depreciation (152,680 ) (172,659 ) Buildings and improvements, net 1,147,252 1,302,348 Land 401,180 467,607 Investment property, net $ 1,548,432 $ 1,769,955 (1) Included in buildings and improvements was approximately $11.5 million of construction-in-progress related to the Company’s development at Summit III. In 2019, the Company commenced construction of Summit III, a new 374,220 square foot building at the Summit property. The office space has been fully pre-leased to a single tenant. The construction project is expected to be completed in 2020.
Schedule Of Acquired Finite-Lived Intangible Assets By Major Class	As of March 31, 2019 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases (1) Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 268,994 $ 22,481 $ (94,783 ) Less: accumulated amortization (162,006 ) (15,140 ) 42,060 Net $ 106,988 $ 7,341 $ (52,723 ) (1) The Company adopted ASC 842 beginning January 1, 2019 and reclassified certain assets from intangible lease assets, net to right-of-use asset, net in the Company’s Condensed Consolidated Balance Sheets. The amounts reclassified from intangible lease assets included $93.5 million in gross cost, net of $1.8 million of accumulated amortization. See “Note 2 — Summary of Significant Accounting Policies” for more information on the adoption of ASC 842. As of December 31, 2018 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles Out-of-Market Lease Assets Out-of-Market Lease Liabilities In-Place Leases Cost $ 404,662 $ 26,072 $ (99,434 ) Less: accumulated amortization (187,581 ) (16,560 ) 43,913 Net $ 217,081 $ 9,512 $ (55,521 )
Schedule Of Finite Lived Intangible Assets Future Amortization Expense	Anticipated amortization of in-place leases and out-of-market leases, net, for the period from April 1, 2019 through December 31, 2019 and for each of the years ending December 31, 2020 through December 31, 2023 are as follows (in thousands): In-Place Leases Out-of-Market Leases, Net April 1, 2019 through December 31, 2019 $ 12,033 $ (3,196 ) 2020 14,456 (4,147 ) 2021 12,372 (3,788 ) 2022 11,068 (2,955 ) 2023 10,292 (2,623 )
Schedule Of Future Minimum Rental Income For Operating Leases	As of March 31, 2019 , the approximate fixed future minimum rentals for the period from April 1, 2019 through December 31, 2019 , for each of the years ending December 31, 2020 through December 31, 2023 and for the period thereafter are as follows (in thousands): Fixed Future Minimum Rentals April 1, 2019 through December 31, 2019 $ 104,461 2020 124,866 2021 125,511 2022 117,576 2023 109,445 Thereafter 816,047 Total $ 1,397,906

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule Of Debt	The following table describes the Company’s debt outstanding at March 31, 2019 and December 31, 2018 (in thousands, except percentages): Description Origination or Assumption Date Maturity Date Interest Rate Description Interest Rate as of March 31, 2019 Principal Outstanding at March 31, 2019 Principal Outstanding at December 31, 2018 Secured Mortgage Debt Minneapolis Retail Center 8/2/2012 8/10/2019 Fixed 3.50 % $ 65,500 $ 65,500 New City 3/28/2013 3/18/2021 Variable, subject to interest rate cap 2.30 % 72,821 74,861 Perspective Défense 6/21/2013 7/25/2019 Variable, subject to interest rate cap 2.19 % 78,519 80,108 25 Cabot Square 3/26/2014 3/26/2020 Fixed 3.50 % 161,160 157,583 Other Notes Payable JPMorgan Chase Revolving Credit Facility - Revolving Loan 4/13/2012 3/4/2020 Variable 3.99 % 169,000 — JPMorgan Chase Revolving Credit Facility - Term Loan 5/22/2013 3/4/2020 Variable 3.94 % 225,000 300,000 Total Principal Outstanding $ 772,000 $ 678,052 Unamortized Deferred Financing Costs (1) $ (1,429 ) $ (1,285 ) Notes Payable, net $ 770,571 $ 676,767 (1) Includes unamortized deferred financing costs related to the secured mortgage debt and the term loan commitment of the JPMorgan Chase Revolving Credit Facility. Unamortized deferred financing costs related to the revolving loan commitment of the JPMorgan Chase Revolving Credit Facility are included in deferred financing costs, net on the Company’s Condensed Consolidated Balance Sheets.
Schedule Of Maturities Of Long Term Debt	The Company is required to make the following principal payments on its outstanding notes payable for period April 1, 2019 through December 31, 2019 , and each of the years ending December 31, 2020 through December 31, 2023 and for the period thereafter (amounts are in thousands): Payments due by Year April 1, 2019 through December 31, 2019 2020 2021 2022 2023 Thereafter Principal payments $ 145,708 $ 557,412 $ 68,880 $ — $ — $ —

Distributions (Tables)

Distributions (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule Of Distributions Declared	The table below outlines the Company’s total distributions declared to stockholders and noncontrolling interests for each of the quarters ended during 2019 and 2018 , including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). Stockholders Noncontrolling Interests Distributions for the three months ended Cash Distributions Distributions Reinvested Total Declared Distributions Declared per Common Share Total Declared 2019 March 31, 2019 $ 661,238 $ — $ 661,238 $ 2.50 $ 53 Total $ 661,238 $ — $ 661,238 $ 2.50 $ 53 2018 December 31, 2018 $ 43,586 $ — $ 43,586 $ 0.1625 $ 134 September 30, 2018 36,970 7,187 44,157 0.1625 11,769 (1) June 30, 2018 22,457 21,844 44,301 0.1625 52 March 31, 2018 22,126 22,294 44,420 0.1625 60 Total $ 125,139 $ 51,325 $ 176,464 $ 0.65 $ 12,015 (1) For the three months ended September 30, 2018, distributions declared to noncontrolling interests included a distribution totaling $11.6 million to an affiliate of Hines, who was the Company’s joint venture partner in the WaterWall joint venture, as a result of the sale of WaterWall Place.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule Of Related Party Transactions	The table below outlines fees and expense reimbursements incurred that are payable by the Company to the Advisor, Hines and its affiliates for the periods indicated below and amounts unpaid as of March 31, 2019 and December 31, 2018 (in thousands): Incurred Three Months Ended March 31, Unpaid as of Type and Recipient 2019 2018 March 31, 2019 December 31, 2018 Asset Management Fee- the Advisor and affiliates of Hines $ 6,780 $ 8,859 $ 2,010 $ 2,495 Disposition Fee- the Advisor $ 4,777 $ — — — Other (1) $ 1,488 $ 1,496 991 2,089 Property Management Fee- Hines $ 1,055 $ 1,531 158 125 Development/Construction Management Fee- Hines $ 572 $ 483 498 314 Leasing Fee- Hines $ 194 $ 306 1,907 2,361 Expense Reimbursement- Hines (with respect to management and operations of the Company’s properties) $ 1,887 $ 2,447 133 584 Due to Affiliates $ 5,697 $ 7,968 (1) Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses and issuer costs. These amounts are generally reimbursed to the Advisor during the month following the period in which they are incurred.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements, Nonrecurring	The following table summarizes activity for the properties measured at fair value, on a non-recurring basis, for the year ended December 31, 2018 (in thousands). Basis of Fair Value Measurements As of Description Fair Value of Assets Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Impairment Loss December 31, 2018 Investment property $ 138,550 $ — $ 68,250 $ 70,300 $ 19,180

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information By Segment	For the three months ended March 31, 2019 and 2018 , the Company’s property revenues in excess of expenses by segment was as follows (in thousands): Three Months Ended March 31, 2019 2018 Property revenues in excess of expenses (1) Domestic office investments $ 10,166 $ 20,902 Domestic other investments 11,393 11,439 International office investments 5,599 11,232 International other investments 400 7,272 Property revenues in excess of expenses $ 27,558 $ 50,845 (1) Revenues less property operating expenses, real property taxes and property management fees. As of March 31, 2019 and December 31, 2018 , the Company’s total assets by segment was as follows (in thousands): March 31, 2019 December 31, 2018 Total Assets Domestic office investments $ 644,019 $ 913,982 Domestic other investments 707,395 715,919 International office investments 658,058 640,319 International other investments 33,692 33,905 Corporate-level accounts 25,586 195,586 Total Assets $ 2,068,750 $ 2,499,711 The tables below provide additional information related to each of the Company’s segments, geographic location and a reconciliation to the Company’s net income (loss), as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments (all amounts are in thousands, except for percentages): Three Months Ended March 31, 2019 2018 Total Revenue Domestic office investments $ 16,841 $ 32,662 Domestic other investments 18,660 20,104 International office investments 11,991 21,509 International other investments 741 10,224 Total Revenue $ 48,233 $ 84,499
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	For the three months ended March 31, 2019 and 2018 the Company’s total revenue was attributable to the following countries: Three Months Ended March 31, 2019 2018 Total Revenue United States 73 % 63 % United Kingdom 14 % 10 % Poland 5 % 7 % Russia 5 % 3 % France 3 % 2 % Australia — % 9 % Germany — % 6 % As of March 31, 2019 and December 31, 2018 , the Company’s total assets were attributable to the following countries: March 31, 2019 December 31, 2018 Total Assets United States 67 % 73 % United Kingdom 18 % 14 % Poland 6 % 5 % France 6 % 5 % Russia 3 % 2 % Australia — % 1 %
Reconciliation Of Net Income (Loss) From Segments To Consolidated	For the three months ended March 31, 2019 and 2018 , the reconciliation of the Company’s total property revenues in excess of expenses to the Company’s net income (loss) is as follows (in thousands): Three Months Ended March 31, 2019 2018 Reconciliation to property revenues in excess of expenses Net income (loss) $ 191,410 $ (10,183 ) Depreciation and amortization 13,444 33,998 Asset management fees 6,780 8,859 General and administrative expenses 2,595 2,902 (Gain) loss on derivatives 126 (351 ) (Gain) loss on sale of real estate investments (192,189 ) (19 ) Foreign currency (gains) losses (399 ) 1,220 Interest expense 7,347 14,999 Other (income) expenses (1,283 ) (263 ) (Benefit) provision for income taxes (273 ) (317 ) Total property revenues in excess of expenses $ 27,558 $ 50,845

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures (Tables)	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Information [Abstract]
Schedule Of Cash Flow Supplemental Disclosures	Supplemental cash flow disclosures for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 5,717 $ 13,705 Cash paid for taxes $ 794 $ 5,923 Supplemental Schedule of Non-Cash Activities Distributions declared and unpaid $ — $ 14,795 Distributions reinvested $ — $ 22,612 Shares tendered for redemption $ 705 $ 10,986 Accrued capital additions $ 7,182 $ 13,881

Organization (Public Offering)

Organization (Public Offering) (Details) $ / shares in Units, shares in Millions, $ in Billions

May 14, 2019$ / shares

Feb. 13, 2019$ / shares

Apr. 24, 2014

Apr. 11, 2014

Aug. 05, 2009

Mar. 31, 2019$ / shares

Dec. 31, 2018$ / shares

Sep. 30, 2018$ / shares

Jun. 30, 2018$ / shares

Mar. 31, 2018$ / shares

Dec. 31, 2018$ / shares

Feb. 28, 2019$ / shares

Apr. 11, 2014public_offering

Aug. 31, 2018USD ($)shares

Public Offering [Line Items]

Liquidating distribution, period after stockholder approval

24 months

Distributions declared per common share (in dollars per share)

$ 2.5

$ 0.1625

$ 0.1625

$ 0.1625

$ 0.1625

$ 0.65

Public Offerings

Public Offering [Line Items]

Number of public offerings | public_offering

2

Proceeds from sale of common stock | $

$ 3.1

Issuance of common shares, shares (in shares) | shares

313.3

First Offering

Public Offering [Line Items]

Commencement date, public offering

Aug. 5, 2009

Second Offering

Public Offering [Line Items]

Termination date, public offering

Apr. 11, 2014

Dividend Reinvestment Plan

Public Offering [Line Items]

Commencement date, public offering

Apr. 24, 2014

Return of Capital Distributions

Public Offering [Line Items]

Distributions declared per common share (in dollars per share)

$ 4

Liquidating Distribution

Public Offering [Line Items]

Distributions declared per common share (in dollars per share)

$ 2.50

Subsequent Event | Return of Capital Distributions

Public Offering [Line Items]

Distributions declared per common share (in dollars per share)

$ 4

Subsequent Event | Liquidating Distribution

Public Offering [Line Items]

Distributions declared per common share (in dollars per share)

$ 2.83

Organization (Real Estate Inves

Organization (Real Estate Investments) (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)real_estate_investmentproperty	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)real_estate_investment	Dec. 31, 2017USD ($)property
Real Estate Investments And Segment [Line Items]
Number real estate investments sold	2	20	6	6
Sale consideration of sold property | $	$ 477.8	$ 1,700	$ 1,000	$ 1,000
Number of real estate investments	12
Domestic office investments
Real Estate Investments And Segment [Line Items]
Number of real estate investments	3
Domestic other investments
Real Estate Investments And Segment [Line Items]
Number of real estate investments	4
International office investments
Real Estate Investments And Segment [Line Items]
Number of real estate investments	4
International other investments
Real Estate Investments And Segment [Line Items]
Number of real estate investments	1

Organization Organization (Debt

Organization Organization (Debt) (Details) - USD ($) $ in Thousands	May 14, 2019	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Notes Payable		$ 770,571	$ 676,767
Subsequent Event | Notes Payable Due 1 Year From Issuance [Member]
Debt Instrument [Line Items]
Notes Payable	$ 699,200

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Prepaid expenses	$ 1,896	$ 1,770
Deferred tax assets	13,486	12,654
Other	339	341
Other assets	$ 15,721	$ 14,765

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details) $ in Thousands, £ in Millions, zł in Millions	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Jan. 01, 2019PLN (zł)$ / £$ / zł	Jan. 01, 2019USD ($)$ / £$ / zł	Jan. 01, 2019GBP (£)$ / £$ / zł	Dec. 31, 2018USD ($)
Summary Of Significant Accounting Policies [Line Items]
Liability related to prepaid rental payments	$ 10,200					$ 15,500
Straight line rent receivable	38,900					44,000
Right-of-use asset, net	96,453
Decrease in Intangible lease assets	(114,329)					$ (226,593)
25 Cabot Square
Summary Of Significant Accounting Policies [Line Items]
Exchange rate (in USD per PLN/GBP) | $ / £			1.28	1.28	1.28
25 Cabot Square | Accounting Standards Update 2016-02, Reclassification Of Intangible Lease Assets, Net
Summary Of Significant Accounting Policies [Line Items]
Right-of-use asset, net				$ 74,400	£ 58.3
Decrease in Intangible lease assets				$ 74,400	£ 58.3
New City
Summary Of Significant Accounting Policies [Line Items]
Exchange rate (in USD per PLN/GBP) | $ / zł			0.27	0.27	0.27
Rental expense	$ 200	$ 200
Incremental borrowing rate	6.40%
Operating Lease Liabilities, Payments Due [Abstract]
April 1, 2019 through December 31, 2019	$ 0
2020	232
2021	232
2022	232
2023	232
2024	232
Thereafter	15,065
Total	16,225
Lease liabilities	3,579
Undiscounted excess amount	$ 12,646
New City | Accounting Standards Update 2016-02, Reclassification Of Intangible Lease Assets, Net
Summary Of Significant Accounting Policies [Line Items]
Right-of-use asset, net			zł 65.1	$ 17,300
Decrease in Intangible lease assets			zł 65.1	17,300
New City | Accounting Standards Update 2016-02, Reclassification From Initial Recognition Of Right-Of-Use Asset And Lease Liability
Summary Of Significant Accounting Policies [Line Items]
Right-of-use asset, net				3,600
Operating Lease Liabilities, Payments Due [Abstract]
Lease liabilities				$ 3,600
Minimum | 25 Cabot Square
Summary Of Significant Accounting Policies [Line Items]
Lease terms	198 years
Maximum | 25 Cabot Square
Summary Of Significant Accounting Policies [Line Items]
Lease terms	973 years

Investment Property (Schedule o

Investment Property (Schedule of Investment Property) (Details) $ in Thousands	Mar. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Investment property, net	$ 1,548,432	$ 1,769,955
Building and improvements
Property, Plant and Equipment [Line Items]
Investment property, gross	1,299,932	1,475,007
Less: accumulated depreciation	(152,680)	(172,659)
Investment property, net	1,147,252	1,302,348
Land
Property, Plant and Equipment [Line Items]
Investment property, gross	401,180	$ 467,607
Summit Office Project | Construction in Progress
Property, Plant and Equipment [Line Items]
Construction-in-progress	$ 11,500
Net rentable area | ft²	374,220

Investment Property (Narrative)

Investment Property (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Feb. 28, 2019	Jan. 31, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Property Subject To Or Available For Operating Lease [Line Items]
Sale consideration of sold property			$ 477,800		$ 1,700,000	$ 1,000,000
Gain on sale of real estate investments			$ 192,189	$ 19
Lease term			15 years
Recovery revenue			$ 12,200
55 M Street
Property Subject To Or Available For Operating Lease [Line Items]
Sale consideration of sold property		$ 135,300
Gain on sale of real estate investments		$ 17,400
550 Terry Francois
Property Subject To Or Available For Operating Lease [Line Items]
Sale consideration of sold property	$ 342,500
Gain on sale of real estate investments	$ 175,000

Investment Property (Intangible

Investment Property (Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Net	$ 114,329		$ 226,593
Out-of-Market Lease Liabilities
Out-of-Market Lease Liabilities, Cost	(94,783)		(99,434)
Out-of-Market Lease Liabilities, Less: accumulated amortization	42,060		43,913
Out-of-Market Lease Liabilities, Net	(52,723)		(55,521)
In-Place Leases
Finite Lived Intangible Assets [Line Items]
Cost	268,994		404,662
Less: accumulated amortization	(162,006)		(187,581)
Net	106,988		217,081
Out-of-Market Lease Assets
Finite Lived Intangible Assets [Line Items]
Cost	22,481		26,072
Less: accumulated amortization	(15,140)		(16,560)
Net	$ 7,341		$ 9,512
Accounting Standards Update 2016-02, Reclassification Of Intangible Lease Assets, Net | In-Place Leases
Finite Lived Intangible Assets [Line Items]
Cost		$ (93,500)
Less: accumulated amortization		$ 1,800

Investment Property (Intangib_2

Investment Property (Intangible Assets Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
In-Place Leases
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 4,500	$ 18,300
In-Place Leases
April 1, 2019 through December 31, 2019	12,033
2020	14,456
2021	12,372
2022	11,068
2023	10,292
Out-of-Market Leases, Net
Finite Lived Intangible Assets [Line Items]
Net amortization of out-of-market leases	(1,000)	$ (2,200)
Out-of-Market Leases, Net
April 1, 2019 through December 31, 2019	(3,196)
2020	(4,147)
2021	(3,788)
2022	(2,955)
2023	$ (2,623)

Investment Property (Future Min

Investment Property (Future Minimum Rent) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Fixed Future Minimum Rentals
April 1, 2019 through December 31, 2019	$ 104,461
2020	124,866
2021	125,511
2022	117,576
2023	109,445
Thereafter	816,047
Total	$ 1,397,906

Debt Financing (Narratives) (De

Debt Financing (Narratives) (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	May 14, 2019USD ($)	Mar. 31, 2019USD ($)extension	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2015USD ($)
Debt Instrument [Line Items]
Debt, principal outstanding		$ 772,000	$ 772,000	$ 678,052
Debt, weighted average years to maturity			11 months 5 days	10 months 24 days
Debt, weighted average interest rate (percent)		3.50%	3.50%	3.40%
Debt instrument, description of variable rate basis			the LIBOR or EURIBOR screen rate
Minimum
Debt Instrument [Line Items]
Cap interest rate (percent)		1.00%	1.00%	1.00%
Maximum
Debt Instrument [Line Items]
Cap interest rate (percent)		2.00%	2.00%	2.00%
Interest rate caps
Debt Instrument [Line Items]
Debt instrument principal amount capped		$ 136,800	$ 136,800	$ 140,000
Revolving Credit Facility- Revolver
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					$ 920,000
Credit facility, current borrowing capacity		500,000	500,000
Credit facility, additional borrowings			169,000
Repayments of revolving credit facility			75,000
Credit facility, principal outstanding		169,000	169,000	0
Revolving Credit Facility- Revolver | Subsequent Event
Debt Instrument [Line Items]
Credit facility, additional borrowings	$ 0
Repayments of revolving credit facility	0
Credit facility, principal outstanding	$ 394,000
Revolving Credit Facility (Including Revolving and Term Loans)
Debt Instrument [Line Items]
Credit facility, current borrowing capacity		$ 725,000	725,000
Credit agreement, number of extension options | extension		3
Credit facility, period of extension options		6 months
Revolving Credit Facility- Term Loan
Debt Instrument [Line Items]
Credit facility, current borrowing capacity		$ 225,000	225,000
Credit facility, principal outstanding		$ 225,000	$ 225,000	$ 300,000
London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.45%
London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.50%

Debt Financing Debt Financing S

Debt Financing Debt Financing Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt, principal outstanding	$ 772,000	$ 678,052
Unamortized Deferred Financing Costs(1)	(1,429)	(1,285)
Notes Payable, net	$ 770,571	676,767
Revolving Credit Facility- Revolver
Debt Instrument [Line Items]
Credit facility, interest rate (percent)	3.99%
Credit facility, principal outstanding	$ 169,000	0
Revolving Credit Facility- Term Loan
Debt Instrument [Line Items]
Credit facility, interest rate (percent)	3.94%
Credit facility, principal outstanding	$ 225,000	300,000
Minneapolis Retail Center | Secured Debt
Debt Instrument [Line Items]
Effective interest rate (percent)	3.50%
Debt, principal outstanding	$ 65,500	65,500
New City | Secured Debt
Debt Instrument [Line Items]
Effective interest rate (percent)	2.30%
Debt, principal outstanding	$ 72,821	74,861
Perspective Défense | Secured Debt
Debt Instrument [Line Items]
Effective interest rate (percent)	2.19%
Debt, principal outstanding	$ 78,519	80,108
25 Cabot Square | Secured Debt
Debt Instrument [Line Items]
Effective interest rate (percent)	3.50%
Debt, principal outstanding	$ 161,160	$ 157,583

Debt Financing (Maturity Schedu

Debt Financing (Maturity Schedule) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Principal payments
April 1, 2019 through December 31, 2019	$ 145,708
2020	557,412
2021	68,880
2022	0
2023	0
Thereafter	$ 0

Distributions (Narrative) (Deta

Distributions (Narrative) (Details)

Feb. 13, 2019$ / shares

Dec. 29, 2017$ / shares

Mar. 31, 2019property$ / shares

Dec. 31, 2018$ / shares

Sep. 30, 2018$ / shares

Jun. 30, 2018$ / shares

Mar. 31, 2018$ / shares

Dec. 31, 2018$ / shares

Jun. 30, 2018$ / shares

Dec. 31, 2018property$ / shares

Dec. 31, 2017real_estate_investment

Dec. 31, 2017property

Feb. 28, 2019$ / shares

Other Ownership Interests [Line Items]

Distributions declared per common share per month (in dollars per share)

$ 0.541667

$ 0.0541667

Distributions declared per common share (in dollars per share)

$ 2.5

$ 0.1625

$ 0.1625

$ 0.1625

$ 0.1625

$ 0.65

Number real estate investments sold

2

20

6

6

Distributions declared per common share per month, return portion of stockholders' invested capital (in dollars per share)

$ 0.02

Distributions Designated As A Return Of Invested Capital [Member]

Other Ownership Interests [Line Items]

Distributions declared per common share (in dollars per share)

$ 0.45

Return of Capital Distributions

Other Ownership Interests [Line Items]

Distributions declared per common share (in dollars per share)

$ 4

Special Distribution Declared December 29, 2017

Other Ownership Interests [Line Items]

Distributions declared per common share (in dollars per share)

$ 1.05

Portion of Distributions as return of capital

Other Ownership Interests [Line Items]

Distributions declared per common share (in dollars per share)

$ 0.12

Monthly Liquidating Distributions

Other Ownership Interests [Line Items]

Distributions declared per common share (in dollars per share)

$ 0.33

Liquidating Distribution

Other Ownership Interests [Line Items]

Distributions declared per common share (in dollars per share)

$ 2.50

Distributions (Schedule of Dist

Distributions (Schedule of Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018
Real Estate [Line Items]
Cash Distributions	$ 661,238	$ 43,586	$ 36,970	$ 22,457	$ 22,126	$ 125,139
Distributions Reinvested	0	0	7,187	21,844	22,294	51,325
Total Declared	$ 661,238	$ 43,586	$ 44,157	$ 44,301	$ 44,420	$ 176,464
Distributions declared per common share (in dollars per share)	$ 2.5	$ 0.1625	$ 0.1625	$ 0.1625	$ 0.1625	$ 0.65
Distributions declared, noncontrolling interest	$ 53	$ 134	$ 11,769	$ 52	$ 60	$ 12,015
WaterWall JV
Real Estate [Line Items]
Distributions declared, noncontrolling interest			$ 11,600

Related Party Transactions (by

Related Party Transactions (by Category) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to Affiliates	$ 5,697	$ 5,697		$ 7,968
The Advisor and Affiliate of Hines | Asset Management Fee- the Advisor and affiliates of Hines
Related Party Transaction [Line Items]
Expenses from transactions with related party		6,780	$ 8,859
Due to Affiliates	2,010	2,010		2,495
The Advisor | Disposition Fee- the Advisor
Related Party Transaction [Line Items]
Expenses from transactions with related party		4,777	0
Due to Affiliates	0	0		0
The Advisor | Other
Related Party Transaction [Line Items]
Expenses from transactions with related party		1,488	1,496
Due to Affiliates	991	991		2,089
Hines | Property Management Fee- Hines
Related Party Transaction [Line Items]
Expenses from transactions with related party		1,055	1,531
Due to Affiliates	158	158		125
Hines | Development/Construction Management Fee- Hines
Related Party Transaction [Line Items]
Expenses from transactions with related party		572	483
Due to Affiliates	498	498		314
Hines | Leasing Fee- Hines
Related Party Transaction [Line Items]
Expenses from transactions with related party		194	306
Due to Affiliates	1,907	1,907		2,361
Hines | Expense Reimbursement- Hines (with respect to management and operations of the Company’s properties)
Related Party Transaction [Line Items]
Expenses from transactions with related party		1,887	$ 2,447
Due to Affiliates	$ 133	$ 133		$ 584
Summit Office Project
Related Party Transaction [Line Items]
Project administration fee, percent	2.50%

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties impaired | property	0	3
Investment property, net	$ 1,548,432	$ 1,769,955
Fair Value Measurements Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable carrying amount	772,000	678,100
Investment property, net		138,550
Impairment Loss		19,180
Quoted Prices In Active Markets for Identical Items (Level 1) | Fair Value Measurements Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property, net		$ 0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties impaired | property		2
Significant Other Observable Inputs (Level 2) | Fair Value Measurements Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable fair value	$ 773,100	$ 679,300
Investment property, net		$ 68,250
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties impaired | property		1
Significant Unobservable Inputs (Level 3) | Fair Value Measurements Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property, net		$ 70,300
Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input		0.090
Measurement Input, Cap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input		0.080
Measurement Input, Occupancy Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input		0.900
Measurement Input, Price Per Square Foot
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input		25

Reportable Segments (Narratives

Reportable Segments (Narratives) (Details)	3 Months Ended
	Mar. 31, 2019real_estate_investmentsegment
Segment Reporting Information [Line Items]
Number of reportable segments | segment	4
Number of real estate investments	12
Domestic office investments
Segment Reporting Information [Line Items]
Number of real estate investments	3
Domestic other investments
Segment Reporting Information [Line Items]
Number of real estate investments	4
International office investments
Segment Reporting Information [Line Items]
Number of real estate investments	4
International other investments
Segment Reporting Information [Line Items]
Number of real estate investments	1

Reportable Segments (Revenue) (

Reportable Segments (Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 48,233	$ 84,499
Domestic office investments
Segment Reporting Information [Line Items]
Revenues	16,841	32,662
Domestic other investments
Segment Reporting Information [Line Items]
Revenues	18,660	20,104
International office investments
Segment Reporting Information [Line Items]
Revenues	11,991	21,509
International other investments
Segment Reporting Information [Line Items]
Revenues	$ 741	$ 10,224

Reportable Segments (Geographic

Reportable Segments (Geographical) (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Total Revenue | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	73.00%	63.00%
Total Revenue | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	14.00%	10.00%
Total Revenue | Poland
Segment Reporting Information [Line Items]
Concentration risk (percent)	5.00%	7.00%
Total Revenue | Russia
Segment Reporting Information [Line Items]
Concentration risk (percent)	5.00%	3.00%
Total Revenue | France
Segment Reporting Information [Line Items]
Concentration risk (percent)	3.00%	2.00%
Total Revenue | Australia
Segment Reporting Information [Line Items]
Concentration risk (percent)	0.00%	9.00%
Total Revenue | Germany
Segment Reporting Information [Line Items]
Concentration risk (percent)	0.00%	6.00%
Total Assets | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	67.00%		73.00%
Total Assets | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	18.00%		14.00%
Total Assets | Poland
Segment Reporting Information [Line Items]
Concentration risk (percent)	6.00%		5.00%
Total Assets | Russia
Segment Reporting Information [Line Items]
Concentration risk (percent)	3.00%		2.00%
Total Assets | France
Segment Reporting Information [Line Items]
Concentration risk (percent)	6.00%		5.00%
Total Assets | Australia
Segment Reporting Information [Line Items]
Concentration risk (percent)	0.00%		1.00%

Reportable Segments (Property R

Reportable Segments (Property Revenue in Excess of Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total property revenues in excess of expenses	$ 27,558	$ 50,845
Domestic office investments
Segment Reporting Information [Line Items]
Total property revenues in excess of expenses	10,166	20,902
Domestic other investments
Segment Reporting Information [Line Items]
Total property revenues in excess of expenses	11,393	11,439
International office investments
Segment Reporting Information [Line Items]
Total property revenues in excess of expenses	5,599	11,232
International other investments
Segment Reporting Information [Line Items]
Total property revenues in excess of expenses	$ 400	$ 7,272

Reportable Segments (Assets) (D

Reportable Segments (Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total Assets	$ 2,068,750	$ 2,499,711
Operating Segments | Domestic office investments
Segment Reporting Information [Line Items]
Total Assets	644,019	913,982
Operating Segments | Domestic other investments
Segment Reporting Information [Line Items]
Total Assets	707,395	715,919
Operating Segments | International office investments
Segment Reporting Information [Line Items]
Total Assets	658,058	640,319
Operating Segments | International other investments
Segment Reporting Information [Line Items]
Total Assets	33,692	33,905
Corporate-level accounts
Segment Reporting Information [Line Items]
Total Assets	$ 25,586	$ 195,586

Reportable Segments (Reconcilia

Reportable Segments (Reconciliation to Consolidated) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Net income (loss)	$ 191,410	$ (10,183)
Depreciation and amortization	13,444	33,998
Asset management fees	6,780	8,859
General and administrative expenses	2,595	2,902
(Gain) loss on derivatives	126	(351)
(Gain) loss on sale of real estate investments	(192,189)	(19)
Foreign currency (gains) losses	(399)	1,220
Interest expense	7,347	14,999
Other (income) expenses	(1,283)	(263)
(Benefit) provision for income taxes	(273)	(317)
Total property revenues in excess of expenses	27,558	50,845
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net income (loss)	191,410	(10,183)
Depreciation and amortization	13,444	33,998
Asset management fees	6,780	8,859
General and administrative expenses	2,595	2,902
(Gain) loss on derivatives	126	(351)
(Gain) loss on sale of real estate investments	(192,189)	(19)
Foreign currency (gains) losses	(399)	1,220
Interest expense	7,347	14,999
Other (income) expenses	(1,283)	(263)
(Benefit) provision for income taxes	(273)	(317)
Total property revenues in excess of expenses	$ 27,558	$ 50,845

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 5,717	$ 13,705
Cash paid for taxes	794	5,923
Supplemental Schedule of Non-Cash Activities
Distributions declared and unpaid	0	14,795	$ 14,468
Distributions reinvested	0	22,612
Shares tendered for redemption	705	10,986
Accrued capital additions	$ 7,182	$ 13,881

Commitments and Contingencies (

Commitments and Contingencies (Details) - The Summit - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	May 31, 2018
Puget Sound Energy
Other Commitments [Line Items]
Tenant improvement, maximum exposure				$ 9.7
Tenant improvement, unfunded amount	$ 6.2
WeWork
Other Commitments [Line Items]
Tenant improvement, maximum exposure			$ 14
Tenant improvement, unfunded amount	11
Amazon
Other Commitments [Line Items]
Tenant improvement, maximum exposure		$ 40.7
Tenant improvement, unfunded amount	$ 40.7