HGR Liquidating Trust 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	May 05, 2020
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, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
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		262.6
Entity Shell Company	false
Entity Current Reporting Status	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 386,788	$ 373,179
Derivative instruments	16,421	0
Tenant and other receivables	213	114
Other assets	389	574
Assets held for sale	1,261,289	1,551,858
Total assets	1,665,100	1,925,725
Liabilities:
Accounts payable and accrued expenses	2,370	1,419
Due to affiliates	2,711	11,159
Derivative instruments	0	3,684
Liabilities associated with assets held for sale	315,928	653,900
Total liabilities	321,009	670,162
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, 2020 and December 31, 2019	0	0
Common stock, $.001 par value; 1,500,000 shares authorized, 262,924 and 263,373 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	263	263
Additional paid-in capital	2,382,838	2,386,673
Accumulated distributions in excess of earnings	(948,012)	(1,049,332)
Accumulated other comprehensive income (loss)	(91,499)	(82,571)
Total stockholders’ equity	1,343,590	1,255,033
Noncontrolling interests	501	530
Total equity	1,344,091	1,255,563
Total liabilities and equity	$ 1,665,100	$ 1,925,725

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	500,000,000	500,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	262,924,000	263,373,000
Common stock, shares outstanding (in shares)	262,924,000	263,373,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental revenue	$ 34,120	$ 45,856
Revenues	34,634	48,233
Expenses:
Property operating expenses	11,669	12,738
Real property taxes	4,589	6,789
Property management fees	826	1,148
Depreciation and amortization	0	13,444
Asset management fees	5,712	6,780
General and administrative expenses	2,073	2,595
Total expenses	24,869	43,494
Other income (expenses):
Gain (loss) on derivative instruments	20,598	(126)
Gain (loss) on sale of real estate investments	80,186	192,189
Foreign currency gains (losses)	(6,166)	399
Interest expense	(2,386)	(7,347)
Other income (expenses)	1,009	1,283
Income (loss) before benefit (provision) for income taxes	103,006	191,137
Benefit (provision) for income taxes	(1,700)	273
Net income (loss)	101,306	191,410
Net (income) loss attributable to noncontrolling interests	14	(9)
Net income (loss) attributable to common stockholders	$ 101,320	$ 191,401
Basic and diluted income (loss) per common share (in dollars per share)	$ 0.38	$ 0.72
Weighted average number of common shares outstanding (in shares)	264,131	265,029
Net comprehensive income (loss):
Net income (loss)	$ 101,306	$ 191,410
Other comprehensive income (loss):
Foreign currency translation adjustment	(8,943)	5,675
Net comprehensive income (loss)	92,363	197,085
Net comprehensive (income) loss attributable to noncontrolling interests	29	(13)
Net comprehensive income (loss) attributable to common stockholders	92,392	197,072
Other revenue
Revenues:
Revenues	$ 514	$ 2,377

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
Beginning balance, shares (in shares) at Dec. 31, 2018		267,073
Beginning balance at Dec. 31, 2018		$ 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
Ending balance at Mar. 31, 2019		$ 264	2,393,223	(1,158,312)	(123,256)	1,111,919	525
Beginning balance, shares (in shares) at Dec. 31, 2019	263,373	263,373
Beginning balance at Dec. 31, 2019	$ 1,255,563	$ 263	2,386,673	(1,049,332)	(82,571)	1,255,033	530
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares			30			30
Redemption of common shares, shares (in shares)		(449)
Redemption of common shares			(3,859)			(3,859)
Issuer costs			(6)			(6)
Net income (loss)	101,306			101,320		101,320	(14)
Foreign currency translation adjustment	$ (8,943)				(17,940)	(17,940)	(15)
Foreign currency translation adjustment reclassified into earnings.					9,012	9,012
Ending balance, shares (in shares) at Mar. 31, 2020	262,924	262,924
Ending balance at Mar. 31, 2020	$ 1,344,091	$ 263	$ 2,382,838	$ (948,012)	$ (91,499)	$ 1,343,590	$ 501

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 101,306	$ 191,410
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	481	16,939
Foreign currency (gains) losses	6,166	(399)
(Gain) on the sale of real estate investments	(80,186)	(192,189)
(Gain) loss on derivative instruments	(20,598)	126
Changes in assets and liabilities:
Change in other assets	1,664	(1,072)
Change in tenant and other receivables	(4,644)	732
Change in deferred leasing costs	(2,222)	(3,347)
Change in accounts payable and accrued expenses	(4,506)	(7,407)
Change in other liabilities	(4,929)	(4,970)
Change in due to affiliates	(3,215)	(2,217)
Net cash used in operating activities	(10,683)	(2,394)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of real estate investments	248,009	455,220
Capital expenditures at operating properties and developments	(4,437)	(21,979)
Net cash from investing activities	243,572	433,241
CASH FLOWS FROM FINANCING ACTIVITIES:
Contribution from noncontrolling interest	0	97
Redemption of common shares	(2,772)	(23,736)
Payments of issuer costs	(6)	(11)
Distributions paid to stockholders and noncontrolling interests	0	(675,758)
Proceeds from notes payable	0	169,000
Payments on notes payable	(225,535)	(75,553)
Change in security deposit liability	320	179
Deferred financing costs paid	(396)	(1,761)
Net cash used in financing activities	(228,389)	(607,543)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(499)	313
Net change in cash, cash equivalents, and restricted cash	4,001	(176,383)
Cash, cash equivalents, and restricted cash, beginning of period	385,959	261,017
Cash, cash equivalents, and restricted cash, end of period	$ 389,960	$ 84,634

Organization

Organization	3 Months Ended
	Mar. 31, 2020
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, 2019 included in Hines Global REIT, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019 . 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, 2020 , the results of operations for the three months ended March 31, 2020 and 2019 and cash flows for the three months ended March 31, 2020 and 2019 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 federal income tax purposes. The day-to-day 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 its public offerings, the Company received gross offering proceeds of $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. The Company’s original goal was to complete the liquidation of its assets and make final distributions to its stockholders by July 17, 2020 ( 24 months after stockholder approval of the Plan of Liquidation). While the Company has been actively marketing the remaining assets for disposition, the recent spread of the COVID-19 (more commonly referred to as the Coronavirus) pandemic and its impact on the global economic environment has had, and is expected to continue to have, an adverse impact on overall market conditions and the Company’s disposition process. As a result, the Company believes it is unlikely that it will be able to complete the liquidation of its assets and make final cash distributions to its stockholders by July 17, 2020. Accordingly, any remaining assets and liabilities of the Company will be transferred into a liquidating trust as described in the Plan of Liquidation approved by the Company’s stockholders in July 2018. At that time, the Company’s stockholders will receive shares of beneficial interest in the liquidating trust and the Company will be dissolved. The liquidating trust will operate substantially in the same manner as the Company operates today and will continue to pursue the liquidation of the remaining assets with the goal of distributing the net proceeds of the liquidation to the Company’s stockholders. There can be no assurances regarding the timing or amounts of any additional liquidating distributions. Through May 15, 2020 , the Company has paid aggregate return of capital distributions of approximately $4.00 per share to its stockholders, which included $2.83 per share of liquidating distributions pursuant to the Plan of Liquidation. Because the Plan of Liquidation follows the Company’s initial business plan, these financial statements have not been prepared on the liquidation basis of accounting. The Company sold its 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 , four properties in 2019 for an aggregate sales price of $1.3 billion , and two properties in the first quarter of 2020 for an aggregate sales price of $379.9 million . As of March 31, 2020 , the Company owned interests in eight real estate investments, consisting of the following types of investments: • Domestic office investments ( 1 investments) • Domestic other investments ( 4 investments) • International office investments ( 3 investments)

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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, 2019 for a complete listing of all of its significant accounting policies. Coronavirus Outbreak The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. In particular, the Coronavirus pandemic has adversely impacted and is likely to further adversely impact the Company’s business, the businesses of the Company’s tenants and the real estate market generally. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or address its impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume. The ongoing global outbreak of the Coronavirus pandemic continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. It has disrupted global travel and supply chains, adversely impacted global commercial activity, and its long-term economic impact remains uncertain. Considerable uncertainty still surrounds the Coronavirus and its potential effects on the population, as well as the effectiveness of any responses taken on a national and local level by government authorities and businesses. The travel restrictions, limits on hours of operations and/or closures of non-essential businesses and other efforts to curb the spread of the Coronavirus have significantly disrupted business activity globally, including in the markets where the Company’s remaining assets are located, and the Company expects them to have an adverse impact on the performance of its investments. Many of the Company’s tenants are subject to shelter in place and other quarantine restrictions, and the restrictions could be in place for an extended period of time. These restrictions are particularly adversely impacting many of the Company’s retail tenants (other than grocery tenants), as government instructions regarding social distancing and mandated closures have reduced and, in some cases, eliminated customer foot traffic, causing many of the Company’s retail tenants to temporarily close their brick and mortar stores. As of March 31, 2020 , the Company owned four retail properties in the U.S., which comprised nearly 51% of total revenues recognized by the Company during the three months ended March 31, 2020 . Further, while the Company collected approximately 94% of March rents at its retail properties, collections in April dropped to around 33% . The Company is in preliminary discussions with these tenants and currently expects to grant relief to some of its tenants to defer rent payments as a result of their estimated lost revenues from the current Coronavirus pandemic; however, there can be no assurance the Company will reach an agreement with any tenant or if an agreement is reached, that any such tenant will be able to repay any such deferred rent in the future. Excluding retail properties, the Company collected approximately 97% of March rents and approximately 87% of April rents. The outbreak will likely have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. In addition, the rapidly evolving nature of the pandemic makes it difficult to ascertain the long-term impact it will have on commercial real estate markets and the Company’s investments. Nevertheless, the Coronavirus presents material uncertainty and risk with respect to the performance of the Company’s real estate investments, its financial results, such as rent concessions or reduced rental rates, and ability to complete the disposition of its remaining properties pursuant to the Plan of Liquidation, such as the potential negative impact to occupancy at the Company’s properties, the potential closure of certain of its assets for an extended period, the potential for adverse impacts with respect to financing arrangements, increased costs of operations, decrease in values of the Company’s real estate investments, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. The Company is unable to estimate the impact the Coronavirus will have on its financial results at this time. See Note 1 — Organization for a description of the delays it has caused with respect to the Company's completion of its Plan of Liquidation, which will cause the Company to transfer its assets and liabilities to a liquidating trust in the third quarter of this year. Due to the business disruptions and challenges severely affecting the global economy caused by the Coronavirus pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in Accounting Standards Codification (“ASC”) Topic 842 ("Topic 842") addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from the Coronavirus pandemic. In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the Coronavirus pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief and will avail itself of the election to avoid performing a lease by lease analysis for the lease concessions that 1) were granted as relief due to the Coronavirus pandemic and 2) result in the cash flows remaining substantially the same or less. The Lease Modification Q&A has no material impact on the Company’s consolidated financial statements as of and for the three months ended March 31, 2020 , however, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the Coronavirus pandemic in future periods and the elections made by the Company at the time of entering into such concessions. Assets and Liabilities Held for Sale As described previously, in connection with the execution of the Plan of Liquidation, the Company is actively working to sell its remaining properties by July 2020. Accordingly, in July 2019, the Company determined that all of its real estate properties and their related assets and associated liabilities should be classified as held for sale in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10. ASC 360-10 requires amounts related to assets held for sale to be recorded at the lower of their current carrying value or their estimated net realizable value (i.e. fair value less costs to sell). As ASC 360-10 requires the separate presentation of assets and liabilities classified as held for sale, the Company has aggregated and presented these assets and liabilities each as one line on the Condensed Consolidated Balance Sheet (“assets held for sale” and “liabilities associated with assets held for sale”, respectively), which are described further in the tables below. Further, as a result of the held for sale designation, no depreciation or amortization related to the properties was recorded after July 2019. These assets did not qualify to be classified as discontinued operations, because the sale of these assets does not represent a strategic shift in the Company’s operations. As of March 31, 2020 and December 31, 2019 , assets held for sale consisted of the following (in thousands): March 31, 2020 December 31, 2019 Investment property, net $ 893,834 $ 1,179,770 Restricted cash 3,172 12,780 Tenant and other receivables, net 94,526 (1) 50,278 Intangible lease assets, net 89,152 97,030 Right-of-use asset, net 91,034 97,499 Deferred leasing costs, net 79,801 102,366 Deferred financing costs, net 845 845 Other assets 8,925 11,290 Total assets held for sale $ 1,261,289 $ 1,551,858 (1) As of March 31, 2020 , Tenant and other receivables, net included $47.4 million related to proceeds to be received from the sale of Perspective Defense. See Note 3 — Investment Property for more information on the sale of Perspective Defense. As of March 31, 2020 and December 31, 2019 , liabilities associated with assets held for sale consisted of the following (in thousands): March 31, 2020 December 31, 2019 Accounts payable and accrued expenses $ 37,681 $ 48,459 Due to affiliates 824 2,003 Intangible lease liabilities, net 43,534 45,425 Other liabilities 12,447 21,328 Notes payable, net (1) 221,442 536,685 Total liabilities associated with assets held for sale $ 315,928 $ 653,900 (1) Includes outstanding liabilities related to the Company’s Revolving Credit Facility (as defined below), which is collateralized by several of the remaining properties and must be repaid after the sale of those properties. Other Assets As of March 31, 2020 , other assets included the following (in thousands): March 31, 2020 (1) December 31, 2019 (2) Prepaid expenses $ 1,062 $ 1,580 Deferred tax assets 8,027 10,056 Other 225 228 Other assets $ 9,314 $ 11,864 (1) As of March 31, 2020 , with the exception of $0.4 million related to corporate level activities, these amounts were included in other assets within assets held for sale. (2) As of December 31, 2019 , with the exception of $0.6 million related to corporate level activities, these amounts were included in other assets within assets held for sale. Revenue Recognition As of January 1, 2018, the Company began accounting for the sale of real estate properties under ASU 2017-05, which provides for revenue recognition based on completed performance obligations, which typically occurs upon the transfer of ownership of a real estate asset. 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, 2020 and December 31, 2019 , respectively, the Company recorded liabilities of $5.5 million and $12.4 million related to prepaid rental payments, which were included in liabilities associated with assets held for sale as of March 31, 2020 and December 31, 2019 , respectively 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 $34.3 million and $40.4 million as of March 31, 2020 and December 31, 2019 , 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 assets held for sale as of March 31, 2020 and December 31, 2019 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, tenant reimbursements and interest on loans receivable. Parking revenue represents amounts generated from contractual and transient parking and is recognized in accordance with contractual terms or as services are rendered. Other revenues relating to tenant reimbursements are recognized in the period that the expense is incurred. Recently Adopted 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 provisions of ASU No. 2018-13 are effective for the Company as of January 1, 2020 and have not materially impacted the Company’s financial statements.

Investment Property

Investment Property	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
INVESTMENT PROPERTY	INVESTMENT PROPERTY Investment property consisted of the following amounts as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Buildings and improvements $ 712,755 $ 955,411 Less: accumulated depreciation (43,280 ) (79,394 ) Buildings and improvements, net 669,475 876,017 Land 224,359 303,753 Investment property, net (1) $ 893,834 $ 1,179,770 (1) As of March 31, 2020 and December 31, 2019 , these amounts were included in assets held for sale. Recent Dispositions of Real Estate Investments In January 2020, the Company completed the sale of its Riverside Center property for a contract sales price of $235.0 million . The Company recognized a gain on sale of this asset of $48.6 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 2020, the Company completed the sale of its Perspective Defense property for a contract sales price of €129.8 million (approximately $144.9 million at a rate of $1.12 per EUR). The Company recognized a gain on sale of this asset of $17.7 million net of disposition fees, which was recorded in gain on sale of real estate investments on the Condensed Consolidated Statements of Operations and Comprehens ive Income (Loss). During the three months ended March 31, 2020 , the Company completed the sale of several outparcels at its property, The Rim, for a total aggregate contract sales price of $25.1 million . The Company recognized a gain on sale of these assets of $15.2 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). As of March 31, 2020 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles (1) In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 159,536 $ 13,993 $ (69,698 ) Less: accumulated amortization (77,157 ) (7,220 ) 26,164 Net $ 82,379 $ 6,773 $ (43,534 ) (1) As of March 31, 2020 , these amounts were included in assets held for sale and liabilities associated with assets held for sale. As of December 31, 2019 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles (1) Out-of-Market Lease Assets Out-of-Market Lease Liabilities In-Place Leases Cost $ 221,996 $ 21,776 $ (75,002 ) Less: accumulated amortization (131,940 ) (14,802 ) 29,577 Net $ 90,056 $ 6,974 $ (45,425 ) (1) As of December 31, 2019 , these amounts were included in assets held for sale and liabilities associated with assets held for sale. Amortization expense of in-place leases was $4.5 million for the three months ended March 31, 2019 . There was no amortization of in-place leases for the three months ended March 31, 2020 , due to the related properties being classified as held for sale. Amortization of out-of-market leases resulted in an increase to rental revenue of $1.0 million for the three months ended March 31, 2019 . There was no amortization of out-of-market leases for the three months ended March 31, 2020 , due to the related properties being classified as held for sale. 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 release 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 separate billings for variable rent, such as, reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants’ sales. Total billings related to expense reimbursements from tenants for the three months ended March 31, 2020 and 2019 was $10.3 million and $12.2 million , respectively, 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, 2020 , the approximate fixed future minimum rentals for the period from April 1, 2020 through December 31, 2020 , for each of the years ending December 31, 2021 through December 31, 2025 and for the period thereafter are as follows (in thousands): Fixed Future Minimum Rentals (1) April 1, 2020 through December 31, 2020 $ 66,273 2021 90,528 2022 89,696 2023 83,233 2024 71,924 2025 65,439 Thereafter 401,674 Total $ 868,767 (1) As of March 31, 2020 , these amounts were related to assets classified as held for sale. During the three months ended March 31, 2020 and 2019 , 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, 2020
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING As of March 31, 2020 and December 31, 2019 , the Company had $222.2 million and $537.8 million of principal outstanding, respectively, with a weighted average years to maturity of 0.6 years and 0.4 years , respectively, and a weighted average interest rate of 3.1% and 3.0% , respectively. The following table describes the Company’s debt outstanding at March 31, 2020 and December 31, 2019 (in thousands, except percentages): Description Origination or Assumption Date Maturity Date Interest Rate Description Interest Rate as of Principal Outstanding at March 31, 2020 (1) Principal Outstanding at December 31, 2019 (1) Secured Mortgage Debt New City 3/28/2013 3/18/2021 Variable, subject to interest rate cap 2.30 % $ 69,112 $ 71,144 Perspective Défense 6/21/2013 7/25/2020 Variable N/A — 78,505 25 Cabot Square 3/26/2014 9/30/2020 (2) Fixed 3.50 % 153,116 163,164 Other Notes Payable JPMorgan Chase Revolving Credit Facility - Revolving Loan 4/13/2012 9/4/2020 (3) Variable N/A — — JPMorgan Chase Revolving Credit Facility - Term Loan 5/22/2013 9/4/2020 Variable N/A — (4) 225,000 Total Principal Outstanding $ 222,228 $ 537,813 Unamortized Deferred Financing Costs (5) $ (786 ) $ (1,128 ) Notes Payable, net $ 221,442 $ 536,685 (1) As of March 31, 2020 and December 31, 2019 , these amounts were included in liabilities associated with assets held for sale. (2) In March 2020, the secured mortgage loan at 25 Cabot Square was amended, resulting in a new maturity date of September 30, 2020. (3) In March 2020, the Revolving Credit Facility was amended, resulting in a new maturity date of September 4, 2020. (4) In January 2020, the Company paid off the Revolving Credit Facility - Term Loan in full. (5) Unamortized deferred financing costs related to the revolving loan commitment of the JPMorgan Chase Revolving Credit Facility were included in assets held for sale as of March 31, 2020 . As of March 31, 2020 , the variable-rate debt has variable interest rates ranging from the LIBOR or EURIBOR screen rate plus 1.45% to 2.30% per annum. As of March 31, 2020 , $55.4 million of one of the Company’s variable-rate loans was capped at a strike rate of 0.00% . Additionally, as of December 31, 2019 , $56.9 million one of the Company’s variable-rate loans was capped at a strike rate of 0.00% . JP Morgan Chase Revolving Credit Facility In April 2012, the Operating Partnership entered into a credit agreement with JPMorgan Chase Bank, N.A. (the “Credit Agreement”), 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 March 2020, the borrowings may be denominated in U.S. dollars, British pound sterling, Euros, Australian dollars or Canadian dollars with up to $200.0 million maximum amount available under the Revolving Credit Facility. Prior to the March 2020 amendment total commitments under the Revolving Credit Facility were $725.0 million . As amended, the Credit Agreement provides for a revolving loan commitment of up to $200.0 million and a term loan commitment of up to $225.0 million . Aggregate foreign currency commitments can constitute up to $100.0 million of the maximum amount available under the revolving loan commitment. The March 2020 amendment extended the maturity date of the Revolving Credit Facility from March 4, 2020 to September 4, 2020. The Company may elect to extend the maturity by two additional six -month extensions at the Company’s option and subject to the satisfaction of certain conditions. During the three months ended March 31, 2020 , the Company made no draws and a payment of $225.0 million on the Revolving Credit Facility to pay it off in full. 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. The Company is not aware of any instances of noncompliance with financial covenants as of March 31, 2020. The Company’s continued compliance with these covenants depends on many factors and could be impacted by current or future economic conditions associated with the Coronavirus pandemic. Failure to comply with these covenants would result in a default which, if the Company were unable to cure or obtain a waiver from the lenders, could accelerate the repayment obligations and strain the liquidity of the Company. Principal Payments on Debt The Company is required to make the following principal payments on its outstanding notes payable for period April 1, 2020 through December 31, 2020 , and each of the years ending December 31, 2021 through December 31, 2024 and for the period thereafter (amounts are in thousands): Payments due by Year April 1, 2020 through December 31, 2020 2021 2022 2023 2024 Thereafter Principal payments $ 154,770 $ 67,458 $ — $ — $ — $ —

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company has entered into several interest rate cap contracts in connection with certain of its secured mortgage loans in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowings. The Company’s interest rate cap agreements have economically limited the interest rate on each of the loans to which they relate. The Company has not designated any of these derivatives as hedges for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its consolidated balance sheets the fair value amount recorded for its derivative instruments. See Note 4 — Debt Financing for additional information on the interest rate caps associated with the Company’s variable rate loans and Note 7 — Fair Value Measurements for additional information regarding the fair value of the Company’s interest rate contracts. The Company has also entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates related to certain cash flows of some of its international investments. These forward contracts fixed the currency exchange rates on each of the investments to which they related. The Company did not designate any of these contracts as fair value or cash flow hedges for accounting purposes. The table below provides additional information regarding the Company’s foreign currency forward contracts that were outstanding, as of March 31, 2020 (in thousands): Foreign Currency Forward Contracts Effective Date Expiration Date Notional Amount Buy/Sell Traded Currency Rate December 4, 2019 April 30, 2020 £ 225,000 USD/GBP $ 1.31 December 5, 2019 April 30, 2020 € 20,000 USD/EUR $ 1.12 March 27, 2020 April 30, 2020 € 45,000 USD/EUR $ 1.11 The table below presents the effects of the changes in fair value of the Company’s derivative instruments in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2020 and 2019 (in thousands): Gain (Loss) Recorded on Derivative Instruments Three Months Ended March 31, March 31, Derivatives not designated as hedging instruments: Unrealized foreign currency forward contracts $ 20,105 $ — Settlement of foreign currency forward contract 493 (126 ) Total gain (loss) on derivatives $ 20,598 $ (126 )

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
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, 2020 and December 31, 2019 (in thousands): Incurred Three Months Ended March 31, Unpaid as of Type and Recipient 2020 2019 March 31, 2020 (1) December 31, 2019 (1) Asset Management Fee- the Advisor and affiliates of Hines $ 5,712 $ 6,780 $ 1,584 $ 1,763 Disposition Fee- the Advisor $ 4,049 $ 4,777 251 7,976 Other (2) $ 750 $ 1,488 818 1,477 Property Management Fee- Hines $ 472 $ 1,055 153 277 Development/Construction Management Fee- Hines $ 12 $ 572 103 119 Leasing Fee- Hines $ 99 $ 194 369 1,061 Expense Reimbursement- Hines (with respect to management and operations of the Company’s properties) $ 1,356 $ 1,887 257 489 Due to Affiliates $ 3,535 $ 13,162 (1) As of March 31, 2020 and December 31, 2019 , with the exception of $2.7 million and $11.2 million , respectively, related to corporate level activities, these amounts were included in due to affiliates within liabilities associated with assets held for sale. (2) Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses and offering 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 was paid a project administration fee equal to 2.5% of the qualified construction costs. In December 2019, The Summit, including the office building in development, was sold and the Company is no longer a party to this agreement.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Financial Instruments Fair Value Disclosures As of March 31, 2020 , the Company estimated that the fair value of its notes payable, which had a book value (excluding any unamortized discount or premium and deferred financing costs) of $222.2 million , was $222.4 million . As of December 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 $537.8 million , was $538.0 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, 2020 , 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 fair value methodologies used to measure long-lived assets are described in Note 2 — Summary of Significant Accounting Policies - Investment Property and Lease Intangibles. 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, 2020 . As a result of the Company’s remaining real estate properties meeting the criteria to be classified as held for sale for the year ended December 31, 2019 , the Company determined that six of its remaining properties were impaired by $115.4 million based on such assets having carrying values that exceeded their estimated sales price less costs to sell based on the offers received (level 2 inputs) and third party broker consultations (level 3 inputs), which were obtained in conjunction with its marketing process. Of this amount, $46.9 million is attributable to the requirement when real estate properties are classified as held for sale to include cumulative foreign currency translation adjustments (“cumulative CTA”) in the carrying value for two of the Company’s foreign denominated assets within the impairment tests in accordance with ASC 830, Foreign Currency Matters. These impairment losses are limited to the carrying amount of each asset. Prior to designating its properties as held for sale, investment properties were reviewed for impairment at each reporting period if events or changes in circumstances indicated that the carrying amount may not be recoverable. During the year ended December 31, 2019 , the Company determined that one of its properties was impaired by $7.2 million as a result of deteriorating market conditions and valued it using level 3 inputs. 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, the assets were written down to fair value. The following table summarizes activity for the Company’s assets measured at fair value, on a non-recurring basis as of March 31, 2020 and December 31, 2019 (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, 2019 Investment property $ 544,846 $ — $ 458,828 $ 86,018 $ 122,603 The Company’s estimated fair value of the investment properties measured using level 3 inputs were 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 investment property for the period ended December 31, 2019 include: a discount rate of 8.80% ; a capitalization rate of 6.50% ; stabilized occupancy rate of 91.7% ; and current market rental rates ranging from $12.00 to $47.00 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, 2020
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, 2020 : • Domestic office investments ( 1 investments) • Domestic other investments ( 4 investments) • International office investments ( 3 investments) • International other investments ( 0 investments remaining as of March 31, 2020 ) 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, 2020 2019 Total Revenue Domestic office investments $ 3,162 $ 16,841 Domestic other investments 17,637 18,660 International office investments 13,835 11,991 International other investments — 741 Total Revenue $ 34,634 $ 48,233 For the three months ended March 31, 2020 and 2019 the Company’s total revenue was attributable to the following countries: Three Months Ended March 31, 2020 2019 Total Revenue United States 59 % 73 % United Kingdom 25 % 14 % Poland 8 % 5 % Russia 5 % 5 % France 3 % 3 % For the three months ended March 31, 2020 and 2019 , the Company’s property revenues in excess of expenses by segment was as follows (in thousands): Three Months Ended March 31, 2020 2019 Property revenues in excess of expenses (1) Domestic office investments $ 1,157 $ 10,166 Domestic other investments 9,771 11,393 International office investments 6,793 5,599 International other investments (171 ) 400 Property revenues in excess of expenses $ 17,550 $ 27,558 (1) Revenues less property operating expenses, real property taxes and property management fees. As of March 31, 2020 and December 31, 2019 , the Company’s total assets by segment was as follows (in thousands): March 31, 2020 December 31, 2019 Total Assets Domestic office investments $ 75,666 $ 261,330 Domestic other investments 655,626 665,079 International office investments 546,818 655,138 International other investments 6,720 7,723 Corporate-level accounts 380,270 336,455 Total Assets $ 1,665,100 $ 1,925,725 As of March 31, 2020 and December 31, 2019 , the Company’s total assets were attributable to the following countries: March 31, 2020 December 31, 2019 Total Assets United States 67 % 66 % United Kingdom 23 % 21 % Poland 6 % 6 % France 3 % 6 % Russia 1 % 1 % For the three months ended March 31, 2020 and 2019 , the Company’s reconciliation to the Company’s property revenues in excess of expenses is as follows (in thousands): Three Months Ended March 31, 2020 2019 Reconciliation to property revenues in excess of expenses Net income (loss) $ 101,306 $ 191,410 Depreciation and amortization — 13,444 Asset management fees 5,712 6,780 General and administrative expenses 2,073 2,595 (Gain) loss on derivatives (20,598 ) 126 (Gain) loss on sale of real estate investments (80,186 ) (192,189 ) Foreign currency (gains) losses 6,166 (399 ) Interest expense 2,386 7,347 Other (income) expenses (1,009 ) (1,283 ) (Benefit) provision for income taxes 1,700 (273 ) Total property revenues in excess of expenses $ 17,550 $ 27,558

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 2,708 $ 5,717 Cash paid for taxes $ 376 $ 794 Supplemental Schedule of Non-Cash Activities Shares tendered for redemption $ 1,785 $ 705 Receivables related to proceeds from dispositions $ 48,149 $ — Assumption of mortgage upon disposition of property $ 78,519 $ — Accrued capital additions $ 1,437 $ 7,182

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Additional Suspension of Share Redemption Program In February 2019 , in line with common practice within the industry when executing a plan of liquidation, the Company suspended its share redemption program (“SRP”), with the exception of redemptions related to the death or disability of a stockholder. As previously announced, because values are difficult to discern at this time due to the market unrest resulting from the Coronavirus pandemic, the Company’s board of directors has determined it would not be prudent to attempt to determine a new net asset value (“NAV”) per share of the Company’s common stock at this time. Since the Coronavirus pandemic is ongoing, and given that the redemption price under the SRP is equal to the most recently determined NAV per share of the Company’s common stock and the NAV per share was last determined as of February 14, 2019 , the Board has determined to also suspend redemptions related to the death or disability of a stockholder, effective May 17, 2020 . The Rim Outparcel In April 2020 , the Company sold an outparcel at The Rim for a contract sales prices of $6.9 million . The purchaser is not affiliated with the Company or its affiliates. The Avenue at Murfreesboro In April 2020 , the Company entered into a contract to sell The Avenue at Murfreesboro for a contract sales prices of $141.3 million . Although the Company expects the closing of this sale to occur in August 2020 , there can be no assurances as to if or when this sale is completed. The Markets at Town Center Outparcel In May 2020 , the Company entered into a contract to sell an outparcel at The Markets at Town Center for a contract sales prices of $10.0 million . Although the Company expects the closing of this sale to occur in 2020, there can be no assurances as to if or when this sale is completed.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted 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 provisions of ASU No. 2018-13 are effective for the Company as of January 1, 2020 and have not materially impacted the Company’s financial statements.
Assets and Liabilities Held for Sale	Assets and Liabilities Held for Sale As described previously, in connection with the execution of the Plan of Liquidation, the Company is actively working to sell its remaining properties by July 2020. Accordingly, in July 2019, the Company determined that all of its real estate properties and their related assets and associated liabilities should be classified as held for sale in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10. ASC 360-10 requires amounts related to assets held for sale to be recorded at the lower of their current carrying value or their estimated net realizable value (i.e. fair value less costs to sell). As ASC 360-10 requires the separate presentation of assets and liabilities classified as held for sale, the Company has aggregated and presented these assets and liabilities each as one line on the Condensed Consolidated Balance Sheet (“assets held for sale” and “liabilities associated with assets held for sale”, respectively), which are described further in the tables below. Further, as a result of the held for sale designation, no depreciation or amortization related to the properties was recorded after July 2019. These assets did not qualify to be classified as discontinued operations, because the sale of these assets does not represent a strategic shift in the Company’s operations.
Revenue Recognition	Revenue Recognition As of January 1, 2018, the Company began accounting for the sale of real estate properties under ASU 2017-05, which provides for revenue recognition based on completed performance obligations, which typically occurs upon the transfer of ownership of a real estate asset. 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, 2020 and December 31, 2019 , respectively, the Company recorded liabilities of $5.5 million and $12.4 million related to prepaid rental payments, which were included in liabilities associated with assets held for sale as of March 31, 2020 and December 31, 2019 , respectively 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 $34.3 million and $40.4 million as of March 31, 2020 and December 31, 2019 , 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 assets held for sale as of March 31, 2020 and December 31, 2019 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, tenant reimbursements and interest on loans receivable. Parking revenue represents amounts generated from contractual and transient parking and is recognized in accordance with contractual terms or as services are rendered. Other revenues relating to tenant reimbursements are recognized in the period that the expense is incurred.
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, 2020 , 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 fair value methodologies used to measure long-lived assets are described in Note 2 — Summary of Significant Accounting Policies - Investment Property and Lease Intangibles. 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. No investment properties were impaired during the three months ended March 31, 2020 . As a result of the Company’s remaining real estate properties meeting the criteria to be classified as held for sale for the year ended December 31, 2019 , the Company determined that six of its remaining properties were impaired by $115.4 million based on such assets having carrying values that exceeded their estimated sales price less costs to sell based on the offers received (level 2 inputs) and third party broker consultations (level 3 inputs), which were obtained in conjunction with its marketing process. Of this amount, $46.9 million is attributable to the requirement when real estate properties are classified as held for sale to include cumulative foreign currency translation adjustments (“cumulative CTA”) in the carrying value for two of the Company’s foreign denominated assets within the impairment tests in accordance with ASC 830, Foreign Currency Matters. These impairment losses are limited to the carrying amount of each asset. Prior to designating its properties as held for sale, investment properties were reviewed for impairment at each reporting period if events or changes in circumstances indicated that the carrying amount may not be recoverable. During the year ended December 31, 2019 , the Company determined that one of its properties was impaired by $7.2 million as a result of deteriorating market conditions and valued it using level 3 inputs.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule Of Assets Held For Sale And Associated Liabilities	As of March 31, 2020 and December 31, 2019 , assets held for sale consisted of the following (in thousands): March 31, 2020 December 31, 2019 Investment property, net $ 893,834 $ 1,179,770 Restricted cash 3,172 12,780 Tenant and other receivables, net 94,526 (1) 50,278 Intangible lease assets, net 89,152 97,030 Right-of-use asset, net 91,034 97,499 Deferred leasing costs, net 79,801 102,366 Deferred financing costs, net 845 845 Other assets 8,925 11,290 Total assets held for sale $ 1,261,289 $ 1,551,858 (1) As of March 31, 2020 , Tenant and other receivables, net included $47.4 million related to proceeds to be received from the sale of Perspective Defense. See Note 3 — Investment Property for more information on the sale of Perspective Defense. As of March 31, 2020 and December 31, 2019 , liabilities associated with assets held for sale consisted of the following (in thousands): March 31, 2020 December 31, 2019 Accounts payable and accrued expenses $ 37,681 $ 48,459 Due to affiliates 824 2,003 Intangible lease liabilities, net 43,534 45,425 Other liabilities 12,447 21,328 Notes payable, net (1) 221,442 536,685 Total liabilities associated with assets held for sale $ 315,928 $ 653,900 (1) Includes outstanding liabilities related to the Company’s Revolving Credit Facility (as defined below), which is collateralized by several of the remaining properties and must be repaid after the sale of those properties.
Schedule Of Other Assets	As of March 31, 2020 , other assets included the following (in thousands): March 31, 2020 (1) December 31, 2019 (2) Prepaid expenses $ 1,062 $ 1,580 Deferred tax assets 8,027 10,056 Other 225 228 Other assets $ 9,314 $ 11,864 (1) As of March 31, 2020 , with the exception of $0.4 million related to corporate level activities, these amounts were included in other assets within assets held for sale. (2) As of December 31, 2019 , with the exception of $0.6 million related to corporate level activities, these amounts were included in other assets within assets held for sale.

Investment Property (Tables)

Investment Property (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Real Estate Properties	Investment property consisted of the following amounts as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Buildings and improvements $ 712,755 $ 955,411 Less: accumulated depreciation (43,280 ) (79,394 ) Buildings and improvements, net 669,475 876,017 Land 224,359 303,753 Investment property, net (1) $ 893,834 $ 1,179,770 (1) As of March 31, 2020 and December 31, 2019 , these amounts were included in assets held for sale.
Schedule Of Acquired Finite-Lived Intangible Assets By Major Class	As of March 31, 2020 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles (1) In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 159,536 $ 13,993 $ (69,698 ) Less: accumulated amortization (77,157 ) (7,220 ) 26,164 Net $ 82,379 $ 6,773 $ (43,534 ) (1) As of March 31, 2020 , these amounts were included in assets held for sale and liabilities associated with assets held for sale. As of December 31, 2019 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles (1) Out-of-Market Lease Assets Out-of-Market Lease Liabilities In-Place Leases Cost $ 221,996 $ 21,776 $ (75,002 ) Less: accumulated amortization (131,940 ) (14,802 ) 29,577 Net $ 90,056 $ 6,974 $ (45,425 ) (1) As of December 31, 2019 , these amounts were included in assets held for sale and liabilities associated with assets held for sale.
Schedule Of Future Minimum Rental Income For Operating Leases	As of March 31, 2020 , the approximate fixed future minimum rentals for the period from April 1, 2020 through December 31, 2020 , for each of the years ending December 31, 2021 through December 31, 2025 and for the period thereafter are as follows (in thousands): Fixed Future Minimum Rentals (1) April 1, 2020 through December 31, 2020 $ 66,273 2021 90,528 2022 89,696 2023 83,233 2024 71,924 2025 65,439 Thereafter 401,674 Total $ 868,767 (1) As of March 31, 2020 , these amounts were related to assets classified as held for sale.

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule Of Debt	The following table describes the Company’s debt outstanding at March 31, 2020 and December 31, 2019 (in thousands, except percentages): Description Origination or Assumption Date Maturity Date Interest Rate Description Interest Rate as of Principal Outstanding at March 31, 2020 (1) Principal Outstanding at December 31, 2019 (1) Secured Mortgage Debt New City 3/28/2013 3/18/2021 Variable, subject to interest rate cap 2.30 % $ 69,112 $ 71,144 Perspective Défense 6/21/2013 7/25/2020 Variable N/A — 78,505 25 Cabot Square 3/26/2014 9/30/2020 (2) Fixed 3.50 % 153,116 163,164 Other Notes Payable JPMorgan Chase Revolving Credit Facility - Revolving Loan 4/13/2012 9/4/2020 (3) Variable N/A — — JPMorgan Chase Revolving Credit Facility - Term Loan 5/22/2013 9/4/2020 Variable N/A — (4) 225,000 Total Principal Outstanding $ 222,228 $ 537,813 Unamortized Deferred Financing Costs (5) $ (786 ) $ (1,128 ) Notes Payable, net $ 221,442 $ 536,685 (1) As of March 31, 2020 and December 31, 2019 , these amounts were included in liabilities associated with assets held for sale. (2) In March 2020, the secured mortgage loan at 25 Cabot Square was amended, resulting in a new maturity date of September 30, 2020. (3) In March 2020, the Revolving Credit Facility was amended, resulting in a new maturity date of September 4, 2020. (4) In January 2020, the Company paid off the Revolving Credit Facility - Term Loan in full. (5) Unamortized deferred financing costs related to the revolving loan commitment of the JPMorgan Chase Revolving Credit Facility were included in assets held for sale as of March 31, 2020 .
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, 2020 through December 31, 2020 , and each of the years ending December 31, 2021 through December 31, 2024 and for the period thereafter (amounts are in thousands): Payments due by Year April 1, 2020 through December 31, 2020 2021 2022 2023 2024 Thereafter Principal payments $ 154,770 $ 67,458 $ — $ — $ — $ —

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Currency Forward Contracts	The table below provides additional information regarding the Company’s foreign currency forward contracts that were outstanding, as of March 31, 2020 (in thousands): Foreign Currency Forward Contracts Effective Date Expiration Date Notional Amount Buy/Sell Traded Currency Rate December 4, 2019 April 30, 2020 £ 225,000 USD/GBP $ 1.31 December 5, 2019 April 30, 2020 € 20,000 USD/EUR $ 1.12 March 27, 2020 April 30, 2020 € 45,000 USD/EUR $ 1.11
Schedule of Fair Value of Derivative Instruments	The table below presents the effects of the changes in fair value of the Company’s derivative instruments in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2020 and 2019 (in thousands): Gain (Loss) Recorded on Derivative Instruments Three Months Ended March 31, March 31, Derivatives not designated as hedging instruments: Unrealized foreign currency forward contracts $ 20,105 $ — Settlement of foreign currency forward contract 493 (126 ) Total gain (loss) on derivatives $ 20,598 $ (126 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 and December 31, 2019 (in thousands): Incurred Three Months Ended March 31, Unpaid as of Type and Recipient 2020 2019 March 31, 2020 (1) December 31, 2019 (1) Asset Management Fee- the Advisor and affiliates of Hines $ 5,712 $ 6,780 $ 1,584 $ 1,763 Disposition Fee- the Advisor $ 4,049 $ 4,777 251 7,976 Other (2) $ 750 $ 1,488 818 1,477 Property Management Fee- Hines $ 472 $ 1,055 153 277 Development/Construction Management Fee- Hines $ 12 $ 572 103 119 Leasing Fee- Hines $ 99 $ 194 369 1,061 Expense Reimbursement- Hines (with respect to management and operations of the Company’s properties) $ 1,356 $ 1,887 257 489 Due to Affiliates $ 3,535 $ 13,162 (1) As of March 31, 2020 and December 31, 2019 , with the exception of $2.7 million and $11.2 million , respectively, related to corporate level activities, these amounts were included in due to affiliates within liabilities associated with assets held for sale. (2) Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses and offering 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, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements, Nonrecurring	The following table summarizes activity for the Company’s assets measured at fair value, on a non-recurring basis as of March 31, 2020 and December 31, 2019 (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, 2019 Investment property $ 544,846 $ — $ 458,828 $ 86,018 $ 122,603

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information By Segment	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, 2020 2019 Total Revenue Domestic office investments $ 3,162 $ 16,841 Domestic other investments 17,637 18,660 International office investments 13,835 11,991 International other investments — 741 Total Revenue $ 34,634 $ 48,233 For the three months ended March 31, 2020 and 2019 , the Company’s property revenues in excess of expenses by segment was as follows (in thousands): Three Months Ended March 31, 2020 2019 Property revenues in excess of expenses (1) Domestic office investments $ 1,157 $ 10,166 Domestic other investments 9,771 11,393 International office investments 6,793 5,599 International other investments (171 ) 400 Property revenues in excess of expenses $ 17,550 $ 27,558 (1) Revenues less property operating expenses, real property taxes and property management fees. As of March 31, 2020 and December 31, 2019 , the Company’s total assets by segment was as follows (in thousands): March 31, 2020 December 31, 2019 Total Assets Domestic office investments $ 75,666 $ 261,330 Domestic other investments 655,626 665,079 International office investments 546,818 655,138 International other investments 6,720 7,723 Corporate-level accounts 380,270 336,455 Total Assets $ 1,665,100 $ 1,925,725
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	As of March 31, 2020 and December 31, 2019 , the Company’s total assets were attributable to the following countries: March 31, 2020 December 31, 2019 Total Assets United States 67 % 66 % United Kingdom 23 % 21 % Poland 6 % 6 % France 3 % 6 % Russia 1 % 1 % For the three months ended March 31, 2020 and 2019 the Company’s total revenue was attributable to the following countries: Three Months Ended March 31, 2020 2019 Total Revenue United States 59 % 73 % United Kingdom 25 % 14 % Poland 8 % 5 % Russia 5 % 5 % France 3 % 3 %
Reconciliation Of Net Income (Loss) From Segments To Consolidated	For the three months ended March 31, 2020 and 2019 , the Company’s reconciliation to the Company’s property revenues in excess of expenses is as follows (in thousands): Three Months Ended March 31, 2020 2019 Reconciliation to property revenues in excess of expenses Net income (loss) $ 101,306 $ 191,410 Depreciation and amortization — 13,444 Asset management fees 5,712 6,780 General and administrative expenses 2,073 2,595 (Gain) loss on derivatives (20,598 ) 126 (Gain) loss on sale of real estate investments (80,186 ) (192,189 ) Foreign currency (gains) losses 6,166 (399 ) Interest expense 2,386 7,347 Other (income) expenses (1,009 ) (1,283 ) (Benefit) provision for income taxes 1,700 (273 ) Total property revenues in excess of expenses $ 17,550 $ 27,558

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Information [Abstract]
Schedule Of Cash Flow Supplemental Disclosures	Supplemental cash flow disclosures for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 2,708 $ 5,717 Cash paid for taxes $ 376 $ 794 Supplemental Schedule of Non-Cash Activities Shares tendered for redemption $ 1,785 $ 705 Receivables related to proceeds from dispositions $ 48,149 $ — Assumption of mortgage upon disposition of property $ 78,519 $ — Accrued capital additions $ 1,437 $ 7,182

Organization (Public Offering)

Organization (Public Offering) (Details) $ / shares in Units, shares in Millions, $ in Billions	May 15, 2020$ / shares	Apr. 24, 2014	Apr. 11, 2014	Aug. 05, 2009	Mar. 31, 2020	Apr. 11, 2014public_offering	Aug. 31, 2018USD ($)shares
Public Offering [Line Items]
Dividends paid deduction period for completion of plan of liquidation					24 months
Liquidating distribution, period after stockholder approval					24 months
Return of Capital Distributions | Subsequent Event
Public Offering [Line Items]
Distributions declared per common share (in dollars per share)	$ 4
Liquidating Distribution | Subsequent Event
Public Offering [Line Items]
Distributions declared per common share (in dollars per share)	$ 2.83
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

Organization (Real Estate Inves

Organization (Real Estate Investments) (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)real_estate_investmentproperty	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property
Real Estate Investments And Segment [Line Items]
Number real estate investments sold | property	2	4	20	6
Sale consideration of sold property | $	$ 379.9	$ 1,300	$ 1,700	$ 1,000
Number of real estate investments	8
Domestic office investments
Real Estate Investments And Segment [Line Items]
Number of real estate investments	1
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	3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Assets and Liabilities Held For Sale) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)property	Mar. 31, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other Assets	$ 574	$ 389
Total assets held for sale	1,551,858	1,261,289
Total liabilities associated with assets held for sale	653,900	315,928
Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other Assets	$ 11,864	9,314
Number of real estate properties impaired | property	6
Directly Held Properties | Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment property, net	$ 1,179,770	893,834
Restricted cash	12,780	3,172
Tenant and other receivables, net	50,278	94,526
Intangible lease assets, net	97,030	89,152
Right-of-use asset, net	97,499	91,034
Deferred leasing costs, net	102,366	79,801
Deferred financing costs, net	845	845
Other assets	11,290	8,925
Total assets held for sale	1,551,858	1,261,289
Accounts payable and accrued expenses	48,459	37,681
Due to affiliates	2,003	824
Intangible lease liabilities, net	45,425	43,534
Other liabilities	21,328	12,447
Notes payable, net (1)	536,685	221,442
Total liabilities associated with assets held for sale	$ 653,900	315,928
Perspective Défense | Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Tenant and other receivables, net		$ 47,400

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other assets	$ 389	$ 574
Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Prepaid expenses	1,062	1,580
Deferred tax assets	8,027	10,056
Other	225	228
Other assets	$ 9,314	$ 11,864

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details) $ in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2020	Mar. 31, 2020USD ($)assetreal_estate_investment	Mar. 31, 2020USD ($)assetreal_estate_investment	Dec. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of real estate investments | real_estate_investment		8	8
Liability related to prepaid rental payments		$ 5.5	$ 5.5	$ 12.4
Straight line rent receivable		$ 34.3	$ 34.3	$ 40.4
Retail Site
Summary Of Significant Accounting Policies [Line Items]
Number of real estate investments | asset		4	4
Percentage of rent collected		94.00%
All segments excluding retail sites
Summary Of Significant Accounting Policies [Line Items]
Percentage of rent collected		97.00%
Subsequent Event | Retail Site
Summary Of Significant Accounting Policies [Line Items]
Percentage of rent collected	33.00%
Subsequent Event | All segments excluding retail sites
Summary Of Significant Accounting Policies [Line Items]
Percentage of rent collected	87.00%
Revenue Benchmark | Retail Site
Summary Of Significant Accounting Policies [Line Items]
Concentration risk (percent)			51.00%

Investment Property (Schedule o

Investment Property (Schedule of Investment Property) (Details) - Held for Sale - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Investment property, net (1)	$ 893,834	$ 1,179,770
Building and improvements
Property, Plant and Equipment [Line Items]
Investment property, gross	712,755	955,411
Less: accumulated depreciation	(43,280)	(79,394)
Investment property, net (1)	669,475	876,017
Land
Property, Plant and Equipment [Line Items]
Investment property, gross	$ 224,359	$ 303,753

Investment Property (Narrative)

Investment Property (Narrative) (Details) $ in Thousands, € in Millions	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Feb. 29, 2020EUR (€)$ / €	Feb. 29, 2020USD ($)$ / €	Jan. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Property Subject To Or Available For Operating Lease [Line Items]
Sale consideration of sold property	$ 379,900					$ 1,300,000	$ 1,700,000	$ 1,000,000
Gain (loss) on sale of real estate investments	$ 80,186	$ 192,189
Lease term	15 years
Recovery revenue	$ 10,300	12,200
Riverside Center [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Sale consideration of sold property					$ 235,000
Gain (loss) on sale of real estate investments	48,600
Perspective Défense
Property Subject To Or Available For Operating Lease [Line Items]
Sale consideration of sold property			€ 129.8	$ 144,900
Traded Currency Rate (in USD per GBP/EUR/PLN) | $ / €			1.12	1.12
Gain (loss) on sale of real estate investments	17,700
The Rim [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Sale consideration of sold property	25,100
Gain (loss) on sale of real estate investments	15,200
In-Place Leases
Property Subject To Or Available For Operating Lease [Line Items]
Amortization of intangible assets	0	4,500
Out-of-Market Leases, Net
Property Subject To Or Available For Operating Lease [Line Items]
Net amortization of out-of-market leases	$ 0	$ 1,000

Investment Property (Intangible

Investment Property (Intangible Assets) (Details) - Held for Sale - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Out-of-Market Lease Liabilities
Out-of-market lease liabilities, cost	$ (69,698)	$ (75,002)
Out-of-market lease liabilities, less: accumulated amortization	26,164	29,577
Out-of-market lease liabilities, net	(43,534)	(45,425)
In-Place Leases
Finite Lived Intangible Assets [Line Items]
Cost	159,536	221,996
Less: accumulated amortization	(77,157)	(131,940)
Net	82,379	90,056
Out-of-Market Lease Assets
Finite Lived Intangible Assets [Line Items]
Cost	13,993	21,776
Less: accumulated amortization	(7,220)	(14,802)
Net	$ 6,773	$ 6,974

Investment Property (Future Min

Investment Property (Future Minimum Rent) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Fixed Future Minimum Rentals
April 1, 2020 through December 31, 2020	$ 66,273
2021	90,528
2022	89,696
2023	83,233
2024	71,924
2025	65,439
Thereafter	401,674
Total	$ 868,767

Debt Financing (Narrative) (Det

Debt Financing (Narrative) (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)extension	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Feb. 29, 2020USD ($)
Debt Instrument [Line Items]
Debt, principal outstanding	$ 222,200,000	$ 222,200,000	$ 537,800,000
Debt, weighted average years to maturity		7 months 24 days	4 months 21 days
Debt, weighted average interest rate (percent)	3.10%	3.10%	3.00%
Debt instrument, description of variable rate basis		the LIBOR or EURIBOR screen rate
Minimum
Debt Instrument [Line Items]
Cap interest rate (percent)	0.00%	0.00%	0.00%
Interest rate caps
Debt Instrument [Line Items]
Debt instrument principal amount capped	$ 55,400,000	$ 55,400,000	$ 56,900,000
Revolving Credit Facility- Revolver
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 200,000,000	200,000,000
Credit facility, current borrowing capacity				$ 200,000,000
Foreign currency commitment amount				100,000,000
Credit facility, additional borrowings		0
Repayments of revolving credit facility		$ 225,000,000
Revolving Credit Facility- Term Loan
Debt Instrument [Line Items]
Credit facility, current borrowing capacity				225,000,000
Revolving Credit Facility (Including Revolving and Term Loans)
Debt Instrument [Line Items]
Credit facility, current borrowing capacity				$ 725,000,000
Credit agreement, number of extension options | extension	2
Credit facility, period of extension options	6 months
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		2.30%

Debt Financing (Schedule of Lon

Debt Financing (Schedule of Long Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt, principal outstanding	$ 222,200	$ 537,800
New City | Secured Debt
Debt Instrument [Line Items]
Effective interest rate (percent)	2.30%
25 Cabot Square | Secured Debt
Debt Instrument [Line Items]
Effective interest rate (percent)	3.50%
Held for Sale
Debt Instrument [Line Items]
Debt, principal outstanding	$ 222,228	537,813
Unamortized Deferred Financing Costs	(786)	(1,128)
Notes Payable, net	221,442	536,685
Held for Sale | Revolving Credit Facility- Revolver
Debt Instrument [Line Items]
Credit facility, principal outstanding	0	0
Held for Sale | Revolving Credit Facility- Term Loan
Debt Instrument [Line Items]
Credit facility, principal outstanding	0	225,000
Held for Sale | New City | Secured Debt
Debt Instrument [Line Items]
Debt, principal outstanding	69,112	71,144
Held for Sale | Perspective Défense | Secured Debt
Debt Instrument [Line Items]
Debt, principal outstanding		78,505
Held for Sale | 25 Cabot Square | Secured Debt
Debt Instrument [Line Items]
Debt, principal outstanding	$ 153,116	$ 163,164

Debt Financing (Maturity Schedu

Debt Financing (Maturity Schedule) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Principal payments
April 1, 2020 through December 31, 2020	$ 154,770
2021	67,458
2022	0
2023	0
2024	0
Thereafter	$ 0

Derivative Instruments (Fair Va

Derivative Instruments (Fair Value on Balance Sheet) (Details) - Not Designated as Hedging Instrument - Foreign currency forward contracts € in Thousands, £ in Thousands	Mar. 27, 2020EUR (€)$ / €	Dec. 05, 2019EUR (€)$ / €	Dec. 04, 2019GBP (£)$ / £
Derivatives, Fair Value [Line Items]
Notional Amount (in GBP/EUR)	€ 45,000	€ 20,000	£ 225,000
Traded Currency Rate (in USD per GBP/EUR)	1.11	1.12	1.31

Derivative Instruments (Stateme

Derivative Instruments (Statement of Operations Gain Loss) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on derivatives	$ 20,598	$ (126)
Unrealized foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on derivatives	20,105	0
Settlement of foreign currency forward contract
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on derivatives	$ 493	$ (126)

Related Party Transactions (by

Related Party Transactions (by Category) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to Affiliates		$ 3,535		$ 13,162
Due to related parties		2,711		11,159
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		5,712	$ 6,780
Due to Affiliates		1,584		1,763
The Advisor | Disposition Fee- the Advisor
Related Party Transaction [Line Items]
Expenses from transactions with related party		4,049	4,777
Due to Affiliates		251		7,976
The Advisor | Other
Related Party Transaction [Line Items]
Expenses from transactions with related party		750	1,488
Due to Affiliates		818		1,477
Hines | Property Management Fee- Hines
Related Party Transaction [Line Items]
Expenses from transactions with related party		472	1,055
Due to Affiliates		153		277
Hines | Development/Construction Management Fee- Hines
Related Party Transaction [Line Items]
Expenses from transactions with related party		12	572
Due to Affiliates		103		119
Hines | Leasing Fee- Hines
Related Party Transaction [Line Items]
Expenses from transactions with related party		99	194
Due to Affiliates		369		1,061
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		1,356	$ 1,887
Due to Affiliates		$ 257		$ 489
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, 2020USD ($)	Dec. 31, 2019USD ($)assetproperty
Fair Value Measurements Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable carrying amount	$ 222,200	$ 537,800
Impairment losses		122,603
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	222,400	$ 538,000
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
Impairment losses		$ 7,200
Significant Unobservable Inputs (Level 3) | Measurement Input, Discount Rate | Fair Value Measurements Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input		0.0880
Significant Unobservable Inputs (Level 3) | Measurement Input, Cap Rate | Fair Value Measurements Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input		0.0650
Significant Unobservable Inputs (Level 3) | Measurement Input, Occupancy Rate | Fair Value Measurements Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input		0.917
Held for Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties impaired | property		6
Impairment losses		$ 115,400
Number of foreign denominated assets | asset		2
Two Impaired Foreign Currency Denominated Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment related to foreign cumulative translation adjustment	$ 46,900
Minimum | Significant Unobservable Inputs (Level 3) | Measurement Input, Price Per Square Foot | Fair Value Measurements Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input		12
Maximum | Significant Unobservable Inputs (Level 3) | Measurement Input, Price Per Square Foot | Fair Value Measurements Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input		47

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Assets Measured at Fair Value on a Non Recurring Basis) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment losses	$ 7,200
Fair Value Measurements Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property, net	544,846
Impairment losses	122,603
Fair Value Measurements Nonrecurring | Quoted Prices In Active Markets for Identical Items (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property, net	0
Fair Value Measurements Nonrecurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property, net	458,828
Fair Value Measurements Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property, net	$ 86,018

Reportable Segments (Narrative)

Reportable Segments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020real_estate_investmentsegment
Segment Reporting Information [Line Items]
Number of reportable segments | segment	4
Number of real estate investments	8
Domestic office investments
Segment Reporting Information [Line Items]
Number of real estate investments	1
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	3
International other investments
Segment Reporting Information [Line Items]
Number of real estate investments	0

Reportable Segments (Revenue) (

Reportable Segments (Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 34,634	$ 48,233
Domestic office investments
Segment Reporting Information [Line Items]
Revenues	3,162	16,841
Domestic other investments
Segment Reporting Information [Line Items]
Revenues	17,637	18,660
International office investments
Segment Reporting Information [Line Items]
Revenues	13,835	11,991
International other investments
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 741

Reportable Segments (Geographic

Reportable Segments (Geographical) (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Total Revenue | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	59.00%	73.00%
Total Revenue | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	25.00%	14.00%
Total Revenue | Poland
Segment Reporting Information [Line Items]
Concentration risk (percent)	8.00%	5.00%
Total Revenue | Russia
Segment Reporting Information [Line Items]
Concentration risk (percent)	5.00%	5.00%
Total Revenue | France
Segment Reporting Information [Line Items]
Concentration risk (percent)	3.00%	3.00%
Total Assets | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	67.00%		66.00%
Total Assets | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	23.00%		21.00%
Total Assets | Poland
Segment Reporting Information [Line Items]
Concentration risk (percent)	6.00%		6.00%
Total Assets | Russia
Segment Reporting Information [Line Items]
Concentration risk (percent)	1.00%		1.00%
Total Assets | France
Segment Reporting Information [Line Items]
Concentration risk (percent)	3.00%		6.00%

Reportable Segments (Property R

Reportable Segments (Property Revenue in Excess of Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Total property revenues in excess of expenses	$ 17,550	$ 27,558
Domestic office investments
Segment Reporting Information [Line Items]
Total property revenues in excess of expenses	1,157	10,166
Domestic other investments
Segment Reporting Information [Line Items]
Total property revenues in excess of expenses	9,771	11,393
International office investments
Segment Reporting Information [Line Items]
Total property revenues in excess of expenses	6,793	5,599
International other investments
Segment Reporting Information [Line Items]
Total property revenues in excess of expenses	$ (171)	$ 400

Reportable Segments (Assets) (D

Reportable Segments (Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 1,665,100	$ 1,925,725
Operating Segments | Domestic office investments
Segment Reporting Information [Line Items]
Total Assets	75,666	261,330
Operating Segments | Domestic other investments
Segment Reporting Information [Line Items]
Total Assets	655,626	665,079
Operating Segments | International office investments
Segment Reporting Information [Line Items]
Total Assets	546,818	655,138
Operating Segments | International other investments
Segment Reporting Information [Line Items]
Total Assets	6,720	7,723
Corporate-level accounts
Segment Reporting Information [Line Items]
Total Assets	$ 380,270	$ 336,455

Reportable Segments (Reconcilia

Reportable Segments (Reconciliation to Consolidated) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Net income (loss)	$ 101,306	$ 191,410
Depreciation and amortization	0	13,444
Asset management fees	5,712	6,780
General and administrative expenses	2,073	2,595
(Gain) loss on derivatives	(20,598)	126
(Gain) loss on sale of real estate investments	(80,186)	(192,189)
Foreign currency (gains) losses	6,166	(399)
Interest expense	2,386	7,347
Other (income) expenses	(1,009)	(1,283)
(Benefit) provision for income taxes	1,700	(273)
Total property revenues in excess of expenses	17,550	27,558
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net income (loss)	101,306	191,410
Depreciation and amortization	0	13,444
Asset management fees	5,712	6,780
General and administrative expenses	2,073	2,595
(Gain) loss on derivatives	(20,598)	126
(Gain) loss on sale of real estate investments	(80,186)	(192,189)
Foreign currency (gains) losses	6,166	(399)
Interest expense	2,386	7,347
Other (income) expenses	(1,009)	(1,283)
(Benefit) provision for income taxes	1,700	(273)
Total property revenues in excess of expenses	$ 17,550	$ 27,558

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 2,708	$ 5,717
Cash paid for taxes	376	794
Supplemental Schedule of Non-Cash Activities
Shares tendered for redemption	1,785	705
Receivables related to proceeds from dispositions	48,149	0
Assumption of mortgage upon disposition of property	78,519	0
Accrued capital additions	$ 1,437	$ 7,182

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Sale consideration of sold property			$ 379.9	$ 1,300	$ 1,700	$ 1,000
The Rim [Member]
Subsequent Event [Line Items]
Sale consideration of sold property			$ 25.1
Subsequent Event | The Rim [Member]
Subsequent Event [Line Items]
Sale consideration of sold property		$ 6.9
Subsequent Event | The Avenue Murfreesboro [Member]
Subsequent Event [Line Items]
Sale consideration of sold property		$ 141.3
Subsequent Event | The Markets at Town Center [Member]
Subsequent Event [Line Items]
Sale consideration of sold property	$ 10