HGR Liquidating Trust 10-K 31 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 04, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-53964
Entity Registrant Name	HGR Liquidating Trust
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	85-6328984
Entity Address, Address Line One	2800 Post Oak Boulevard
Entity Address, Address Line Two	Suite 5000
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056-6118
City Area Code	888
Local Phone Number	220-6121
Title of 12(g) Security	Common Stock, par value $.001
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding (in shares)		262.4
Entity Central Index Key	0001453818
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
No Trading Symbol	true

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Name	None
Auditor Location	None
Auditor Firm ID	999999

Consolidated Statement of Net A

Consolidated Statement of Net Assets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Investment property	$ 150,000	$ 597,200
Cash and cash equivalents	187,661	27,316
Restricted cash	19,281	3,581
Derivative instruments	0	70
Tenant and other receivables	3,962	12,219
Other assets	1,414	2,802
Total assets	362,318	643,188
LIABILITIES
Accounts payable and accrued expenses	23,484	8,825
Due to affiliates	1,613	2,348
Other liabilities	690	8,587
Liability for estimated costs in excess of estimated income	5,885	8,010
Note payable	0	65,668
Total liabilities	31,672	93,438
Minority Interest	26	44
Net assets in liquidation	$ 330,620	$ 549,706

Consolidated Statement of Chang

Consolidated Statement of Changes in Net Assets - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Changes in Net Assets [Roll Forward]
Net assets in liquidation, beginning of period		$ 549,706
Change in liquidation value of investments in real estate	$ (31,699)	(8,073)
Remeasurement of assets and liabilities, including costs in excess of estimated income	22,851	(1,096)
Net decrease in liquidation value	(8,848)	(9,169)
Liquidating distributions to unitholders	(905,266)	(209,917)
Changes in net assets in liquidation	(914,114)	(219,086)
Net assets in liquidation, end of period	$ 549,706	$ 330,620

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Revenues:
Rental revenue	$ 61,632	$ 184,601
Other revenue	1,047	8,967
Revenues	62,679	193,568
Expenses:
Property operating expenses	19,560	49,958
Real property taxes	8,661	24,805
Property management fees	1,466	4,718
Depreciation and amortization	0	30,566
Asset management fees	10,762	26,365
General and administrative expenses	3,904	8,287
Impairment losses	18,591	122,603
Total expenses	62,944	267,302
Other income (expenses):
Gain (loss) on derivative instruments	20,416	(3,838)
Gain (loss) on sale of real estate investments	68,206	406,277
Foreign currency gains (losses)	(4,984)	1,611
Interest expense	(4,319)	(28,809)
Other income (expenses)	1,191	1,595
Income (loss) before benefit (provision) for income taxes	80,245	303,102
Benefit (provision) for income taxes	(2,922)	(2,686)
Provision for income taxes related to sale of real estate	0	0
Net income (loss)	77,323	300,416
Net (income) loss attributable to noncontrolling interests	23	(35)
Net income (loss) attributable to common stockholders	$ 77,346	$ 300,381
Basic income (loss) per common share (in dollars per share)	$ 0.29	$ 1.14
Diluted income (loss) per common share (in dollars per share)	$ 0.29	$ 1.14
Weighted average number of common shares outstanding , basic(in shares)	264,131	264,131
Weighted average number of common shares outstanding , diluted (in shares)	264,131	264,131
Net comprehensive income (loss):
Net income (loss)	$ 77,323	$ 300,416
Other comprehensive income (loss):
Foreign currency translation adjustment	(5,372)	46,367
Net comprehensive income (loss):	71,951	346,783
Net comprehensive (income) loss attributable to noncontrolling interests	39	(46)
Net comprehensive income (loss) attributable to common stockholders	$ 71,990	$ 346,737

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total	Hines Global REIT, Inc. Common Stock	Hines Global REIT, Inc. Additional Paid-in Capital	Hines Global REIT, Inc. Accumulated Distributions in Excess of Earnings	Hines Global REIT, Inc. Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2018		267,073
Beginning balance, value at Dec. 31, 2018		$ 267	$ 2,409,529	$ (688,475)	$ (128,927)	$ 1,592,394	$ 468
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)		19
Issuance of common shares			90			90
Contribution from noncontrolling interest							97
Distributions declared				(661,238)		(661,238)	(81)
Redemption of common shares (in shares)		(3,719)
Redemption of common shares		$ (4)	(22,903)			(22,907)
Issuer costs			(43)			(43)
Net income (loss)	$ 300,416			300,381		300,381	35
Foreign currency translation adjustment	46,367				9,572	9,572	11
Foreign currency translation adjustment reclassified into earnings					36,784	36,784	0
Ending balance (in shares) at Dec. 31, 2019		263,373
Ending balance, value at Dec. 31, 2019		$ 263	2,386,673	(1,049,332)	(82,571)	1,255,033	530
Increase (Decrease) in Stockholders' Equity
Issuance of common shares			60			60
Distributions declared							(32)
Redemption of common shares (in shares)		(977)
Redemption of common shares		$ (1)	(5,332)			(5,333)
Issuer costs			(13)			(13)
Net income (loss)	77,323			77,346		77,346	(23)
Foreign currency translation adjustment	(5,372)				(15,257)	(15,257)	(16)
Foreign currency translation adjustment reclassified into earnings					9,901	9,901
Ending balance (in shares) at Jun. 30, 2020		262,396
Ending balance, value at Jun. 30, 2020	$ 1,321,734	$ 262	$ 2,381,388	$ (971,986)	$ (87,927)	$ 1,321,737	$ 459

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 77,323	$ 300,416
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	481	38,540
Foreign currency (gains) losses	4,984	(1,611)
(Gain) on sale of real estate investments	(68,206)	(406,277)
Impairment losses	18,591	122,603
(Gain) loss on derivative instruments	(20,416)	3,838
Changes in assets and liabilities:
Change in other assets	2,512	2,976
Change in tenant and other receivables	(4,974)	1,234
Change in deferred leasing costs	(2,246)	(46,282)
Change in accounts payable and accrued expenses	(6,574)	(7,793)
Change in other liabilities	(2,944)	(7,823)
Change in due to affiliates	(4,508)	(1,998)
Net cash from (used in) operating activities	(5,977)	(2,177)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of real estate investments, net	379,346	1,071,153
Capital expenditures at operating properties	(10,260)	(93,225)
Net cash from investing activities	369,086	977,928
CASH FLOWS FROM FINANCING ACTIVITIES:
Contribution from noncontrolling interest	0	97
Redemption of common shares	(6,031)	(30,348)
Payment of issuer costs	(13)	(46)
Distributions paid to stockholders and noncontrolling interests	(32)	(675,787)
Proceeds from notes payable	0	324,000
Payments on notes payable	(226,046)	(466,683)
Change in security deposit liability	259	70
Deferred financing costs paid	(814)	(1,964)
Payments related to interest rate contracts	0	(29)
Net cash used in financing activities	(232,677)	(850,690)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	1,685	(119)
Net change in cash, cash equivalents, and restricted cash	132,117	124,942
Cash, cash equivalents and restricted cash, beginning of period	385,959	261,017
Cash, cash equivalents and restricted cash, end of period	$ 518,076	$ 385,959

Organization

Organization	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION 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 raised the equity capital for its real estate investments through two public offerings from August 2009 through April 2014, and through its distribution reinvestment plan (the “DRP Offering”) from April 2014 through August 2018. Collectively, through its public offerings, the Company raised gross offering proceeds of approximately $3.1 billion, including the DRP Offering, all of which was invested in the Company’s real estate portfolio. The Company invested the proceeds from its public offerings into a diverse portfolio of real estate investments. At the peak of its acquisition phase, the Company owned interests in 45 properties. 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 investors. On April 23, 2018, in connection with its review of potential strategic alternatives available to the Company, the Board determined that it is in the best interests of the Company and its investors to sell all or substantially all of its properties and assets and for the Company to liquidate and dissolve pursuant to the Company's Plan of Liquidation and Dissolution (the “Plan of Liquidation”). The principal purpose of the liquidation is to provide liquidity to investors by selling the Company’s assets, making payments on property and corporate level debt, and distributing the net proceeds from liquidation to the Company's investors. 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 held on July 17, 2018. 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 investors held on July 17, 2018. While the Company anticipated a completion of the sale of all of its assets by July 17, 2020, which is the 24-month period imposed by the Internal Revenue Service (“IRS”) for execution of the Plan, the economic disruption and uncertainty resulting from the Coronavirus pandemic have had a significant impact on the process and timing of the Plan of Liquidation’s completion. On June 30, 2020, Hines Global and the Trustees identified below entered into an Agreement and Declaration of Trust (the “Liquidating Trust Agreement”) in connection with the formation of HGR Liquidating Trust, a Maryland statutory trust (the “Liquidating Trust” or the “Trust”). The purpose of the Trust is to complete the liquidation of Hines Global’s assets in accordance with the Plan of Liquidation. The trustees of the Trust consist of certain members of Hines Global’s board of directors: Jeffrey C. Hines, Charles M. Baughn, Jack L. Farley, Thomas L. Mitchell, John S. Moody and Peter Shaper; and David L. Steinbach, the Company’s Chief Investment Officer (collectively, the “Trustees”). Pursuant to the Liquidating Trust Agreement, the Company transferred all of its assets and liabilities to the Trust and received units of beneficial interest in the Trust (the “Units”) equal to the number of shares of the Company’s common stock outstanding on June 30, 2020. Immediately thereafter, the Company distributed the Units pro rata to its stockholders such that one Unit was distributed for each share of the Company’s common stock and all stockholders of the Company are now unitholders and beneficiaries of the Trust. The Liquidating Trust Agreement provides that the Trust will terminate upon the earliest of (a) such time as termination is required by the applicable laws of the State of Maryland, (b) the determination of the Board to terminate the Trust following the distribution of all its assets in accordance with the Liquidating Trust Agreement, or (c) the expiration of a period of three years from June 30, 2020. Notwithstanding the foregoing, the Board may continue the existence of the Trust beyond the three-year term if the Board in its reasonable discretion determines that an extension is necessary to fulfill the purposes of the Trust, provided that the Board has requested and obtained no-action assurance from the SEC regarding relief from registration and reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) prior to any such extension. The Liquidating Trust Agreement further provides that the Board has the discretion to make distributions of available cash to the investors as and when they deem such distributions to be in the best interests of the investors, taking into account the administrative costs of making such distributions, anticipated costs and expenses of the Trust and such other factors as they may consider appropriate. The Liquidating Trust Agreement provides for an orderly sale of the Company's remaining assets, payment of the Company's liabilities and other obligations, and the winding up of operations and dissolution of the Company. The Company may sell any and all of its assets without further approval of the investors and provides that liquidating distributions be made to the investors as determined by the Board. The Liquidating Trust expects to pay or provide for all of the Company’s liabilities and distribute any remaining net proceeds from the sale of its remaining assets to the holders of interests in the Liquidating Trust. The dissolution process and the amount and timing of distributions to investors involves significant risks and uncertainties. Accordingly, it is not possible to predict the timing or aggregate amount which will ultimately be distributed to investors, and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the consolidated statement of net assets. All references to the “Company,” means Hines Global REIT, Inc. for periods prior to June 30, 2020, when Hines Global REIT, Inc. transferred all of its assets and liabilities to HGR Liquidating Trust, and means HGR Liquidating Trust for periods subsequent thereto. In addition, all references to "investors" mean the stockholders of Hines Global REIT, Inc. for periods prior to June 30, 2020 and mean the unitholders of the Trust for the period subsequent thereto. Similarly, all references to the "Board" mean the board of directors of Hines Global for periods prior to June 30, 2020 and mean the board of trustees of the Trust for the period subsequent thereto. Further, all references to "Units" means the units of beneficial interest in the Trust for the period subsequent to June 30, 2020 and means, to the extent applicable, the shares of Hines Global REIT, Inc. for periods through June 30, 2020. The Company sold interests in 39 properties with an aggregate sale price of $5.4 billion from 2017 through 2021. The Company owned one remaining property, Minneapolis Retail Center, as of December 31, 2021. This property was sold on March 10, 2022, as described below. The Trustees determined a per Unit net asset value (“NAV”) of $0.66 as of March 11, 2022. This per Unit NAV is $1.43 lower than the previously determined per Unit NAV of $2.09 as of December 31, 2020 primarily as a result of the $1.40 per Unit special distributions paid by the Company since that time. These distributions followed the sales of four of the five remaining properties in our real estate portfolio. We sold our final remaining property on March 10, 2022 and declared a special distribution of $0.62 per Unit that was paid in March 2022. The per Unit NAV was reduced to $0.04 as of March 17, 2022 following this distribution. The Company declared distributions of $0.70 per Unit, per year for the period from October 2009 through December 2011 and $0.65 per Unit, per year from January 2012 through December 2018 totaling $6.09 per Unit in aggregate. Approximately $0.45 per Unit of these distributions declared for the year ended December 31, 2018 were designated as a return of a portion of the investors’ invested capital. Further, the Company has declared special distributions and/or liquidating distributions to date totaling $9.02 per Unit. In aggregate, the Company has paid total distributions of $15.11 per Unit to the investors from the inception of our fund to date. See “Note 7 — Distributions” for additional information regarding these distributions. The Company sold interests in four properties for an aggregate sales price of $1.3 billion during 2019, and three properties through June 30, 2020 for an aggregate sales price of $445.9 million. Subsequent to the conversion to the Liquidation Trust on June 30, 2020, the Company sold two additional properties in the period from July 1, 2020 through December 31, 2020 for an aggregate sales price of $619.0 million for a total of five properties sold in 2020. Additionally, the Company sold interests in four real estate investments for aggregate sales price of $433.0 million during 2021. The Company owned one remaining property, Minneapolis Retail Center, as of December 31, 2021. This property was sold on March 10, 2022 for an aggregate sales price of $150.0 million. Noncontrolling Interests On January 7, 2009, the Company and Hines Global REIT Associates Limited Partnership (“HALP”), an affiliate of the Advisor, formed Hines Global REIT Properties, LP (the “Operating Partnership”). The Company conducts most of its operations through the Operating Partnership. On January 14, 2009, the Company and HALP made initial capital contributions to the Operating Partnership of $10,000 and $190,000, respectively and accordingly, HALP owned a 95.0% noncontrolling interest in the Operating Partnership. As of December 31, 2021 and 2020, HALP owned a 0.01% and 0.01% interest in the Operating Partnership, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting - Liquidation Basis The Company adopted the liquidation basis of accounting as of July 1, 2020 and for the period subsequent to July 1, 2020 as a result of the entering in to the Liquidating Trust Agreement on June 30, 2020. Accordingly, on July 1, 2020 the carrying value of the Company’s assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that the Company reasonably expects to collect from their sale. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The liquidation value of the Company’s net assets is presented on an undiscounted basis. Due to the uncertainty in the timing of the anticipated sale amounts and dates and the estimated cash flows, actual operating results and sale proceeds may differ materially from the amounts estimated. Additionally, the Company accrues costs and income that it expects to incur and earn through the end of the liquidation period, to the extent it has a reasonable basis for estimation. This also includes e stimated costs to dispose of assets. These amounts are classified as a liability for estimated costs in excess of estimated income during liquidation in the consolidated statement of net assets. Actual costs and income may differ from amounts reflected in the financial statements because of inherent uncertainty in estimating future events. These differences may be material. As a result of the change to the liquidation basis of accounting, the Company’s financial statements as of and for the year ended December 31, 2021 are presented using the liquidation basis of accounting. Additionally, the Company’s financial statements as of and for the year ended December 31, 2020 are presented using two different presentations. For the liquidation basis of accounting, a consolidated statement of net assets is presented, which represents the estimated liquidation value available to trustees upon liquidation. In addition, a consolidated statement of changes in net assets reflects changes in net assets for the year ended December 31, 2021 and from the original estimated values as of July 1, 2020 through December 31, 2020. The consolidated statements of operations and comprehensive income (loss), consolidated statement of changes in equity and statements of cash flow for the periods ended June 30, 2020 and December 31, 2019 included in this Annual Report on Form 10-K are presented based on a going concern basis, which contemplated the realization of assets and liabilities in the normal course of business. The Company no longer presents a Consolidated Balance Sheet, a Consolidated Statement of Operations and Comprehensive Income (Loss), a Consolidated Statement of Changes in Equity or a Consolidated Statement of Cash Flows. Use of Estimates The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its assumptions and estimates on an ongoing basis. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Additionally, application of the Company’s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. Actual results may differ from these estimates under different assumptions or conditions. Basis of Presentation The consolidated financial statements of the Company include the accounts of Hines Global REIT, Inc. or HGR Liquidating Trust, the Operating Partnership and its wholly-owned subsidiaries and the joint ventures as well as amounts related to noncontrolling interests. All intercompany balances and transactions have been eliminated in consolidation. International Operations The British pound (“GBP”) is the functional currency for the Company’s subsidiaries in the United Kingdom, the Russian ruble (“RUB”) is the functional currency for the Company’s subsidiaries in Russia, the Polish zloty (“PLN”) is the functional currency for the Company’s subsidiaries in Poland, the Australian dollar (“AUD”) is the functional currency for the Company’s subsidiaries in Australia and the Euro (“EUR”) is the functional currency for the Company’s subsidiaries in Germany and France. These subsidiaries have translated their financial statements into U.S. dollars for reporting purposes. Assets and liabilities are translated at the exchange rate in effect as of the balance sheet date while income statement accounts are translated using the average exchange rate for the period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss) within stockholders’ equity. Foreign currency transaction gains and losses are recorded in foreign currency gains (losses) on the Consolidated Statement of Operations and result from the effect of changes in exchange rates on transactions denominated in currencies other than a subsidiary’s functional currency, including transactions between consolidated subsidiaries. An exception is made where an intercompany loan or advance is deemed to be of a long-term investment nature, in which instance foreign currency transaction gains or losses are included as currency translation adjustments and are reported in the Consolidated Statement of Equity as accumulated other comprehensive gains or losses. During the year ended December 31, 2019, the Company sold FM Logistic. Upon the disposal of this property, the Company realized a loss of $36.8 million related to the currency translation adjustment, which was included in the gain (loss) on the sale of real estate investments in its consolidated statement of operations. During the year ended December 31, 2020, the Company sold Perspective Defense. Upon the disposal of this property, the Company realized a loss of $7.8 million related to the currency translation adjustment, which was included in the gain (loss) on the sale of real estate investments in its consolidated statement of operations. As of December 31, 2021, the Company did not own any international real estate investments. Investment Property and Lease Intangibles - Going Concern Basis Real estate assets acquired by the Company are stated at fair value at the date of acquisition less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 years for furniture and fixtures, 15-20 years for electrical and mechanical installations and 40 years for buildings. Major replacements that extend the useful life of the assets are capitalized and maintenance and repair costs are expensed as incurred. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense. Acquired out-of-market lease values (including ground leases) are recorded based on the present value (using a discount rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized out-of-market lease values are amortized as adjustments to rental revenue (or ground lease expense, as applicable) over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the out-of-market lease value is charged to rental revenue. Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the outstanding principal balance of the note will be amortized over the life of the mortgage note payable. Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted basis to the carrying amount of such property. If the carrying amount exceeds the undiscounted cash flows, it would be written down to the estimated fair value to reflect impairment in the value of the asset. The determination of whether investment property is impaired requires a significant amount of judgment by management and is based on the best information available to management at the time of the evaluation. For the six months ended June 30, 2020, the Company determined that three of its remaining properties were impaired by $18.6 million based on such assets having carrying values that exceeded their estimate sales price less costs to sell based on the offers received (level 2 inputs). See Note 9 — Fair Value Measurement for more information. Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with an original maturity of three months or less at the time of purchase to be cash equivalents. Restricted Cash Restricted cash was $19.3 million at December 31, 2021, which related to amounts escrowed for the payment of Value-Added Taxes (“VAT”) related to the sale of New City in November 2021. The Company paid the VAT liability in January 2022. Concentration of Credit Risk As of December 31, 2021, the Company had cash and cash equivalents and restricted cash deposited in certain financial institutions in excess of federally insured levels. Management regularly monitors the financial stability of these financial institutions in an effort to manage the Company’s exposure to any significant credit risk in cash and cash equivalents or restricted cash. In addition, as of December 31, 2021, the Company had $6.8 million of cash and cash equivalents deposited in certain financial institutions located in the United Kingdom, Poland, Australia, and France. Management regularly monitors the financial stability of these financial institutions in an effort to manage its exposure to any significant credit risk in cash and cash equivalents. Tenant and Other Receivables Receivable balances consist primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent, and are carried at cost. Upon the adoption of Accounting Standards Update (“ASU”) 2016-02, individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivables are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, the Company assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. The uncollectible portion of the portfolio is recorded as an adjustment to rental revenues. Deferred Leasing Costs - Going Concern Basis Direct leasing costs, primarily consisting of third-party leasing commissions and tenant inducements are capitalized and amortized over the life of the related lease. Tenant inducement amortization is recorded as an offset to rental revenue and the amortization of other direct leasing costs is recorded in amortization expense. The Company had no tenant inducement amortization for the six months ended June 30, 2020. Tenant inducement amortization was $8.9 million for the year ended December 31, 2019, and was recorded as an offset to rental revenue. The Company recorded no amortization expense related to other direct leasing costs for the six months ended June 30, 2020. Amortization expense related to other direct leasing costs were $2.4 million for the year ended December 31, 2019. In addition, no amortization was recorded after July 2019 due to the Company’s properties being classified as held for sale. Deferred Financing Costs - Going Concern Basis Deferred financing costs consist of direct costs incurred in obtaining debt financing (see Note 6 — Debt Financing). These fees are presented as a reduction to the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs (net of amortization) were $2.0 million as of June 30, 2020. These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations. The Company had no amortized interest expense. Revenue Recognition ASU 2014-09 requires the use of a five-step model to recognize revenue from contracts with customers. The five-step model requires that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when it satisfies the performance obligations. Management has concluded that the majority of the Company’s total revenue, with the exception of gains and losses from the sale of real estate, consist of rental income from leasing arrangements, which is specifically excluded from the standard. Excluding gains and losses on the sale of real estate (as discussed further below), the Company concluded that its remaining revenue streams were immaterial and, as such, the adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements. As of January 1, 2018, the Company began accounting for the sale of real estate properties under ASU 2017-05 and provides for revenue recognition based on completed performance obligations, which typically occurs upon the transfer of ownership of a real estate asset. 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. Income Taxes The Company elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) through June 30, 2020, when it transferred all of its assets and liabilities to the Liquidating Trust. The Company’s management believes that the Company operated in such a manner as to qualify for treatment as a REIT until June 30, 2020. Accordingly, no provision has been made for U.S. federal income taxes for the six months ended June 30, 2020, and year ended December 31, 2019 in the accompanying consolidated financial statements. In 2021, 2020 and 2019 income tax expense recorded by the Company was primarily comprised of foreign income taxes related to the operation of its international properties. All periods from December 31, 2018 through December 31, 2021 are open for examination by the IRS. The Company does not believe it has any uncertain tax positions or unrecognized tax benefits requiring disclosure. Per Share Data Net income (loss) per common share is calculated by dividing the net income (loss) attributable to common investors for each period by the weighted average number of common shares outstanding during such period. Net income (loss) per common share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares outstanding. Recently Adopted Accounting Pronouncements - Going Concern Basis In February 2016, the FASB issued ASU 2016-02 which requires companies that lease assets to recognize on the balance sheet the right-of-use assets and related lease liabilities (“ASC 842”). The accounting by companies that own the assets leased by the lessee (the lessor) remains largely unchanged from earlier guidance under ASC 840. The Company adopted ASC 842 as of January 1, 2019, and is using the modified retrospective approach. No adjustment to opening retained earnings was required. In July 2018, the FASB issued ASU 2018-11, which allows lessors to account for lease and non-lease components by class of underlying assets, as a single lease component if certain criteria are met. Also, the new standard indicates that companies are permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of restating prior periods in accordance with ASC 842 and provides other optional practical expedients. Upon adoption, the Company elected the following practical expedients: • The transition method in which the application date of January 1, 2019 is the beginning of the reporting period that the Company first applied the new guidance. • The practical expedient package which allows an entity not to reassess (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; (3) initial direct costs for any existing leases. • As an accounting policy election, a lessor may choose not to separate the non-lease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component under certain conditions. Based on the Company’s analysis, the Company identified the following changes resulted from the adoption of ASC 842: Lessor Accounting • The Company is entitled to receive tenant reimbursements for operating expenses for common area maintenance (“CAM”). Based on guidance in these ASUs, CAM reimbursement revenue is defined as a non-lease component, which would be accounted for in accordance with ASC 606. However, the Company elected to apply the practical expedient for all of its leases to account for the lease and non-lease components as a single, combined operating lease component. • Capitalization of leasing costs is limited to initial direct costs. Initial direct costs have been defined as incremental costs of a lease that would not have been incurred if the lease had not been obtained. Legal costs are no longer capitalized, but expensed as incurred. There is no change in the Company’s accounting for lease inducements and commissions. • The Company’s existing leases continue to be classified as operating leases, however, leases entered into or modified after January 1, 2019 may be classified as either operating or sales-type leases, based on specific classification criteria. The Company believes all of its leases will continue to be classified as operating leases, and all operating leases will continue to have a similar pattern of recognition as under current GAAP. • The Company believes there is low risk of inadequate residual values of its leased assets upon the termination of these leases due to the Company’s ability to re-lease the spaces for the assets, the long-lived nature of its real estate assets and the nature of real estate assets to hold their value over a long periods of time.

Liability for Estimated Costs i

Liability for Estimated Costs in Excess of Estimated Income During Liquidation	12 Months Ended
	Dec. 31, 2021
Liability for Estimated Costs in Excess of Estimated Income During Liquidation [Abstract]
Liability For Estimated Costs in Excess of Estimated Income During Liquidation	LIABILITY FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED INCOME DURING LIQUIDATION The liquidation basis of accounting requires the Company to accrue estimated income and co sts associated with the completion of its liquidation. As a basis for its assumptions, the Company has used September 1, 2022 as the date by which it currently expects to liquidate, although there can be no assurance that it will meet such timing. Additionally, these estimates can vary significantly due to, among other things, the timing of property sales, direct costs incurred to complete the sales, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. The table below summarizes changes in the liability for estimated costs in excess of estimated income between January 1, 2021 and December 31, 2021 (in thousands): January 1, 2021 Amounts Incurred Remeasurement of Amounts December 31, 2021 Assets: Net rental income $ 22,000 $ (23,406) $ 3,406 (1) $ 2,000 Liabilities: General and administrative expenses (10,000) 5,563 137 (4,300) Asset management fees (7,000) 6,391 9 (600) Closing costs and credits (13,010) 9,330 695 (2,985) Total liability for estimated costs in excess of estimated income during liquidation $ (8,010) $ (2,122) $ 4,247 $ (5,885) (1) The increase in the net rental income is primarily due to changes in the projected sale timing of certain of the Company's properties. The table below summarizes changes in the liability for estimated costs in excess of estimated income between July 1, 2020 and December 31, 2020 (in thousands): July 1, 2020 Amounts Incurred Remeasurement of Amounts December 31, 2020 Assets: Net rental income $ 52,000 $ (16,200) $ (13,800) (1) $ 22,000 Liabilities: General and administrative expenses (15,300) 2,960 2,340 (10,000) Asset management fees (16,700) 5,097 4,603 (7,000) Closing costs and credits (43,238) 25,747 4,481 (13,010) Total liability for estimated costs in excess of estimated income during liquidation $ (23,238) $ 17,604 $ (2,376) $ (8,010) (1) The decrease in the net rental income is primarily due to changes in the projected sale timing of certain of the Company's properties. The following is a reconciliation of investors’ equity under the going concern basis of accounting as of June 30, 2020 to net assets in liquidation under the liquidation basis of accounting as of July 1, 2020 (in thousands): Total Equity as of June 30, 2020 $ 1,321,734 Increase due to adjustment of net realizable value of real estate investments 426,859 Decrease due to adjustment of assets and liabilities to net realizable value (261,535) Liability for estimated costs in excess of estimated income during liquidation (23,238) Adjustment to reflect the change to the liquidation basis of accounting 142,086 Estimated value of net assets in liquidation as of July 1, 2020 $ 1,463,820 The values of the Company’s assets and liabilities were adjusted from the going concern basis as June 30, 2020, to the liquidation basis as of July 1, 2020. The net increase of $142.1 million was mostly attributed to remeasuring the Company’s remaining seven properties as well as other assets and liabilities at their the net realizable value. The net realizable value of the Companies properties was based on third party appraisals and other assets and liabilities were based on their estimated net realizable value. Changes in Net Assets Net assets in liquidation decreased by $219.1 million during the year ended December 31, 2021. The reduction is primarily due to liquidating distributions paid to investors totaling $209.9 million or $0.80 per share. These distributions were funded from proceeds from the sale of four properties with an aggregate sale price of $433.0 million. Additionally, the estimated value of our real estate investments decreased by $8.1 million for the year ended December 31, 2021, primarily due to market conditions resulting from the Coronavirus pandemic and its effect on our one remaining retail property, Minneapolis Retail Center. The estimated liquidation value of this property was based on the contract sale price as of December 31, 2021. Lastly, during the year ended December 31, 2021, there was a $1.1 million decrease related to the remeasurement of assets and liabilities, including the estimate of costs in excess of income during liquidation. The remaining undistributed net assets in liquidation was $330.6 million as of December 31, 2021 or approximately $1.26 per Unit. This estimate included projections as of December 31, 2021 regarding the timing of the completion of the sale of the Company’s remaining property and the amount of sales proceeds that would be generated, as well as costs and expenses to be incurred during liquidation. Since December 31, 2021, the Company sold its final remaining property and paid distributions totaling $1.22 per Unit to the unitholders. The Company’s remaining per Unit NAV was $0.04 as of March 17, 2022, which the Company expects to pay to unitholders after the Company’s wind-down is completed, later this year. There can be no certainty regarding the timing or the amount of any future distributions. Net assets in liquidation decreased by $914.1 million during the period from July 1, 2020 to December 31, 2020. The reduction is primarily due to liquidating distributions paid to investors totaling $905.3 million or $3.45 per share. These distributions were funded from proceeds from the sale of five properties with an aggregate sale price of $1.1 billion. Additionally, the estimated value of our real estate investments decreased by $31.7 million between July 1, 2020 and December 31, 2020, primarily due to market conditions resulting from the Coronavirus pandemic. The estimated liquidation values of the Company’s remaining properties as of December 31, 2020 was based on negotiated sale prices or other market conditions and assumptions as of December 31, 2020. The net assets in liquidation at December 31, 2020, presented on an undiscounted basis, includes five real estate investments valued at $597.2 million. Lastly, during the period from July 1, 2020 through December 31, 2020, there was a $22.9 million increase related to the remeasurement of assets and liabilities, including the estimate of costs in excess of income during liquidation. The remaining undistributed net assets in liquidation was $549.7 million as of December 31, 2020 or approximately $2.09 per Unit. This estimate of liquidating distributions included projections of timing and amounts of the future sales, as well as costs and expenses to be incurred during liquidation.

Net Assets in Liquidation

Net Assets in Liquidation	12 Months Ended
	Dec. 31, 2021
Net Assets in Liquidation [Abstract]
Net Assets in Liquidation	LIABILITY FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED INCOME DURING LIQUIDATION The liquidation basis of accounting requires the Company to accrue estimated income and co sts associated with the completion of its liquidation. As a basis for its assumptions, the Company has used September 1, 2022 as the date by which it currently expects to liquidate, although there can be no assurance that it will meet such timing. Additionally, these estimates can vary significantly due to, among other things, the timing of property sales, direct costs incurred to complete the sales, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. The table below summarizes changes in the liability for estimated costs in excess of estimated income between January 1, 2021 and December 31, 2021 (in thousands): January 1, 2021 Amounts Incurred Remeasurement of Amounts December 31, 2021 Assets: Net rental income $ 22,000 $ (23,406) $ 3,406 (1) $ 2,000 Liabilities: General and administrative expenses (10,000) 5,563 137 (4,300) Asset management fees (7,000) 6,391 9 (600) Closing costs and credits (13,010) 9,330 695 (2,985) Total liability for estimated costs in excess of estimated income during liquidation $ (8,010) $ (2,122) $ 4,247 $ (5,885) (1) The increase in the net rental income is primarily due to changes in the projected sale timing of certain of the Company's properties. The table below summarizes changes in the liability for estimated costs in excess of estimated income between July 1, 2020 and December 31, 2020 (in thousands): July 1, 2020 Amounts Incurred Remeasurement of Amounts December 31, 2020 Assets: Net rental income $ 52,000 $ (16,200) $ (13,800) (1) $ 22,000 Liabilities: General and administrative expenses (15,300) 2,960 2,340 (10,000) Asset management fees (16,700) 5,097 4,603 (7,000) Closing costs and credits (43,238) 25,747 4,481 (13,010) Total liability for estimated costs in excess of estimated income during liquidation $ (23,238) $ 17,604 $ (2,376) $ (8,010) (1) The decrease in the net rental income is primarily due to changes in the projected sale timing of certain of the Company's properties. The following is a reconciliation of investors’ equity under the going concern basis of accounting as of June 30, 2020 to net assets in liquidation under the liquidation basis of accounting as of July 1, 2020 (in thousands): Total Equity as of June 30, 2020 $ 1,321,734 Increase due to adjustment of net realizable value of real estate investments 426,859 Decrease due to adjustment of assets and liabilities to net realizable value (261,535) Liability for estimated costs in excess of estimated income during liquidation (23,238) Adjustment to reflect the change to the liquidation basis of accounting 142,086 Estimated value of net assets in liquidation as of July 1, 2020 $ 1,463,820 The values of the Company’s assets and liabilities were adjusted from the going concern basis as June 30, 2020, to the liquidation basis as of July 1, 2020. The net increase of $142.1 million was mostly attributed to remeasuring the Company’s remaining seven properties as well as other assets and liabilities at their the net realizable value. The net realizable value of the Companies properties was based on third party appraisals and other assets and liabilities were based on their estimated net realizable value. Changes in Net Assets Net assets in liquidation decreased by $219.1 million during the year ended December 31, 2021. The reduction is primarily due to liquidating distributions paid to investors totaling $209.9 million or $0.80 per share. These distributions were funded from proceeds from the sale of four properties with an aggregate sale price of $433.0 million. Additionally, the estimated value of our real estate investments decreased by $8.1 million for the year ended December 31, 2021, primarily due to market conditions resulting from the Coronavirus pandemic and its effect on our one remaining retail property, Minneapolis Retail Center. The estimated liquidation value of this property was based on the contract sale price as of December 31, 2021. Lastly, during the year ended December 31, 2021, there was a $1.1 million decrease related to the remeasurement of assets and liabilities, including the estimate of costs in excess of income during liquidation. The remaining undistributed net assets in liquidation was $330.6 million as of December 31, 2021 or approximately $1.26 per Unit. This estimate included projections as of December 31, 2021 regarding the timing of the completion of the sale of the Company’s remaining property and the amount of sales proceeds that would be generated, as well as costs and expenses to be incurred during liquidation. Since December 31, 2021, the Company sold its final remaining property and paid distributions totaling $1.22 per Unit to the unitholders. The Company’s remaining per Unit NAV was $0.04 as of March 17, 2022, which the Company expects to pay to unitholders after the Company’s wind-down is completed, later this year. There can be no certainty regarding the timing or the amount of any future distributions. Net assets in liquidation decreased by $914.1 million during the period from July 1, 2020 to December 31, 2020. The reduction is primarily due to liquidating distributions paid to investors totaling $905.3 million or $3.45 per share. These distributions were funded from proceeds from the sale of five properties with an aggregate sale price of $1.1 billion. Additionally, the estimated value of our real estate investments decreased by $31.7 million between July 1, 2020 and December 31, 2020, primarily due to market conditions resulting from the Coronavirus pandemic. The estimated liquidation values of the Company’s remaining properties as of December 31, 2020 was based on negotiated sale prices or other market conditions and assumptions as of December 31, 2020. The net assets in liquidation at December 31, 2020, presented on an undiscounted basis, includes five real estate investments valued at $597.2 million. Lastly, during the period from July 1, 2020 through December 31, 2020, there was a $22.9 million increase related to the remeasurement of assets and liabilities, including the estimate of costs in excess of income during liquidation. The remaining undistributed net assets in liquidation was $549.7 million as of December 31, 2020 or approximately $2.09 per Unit. This estimate of liquidating distributions included projections of timing and amounts of the future sales, as well as costs and expenses to be incurred during liquidation.

Investment Property - Going Con

Investment Property - Going Concern Basis	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Investment Property - Going Concern Basis	INVESTMENT PROPERTY - Going Concern Basis Recent Dispositions of Real Estate Investments The Company sold three properties for an aggregate gain of $68.2 million during the six months ended June 30, 2020, and four properties for an aggregate gain of $406.3 million during the year ended December 31, 2019. The table below provides information regarding each of the properties sold during the six months ended June 30, 2020, and year ended December 31, 2019, including the acquisition/completed construction price, and contract sales price (in millions). Property Date Acquired/Completed Acquisition Price/ Construction Cost Date Sold Contract Sales Price Campus at Marlborough 10/2011 $103.0 6/2020 $66.0 Perspective Defense (1) 6/2013 $165.8 2/2020 $144.9 Riverside Center 3/2013 $197.1 1/2020 $235.0 FM Logistic 4/2011 $70.8 12/2019 $31.6 The Summit 3/2015 $316.5 12/2019 $756.0 550 Terry Francois 8/2012 $180.0 2/2019 $342.5 55M 12/2013 $140.9 1/2019 $135.3 (1) The acquisition price for Perspective Defense of approximately €126.5 million was converted to USD based on an exchange rate of $1.31 per EUR as of the transaction date. The sales price of approximately €129.8 million was converted to USD based on an exchange rate of $1.12 per EUR as of the transaction date. Subsequent to the formation of the Liquidation Trust on June 30, 2020, the Company sold two properties in the period from July 1, 2020 to December 31, 2020 for a total of five properties in 2020. The Company sold four properties during the year ended December 31, 2021. 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 six months ended June 30, 2020 was $20.5 million, which is included in rental revenue on the Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has entered into non-cancelable lease agreements with tenants for space. As of December 31, 2021, the approximate fixed future minimum rentals for each of the years ending December 31, 2022 through 2026 and thereafter were as follows (in thousands): Fixed Future Minimum Rentals 2022 $ 11,829 2023 11,809 2024 9,501 2025 8,289 2026 6,697 Thereafter 14,201 Total $ 62,326 During the years ended December 31, 2021, 2020, and 2019, the Company did not earn more than 10% of its total rental revenue from any individual tenant, respectively. For the six months ended June 30, 2020, there was no amortization expense of in-place leases. Amortization expense of in-place leases was $9.9 million for the year ended December 31, 2019. For the six months ended June 30, 2020, there was no amortization of out-of-market leases. Amortization of out-of-market leases resulted in an increase to rental revenue of approximately $2.7 million for the year ended December 31, 2019.

Debt Financing

Debt Financing	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt Financing	DEBT FINANCINGAs of December 31, 2020, the Company had one outstanding mortgage loan in the amount of $65.7 million related to New City. This mortgage loan was assumed by the buyer of the property in November 2021 in conjunction with the sale of the property and subsequently paid off. The Company had no loans outstanding as of December 31, 2021.

Distributions

Distributions	12 Months Ended
	Dec. 31, 2021
Distributions [Abstract]
Distributions	DISTRIBUTIONS As described previously, the Company declared distributions of $0.70 per Unit, per year for the period from October 2009 through December 2011 and $0.65 per Unit, per year from January 2012 through December 2018 totaling $6.09 per Unit in aggregate. Approximately $0.45 per Unit of these distributions declared for the year ended December 31, 2018 were designated as a return of a portion of the investors’ invested capital as described further below. Further, on July 17, 2018, in connection with the investor approval of the Plan of Liquidation, the board of directors determined to suspend indefinitely the distribution reinvestment plan effective as of August 31, 2018. As a result of the suspension of the distribution reinvestment plan, all distributions paid after August 31, 2018 have been paid to investors in cash. Additionally, the Company declared special distributions and/or liquidating distributions to date totaling $9.02 per Unit, each of which is described further below. In aggregate, the Company has paid total distributions of $15.11 per Unit to our investors from the inception of our fund to date. From 2018 through March 2022, the Company paid aggregate Return of Capital Distributions or Liquidating Distributions to investors totaling approximately $9.47 per Unit, which represented a return of a portion of the investors’ invested capital. These Return of Capital Distributions reduced the investors’ remaining investment in the Company and were made up of the following: • a $1.05 per Unit special distribution (the “Special Distribution”) declared to all investors of record as of December 30, 2017 and paid in January 2018. The Special Distribution was funded with a portion of the net proceeds received from the strategic sale of six assets during 2017. • $0.12 per Unit resulting from a portion of the monthly distributions declared for the months of January 2018 through June 2018, (approximately $0.02 per Unit, per month), which were designated by the Company’s board of directors as a return of a portion of the investors’ invested capital and, as such, reduced the investors’ remaining investment in the Company. • Approximately $0.33 per Unit resulting from the monthly liquidating distributions declared for the months of July 2018 through December 2018 ($0.0541667 per share, per month), which were designated as liquidating distributions and, as such, reduced the investors’ remaining investment in the Company. • a $2.50 per Unit designated liquidating distribution declared to all investors of record as of February 13, 2019 and paid in February 2019. • a $1.00 per Unit liquidating distribution declared to all investors of record as of July 15, 2020 and paid in July 2020. • a $2.45 per Unit special distribution declared to all investors of record as of September 14, 2020 and paid in September 2020. • a $0.80 per Unit special distribution declared to all investors of record as of September 29, 2021 and paid in September 2021. • a $0.60 per Unit special distribution declared to all investors of record as of January 12, 2022, and paid in January 2022. • a $0.62 per Unit special distribution declared to all investors of record as of March 17, 2022, and paid on or around March 22, 2022. The table below outlines the Company’s total distributions declared to investors and noncontrolling interests for the years ended December 31, 2021, 2020 and 2019 (in thousands). Unitholders Noncontrolling Interests Distributions for Year Ended Cash Distributions Distributions Reinvested Total Declared (1) Distributions Declared per Unit Total Declared December 31, 2021 $ 209,917 $ — $ 209,917 $ 0.80 $ 17 December 31, 2020 $ 905,266 $ — $ 905,266 $ 3.45 $ 254 December 31, 2019 $ 661,238 $ — $ 661,238 $ 2.50 $ 53

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
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 Hines and its affiliates for the years ended December 31, 2021, 2020, and 2019 (in thousands): Incurred During the Years Ended December 31, Type and Recipient 2021 2020 2019 Asset Management Fee- the Advisor and affiliates of Hines $ 6,391 $ 15,859 $ 26,365 Disposition Fee- the Advisor $ 4,410 $ 11,137 $ 12,753 Other (1) $ 4,859 $ 7,192 $ 5,393 Property Management Fee- Hines $ 1,169 $ 1,910 $ 4,011 Development/ Construction Management Fee- Hines $ — $ 13 $ 2,230 Leasing Fee- Hines $ 511 $ 339 $ 1,479 Expense Reimbursement- Hines (with respect to management and operations of the Company’s properties) $ 1,829 $ 3,771 $ 7,546 (1) 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. The table below outlines fees and expense reimbursement amounts unpaid by the Company to Hines and its affiliates as of December 31, 2021 and 2020 (in thousands): Unpaid as of December 31, Type and Recipient 2021 2020 Asset Management Fee- the Advisor and affiliates of Hines $ (34) $ 777 Disposition Fee- the Advisor — — Other (1) 1,194 1,255 Property Management Fee- Hines — 38 Development/ Construction Management Fee- Hines — — Leasing Fee- Hines 278 90 Expense Reimbursement- Hines (with respect to management and operations of the Company’s properties) 175 276 Due to Affiliates $ 1,613 $ 2,436 (1) 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. Advisory Agreement Pursuant to the Advisory Agreement, the Company is required to pay the following fees and expense reimbursements: Asset Management Fee – For the periods through June 30, 2020, the Advisor received an asset management fee equal to 0.125% per month of the net equity capital invested by the Company in real estate investments as of the end of each month. In connection with the closing of the transactions contemplated by the Liquidating Trust Agreement, the Trust assumed the Company’s interest in the Advisory Agreement, dated August 3, 2009 (as amended, the “Advisory Agreement”), by and among the Company, Hines Global REIT Advisors LP (the “Advisor”) and Hines Global REIT Properties LP (the “Operating Partnership”). On June 30, 2020, immediately following the completion of the transactions contemplated by the Liquidating Trust Agreement, the Trust, the Advisor and the Operating Partnership entered into an Amended and Restated Advisory Agreement (the “A&R Advisory Agreement”). Pursuant to the A&R Advisory Agreement, the Advisor agreed to reduce the annual asset management fee payable under the Advisory agreement by 25% from 1.50% to 1.125% of net equity invested in real estate investments, reflecting the Advisor’s continued commitment to the investors as the Trust works toward completion of the liquidation of the Company’s former assets. Disposition Fee – The Advisor or its affiliates were paid a disposition fee of 1.0% of the sales price of any real estate investments sold or 1.0% of the Company’s pro rata share of the sales price with respect to the Company’s indirect investments. The Company’s disposition fees related to the sales of wholly-owned properties are included in the Gain (loss) on sale of real estate investments in the Consolidated Statement of Operations and Comprehensive Income (loss). Special OP Units – Hines Global REIT Associates Limited Partnership, an affiliate of Hines, owns the special units of the Operating Partnership (“Special OP Units”), which entitle them to receive distributions in an amount equal to 15% of distributions, including from sales of real estate investments, refinancings and other sources, but only after the Company’s investors have received, or are deemed to have received, in the aggregate, cumulative distributions equal to their invested capital plus an 8.0% cumulative, non-compounded annual pre-tax return on such invested capital. It is not expected that this hurdle will be achieved and therefore no distributions will be paid to the holder of the Special OP Units. The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company. Property Management and Leasing Agreements The Company paid Hines fees for the management and leasing of some of its properties. Property management fees were equal to a market-based percentage of the gross revenues of the properties managed by Hines or the amount of property management fees recoverable from tenants of the properties managed by Hines under their leases. In addition, if Hines provided leasing services with respect to a property, the Company paid Hines leasing fees which are usual and customary for that type of property in that geographic area. The Company generally was required to reimburse Hines for certain operating costs incurred in providing property management and leasing services pursuant to the property management and leasing agreements. Included in this reimbursement of operating costs was the cost of personnel and overhead expenses related to such personnel located at the property as well as off-site personnel located in Hines’ headquarters and regional offices, to the extent the same related to or supported the performance of Hines’ duties under the agreement. From time to time, Hines performed construction management services for the Company for both re-development activities and tenant construction. These fees are considered incremental to the construction effort and were capitalized to the associated real estate project as incurred. Costs related to tenant construction were depreciated over the estimated useful life. Costs related to redevelopment activities were depreciated over the estimated useful life of the associated project. Leasing activities were generally performed by Hines on the Company’s behalf. Leasing fees were capitalized and amortized over the life of the related lease. Generally, as compensation for providing development management services, Hines was paid a fee equal to 3% of the development project costs and as compensation for providing construction management services, an affiliate of Hines was paid a contractor’s fee of 5% of the total construction costs of the project. Fees for Other Services The Company retains certain of the Advisor’s affiliates, from time to time, for services relating to the Company’s investments or operations, which may include corporate services, statutory services, transaction support services (including but not limited to coordinating with brokers, lawyers, accountants and other advisors, assembling relevant information, conducting financial and market analyses, and coordinating closing procedures) and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation and maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services did not reduce the asset management fee otherwise payable to the Advisor. Any such arrangements will be at market rates.

Fair Value Measurements - Going

Fair Value Measurements - Going Concern Basis	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements - Going Concern Basis	FAIR VALUE MEASUREMENTS - Going Concern Basis Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Financial Instruments Measured on a Recurring Basis The Company entered into several interest rate contracts as economic hedges against the variability of future interest rates on its variable interest rate borrowings. The valuation of these derivative instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its interest rate contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties, Bank Zachnodni WBK and ING Capital Markets. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of June 30, 2020 and December 31, 2019, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuations of its derivatives. As a result, the Company determined its derivative valuations were classified in Level 2 of the fair value hierarchy. Additionally, the Company has entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates. The valuation of these forward contracts is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including currency exchange rate curves and implied volatilities. The Company has determined its foreign currency forward contracts valuations are classified in Level 2 of the fair value hierarchy, as they are based on observable inputs but are not traded in active markets. 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 as discussed below. Impairment of Investment Property For the six months ended June 30, 2020, the Company determined that three of its remaining properties were impaired by $18.6 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). 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. 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, for the six months ended June 30, 2020 and year ended December 31, 2019 (in thousands). Basis of Fair Value Measurements During the six months ended Description Fair Value of Assets Quoted Prices Significant Significant Impairment June 30, 2020 Investment property $ 243,570 $ — $ 243,570 $ — $ 18,591 During the year ended 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 - Going Con

Reportable Segments - Going Concern Basis	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Reportable Segments - Going Concern Basis	REPORTABLE SEGMENTS - Going Concern Basis Prior to the conversion to the Liquidating Trust in June 2020, management viewed each of its real estate investments as an operating segment and aggregated them into four reportable segments based on the location of the segment and the underlying asset class. Subsequent to the conversion to the Liquidating Trust, the Company’s business has been, and will continue to be, to sell its assets in an orderly fashion and therefore it determined to no longer make operating decisions or assess performance in separate segments. Accordingly, the Company has only one reporting and operating segment subsequent to June 30, 2020. Listed below is information regarding the Company’s reportable segments for periods prior to the conversion to the Liquidating Trust: • Domestic other investments (4 investments) • International office investments (3 investments) The Company has also owned properties in the Domestic Office and International Other segments in prior periods, which were sold prior to June 30, 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): Six Months Ended June 30, Year Ended December 31, 2020 2019 Total Revenue Domestic office investments $ 5,408 $ 63,537 Domestic other investments 30,327 75,323 International office investments 26,944 50,870 International other investments — 3,838 Total Revenue $ 62,679 $ 193,568 For the six months ended June 30, 2020, and year ended December 31, 2019, the Company’s total revenue was attributable to the following countries: Six Months Ended June 30, Year Ended December 31, 2020 2019 United States 57 % 72 % United Kingdom 28 % 15 % Poland 9 % 5 % Russia 5 % 5 % France 1 % 3 % For the six months ended June 30, 2020, and the year ended 2019, the Company’s property revenues in excess of expenses by segment was as follows: Six Months Ended June 30, Year Ended December 31, 2020 2019 Property revenues in excess of expenses (1) Domestic office investments $ 2,436 $ 39,350 Domestic other investments 15,648 45,774 International office investments 15,210 26,249 International other investments (302) 2,714 Total property revenues in excess of expenses $ 32,992 $ 114,087 (1) Revenues less property operating expenses, real property taxes and property management fees. For the six months ended June 30, 2020, and the year ended December 31, 2019 the Company’s reconciliation to the Company’s property revenues in excess of expenses is as follows: Six Months Ended June 30, Year Ended December 31, 2020 2019 Reconciliation to property revenues in excess of expenses Net income (loss) $ 77,323 $ 300,416 Depreciation and amortization — 30,566 Asset management and acquisition fees 10,762 26,365 General and administrative expenses 3,904 8,287 Impairment Losses 18,591 122,603 (Gain) loss on derivatives (20,416) 3,838 (Gain) loss on sale of real estate investments (68,206) (406,277) Foreign currency (gains) losses 4,984 (1,611) Interest expense 4,319 28,809 Other (income) expenses (1,191) (1,595) (Benefit) provision for income taxes 2,922 2,686 Provision for income taxes related to the sale of real estate — — Total property revenues in excess of expenses $ 32,992 $ 114,087

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures - Going Concern Basis	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Disclosures - Going Concern Basis	SUPPLEMENTAL CASH FLOW DISCLOSURES - Going Concern Basis Supplemental cash flow disclosures for the six months ended June 30, 2020 and the year ended December 31, 2019 (in thousands): Six Months Ended June 30, Year Ended December 31, 2020 2019 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 4,448 $ 27,079 Cash paid for income taxes $ 770 $ 2,376 Supplemental Schedule of Non-Cash Activities Other receivables $ 632 $ 551 Shares tendered for redemption $ — $ 699 Assumption of mortgage upon disposition of property $ 78,519 $ — Accrued capital additions $ 280 $ 4,492 Disposition fee payable to the Advisor $ — $ 7,976

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIESThe 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 consolidated financial statements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Minneapolis Retail Center In March 2022, the Company sold Minneapolis Retail Center for a contract sales price of $150.0 million. The purchaser is not affiliated with the Company or its affiliates. Liquidating Distribution

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate Assets and Accumulated Depreciation	Schedule III — Real Estate Assets and Accumulated Depreciation December 31, 2021 Initial Cost Gross Amount at Which Carried at 12/31/2021 Description (a) Location Encumbrances Land Buildings and Improvements Total Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Total (b) Final Accumulated Depreciation (c) Total Date of Construction Date Acquired Minneapolis Retail Center Minneapolis, Minnesota — 30,792 78,711 109,503 23,201 30,792 101,912 132,704 (15,533) 117,171 1974 August - 12 & December - 12 Net Liquidation Adjustment (d) 32,829 $ — $ 30,792 $ 78,711 $ 109,503 $ 23,201 $ 30,792 $ 101,912 $ 132,704 $ (15,533) $ 150,000 (a) Asset is a quality retail property. (b) The aggregate cost for federal income tax purposes is $168.3 million as of December 31, 2021. (c) Prior to the held for sale classification, real estate assets were depreciated or amortized using the straight-line method over the useful lives of the assets by class. The estimated useful lives for computing depreciation were generally 10 years for furniture and fixtures, 15-20 years for electrical and mechanical installations and 40 years for buildings. As a result of the held for sale classification, the Company stopped recording depreciation to the assets held for sale as of July 2019. (d) Under the Liquidation Basis of Accounting, real estate holdings are carried at their liquidation values. The net liquidation adjustment represents the Company’s remeasurement of the property from the carrying value of the property to reflect the estimated liquidation value. The changes in total real estate assets for the years ended December 31, (in thousands): 2021 2020 2019 Gross real estate assets Balance, beginning of period $ 478,313 $ 1,259,164 $ 1,942,614 Additions during the period: Acquisitions — — — Other additions 86 10,239 89,138 Disposals of fully-depreciated assets — — — Costs of real estate sold (345,695) (760,740) (602,822) Impairment losses — (29,418) (179,194) Effect of changes in foreign currency exchange rates — (932) 9,428 Balance, end of period $ 132,704 $ 478,313 $ 1,259,164 Accumulated Depreciation Balance, beginning of period $ (15,605) $ (79,394) $ (172,659) Depreciation — — (18,191) Effect of changes in foreign currency exchange rates — 741 (1,270) Disposals of fully-depreciated assets — — — Impairment losses — 10,827 59,854 Retirement or sales of assets 72 52,221 52,872 Balance, end of period $ (15,533) $ (15,605) $ (79,394) Net real estate assets $ 117,171 $ 462,708 $ 1,179,770 Liquidation adjustment 32,829 134,492 — Net real estate assets after liquidation adjustment $ 150,000 $ 597,200 $ 1,179,770

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting - Liquidation Basis	Basis of Accounting - Liquidation Basis The Company adopted the liquidation basis of accounting as of July 1, 2020 and for the period subsequent to July 1, 2020 as a result of the entering in to the Liquidating Trust Agreement on June 30, 2020. Accordingly, on July 1, 2020 the carrying value of the Company’s assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that the Company reasonably expects to collect from their sale. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The liquidation value of the Company’s net assets is presented on an undiscounted basis. Due to the uncertainty in the timing of the anticipated sale amounts and dates and the estimated cash flows, actual operating results and sale proceeds may differ materially from the amounts estimated. Additionally, the Company accrues costs and income that it expects to incur and earn through the end of the liquidation period, to the extent it has a reasonable basis for estimation. This also includes e stimated costs to dispose of assets. These amounts are classified as a liability for estimated costs in excess of estimated income during liquidation in the consolidated statement of net assets. Actual costs and income may differ from amounts reflected in the financial statements because of inherent uncertainty in estimating future events. These differences may be material. As a result of the change to the liquidation basis of accounting, the Company’s financial statements as of and for the year ended December 31, 2021 are presented using the liquidation basis of accounting. Additionally, the Company’s financial statements as of and for the year ended December 31, 2020 are presented using two different presentations. For the liquidation basis of accounting, a consolidated statement of net assets is presented, which represents the estimated liquidation value available to trustees upon liquidation. In addition, a consolidated statement of changes in net assets reflects changes in net assets for the year ended December 31, 2021 and from the original estimated values as of July 1, 2020 through December 31, 2020. The consolidated statements of operations and comprehensive income (loss), consolidated statement of changes in equity and statements of cash flow for the periods ended June 30, 2020 and December 31, 2019 included in this Annual Report on Form 10-K are presented based on a going concern basis, which contemplated the realization of assets and liabilities in the normal course of business. The Company no longer presents a Consolidated Balance Sheet, a Consolidated Statement of Operations and Comprehensive Income (Loss), a Consolidated Statement of Changes in Equity or a Consolidated Statement of Cash Flows.
Use of Estimates	Use of Estimates The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its assumptions and estimates on an ongoing basis. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Additionally, application of the Company’s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. Actual results may differ from these estimates under different assumptions or conditions.
Basis of Presentation	Basis of PresentationThe consolidated financial statements of the Company include the accounts of Hines Global REIT, Inc. or HGR Liquidating Trust, the Operating Partnership and its wholly-owned subsidiaries and the joint ventures as well as amounts related to noncontrolling interests. All intercompany balances and transactions have been eliminated in consolidation.
International Operations	International Operations The British pound (“GBP”) is the functional currency for the Company’s subsidiaries in the United Kingdom, the Russian ruble (“RUB”) is the functional currency for the Company’s subsidiaries in Russia, the Polish zloty (“PLN”) is the functional currency for the Company’s subsidiaries in Poland, the Australian dollar (“AUD”) is the functional currency for the Company’s subsidiaries in Australia and the Euro (“EUR”) is the functional currency for the Company’s subsidiaries in Germany and France. These subsidiaries have translated their financial statements into U.S. dollars for reporting purposes. Assets and liabilities are translated at the exchange rate in effect as of the balance sheet date while income statement accounts are translated using the
Investment Property and Lease Intangibles - Going Concern Basis	Investment Property and Lease Intangibles - Going Concern Basis Real estate assets acquired by the Company are stated at fair value at the date of acquisition less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 years for furniture and fixtures, 15-20 years for electrical and mechanical installations and 40 years for buildings. Major replacements that extend the useful life of the assets are capitalized and maintenance and repair costs are expensed as incurred. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense. Acquired out-of-market lease values (including ground leases) are recorded based on the present value (using a discount rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized out-of-market lease values are amortized as adjustments to rental revenue (or ground lease expense, as applicable) over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the out-of-market lease value is charged to rental revenue. Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the outstanding principal balance of the note will be amortized over the life of the mortgage note payable.
Impairment of Investment Property	Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted basis to the carrying amount of such property. If the carrying amount exceeds the undiscounted cash flows, it would be written down to the estimated fair value to reflect impairment in the value of the asset. The determination of whether investment property is impaired requires a significant amount of judgment by management and is based on the best information available to management at the time of the evaluation. Impairment of Investment Property For the six months ended June 30, 2020, the Company determined that three of its remaining properties were impaired by $18.6 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). 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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with an original maturity of three months or less at the time of purchase to be cash equivalents.
Restricted Cash	Restricted Cash Restricted cash was $19.3 million at December 31, 2021, which related to amounts escrowed for the payment of Value-Added Taxes (“VAT”) related to the sale of New City in November 2021. The Company paid the VAT liability in January 2022.
Concentration of Credit Risk	Concentration of Credit RiskAs of December 31, 2021, the Company had cash and cash equivalents and restricted cash deposited in certain financial institutions in excess of federally insured levels. Management regularly monitors the financial stability of these financial institutions in an effort to manage the Company’s exposure to any significant credit risk in cash and cash equivalents or restricted cash.
Tenant and Other Receivables	Tenant and Other Receivables Receivable balances consist primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent, and are carried at cost. Upon the adoption of Accounting Standards Update (“ASU”) 2016-02, individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivables are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, the Company assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. The uncollectible portion of the portfolio is recorded as an adjustment to rental revenues.
Deferred Leasing and Financing Costs - Going Concern Basis	Deferred Leasing Costs - Going Concern Basis Direct leasing costs, primarily consisting of third-party leasing commissions and tenant inducements are capitalized and amortized over the life of the related lease. Tenant inducement amortization is recorded as an offset to rental revenue and the amortization of other direct leasing costs is recorded in amortization expense.
Revenue Recognition	Revenue Recognition ASU 2014-09 requires the use of a five-step model to recognize revenue from contracts with customers. The five-step model requires that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when it satisfies the performance obligations. Management has concluded that the majority of the Company’s total revenue, with the exception of gains and losses from the sale of real estate, consist of rental income from leasing arrangements, which is specifically excluded from the standard. Excluding gains and losses on the sale of real estate (as discussed further below), the Company concluded that its remaining revenue streams were immaterial and, as such, the adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements. As of January 1, 2018, the Company began accounting for the sale of real estate properties under ASU 2017-05 and provides for revenue recognition based on completed performance obligations, which typically occurs upon the transfer of ownership of a real estate asset. 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.
Income Taxes	Income Taxes The Company elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) through June 30, 2020, when it transferred all of its assets and liabilities to the Liquidating Trust. The Company’s management believes that the Company operated in such a manner as to qualify for treatment as a REIT until June 30, 2020. Accordingly, no provision has been made for U.S. federal income taxes for the six months ended June 30, 2020, and year ended December 31, 2019 in the accompanying consolidated financial statements. In 2021, 2020 and 2019 income tax expense recorded by the Company was primarily comprised of foreign income taxes related to the operation of its international properties. All periods from December 31, 2018 through December 31, 2021 are open for examination by the IRS. The Company does not believe it has any uncertain tax positions or unrecognized tax benefits requiring disclosure.
Per Share Data	Per Share Data Net income (loss) per common share is calculated by dividing the net income (loss) attributable to common investors for each period by the weighted average number of common shares outstanding during such period. Net income (loss) per common share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares outstanding.
Recently Adopted Accounting Pronouncements - Going Concern Basis	Recently Adopted Accounting Pronouncements - Going Concern Basis In February 2016, the FASB issued ASU 2016-02 which requires companies that lease assets to recognize on the balance sheet the right-of-use assets and related lease liabilities (“ASC 842”). The accounting by companies that own the assets leased by the lessee (the lessor) remains largely unchanged from earlier guidance under ASC 840. The Company adopted ASC 842 as of January 1, 2019, and is using the modified retrospective approach. No adjustment to opening retained earnings was required. In July 2018, the FASB issued ASU 2018-11, which allows lessors to account for lease and non-lease components by class of underlying assets, as a single lease component if certain criteria are met. Also, the new standard indicates that companies are permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of restating prior periods in accordance with ASC 842 and provides other optional practical expedients. Upon adoption, the Company elected the following practical expedients: • The transition method in which the application date of January 1, 2019 is the beginning of the reporting period that the Company first applied the new guidance. • The practical expedient package which allows an entity not to reassess (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; (3) initial direct costs for any existing leases. • As an accounting policy election, a lessor may choose not to separate the non-lease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component under certain conditions. Based on the Company’s analysis, the Company identified the following changes resulted from the adoption of ASC 842: Lessor Accounting • The Company is entitled to receive tenant reimbursements for operating expenses for common area maintenance (“CAM”). Based on guidance in these ASUs, CAM reimbursement revenue is defined as a non-lease component, which would be accounted for in accordance with ASC 606. However, the Company elected to apply the practical expedient for all of its leases to account for the lease and non-lease components as a single, combined operating lease component. • Capitalization of leasing costs is limited to initial direct costs. Initial direct costs have been defined as incremental costs of a lease that would not have been incurred if the lease had not been obtained. Legal costs are no longer capitalized, but expensed as incurred. There is no change in the Company’s accounting for lease inducements and commissions. • The Company’s existing leases continue to be classified as operating leases, however, leases entered into or modified after January 1, 2019 may be classified as either operating or sales-type leases, based on specific classification criteria. The Company believes all of its leases will continue to be classified as operating leases, and all operating leases will continue to have a similar pattern of recognition as under current GAAP. • The Company believes there is low risk of inadequate residual values of its leased assets upon the termination of these leases due to the Company’s ability to re-lease the spaces for the assets, the long-lived nature of its real estate assets and the nature of real estate assets to hold their value over a long periods of time.
Fees and Expense Reimbursements	Asset Management Fee – For the periods through June 30, 2020, the Advisor received an asset management fee equal to 0.125% per month of the net equity capital invested by the Company in real estate investments as of the end of each month. In connection with the closing of the transactions contemplated by the Liquidating Trust Agreement, the Trust assumed the Company’s interest in the Advisory Agreement, dated August 3, 2009 (as amended, the “Advisory Agreement”), by and among the Company, Hines Global REIT Advisors LP (the “Advisor”) and Hines Global REIT Properties LP (the “Operating Partnership”). On June 30, 2020, immediately following the completion of the transactions contemplated by the Liquidating Trust Agreement, the Trust, the Advisor and the Operating Partnership entered into an Amended and Restated Advisory Agreement (the “A&R Advisory Agreement”). Pursuant to the A&R Advisory Agreement, the Advisor agreed to reduce the annual asset management fee payable under the Advisory agreement by 25% from 1.50% to 1.125% of net equity invested in real estate investments, reflecting the Advisor’s continued commitment to the investors as the Trust works toward completion of the liquidation of the Company’s former assets. Special OP Units – Hines Global REIT Associates Limited Partnership, an affiliate of Hines, owns the special units of the Operating Partnership (“Special OP Units”), which entitle them to receive distributions in an amount equal to 15% of distributions, including from sales of real estate investments, refinancings and other sources, but only after the Company’s investors have received, or are deemed to have received, in the aggregate, cumulative distributions equal to their invested capital plus an 8.0% cumulative, non-compounded annual pre-tax return on such invested capital. It is not expected that this hurdle will be achieved and therefore no distributions will be paid to the holder of the Special OP Units.
Property Management and Leasing Agreements	Property Management and Leasing Agreements The Company paid Hines fees for the management and leasing of some of its properties. Property management fees were equal to a market-based percentage of the gross revenues of the properties managed by Hines or the amount of property management fees recoverable from tenants of the properties managed by Hines under their leases. In addition, if Hines provided leasing services with respect to a property, the Company paid Hines leasing fees which are usual and customary for that type of property in that geographic area. The Company generally was required to reimburse Hines for certain operating costs incurred in providing property management and leasing services pursuant to the property management and leasing agreements. Included in this reimbursement of operating costs was the cost of personnel and overhead expenses related to such personnel located at the property as well as off-site personnel located in Hines’ headquarters and regional offices, to the extent the same related to or supported the performance of Hines’ duties under the agreement.
Fair Value Measurements	Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Financial Instruments Measured on a Recurring Basis The Company entered into several interest rate contracts as economic hedges against the variability of future interest rates on its variable interest rate borrowings. The valuation of these derivative instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its interest rate contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties, Bank Zachnodni WBK and ING Capital Markets. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of June 30, 2020 and December 31, 2019, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuations of its derivatives. As a result, the Company determined its derivative valuations were classified in Level 2 of the fair value hierarchy. Additionally, the Company has entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates. The valuation of these forward contracts is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including currency exchange rate curves and implied volatilities. The Company has determined its foreign currency forward contracts valuations are classified in Level 2 of the fair value hierarchy, as they are based on observable inputs but are not traded in active markets.

Liability for Estimated Costs_2

Liability for Estimated Costs in Excess of Estimated Income During Liquidation (Tables)	12 Months Ended
	Dec. 31, 2021
Liability for Estimated Costs in Excess of Estimated Income During Liquidation [Abstract]
Schedule of Liability for Estimated Costs in Excess of Estimated Expenses	The table below summarizes changes in the liability for estimated costs in excess of estimated income between January 1, 2021 and December 31, 2021 (in thousands): January 1, 2021 Amounts Incurred Remeasurement of Amounts December 31, 2021 Assets: Net rental income $ 22,000 $ (23,406) $ 3,406 (1) $ 2,000 Liabilities: General and administrative expenses (10,000) 5,563 137 (4,300) Asset management fees (7,000) 6,391 9 (600) Closing costs and credits (13,010) 9,330 695 (2,985) Total liability for estimated costs in excess of estimated income during liquidation $ (8,010) $ (2,122) $ 4,247 $ (5,885) (1) The increase in the net rental income is primarily due to changes in the projected sale timing of certain of the Company's properties. The table below summarizes changes in the liability for estimated costs in excess of estimated income between July 1, 2020 and December 31, 2020 (in thousands): July 1, 2020 Amounts Incurred Remeasurement of Amounts December 31, 2020 Assets: Net rental income $ 52,000 $ (16,200) $ (13,800) (1) $ 22,000 Liabilities: General and administrative expenses (15,300) 2,960 2,340 (10,000) Asset management fees (16,700) 5,097 4,603 (7,000) Closing costs and credits (43,238) 25,747 4,481 (13,010) Total liability for estimated costs in excess of estimated income during liquidation $ (23,238) $ 17,604 $ (2,376) $ (8,010) (1) The decrease in the net rental income is primarily due to changes in the projected sale timing of certain of the Company's properties.

Net Assets in Liquidation (Tabl

Net Assets in Liquidation (Tables)	12 Months Ended
	Dec. 31, 2021
Net Assets in Liquidation [Abstract]
Schedule of Net Assets in Liquidation	The following is a reconciliation of investors’ equity under the going concern basis of accounting as of June 30, 2020 to net assets in liquidation under the liquidation basis of accounting as of July 1, 2020 (in thousands): Total Equity as of June 30, 2020 $ 1,321,734 Increase due to adjustment of net realizable value of real estate investments 426,859 Decrease due to adjustment of assets and liabilities to net realizable value (261,535) Liability for estimated costs in excess of estimated income during liquidation (23,238) Adjustment to reflect the change to the liquidation basis of accounting 142,086 Estimated value of net assets in liquidation as of July 1, 2020 $ 1,463,820

Investment Property - Going C_2

Investment Property - Going Concern Basis (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Real Estate Properties Sold	The Company sold three properties for an aggregate gain of $68.2 million during the six months ended June 30, 2020, and four properties for an aggregate gain of $406.3 million during the year ended December 31, 2019. The table below provides information regarding each of the properties sold during the six months ended June 30, 2020, and year ended December 31, 2019, including the acquisition/completed construction price, and contract sales price (in millions). Property Date Acquired/Completed Acquisition Price/ Construction Cost Date Sold Contract Sales Price Campus at Marlborough 10/2011 $103.0 6/2020 $66.0 Perspective Defense (1) 6/2013 $165.8 2/2020 $144.9 Riverside Center 3/2013 $197.1 1/2020 $235.0 FM Logistic 4/2011 $70.8 12/2019 $31.6 The Summit 3/2015 $316.5 12/2019 $756.0 550 Terry Francois 8/2012 $180.0 2/2019 $342.5 55M 12/2013 $140.9 1/2019 $135.3 (1) The acquisition price for Perspective Defense of approximately €126.5 million was converted to USD based on an exchange rate of $1.31 per EUR as of the transaction date. The sales price of approximately €129.8 million was converted to USD based on an exchange rate of $1.12 per EUR as of the transaction date.
Schedule of Future Minimum Rental Income for Operating Leases	As of December 31, 2021, the approximate fixed future minimum rentals for each of the years ending December 31, 2022 through 2026 and thereafter were as follows (in thousands): Fixed Future Minimum Rentals 2022 $ 11,829 2023 11,809 2024 9,501 2025 8,289 2026 6,697 Thereafter 14,201 Total $ 62,326

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2021
Distributions [Abstract]
Schedule of Distributions Declared	The table below outlines the Company’s total distributions declared to investors and noncontrolling interests for the years ended December 31, 2021, 2020 and 2019 (in thousands). Unitholders Noncontrolling Interests Distributions for Year Ended Cash Distributions Distributions Reinvested Total Declared (1) Distributions Declared per Unit Total Declared December 31, 2021 $ 209,917 $ — $ 209,917 $ 0.80 $ 17 December 31, 2020 $ 905,266 $ — $ 905,266 $ 3.45 $ 254 December 31, 2019 $ 661,238 $ — $ 661,238 $ 2.50 $ 53

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
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 Hines and its affiliates for the years ended December 31, 2021, 2020, and 2019 (in thousands): Incurred During the Years Ended December 31, Type and Recipient 2021 2020 2019 Asset Management Fee- the Advisor and affiliates of Hines $ 6,391 $ 15,859 $ 26,365 Disposition Fee- the Advisor $ 4,410 $ 11,137 $ 12,753 Other (1) $ 4,859 $ 7,192 $ 5,393 Property Management Fee- Hines $ 1,169 $ 1,910 $ 4,011 Development/ Construction Management Fee- Hines $ — $ 13 $ 2,230 Leasing Fee- Hines $ 511 $ 339 $ 1,479 Expense Reimbursement- Hines (with respect to management and operations of the Company’s properties) $ 1,829 $ 3,771 $ 7,546 (1) 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. The table below outlines fees and expense reimbursement amounts unpaid by the Company to Hines and its affiliates as of December 31, 2021 and 2020 (in thousands): Unpaid as of December 31, Type and Recipient 2021 2020 Asset Management Fee- the Advisor and affiliates of Hines $ (34) $ 777 Disposition Fee- the Advisor — — Other (1) 1,194 1,255 Property Management Fee- Hines — 38 Development/ Construction Management Fee- Hines — — Leasing Fee- Hines 278 90 Expense Reimbursement- Hines (with respect to management and operations of the Company’s properties) 175 276 Due to Affiliates $ 1,613 $ 2,436 (1) 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 - Goi_2

Fair Value Measurements - Going Concern Basis (Tables)	12 Months Ended
	Dec. 31, 2021
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, for the six months ended June 30, 2020 and year ended December 31, 2019 (in thousands). Basis of Fair Value Measurements During the six months ended Description Fair Value of Assets Quoted Prices Significant Significant Impairment June 30, 2020 Investment property $ 243,570 $ — $ 243,570 $ — $ 18,591 During the year ended December 31, 2019 Investment property $ 544,846 $ — $ 458,828 $ 86,018 $ 122,603

Reportable Segments - Going C_2

Reportable Segments - Going Concern Basis (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	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): Six Months Ended June 30, Year Ended December 31, 2020 2019 Total Revenue Domestic office investments $ 5,408 $ 63,537 Domestic other investments 30,327 75,323 International office investments 26,944 50,870 International other investments — 3,838 Total Revenue $ 62,679 $ 193,568 For the six months ended June 30, 2020, and the year ended 2019, the Company’s property revenues in excess of expenses by segment was as follows: Six Months Ended June 30, Year Ended December 31, 2020 2019 Property revenues in excess of expenses (1) Domestic office investments $ 2,436 $ 39,350 Domestic other investments 15,648 45,774 International office investments 15,210 26,249 International other investments (302) 2,714 Total property revenues in excess of expenses $ 32,992 $ 114,087 (1) Revenues less property operating expenses, real property taxes and property management fees.
Schedule of Revenue and Assets, by Geographical Areas	For the six months ended June 30, 2020, and year ended December 31, 2019, the Company’s total revenue was attributable to the following countries: Six Months Ended June 30, Year Ended December 31, 2020 2019 United States 57 % 72 % United Kingdom 28 % 15 % Poland 9 % 5 % Russia 5 % 5 % France 1 % 3 %
Reconciliation of Property Revenues in Excess of Expenses From Segments to Consolidated	For the six months ended June 30, 2020, and the year ended December 31, 2019 the Company’s reconciliation to the Company’s property revenues in excess of expenses is as follows: Six Months Ended June 30, Year Ended December 31, 2020 2019 Reconciliation to property revenues in excess of expenses Net income (loss) $ 77,323 $ 300,416 Depreciation and amortization — 30,566 Asset management and acquisition fees 10,762 26,365 General and administrative expenses 3,904 8,287 Impairment Losses 18,591 122,603 (Gain) loss on derivatives (20,416) 3,838 (Gain) loss on sale of real estate investments (68,206) (406,277) Foreign currency (gains) losses 4,984 (1,611) Interest expense 4,319 28,809 Other (income) expenses (1,191) (1,595) (Benefit) provision for income taxes 2,922 2,686 Provision for income taxes related to the sale of real estate — — Total property revenues in excess of expenses $ 32,992 $ 114,087

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures - Going Concern Basis (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Supplemental cash flow disclosures for the six months ended June 30, 2020 and the year ended December 31, 2019 (in thousands): Six Months Ended June 30, Year Ended December 31, 2020 2019 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 4,448 $ 27,079 Cash paid for income taxes $ 770 $ 2,376 Supplemental Schedule of Non-Cash Activities Other receivables $ 632 $ 551 Shares tendered for redemption $ — $ 699 Assumption of mortgage upon disposition of property $ 78,519 $ — Accrued capital additions $ 280 $ 4,492 Disposition fee payable to the Advisor $ — $ 7,976

Organization (Details)

Organization (Details) $ / shares in Units, $ in Thousands	Mar. 17, 2022$ / shares	Mar. 10, 2022USD ($)$ / shares	Jul. 17, 2020	Jul. 15, 2020$ / shares	Jun. 30, 2020	Feb. 13, 2019$ / shares	Jan. 14, 2009USD ($)	Mar. 31, 2022$ / shares	Jul. 31, 2020$ / shares	Feb. 28, 2019$ / shares	Dec. 31, 2020USD ($)property$ / shares	Jun. 30, 2020USD ($)property	Dec. 31, 2021USD ($)property$ / shares	Dec. 31, 2020property$ / shares	Dec. 31, 2019USD ($)property$ / shares	Dec. 31, 2018$ / shares	Dec. 31, 2017real_estate_investment	Dec. 31, 2011$ / shares	Mar. 31, 2022$ / shares	Apr. 30, 2014publicOffering	Dec. 31, 2021USD ($)property$ / shares	Dec. 31, 2018$ / shares	Aug. 31, 2018USD ($)	Dec. 31, 2018$ / shares	Dec. 31, 2021property$ / shares	Dec. 31, 2021property$ / shares	Mar. 11, 2022$ / shares
Public Offering
Number of public offerings during period | publicOffering																				2
Maximum number of properties owned during acquisition phase. | property																										45
Period after stockholder approval for final liquidating distribution			24 months
Termination period of liquidating trust agreement					3 years
Number of properties sold											2	3	4	5	4		6				39
Contract sales price, real estate | $											$ 619,000	$ 445,900			$ 1,300,000						$ 5,400,000
Remaining undistributed net assets in liquidation per unit (in dollars per unit)											$ 2.09		$ 1.26	$ 2.09							$ 1.26				$ 1.26	$ 1.26
Dividends paid (in dollars per unit)														1.40											$ 15.11
Number of properties sold in liquidation | property											5		4
Number of properties in real estate portfolio prior to sale | property													5
Dividends declared (in dollars per unit)													$ 0.80	3.45	$ 2.50									$ 6.09
Distributions declared, per share, per year (in dollars per unit)																		$ 0.70				$ 0.65
Aggregate sales price of assets sold in liquidation | $											$ 1,100,000		$ 433,000
Proceeds from noncontrolling interests | $												$ 0			$ 97
Minneapolis Retail Center
Public Offering
Number of remaining real estate investments | property													1								1				1	1
Subsequent Event
Public Offering
Contract sales price, real estate | $		$ 150,000
Remaining undistributed net assets in liquidation per unit (in dollars per unit)	$ 0.04																										$ 0.66
Dividends paid (in dollars per unit)		$ 0.62						$ 0.62
Dividends declared (in dollars per unit)	$ 0.62	$ 0.62
Hines Global REIT, Inc
Public Offering
Decrease in NAV per share (in dollars per share)											$ 1.43			$ 1.43
Proceeds from issuance, initial public offering | $							$ 10
Hines Global REIT Associates Limited Partnership
Public Offering
Proceeds from noncontrolling interests | $							$ 190
Hines Global REIT Associates Limited Partnership | Hines Global REIT Associates Limited Partnership
Public Offering
Noncontrolling interest, ownership percentage							95.00%				0.01%		0.01%	0.01%							0.01%				0.01%	0.01%
Public Offering
Public Offering
Proceeds from issuance public offering | $																							$ 3,100,000
Liquidating Distribution
Public Offering
Dividends paid (in dollars per unit)									$ 1	$ 2.50
Dividends declared (in dollars per unit)				$ 1		$ 2.50
Return of Capital Distributions
Public Offering
Distributions declared, per share, per year (in dollars per unit)																$ 0.45
Special Distribution and/or Liquidating Distribution
Public Offering
Dividends declared (in dollars per unit)																									$ 9.02
Special Distribution and/or Liquidating Distribution | Subsequent Event
Public Offering
Dividends paid (in dollars per unit)																			$ 9.47

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (International Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Perspective Defense
Intercompany Foreign Currency Balance
Loss on disposal	$ 7.8
Disposal of a Foreign Subsidiary
Intercompany Foreign Currency Balance
Foreign currency translation loss		$ 36.8

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Investment Property and Lease Intangibles) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)property	Dec. 31, 2021	Dec. 31, 2019USD ($)property
Property, Plant and Equipment
Impairment losses	$ 18,591		$ 122,603
Furniture and Fixtures
Property, Plant and Equipment
Estimated useful life		10 years
Electrical and Mechanical Installations | Minimum
Property, Plant and Equipment
Estimated useful life		15 years
Electrical and Mechanical Installations | Maximum
Property, Plant and Equipment
Estimated useful life		20 years
Building | Maximum
Property, Plant and Equipment
Estimated useful life		40 years
Held for Sale
Property, Plant and Equipment
Number of real estate properties impaired | property	3		6
Impairment losses	$ 18,600		$ 115,400

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Restricted Cash) (Details) $ in Millions	Dec. 31, 2021USD ($)
Accounting Policies [Abstract]
Restricted cash	$ 19.3

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details) $ in Millions	Dec. 31, 2021USD ($)
Accounting Policies [Abstract]
Deposits in foreign financial institutions	$ 6.8

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Deferred Costs) (Details) - USD ($) $ in Millions	5 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Tenant inducement amortization		$ 0	$ 8.9
Amortization of deferred other leasing fees	$ 0	0	$ 2.4
Deferred financing costs, net of amortization		2
Amortization of deferred financing costs		$ 0

Liability for Estimated Costs_3

Liability for Estimated Costs in Excess of Estimated Income During Liquidation (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2021
Liability for Estimated Costs in Excess of Estimated Income During Liquidation [Roll Forward]
Beginning balance, liabilities		$ (23,238)	$ (8,010)
Amounts Incurred		17,604	(2,122)
Remeasurement of Amounts	$ (23,238)	(2,376)	4,247
Ending balance, liabilities	(23,238)	(8,010)	(5,885)
Net rental income
Liability for Estimated Costs in Excess of Estimated Income During Liquidation [Roll Forward]
Beginning balance, assets		52,000	22,000
Amounts Incurred		(16,200)	(23,406)
Remeasurement of Amounts		(13,800)	3,406
Ending balance, assets	52,000	22,000	2,000
General and administrative expenses
Liability for Estimated Costs in Excess of Estimated Income During Liquidation [Roll Forward]
Beginning balance, liabilities		(15,300)	(10,000)
Amounts Incurred		2,960	5,563
Remeasurement of Amounts		2,340	137
Ending balance, liabilities	(15,300)	(10,000)	(4,300)
Asset management fees
Liability for Estimated Costs in Excess of Estimated Income During Liquidation [Roll Forward]
Beginning balance, liabilities		(16,700)	(7,000)
Amounts Incurred		5,097	6,391
Remeasurement of Amounts		4,603	9
Ending balance, liabilities	(16,700)	(7,000)	(600)
Closing costs and credits
Liability for Estimated Costs in Excess of Estimated Income During Liquidation [Roll Forward]
Beginning balance, liabilities		(43,238)	(13,010)
Amounts Incurred		25,747	9,330
Remeasurement of Amounts		4,481	695
Ending balance, liabilities	$ (43,238)	$ (13,010)	$ (2,985)

Net Assets in Liquidation (Sche

Net Assets in Liquidation (Schedule of Net Assets in Liquidation) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2021	Jul. 01, 2020
Net Assets in Liquidation [Abstract]
Total Equity as of June 30, 2020	$ 1,321,734
Increase due to adjustment of net realizable value of real estate investments	426,859
Decrease due to adjustment of assets and liabilities to net realizable value	(261,535)
Liability for estimated costs in excess of estimated income during liquidation	(23,238)	$ (2,376)	$ 4,247
Adjustment to reflect the change to the liquidation basis of accounting	$ 142,086
Estimated value of net assets in liquidation as of July 1, 2020		$ 549,706	$ 330,620	$ 1,463,820

Net Assets in Liquidation (Narr

Net Assets in Liquidation (Narrative) (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)property$ / shares	Dec. 31, 2021USD ($)property$ / shares	Mar. 17, 2022$ / shares	Mar. 11, 2022$ / shares	Jul. 01, 2020USD ($)property
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Adjustment to reflect the change to the liquidation basis of accounting	$ 142,086
Remaining properties in liquidation | property		5				7
Decrease in net assets in liquidation		$ 914,114	$ 219,086
Increase (decrease) in liquidating distributions to common shareholders		$ (905,266)	$ (209,917)
Distributions per share (in dollars per share) | $ / shares		$ 3.45	$ 0.80
Number of properties sold in liquidation | property		5	4
Aggregate sales price of assets sold in liquidation		$ 1,100,000	$ 433,000
Increase (decrease) in liquidation value of investments in real estate		(31,699)	(8,073)
Increase (decrease) from remeasurement of assets and liabilities, including costs in excess of estimated income		22,851	(1,096)
Remaining undistributed net assets in liquidation		$ 549,706	$ 330,620			$ 1,463,820
Remaining undistributed net assets in liquidation per unit (in dollars per unit) | $ / shares		$ 2.09	$ 1.26
Net assets in liquidation per unit for property sold (in dollars per share) | $ / shares			$ 1.22
Value of remaining net assets in liquidation, undiscounted basis		$ 597,200
Minneapolis Retail Center
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Number of remaining real estate investments | property			1
Subsequent Event
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Remaining undistributed net assets in liquidation per unit (in dollars per unit) | $ / shares				$ 0.04	$ 0.66

Investment Property - Going C_3

Investment Property - Going Concern Basis (Property Dispositions) (Details) $ in Thousands, € in Millions

6 Months Ended

12 Months Ended

60 Months Ended

Dec. 31, 2020property

Jun. 30, 2020USD ($)property

Dec. 31, 2021property

Dec. 31, 2020property

Dec. 31, 2019USD ($)property

Dec. 31, 2017real_estate_investment

Dec. 31, 2021property

Feb. 29, 2020USD ($)$ / €

Feb. 29, 2020EUR (€)$ / €

Jan. 31, 2020USD ($)

Feb. 28, 2019USD ($)

Jan. 31, 2019USD ($)

Mar. 31, 2015USD ($)

Dec. 31, 2013USD ($)

Jun. 30, 2013USD ($)$ / €

Jun. 30, 2013EUR (€)$ / €

Mar. 31, 2013USD ($)

Aug. 31, 2012USD ($)

Oct. 31, 2011USD ($)

Apr. 30, 2011USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties sold

2

3

4

5

4

6

39

Gain (loss) on sale of real estate investments

$ 68,206

$ 406,277

Campus at Marlborough

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract purchase price, real estate

$ 103,000

Contract sales price, real estate

$ 66,000

Perspective Defense

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract purchase price, real estate

$ 165,800

€ 126.5

Contract sales price, real estate

$ 144,900

€ 129.8

Foreign currency exchange rate, translation | $ / €

1.12

1.12

1.31

1.31

Riverside Center

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract purchase price, real estate

$ 197,100

Contract sales price, real estate

$ 235,000

FM Logistic

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract purchase price, real estate

$ 70,800

Contract sales price, real estate

31,600

The Summit

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract purchase price, real estate

$ 316,500

Contract sales price, real estate

$ 756,000

550 Terry Francois

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract purchase price, real estate

$ 180,000

Contract sales price, real estate

$ 342,500

55M

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract purchase price, real estate

$ 140,900

Contract sales price, real estate

$ 135,300

Investment Property - Going C_4

Investment Property - Going Concern Basis (Narrative) (Details)	6 Months Ended		12 Months Ended				60 Months Ended
	Dec. 31, 2020property	Jun. 30, 2020USD ($)property	Dec. 31, 2021property	Dec. 31, 2020property	Dec. 31, 2019USD ($)property	Dec. 31, 2017real_estate_investment	Dec. 31, 2021property
Finite Lived Intangible Assets
Number of properties sold	2	3	4	5	4	6	39
Lease term			15 years				15 years
Total billings related to expense reimbursements from tenants		$ 20,500,000
In-Place Leases
Finite Lived Intangible Assets
Amortization of lease intangibles		0			$ 9,900,000
Out-of-Market Leases, Net
Finite Lived Intangible Assets
Amortization of above and below market leases		$ 0			$ 2,700,000

Investment Property - Going C_5

Investment Property - Going Concern Basis (Future Minimum Rent) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Fixed Future Minimum Rentals
2022	$ 11,829
2023	11,809
2024	9,501
2025	8,289
2026	6,697
Thereafter	14,201
Total	$ 62,326

Debt Financing (Narrative) (Det

Debt Financing (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020USD ($)loan	Dec. 31, 2021USD ($)
Debt Instrument
Principal outstanding		$ 0
New City
Debt Instrument
Number of mortgage loan outstanding | loan	1
Principal outstanding	$ 65,700,000

Distributions (Details)

Distributions (Details) $ / shares in Units, $ in Thousands

Mar. 22, 2022$ / shares

Mar. 17, 2022$ / shares

Mar. 10, 2022$ / shares

Sep. 30, 2021$ / shares

Sep. 29, 2021$ / shares

Sep. 14, 2020$ / shares

Jul. 15, 2020$ / shares

Feb. 13, 2019$ / shares

Dec. 30, 2017$ / shares

Mar. 31, 2022$ / shares

Jan. 31, 2022$ / shares

Sep. 30, 2020$ / shares

Jul. 31, 2020$ / shares

Feb. 28, 2019$ / shares

Dec. 31, 2020property

Jun. 30, 2020property

Jun. 30, 2019$ / shares

Dec. 31, 2018$ / shares

Dec. 31, 2021USD ($)property$ / shares

Dec. 31, 2020USD ($)property$ / shares

Dec. 31, 2019USD ($)property$ / shares

Dec. 31, 2018$ / shares

Dec. 31, 2017real_estate_investment

Dec. 31, 2011$ / shares

Mar. 31, 2022$ / shares

Dec. 31, 2021property

Dec. 31, 2018$ / shares

Dec. 31, 2018$ / shares

Dec. 31, 2021$ / shares

Distributions

Distributions declared, per share, per year (in dollars per unit)

$ 0.70

$ 0.65

Dividends declared (in dollars per unit)

$ 0.80

$ 3.45

$ 2.50

$ 6.09

Dividends paid (in dollars per unit)

$ 1.40

$ 15.11

Number of properties sold

2

3

4

5

4

6

39

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

$ 0.0541667

Cash Distributions | $

$ 209,917

$ 905,266

$ 661,238

Distributions Reinvested | $

0

0

0

Total Declared, Unitholders | $

209,917

905,266

661,238

Total Declared, Noncontrolling Interests | $

$ 17

$ 254

$ 53

Subsequent Event

Distributions

Dividends declared (in dollars per unit)

$ 0.62

$ 0.62

Dividends paid (in dollars per unit)

$ 0.62

$ 0.62

Return of Capital Distributions

Distributions

Distributions declared, per share, per year (in dollars per unit)

$ 0.45

Special Distribution and/or Liquidating Distribution

Distributions

Dividends declared (in dollars per unit)

$ 9.02

Special Distribution and/or Liquidating Distribution | Subsequent Event

Distributions

Dividends paid (in dollars per unit)

$ 9.47

Special Distribution Declared December 29, 2017

Distributions

Dividends declared (in dollars per unit)

$ 1.05

Portion of Distributions as Return of Capital

Distributions

Dividends declared (in dollars per unit)

$ 0.12

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

$ 0.02

Monthly Liquidating Distributions

Distributions

Dividends declared (in dollars per unit)

$ 0.33

Liquidating Distribution

Distributions

Dividends declared (in dollars per unit)

$ 1

$ 2.50

Dividends paid (in dollars per unit)

$ 1

$ 2.50

Special Distribution Declared September 14, 2020

Distributions

Dividends declared (in dollars per unit)

$ 2.45

Dividends paid (in dollars per unit)

$ 2.45

Special Distribution Declared September 29, 2021

Distributions

Dividends declared (in dollars per unit)

$ 0.80

Dividends paid (in dollars per unit)

$ 0.80

Special Distribution Declared January 12, 2022 | Subsequent Event

Distributions

Dividends declared (in dollars per unit)

$ 0.60

Dividends paid (in dollars per unit)

$ 0.60

Special Distribution Declared March 17, 2022 | Subsequent Event

Distributions

Dividends declared (in dollars per unit)

$ 0.62

Dividends paid (in dollars per unit)

$ 0.62

Related Party Transactions (by

Related Party Transactions (by Category) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to affiliates	$ 1,613	$ 2,436
The Advisor and Affiliate of Hines | Asset Management Fee
Related Party Transaction [Line Items]
Related party transaction, expenses	6,391	15,859	$ 26,365
Due to affiliates	(34)	777
The Advisor | Disposition Fee
Related Party Transaction [Line Items]
Related party transaction, expenses	4,410	11,137	12,753
Due to affiliates	0	0
The Advisor | Other
Related Party Transaction [Line Items]
Related party transaction, expenses	4,859	7,192	5,393
Due to affiliates	1,194	1,255
Hines | Property Management Fees
Related Party Transaction [Line Items]
Related party transaction, expenses	1,169	1,910	4,011
Due to affiliates	0	38
Hines | Construction Management Fees
Related Party Transaction [Line Items]
Related party transaction, expenses	0	13	2,230
Due to affiliates	0	0
Hines | Leasing Fees
Related Party Transaction [Line Items]
Related party transaction, expenses	511	339	1,479
Due to affiliates	278	90
Hines | Expense Reimbursements
Related Party Transaction [Line Items]
Related party transaction, expenses	1,829	3,771	$ 7,546
Due to affiliates	$ 175	$ 276

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	Jun. 30, 2020	Jun. 29, 2020	Jun. 29, 2020	Dec. 31, 2021
The Advisor
Related Party Transaction [Line Items]
Related party fee, percentage	1.125%	1.50%
Percentage decrease in related party fee	25.00%
Hines | Development Management Fees
Related Party Transaction [Line Items]
Related party fee, percentage				3.00%
Hines | Construction Management Fees
Related Party Transaction [Line Items]
Related party fee, percentage				5.00%
Asset Management Fee | The Advisor
Related Party Transaction [Line Items]
Related party fee, percentage			0.125%
Disposition Fee | The Advisor
Related Party Transaction [Line Items]
Related party fee, percentage				1.00%
Special OP Units | The Advisor
Related Party Transaction [Line Items]
Related party distributions, result of special OP units (percent)				15.00%
Cumulative non-compounded annual pre-tax return (percent)				8.00%

Fair Value Measurements - Goi_3

Fair Value Measurements - Going Concern Basis (Narrative) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)property	Dec. 31, 2019USD ($)propertyforeignDenominatedAsset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment losses	$ 18,591	$ 122,603
Number of properties impaired, foreign denominated assets | foreignDenominatedAsset		2
Fair Value Measurements Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment losses	$ 18,591	$ 122,603
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) | Fair Value Measurements Nonrecurring | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned, measurement input		0.0880
Significant Unobservable Inputs (Level 3) | Fair Value Measurements Nonrecurring | Measurement Input, Cap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned, measurement input		0.0650
Significant Unobservable Inputs (Level 3) | Fair Value Measurements Nonrecurring | Measurement Input, Occupancy Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned, measurement input		0.917
Significant Unobservable Inputs (Level 3) | Fair Value Measurements Nonrecurring | Measurement Input, Price Per Square Foot | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned, measurement input		12
Significant Unobservable Inputs (Level 3) | Fair Value Measurements Nonrecurring | Measurement Input, Price Per Square Foot | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned, measurement input		47
Two Impaired Foreign Currency Denominated Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment, foreign currency translation		$ 46,900
Held for Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties impaired | property	3	6
Impairment losses	$ 18,600	$ 115,400

Fair Value Measurements - Goi_4

Fair Value Measurements - Going Concern Basis (Financial Instruments Measured on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property			$ 150,000	$ 597,200
Impairment losses	$ 18,591	$ 122,603
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	243,570	544,846
Impairment losses	18,591	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	0	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	243,570	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	$ 0	$ 86,018

Reportable Segments - Going C_3

Reportable Segments - Going Concern Basis (Narratives) (Details)	6 Months Ended	18 Months Ended
	Jun. 30, 2020real_estate_investmentsegment	Dec. 31, 2021segment
Segment Reporting Information
Number of reportable segments | segment	4	1
Domestic other investments
Segment Reporting Information
Number of real estate investments	4
International office investments
Segment Reporting Information
Number of real estate investments	3

Reportable Segments - Going C_4

Reportable Segments - Going Concern Basis (Revenue) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting Information
Total Revenue	$ 62,679	$ 193,568
Domestic office investments
Segment Reporting Information
Total Revenue	5,408	63,537
Domestic other investments
Segment Reporting Information
Total Revenue	30,327	75,323
International office investments
Segment Reporting Information
Total Revenue	26,944	50,870
International other investments
Segment Reporting Information
Total Revenue	$ 0	$ 3,838

Reportable Segments - Going C_5

Reportable Segments - Going Concern Basis (Concentration Risk) (Details) - Revenue - Geographic Concentration Risk	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
United States
Revenues from External Customers and Long-Lived Assets
Concentration risk, percentage	57.00%	72.00%
United Kingdom
Revenues from External Customers and Long-Lived Assets
Concentration risk, percentage	28.00%	15.00%
Poland
Revenues from External Customers and Long-Lived Assets
Concentration risk, percentage	9.00%	5.00%
Russia
Revenues from External Customers and Long-Lived Assets
Concentration risk, percentage	5.00%	5.00%
France
Revenues from External Customers and Long-Lived Assets
Concentration risk, percentage	1.00%	3.00%

Reportable Segments - Going C_6

Reportable Segments - Going Concern Basis (Property Revenue in Excess of Expenses) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting Information
Total property revenues in excess of expenses	$ 32,992	$ 114,087
Domestic office investments
Segment Reporting Information
Total property revenues in excess of expenses	2,436	39,350
Domestic other investments
Segment Reporting Information
Total property revenues in excess of expenses	15,648	45,774
International office investments
Segment Reporting Information
Total property revenues in excess of expenses	15,210	26,249
International other investments
Segment Reporting Information
Total property revenues in excess of expenses	$ (302)	$ 2,714

Reportable Segments - Going C_7

Reportable Segments - Going Concern Basis (Reconciliation to Consolidated) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting, Other Significant Reconciling Item
Net income (loss)	$ 77,323	$ 300,416
Depreciation and amortization	0	30,566
Asset management and acquisition fees	10,762	26,365
General and administrative expenses	3,904	8,287
Impairment losses	18,591	122,603
(Gain) loss on derivatives	(20,416)	3,838
(Gain) loss on sale of real estate investments	(68,206)	(406,277)
Foreign currency (gains) losses	4,984	(1,611)
Interest expense	4,319	28,809
Other (income) expenses	(1,191)	(1,595)
(Benefit) provision for income taxes	2,922	2,686
Provision for income taxes related to sale of real estate	0	0
Total property revenues in excess of expenses	32,992	114,087
Segment Reconciling Items
Segment Reporting, Other Significant Reconciling Item
Net income (loss)	77,323	300,416
Depreciation and amortization	0	30,566
Asset management and acquisition fees	10,762	26,365
General and administrative expenses	3,904	8,287
Impairment losses	18,591	122,603
(Gain) loss on derivatives	(20,416)	3,838
(Gain) loss on sale of real estate investments	(68,206)	(406,277)
Foreign currency (gains) losses	4,984	(1,611)
Interest expense	4,319	28,809
Other (income) expenses	(1,191)	(1,595)
(Benefit) provision for income taxes	2,922	2,686
Provision for income taxes related to sale of real estate	0	0
Total property revenues in excess of expenses	$ 32,992	$ 114,087

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosures - Going Concern Basis (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	$ 4,448	$ 27,079
Cash paid for income taxes	770	2,376
Supplemental Schedule of Non-Cash Activities
Other receivables	632	551
Shares tendered for redemption	0	699
Assumption of mortgage upon disposition of property	78,519	0
Accrued capital additions	280	4,492
Disposition fee payable to the Advisor	$ 0	$ 7,976

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 17, 2022	Mar. 10, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2021	Mar. 15, 2022	Mar. 11, 2022	Jan. 31, 2020
Subsequent Event [Line Items]
Dividends paid (in dollars per share)					$ 1.40			$ 15.11
Dividends declared (in dollars per share)				$ 0.80	3.45	$ 2.50	$ 6.09
Remaining undistributed net assets in liquidation per unit (in dollars per unit)				$ 1.26	$ 2.09			$ 1.26
Subsequent Event
Subsequent Event [Line Items]
Dividends paid (in dollars per share)		$ 0.62	$ 0.62
Dividends declared (in dollars per share)	$ 0.62	$ 0.62
Remaining undistributed net assets in liquidation per unit (in dollars per unit)	$ 0.04									$ 0.66
Riverside Center
Subsequent Event [Line Items]
Contract sales price, real estate											$ 235
Minneapolis Retail Center | Subsequent Event
Subsequent Event [Line Items]
Contract sales price, real estate									$ 150

Schedule III - Real Estate As_2

Schedule III - Real Estate Assets and Accumulated Depreciation (Property Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost, Land	30,792
Initial Cost, Buildings and Improvements	78,711
Initial Cost, Total	109,503
Costs Capitalized Subsequent to Acquisition	23,201
Gross Amount at Which Carried, Land	30,792
Gross Amount at Which Carried, Buildings and Improvements	101,912
Gross Amount at Which Carried, Total	132,704	$ 478,313	$ 1,259,164	$ 1,942,614
Accumulated Depreciation	(15,533)	(15,605)	(79,394)	$ (172,659)
Total	117,171	462,708	1,179,770
Liquidation adjustment	32,829	134,492	0
Net real estate assets after liquidation adjustment	150,000	$ 597,200	$ 1,179,770
Minneapolis Retail Center
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost, Land	30,792
Initial Cost, Buildings and Improvements	78,711
Initial Cost, Total	109,503
Costs Capitalized Subsequent to Acquisition	23,201
Gross Amount at Which Carried, Land	30,792
Gross Amount at Which Carried, Buildings and Improvements	101,912
Gross Amount at Which Carried, Total	132,704
Accumulated Depreciation	(15,533)
Total	$ 117,171

Schedule III - Real Estate As_3

Schedule III - Real Estate Assets and Accumulated Depreciation (Narratives) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Real Estate and Accumulated Depreciation
Aggregate cost, federal income tax basis	$ 168.3
Furniture and Fixtures
Real Estate and Accumulated Depreciation
Estimated useful life	10 years
Minimum | Electrical and Mechanical Installations
Real Estate and Accumulated Depreciation
Estimated useful life	15 years
Maximum | Electrical and Mechanical Installations
Real Estate and Accumulated Depreciation
Estimated useful life	20 years
Maximum | Building
Real Estate and Accumulated Depreciation
Estimated useful life	40 years

Schedule III - Real Estate As_4

Schedule III - Real Estate Assets and Accumulated Depreciation (Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Carrying Amount of Real Estate Investments
Balance, beginning of period	$ 478,313	$ 1,259,164	$ 1,942,614
Acquisitions	0	0	0
Other additions	86	10,239	89,138
Disposals of fully-depreciated assets	0	0	0
Costs of real estate sold	(345,695)	(760,740)	(602,822)
Impairment losses	0	(29,418)	(179,194)
Effect of changes in foreign currency exchange rates	0	(932)	9,428
Balance, end of period	132,704	478,313	1,259,164
Reconciliation of Real Estate Accumulated Depreciation
Balance, beginning of period	(15,605)	(79,394)	(172,659)
Depreciation	0	0	(18,191)
Effect of changes in foreign currency exchange rates	0	741	(1,270)
Disposals of fully-depreciated assets	0	0	0
Impairment losses	0	10,827	59,854
Retirement or sales of assets	72	52,221	52,872
Balance, end of period	(15,533)	(15,605)	(79,394)
Net real estate assets	117,171	462,708	1,179,770
Liquidation adjustment	32,829	134,492	0
Net real estate assets after liquidation adjustment	$ 150,000	$ 597,200	$ 1,179,770