Hines Global Income Trust 10-K 29 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 16, 2018	Jun. 30, 2017
Entity Information
Entity Registrant Name	Hines Global Income Trust, Inc.
Entity Central Index Key	1,585,101
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 0
Class T
Entity Information
Entity, Common Stock, Shares, Outstanding		0
Class S
Entity Information
Entity, Common Stock, Shares, Outstanding		0
Class D
Entity Information
Entity, Common Stock, Shares, Outstanding		0
Class I
Entity Information
Entity, Common Stock, Shares, Outstanding		0
Class JX
Entity Information
Entity, Common Stock, Shares, Outstanding		0
Class AX
Entity Information
Entity, Common Stock, Shares, Outstanding		19,200,000
Class TX
Entity Information
Entity, Common Stock, Shares, Outstanding		20,100,000
Class IX
Entity Information
Entity, Common Stock, Shares, Outstanding		100,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets [Abstract]
Investment property, net	$ 572,833	$ 283,875
Cash and cash equivalents	18,170	98,137
Restricted cash	6,383	1,576
Derivative instruments	110	0
Tenant and other receivables, net	8,402	4,803
Intangible lease assets, net	95,137	76,070
Deferred leasing costs, net	4,615	314
Other assets	3,367	5,570
Total assets	709,017	470,345
Liabilities:
Accounts payable and accrued expenses	15,570	7,549
Due to affiliates	16,642	12,141
Intangible lease liabilities, net	15,939	2,421
Other liabilities	8,601	3,041
Distributions payable	1,868	1,195
Note payable to affiliate	11,200	56,000
Notes payable, net	365,652	197,815
Total liabilities	435,472	280,162
Commitments and contingencies	0	0
Stockholders’ equity:
Preferred shares, $0.001 par value per share; 500,000 preferred shares authorized, none issued or outstanding as of December 31, 2017 and December 31, 2016	0	0
Common stock	39	26
Additional paid-in capital	336,761	224,134
Accumulated distributions in excess of earnings	(68,193)	(31,222)
Accumulated other comprehensive income (loss)	4,938	(2,755)
Total stockholders’ equity	273,545	190,183
Noncontrolling interests	0	0
Total equity	273,545	190,183
Total liabilities and equity	$ 709,017	$ 470,345

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	500,000,000	500,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rental revenue	$ 58,824	$ 23,667	$ 9,278
Other revenue	900	682	132
Total revenues	59,724	24,349	9,410
Expenses:
Property operating expenses	9,663	4,593	1,871
Real property taxes	9,387	1,648	298
Property management fees	1,061	438	129
Depreciation and amortization	29,687	15,372	4,207
Acquisition related expenses	3,212	1,855	2,963
Asset management and acquisition fees	11,681	6,645	2,640
Performance participation allocation	251	0	0
General and administrative expenses	2,803	2,044	1,546
Total expenses	67,745	32,595	13,654
Income (loss) before other income (expenses)	(8,021)	(8,246)	(4,244)
Other income (expenses):
Gain (loss) on derivative instruments	(372)	(6)	(41)
Foreign currency gains (losses)	494	(4)	(12)
Interest expense	(9,453)	(3,154)	(1,345)
Interest income	83	69	4
Income (loss) before benefit (provision) for income taxes	(17,269)	(11,341)	(5,638)
Benefit (provision) for income taxes	83	0	0
Net income (loss)	(17,186)	(11,341)	(5,638)
Net (income) loss attributable to noncontrolling interests	(12)	(12)	(12)
Net income (loss) attributable to common stockholders	$ (17,198)	$ (11,353)	$ (5,650)
Net income (Loss) Per Share; common stock:
Basic and diluted income (loss) per share (usd per share)	$ (0.48)	$ (0.62)	$ (1.06)
Weighted average number of common shares outstanding, shares	35,808	18,191	5,308
Comprehensive income (loss):
Net income (loss)	$ (17,186)	$ (11,341)	$ (5,638)
Other comprehensive income (loss):
Foreign currency translation adjustment	7,693	(1,363)	(1,392)
Comprehensive income (loss)	(9,493)	(12,704)	(7,030)
Comprehensive (income) loss attributable to noncontrolling interests	(12)	(12)	(12)
Comprehensive income (loss) attributable to common stockholders	$ (9,505)	$ (12,716)	$ (7,042)
Class AX
Net income (Loss) Per Share; common stock:
Cash distributions declared per share (usd per share)	$ 0.60	$ 0.58	$ 0.57
Class TX
Net income (Loss) Per Share; common stock:
Cash distributions declared per share (usd per share)	0.50	0.49	0.17
Class IX
Net income (Loss) Per Share; common stock:
Cash distributions declared per share (usd per share)	$ 0.39	$ 0	$ 0

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders’ Equity	Noncontrolling Interests
Beginning balance, shares at Dec. 31, 2014		421
Beginning balance, value at Dec. 31, 2014		$ 0	$ 42	$ (1,183)	$ 0	$ (1,141)	$ 0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, shares		10,642
Issuance of common shares, value		$ 11	105,479			105,490
Distributions declared				(2,924)		(2,924)	(12)
Redemption of common shares, shares		(1)
Redemption of common shares, value		$ 0	(12)			(12)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees			(9,750)			(9,750)
Offering costs			(4,183)			(4,183)
Net income (loss)	$ (5,638)			(5,650)		(5,650)	12
Foreign currency translation adjustment	(1,392)				(1,392)	(1,392)
Ending balance, shares at Dec. 31, 2015		11,062
Ending balance, value at Dec. 31, 2015		$ 11	91,576	(9,757)	(1,392)	80,438	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, shares		15,557
Issuance of common shares, value		$ 15	149,738			149,753
Distributions declared				(10,112)		(10,112)	(12)
Redemption of common shares, shares		(76)
Redemption of common shares, value		$ 0	(859)			(859)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees			(13,214)			(13,214)
Offering costs			(3,107)			(3,107)
Net income (loss)	(11,341)			(11,353)		(11,353)	12
Foreign currency translation adjustment	(1,363)				(1,363)	(1,363)
Ending balance, shares at Dec. 31, 2016		26,543
Ending balance, value at Dec. 31, 2016	190,183	$ 26	224,134	(31,222)	(2,755)	190,183	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, shares		14,807
Issuance of common shares, value		$ 15	146,710			146,725
Distributions declared				(19,773)		(19,773)	(12)
Redemption of common shares, shares		(2,094)
Redemption of common shares, value		$ (2)	(20,143)			(20,145)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees			(10,712)			(10,712)
Offering costs			(3,228)			(3,228)
Net income (loss)	(17,186)			(17,198)		(17,198)	12
Foreign currency translation adjustment	7,693				7,693	7,693
Ending balance, shares at Dec. 31, 2017		39,256
Ending balance, value at Dec. 31, 2017	$ 273,545	$ 39	$ 336,761	$ (68,193)	$ 4,938	$ 273,545	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (17,186)	$ (11,341)	$ (5,638)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	29,220	15,422	3,982
Foreign currency (gains) losses	(494)	4	12
(Gain) loss on derivative instruments	372	6	41
Changes in assets and liabilities:
Change in other assets	(1,190)	(275)	(131)
Change in tenant and other receivables	(4,479)	(2,288)	(928)
Change in deferred leasing costs	(4,415)	(261)	(62)
Change in accounts payable and accrued expenses	4,964	270	640
Change in other liabilities	(9)	23	1,401
Change in due to affiliates	(92)	2,565	(942)
Net cash from (used in) operating activities	6,691	4,125	(1,625)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in acquired properties and lease intangibles	(192,867)	(244,817)	(102,689)
Capital expenditures at operating properties	(4,204)	(350)	(333)
Deposits on investment property	0	(5,000)	(1,500)
Net cash used in investing activities	(197,071)	(250,167)	(104,522)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	138,192	146,265	101,354
Redemption of common shares	(20,270)	(714)	(12)
Payment of offering costs	(3,810)	(5,073)	(5,270)
Reimbursement of offering costs	0	4,049	0
Payment of selling commissions, dealer manager fees and distribution and stockholder servicing fees	(7,154)	(8,897)	(9,385)
Distributions paid to stockholders and noncontrolling interests	(8,951)	(4,601)	(1,227)
Proceeds from notes payable	63,572	141,300	61,769
Payments on notes payable	(1,650)	(539)	0
Proceeds from related party note payable	58,200	81,500	50,300
Payments on related party note payable	(103,000)	(25,500)	(74,500)
Change in security deposit liability	(63)	40	22
Deferred financing costs paid	(1,028)	(666)	(626)
Payments related to interest rate contracts	(233)	0	(48)
Net cash from financing activities	113,805	327,164	122,377
Effect of exchange rate changes on cash, restricted cash and cash equivalents	1,415	(198)	(168)
Net change in cash, restricted cash and cash equivalents	(75,160)	80,924	16,062
Cash, restricted cash and cash equivalents, beginning of year	99,713	18,789	2,727
Cash, restricted cash and cash equivalents, end of year	$ 24,553	$ 99,713	$ 18,789

Organization

Organization	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Hines Global Income Trust, Inc. (“the Company” or “Hines Global”), formerly known as Hines Global REIT II, Inc., was incorporated in Maryland on July 31, 2013 , to invest in a diversified portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally, and to a lesser extent, invest in real-estate related securities. The Company is sponsored by Hines Interests Limited Partnership (“Hines”), a fully integrated global real estate investment and management firm that has acquired, developed, owned, operated and sold real estate for 60 years. The Company is managed by Hines Global REIT II Advisors LP (the “Advisor”), an affiliate of Hines. The Company intends to conduct substantially all of its operations through Hines Global REIT II Properties, LP (the “Operating Partnership”). An affiliate of the Advisor, Hines Global REIT II Associates LP, owns less than a 1% limited partner interest in the Operating Partnership as of December 31, 2017 and the Advisor also owns the special limited partnership interest in the Operating Partnership. The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2015. The Company raises capital for its investments through public offerings of its common stock. On August 20, 2014, the Company commenced its initial public offering of up to $2.5 billion of its common stock (the “Initial Offering”). On September 30, 2017, the Company suspended the sale of shares in the primary portion of the Initial Offering, while continuing to offer up to $150.0 million of its common stock pursuant to its distribution reinvestment plan. Through December 31, 2017 , the Company received gross offering proceeds of approximately $405.8 million including shares issued under its distribution reinvestment plans. On December 6, 2017 the Company commenced a second public offering of up to $2.5 billion in shares of common stock including $500.0 million of shares offered under our distribution reinvestment plan (the “Follow-on Offering”). As a result of the changing landscape in the non-traded REIT industry, the Follow-on Offering reflects a restructuring (the “Restructuring”). For additional information regarding the Restructuring, please see Item 7 — Management’s Discussion & Analysis — Executive Summary, and for additional information regarding changes to the fees payable to the Dealer Manager, the Advisor and other affiliates of Hines, please see Note 8 — Related Party Transactions. As of March 16, 2018 , the Company received gross offering proceeds of $408.8 million from the sale of 41.7 million shares. As of December 31, 2017 , the Company owned direct investments in eight real estate properties totaling 2.7 million square feet that were 97% leased. See the table in “ Item 2. Properties” for additional information regarding each of the properties in which the Company owned an interest as of December 31, 2017 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 Income Trust, Inc. and the Operating Partnership (over which the Company exercises financial and operating control). All intercompany balances and transactions have been eliminated in consolidation. The Company has determined that the Operating Partnership is considered a variable interest entity (“VIE”). However, the Company meets the disclosure exemption criteria, as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. Investment Property and Lease Intangibles 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. Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, are recorded at the estimated fair values of the assets acquired and liabilities assumed. The results of operations of acquired properties are included in the Company’s results of operations from their respective dates of acquisition. Estimates of fair values are based upon estimates of future cash flows and other valuation techniques that the Company believes are similar to those used by market participants and are used to record the purchase of identifiable assets acquired, such as land, buildings and improvements, equipment and identifiable intangible assets related to in-place leases and liabilities assumed, such as amounts related to acquired out-of-market leases, asset retirement obligations, and mortgage notes payable. Values of buildings and improvements are determined on an as-if-vacant basis. Initial valuations are subject to change until such information is finalized, which will occur no later than 12 months after the acquisition date. Acquisition-related costs such as transaction costs and acquisition fees paid to the Advisor are expensed as incurred. Refer to “— Recent Accounting Pronouncements” for additional information on the adoption of ASU 2017-01 beginning January 1, 2018, in which the Company’s real estate acquisitions will qualify as asset acquisitions and acquisition-related costs will be capitalized beginning in January 2018. 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. No impairment charges were recorded during the years ended December 31, 2017 , 2016 , and 2015 . Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. Concentration of Credit Risk As of December 31, 2017 , the Company had cash and cash equivalents 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. In addition, as of December 31, 2017 , the Company had $9.1 million of cash and cash equivalents deposited in certain financial institutions located in the United Kingdom and Ireland. 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. International Operations The Euro (“EUR”) is the functional currency for the Company’s subsidiaries operating in Ireland and the British pound (“GBP”) is the functional currency for the Company’s subsidiaries operating in the United Kingdom. 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. Income statement accounts are generally 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. Upon disposal of this subsidiary, the Company will remove the accumulated translation adjustment from stockholders’ equity and include it in the gain or loss on disposal in its consolidated statement of operations. The Company and its subsidiaries may have transactions denominated in currencies other than their functional currencies. In these instances, assets and liabilities are remeasured into the functional currency at the exchange rate in effect at the end of the period and income statement accounts are remeasured at the average exchange rate for the period. These gains or losses are included in the Company’s consolidated statement of operations. The Company and its subsidiaries also record gains or losses in the income statement when a transaction with a third party, denominated in a currency other than the functional currency, is settled and the functional currency cash flows realized are more or less than expected based upon the exchange rate in effect when the transaction was initiated. Restricted Cash The Company has restricted cash primarily related to certain escrow accounts required by several of the Company’s mortgage agreements. Tenant and Other Receivables Tenant and other receivables balances consist primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent. Straight-line rent receivables were $4.0 million and $2.5 million as of December 31, 2017 and 2016 , respectively. Straight-line rent receivables consist of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying consolidated balance sheets. An allowance for the uncollectible portion of tenant and other receivables is determined based upon an analysis of the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. As of December 31, 2017 , tenant and other receivables included a $2.3 million receivable from a third-party related to working capital reserves and transactions costs related to the acquisition of the Queen’s Court Student Residences. Additionally, as of December 31, 2016 , tenant and other receivables included a receivable from the Company’s transfer agent of $1.6 million related to offering proceeds not yet received, with no such receivable balance outstanding as of December 31, 2017 . Deferred Leasing Costs Direct leasing costs, primarily consisting of third-party leasing commissions, tenant inducements and legal costs 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. Other Assets Other assets included the following (in thousands): December 31, 2017 December 31, 2016 Deposits on investment property (1) $ — $ 5,000 Deferred offering costs (2) 1,525 — Prepaid insurance 97 219 Prepaid property taxes 76 74 Deferred tax assets 944 — Other 725 277 Other assets $ 3,367 $ 5,570 (1) As of December 31, 2016 , this amount consisted of a $5.0 million earnest money deposit in connection with the acquisition of Rookwood, which was completed in January 2017. (2) Represents offering costs incurred by the Company’s Advisor which will be released into equity as gross proceeds from the Follow-On Offering are raised. See Note 8 — Related Party Transactions for additional information regarding offering costs payable to the Company’s Advisor. Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any. 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, administrative fees, and tenant reimbursements related to utilities, insurance, and other operating expenses. 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 has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (“the Code”), beginning with its taxable year ended December 31, 2015 . The Company’s management believes that it operates in such a manner as to qualify for treatment as a REIT and intends to operate in the foreseeable future in such a manner so that it will remain qualified as a REIT for federal income tax purposes. Accordingly, no provision has been made for U.S. federal income taxes for the years ended December 31, 2017 , 2016 and 2015 in the accompanying consolidated financial statements. In 2017 , income tax expense/benefit recorded by the Company was primarily comprised of foreign income taxes related to the operation of its international properties. The Company does not believe it has any uncertain tax positions or unrecognized tax benefits requiring disclosure. On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act. The Tax Cuts and Jobs Act makes broad and complex changes to the Internal Revenue Code including, but not limited to, (1) reducing the top U.S. federal corporate income tax rate from 35% to 21%, (2) establishing a 20% deduction for ordinary REIT dividends (other than any portion that is a capital gain dividend or qualified dividend income subject to complex limitations), (3) limiting the deductibility of business interest expense, (4) allowing full expensing of certain qualifying property, (5) eliminating the corporate Alternative Minimum Tax (“AMT”) and changing how existing AMT credits can be realized, (6) limiting current net operating loss deductions and providing an indefinite carryforward and (7) limiting the deductibility of certain executive compensation. The Company’s evaluation of deferred taxes and the associated valuation allowance includes an estimate of the impact of the Tax Cuts and Jobs Act and was based on the best information available to the Company at the time. Distribution and Stockholder Servicing Fees The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable in relation to the applicable class of shares on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. As a result of the Company’s self-tender offer which is more fully described in Note 7 — Stockholders’ Equity, the Company reduced its distribution and stockholder servicing fee liability by $0.5 million , which was recorded as an offset to additional paid-in capital since those redeemed shares were no longer subject to the ongoing distribution and stockholder servicing fees. For the years ended December 31, 2017 and 2016 , the Company recorded a liability of $8.2 million and $4.6 million , respectively. See Note 8 — Related Party Transactions for additional information regarding the Company’s distribution and stockholder servicing fees. Per Share Data Net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders 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. Recent Accounting Pronouncements In May 2014, the FASB, issued ASU 2014-09 to provide guidance on recognizing revenue from contracts with customers (“ASC 606”). This ASU’s core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. The amendments also replace prior guidance regarding the recognition of revenue from sales of real estate, except for revenue from sales that are part of a sale-leaseback transaction. Subsequent to ASU 2014-09, the FASB has issued multiple ASUs clarifying multiple aspects of the new revenue recognition standard, which include the deferral of the effective date by one year, and additional guidance for partial sales of non-financial assets. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with retrospective or modified retrospective adoption. The Company has not had any sales or partial sales of real estate since its inception. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this pronouncement. Rental income from leasing arrangements is specifically excluded from ASU 2014-09, and will be evaluated by the Company in its adoption of the lease accounting standard, ASU 2016-02 (described below). The Company has adopted ASC 606 using the modified retrospective approach effective January 1, 2018. The Company has identified its revenue streams and finalized its evaluation of the impact on our consolidated financial statements and internal accounting processes. The Company has determined that the adoption of ASC 606 will not require any material adjustments to the consolidated financial statements. In addition, we evaluated controls around the implementation of this ASU and have concluded there will be no significant impact on our control structure. In February 2016, the FASB issued ASU 2016-02 which will require companies that lease assets to recognize on the balance sheet the right-of-use assets and related lease liabilities. The accounting by companies that own the assets leased by the lessee (the lessor) will remain largely unchanged from current GAAP. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance is effective for public entities for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. In January 2018, the FASB issued an exposure draft (“2018 Exposure Draft”) which, if adopted as written, would allow lessors a practical expedient by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Also, the 2018 Exposure Draft indicates that companies may be permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of the modified retrospective approach and provides other optional practical expedients. The Company is in the process of evaluating the impact that the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements relating to its lessor leases and other lessee leases, if any. Within our lessor leases, we are entitled to receive tenant reimbursements for operating expenses such as real estate taxes, insurance and common area maintenance. Currently upon adoption of this ASU, common area maintenance (“CAM”) reimbursement revenue will be accounted for in accordance with Topic 606. The Company has currently identified certain areas the Company believes may be impacted by the adoption of ASU 2016-02, which include: • The bifurcation of lease arrangements in which contractual amounts due are on a gross basis and the amount under contract is not allocated between rental and expense reimbursements, such as real estate taxes and insurance. This process would be based on the underlying fair values of these items. • The Company has a ground lease agreement in which the Company is the lessee for land underneath Bishop’s Square that the Company currently accounts for as an operating lease. Upon adoption of ASU 2016-02, the Company will record any rights and obligations under this lease as an asset and liability at fair value in the Company’s consolidated balance sheets. • Determination of costs to be capitalized associated with leases. ASU 2016-02 will limit the capitalization associated with certain costs to costs that are a direct result of obtaining a lease. In October 2016, the FASB issued ASU 2016-16 which removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The ASU is intended to reduce the complexity of ASC 740 and the diversity in practice related to the tax consequences of certain types of intra-entity asset transfers. ASU 2016-16 will be effective for annual periods beginning after December 31, 2017. The Company adopted ASU 2016-16 beginning January 1, 2018 and has recorded deferred tax assets and related valuation allowances related to its subsidiaries in Ireland. In January 2017, the FASB issued ASU 2017-01 to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company expects that most of its real estate transactions completed after the Company’s adoption of this guidance will be accounted for using the asset acquisition guidance and, accordingly, acquisition fees and expenses related to those acquisitions will be capitalized. The amendments to the Codification will be effective for public entities for annual and interim periods in fiscal years beginning after December 15, 2017 and early adoption is permitted with prospective application. The Company adopted ASU 2017-01 January 1, 2018. In February 2017, the FASB issued ASU No. 2017-05 to clarify that a financial asset is within the scope of Subtopic 610-20 if it meets the definition, as amended, of an in substance nonfinancial asset. If substantially all of the fair value of assets that are promised to a counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20, including a parent transferring control of a nonfinancial asset through a transfer of ownership interests of a consolidated subsidiary. The provisions of ASU No. 2017-05 are effective for the Company as of January 1, 2018. To date, the Company has not had any sales of in-substance nonfinancial assets.

Investment Property

Investment Property	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
INVESTMENT PROPERTY	INVESTMENT PROPERTY Investment property consisted of the following amounts as of December 31, 2017 and December 31, 2016 (in thousands): December 31, 2017 December 31, 2016 Buildings and improvements (1) $ 491,289 $ 256,452 Less: accumulated depreciation (18,172 ) (6,337 ) Buildings and improvements, net 473,117 250,115 Land 99,716 33,760 Investment property, net $ 572,833 $ 283,875 (1) Included in buildings and improvements is approximately $4.3 million and $0.3 million of construction-in-progress related to the expansion at Bishop's Square as of December 31, 2017 and December 31, 2016 , respectively. During the fourth quarter of 2017, the Company commenced construction at Bishop’s Square to add an additional floor and make various upgrades and improvements to the property. See Item 2. Properties and Note 4 — Recent Acquisitions of Real Estate for additional information regarding the Company’s real estate portfolio. As of December 31, 2017 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 116,222 $ 4,716 $ (18,490 ) Less: accumulated amortization (24,430 ) (1,371 ) 2,551 Net $ 91,792 $ 3,345 $ (15,939 ) As of December 31, 2016 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 84,473 $ 3,230 $ (3,224 ) Less: accumulated amortization (11,238 ) (395 ) 803 Net $ 73,235 $ 2,835 $ (2,421 ) Amortization expense of in-place leases was $18.3 million , $10.4 million and $2.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Net amortization of out-of-market leases resulted in an increase to rental revenue of $1.1 million , $0.1 million and $0.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Anticipated amortization of the Company’s in-place leases for each of the years ending December 31, 2018 through December 31, 2022 are as follows (in thousands): In-Place Lease Out-of-Market Leases, Net 2018 $ 14,412 $ (914 ) 2019 $ 10,724 $ (953 ) 2020 $ 8,003 $ (1,240 ) 2021 $ 5,744 $ (1,065 ) 2022 $ 3,751 $ (1,131 ) Leases The Company has entered into non-cancelable lease agreements with tenants for space. As of December 31, 2017 , the approximate fixed future minimum rentals for each of the years ending December 31, 2018 through 2022 and thereafter for the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals 2018 $ 38,365 2019 35,671 2020 29,781 2021 25,381 2022 20,316 Thereafter 93,935 Total $ 243,449 During the year ended December 31, 2017 , the Company did not earn more than 10% of its revenue from any individual tenants. Of the Company’s total rental revenue for the year ended December 31, 2016 , approximately 21% was earned from the Commissioner of Public Works in Ireland, a state agency of Ireland, whose lease expires in 2028, 11% was earned from Western Digital, a tenant in the information industry, whose lease expires in 2021, and approximately 10% was earned from Acushnet, a tenant in the manufacturing industry, whose lease expires in 2028. Of the Company’s total rental revenue for the year ended December 31, 2015 , approximately 44% was earned from the Commissioner of Public Works in Ireland, 26% was earned from Acushnet, and approximately 15% was earned from International Financial Data Services, an investor record-keeping and transfer agency provider, whose lease expires in 2024.

Recent Acquisitions of Real Est

Recent Acquisitions of Real Estate	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
RECENT ACQUISITIONS OF REAL ESTATE	RECENT ACQUISITIONS OF REAL ESTATE For the year s ended December 31, 2017 and 2016 , the Company acquired three properties for a total net purchase price of $299.6 million and $253.5 million , respectively. Also, for the year ended December 31, 2015 , the Company acquired one property for a total net purchase price of $103.2 million . The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price of each property acquired in 2017 , 2016 and 2015 as follows (in thousands): Property Name Acquisition Building and (1) Land (1) In-place Lease Intangibles (1) Out-of- (1) Discount (premium) on assumed mortgage loan (1) Total (1) 2017 Rookwood 1/6/2017 $ 132,466 $ 45,320 $ 27,477 $ (12,275 ) $ 740 $ 193,728 Montrose Student Residences 3/24/2017 $ 33,705 $ 5,691 $ 1,282 (2) $ (56 ) $ — $ 40,622 Queen’s Court Student Residences 10/11/2017 $ 50,894 $ 14,086 $ 1,819 $ (1,513 ) $ — $ 65,286 2016 Domain Apartments 1/29/2016 $ 50,790 $ 5,690 $ 1,640 $ — $ — $ 58,120 Cottonwood Corporate Center 7/5/2016 $ 98,758 $ 13,600 $ 26,550 $ 290 $ — $ 139,198 Goodyear Crossing II 8/18/2016 $ 41,620 $ 7,270 $ 5,280 $ 2,030 $ — $ 56,200 Property Name Acquisition Building and (1) Land (1) In-place Lease Intangibles (1) Out-of- (1) Discount (premium) on assumed mortgage loan (1) Total (1) 2015 Bishop’s Square 3/3/2015 $ 53,643 $ — (3) $ 51,995 $ (2,478 ) $ — $ 103,160 (1) Amounts for Bishop’s Square, the Montrose Student Residences and the Queen’s Court Student Residences were denominated in foreign currencies and have been translated at an exchange rate based on the rate in effect on the acquisition date. (2) Includes $0.6 million related to the retail areas of the Montrose Student Residences that have average lease terms between two years and 19 years. (3) The land at Bishop’s Square is subject to a 999 -year ground lease with the local municipality in Ireland. Since the Company does not have title to the land, approximately $33.4 million has been recorded to in-place lease intangibles and will be amortized over the remaining term of the ground lease. The weighted average amortization period for the intangible assets and liabilities acquired in connection with the 2017 , 2016 and 2015 acquisitions, as of the date of the respective acquisition, was as follows (in years): In-Place Leases Above-Market Lease Assets Below-Market Lease Liabilities 2017 Acquisitions: Rookwood 8.3 15.7 13.7 Montrose Student Residences 6.5 — 18.9 Queen’s Court Student Residences (1) 0.9 — — 2016 Acquisitions: Domain Apartments 0.6 — — Cottonwood Corporate Center 4.5 8.2 4.7 Goodyear Crossing II 3.1 3.1 — 2015 Acquisition: Bishop’s Square (1) 10.7 7.5 8.3 (1) Excludes the effect of any 999 -year leases, which significantly increases the weighted average useful life for these intangibles. The table below includes the amounts of revenue and net income (loss) of the acquisitions completed during the year ended December 31, 2017 , which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2017 (in thousands): For the Year Ended 2017 Acquisitions December 31, 2017 Rookwood Revenue $ 19,507 Net income (loss) $ (7,041 ) Montrose Student Residences Revenue $ 2,579 Net income (loss) $ (3,049 ) Queen’s Court Student Residences Revenue $ 1,200 Net income (loss) $ (1,415 ) The following unaudited consolidated information is presented to give effect to the acquisitions completed during the year ended December 31, 2017 as if the acquisitions had occurred on January 1, 2016 . The pro forma net loss was adjusted to exclude acquisition-related fees and expenses of $10.0 million for the year ended December 31, 2017 . For the year ended December 31, 2016 , the pro forma net loss was adjusted to include acquisition fees and expenses of $10.0 million , relating to the 2017 acquisitions, as if these fees and expenses had been incurred as of January 1, 2016 . The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed these acquisitions on January 1, 2016 , nor does it purport to represent the Company’s future operations (in thousands): For the Years Ended December 31, Pro Forma 2017 Pro Forma 2016 Revenues $ 64,883 $ 52,794 Net income (loss) attributable to common stockholders $ (10,237 ) $ (16,833 ) The table below includes the amounts of revenue and net income (loss) of the acquisitions completed during the year ended December 31, 2016 , which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2016 (in thousands): For the Year Ended 2016 Acquisitions December 31, 2016 Domain Apartments Revenue $ 4,318 Net income (loss) $ (1,524 ) Cottonwood Corporate Center Revenue $ 7,420 Net income (loss) $ (3,339 ) Goodyear Crossing II Revenue $ 1,918 Net income (loss) $ (164 ) The following unaudited consolidated information is presented to give effect to the acquisitions completed during the year ended December 31, 2016 as if the acquisitions had occurred on January 1, 2015 . The pro forma net loss was adjusted to exclude acquisition-related fees and expenses of $7.5 million for the year ended December 31, 2016 . For the year ended December 31, 2015 , the pro forma net loss was adjusted to include acquisition fees and expenses of $7.1 million , relating to the 2016 acquisitions, as if these fees and expenses had been incurred as of January 1, 2015 . The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed this acquisition on January 1, 2015 , nor does it purport to represent the Company’s future operations (in thousands): For the Years Ended December 31, Pro Forma 2016 Pro Forma 2015 Revenues $ 35,616 $ 34,333 Net income (loss) attributable to common stockholders $ (8,536 ) $ (21,958 ) The table below includes the amounts of revenue and net income (loss) of the acquisition completed during the year ended December 31, 2015 , which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2015 (in thousands): For the Year Ended 2015 Acquisition December 31, 2015 Bishop’s Square Revenue $ 6,999 Net income (loss) $ (1,626 ) The following unaudited consolidated information is presented to give effect to the acquisition completed during the year ended December 31, 2015 as if the acquisition had occurred on January 1, 2014 . The pro forma net loss was adjusted to exclude acquisition-related fees and expenses of $5.3 million for the year ended December 31, 2015 . For the year ended December 31, 2014, the pro forma net loss was adjusted to include acquisition fees and expenses of $4.9 million relating to the 2015 acquisition, as if these fees and expenses had been incurred as of January 1, 2014 . The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed this acquisition on January 1, 2014 , nor does it purport to represent the Company’s future operations (in thousands): For the Years Ended December 31, Pro Forma 2015 Pro Forma 2014 Revenues $ 10,815 $ 8,497 Net income (loss) attributable to common stockholders $ (939 ) $ (4,991 )

Debt Financing

Debt Financing	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING As of December 31, 2017 and 2016 , the Company had approximately $379.3 million and $254.8 million of debt outstanding, with a weighted average years to maturity of 3.8 years and 4.3 years , and a weighted average interest rate of 2.63% and 2.37% , respectively. The following table describes the Company’s debt outstanding at December 31, 2017 and 2016 (in thousands, except interest rates): Description Origination or Assumption Date Maturity Date Maximum Capacity in Functional Currency Interest Rate Description Interest Rate as of December 31, 2017 Principal Outstanding at December 31, 2017 Principal Outstanding at December 31, 2016 Secured Mortgage Debt Bishop's Square 3/3/2015 3/2/2022 € 55,200 Euribor + 1.30% (1) 1.30% $ 66,124 $ 58,048 Domain Apartments 1/29/2016 1/29/2020 $ 34,300 Libor + 1.60% 3.16% 34,300 34,300 Cottonwood Corporate Center 7/5/2016 8/1/2023 $ 78,000 Fixed 2.98% 75,811 77,461 Goodyear Crossing II 8/18/2016 8/18/2021 $ 29,000 Libor + 2.00% 3.36% 29,000 29,000 Rookwood Commons 1/6/2017 7/1/2020 $ 67,000 Fixed 3.13% 67,000 — Rookwood Pavilion 1/6/2017 7/1/2020 $ 29,000 Fixed 2.87% 29,000 — Montrose Student Residences 3/24/2017 3/23/2022 € 22,605 Euribor + 1.85% (2) 1.85% 27,079 — Queen's Court Student Residences 12/18/2017 12/18/2022 £ 29,500 Libor + 2.00% (3) 2.54% 39,798 — Notes Payable $ 368,112 $ 198,809 Affiliate Note Payable Credit Facility with Hines 12/15/2014 12/15/2017 $ 75,000 Variable N/A — 56,000 Restated Credit Facility with Hines 10/2/2017 12/31/2018 $ 75,000 Variable 3.12% 11,200 — Total Note Payable to Affiliate $ 11,200 $ 56,000 Description Origination or Assumption Date Maturity Date Maximum Capacity in Functional Currency Interest Rate Description Interest Rate as of December 31, 2017 Principal Outstanding at December 31, 2017 Principal Outstanding at December 31, 2016 Total Principal Outstanding $ 379,312 $ 254,809 Unamortized discount (4) (528 ) — Unamortized financing fees (5) (1,932 ) (994 ) Total $ 376,852 $ 253,815 (1) On the loan origination date, the Company entered into a 2.00% Euribor interest rate cap agreement for €55.2 million (approximately $66.1 million assuming a rate of $1.20 per EUR as of December 31, 2017 ) as an economic hedge against the variability of future interest rates on this borrowing. (2) On the loan origination date, the Company entered into a 1.25% Euribor interest rate cap agreement for €17.0 million (approximately $20.3 million assuming a rate of $1.20 per EUR as of December 31, 2017 ) as an economic hedge against the variability of future interest rates on this borrowing. (3) On the loan origination date, the Company entered into a 2.00% Libor interest rate cap agreement for £22.1 million (approximately $29.8 million assuming a rate of $1.35 per GBP as of December 31, 2017 ) as an economic hedge against the variability of future interest rates on this borrowing. (4) The Company assumed notes payable in connection with its acquisition of Rookwood, which were recorded at the estimated fair value as of the date of acquisition. The difference between the fair value at acquisition and the principal outstanding is amortized over the term of the related notes. (5) Deferred financing costs consist of direct costs incurred in obtaining debt financing. These costs are presented as a direct reduction from the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs had a carrying value of $1.9 million and $1.0 million for the years ended December 31, 2017 and 2016 . These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations. For the years ended December 31, 2017 , 2016 and 2015 , $0.3 million , $0.2 million and $0.1 million of deferred financing costs were amortized into interest expense in the accompanying consolidated statement of operations, respectively. Bishop’s Square In connection with the acquisition of Bishop’s Square, a wholly-owned subsidiary of the Company entered into a secured facility agreement (the “Bishop’s Square Facility”) with DekaBank Deutsche Girozentrale totaling €55.2 million (approximately $62.1 million assuming a rate of $1.12 per EUR as of the transaction date). The Bishop’s Square Facility requires quarterly interest payments, which commenced in July 2015, and repayment of principal upon the maturity of the Bishop’s Square Facility on March 2, 2022 . The Bishop's Square Facility has a floating interest rate of Euribor plus 1.30% and is subject to an interest rate cap with a strike rate of 2.0% . The Bishop’s Square Facility may be repaid in full prior to maturity, subject to a prepayment premium if it is repaid in the first 3 years . Domain Apartments In connection with the acquisition of the Domain Apartments, the Company entered into a loan agreement with Wells Fargo Bank, National Association (“Wells Fargo”) for a principal sum of $34.3 million . Interest accrued on the loan is due and payable on the first business day of each month from February 2016 through the term of the loan. The loan has a floating interest rate of Libor + 1.60% . Repayment of principal is due upon the maturity of the loan on January 29, 2020. The Company has the option to extend the term for an additional one -year period, subject to the satisfaction of certain conditions. The loan may be prepaid at any time on or after July 29, 2017, subject to certain conditions, including but not limited to, providing 30 days’ advance notice to Wells Fargo. Cottonwood Corporate Center In connection with the acquisition of Cottonwood Corporate Center, the Company entered into a loan agreement with Principal Life Insurance Company (“Principal Life”) for a principal sum of $78.0 million . Principal and interest accrued on the loan are due and payable on the first day of each month commencing in September 2016. The loan has a fixed interest rate per annum equal to 2.98% and matures on August 1, 2023 . The loan may be prepaid at any time on or after April 1, 2023 without penalty, subject to certain conditions, including but not limited to providing 30 days’ advance written notice to Principal Life, and in the event of prepayment of the loan prior to April 1, 2023, the payment of a prepayment penalty. Goodyear Crossing II In connection with the acquisition of Goodyear Crossing II, the Company entered into a loan agreement with SunTrust Bank (“SunTrust”) for a principal sum of $29.0 million . Interest accrued on the loan is due and payable on the fifth of each month commencing in October 2016. The loan has a floating interest rate of Libor + 2.00% . Repayment of principal is due upon the maturity of the loan on the earlier of (i) August 18, 2021 , or (ii) the date on which the principal amount of the loan has been declared or automatically has become due and payable. The loan may be prepaid at any time, in whole or in part, without premium or penalty, subject to certain conditions, including but not limited to providing three days’ advance written notice to SunTrust. Rookwood In connection with the acquisition of Rookwood, the Company entered into two loan assumption and modification agreements, with Nationwide Life Insurance Company (“Nationwide”), and with CLP-SPF Rookwood Commons, LLC and CLP-SPF Rookwood Pavilion, LLC. Pursuant to the loans, the Company assumed two secured mortgage facilities with a combined original principal amount of $96.0 million . Interest accrued on the unpaid principal balance of the Rookwood Commons and Rookwood Pavilion secured mortgage facilities is due and payable on the first day of each month commencing in February 2017. The Rookwood Commons and Rookwood Pavilion secured mortgage facilities have fixed interest rates of 3.13% and 2.87% , respectively, and mature on July 1, 2020. Each secured mortgage facility may be prepaid in full, subject to certain conditions, including but not limited to providing 30 days’ advance written notice to Nationwide. Montrose Student Residences In connection with the acquisition of the Montrose Student Residences, the Company entered into a secured facility agreement (the “Montrose Facility”) with Wells Fargo Bank, National Association London Branch, for €22.6 million (approximately $24.4 million assuming a rate of $1.08 per EUR as of the date of the agreement). Commencing on May 1, 2017, interest payments are due and payable each quarter and repayment of principal is due upon the maturity of the Montrose Facility on March 23, 2022. The Montrose Facility has a floating interest rate of Euribor plus 1.85% through September 2019. Commencing in October 2019, the Montrose Facility will have a floating interest rate of Euribor plus 1.85% or 2% , depending upon certain debt yield metrics. The Montrose Facility may be prepaid in full, or in part, subject to a prepayment fee if it is prepaid during the first two years. In addition, pursuant to the terms of the Montrose Facility, the Company entered into a €17.0 million (approximately $20.3 million assuming a rate of $1.20 per EUR as of December 31, 2017 ) five -year interest rate cap agreement, which effectively caps the Euribor interest rate on the Montrose Facility to 1.25% , to limit exposure to interest rate fluctuations. Queen’s Court Student Residences In connection with the acquisition of the Queen’s Court Student Residences, the Company entered into a secured facility agreement (the “Queen’s Court Facility”) with Wells Fargo Bank, National Association London Branch, for £29.5 million (approximately $39.4 million assuming a rate of $1.34 per GBP as of the date of the agreement). Commencing on May 1, 2018, interest payments are due and payable each quarter and repayment of principal is due upon the maturity of the Queen’s Court Facility on December 18, 2022. The Queen’s Court Facility has a floating interest rate of Libor plus 2.00% . The Queen’s Court Facility may be prepaid in full, or in part, subject to a prepayment fee if it is prepaid during the first two years. In addition, pursuant to the terms of the Queen’s Court Facility, the Company entered into a £22.1 million (approximately $29.8 million assuming a rate of $1.35 per GBP as of December 31, 2017 ) three -year interest rate cap agreement, which effectively caps the Libor interest rate on the Queen’s Court Facility to 2.00% , to limit exposure to interest rate fluctuations. Hines Credit Facility On December 15, 2014 , the Company entered into a credit facility with Hines (the “ Hines Credit Facility ”) with a maximum principal amount of $75.0 million with interest and payment terms similar to the Restated Hines Credit Facility described below. The Hines Credit Facility had a maturity date of December 15, 2017. The Company terminated the Hines Credit Facility on October 2, 2017 and subsequently the Operating Partnership entered into the Restated Hines Credit Facility with Hines on October 2, 2017 which is described below. Restated Hines Credit Facility On October 2, 2017, the Operating Partnership entered into an uncommitted loan agreement with Hines for a maximum principal amount of $240.0 million which was subsequently amended on November 30, 2017 to reduce the maximum principal amount to $75.0 million (the “Restated Hines Credit Facility”). Interest on each advance under the Restated Hines Credit Facility is charged monthly at a variable rate, which is (i) Hines’ then-current borrowing rate under its revolving credit facility or (ii) if the Operating Partnership enters into a revolving credit facility (“the OP Facility”), the rate under such facility. Each advance under the Restated Hines Credit Facility must be repaid within six months, subject to one six -month extension at the option of the Operating Partnership and subject to the satisfaction of certain conditions. The Restated Hines Credit Facility will terminate on the earlier of (a) the termination of the availability period as determined by Hines at its discretion (which will not impact the maturity date of any outstanding or previously approved advance under the loan agreement); (b) December 31, 2018; and (c) the date Hines accelerates the repayment of the loan agreement pursuant to any event of default. Notwithstanding that each advance under the Restated Hines Credit Facility matures six months after it is made, the Operating Partnership is required to repay each advance with any capital raised, unless the Operating Partnership enters into a revolving credit facility, at which point the Operating Partnership may use such proceeds from its public offering to repay the OP Facility, if any, prior to repaying any advances under the Restated Hines Credit Facility. The Restated Hines Credit Facility also permits voluntary prepayment of principal and accrued interest. The Restated Hines Credit Facility requires the maintenance of certain financial covenants beginning the earlier of (a) September 30, 2018 or (b) the effective date of the OP Facility, if any, which includes covenants concerning indebtedness to total asset value. In addition, the Restated Hines Credit Facility contains customary affirmative and negative covenants, which, among other things, prohibit the Company and the Operating Partnership from: (i) merging with other companies or changing ownership interest; (ii) selling all or substantially all of the Company’s assets or properties; and (iii) if in default under the loan agreement, paying distributions to the Company’s stockholders other than as required to maintain the Company’s status as a real estate investment trust. The Restated Hines Credit Facility also requires the Company to deliver to Hines certain quarterly and annual financial information. For the year ended December 31, 2017 , the Company borrowed an aggregate of $58.2 million under the Hines Credit Facility and Restated Hines Credit Facility and made payments of $103.0 million on these facilities, resulting in an $11.2 million outstanding balance under the Restated Hines Credit Facility as of December 31, 2017 . From January 1, 2018 through March 27, 2018 , the Company made $15.5 million in additional draws and made no additional payments under the Restated Hines Credit Facility, which resulted in the Company having a $26.7 million outstanding balance under the Restated Hines Credit Facility as of March 29, 2018 . Financial Covenants The Company’s mortgage and other loan documents for the debt described in the table above contain customary events of default, with corresponding grace periods, including payment defaults, bankruptcy-related defaults, and customary covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company is not aware of any instances of noncompliance with financial covenants as of December 31, 2017 . Principal Payments on Debt The Company is required to make the following principal payments on its outstanding notes payable for each of the years ending December 31, 2018 through December 31, 2022 and for the period thereafter (in thousands). Payments Due by Year 2018 2019 2020 2021 2022 Thereafter Principal payments $ 12,900 $ 1,751 $ 132,104 $ 30,859 $ 134,916 $ 66,782

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedges, Assets [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company entered into several interest rate cap contracts in connection with certain of its secured mortgage loans in order to limit its exposure against the variability of future interest rates on one of its variable interest rate borrowings. The Company’s interest rate cap agreements have economically limited the interest rate on the loan to which they relate. The Company has not designated this derivative as a hedge for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its consolidated balance sheets the fair value amount recorded for its derivative instrument. The Company has also entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates related to our international investments. These forward contracts economically fixed the currency exchange rates on each of the investments to which they related. The Company did not designate any of these contracts as fair value or cash flow hedges for accounting purposes. The table below provides additional information regarding the Company’s interest rate contracts (in thousands, except percentages). Interest Rate Contracts Type Effective Date Expiration Date Notional Amount (1) Interest Rate Received Pay Rate /Strike Rate Interest rate cap March 3, 2015 April 25, 2018 $ 66,124 Euribor 2.00 % Interest rate cap March 24, 2017 March 23, 2022 $ 20,309 Euribor 1.25 % Interest rate cap December 20, 2017 December 20, 2020 $ 29,849 Libor 2.00 % (1) For notional amounts denominated in a foreign currency, amounts have been translated at a rate based on the rate in effect on December 31, 2017 . The table below presents the effects of the changes in fair value of the Company’s derivative instrument in the Company’s consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2017 and 2016 (in thousands): Gain (Loss) Recorded on Derivative Instruments Year Ended December 31, 2017 December 31, 2016 Derivatives not designated as hedging instruments: Interest rate caps $ (134 ) $ (6 ) Foreign currency forward contracts (238 ) — Total gain (loss) on derivatives $ (372 ) $ (6 )

Stockholders' Equity (Notes)

Stockholders' Equity (Notes)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY As described more fully in Item 1. Business, the Company raises capital for its investments through public offerings of its common stock. In connection with the Restructuring and the Follow-On Offering, on November 30, 2017, the Company (i) redesignated its issued and outstanding Class A shares of common stock, Class T shares of common stock, Class I shares of common stock and Class J shares of common stock as “Class AX shares,” “Class TX shares,” “Class IX shares” and “Class JX shares,” (collectively, the “IPO Shares”) respectively, and (ii) reclassified the authorized but unissued portion of its common stock into four additional classes of shares of common stock: “Class T shares,” “Class S shares,” “Class D shares,” and “Class I shares.” The Company is offering its shares of common stock in the Follow-on Offering in any combination of Class T shares, Class S shares, Class D shares and Class I shares (collectively, the “Follow-on Offering Shares”). All shares of the Company’s common stock have the same voting rights and rights upon liquidation, although distributions received by the Company’s stockholders are expected to differ due to the distribution and stockholder servicing fees payable with respect to the applicable share classes, which reduce distributions. The Company complies with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC” or the “Codification”) 480 “Distinguishing Liabilities from Equity” which requires, among other things, that financial instruments that represent a mandatory obligation of the Company to repurchase shares be classified as liabilities and reported at settlement value. When shares are tendered for redemption and approved by the board of directors, the Company will reclassify such obligations from equity to an accrued liability based upon their respective settlement values and redeem those shares in the subsequent month pursuant to the Company’s current share redemption program. Common Stock As of December 31, 2017 and 2016 , the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): December 31, 2017 December 31, 2016 Shares Authorized Shares Issued Shares Outstanding Shares Authorized Shares Issued Shares Outstanding Class AX common stock, $0.001 par value per share 40,000 19,206 19,206 600,000 16,469 16,469 Class TX common stock, $0.001 par value per share 40,000 19,958 19,958 900,000 10,074 10,074 Class IX common stock, $0.001 par value per share 10,000 92 92 — — — Class JX common stock, $0.001 par value per share 10,000 — — — — — Class T common stock, $0.001 par value per share 350,000 — — — — — Class S common stock, $0.001 par value per share 350,000 — — — — — Class D common stock, $0.001 par value per share 350,000 — — — — — Class I common stock, $0.001 par value per share 350,000 — — — — — The tables below provide information regarding the issuances and redemptions of each class of shares of the Company’s common stock during the year ended December 31, 2017 , 2016 and 2015 (in thousands): Class AX Class TX Class IX Class JX Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2017 16,469 $ 16 10,074 $ 10 — $ — — $ — 26,543 $ 26 Issuance of common shares 3,874 4 10,841 11 92 — — — 14,807 15 Redemption of common shares (1) (1,137 ) (1 ) (957 ) (1 ) — — — — (2,094 ) (2 ) Balance as of December 31, 2017 19,206 $ 19 19,958 $ 20 92 $ — — $ — 39,256 $ 39 (1) Prior to the commencement of our Follow-on Offering, in October 2017, the Company commenced a self-tender offer for up to $200.0 million in IPO Shares at a price of $9.69 per share. The Company redeemed a total of 1.9 million IPO Shares for an aggregate cost of $18.7 million in November 2017 in connection with the Company’s self-tender offer. Class AX Class TX Total Shares Amount Shares Amount Shares Amount Balance as of January 1, 2016 10,275 $ 10 787 $ 1 11,062 $ 11 Issuance of common shares 6,270 6 9,287 9 15,557 15 Redemption of common shares (76 ) — — — (76 ) — Balance as of December 31, 2016 16,469 $ 16 10,074 $ 10 26,543 $ 26 Class AX Class TX Total Shares Amount Shares Amount Shares Amount Balance as of January 1, 2015 421 $ — — $ — 421 $ — Issuance of common shares 9,855 10 787 1 10,642 11 Redemption of common shares (1 ) — — — (1 ) — Balance as of December 31, 2015 10,275 $ 10 787 $ 1 11,062 $ 11 Distributions With the authorization of the Company’s board of directors, the Company declared distributions daily through December 31, 2017. Beginning in January 2018, the Company has and intends to continue to accrue and pay regular distributions on a monthly basis, as of monthly record dates. With the authorization of the Company’s board of directors, the Company declared distributions monthly from January 2018 through March 31, 2018 at a gross distribution rate of $0.05083 per month for each share class less any applicable distribution and stockholder servicing fees. Distributions will be made on all classes of the Company’s common stock at the same time. All distributions were or will be paid in cash or reinvested in shares of the Company’s common stock for those participating in the Company’s distribution reinvestment plan and have been or will be paid or issued, respectively, on the first business day following the completion of the month to which they relate. Distributions reinvested pursuant to the Company’s distribution reinvestment plan were or will be reinvested in shares of the same class as the shares on which the distributions are being made. Some or all of the cash distributions may be paid from sources other than cash flows from operations. The following table outlines the Company’s total cash distributions declared to stockholders for the years ended December 31, 2017 , 2016 and 2015 , including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). Stockholders Distributions for the Years Ended Cash Distributions Distributions Reinvested Total Declared December 31, 2017 $ 9,226 $ 10,547 $ 19,773 December 31, 2016 $ 4,926 $ 5,186 $ 10,112 December 31, 2015 $ 1,432 $ 1,492 $ 2,924

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
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, 2017 , 2016 and 2015 and amounts unpaid as of December 31, 2017 and 2016 (in thousands): Incurred During the Years Ended December 31, Unpaid as of Type and Recipient 2017 2016 2015 December 31, 2017 December 31, 2016 Selling Commissions- Dealer Manager $ 4,021 $ 5,339 $ 6,661 $ — $ 54 Dealer Manager Fees- Dealer Manager 1,744 3,017 3,089 — 2 Distribution & Stockholder Servicing Fees- Dealer Manager 4,947 4,858 7 8,249 4,636 Organization and Offering Costs- the Advisor 4,753 3,107 3,818 5,728 4,785 Acquisition Fees- the Advisor 6,741 5,704 2,328 2 1,265 Asset Management Fees- the Advisor (1) 4,940 948 305 1,561 941 Other- the Advisor (2) 1,827 1,183 1,111 464 295 Performance Participation Allocation- the Advisor 251 — — 251 — Interest Expense- Hines (3) 676 64 570 10 37 Property Management Fees- Hines 858 265 46 37 (19 ) Construction Management Fees- Hines 236 — — 19 — Leasing Fees- Hines 263 — — 17 — Expense Reimbursements- the Advisor, Hines and affiliates of Hines (with respect to management and operations of the Company's properties) 1,599 675 334 304 145 Total $ 32,856 $ 25,160 $ 18,269 $ 16,642 $ 12,141 (1) The Advisor did no t waive any asset management fees payable to it during the year ended December 31, 2017 and waived $1.3 million and $0.6 million in asset management fees payable to it during the years ended December 31, 2016 and 2015 , respectively. See “—Advisory Agreement” below for a discussion of the asset management fee waiver. (2) Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses and acquisition-related expenses. These amounts are generally reimbursed to the Advisor during the month following the period in which they are incurred. (3) Includes amounts paid related to the Hines Credit Facility and the Restated Hines Credit Facility. As described more fully in Note 1 — Organization, the Company commenced its Initial Offering in August 2014 and commenced the Follow-on Offering in December 2017. Described below are the fees payable to Hines and its affiliates in connection with the Initial Offering the Follow-on Offering. Dealer Manager Agreement Initial Offering The table below summarizes the fees paid to the Dealer Manager with respect to the sale of IPO Shares in the Initial Offering. The upfront selling commissions and dealer manager fees were a percentage of the gross offering proceeds of the shares sold in the primary offering. No upfront selling commissions or dealer manager fees were paid with respect to shares issued under the Company’s distribution reinvestment plan. Class AX Shares Class TX Shares Class IX Shares Selling Commissions 7.00% 2.00% None Dealer Manager Fee Paid by the Company from Offering Proceeds 1.50% 1.25% None Advisor Payment of a Portion of the Dealer Manager Fee (1) 1.50% 1.50% 1.50% Annual Distribution and Stockholder Servicing Fee (2) None 1.00% 0.25% (1) Pursuant to the Dealer Manager Agreement for the Initial Offering, the Advisor paid a portion of the dealer manager fees payable to the Dealer Manager in an amount equal to 1.5% of the gross offering proceeds with respect to Class AX shares, Class TX shares, and Class IX shares sold in the primary portion of the Initial Offering on and after August 2, 2016 . The Advisor was not reimbursed by the Company in any way for the payment of such dealer manager fees. (2) In addition, the Dealer Manager received annual distribution and stockholder servicing fees of 1.0% or 0.25% of the gross offering price per share through October 2, 2017 and now, since we are no longer offering IPO shares, continues to receive 1.0% or 0.25% of the most recently determined NAV per share for the Class TX shares and Class IX shares purchased and outstanding. The Company will cease paying the distribution and stockholder servicing fees with respect to any particular Class TX share or Class IX share and that Class TX share or Class IX share will convert into a number of Class AX shares or Class JX shares, respectively, on the occurrence of earlier of: (i) a listing of the Class A shares on a national securities exchange; (ii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets; (iii) the end of the month in which the Dealer Manager determines that total underwriting compensation paid in the Initial Offering including the distribution and stockholder servicing fees paid on all IPO Shares sold in the Initial Offering is equal to 10.0% of the gross proceeds of the Offering from the sale of the IPO Shares; (iv) the end of the month in which the transfer agent, on behalf of the Company, determines that underwriting compensation paid in the primary offering including the distribution and stockholder servicing fee paid with respect to the Class TX shares or Class IX shares held by a stockholder within his or her particular account equals 10.0% of the gross offering price at the time of investment of the Class TX shares or Class IX shares held in such account; and (v) on any Class TX share or Class IX share that is redeemed or repurchased. Follow-On Offering The table below summarizes the fees payable to the Dealer Manager effective as of December 6, 2017, the effective date of the Restructuring with respect to the sale of Follow-On Offering Shares. The upfront selling commissions and dealer manager fees are based on a percentage of the gross offering proceeds of the shares sold in the primary offering. No upfront selling commissions or dealer manager fees are payable with respect to shares issued under the Company’s distribution reinvestment plan. Class T shares Class S shares Class D shares Class I shares Selling Commission 3.0% 3.5% None None Dealer Manager Fee 0.5% None None None Ongoing Distribution and Stockholder Servicing Fee (as a percentage of NAV) (1) 1.0% 1.0% 0.25% None (1) The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. For the years ended December 31, 2017 and 2016 , the Company has recorded a liability of $8.2 million and $4.6 million , respectively, related to these fees, which is included in due to affiliates on the consolidated balance sheets. The Company will cease paying distribution and stockholder servicing fees with respect to any Class T share, Class S share or Class D share at the end of the month in which the transfer agent, on the Company’s behalf, determines that the total upfront selling commissions, dealer manager fees and distribution and stockholder servicing fees paid with respect to such Class T shares, Class S shares or Class D shares, as applicable, held by a stockholder within his or her particular account equals 8.75% (or, in the case of shares sold through certain participating broker dealers, a lower limit as set forth in any applicable agreement between our Dealer Manager and a participating broker dealer) of the gross proceeds from the sale of such Class T shares, Class S shares or Class D shares (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). In addition, the Company will cease paying distribution and stockholder servicing fees with respect to Class T shares, Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of the Company’s common shares, (ii) the Company’s merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of the Follow-On Offering on which, in the aggregate, underwriting compensation from all sources in connection with the Follow-On Offering, including upfront selling commissions, dealer manager fees, distribution and stockholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from our Follow-On Offering. Advisory Agreement Pursuant to the Advisory Agreement and the Operating Partnership Agreement (as also amended and restated on December 6, 2017), the Company is required to pay the following fees and expense reimbursements: Acquisition Fee Prior to December 6, 2017, the effective date of the Restructuring, the Advisor received acquisition fees of 2.25% of (i) the purchase price of real estate investments acquired, including any debt attributable to such investments, or the total principal amounts borrowed under any loans made or acquired directly by the Company, or (ii) when the Company made an investment or made or acquired a loan indirectly through another entity, such investment’s pro rata share of the gross asset value of real estate investments held by that entity, including any debt attributable to such investments, or the total principal amount borrowed under any loans made or acquired by that entity. As of the effective date of the Restructuring, we will no longer pay acquisition fees to the Advisor. Asset Management Fee The Advisor also receives asset management fees of 0.0625% per month of the cost of the Company’s real estate investments at the end of each month; provided that, with respect to real estate investments included in the Company’s board of director’s most recent determination of the Company’s NAV per share, the asset management fees will be equal 0.0625% per month of the most recently determined value of such real estate investments at the end of each month. As of the effective date of the Restructuring, the asset management fee cannot exceed an amount equal to 1/12th of 1.25% of the Company’s NAV at the end of each applicable month. Additionally, as of the effective date of the Restructuring, the asset management fee can be paid, at the Advisor’s election, in cash, Class I shares or Class I OP units of the Operating Partnership. In addition, commencing with the quarter ended December 31, 2014, the Advisor agreed to waive the asset management fees for each quarter through December 31, 2016, to the extent that the Company’s MFFO, for a particular quarter, as disclosed in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, amounted to less than 100% of the aggregate distributions declared to the Company’s stockholders for such quarter. As a result of these fee waivers, cash flows from operations that would have been paid to the Advisor for asset management fees were available to pay distributions to stockholders. These fee waivers were not deferrals and accordingly, any fees that were waived will not be paid to the Advisor in cash at any time in the future. The Advisor also agreed to waive the asset management fees otherwise payable to it for the quarter ended March 31, 2017 to the extent that the Company’s MFFO for such quarter, as reduced to reflect the distribution and stockholder servicing fees payable for such quarter, as disclosed in the Company’s Quarterly Report on Form 10-Q, amounted to less than 100% of the aggregate distributions declared to its stockholders for that quarter. The Advisor did not waive any asset management fees for the year ended December 31, 2017. The table below outlines, with respect to each of the years ended December 31, 2017, 2016, and 2015, the asset management fees earned by the Advisor before application of the waivers, if any, the amounts waived pursuant to the asset management fee waivers described above, and the asset management fees that were earned by the Advisor after application of the waivers, if any (in thousands). For the Years Ended Asset Management Fee Pre-Waiver Asset Management Fee Waived Asset Management Fee Post-Waiver December 31, 2017 $ 4,940 $ — $ 4,940 December 31, 2016 $ 2,200 $ 1,252 $ 948 December 31, 2015 $ 888 $ 583 $ 305 Performance Participation Allocation As of the effective date of the Restructuring, the Advisor is also entitled to an annual performance participation allocation of 12.5% of the total return earned on an investment in the Company’s shares each year. This performance participation allocation is subject to investors earning a 5% annual return, after considering the effect of any losses carried forward from the prior year (as defined in the Operating Partnership agreement). The performance participation allocation accrues monthly and is payable after the completion of each calendar year. Expense Reimbursements The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which its operating expenses (including the asset management fee and the performance participation allocation) at the end of the four preceding fiscal quarters exceeds the greater of: (A) 2.0% of its average invested assets, or (B) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets for that period (the “2%/25% Limitation”). Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended September 30, 2015 , the Company’s total operating expenses exceeded the 2%/25% Limitation. Based upon a review of unusual and non-recurring factors, including but not limited to the Company being in the early stages of raising and deploying capital, the limited number of assets acquired to date and the timing of those acquisitions, a majority of the Company’s independent directors determined that the excess expenses were justified and thus reimbursable to the Advisor. For the four fiscal quarters ended December 31, 2017 , the Company’s total operating expenses did not exceed the 2%/25% Limitation. Organization and Offering Costs Organization and offering costs consist of, among other costs, expenses of the Company’s organization, actual legal, accounting, bona fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, data processing fees, advertising and sales literature and other offering-related costs. Organization and offering costs include expenses that are deemed issuer costs and certain expenses that are deemed underwriting compensation, but exclude selling commissions, dealer manager fees and distribution and stockholder servicing fees. Organizational costs, such as expenses associated with the formation of the Company and its board of directors, are expensed as incurred, and offering-related costs are recorded as an offset to additional paid-in capital. Prior to the Restructuring, the Company reimbursed the Advisor and its affiliates for any organization and offering costs deemed issuer costs related to the Initial Offering that it paid on the Company’s behalf. Further, the Advisory Agreement was amended, effective February 29, 2016 , to reflect that the Company would not reimburse the Advisor for the cumulative organization and offering costs incurred in connection with the Company’s organization and public offerings, in excess of 2.5% of gross offering proceeds from the Company’s public offerings. On April 14, 2016 , the Advisor reimbursed the Company for $4.0 million in organization and offering costs that the Company had previously reimbursed to the Advisor in excess of this 2.5% cap. Effective as of December 6, 2017, the Advisor agreed to advance all of the Company’s organization and offering costs related to the Follow-On Offering through December 31, 2018. The Company will reimburse the Advisor for all such advanced expenses as well as any organization and offering costs incurred by the Advisor related to the Initial Offering ratably from January 1, 2019 through December 31, 2023 to the extent cumulative organization and offering costs do not exceed an amount equal to 2.5% of gross offering proceeds from the Company’s public offerings. Following December 31, 2023, the Company will reimburse the Advisor for any organization and offering costs that it incurs on its behalf, as and when incurred, to the extent that aggregate reimbursements to the Advisor for cumulative organization and offering costs do not exceed an amount equal to 2.5% of the gross offering proceeds from the Company’s public offerings. The total reimbursement related to organization and offering costs, selling commissions, dealer manager fees and the distribution and stockholder servicing fees may not exceed 15.0% of gross proceeds from the Offering. From inception to December 31, 2017 , organization and offering costs incurred by the Advisor on the Company’s behalf totaled $15.8 million . The Company has recorded a liability equal to all unreimbursed organization and offering costs that have been incurred to date to reflect its expectation that all of these amounts will be reimbursed to the Advisor in the future. Property Management and Leasing Agreements The Company pays Hines fees for the management and leasing of the Company’s properties. Property management fees will be paid in an amount equal to a market-based percentage of the gross revenues of the properties managed by Hines. In addition, if Hines provides leasing services with respect to a property, the Company will pay Hines leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same geographic area of the applicable property. The Company generally will be 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 will be 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 relate to or support the performance of Hines’ duties under the agreement. Hines may perform construction management services for the Company for both re-development activities and tenant construction. These fees are considered incremental to the construction effort and will be capitalized to the associated real estate project as incurred. Costs related to tenant construction will be depreciated over the estimated useful life. Costs related to redevelopment activities will be depreciated over the estimated useful life of the associated project. Leasing activities will generally be performed by Hines on the Company’s behalf. Leasing fees will be capitalized and amortized over the life of the related lease.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	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. As of December 31, 2017 , the Company estimated that the fair value of its notes payable, excluding deferred financing costs, which had a book value of $379.3 million , was $376.5 million . As of December 31, 2016 , the Company estimated that the fair value of its notes payable, excluding deferred financing costs, which had a book value of $254.8 million , was $251.0 million . Management has utilized available market information such as interest rate and spread assumptions of notes payable with similar terms and remaining maturities, to estimate the amounts required to be disclosed. Although the Company has determined that the majority of the inputs used to value its notes payable fall within Level 2 of the fair value hierarchy, the credit quality adjustments associated with its fair value of notes payable utilize Level 3 inputs. However, the Company has assessed the significance of the impact of the credit quality adjustments on the overall valuations of the fair market value of its notes payable and has determined they are not significant. Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable. The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or short-term maturities. Due to the short-term nature of these instruments, Level 1 inputs are utilized to estimate the fair value of the cash and cash equivalents and restricted cash and Level 2 inputs are utilized to estimate the fair value of the remaining financial instruments.

Reportable Segments

Reportable Segments	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS As described previously, the Company intends to invest the net proceeds from its public offerings in a diversified portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally. The Company’s current business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets. All of the Company’s consolidated revenues and property operating expenses as of December 31, 2017 are from the Company’s eight consolidated real estate properties owned as of that date. As a result, the Company’s operating segments have been aggregated into six reportable segments: domestic office investments, domestic residential/living investments, domestic retail investments, domestic other investments, international office investments and international residential/living investments. The tables below provide additional information related to each of the Company’s segments (in thousands) 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. Years Ended December 31, 2017 2016 2015 Total Revenue Domestic office investments $ 15,437 $ 7,420 $ — Domestic residential/living investments 4,671 4,318 — Domestic retail investments 19,507 — — Domestic other investments 7,619 4,335 2,411 International office investments 8,711 8,276 6,999 International residential/living investments 3,779 — — Total Revenue $ 59,724 $ 24,349 $ 9,410 For the years ended December 31, 2017 , 2016 and 2015 , the Company’s total revenue was attributable to the following countries: Years Ended December 31, 2017 2016 2015 Total Revenue United States 79 % 66 % 26 % Ireland 19 % 34 % 74 % United Kingdom 2 % — % — % For the years ended December 31, 2017 , 2016 and 2015 , the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Years Ended December 31, 2017 2016 2015 Property revenues in excess of expenses (1) Domestic office investments $ 10,497 $ 4,910 $ — Domestic residential/living investments 2,977 2,830 — Domestic retail investments 10,889 — — Domestic other investments 5,862 3,248 1,746 International office investments 6,922 6,682 5,366 International residential/living investments 2,466 — — Property revenues in excess of expenses $ 39,613 $ 17,670 $ 7,112 (1) Revenues less property operating expenses, real property taxes and property management fees. For the years ended December 31, 2017 and 2016 , the Company’s total assets by segment were as follows (in thousands): December 31, 2017 December 31, 2016 Total Assets Domestic office investments $ 130,901 $ 137,407 Domestic residential/living investments 53,344 55,201 Domestic retail investments 202,093 — Domestic other investments 76,745 78,182 International office investments 116,494 99,002 International residential/living investments 121,919 — Corporate-level accounts 7,521 100,553 Total Assets $ 709,017 $ 470,345 For the years ended December 31, 2017 and 2016 , the Company’s total assets were attributable to the following countries: December 31, 2017 December 31, 2016 Total Assets United States 67 % 79 % Ireland 23 % 21 % United Kingdom 10 % — % For the years ended December 31, 2017 , 2016 and 2015 , the Company’s reconciliation to the Company’s property revenue in excess of expenses is as follows (in thousands): Years Ended December 31, 2017 2016 2015 Reconciliation to property revenue in excess of expenses Net income (loss) $ (17,186 ) $ (11,341 ) $ (5,638 ) Depreciation and amortization 29,687 15,372 4,207 Acquisition related expenses 3,212 1,855 2,963 Asset management and acquisition fees 11,681 6,645 2,640 Performance participation allocation 251 — — General and administrative expenses 2,803 2,044 1,546 (Gain) loss on derivative instruments 372 6 41 Foreign currency (gains) losses (494 ) 4 12 Interest expense 9,453 3,154 1,345 Interest income (83 ) (69 ) (4 ) (Benefit) provision for income taxes (83 ) — — Total property revenues in excess of expenses $ 39,613 $ 17,670 $ 7,112

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years ended December 31, 2017 , 2016 and 2015 are as follows (in thousands): 2017 2016 2015 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 8,577 $ 2,679 $ 1,080 Supplemental Schedule of Non-Cash Investing and Financing Activities Distributions declared and unpaid $ 1,868 $ 1,195 $ 480 Distributions reinvested $ 10,162 $ 4,808 $ 1,248 Other receivables $ — $ 1,630 $ 2,950 Non-cash net liabilities assumed $ 5,946 $ 7,201 $ 470 Assumption of mortgage upon acquisition of property $ 95,260 $ — $ — Offering costs payable to the Advisor $ 943 $ 735 $ 2,701 Selling commissions, dealer manager fees and distribution and stockholder servicing fees payable to the Dealer Manager $ 3,614 $ 4,691 $ — Equipment acquired under capital lease $ — $ 142 $ — Accrued capital additions $ 2,015 $ — $ —

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on the Company’s consolidated financial statements.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Data [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	QUARTERLY FINANCIAL DATA (UNAUDITED) The following table presents selected unaudited quarterly financial data for each quarter during the years ended December 31, 2017 and 2016 (in thousands, except per share information): Quarters Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 13,786 $ 14,744 $ 15,105 $ 16,089 Net income (loss) $ (9,246 ) $ (2,108 ) $ (1,543 ) $ (4,289 ) Net income (loss) attributable to common stockholders $ (9,249 ) $ (2,111 ) $ (1,546 ) $ (4,292 ) Income (loss) per common share, basic and diluted $ (0.32 ) $ (0.06 ) $ (0.04 ) $ (0.11 ) Quarters Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues $ 3,419 $ 3,865 $ 8,113 $ 8,952 Net income (loss) $ (1,412 ) $ (780 ) $ (7,165 ) $ (1,984 ) Net income (loss) attributable to common stockholders $ (1,415 ) $ (783 ) $ (7,168 ) $ (1,987 ) Income (loss) per common share, basic and diluted $ (0.11 ) $ (0.05 ) $ (0.36 ) $ (0.08 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS 2819 Loker Avenue East In March 2018, the Company entered into a contract to sell 2819 Loker Avenue East, a Class A industrial property located in Carlsbad, California. The contract sales price for 2819 Loker Avenue East is $38.3 million . The Company acquired 2819 Loker Avenue East in December 2014 for a purchase price of $25.4 million . Although the Company expects the closing of this sale to no later than April 2018, there can be no assurances as to if or when this sale will be completed. *****

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts (Notes)	12 Months Ended
	Dec. 31, 2017
Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	Schedule II — Valuation and Qualifying Accounts Description Balance at the Beginning of the Period Charged to Costs and Expenses Deductions Balance at the End of the Period Deferred Tax Asset Valuation Allowance as of December 31, 2017 $ — $ 927,757 $ 722,366 $ 205,391

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, 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, 2017 Initial Cost (b) Gross Amount at Which Carried at 12/31/2017 Description (a) Location Encumbrances Land Buildings and Improvements Total Costs Capitalized Subsequent to Acquisition (c) Land Buildings and Improvements Total (d) Accumulated Depreciation (e) Date of Construction Date Acquired (In thousands) 2819 Loker Avenue East Carlsbad, California $ — $ 7,200 $ 14,170 $ 21,370 $ — $ 7,200 $ 14,170 $ 21,370 $ (1,077 ) 1998 December-14 Bishop’s Square Dublin, Ireland 66,124 — 53,643 53,643 8,359 — 62,002 62,002 (4,118 ) 2001 March-15 Domain Apartments Las Vegas, Nevada 34,300 5,690 50,790 56,480 110 5,690 50,900 56,590 (3,529 ) 2014 January-16 Cottonwood Corporate Center Salt Lake City, Utah 75,811 13,600 98,758 112,358 1,062 13,600 99,820 113,420 (3,698 ) 1997, 2000 July-16 Goodyear Crossing II Phoenix, Arizona 29,000 7,270 41,620 48,890 — 7,270 41,620 48,890 (1,427 ) 2008, 2009 August-16 Rookwood Cincinnati, Ohio 96,000 45,320 132,466 177,786 401 45,320 132,867 178,187 (3,267 ) 1993, 2000 January-17 Montrose Student Residences Dublin, Ireland 27,079 5,691 33,705 39,396 5,119 6,322 38,193 44,515 (751 ) 1964, 2013-2015 March-17 Queen's Court Student Residences Reading, United Kingdom 39,798 14,086 50,894 64,980 1,051 14,314 51,717 66,031 (305 ) 2016 October-17 $ 368,112 $ 98,857 $ 476,046 $ 574,903 $ 16,102 $ 99,716 $ 491,289 $ 591,005 $ (18,172 ) (a) Assets consist of quality office, retail, industrial and residential/living properties. (b) Components of initial cost for the property acquired using a foreign currency were converted using the currency exchange rate as of the date of acquisition. (c) Includes the effect of changes in the exchange rate between the date of acquisition and December 31, 2017 for the property that is denominated in a foreign currency. (d) The aggregate cost for federal income tax purposes is $614.4 million as of December 31, 2017 . (e) Real estate assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. 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. The changes in total real estate assets for the years ended December 31, 2017 2016 2015 Gross real estate assets Balance, beginning of period $ 290,212 $ 73,883 $ 21,370 Additions during the period: Acquisitions 282,162 217,728 53,643 Other additions 5,561 483 339 Effect of changes in foreign currency exchange rates 13,070 (1,882 ) (1,469 ) Balance, end of period $ 591,005 $ 290,212 $ 73,883 Accumulated Depreciation Balance, beginning of period $ (6,337 ) $ (1,458 ) $ (15 ) Depreciation (11,393 ) (4,985 ) (1,455 ) Effect of changes in foreign currency exchange rates (442 ) 106 12 Balance, end of period $ (18,172 ) $ (6,337 ) $ (1,458 )

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
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 Presentation The consolidated financial statements of the Company include the accounts of Hines Global Income Trust, Inc. and the Operating Partnership (over which the Company exercises financial and operating control). All intercompany balances and transactions have been eliminated in consolidation. The Company has determined that the Operating Partnership is considered a variable interest entity (“VIE”). However, the Company meets the disclosure exemption criteria, as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest.
Investment Property and Lease Intangibles	Investment Property and Lease Intangibles 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. Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, are recorded at the estimated fair values of the assets acquired and liabilities assumed. The results of operations of acquired properties are included in the Company’s results of operations from their respective dates of acquisition. Estimates of fair values are based upon estimates of future cash flows and other valuation techniques that the Company believes are similar to those used by market participants and are used to record the purchase of identifiable assets acquired, such as land, buildings and improvements, equipment and identifiable intangible assets related to in-place leases and liabilities assumed, such as amounts related to acquired out-of-market leases, asset retirement obligations, and mortgage notes payable. Values of buildings and improvements are determined on an as-if-vacant basis. Initial valuations are subject to change until such information is finalized, which will occur no later than 12 months after the acquisition date. Acquisition-related costs such as transaction costs and acquisition fees paid to the Advisor are expensed as incurred. Refer to “— Recent Accounting Pronouncements” for additional information on the adoption of ASU 2017-01 beginning January 1, 2018, in which the Company’s real estate acquisitions will qualify as asset acquisitions and acquisition-related costs will be capitalized beginning in January 2018. 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	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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk As of December 31, 2017 , the Company had cash and cash equivalents 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.
International Operations	International Operations The Euro (“EUR”) is the functional currency for the Company’s subsidiaries operating in Ireland and the British pound (“GBP”) is the functional currency for the Company’s subsidiaries operating in the United Kingdom. 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. Income statement accounts are generally 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. Upon disposal of this subsidiary, the Company will remove the accumulated translation adjustment from stockholders’ equity and include it in the gain or loss on disposal in its consolidated statement of operations. The Company and its subsidiaries may have transactions denominated in currencies other than their functional currencies. In these instances, assets and liabilities are remeasured into the functional currency at the exchange rate in effect at the end of the period and income statement accounts are remeasured at the average exchange rate for the period. These gains or losses are included in the Company’s consolidated statement of operations. The Company and its subsidiaries also record gains or losses in the income statement when a transaction with a third party, denominated in a currency other than the functional currency, is settled and the functional currency cash flows realized are more or less than expected based upon the exchange rate in effect when the transaction was initiated.
Restricted Cash	Restricted Cash The Company has restricted cash primarily related to certain escrow accounts required by several of the Company’s mortgage agreements.
Tenant and Other Receivables	Tenant and Other Receivables Tenant and other receivables balances consist primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent. Straight-line rent receivables were $4.0 million and $2.5 million as of December 31, 2017 and 2016 , respectively. Straight-line rent receivables consist of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying consolidated balance sheets. An allowance for the uncollectible portion of tenant and other receivables is determined based upon an analysis of the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located.
Deferred Leasing Costs	Deferred Leasing Costs Direct leasing costs, primarily consisting of third-party leasing commissions, tenant inducements and legal costs 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 The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any. 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, administrative fees, and tenant reimbursements related to utilities, insurance, and other operating expenses. 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 has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (“the Code”), beginning with its taxable year ended December 31, 2015 . The Company’s management believes that it operates in such a manner as to qualify for treatment as a REIT and intends to operate in the foreseeable future in such a manner so that it will remain qualified as a REIT for federal income tax purposes. Accordingly, no provision has been made for U.S. federal income taxes for the years ended December 31, 2017 , 2016 and 2015 in the accompanying consolidated financial statements. In 2017 , income tax expense/benefit recorded by the Company was primarily comprised of foreign income taxes related to the operation of its international properties. The Company does not believe it has any uncertain tax positions or unrecognized tax benefits requiring disclosure. On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act. The Tax Cuts and Jobs Act makes broad and complex changes to the Internal Revenue Code including, but not limited to, (1) reducing the top U.S. federal corporate income tax rate from 35% to 21%, (2) establishing a 20% deduction for ordinary REIT dividends (other than any portion that is a capital gain dividend or qualified dividend income subject to complex limitations), (3) limiting the deductibility of business interest expense, (4) allowing full expensing of certain qualifying property, (5) eliminating the corporate Alternative Minimum Tax (“AMT”) and changing how existing AMT credits can be realized, (6) limiting current net operating loss deductions and providing an indefinite carryforward and (7) limiting the deductibility of certain executive compensation. The Company’s evaluation of deferred taxes and the associated valuation allowance includes an estimate of the impact of the Tax Cuts and Jobs Act and was based on the best information available to the Company at the time.
Distribution and Stockholder Servicing Fees	Distribution and Stockholder Servicing Fees The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable in relation to the applicable class of shares on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. As a result of the Company’s self-tender offer which is more fully described in Note 7 — Stockholders’ Equity, the Company reduced its distribution and stockholder servicing fee liability by $0.5 million , which was recorded as an offset to additional paid-in capital since those redeemed shares were no longer subject to the ongoing distribution and stockholder servicing fees. For the years ended December 31, 2017 and 2016 , the Company recorded a liability of $8.2 million and $4.6 million , respectively. See Note 8 — Related Party Transactions for additional information regarding the Company’s distribution and stockholder servicing fees.
Per Share Data	Per Share Data Net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB, issued ASU 2014-09 to provide guidance on recognizing revenue from contracts with customers (“ASC 606”). This ASU’s core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. The amendments also replace prior guidance regarding the recognition of revenue from sales of real estate, except for revenue from sales that are part of a sale-leaseback transaction. Subsequent to ASU 2014-09, the FASB has issued multiple ASUs clarifying multiple aspects of the new revenue recognition standard, which include the deferral of the effective date by one year, and additional guidance for partial sales of non-financial assets. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with retrospective or modified retrospective adoption. The Company has not had any sales or partial sales of real estate since its inception. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this pronouncement. Rental income from leasing arrangements is specifically excluded from ASU 2014-09, and will be evaluated by the Company in its adoption of the lease accounting standard, ASU 2016-02 (described below). The Company has adopted ASC 606 using the modified retrospective approach effective January 1, 2018. The Company has identified its revenue streams and finalized its evaluation of the impact on our consolidated financial statements and internal accounting processes. The Company has determined that the adoption of ASC 606 will not require any material adjustments to the consolidated financial statements. In addition, we evaluated controls around the implementation of this ASU and have concluded there will be no significant impact on our control structure. In February 2016, the FASB issued ASU 2016-02 which will require companies that lease assets to recognize on the balance sheet the right-of-use assets and related lease liabilities. The accounting by companies that own the assets leased by the lessee (the lessor) will remain largely unchanged from current GAAP. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance is effective for public entities for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. In January 2018, the FASB issued an exposure draft (“2018 Exposure Draft”) which, if adopted as written, would allow lessors a practical expedient by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Also, the 2018 Exposure Draft indicates that companies may be permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of the modified retrospective approach and provides other optional practical expedients. The Company is in the process of evaluating the impact that the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements relating to its lessor leases and other lessee leases, if any. Within our lessor leases, we are entitled to receive tenant reimbursements for operating expenses such as real estate taxes, insurance and common area maintenance. Currently upon adoption of this ASU, common area maintenance (“CAM”) reimbursement revenue will be accounted for in accordance with Topic 606. The Company has currently identified certain areas the Company believes may be impacted by the adoption of ASU 2016-02, which include: • The bifurcation of lease arrangements in which contractual amounts due are on a gross basis and the amount under contract is not allocated between rental and expense reimbursements, such as real estate taxes and insurance. This process would be based on the underlying fair values of these items. • The Company has a ground lease agreement in which the Company is the lessee for land underneath Bishop’s Square that the Company currently accounts for as an operating lease. Upon adoption of ASU 2016-02, the Company will record any rights and obligations under this lease as an asset and liability at fair value in the Company’s consolidated balance sheets. • Determination of costs to be capitalized associated with leases. ASU 2016-02 will limit the capitalization associated with certain costs to costs that are a direct result of obtaining a lease. In October 2016, the FASB issued ASU 2016-16 which removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The ASU is intended to reduce the complexity of ASC 740 and the diversity in practice related to the tax consequences of certain types of intra-entity asset transfers. ASU 2016-16 will be effective for annual periods beginning after December 31, 2017. The Company adopted ASU 2016-16 beginning January 1, 2018 and has recorded deferred tax assets and related valuation allowances related to its subsidiaries in Ireland. In January 2017, the FASB issued ASU 2017-01 to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company expects that most of its real estate transactions completed after the Company’s adoption of this guidance will be accounted for using the asset acquisition guidance and, accordingly, acquisition fees and expenses related to those acquisitions will be capitalized. The amendments to the Codification will be effective for public entities for annual and interim periods in fiscal years beginning after December 15, 2017 and early adoption is permitted with prospective application. The Company adopted ASU 2017-01 January 1, 2018. In February 2017, the FASB issued ASU No. 2017-05 to clarify that a financial asset is within the scope of Subtopic 610-20 if it meets the definition, as amended, of an in substance nonfinancial asset. If substantially all of the fair value of assets that are promised to a counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20, including a parent transferring control of a nonfinancial asset through a transfer of ownership interests of a consolidated subsidiary. The provisions of ASU No. 2017-05 are effective for the Company as of January 1, 2018. To date, the Company has not had any sales of in-substance nonfinancial assets.
Derivative Instruments	The Company entered into several interest rate cap contracts in connection with certain of its secured mortgage loans in order to limit its exposure against the variability of future interest rates on one of its variable interest rate borrowings. The Company’s interest rate cap agreements have economically limited the interest rate on the loan to which they relate. The Company has not designated this derivative as a hedge for accounting purposes.
Fees and Expense Reimbursements	Acquisition Fee Prior to December 6, 2017, the effective date of the Restructuring, the Advisor received acquisition fees of 2.25% of (i) the purchase price of real estate investments acquired, including any debt attributable to such investments, or the total principal amounts borrowed under any loans made or acquired directly by the Company, or (ii) when the Company made an investment or made or acquired a loan indirectly through another entity, such investment’s pro rata share of the gross asset value of real estate investments held by that entity, including any debt attributable to such investments, or the total principal amount borrowed under any loans made or acquired by that entity. As of the effective date of the Restructuring, we will no longer pay acquisition fees to the Advisor. Asset Management Fee The Advisor also receives asset management fees of 0.0625% per month of the cost of the Company’s real estate investments at the end of each month; provided that, with respect to real estate investments included in the Company’s board of director’s most recent determination of the Company’s NAV per share, the asset management fees will be equal 0.0625% per month of the most recently determined value of such real estate investments at the end of each month. As of the effective date of the Restructuring, the asset management fee cannot exceed an amount equal to 1/12th of 1.25% of the Company’s NAV at the end of each applicable month. Additionally, as of the effective date of the Restructuring, the asset management fee can be paid, at the Advisor’s election, in cash, Class I shares or Class I OP units of the Operating Partnership. In addition, commencing with the quarter ended December 31, 2014, the Advisor agreed to waive the asset management fees for each quarter through December 31, 2016, to the extent that the Company’s MFFO, for a particular quarter, as disclosed in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, amounted to less than 100% of the aggregate distributions declared to the Company’s stockholders for such quarter. As a result of these fee waivers, cash flows from operations that would have been paid to the Advisor for asset management fees were available to pay distributions to stockholders. These fee waivers were not deferrals and accordingly, any fees that were waived will not be paid to the Advisor in cash at any time in the future. The Advisor also agreed to waive the asset management fees otherwise payable to it for the quarter ended March 31, 2017 to the extent that the Company’s MFFO for such quarter, as reduced to reflect the distribution and stockholder servicing fees payable for such quarter, as disclosed in the Company’s Quarterly Report on Form 10-Q, amounted to less than 100% of the aggregate distributions declared to its stockholders for that quarter. The Advisor did not waive any asset management fees for the year ended December 31, 2017. The table below outlines, with respect to each of the years ended December 31, 2017, 2016, and 2015, the asset management fees earned by the Advisor before application of the waivers, if any, the amounts waived pursuant to the asset management fee waivers described above, and the asset management fees that were earned by the Advisor after application of the waivers, if any (in thousands). For the Years Ended Asset Management Fee Pre-Waiver Asset Management Fee Waived Asset Management Fee Post-Waiver December 31, 2017 $ 4,940 $ — $ 4,940 December 31, 2016 $ 2,200 $ 1,252 $ 948 December 31, 2015 $ 888 $ 583 $ 305 Performance Participation Allocation As of the effective date of the Restructuring, the Advisor is also entitled to an annual performance participation allocation of 12.5% of the total return earned on an investment in the Company’s shares each year. This performance participation allocation is subject to investors earning a 5% annual return, after considering the effect of any losses carried forward from the prior year (as defined in the Operating Partnership agreement). The performance participation allocation accrues monthly and is payable after the completion of each calendar year. Expense Reimbursements The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which its operating expenses (including the asset management fee and the performance participation allocation) at the end of the four preceding fiscal quarters exceeds the greater of: (A) 2.0% of its average invested assets, or (B) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets for that period (the “2%/25% Limitation”). Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended September 30, 2015 , the Company’s total operating expenses exceeded the 2%/25% Limitation. Based upon a review of unusual and non-recurring factors, including but not limited to the Company being in the early stages of raising and deploying capital, the limited number of assets acquired to date and the timing of those acquisitions, a majority of the Company’s independent directors determined that the excess expenses were justified and thus reimbursable to the Advisor. For the four fiscal quarters ended December 31, 2017 , the Company’s total operating expenses did not exceed the 2%/25% Limitation. Organization and Offering Costs Organization and offering costs consist of, among other costs, expenses of the Company’s organization, actual legal, accounting, bona fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, data processing fees, advertising and sales literature and other offering-related costs. Organization and offering costs include expenses that are deemed issuer costs and certain expenses that are deemed underwriting compensation, but exclude selling commissions, dealer manager fees and distribution and stockholder servicing fees. Organizational costs, such as expenses associated with the formation of the Company and its board of directors, are expensed as incurred, and offering-related costs are recorded as an offset to additional paid-in capital. Prior to the Restructuring, the Company reimbursed the Advisor and its affiliates for any organization and offering costs deemed issuer costs related to the Initial Offering that it paid on the Company’s behalf. Further, the Advisory Agreement was amended, effective February 29, 2016 , to reflect that the Company would not reimburse the Advisor for the cumulative organization and offering costs incurred in connection with the Company’s organization and public offerings, in excess of 2.5% of gross offering proceeds from the Company’s public offerings. On April 14, 2016 , the Advisor reimbursed the Company for $4.0 million in organization and offering costs that the Company had previously reimbursed to the Advisor in excess of this 2.5% cap. Effective as of December 6, 2017, the Advisor agreed to advance all of the Company’s organization and offering costs related to the Follow-On Offering through December 31, 2018. The Company will reimburse the Advisor for all such advanced expenses as well as any organization and offering costs incurred by the Advisor related to the Initial Offering ratably from January 1, 2019 through December 31, 2023 to the extent cumulative organization and offering costs do not exceed an amount equal to 2.5% of gross offering proceeds from the Company’s public offerings. Following December 31, 2023, the Company will reimburse the Advisor for any organization and offering costs that it incurs on its behalf, as and when incurred, to the extent that aggregate reimbursements to the Advisor for cumulative organization and offering costs do not exceed an amount equal to 2.5% of the gross offering proceeds from the Company’s public offerings. The total reimbursement related to organization and offering costs, selling commissions, dealer manager fees and the distribution and stockholder servicing fees may not exceed 15.0% of gross proceeds from the Offering. From inception to December 31, 2017 , organization and offering costs incurred by the Advisor on the Company’s behalf totaled $15.8 million . The Company has recorded a liability equal to all unreimbursed organization and offering costs that have been incurred to date to reflect its expectation that all of these amounts will be reimbursed to the Advisor in the future.
Property Management and Leasing Fees	Property Management and Leasing Agreements The Company pays Hines fees for the management and leasing of the Company’s properties. Property management fees will be paid in an amount equal to a market-based percentage of the gross revenues of the properties managed by Hines. In addition, if Hines provides leasing services with respect to a property, the Company will pay Hines leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same geographic area of the applicable property. The Company generally will be 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 will be 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 relate to or support the performance of Hines’ duties under the agreement. Hines may perform construction management services for the Company for both re-development activities and tenant construction. These fees are considered incremental to the construction effort and will be capitalized to the associated real estate project as incurred. Costs related to tenant construction will be depreciated over the estimated useful life. Costs related to redevelopment activities will be depreciated over the estimated useful life of the associated project. Leasing activities will generally be performed by Hines on the Company’s behalf. Leasing fees will be capitalized and amortized over the life of the related lease.
Fair Value Measurements	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. As of December 31, 2017 , the Company estimated that the fair value of its notes payable, excluding deferred financing costs, which had a book value of $379.3 million , was $376.5 million . As of December 31, 2016 , the Company estimated that the fair value of its notes payable, excluding deferred financing costs, which had a book value of $254.8 million , was $251.0 million . Management has utilized available market information such as interest rate and spread assumptions of notes payable with similar terms and remaining maturities, to estimate the amounts required to be disclosed. Although the Company has determined that the majority of the inputs used to value its notes payable fall within Level 2 of the fair value hierarchy, the credit quality adjustments associated with its fair value of notes payable utilize Level 3 inputs. However, the Company has assessed the significance of the impact of the credit quality adjustments on the overall valuations of the fair market value of its notes payable and has determined they are not significant. Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable. The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or short-term maturities. Due to the short-term nature of these instruments, Level 1 inputs are utilized to estimate the fair value of the cash and cash equivalents and restricted cash and Level 2 inputs are utilized to estimate the fair value of the remaining financial instruments.
Reportable Segments	The Company’s current business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets. All of the Company’s consolidated revenues and property operating expenses as of December 31, 2017 are from the Company’s eight consolidated real estate properties owned as of that date. As a result, the Company’s operating segments have been aggregated into six reportable segments: domestic office investments, domestic residential/living investments, domestic retail investments, domestic other investments, international office investments and international residential/living investments.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of Other Assets	Other assets included the following (in thousands): December 31, 2017 December 31, 2016 Deposits on investment property (1) $ — $ 5,000 Deferred offering costs (2) 1,525 — Prepaid insurance 97 219 Prepaid property taxes 76 74 Deferred tax assets 944 — Other 725 277 Other assets $ 3,367 $ 5,570 (1) As of December 31, 2016 , this amount consisted of a $5.0 million earnest money deposit in connection with the acquisition of Rookwood, which was completed in January 2017. (2) Represents offering costs incurred by the Company’s Advisor which will be released into equity as gross proceeds from the Follow-On Offering are raised. See Note 8 — Related Party Transactions for additional information regarding offering costs payable to the Company’s Advisor.

Investment Property (Tables)

Investment Property (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule Of Property Subject To Or Available For Operating Lease	Investment property consisted of the following amounts as of December 31, 2017 and December 31, 2016 (in thousands): December 31, 2017 December 31, 2016 Buildings and improvements (1) $ 491,289 $ 256,452 Less: accumulated depreciation (18,172 ) (6,337 ) Buildings and improvements, net 473,117 250,115 Land 99,716 33,760 Investment property, net $ 572,833 $ 283,875 (1) Included in buildings and improvements is approximately $4.3 million and $0.3 million of construction-in-progress related to the expansion at Bishop's Square as of December 31, 2017 and December 31, 2016 , respectively. During the fourth quarter of 2017, the Company commenced construction at Bishop’s Square to add an additional floor and make various upgrades and improvements to the property.
Schedule Of Acquired Finite-Lived Intangible Assets By Major Class	As of December 31, 2017 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 116,222 $ 4,716 $ (18,490 ) Less: accumulated amortization (24,430 ) (1,371 ) 2,551 Net $ 91,792 $ 3,345 $ (15,939 ) As of December 31, 2016 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 84,473 $ 3,230 $ (3,224 ) Less: accumulated amortization (11,238 ) (395 ) 803 Net $ 73,235 $ 2,835 $ (2,421 ) The weighted average amortization period for the intangible assets and liabilities acquired in connection with the 2017 , 2016 and 2015 acquisitions, as of the date of the respective acquisition, was as follows (in years): In-Place Leases Above-Market Lease Assets Below-Market Lease Liabilities 2017 Acquisitions: Rookwood 8.3 15.7 13.7 Montrose Student Residences 6.5 — 18.9 Queen’s Court Student Residences (1) 0.9 — — 2016 Acquisitions: Domain Apartments 0.6 — — Cottonwood Corporate Center 4.5 8.2 4.7 Goodyear Crossing II 3.1 3.1 — 2015 Acquisition: Bishop’s Square (1) 10.7 7.5 8.3 (1) Excludes the effect of any 999 -year leases, which significantly increases the weighted average useful life for these intangibles.
Schedule Of Finite Lived Intangible Assets Future Amortization Expense	Anticipated amortization of the Company’s in-place leases for each of the years ending December 31, 2018 through December 31, 2022 are as follows (in thousands): In-Place Lease Out-of-Market Leases, Net 2018 $ 14,412 $ (914 ) 2019 $ 10,724 $ (953 ) 2020 $ 8,003 $ (1,240 ) 2021 $ 5,744 $ (1,065 ) 2022 $ 3,751 $ (1,131 )
Schedule Of Future Minimum Rental Income For Operating Leases	The Company has entered into non-cancelable lease agreements with tenants for space. As of December 31, 2017 , the approximate fixed future minimum rentals for each of the years ending December 31, 2018 through 2022 and thereafter for the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals 2018 $ 38,365 2019 35,671 2020 29,781 2021 25,381 2022 20,316 Thereafter 93,935 Total $ 243,449

Recent Acquisitions of Real E26

Recent Acquisitions of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed	The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price of each property acquired in 2017 , 2016 and 2015 as follows (in thousands): Property Name Acquisition Building and (1) Land (1) In-place Lease Intangibles (1) Out-of- (1) Discount (premium) on assumed mortgage loan (1) Total (1) 2017 Rookwood 1/6/2017 $ 132,466 $ 45,320 $ 27,477 $ (12,275 ) $ 740 $ 193,728 Montrose Student Residences 3/24/2017 $ 33,705 $ 5,691 $ 1,282 (2) $ (56 ) $ — $ 40,622 Queen’s Court Student Residences 10/11/2017 $ 50,894 $ 14,086 $ 1,819 $ (1,513 ) $ — $ 65,286 2016 Domain Apartments 1/29/2016 $ 50,790 $ 5,690 $ 1,640 $ — $ — $ 58,120 Cottonwood Corporate Center 7/5/2016 $ 98,758 $ 13,600 $ 26,550 $ 290 $ — $ 139,198 Goodyear Crossing II 8/18/2016 $ 41,620 $ 7,270 $ 5,280 $ 2,030 $ — $ 56,200 Property Name Acquisition Building and (1) Land (1) In-place Lease Intangibles (1) Out-of- (1) Discount (premium) on assumed mortgage loan (1) Total (1) 2015 Bishop’s Square 3/3/2015 $ 53,643 $ — (3) $ 51,995 $ (2,478 ) $ — $ 103,160 (1) Amounts for Bishop’s Square, the Montrose Student Residences and the Queen’s Court Student Residences were denominated in foreign currencies and have been translated at an exchange rate based on the rate in effect on the acquisition date. (2) Includes $0.6 million related to the retail areas of the Montrose Student Residences that have average lease terms between two years and 19 years. (3) The land at Bishop’s Square is subject to a 999 -year ground lease with the local municipality in Ireland. Since the Company does not have title to the land, approximately $33.4 million has been recorded to in-place lease intangibles and will be amortized over the remaining term of the ground lease.
Schedule of Weighted-Average Amortization Periods for Intangible Assets and Liabilities Acquired	As of December 31, 2017 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 116,222 $ 4,716 $ (18,490 ) Less: accumulated amortization (24,430 ) (1,371 ) 2,551 Net $ 91,792 $ 3,345 $ (15,939 ) As of December 31, 2016 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 84,473 $ 3,230 $ (3,224 ) Less: accumulated amortization (11,238 ) (395 ) 803 Net $ 73,235 $ 2,835 $ (2,421 ) The weighted average amortization period for the intangible assets and liabilities acquired in connection with the 2017 , 2016 and 2015 acquisitions, as of the date of the respective acquisition, was as follows (in years): In-Place Leases Above-Market Lease Assets Below-Market Lease Liabilities 2017 Acquisitions: Rookwood 8.3 15.7 13.7 Montrose Student Residences 6.5 — 18.9 Queen’s Court Student Residences (1) 0.9 — — 2016 Acquisitions: Domain Apartments 0.6 — — Cottonwood Corporate Center 4.5 8.2 4.7 Goodyear Crossing II 3.1 3.1 — 2015 Acquisition: Bishop’s Square (1) 10.7 7.5 8.3 (1) Excludes the effect of any 999 -year leases, which significantly increases the weighted average useful life for these intangibles.
Schedule Of Real Estate Properties Recent Acquisitions Profit Loss	The table below includes the amounts of revenue and net income (loss) of the acquisition completed during the year ended December 31, 2015 , which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2015 (in thousands): For the Year Ended 2015 Acquisition December 31, 2015 Bishop’s Square Revenue $ 6,999 Net income (loss) $ (1,626 ) The table below includes the amounts of revenue and net income (loss) of the acquisitions completed during the year ended December 31, 2016 , which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2016 (in thousands): For the Year Ended 2016 Acquisitions December 31, 2016 Domain Apartments Revenue $ 4,318 Net income (loss) $ (1,524 ) Cottonwood Corporate Center Revenue $ 7,420 Net income (loss) $ (3,339 ) Goodyear Crossing II Revenue $ 1,918 Net income (loss) $ (164 ) The table below includes the amounts of revenue and net income (loss) of the acquisitions completed during the year ended December 31, 2017 , which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2017 (in thousands): For the Year Ended 2017 Acquisitions December 31, 2017 Rookwood Revenue $ 19,507 Net income (loss) $ (7,041 ) Montrose Student Residences Revenue $ 2,579 Net income (loss) $ (3,049 ) Queen’s Court Student Residences Revenue $ 1,200 Net income (loss) $ (1,415 )
Business Acquisition Pro Forma Information	The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed this acquisition on January 1, 2014 , nor does it purport to represent the Company’s future operations (in thousands): For the Years Ended December 31, Pro Forma 2015 Pro Forma 2014 Revenues $ 10,815 $ 8,497 Net income (loss) attributable to common stockholders $ (939 ) $ (4,991 ) The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed this acquisition on January 1, 2015 , nor does it purport to represent the Company’s future operations (in thousands): For the Years Ended December 31, Pro Forma 2016 Pro Forma 2015 Revenues $ 35,616 $ 34,333 Net income (loss) attributable to common stockholders $ (8,536 ) $ (21,958 ) The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed these acquisitions on January 1, 2016 , nor does it purport to represent the Company’s future operations (in thousands): For the Years Ended December 31, Pro Forma 2017 Pro Forma 2016 Revenues $ 64,883 $ 52,794 Net income (loss) attributable to common stockholders $ (10,237 ) $ (16,833 )

Debt Financing (Tables)

Debt Financing (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule Of Debt	The following table describes the Company’s debt outstanding at December 31, 2017 and 2016 (in thousands, except interest rates): Description Origination or Assumption Date Maturity Date Maximum Capacity in Functional Currency Interest Rate Description Interest Rate as of December 31, 2017 Principal Outstanding at December 31, 2017 Principal Outstanding at December 31, 2016 Secured Mortgage Debt Bishop's Square 3/3/2015 3/2/2022 € 55,200 Euribor + 1.30% (1) 1.30% $ 66,124 $ 58,048 Domain Apartments 1/29/2016 1/29/2020 $ 34,300 Libor + 1.60% 3.16% 34,300 34,300 Cottonwood Corporate Center 7/5/2016 8/1/2023 $ 78,000 Fixed 2.98% 75,811 77,461 Goodyear Crossing II 8/18/2016 8/18/2021 $ 29,000 Libor + 2.00% 3.36% 29,000 29,000 Rookwood Commons 1/6/2017 7/1/2020 $ 67,000 Fixed 3.13% 67,000 — Rookwood Pavilion 1/6/2017 7/1/2020 $ 29,000 Fixed 2.87% 29,000 — Montrose Student Residences 3/24/2017 3/23/2022 € 22,605 Euribor + 1.85% (2) 1.85% 27,079 — Queen's Court Student Residences 12/18/2017 12/18/2022 £ 29,500 Libor + 2.00% (3) 2.54% 39,798 — Notes Payable $ 368,112 $ 198,809 Affiliate Note Payable Credit Facility with Hines 12/15/2014 12/15/2017 $ 75,000 Variable N/A — 56,000 Restated Credit Facility with Hines 10/2/2017 12/31/2018 $ 75,000 Variable 3.12% 11,200 — Total Note Payable to Affiliate $ 11,200 $ 56,000 Description Origination or Assumption Date Maturity Date Maximum Capacity in Functional Currency Interest Rate Description Interest Rate as of December 31, 2017 Principal Outstanding at December 31, 2017 Principal Outstanding at December 31, 2016 Total Principal Outstanding $ 379,312 $ 254,809 Unamortized discount (4) (528 ) — Unamortized financing fees (5) (1,932 ) (994 ) Total $ 376,852 $ 253,815 (1) On the loan origination date, the Company entered into a 2.00% Euribor interest rate cap agreement for €55.2 million (approximately $66.1 million assuming a rate of $1.20 per EUR as of December 31, 2017 ) as an economic hedge against the variability of future interest rates on this borrowing. (2) On the loan origination date, the Company entered into a 1.25% Euribor interest rate cap agreement for €17.0 million (approximately $20.3 million assuming a rate of $1.20 per EUR as of December 31, 2017 ) as an economic hedge against the variability of future interest rates on this borrowing. (3) On the loan origination date, the Company entered into a 2.00% Libor interest rate cap agreement for £22.1 million (approximately $29.8 million assuming a rate of $1.35 per GBP as of December 31, 2017 ) as an economic hedge against the variability of future interest rates on this borrowing. (4) The Company assumed notes payable in connection with its acquisition of Rookwood, which were recorded at the estimated fair value as of the date of acquisition. The difference between the fair value at acquisition and the principal outstanding is amortized over the term of the related notes. (5) Deferred financing costs consist of direct costs incurred in obtaining debt financing. These costs are presented as a direct reduction from the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs had a carrying value of $1.9 million and $1.0 million for the years ended December 31, 2017 and 2016 . These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations. For the years ended December 31, 2017 , 2016 and 2015 , $0.3 million , $0.2 million and $0.1 million of deferred financing costs were amortized into interest expense in the accompanying consolidated statement of operations, respectively.
Schedule Of Maturities Of Long Term Debt	The Company is required to make the following principal payments on its outstanding notes payable for each of the years ending December 31, 2018 through December 31, 2022 and for the period thereafter (in thousands). Payments Due by Year 2018 2019 2020 2021 2022 Thereafter Principal payments $ 12,900 $ 1,751 $ 132,104 $ 30,859 $ 134,916 $ 66,782

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedges, Assets [Abstract]
Schedule of Interest Rate Derivatives	The table below provides additional information regarding the Company’s interest rate contracts (in thousands, except percentages). Interest Rate Contracts Type Effective Date Expiration Date Notional Amount (1) Interest Rate Received Pay Rate /Strike Rate Interest rate cap March 3, 2015 April 25, 2018 $ 66,124 Euribor 2.00 % Interest rate cap March 24, 2017 March 23, 2022 $ 20,309 Euribor 1.25 % Interest rate cap December 20, 2017 December 20, 2020 $ 29,849 Libor 2.00 % (1) For notional amounts denominated in a foreign currency, amounts have been translated at a rate based on the rate in effect on December 31, 2017 .
Schedule of Gain (Loss) on Derivative Instruments	The table below presents the effects of the changes in fair value of the Company’s derivative instrument in the Company’s consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2017 and 2016 (in thousands): Gain (Loss) Recorded on Derivative Instruments Year Ended December 31, 2017 December 31, 2016 Derivatives not designated as hedging instruments: Interest rate caps $ (134 ) $ (6 ) Foreign currency forward contracts (238 ) — Total gain (loss) on derivatives $ (372 ) $ (6 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule of Stock by Class	As of December 31, 2017 and 2016 , the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): December 31, 2017 December 31, 2016 Shares Authorized Shares Issued Shares Outstanding Shares Authorized Shares Issued Shares Outstanding Class AX common stock, $0.001 par value per share 40,000 19,206 19,206 600,000 16,469 16,469 Class TX common stock, $0.001 par value per share 40,000 19,958 19,958 900,000 10,074 10,074 Class IX common stock, $0.001 par value per share 10,000 92 92 — — — Class JX common stock, $0.001 par value per share 10,000 — — — — — Class T common stock, $0.001 par value per share 350,000 — — — — — Class S common stock, $0.001 par value per share 350,000 — — — — — Class D common stock, $0.001 par value per share 350,000 — — — — — Class I common stock, $0.001 par value per share 350,000 — — — — — The tables below provide information regarding the issuances and redemptions of each class of shares of the Company’s common stock during the year ended December 31, 2017 , 2016 and 2015 (in thousands): Class AX Class TX Class IX Class JX Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2017 16,469 $ 16 10,074 $ 10 — $ — — $ — 26,543 $ 26 Issuance of common shares 3,874 4 10,841 11 92 — — — 14,807 15 Redemption of common shares (1) (1,137 ) (1 ) (957 ) (1 ) — — — — (2,094 ) (2 ) Balance as of December 31, 2017 19,206 $ 19 19,958 $ 20 92 $ — — $ — 39,256 $ 39 (1) Prior to the commencement of our Follow-on Offering, in October 2017, the Company commenced a self-tender offer for up to $200.0 million in IPO Shares at a price of $9.69 per share. The Company redeemed a total of 1.9 million IPO Shares for an aggregate cost of $18.7 million in November 2017 in connection with the Company’s self-tender offer. Class AX Class TX Total Shares Amount Shares Amount Shares Amount Balance as of January 1, 2016 10,275 $ 10 787 $ 1 11,062 $ 11 Issuance of common shares 6,270 6 9,287 9 15,557 15 Redemption of common shares (76 ) — — — (76 ) — Balance as of December 31, 2016 16,469 $ 16 10,074 $ 10 26,543 $ 26 Class AX Class TX Total Shares Amount Shares Amount Shares Amount Balance as of January 1, 2015 421 $ — — $ — 421 $ — Issuance of common shares 9,855 10 787 1 10,642 11 Redemption of common shares (1 ) — — — (1 ) — Balance as of December 31, 2015 10,275 $ 10 787 $ 1 11,062 $ 11
Schedule of Distributions	The following table outlines the Company’s total cash distributions declared to stockholders for the years ended December 31, 2017 , 2016 and 2015 , including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). Stockholders Distributions for the Years Ended Cash Distributions Distributions Reinvested Total Declared December 31, 2017 $ 9,226 $ 10,547 $ 19,773 December 31, 2016 $ 4,926 $ 5,186 $ 10,112 December 31, 2015 $ 1,432 $ 1,492 $ 2,924

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 , 2016 and 2015 and amounts unpaid as of December 31, 2017 and 2016 (in thousands): Incurred During the Years Ended December 31, Unpaid as of Type and Recipient 2017 2016 2015 December 31, 2017 December 31, 2016 Selling Commissions- Dealer Manager $ 4,021 $ 5,339 $ 6,661 $ — $ 54 Dealer Manager Fees- Dealer Manager 1,744 3,017 3,089 — 2 Distribution & Stockholder Servicing Fees- Dealer Manager 4,947 4,858 7 8,249 4,636 Organization and Offering Costs- the Advisor 4,753 3,107 3,818 5,728 4,785 Acquisition Fees- the Advisor 6,741 5,704 2,328 2 1,265 Asset Management Fees- the Advisor (1) 4,940 948 305 1,561 941 Other- the Advisor (2) 1,827 1,183 1,111 464 295 Performance Participation Allocation- the Advisor 251 — — 251 — Interest Expense- Hines (3) 676 64 570 10 37 Property Management Fees- Hines 858 265 46 37 (19 ) Construction Management Fees- Hines 236 — — 19 — Leasing Fees- Hines 263 — — 17 — Expense Reimbursements- the Advisor, Hines and affiliates of Hines (with respect to management and operations of the Company's properties) 1,599 675 334 304 145 Total $ 32,856 $ 25,160 $ 18,269 $ 16,642 $ 12,141 (1) The Advisor did no t waive any asset management fees payable to it during the year ended December 31, 2017 and waived $1.3 million and $0.6 million in asset management fees payable to it during the years ended December 31, 2016 and 2015 , respectively. See “—Advisory Agreement” below for a discussion of the asset management fee waiver. (2) Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses and acquisition-related expenses. These amounts are generally reimbursed to the Advisor during the month following the period in which they are incurred. (3) Includes amounts paid related to the Hines Credit Facility and the Restated Hines Credit Facility. The table below outlines, with respect to each of the years ended December 31, 2017, 2016, and 2015, the asset management fees earned by the Advisor before application of the waivers, if any, the amounts waived pursuant to the asset management fee waivers described above, and the asset management fees that were earned by the Advisor after application of the waivers, if any (in thousands). For the Years Ended Asset Management Fee Pre-Waiver Asset Management Fee Waived Asset Management Fee Post-Waiver December 31, 2017 $ 4,940 $ — $ 4,940 December 31, 2016 $ 2,200 $ 1,252 $ 948 December 31, 2015 $ 888 $ 583 $ 305
Summary of Fees Related to Offering	The table below summarizes the fees paid to the Dealer Manager with respect to the sale of IPO Shares in the Initial Offering. The upfront selling commissions and dealer manager fees were a percentage of the gross offering proceeds of the shares sold in the primary offering. No upfront selling commissions or dealer manager fees were paid with respect to shares issued under the Company’s distribution reinvestment plan. Class AX Shares Class TX Shares Class IX Shares Selling Commissions 7.00% 2.00% None Dealer Manager Fee Paid by the Company from Offering Proceeds 1.50% 1.25% None Advisor Payment of a Portion of the Dealer Manager Fee (1) 1.50% 1.50% 1.50% Annual Distribution and Stockholder Servicing Fee (2) None 1.00% 0.25% (1) Pursuant to the Dealer Manager Agreement for the Initial Offering, the Advisor paid a portion of the dealer manager fees payable to the Dealer Manager in an amount equal to 1.5% of the gross offering proceeds with respect to Class AX shares, Class TX shares, and Class IX shares sold in the primary portion of the Initial Offering on and after August 2, 2016 . The Advisor was not reimbursed by the Company in any way for the payment of such dealer manager fees. (2) In addition, the Dealer Manager received annual distribution and stockholder servicing fees of 1.0% or 0.25% of the gross offering price per share through October 2, 2017 and now, since we are no longer offering IPO shares, continues to receive 1.0% or 0.25% of the most recently determined NAV per share for the Class TX shares and Class IX shares purchased and outstanding. The Company will cease paying the distribution and stockholder servicing fees with respect to any particular Class TX share or Class IX share and that Class TX share or Class IX share will convert into a number of Class AX shares or Class JX shares, respectively, on the occurrence of earlier of: (i) a listing of the Class A shares on a national securities exchange; (ii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets; (iii) the end of the month in which the Dealer Manager determines that total underwriting compensation paid in the Initial Offering including the distribution and stockholder servicing fees paid on all IPO Shares sold in the Initial Offering is equal to 10.0% of the gross proceeds of the Offering from the sale of the IPO Shares; (iv) the end of the month in which the transfer agent, on behalf of the Company, determines that underwriting compensation paid in the primary offering including the distribution and stockholder servicing fee paid with respect to the Class TX shares or Class IX shares held by a stockholder within his or her particular account equals 10.0% of the gross offering price at the time of investment of the Class TX shares or Class IX shares held in such account; and (v) on any Class TX share or Class IX share that is redeemed or repurchased. The table below summarizes the fees payable to the Dealer Manager effective as of December 6, 2017, the effective date of the Restructuring with respect to the sale of Follow-On Offering Shares. The upfront selling commissions and dealer manager fees are based on a percentage of the gross offering proceeds of the shares sold in the primary offering. No upfront selling commissions or dealer manager fees are payable with respect to shares issued under the Company’s distribution reinvestment plan. Class T shares Class S shares Class D shares Class I shares Selling Commission 3.0% 3.5% None None Dealer Manager Fee 0.5% None None None Ongoing Distribution and Stockholder Servicing Fee (as a percentage of NAV) (1) 1.0% 1.0% 0.25% None (1) The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. For the years ended December 31, 2017 and 2016 , the Company has recorded a liability of $8.2 million and $4.6 million , respectively, related to these fees, which is included in due to affiliates on the consolidated balance sheets.

Reportable Segments (Tables)

Reportable Segments (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The tables below provide additional information related to each of the Company’s segments (in thousands) 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. Years Ended December 31, 2017 2016 2015 Total Revenue Domestic office investments $ 15,437 $ 7,420 $ — Domestic residential/living investments 4,671 4,318 — Domestic retail investments 19,507 — — Domestic other investments 7,619 4,335 2,411 International office investments 8,711 8,276 6,999 International residential/living investments 3,779 — — Total Revenue $ 59,724 $ 24,349 $ 9,410 For the years ended December 31, 2017 , 2016 and 2015 , the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Years Ended December 31, 2017 2016 2015 Property revenues in excess of expenses (1) Domestic office investments $ 10,497 $ 4,910 $ — Domestic residential/living investments 2,977 2,830 — Domestic retail investments 10,889 — — Domestic other investments 5,862 3,248 1,746 International office investments 6,922 6,682 5,366 International residential/living investments 2,466 — — Property revenues in excess of expenses $ 39,613 $ 17,670 $ 7,112 (1) Revenues less property operating expenses, real property taxes and property management fees. For the years ended December 31, 2017 and 2016 , the Company’s total assets by segment were as follows (in thousands): December 31, 2017 December 31, 2016 Total Assets Domestic office investments $ 130,901 $ 137,407 Domestic residential/living investments 53,344 55,201 Domestic retail investments 202,093 — Domestic other investments 76,745 78,182 International office investments 116,494 99,002 International residential/living investments 121,919 — Corporate-level accounts 7,521 100,553 Total Assets $ 709,017 $ 470,345
Schedules Of Revenue And Assets, by Geographical Areas	For the years ended December 31, 2017 , 2016 and 2015 , the Company’s total revenue was attributable to the following countries: Years Ended December 31, 2017 2016 2015 Total Revenue United States 79 % 66 % 26 % Ireland 19 % 34 % 74 % United Kingdom 2 % — % — % For the years ended December 31, 2017 and 2016 , the Company’s total assets were attributable to the following countries: December 31, 2017 December 31, 2016 Total Assets United States 67 % 79 % Ireland 23 % 21 % United Kingdom 10 % — %
Reconciliation Of Property Revenues In Excess Of Expenses From Segments To Consolidated	For the years ended December 31, 2017 , 2016 and 2015 , the Company’s reconciliation to the Company’s property revenue in excess of expenses is as follows (in thousands): Years Ended December 31, 2017 2016 2015 Reconciliation to property revenue in excess of expenses Net income (loss) $ (17,186 ) $ (11,341 ) $ (5,638 ) Depreciation and amortization 29,687 15,372 4,207 Acquisition related expenses 3,212 1,855 2,963 Asset management and acquisition fees 11,681 6,645 2,640 Performance participation allocation 251 — — General and administrative expenses 2,803 2,044 1,546 (Gain) loss on derivative instruments 372 6 41 Foreign currency (gains) losses (494 ) 4 12 Interest expense 9,453 3,154 1,345 Interest income (83 ) (69 ) (4 ) (Benefit) provision for income taxes (83 ) — — Total property revenues in excess of expenses $ 39,613 $ 17,670 $ 7,112

Supplemental Cash Flow Disclo32

Supplemental Cash Flow Disclosures (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Supplemental Disclosures	Supplemental cash flow disclosures for the years ended December 31, 2017 , 2016 and 2015 are as follows (in thousands): 2017 2016 2015 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 8,577 $ 2,679 $ 1,080 Supplemental Schedule of Non-Cash Investing and Financing Activities Distributions declared and unpaid $ 1,868 $ 1,195 $ 480 Distributions reinvested $ 10,162 $ 4,808 $ 1,248 Other receivables $ — $ 1,630 $ 2,950 Non-cash net liabilities assumed $ 5,946 $ 7,201 $ 470 Assumption of mortgage upon acquisition of property $ 95,260 $ — $ — Offering costs payable to the Advisor $ 943 $ 735 $ 2,701 Selling commissions, dealer manager fees and distribution and stockholder servicing fees payable to the Dealer Manager $ 3,614 $ 4,691 $ — Equipment acquired under capital lease $ — $ 142 $ — Accrued capital additions $ 2,015 $ — $ —

Quarterly Financial Data (Una33

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Data (Unaudited)	The following table presents selected unaudited quarterly financial data for each quarter during the years ended December 31, 2017 and 2016 (in thousands, except per share information): Quarters Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 13,786 $ 14,744 $ 15,105 $ 16,089 Net income (loss) $ (9,246 ) $ (2,108 ) $ (1,543 ) $ (4,289 ) Net income (loss) attributable to common stockholders $ (9,249 ) $ (2,111 ) $ (1,546 ) $ (4,292 ) Income (loss) per common share, basic and diluted $ (0.32 ) $ (0.06 ) $ (0.04 ) $ (0.11 ) Quarters Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues $ 3,419 $ 3,865 $ 8,113 $ 8,952 Net income (loss) $ (1,412 ) $ (780 ) $ (7,165 ) $ (1,984 ) Net income (loss) attributable to common stockholders $ (1,415 ) $ (783 ) $ (7,168 ) $ (1,987 ) Income (loss) per common share, basic and diluted $ (0.11 ) $ (0.05 ) $ (0.36 ) $ (0.08 )

Organization (Public Offering)

Organization (Public Offering) (Details) shares in Millions, ft² in Millions	Mar. 16, 2018USD ($)shares	Dec. 31, 2017USD ($)ft²Property	Dec. 31, 2017USD ($)ft²Property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 06, 2017USD ($)	Sep. 30, 2017USD ($)	Aug. 20, 2014USD ($)
Public Offering
Proceeds from issuance of common stock			$ 138,192,000	$ 146,265,000	$ 101,354,000
Number of real estate properties | Property		8	8
Area of real estate property | ft²		2.7	2.7
Portfolio, percentage leased		97.00%	97.00%
Initial Offering
Public Offering
Maximum proceeds authorized for public offering								$ 2,500,000,000
Proceeds from issuance of common stock		$ 405,800,000
Follow-on Offering
Public Offering
Maximum proceeds authorized for public offering						$ 2,500,000,000
Public Offerings | Subsequent Event
Public Offering
Proceeds from issuance of common stock	$ 408,800,000
Common stock sold (shares) | shares	41.7
Dividend Reinvestment Plan | Initial Offering
Public Offering
Maximum proceeds authorized for public offering							$ 150,000,000
Dividend Reinvestment Plan | Follow-on Offering
Public Offering
Maximum proceeds authorized for public offering						$ 500,000,000

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Useful Lives of Real Estate) (Details)	12 Months Ended
	Dec. 31, 2017
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
Property, Plant and Equipment
Estimated useful life	40 years

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Additional Narratives) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary of Significant Accounting Policies [Line Items]
Impairment charges	$ 0
Deposits in foreign financial institutions	9,100,000
Straight-line rent receivable	4,000,000	$ 2,500,000
Other receivables	0	1,630,000	$ 2,950,000
Other receivables	0	1,600,000
Distributions and stockholder servicing fee liability	500,000
Due to (from) related party	(16,642,000)	$ (12,141,000)
Queen’s Court Student Residences
Summary of Significant Accounting Policies [Line Items]
Other receivables	$ 2,300,000

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary of Significant Accounting Policies [Line Items]
Deposits on investment property	$ 0	$ 5,000
Deferred offering costs	1,525	0
Prepaid insurance	97	219
Prepaid property taxes	76	74
Deferred tax assets	944	0
Other	725	277
Other assets	3,367	5,570
Payments for Deposits on Real Estate Acquisitions	$ 0	5,000	$ 1,500
Rookwood
Summary of Significant Accounting Policies [Line Items]
Payments for Deposits on Real Estate Acquisitions		$ 5,000

Investment Property (Summary of

Investment Property (Summary of Investment Property) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate Investment Property, Net
Investment property, net	$ 572,833	$ 283,875
Buildings and improvements
Real Estate Investment Property, Net
Investment property, gross	491,289	256,452
Less: accumulated depreciation	(18,172)	(6,337)
Investment property, net	473,117	250,115
Land
Real Estate Investment Property, Net
Investment property, gross	99,716	33,760
Bishop’s Square | Construction in Progress
Real Estate Investment Property, Net
Investment property, gross	$ 4,300	$ 300

Investment Property (Intangible

Investment Property (Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets, Net
Net	$ 95,137	$ 76,070
Out-of-Market Lease Liabilities
Out-of-Market Lease Liabilities, Cost	(18,490)	(3,224)
Out-of-Market Lease Liabilities, Less: accumulated amortization	2,551	803
Out-of-Market Lease Liabilities, Net	(15,939)	(2,421)
In-Place Leases
Finite-Lived Intangible Assets, Net
Cost	116,222	84,473
Less: accumulated amortization	(24,430)	(11,238)
Net	91,792	73,235
Out-of-Market Lease Assets
Finite-Lived Intangible Assets, Net
Cost	4,716	3,230
Less: accumulated amortization	(1,371)	(395)
Net	$ 3,345	$ 2,835

Investment Property (Intangib40

Investment Property (Intangible Assets Amortization) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
In-Place Leases
Amortization
Amortization of in-place leases	$ 18,300	$ 10,400	$ 2,800
In-Place Lease
2,018	14,412
2,019	10,724
2,020	8,003
2,021	5,744
2,022	3,751
Out Of Market Leases Net
Amortization
Amortization of above and below market leases	(1,100)	$ (100)	$ (300)
Out-of-Market Leases, Net
2,018	(914)
2,019	(953)
2,020	(1,240)
2,021	(1,065)
2,022	$ (1,131)

Investment Property (Future Min

Investment Property (Future Minimum Rent) (Details) $ in Thousands	Dec. 31, 2017USD ($)
Operating Leases Future Minimum Payments Receivable
2,018	$ 38,365
2,019	35,671
2,020	29,781
2,021	25,381
2,022	20,316
Thereafter	93,935
Total	$ 243,449

Investment Property (Tenant Con

Investment Property (Tenant Concentration) (Details) - Rental Revenue	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Commissioner of Public Works, Ireland
Concentration Risk [Line Items]
Concentration risk (percent)	21.00%	44.00%
Western Digital
Concentration Risk [Line Items]
Concentration risk (percent)	11.00%
Acushnet
Concentration Risk [Line Items]
Concentration risk (percent)	10.00%	26.00%
International Financial Data Services
Concentration Risk [Line Items]
Concentration risk (percent)		15.00%

Recent Acquisitions of Real E43

Recent Acquisitions of Real Estate (Business Combinations) (Details) $ in Thousands	Mar. 03, 2015USD ($)	Dec. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)Property	Oct. 11, 2017USD ($)	Mar. 24, 2017USD ($)	Jan. 06, 2017USD ($)	Aug. 18, 2016USD ($)	Jul. 05, 2016USD ($)	Jan. 29, 2016USD ($)
Business Acquisition
Number of real estate properties acquired | Property		3	3	1
Net Assets Acquired
Lease term		999 years
Total		$ 299,600	$ 253,500	$ 103,200
Rookwood
Net Assets Acquired
Building and Improvements							$ 132,466
Land							45,320
In-place Lease Intangibles							27,477
Out-of-Market Lease Intangibles, Net							(12,275)
Discount (Premium) on Assumed Mortgage Loan							740
Total							$ 193,728
Montrose Student Residences
Net Assets Acquired
Building and Improvements						$ 33,705
Land						5,691
In-place Lease Intangibles						1,282
Out-of-Market Lease Intangibles, Net						(56)
Discount (Premium) on Assumed Mortgage Loan						0
Total						40,622
Queen’s Court Student Residences
Net Assets Acquired
Building and Improvements					$ 50,894
Land					14,086
In-place Lease Intangibles					1,819
Out-of-Market Lease Intangibles, Net					(1,513)
Discount (Premium) on Assumed Mortgage Loan					0
Total					$ 65,286
Domain Apartments
Net Assets Acquired
Building and Improvements										$ 50,790
Land										5,690
In-place Lease Intangibles										1,640
Out-of-Market Lease Intangibles, Net										0
Discount (Premium) on Assumed Mortgage Loan										0
Total										$ 58,120
Cottonwood Corporate Center
Net Assets Acquired
Building and Improvements									$ 98,758
Land									13,600
In-place Lease Intangibles									26,550
Out-of-Market Lease Intangibles, Net									290
Discount (Premium) on Assumed Mortgage Loan									0
Total									$ 139,198
Goodyear Crossing II
Net Assets Acquired
Building and Improvements								$ 41,620
Land								7,270
In-place Lease Intangibles								5,280
Out-of-Market Lease Intangibles, Net								2,030
Discount (Premium) on Assumed Mortgage Loan								0
Total								$ 56,200
Bishop’s Square
Net Assets Acquired
Building and Improvements	$ 53,643
Land	0
In-place Lease Intangibles	51,995
Out-of-Market Lease Intangibles, Net	(2,478)
Discount (Premium) on Assumed Mortgage Loan	0
Total	103,160
Bishop’s Square | Ground Lease
Net Assets Acquired
In-place Lease Intangibles	$ 33,400
Lease term	999 years
Retail Site | Montrose Student Residences
Net Assets Acquired
In-place Lease Intangibles						$ 600
Minimum | Retail Site | Montrose Student Residences
Net Assets Acquired
Lease term		2 years
Maximum | Retail Site | Montrose Student Residences
Net Assets Acquired
Lease term		19 years

Recent Acquisitions of Real E44

Recent Acquisitions of Real Estate (Intangible Assets) (Details)	Oct. 11, 2017	Mar. 24, 2017	Jan. 06, 2017	Aug. 18, 2016	Jul. 05, 2016	Jan. 29, 2016	Mar. 03, 2015	Dec. 31, 2017
Acquired Finite-Lived Intangible Asset
Lease term								999 years
Rookwood | In-Place Leases
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets			8 years 3 months 18 days
Rookwood | Out-of-Market Lease Assets
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets			15 years 8 months 12 days
Rookwood | Below-Market Lease Liabilities
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, Below-market lease liabilities			13 years 8 months 12 days
Montrose Student Residences | In-Place Leases
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets		6 years 6 months
Montrose Student Residences | Below-Market Lease Liabilities
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, Below-market lease liabilities		18 years 10 months 24 days
Queen’s Court Student Residences | In-Place Leases
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets	10 months 13 days
Domain Apartments | In-Place Leases
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets						7 months 6 days
Cottonwood Corporate Center | In-Place Leases
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets					4 years 5 months 19 days
Cottonwood Corporate Center | Out-of-Market Lease Assets
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets					8 years 2 months 12 days
Cottonwood Corporate Center | Below-Market Lease Liabilities
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, Below-market lease liabilities					4 years 8 months 1 day
Goodyear Crossing II | In-Place Leases
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets				3 years 1 month 13 days
Goodyear Crossing II | Out-of-Market Lease Assets
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets				3 years 1 month 13 days
Bishop’s Square | In-Place Leases
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets							10 years 8 months 12 days
Bishop’s Square | Out-of-Market Lease Assets
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets							7 years 6 months
Bishop’s Square | Below-Market Lease Liabilities
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, Below-market lease liabilities							8 years 3 months 18 days
Ground Lease | Bishop’s Square
Acquired Finite-Lived Intangible Asset
Lease term							999 years

Recent Acquisitions of Real E45

Recent Acquisitions of Real Estate (Revenue and Net Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Rookwood | Current Year Acquisitions
Business Acquisition, Pro Forma Information
Revenue of acquiree	$ 19,507
Net income (loss) of acquiree	(7,041)
Montrose Student Residences | Current Year Acquisitions
Business Acquisition, Pro Forma Information
Revenue of acquiree	2,579
Net income (loss) of acquiree	(3,049)
Queen’s Court Student Residences | Current Year Acquisitions
Business Acquisition, Pro Forma Information
Revenue of acquiree	1,200
Net income (loss) of acquiree	$ (1,415)
Domain Apartments | Prior Year Acquisitions
Business Acquisition, Pro Forma Information
Revenue of acquiree		$ 4,318
Net income (loss) of acquiree		(1,524)
Cottonwood Corporate Center | Prior Year Acquisitions
Business Acquisition, Pro Forma Information
Revenue of acquiree		7,420
Net income (loss) of acquiree		(3,339)
Goodyear Crossing II | Prior Year Acquisitions
Business Acquisition, Pro Forma Information
Revenue of acquiree		1,918
Net income (loss) of acquiree		$ (164)
Bishop’s Square | Two Years Prior Acquisitions
Business Acquisition, Pro Forma Information
Revenue of acquiree			$ 6,999
Net income (loss) of acquiree			$ (1,626)

Recent Acquisitions of Real E46

Recent Acquisitions of Real Estate (Pro Forma Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current Year Acquisitions
Business Acquisition
Acquisition related expenses and fees excluded from pro forma net loss	$ 10,000
Acquisition related expenses and fees included in pro forma net loss		$ 10,000
Business Acquisition, Pro Forma Information
Revenues	64,883	52,794
Net income (loss) attributable to common stockholders	$ (10,237)	(16,833)
Prior Year Acquisitions
Business Acquisition
Acquisition related expenses and fees excluded from pro forma net loss		7,500
Acquisition related expenses and fees included in pro forma net loss			$ 7,100
Business Acquisition, Pro Forma Information
Revenues		35,616	34,333
Net income (loss) attributable to common stockholders		$ (8,536)	(21,958)
Two Years Prior Acquisitions
Business Acquisition
Acquisition related expenses and fees excluded from pro forma net loss			5,300
Acquisition related expenses and fees included in pro forma net loss				$ 4,900
Business Acquisition, Pro Forma Information
Revenues			10,815	8,497
Net income (loss) attributable to common stockholders			$ (939)	$ (4,991)

Debt Financing (Narratives) (De

Debt Financing (Narratives) (Details) £ in Thousands	Dec. 18, 2017USD ($)	Jul. 29, 2017	Mar. 24, 2017USD ($)	Jan. 06, 2017USD ($)loan	Aug. 18, 2016USD ($)	Jul. 05, 2016USD ($)	Mar. 27, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 29, 2018USD ($)	Dec. 31, 2017GBP (£)	Dec. 31, 2017EUR (€)	Dec. 18, 2017GBP (£)	Dec. 18, 2017EUR (€)	Nov. 30, 2017USD ($)	Oct. 02, 2017USD ($)extension	Mar. 24, 2017EUR (€)	Jan. 29, 2016USD ($)	Mar. 03, 2015USD ($)$ / €	Mar. 03, 2015EUR (€)$ / €	Dec. 15, 2014USD ($)
Debt Instrument
Notes payable including related party, gross								$ 379,312,000	$ 379,312,000	$ 254,809,000
Debt, weighted average years to maturity									3 years 9 months 18 days	4 years 3 months 18 days
Debt, weighted average interest rate								2.63%	2.63%	2.37%		2.63%	2.63%
Note payable to affiliate								$ 11,200,000	$ 11,200,000	$ 56,000,000
Interest rate cap | Montrose Student Residences
Debt Instrument
Derivative, notional amount | €																		€ 17,000,000
Derivative, contract term			5 years
Interest rate cap | Queen’s Court Student Residences
Debt Instrument
Derivative, notional amount | €															€ 22,100,000
Derivative, contract term	3 years
Secured Debt | Rookwood
Debt Instrument
Debt instrument face amount				$ 96,000,000
Number of loans | loan				2
Secured Debt | Bishop’s Square
Debt Instrument
Debt instrument face amount													€ 55,200,000							$ 62,100,000	€ 55,200,000
Foreign currency exchange rate | $ / €																				1.12	1.12
Prepayment penalty, years									3 years
Secured Debt | Bishop’s Square | EURIBOR
Debt Instrument
Basic spread on variable rate debt									1.30%
Interest rate								1.30%	1.30%			1.30%	1.30%
Secured Debt | Domain Apartments
Debt Instrument
Debt instrument face amount								$ 34,300,000	$ 34,300,000										$ 34,300,000
Notes payable, advance, extension term									1 year
Prepayment notice		30 days
Secured Debt | Domain Apartments | LIBOR
Debt Instrument
Basic spread on variable rate debt									1.60%
Interest rate								3.16%	3.16%			3.16%	3.16%
Secured Debt | Cottonwood Corporate Center
Debt Instrument
Debt instrument face amount						$ 78,000,000		$ 78,000,000	$ 78,000,000
Prepayment notice						30 days
Interest rate								2.98%	2.98%			2.98%	2.98%
Secured Debt | Goodyear Crossing II
Debt Instrument
Debt instrument face amount					$ 29,000,000			$ 29,000,000	$ 29,000,000
Prepayment notice					3 days
Secured Debt | Goodyear Crossing II | LIBOR
Debt Instrument
Basic spread on variable rate debt									2.00%
Interest rate								3.36%	3.36%			3.36%	3.36%
Secured Debt | Montrose Student Residences
Debt Instrument
Debt instrument face amount			$ 24,400,000										€ 22,605,000					€ 22,600,000
Foreign currency exchange rate			1.08															1.08
Debt instrument, repayment period			2 years
Secured Debt | Montrose Student Residences | EURIBOR
Debt Instrument
Basic spread on variable rate debt									1.85%
Interest rate								1.85%	1.85%			1.85%	1.85%
Secured Debt | Queen’s Court Student Residences
Debt Instrument
Debt instrument face amount	$ 39,400,000											£ 29,500		£ 29,500
Foreign currency exchange rate	1.34													1.34	1.34
Debt instrument, repayment period	2 years
Secured Debt | Queen’s Court Student Residences | LIBOR
Debt Instrument
Basic spread on variable rate debt									2.00%
Interest rate								2.54%	2.54%			2.54%	2.54%
Secured Debt | Interest rate cap | Bishop’s Square
Debt Instrument
Derivative, cap interest rate (percent)								2.00%	2.00%			2.00%	2.00%
Secured Debt | Interest rate cap | Montrose Student Residences
Debt Instrument
Derivative, cap interest rate (percent)			1.25%															1.25%
Secured Debt | Interest rate cap | Queen’s Court Student Residences
Debt Instrument
Derivative, cap interest rate (percent)	2.00%													2.00%	2.00%
Credit Facility | Hines
Debt Instrument
Secured credit facility, maximum commitment								$ 75,000,000	$ 75,000,000													$ 75,000,000
Note payable to affiliate								$ 0	$ 0	56,000,000
Restated Hines Credit Facility | Hines
Debt Instrument
Notes payable, advance, extension term								6 months
Interest rate								3.12%	3.12%			3.12%	3.12%
Secured credit facility, maximum commitment								$ 75,000,000	$ 75,000,000
Note payable to affiliate								$ 11,200,000	11,200,000	$ 0						$ 75,000,000	$ 240,000,000
Notes payable, advance, term to maturity								6 months
Notes payable, advance, number of extension options | extension																	1
Credit facility, additional borrowings									58,200,000
Credit facility, repayments									$ 103,000,000
Restated Hines Credit Facility | Hines | Subsequent Event
Debt Instrument
Note payable to affiliate											$ 26,700,000
Credit facility, additional borrowings							$ 15,500,000
Credit facility, repayments							$ 0
Not Designated as Hedging Instrument | Interest rate cap | Bishop’s Square | EURIBOR
Debt Instrument
Foreign currency exchange rate								1.20	1.20			1.20	1.20
Derivative, cap interest rate (percent)								2.00%	2.00%			2.00%	2.00%
Derivative, notional amount								$ 66,100,000	$ 66,100,000												€ 55,200,000
Not Designated as Hedging Instrument | Interest rate cap | Montrose Student Residences | EURIBOR
Debt Instrument
Foreign currency exchange rate								1.20	1.20			1.20	1.20
Derivative, cap interest rate (percent)								1.25%	1.25%			1.25%	1.25%
Derivative, notional amount								$ 20,300,000	$ 20,300,000									€ 17,000,000
Not Designated as Hedging Instrument | Interest rate cap | Queen’s Court Student Residences | LIBOR
Debt Instrument
Foreign currency exchange rate								1.35	1.35			1.35	1.35
Derivative, cap interest rate (percent)								2.00%	2.00%			2.00%	2.00%
Derivative, notional amount								$ 29,800,000	$ 29,800,000					£ 22,100
Through September 2019 | Secured Debt | Montrose Student Residences | EURIBOR
Debt Instrument
Basic spread on variable rate debt			1.85%
Minimum | Secured Debt | Queen’s Court Student Residences | LIBOR
Debt Instrument
Basic spread on variable rate debt	2.00%
Minimum | Commencing in October 2019 depending on certain debt yield metrics | Secured Debt | Montrose Student Residences | EURIBOR
Debt Instrument
Basic spread on variable rate debt			1.85%
Maximum | Commencing in October 2019 depending on certain debt yield metrics | Secured Debt | Montrose Student Residences | EURIBOR
Debt Instrument
Basic spread on variable rate debt			2.00%
Second Secured Mortgage Facility | Secured Debt | Rookwood
Debt Instrument
Fixed interest rate				3.13%
First Secured Mortgage Facility | Secured Debt | Rookwood
Debt Instrument
Prepayment notice				30 days
Fixed interest rate				2.87%

Debt Financing (Debt Disclosure

Debt Financing (Debt Disclosure Table) (Details) £ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017GBP (£)	Dec. 31, 2017EUR (€)	Dec. 18, 2017USD ($)	Dec. 18, 2017GBP (£)	Dec. 18, 2017EUR (€)	Nov. 30, 2017USD ($)	Oct. 02, 2017USD ($)	Mar. 24, 2017USD ($)	Mar. 24, 2017EUR (€)	Aug. 18, 2016USD ($)	Jul. 05, 2016USD ($)	Jan. 29, 2016USD ($)	Mar. 03, 2015USD ($)$ / €	Mar. 03, 2015EUR (€)$ / €	Dec. 15, 2014USD ($)
Debt Instrument
Note payable	$ 368,112,000	$ 198,809,000
Note payable to affiliate	11,200,000	56,000,000
Notes payable including related party, gross	379,312,000	254,809,000
Unamortized discount	(528,000)	0
Unamortized deferred financing fees	(1,932,000)	(994,000)
Notes payable including related party, net	376,852,000	253,815,000
Deferred financing costs, net	1,900,000	1,000,000
Amortization of deferred financing costs	300,000	200,000	$ 100,000
Secured Debt | Bishop’s Square
Debt Instrument
Debt instrument face amount					€ 55,200,000											$ 62,100,000	€ 55,200,000
Note payable	$ 66,124,000	58,048,000
Foreign currency exchange rate | $ / €																1.12	1.12
Secured Debt | Bishop’s Square | EURIBOR
Debt Instrument
Basic spread on variable rate debt	1.30%
Interest rate at period end	1.30%
Secured Debt | Domain Apartments
Debt Instrument
Debt instrument face amount	$ 34,300,000														$ 34,300,000
Note payable	$ 34,300,000	34,300,000
Secured Debt | Domain Apartments | LIBOR
Debt Instrument
Basic spread on variable rate debt	1.60%
Interest rate at period end	3.16%
Secured Debt | Cottonwood Corporate Center
Debt Instrument
Debt instrument face amount	$ 78,000,000													$ 78,000,000
Interest rate at period end	2.98%
Note payable	$ 75,811,000	77,461,000
Secured Debt | Goodyear Crossing II
Debt Instrument
Debt instrument face amount	29,000,000												$ 29,000,000
Note payable	$ 29,000,000	29,000,000
Secured Debt | Goodyear Crossing II | LIBOR
Debt Instrument
Basic spread on variable rate debt	2.00%
Interest rate at period end	3.36%
Secured Debt | Rookwood Commons
Debt Instrument
Debt instrument face amount	$ 67,000,000
Interest rate at period end	3.13%
Note payable	$ 67,000,000	0
Secured Debt | Rookwood Pavilion
Debt Instrument
Debt instrument face amount	$ 29,000,000
Interest rate at period end	2.87%
Note payable	$ 29,000,000	0
Secured Debt | Montrose Student Residences
Debt Instrument
Debt instrument face amount					€ 22,605,000						$ 24,400,000	€ 22,600,000
Note payable	$ 27,079,000	0
Foreign currency exchange rate											1.08	1.08
Secured Debt | Montrose Student Residences | EURIBOR
Debt Instrument
Basic spread on variable rate debt	1.85%
Interest rate at period end	1.85%
Secured Debt | Queen’s Court Student Residences
Debt Instrument
Debt instrument face amount				£ 29,500		$ 39,400,000	£ 29,500
Note payable	$ 39,798,000	0
Foreign currency exchange rate						1.34	1.34	1.34
Secured Debt | Queen’s Court Student Residences | LIBOR
Debt Instrument
Basic spread on variable rate debt	2.00%
Interest rate at period end	2.54%
Credit Facility | Hines
Debt Instrument
Secured credit facility, maximum commitment	$ 75,000,000																	$ 75,000,000
Note payable to affiliate	0	56,000,000
Restated Hines Credit Facility | Hines
Debt Instrument
Secured credit facility, maximum commitment	$ 75,000,000
Interest rate at period end	3.12%
Note payable to affiliate	$ 11,200,000	$ 0							$ 75,000,000	$ 240,000,000
Interest rate cap | Montrose Student Residences
Debt Instrument
Derivative, notional amount | €												€ 17,000,000
Interest rate cap | Queen’s Court Student Residences
Debt Instrument
Derivative, notional amount | €								€ 22,100,000
Interest rate cap | Secured Debt | Bishop’s Square
Debt Instrument
Derivative, cap interest rate (percent)	2.00%			2.00%	2.00%
Interest rate cap | Secured Debt | Montrose Student Residences
Debt Instrument
Derivative, cap interest rate (percent)											1.25%	1.25%
Interest rate cap | Secured Debt | Queen’s Court Student Residences
Debt Instrument
Derivative, cap interest rate (percent)						2.00%	2.00%	2.00%
Not Designated as Hedging Instrument | Interest rate cap | Bishop’s Square | EURIBOR
Debt Instrument
Derivative, cap interest rate (percent)	2.00%			2.00%	2.00%
Derivative, notional amount	$ 66,100,000																€ 55,200,000
Foreign currency exchange rate	1.20			1.20	1.20
Not Designated as Hedging Instrument | Interest rate cap | Montrose Student Residences | EURIBOR
Debt Instrument
Derivative, cap interest rate (percent)	1.25%			1.25%	1.25%
Derivative, notional amount	$ 20,300,000											€ 17,000,000
Foreign currency exchange rate	1.20			1.20	1.20
Not Designated as Hedging Instrument | Interest rate cap | Queen’s Court Student Residences | LIBOR
Debt Instrument
Derivative, cap interest rate (percent)	2.00%			2.00%	2.00%
Derivative, notional amount	$ 29,800,000						£ 22,100
Foreign currency exchange rate	1.35			1.35	1.35

Debt Financing (Maturity Schedu

Debt Financing (Maturity Schedule) (Details) $ in Thousands	Dec. 31, 2017USD ($)
Maturities Of Long Term Debt
2,018	$ 12,900
2,019	1,751
2,020	132,104
2,021	30,859
2,022	134,916
Thereafter	$ 66,782

Derivative Instruments (Details

Derivative Instruments (Details) - Not Designated as Hedging Instrument - Interest rate cap $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Contract 1 | EURIBOR
Derivative Contract Details
Derivative, notional amount	$ 66,124
DerivativeDescriptionOfVariableRateBasis1	Euribor
Pay Rate / Strike Rate (percent)	2.00%
Contract 2 | EURIBOR
Derivative Contract Details
Derivative, notional amount	$ 20,309
DerivativeDescriptionOfVariableRateBasis1	Euribor
Pay Rate / Strike Rate (percent)	1.25%
Contract 3 | LIBOR
Derivative Contract Details
Derivative, notional amount	$ 29,849
DerivativeDescriptionOfVariableRateBasis1	Libor
Pay Rate / Strike Rate (percent)	2.00%

Derivative Instruments (Stateme

Derivative Instruments (Statement of Operations Gain Loss) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Derivative, Gain (Loss) on Derivative, Net
Gain (Loss) Recorded on Derivative Instruments	$ (372)	$ (6)
Interest rate cap
Derivative, Gain (Loss) on Derivative, Net
Gain (Loss) Recorded on Derivative Instruments	(134)	(6)
Foreign Exchange Forward
Derivative, Gain (Loss) on Derivative, Net
Gain (Loss) Recorded on Derivative Instruments	$ (238)	$ 0

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Authorized, Issued and Outstanding (Details) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Class AX
Class of Stock [Line Items]
Common stock, shares authorized	40,000,000	600,000,000
Common stock, shares issued	19,206,000	16,469,000
Common stock, shares outstanding	19,206,000	16,469,000
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class TX
Class of Stock [Line Items]
Common stock, shares authorized	40,000,000	900,000,000
Common stock, shares issued	19,958,000	10,074,000
Common stock, shares outstanding	19,958,000	10,074,000
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class IX
Class of Stock [Line Items]
Common stock, shares authorized	10,000,000	0
Common stock, shares issued	92,000	0
Common stock, shares outstanding	92,000	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class JX
Class of Stock [Line Items]
Common stock, shares authorized	10,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class T
Class of Stock [Line Items]
Common stock, shares authorized	350,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class S
Class of Stock [Line Items]
Common stock, shares authorized	350,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class D
Class of Stock [Line Items]
Common stock, shares authorized	350,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class I
Class of Stock [Line Items]
Common stock, shares authorized	350,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Issuances and Redemptions of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Oct. 31, 2017
Increase (Decrease) in Stockholders' Equity
Beginning balance, value		$ 190,183
Ending balance, value		$ 273,545	$ 190,183
Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares		26,543,000	11,062,000	421,000
Beginning balance, value		$ 26	$ 11	$ 0
Issuance of common shares, shares		14,807,000	15,557,000	10,642,000
Issuance of common shares, value		$ 15	$ 15	$ 11
Redemption of common shares, shares		(2,094,000)	(76,000)	(1,000)
Redemption of common shares, value		$ (2)	$ 0	$ 0
Ending balance, shares		39,256,000	26,543,000	11,062,000
Ending balance, value		$ 39	$ 26	$ 11
Class AX
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares		16,469,000
Ending balance, shares		19,206,000	16,469,000
Class AX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares		16,469,000	10,275,000	421,000
Beginning balance, value		$ 16	$ 10	$ 0
Issuance of common shares, shares		3,874,000	6,270,000	9,855,000
Issuance of common shares, value		$ 4	$ 6	$ 10
Redemption of common shares, shares		(1,137,000)	(76,000)	(1,000)
Redemption of common shares, value		$ (1)	$ 0	$ 0
Ending balance, shares		19,206,000	16,469,000	10,275,000
Ending balance, value		$ 19	$ 16	$ 10
Class TX
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares		10,074,000
Ending balance, shares		19,958,000	10,074,000
Class TX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares		10,074,000	787,000	0
Beginning balance, value		$ 10	$ 1	$ 0
Issuance of common shares, shares		10,841,000	9,287,000	787,000
Issuance of common shares, value		$ 11	$ 9	$ 1
Redemption of common shares, shares		(957,000)	0	0
Redemption of common shares, value		$ (1)	$ 0	$ 0
Ending balance, shares		19,958,000	10,074,000	787,000
Ending balance, value		$ 20	$ 10	$ 1
Class IX
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares		0
Ending balance, shares		92,000	0
Class IX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares		0
Beginning balance, value		$ 0
Issuance of common shares, shares		92,000
Issuance of common shares, value		$ 0
Redemption of common shares, shares		0
Redemption of common shares, value		$ 0
Ending balance, shares		92,000	0
Ending balance, value		$ 0	$ 0
Class JX
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares		0
Ending balance, shares		0	0
Class JX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares		0
Beginning balance, value		$ 0
Issuance of common shares, shares		0
Issuance of common shares, value		$ 0
Redemption of common shares, shares		0
Redemption of common shares, value		$ 0
Ending balance, shares		0	0
Ending balance, value		$ 0	$ 0
Tender Offer
Increase (Decrease) in Stockholders' Equity
Maximum proceeds from issuance					$ 200,000
Price per share (in USD per share)					$ 9.69
Shares redeemed	1,900,000
Aggregate cost of redeemed shares	$ 18,700

Stockholders' Equity - Summar54

Stockholders' Equity - Summary of Distributions Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash Distributions		$ 9,226	$ 4,926	$ 1,432
Distributions Reinvested		10,547	5,186	1,492
Total Declared		$ 19,773	$ 10,112	$ 2,924
Scenario, Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distribution rate per share, per month	$ 0.05083

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	$ 32,856,000	$ 25,160,000	$ 18,269,000
Due to (from) related party	16,642,000	12,141,000
Dealer Manager | Selling Commissions
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	4,021,000	5,339,000	6,661,000
Due to (from) related party	0	54,000
Dealer Manager | Dealer Manager Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	1,744,000	3,017,000	3,089,000
Due to (from) related party	0	2,000
Dealer Manager | Distribution and Servicing Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	4,947,000	4,858,000	7,000
Due to (from) related party	8,249,000	4,636,000
The Advisor | Organization and Offering Costs
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	4,753,000	3,107,000	3,818,000
Due to (from) related party	5,728,000	4,785,000
The Advisor | Acquisition Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	6,741,000	5,704,000	2,328,000
Due to (from) related party	2,000	1,265,000
The Advisor | Asset Management Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	4,940,000	948,000	305,000
Due to (from) related party	1,561,000	941,000
Asset Management Fee Waived	0	1,252,000	583,000
The Advisor | Other Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	1,827,000	1,183,000	1,111,000
Due to (from) related party	464,000	295,000
The Advisor | Performance Participation Allocation
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	251,000	0	0
Due to (from) related party	251,000	0
Hines | Interest Expense
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	676,000	64,000	570,000
Due to (from) related party	10,000	37,000
Hines | Property Management Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	858,000	265,000	46,000
Due to (from) related party	37,000	(19,000)
Hines | Construction Management Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	236,000	0	0
Due to (from) related party	19,000	0
Hines | Leasing Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	263,000	0	0
Due to (from) related party	17,000	0
Hines | Expense Reimbursements
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	1,599,000	675,000	$ 334,000
Due to (from) related party	$ 304,000	$ 145,000

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ in Thousands	Dec. 06, 2017	Apr. 14, 2016USD ($)	Feb. 29, 2016	Dec. 31, 2017	Dec. 31, 2017USD ($)fiscal_quarter	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017USD ($)
Related Party Transactions
Percentage of annual hurdle amount	5.00%
Reimbursement of offering costs					$ 0	$ 4,049	$ 0
Stock issuance costs incurred					$ 3,810	$ 5,073	$ 5,270
The Advisor
Related Party Transactions
Related party allocation percentage of annual total return	12.50%
Number of Consecutive Quarters for Reimbursement of Excess Operating Expenses | fiscal_quarter					4
Maximum Compensation to be Reimbursed, Expressed as a Percentage of Gross Offering Proceeds					15.00%
The Advisor | Acquisition Fee | Net purchase price
Related Party Transactions
Related party fee (percent)					2.25%
The Advisor | Asset Management Fee
Related Party Transactions
MFFO that must equal or exceed distributions declared for the asset management fee to be waived, percentage (less than)					100.00%
The Advisor | Asset Management Fee | Cost of real estate investments per month
Related Party Transactions
Related party fee (percent)					0.0625%
The Advisor | Asset Management Fee | Cost of real estate investments per month | Maximum
Related Party Transactions
Related party fee (percent)				0.10417%
The Advisor | Operating Expense
Related Party Transactions
Minimum Percentage of Average Invested Assets					2.00%
Minimum Percentage of Net Income					25.00%
The Advisor | Organizational and offering-related issuer costs
Related Party Transactions
Maximum Compensation to be Reimbursed, Expressed as a Percentage of Gross Offering Proceeds	2.50%	2.50%	2.50%
Reimbursement of offering costs		$ 4,000
Stock issuance costs incurred								$ 15,800

Related Party Transactions (Sum

Related Party Transactions (Summary of Offering Fees) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction
Due to (from) related party	$ 16,642	$ 12,141
Dealer Manager | Selling Commissions
Related Party Transaction
Due to (from) related party	0	54
Dealer Manager | Dealer Manager Fee
Related Party Transaction
Due to (from) related party	0	2
Dealer Manager | Distribution and Servicing Fees
Related Party Transaction
Due to (from) related party	$ 8,249	$ 4,636
Initial Offering | Class AX
Related Party Transaction
Dealer Manager Fee Percentage Paid by Advisor	1.50%
Initial Offering | Class AX | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fees, percent	0.00%
Initial Offering | Class AX | Dealer Manager | Selling Commissions
Related Party Transaction
Related party fee (percent)	7.00%
Initial Offering | Class AX | Dealer Manager | Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	1.50%
Initial Offering | Class TX
Related Party Transaction
Dealer Manager Fee Percentage Paid by Advisor	1.50%
Initial Offering | Class TX | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fees, percent	1.00%
Initial Offering | Class TX | Dealer Manager | Selling Commissions
Related Party Transaction
Related party fee (percent)	2.00%
Initial Offering | Class TX | Dealer Manager | Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	1.25%
Initial Offering | Class IX
Related Party Transaction
Dealer Manager Fee Percentage Paid by Advisor	1.50%
Initial Offering | Class IX | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fees, percent	0.25%
Initial Offering | Class IX | Dealer Manager | Selling Commissions
Related Party Transaction
Related party fee (percent)	0.00%
Initial Offering | Class IX | Dealer Manager | Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	0.00%
Initial Offering | Maximum
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of total gross offering proceeds	10.00%
Initial Offering | Maximum | Class TX and IX
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of gross offering price on individual account	10.00%
Follow-on Offering | Class T | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent	1.00%
Follow-on Offering | Class T | Dealer Manager | Selling Commissions
Related Party Transaction
Related party fee (percent)	3.00%
Follow-on Offering | Class T | Dealer Manager | Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	0.50%
Follow-on Offering | Class S | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent	1.00%
Follow-on Offering | Class S | Dealer Manager | Selling Commissions
Related Party Transaction
Related party fee (percent)	3.50%
Follow-on Offering | Class S | Dealer Manager | Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	0.00%
Follow-on Offering | Class D | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent	0.25%
Follow-on Offering | Class D | Dealer Manager | Selling Commissions
Related Party Transaction
Related party fee (percent)	0.00%
Follow-on Offering | Class D | Dealer Manager | Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	0.00%
Follow-on Offering | Class I | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent	0.00%
Follow-on Offering | Class I | Dealer Manager | Selling Commissions
Related Party Transaction
Related party fee (percent)	0.00%
Follow-on Offering | Class I | Dealer Manager | Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	0.00%
Follow-on Offering | Maximum
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of total gross offering proceeds	10.00%
Follow-on Offering | Maximum | Class T, S and D
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of gross offering price on individual account	8.75%

Related Party Transactions (Fee

Related Party Transactions (Fee Waiver) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction
Asset Management Fee Post-Waiver	$ 32,856,000	$ 25,160,000	$ 18,269,000
The Advisor | Asset Management Fee
Related Party Transaction
Asset Management Fee Pre-Waiver	4,940,000	2,200,000	888,000
Asset Management Fee Waived	0	1,252,000	583,000
Asset Management Fee Post-Waiver	$ 4,940,000	$ 948,000	$ 305,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Notes payable including related party, gross	$ 379,312	$ 254,809
Fair Value Measurements Nonrecurring | Significant Other Observable Inputs (Level 2)
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Notes payable including related party, gross	379,300	254,800
Notes Payable, fair value	$ 376,500	$ 251,000

Reportable Segments (Narratives

Reportable Segments (Narratives) (Details)	12 Months Ended
	Dec. 31, 2017Propertysegment
Segment Reporting, Disclosure of Entity's Reportable Segments
Number of real estate properties | Property	8
Number of reportable segments | segment	6

Reportable Segments (Revenue) (

Reportable Segments (Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information
Total revenue	$ 16,089	$ 15,105	$ 14,744	$ 13,786	$ 8,952	$ 8,113	$ 3,865	$ 3,419	$ 59,724	$ 24,349	$ 9,410
Domestic office investments
Segment Reporting Information
Total revenue									15,437	7,420	0
Domestic residential/living investments
Segment Reporting Information
Total revenue									4,671	4,318	0
Domestic retail investments
Segment Reporting Information
Total revenue									19,507	0	0
Domestic other investments
Segment Reporting Information
Total revenue									7,619	4,335	2,411
International office investments
Segment Reporting Information
Total revenue									8,711	8,276	6,999
International residential/living investments
Segment Reporting Information
Total revenue									$ 3,779	$ 0	$ 0

Reportable Segments (Geographic

Reportable Segments (Geographical) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total Assets | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	67.00%	79.00%
Total Assets | Ireland
Segment Reporting Information [Line Items]
Concentration risk (percent)	23.00%	21.00%
Total Assets | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	10.00%	0.00%
Total Revenue | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	79.00%	66.00%	26.00%
Total Revenue | Ireland
Segment Reporting Information [Line Items]
Concentration risk (percent)	19.00%	34.00%	74.00%
Total Revenue | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	2.00%	0.00%	0.00%

Reportable Segments (Revenues i

Reportable Segments (Revenues in Excess of Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information
Total property revenues in excess of expenses	$ 39,613	$ 17,670	$ 7,112
Domestic office investments
Segment Reporting Information
Total property revenues in excess of expenses	10,497	4,910	0
Domestic residential/living investments
Segment Reporting Information
Total property revenues in excess of expenses	2,977	2,830	0
Domestic retail investments
Segment Reporting Information
Total property revenues in excess of expenses	10,889	0	0
Domestic other investments
Segment Reporting Information
Total property revenues in excess of expenses	5,862	3,248	1,746
International office investments
Segment Reporting Information
Total property revenues in excess of expenses	6,922	6,682	5,366
International residential/living investments
Segment Reporting Information
Total property revenues in excess of expenses	$ 2,466	$ 0	$ 0

Reportable Segments (Assets) (D

Reportable Segments (Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Total Assets
Total Assets	$ 709,017	$ 470,345
Operating Segments | Domestic office investments
Total Assets
Total Assets	130,901	137,407
Operating Segments | Domestic residential/living investments
Total Assets
Total Assets	53,344	55,201
Operating Segments | Domestic retail investments
Total Assets
Total Assets	202,093	0
Operating Segments | Domestic other investments
Total Assets
Total Assets	76,745	78,182
Operating Segments | International office investments
Total Assets
Total Assets	116,494	99,002
Operating Segments | International residential/living investments
Total Assets
Total Assets	121,919	0
Corporate-level accounts
Total Assets
Total Assets	$ 7,521	$ 100,553

Reportable Segments (Reconcilia

Reportable Segments (Reconciliation to Consolidated) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net income (loss)	$ (4,289)	$ (1,543)	$ (2,108)	$ (9,246)	$ (1,984)	$ (7,165)	$ (780)	$ (1,412)	$ (17,186)	$ (11,341)	$ (5,638)
Depreciation and amortization									(29,687)	(15,372)	(4,207)
Acquisition related expenses									(3,212)	(1,855)	(2,963)
Asset management and acquisition fees									(11,681)	(6,645)	(2,640)
Performance participation allocation									(251)	0	0
General and administrative expenses									(2,803)	(2,044)	(1,546)
(Gain) loss on derivative instruments									(372)	(6)	(41)
Foreign currency (gains) losses									494	(4)	(12)
Interest expense									(9,453)	(3,154)	(1,345)
Interest income									83	69	4
(Benefit) provision for income taxes									83	0	0
Total property revenues in excess of expenses									39,613	17,670	7,112
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Net income (loss)									(17,186)	(11,341)	(5,638)
Depreciation and amortization									29,687	15,372	4,207
Acquisition related expenses									3,212	1,855	2,963
Asset management and acquisition fees									11,681	6,645	2,640
Performance participation allocation									251	0	0
General and administrative expenses									2,803	2,044	1,546
(Gain) loss on derivative instruments									372	6	41
Foreign currency (gains) losses									(494)	4	12
Interest expense									9,453	3,154	1,345
Interest income									(83)	(69)	(4)
(Benefit) provision for income taxes									$ (83)	$ 0	$ 0

Supplemental Cash Flow Disclo66

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 8,577	$ 2,679	$ 1,080
Supplemental Schedule of Non-Cash Investing and Financing Activities
Distributions declared and unpaid	1,868	1,195	480
Distributions reinvested	10,162	4,808	1,248
Other receivables	0	1,630	2,950
Non-cash net liabilities assumed	5,946	7,201	470
Assumption of mortgage upon acquisition of property	95,260	0	0
Offering costs payable to the Advisor	943	735	2,701
Selling commissions, dealer manager fees and distribution and stockholder servicing fees payable to the Dealer Manager	3,614	4,691	0
Equipment acquired under capital lease	0	142	0
Accrued capital additions	$ 2,015	$ 0	$ 0

Quarterly Financial Data (Una67

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Selected Quarterly Financial Information
Revenues	$ 16,089	$ 15,105	$ 14,744	$ 13,786	$ 8,952	$ 8,113	$ 3,865	$ 3,419	$ 59,724	$ 24,349	$ 9,410
Net income (loss)	(4,289)	(1,543)	(2,108)	(9,246)	(1,984)	(7,165)	(780)	(1,412)	(17,186)	(11,341)	(5,638)
Net income (loss) attributable to common stockholders	$ (4,292)	$ (1,546)	$ (2,111)	$ (9,249)	$ (1,987)	$ (7,168)	$ (783)	$ (1,415)	$ (17,198)	$ (11,353)	$ (5,650)
Income (loss) per share, basic and diluted	$ (0.11)	$ (0.04)	$ (0.06)	$ (0.32)	$ (0.08)	$ (0.36)	$ (0.05)	$ (0.11)	$ (0.48)	$ (0.62)	$ (1.06)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Mar. 27, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Purchase price		$ 299.6	$ 253.5	$ 103.2
2819 Loker Avenue East
Subsequent Event [Line Items]
Purchase price					$ 25.4
Disposal Group, Not Discontinued Operations | 2819 Loker Avenue East | Subsequent Event
Subsequent Event [Line Items]
Contract sales price	$ 38.3

Schedule II - Valuation and Q69

Schedule II - Valuation and Qualifying Accounts (Details) - Valuation Allowance of Deferred Tax Assets [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation allowances and reserves, beginning balance	$ 0
Valuation allowances and reserves, charged to costs and expenses	927,757
Valuation allowances and reserves, deductions	722,366
Valuation allowances and reserves, ending balance	$ 205,391

Schedule III - Real Estate As70

Schedule III - Real Estate Assets and Accumulated Depreciation (Property Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation
Encumbrances	$ 368,112
Land, Initial Cost	98,857
Buildings and Improvements, Initial Cost	476,046
Total, Initial Cost	574,903
Costs Capitalized Subsequent to Acquisition	16,102
Land, Gross Amount	99,716
Buildings and Improvements, Gross Amount	491,289
Total, Gross Amount	591,005	$ 290,212	$ 73,883	$ 21,370
Accumulated Depreciation	(18,172)	$ (6,337)	$ (1,458)	$ (15)
2819 Loker Avenue East
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	7,200
Buildings and Improvements, Initial Cost	14,170
Total, Initial Cost	21,370
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	7,200
Buildings and Improvements, Gross Amount	14,170
Total, Gross Amount	21,370
Accumulated Depreciation	(1,077)
Bishop’s Square
Real Estate and Accumulated Depreciation
Encumbrances	66,124
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	53,643
Total, Initial Cost	53,643
Costs Capitalized Subsequent to Acquisition	8,359
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	62,002
Total, Gross Amount	62,002
Accumulated Depreciation	(4,118)
Domain Apartments
Real Estate and Accumulated Depreciation
Encumbrances	34,300
Land, Initial Cost	5,690
Buildings and Improvements, Initial Cost	50,790
Total, Initial Cost	56,480
Costs Capitalized Subsequent to Acquisition	110
Land, Gross Amount	5,690
Buildings and Improvements, Gross Amount	50,900
Total, Gross Amount	56,590
Accumulated Depreciation	(3,529)
Cottonwood Corporate Center
Real Estate and Accumulated Depreciation
Encumbrances	75,811
Land, Initial Cost	13,600
Buildings and Improvements, Initial Cost	98,758
Total, Initial Cost	112,358
Costs Capitalized Subsequent to Acquisition	1,062
Land, Gross Amount	13,600
Buildings and Improvements, Gross Amount	99,820
Total, Gross Amount	113,420
Accumulated Depreciation	(3,698)
Goodyear Crossing II
Real Estate and Accumulated Depreciation
Encumbrances	29,000
Land, Initial Cost	7,270
Buildings and Improvements, Initial Cost	41,620
Total, Initial Cost	48,890
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	7,270
Buildings and Improvements, Gross Amount	41,620
Total, Gross Amount	48,890
Accumulated Depreciation	(1,427)
Rookwood
Real Estate and Accumulated Depreciation
Encumbrances	96,000
Land, Initial Cost	45,320
Buildings and Improvements, Initial Cost	132,466
Total, Initial Cost	177,786
Costs Capitalized Subsequent to Acquisition	401
Land, Gross Amount	45,320
Buildings and Improvements, Gross Amount	132,867
Total, Gross Amount	178,187
Accumulated Depreciation	(3,267)
Montrose Student Residences
Real Estate and Accumulated Depreciation
Encumbrances	27,079
Land, Initial Cost	5,691
Buildings and Improvements, Initial Cost	33,705
Total, Initial Cost	39,396
Costs Capitalized Subsequent to Acquisition	5,119
Land, Gross Amount	6,322
Buildings and Improvements, Gross Amount	38,193
Total, Gross Amount	44,515
Accumulated Depreciation	(751)
Queen’s Court Student Residences
Real Estate and Accumulated Depreciation
Encumbrances	39,798
Land, Initial Cost	14,086
Buildings and Improvements, Initial Cost	50,894
Total, Initial Cost	64,980
Costs Capitalized Subsequent to Acquisition	1,051
Land, Gross Amount	14,314
Buildings and Improvements, Gross Amount	51,717
Total, Gross Amount	66,031
Accumulated Depreciation	$ (305)

Schedule III - Real Estate As71

Schedule III - Real Estate Assets and Accumulated Depreciation (Narratives) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Real Estate and Accumulated Depreciation
Aggregate cost for federal income tax	$ 614.4
Furniture and Fixtures
Real Estate and Accumulated Depreciation
Estimated useful life	10 years
Building
Real Estate and Accumulated Depreciation
Estimated useful life	40 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

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation (Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Carrying Amount of Real Estate Investments
Balance, beginning of period	$ 290,212	$ 73,883	$ 21,370
Acquisitions	282,162	217,728	53,643
Other additions	5,561	483	339
Effect of changes in foreign currency exchange rates	13,070	(1,882)	(1,469)
Balance, end of period	591,005	290,212	73,883
Reconciliation of Real Estate Accumulated Depreciation
Balance, beginning of period	(6,337)	(1,458)	(15)
Depreciation	(11,393)	(4,985)	(1,455)
Effect of changes in foreign currency exchange rates	(442)	106	12
Balance, end of period	$ (18,172)	$ (6,337)	$ (1,458)