Exhibit 21.1
List of Subsidiaries
| Entity Name | Jurisdiction of Incorporation or Formation |
| Buckhorn SP, LLC | Delaware |
| Champa Street Lofts, LLC | Delaware |
| Highlands Property Management, LLC | Delaware |
| Highlands REIT, Inc. | Maryland |
| IA CFG Portfolio, L.L.C. | Delaware |
| IA New Ulm Atlas, L.L.C. | Delaware |
| IA Orlando Palazzo, L.L.C. | Delaware |
| IA RDU Center Drive, L.L.C. | Delaware |
| IA St. Paul Atlas, L.L.C. | Delaware |
| IVT PPD Haskell Associates GP, L.L.C. | Delaware |
| IVT PPD Haskell Associates Limited Partnership | Illinois |
| IVT PPD Haskell Associates LP, L.L.C. | Delaware |
| IVT PPD Hudson Associates, L.L.C. | Delaware |
| MB Bloomsburg Buckhorn, LLC | Delaware |
| MB Columbus Hilliard, L.L.C. | Delaware |
| MB Evanston Sherman, L.L.C. | Delaware |
| MB Lincoln Mall, L.L.C. | Delaware |
| MB Longview Triangle, L.L.C. | Delaware |
| MB Pittsburgh Bridgeside DST | Delaware |
| MB REIT (Florida), Inc. | Florida |
| MB Rockford State, L.L.C. | Delaware |
| Trimble-Junction Ventures, LLC | Delaware |