Highlands REIT (HHDS) 10-K 17 Mar 21 2020 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 16, 2021	Jun. 30, 2020
Document and Entity Information [Abstract]
Entity Filer Category	10-K
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-55580
Entity Registrant Name	HIGHLANDS REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-0862795
Entity Address, Address Line One	332 S Michigan Avenue
Entity Address, Address Line Two	Ninth Floor
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60604
City Area Code	312
Local Phone Number	583-7990
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	true
Entity Well-known Seasoned Issuer	No
Entity Shell Company	false
Entity Public Float			$ 316.7
Entity Common Stock, Shares Outstanding		881,315,868
Entity Central Index Key	0001661458
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Part III of this Annual Report on Form 10-K incorporates by reference portions of the registrant’s Proxy Statement for its 2021 Annual Meeting of Stockholders expected to be held on May 13, 2021.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investment properties
Land	$ 83,676	$ 82,877
Building and other improvements	276,822	289,351
Construction in progress	1,703	0
Total	362,201	372,228
Less accumulated depreciation	(65,501)	(56,431)
Net investment properties	296,700	315,797
Cash and cash equivalents	50,236	75,404
Restricted cash and escrows	3,401	2,651
Accounts and rents receivable (net of allowance of $620 and $1,178, respectively)	2,930	3,105
Intangible assets, net	36	1,339
Deferred costs and other assets	2,757	1,936
Total assets	356,060	400,232
Liabilities
Debt, net	82,761	93,203
Accounts payable and accrued expenses	12,953	11,535
Intangible liabilities, net	743	842
Other liabilities	2,540	4,055
Total liabilities	98,997	109,635
Commitments and contingencies
Stockholders’ Equity
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 877,759,145 and 876,074,038 shares issued and outstanding as of December 31, 2020 and 2019, respectively	8,778	8,761
Additional paid-in capital	1,409,767	1,408,993
Accumulated distributions in excess of net income	(1,160,859)	(1,127,270)
Non-controlling interests	257,063	290,597
Accumulated Other Comprehensive Income (Loss), Net of Tax	(548)	18
Stockholders' Equity Attributable to Parent	257,138	290,502
Stockholders' Equity Attributable to Noncontrolling Interest	(75)	95
Total liabilities and equity	$ 356,060	$ 400,232

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for accounts and rent receivables	$ 620	$ 1,178
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	877,759,145	876,074,038
Common stock, shares outstanding	877,759,145	876,074,038

Combined Consolidated Statement

Combined Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues
Rental income	$ 27,230	$ 36,626
Expenses
Property operating expenses	8,702	7,489
Real estate taxes	6,029	5,691
Depreciation and amortization	12,774	13,014
General and administrative expenses	14,131	12,907
Provision for asset impairment	16,804	0
Total expenses	58,440	39,101
Gain on sale of investment properties	82	8,841
(Loss) income from operations	(29,416)	7,093
Interest income	242	1,650
Interest expense	(4,485)	(3,929)
Net (loss) income	(33,659)	4,814
Net loss attributable to non-controlling interests	70	35
Net (loss) income attributable to Highlands REIT, Inc. common stockholders	$ (33,589)	$ 4,849
Net income per common share, basic and diluted (in dollars per share)	$ (0.04)	$ 0.01
Weighted average number of common shares outstanding, basic and diluted (in shares)	879,151,301	875,313,817
Unrealized (loss) gain on derivatives	$ (666)	$ 21
Total other comprehensive (loss) income	(666)	21
Comprehensive (loss) income	(34,325)	4,835
Comprehensive loss attributable to non-controlling interests	170	32
Comprehensive (loss) income attributable to Highlands REIT, Inc. common stockholders	(34,155)	4,867
Other property income
Revenues
Total revenues	1,712	727
Total revenues
Revenues
Total revenues	$ 28,942	$ 37,353

Combined Consolidated Stateme_2

Combined Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	AOCI Attributable to Parent [Member]	Accumulated Other Comprehensive Income	Parent [Member]	Noncontrolling Interest [Member]
Beginning balance (in shares) at Dec. 31, 2018		871,688,704
Beginning balance at Dec. 31, 2018	$ 284,100	$ 8,717	$ 1,407,502	$ 0	$ (1,132,119)	$ 284,100	$ 0
Net income	4,814				4,849	4,849	(35)
Other Comprehensive Income (Loss), Net of Tax	21			18		18	3
Noncontrolling Interest, Increase From Contributions	127						127
Share-based compensation (in shares)		4,385,334
Non-controlling interest equity contributions	1,535	$ 44	1,491			1,535
Ending balance (in shares) at Dec. 31, 2019		876,074,038
Ending balance at Dec. 31, 2019	290,597	$ 8,761	1,408,993	18	(1,127,270)	290,502	95
Net income	(33,659)				(33,589)	(33,589)	(70)
Other Comprehensive Income (Loss), Net of Tax	(666)			(566)		(566)	(100)
Share-based compensation (in shares)		1,685,107
Non-controlling interest equity contributions	791	$ 17	774			791
Ending balance (in shares) at Dec. 31, 2020		877,759,145
Ending balance at Dec. 31, 2020	$ 257,063	$ 8,778	$ 1,409,767	$ (548)	$ (1,160,859)	$ 257,138	$ (75)

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ (33,659)	$ 4,814
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,774	13,014
Amortization of above and below market leases, net	(99)	(266)
Amortization of debt discounts and financing costs	348	290
Straight-line rental income	55	(186)
Write-off of lease related assets	0	2,745
Write-off of debt issuance costs	332	0
Gain on sale of investment properties, net	(82)	(8,841)
Provision for asset impairment	16,804	0
Non-cash stock-based compensation expense	1,416	2,242
Changes in assets and liabilities:
Accounts and rents receivable, net	120	205
Deferred costs and other assets	(517)	146
Accounts payable and accrued expenses	2,585	839
Other liabilities	(2,183)	1,807
Net cash flows (used in) provided by operating activities	(2,106)	16,809
Cash flows from investing activities:
Capital expenditures and tenant improvements	(2,804)	(1,011)
Proceeds from sale of investment properties, net	1,287	53,163
Acquisition of investment properties	(7,372)	(119,725)
Payment of leasing fees	(509)	(778)
Net cash flows used in investing activities	(9,398)	(68,351)
Cash flows from financing activities:
Payment of debt issuance costs	(94)	(437)
Proceeds from credit agreement	20,000	29,375
Proceeds from debt	0	(18,684)
Payoff of debt	(30,000)	0
Principal payments of debt	(1,028)	(716)
Common stock repurchased	(645)	0
Payment for tax withholding for share-based compensation	(1,147)	(1,177)
Contributions from non-controlling interests	0	127
Net cash flows (used in) provided by financing activities	(12,914)	45,856
Net decrease in cash and cash equivalents and restricted cash and escrows	(24,418)	(5,686)
Cash and cash equivalents and restricted cash and escrows, at beginning of year	78,055	83,741
Cash and cash equivalents	50,236	75,404
Restricted cash	3,401	2,651
Cash and cash equivalents and restricted cash and escrows, at end of year	53,637	78,055
Supplemental disclosure of cash flow information:
Cash paid for interest	3,892	3,493
Cash paid for taxes	105	92
Supplemental schedule of non-cash activities:
Disposal of lease related assets	351	2,745
Other assets arising from unrealized gain on derivative instruments	0	21
Other liabilities arising from unrealized loss on derivative instruments	645	0
Recognition of right-of-use assets and lease liabilities	179	300
Assumption of mortgage debt on acquired properties	$ 0	$ 11,449

Organization

Organization	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Highlands REIT, Inc. (“Highlands”), which was formed in December 2015, is a Maryland corporation with a portfolio of multi-family assets, retail assets, office assets, industrial assets, a correctional facility and unimproved land. Prior to April 28, 2016, Highlands was a wholly-owned subsidiary of InvenTrust Properties Corp. (“InvenTrust” and formerly known as Inland American Real Estate Trust, Inc.), its former parent. Unless stated otherwise or the context otherwise requires, the terms “we,” “our” and “us” and references to the “Company” refer to Highlands and its consolidated subsidiaries. On April 28, 2016, Highlands spun-off from InvenTrust through a pro rata distribution by InvenTrust of 100% of the outstanding shares of common stock, $0.01 par value per share (the “Common Stock”), of Highlands to holders of record of InvenTrust's common stock as of the close of business on April 25, 2016 (the “Record Date”). Each holder of record of InvenTrust's common stock received one share of Common Stock for every one share of InvenTrust's common stock held at the close of business on the Record Date (the “Distribution”). As a result, Highlands became an independent, self-advised, non-traded public company. Highlands has elected to be taxed, and currently qualifies, as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code") for U.S. federal income tax purposes commencing with Highlands' short taxable year ending December 31, 2016. Each asset is owned by a separate legal entity, which maintains its own books and financial records, and each entity’s assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in Note 8.With the exception of one asset we own through a variable interest entity with a third-party partner (the “Corvue Venture”), we are the sole owner of each of these separate legal entities. As of December 31, 2020, we have an approximate 85% interest in the Corvue Venture and have funded equity contributions to the Corvue Venture in the approximate amount of $9,000. See Note 2 for additional information regarding the basis of presentation of the Corvue Venture, which is consolidated in the accompanying consolidated financial statements. As of December 31, 2020 and 2019, the Company owned 20 assets and one parcel of unimproved land. Impact of COVID-19 Pandemic The Company continues to closely monitor the impact of the ongoing COVID-19 pandemic on all aspects of its business. The extent of the pandemic's effect on our operational and financial performance will depend on future developments, including the duration, spread, intensity and any resurgence of the pandemic, the distribution of the COVID-19 vaccine by healthcare providers, and the duration of government measures to mitigate the pandemic, all of which continue to be uncertain and to predict. Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the Company's future financial condition, results of operations and cash flows could be material, including, but not limited to, as a result of extended eviction moratoriums, additional rent deferrals, payment plans, lease concessions, waiving late payment fees, charges from potential adjustments to the carrying amount of the receivables, and asset impairment charges. During the year ended ended December 31, 2020, we received rent relief requests from certain tenants at our retail properties, most often in the form of rent deferral and abatement requests. We have evaluated each tenant relief request on an individual basis and granted deferrals of approximately $330 to nine of our tenants. In exchange, such tenants agreed to various repayment periods, ranging between three and 24 months. As of December 31, 2020, approximately $50 had been repaid and $150 is expected to be repaid during 2021. The remaining $130 is due from tenants who have either not yet reopened since the beginning of the pandemic, have permanently gone out of business or who filed for bankruptcy and collection of these outstanding amounts is unlikely. In accordance with the terms set forth in the FASB Q&A Document, we have accounted for the concessions as if no changes to the lease contract were made. Under that accounting, we increase our lease receivable as receivables accrue and recognize rental income in our consolidated financial statements during the deferral period. In connection with these rent deferrals, we increased our allowance for bad debt by approximately $350 during the year ended ended December 31, 2020, which includes amounts related to existing deferral agreements. Additionally, during the year ended December 31, 2020, we granted abatement in the aggregate of approximately $820 to ten tenants, the largest of which is LA Fitness at the Sherman Plaza property which accounted for $516 of the total abatement amount. We reviewed each lease agreement in connection with the abatement to determine whether such abatements, including any lease extensions related thereto, qualified as a “lease modification” under the applicable lease agreement, and, after determining that two such abatements constituted “lease modifications” under the respective lease agreement, we accounted for each abatement as such. Our multi-family portfolio was also impacted by the pandemic. While our multi-family portfolio experienced higher collection rates than on our retail portfolio, we had a decrease in occupancy during the year ended December 31, 2020, which resulted in decreased rental income. In some circumstances, we granted deferrals to residents who were impacted by the pandemic and offered payment plans for repayment in three to six months. Many state and local municipalities have placed a moratorium on evictions and housing-related litigation, some of which have been extended into 2021 limiting the actions we can take with respect to residents who are not making their rental payments. In addition to the decreased rental income, our bad debt expense increased as a result of reserves recorded on balances that were outstanding for residents impacted by the pandemic. We may receive additional rent deferral or abatement requests, or requests to modify existing lease agreements, as a result of the COVID-19 pandemic and recovery related thereto. We will evaluate each tenant rent relief request on an individual basis and consider a number of factors in determining whether to grant such request. Additionally, as tenants that have been granted some form of rent relief enter into their rent repayment periods, such tenants may be unable to pay the outstanding monthly rent payments, and, as a result, we may see a further increase in our bad debt expense. Our 2020 collections may not be indicative of collections in any future period and may be influenced by factors such as (i) whether tenants have received loans pursuant to the CARES Act, (ii) whether “stay-at-home” orders have been eased, and (iii) whether we have granted rent assistance requests.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Highlands, as well as all of Highlands' consolidated subsidiaries (collectively, “the Company”). Highlands consolidates its wholly-owned subsidiaries and any other entities which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if Highlands is the primary beneficiary of a variable interest entity (“VIE”). The portions of the equity and net income of consolidated subsidiaries that are not attributable to the Company are presented separately as amounts attributable to non-controlling interests in our consolidated financial statements. Entities which Highlands does not control and entities which are VIEs in which Highlands is not a primary beneficiary, if any, are accounted for under appropriate GAAP. Highlands' subsidiaries generally consist of limited liability companies (“LLCs”). The effects of all significant intercompany transactions have been eliminated. Variable Interest Entities A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. Under Accounting Standards Codification (“ASC”) 810 - Consolidation, an entity that holds a variable interest in a VIE and meets certain requirements is considered the primary beneficiary of the VIE and is required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both the power to direct the activities that most significantly impact the economic performance of the VIE, and the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE. As of December 31, 2020 and 2019, respectively, we have determined we are the primary beneficiary of one VIE, the Corvue Venture, and have consolidated the operations of this entity in the accompanying consolidated financial statements. We reviewed the operating agreement of the Corvue Venture in order to determine our rights and the rights of our third-party partner, including whether those rights are protective or participating. We have determined we are the primary beneficiary of the Corvue Venture because we have (a) the power to direct the activities that most significantly impact the economic performance of the Corvue Venture, (b) the obligation to absorb the losses that could be significant to the Corvue Venture and (c) the right to receive the benefits that could be significant to the Corvue Venture. Included in total assets on the Company’s consolidated balance sheets as of December 31, 2020 and 2019 is $26,449 and $28,073, respectively, related to the Corvue Venture. Included in total liabilities on the Company’s consolidated balance sheets as of December 31, 2020 and 2019 is $19,267 and $19,074, respectively, related to the Corvue Venture. The assets of the Corvue Venture may only be used to settle obligations of the Corvue Venture and the creditors of the Corvue Venture have no recourse to the general credit of the Company. Revenue Recognition The Company commences revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of, or controls, the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If we conclude we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives which reduces revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. We consider a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or landlord retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; and • who constructs or directs the construction of the improvements. The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment. In making that determination, we consider all of the above factors. No one factor, however, necessarily establishes its determination. Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rents receivable in the accompanying consolidated balance sheets. Rental income related receivables, which include contractual amounts accrued and unpaid from tenants and accrued straight-line rents receivable, are reduced for credit losses. Such amounts are recognized as a reduction to real estate rental revenues. The Financial Accounting Standards Board (“FASB”) clarified in July 2019 that, under ASC 842, lessors can continue to recognize a reserve (i.e., allowance for uncollectible operating lease receivables) under the loss contingency guidance in ASC 450-20 after applying the collectibility guidance in ASC 842. We evaluate the collectability of lease receivables monthly using several factors including a lessee’s creditworthiness. We recognize the credit loss on lease-related receivables when, in the opinion of management, collection of substantially all lease payments is not probable. When collectability is determined not probable, any lease income subsequent to recognizing the credit loss is limited to the lesser of the lease income reflected on a straight-line basis or cash collected. The adoption of ASU 2016-02 resulted in an adjustment of $92 to rental income and property operating expenses associated with lease-related receivables where collection of substantially all operating lease payments is not probable during the fiscal year ended December 31, 2019. During the same period in 2020, the adjustment to reduce rental income was $181 and the adjustment to property operating expenses was $281, respectively, for receivables where collection was determined not probable. The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met and amounts due are considered collectible. Real Estate We allocate the purchase price of real estate to land, building, other building improvements, tenant improvements, and intangible assets and liabilities (such as the value of above- and below-market leases and in-place leases). The values of above- and below-market leases are recorded as intangible assets, net, and intangible liabilities, net, respectively, in the consolidated balance sheets, and are amortized as either a decrease (in the case of above-market leases) or an increase (in the case of below-market leases) to rental income over the remaining term of the associated tenant lease. The values associated with in-place leases are recorded in intangible assets, net in the consolidated balance sheets and are amortized to depreciation and amortization expense in the consolidated statements of operations and comprehensive income over the remaining lease term. The difference between the contractual rental rates and our estimate of market rental rates is measured over a period equal to the remaining non-cancelable term of the leases, including below-market renewal options for which exercise of the renewal option appears to be reasonably assured. The remaining term of leases with renewal options at terms below market reflect the assumed exercise of such below-market renewal options and assume the amortization period would coincide with the extended lease term. We perform, with the assistance of a third-party certified valuation specialist, the following procedures for properties we acquire: • Determine the accounting of the transaction as either a business combination or an asset acquisition; • Estimate the value of the property “as if vacant” as of the acquisition date; • Allocate the value of the property among land, building, and other building improvements and determine the associated useful life for each; • Calculate the value and associated life of above- and below-market leases on a tenant-by-tenant basis. The difference between the contractual rental rates and our estimate of market rental rates is measured over a period equal to the remaining term of the leases (using a discount rate which reflects the risks associated with the leases acquired, including geographical location, size of leased area, tenant profile and credit risk); • Estimate the fair value of the tenant improvements, legal expenses and leasing commissions incurred to obtain the leases and calculate the associated useful life for each; • Estimate the fair value of assumed debt, if any, and value the favorable or unfavorable debt position acquired; and • Estimate the intangible value of the in-place leases based on lease execution costs of similar leases as well as lost rent payments during an assumed lease-up period and their associated useful lives on a tenant-by-tenant basis. We recognize gains and losses from sales of investment properties and land in accordance with FASB ASC 610-20, “Gains and Losses From the Derecognition of Nonfinancial Assets”. We recognize gains and losses from sales of investment properties and land when we transfer control of a property and when it is probable that we will collect substantially all of the related consideration. Capitalization and Depreciation Real estate is reflected at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Depreciation expense is computed using the straight line method. Building and other improvements are depreciated based upon estimated useful lives of 30 years for building and improvements and 5-15 years for furniture, fixtures and equipment and site improvements. Tenant improvements are amortized on a straight line basis over the lesser of the life of the tenant improvement or the lease term as a component of depreciation and amortization expense. Leasing fees are amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. Loan fees are amortized on a straight-line basis, which approximates the effective interest method, over the life of the related loan as a component of interest expense. Direct and indirect costs that are clearly related to the construction and improvements of investment properties are capitalized. Costs incurred for property taxes and insurance are capitalized during periods in which activities necessary to get the asset ready for its intended use are in progress. Interest costs are also capitalized during such periods. Assets Held for Sale In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale, in its present condition; (iii) the Company has initiated a program to locate a buyer; (iv) the Company believes that the sale of the investment property is probable; (v) the Company has received a significant non-refundable deposit for the purchase of the property; (vi) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its fair value; and (vii) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all of the above criteria are met, the Company classifies the investment property as held for sale. On the day that these criteria are met, the Company suspends depreciation on the investment properties held for sale, including depreciation for tenant improvements and additions, as well as on the amortization of acquired in-place leases. The investment properties and liabilities associated with those investment properties that are held for sale are classified separately on the consolidated balance sheets for the most recent reporting period and recorded at the lesser of the carrying value or fair value less costs to sell. There were no assets held for sale on the consolidated balance sheets as of December 31, 2020 and 2019. If the sale represents a strategic shift that has (or will have) a major effect on the Company's results of operations, the income and expenses for the period are classified as discontinued operations on the consolidated statement of operations and comprehensive income for all periods presented. Impairment The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable, such as a reduction in the expected holding period of the asset. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed the carrying value, the Company records an impairment loss to the extent that the carrying value exceeds the property's fair value. The valuation and possible subsequent impairment of investment properties is a significant estimate that can and does change based on the Company’s continuous process of analyzing each asset and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the asset at a particular point in time. The use of projected future cash flows and related holding period is based on assumptions that are consistent with the estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows and capitalization rates are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in future impairment charges of the real estate assets. The Company recorded $16,804 of impairments during the year ended December 31, 2020. There were no such impairments during the year ended December 31, 2019. See Note 9 to the consolidated financial statements for additional information. Going Concern Basis of Accounting When preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making its evaluation, the Company considers, but is not limited to, any risks and/or uncertainties to its results of operations, contractual obligations in the form of near-term debt maturities, dividend requirements, or other factors impacting the Company’s liquidity and capital resources. No conditions or events that raised substantial doubt about the ability to continue as a going concern within one year were identified as of the issuance date of the financial statements contained in this Annual Report on Form 10-K. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During March 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Recently Adopted Accounting Pronouncements On April 10, 2020, the FASB issued a document titled “Staff Q&A, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 pandemic” (“FASB Q&A document”), which focused on the application of lease guidance for concessions related to the effects of the coronavirus disease 2019 (“COVID-19”) pandemic. In this document, the FASB staff allowed entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842, Leases, (“Topic 842”) as though enforceable rights and obligations for those qualifying concessions existed. The FASB also acknowledged that some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. The FASB indicated that a deferral affects the timing of payments, but the amount of consideration is substantially the same as that required under the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes are more preferable than others. Two of those methods are: • Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables accrue. In its statements of operations, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period. • Account for the deferred payments as a variable lease payment. In cases where we granted a payment deferral as a result of COVID-19, we have accounted for most of the concessions as if no changes to the lease contract were made. Under that accounting, we increased our lease receivable as receivables accrued in our statements of operations and will continue to recognize rental income during the deferral period. Refer also to Note 1, Organization, and Note 6, Leases, for discussion related to the impact on the consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. This modifies the disclosure requirements on fair value measurements. The ASU removes the requirement to disclose: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. The adoption of this ASU on January 1, 2020 did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases”, which established ASC 842, Leases, which introduces a lessee model that brings most leases on the balance sheet and, among other changes, eliminates the requirement in current GAAP for an entity to use bright-line tests in determining lease classification. ASC 842 allows for several practical expedients which permit the following: no reassessment of lease classification or initial direct costs; use of the standard’s effective date as the date of initial application; and no separation of non-lease components from the related lease components and, instead, to account for those components as a single lease component if certain criteria are met. We elected these practical expedients, upon adoption, on January 1, 2019, using the effective date as our date of initial application and no transition adjustment was recognized. The Company elected the practical expedient, among others, to not separate lease and non-lease components for all qualifying leases. For leases with a term of twelve months or less, the Company has made a policy election to not recognize lease liabilities and lease assets. Due to the new standard’s narrowed definition of initial direct costs, beginning January 1, 2019, the Company recognizes expense as incurred on certain lease origination costs previously capitalized and amortized to expense over the lease term. Any costs no longer qualifying as initial direct costs are an increase to property operating expenses in the consolidated statements of operations and comprehensive income in the period of adoption and prospectively. As a lessee, beginning January 1, 2019, the Company recognized a right-of-use asset and lease liability included in deferred costs and other assets and other liabilities, respectively, on the consolidated balance sheets, with a balance upon adoption of approximately $305, which was estimated by utilizing an average discount rate of approximately 4.5%, reflecting the Company's incremental borrowing rate. As a lessor, the Company believes that substantially all of the Company's leases will continue to be classified as operating leases under the new standard and will continue to record revenues from rental properties on a straight-line basis. However, certain ground, anchor, and other long-term leases entered into or acquired have an increased likelihood of being classified as either sales-type or finance-type leases. In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting”. This ASU is intended to simplify aspects of share-based compensation issued to non-employees by making the guidance consistent with the accounting for employee share-based compensation. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. The adoption of ASU 2018-07 on January 1, 2019 did not have a material impact on our consolidated financial statements. In December 2018, the FASB issued ASU 2018-20, “Leases (Topic 842): Narrow-Scope Improvements for Lessors,” which addresses specific issues in the leasing guidance, including sales taxes and other similar taxes collected from lessees, certain lessor costs paid directly by lessees, and recognition of variable payments for contracts with lease and non-lease components. Prior to the adoption of ASU 2018-20, the Company recognized tenant recovery income regardless of whether the third party was paid by the lessor or lessee. Effective January 1, 2019, such tenant recoveries are only recognized to the extent that the Company pays the third party directly and are classified as rental income on the Company’s consolidated statements of operations and comprehensive loss. Other recently issued accounting standards or pronouncements not disclosed in the foregoing table have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on the consolidated financial statements of the Company.

Acquired Assets

Acquired Assets	12 Months Ended
	Dec. 31, 2020
Asset Acquisitions [Abstract]
Acquired Assets	Acquired Assets The Company records identifiable assets and liabilities acquired at fair value. During the year ended December 31, 2020, the Company acquired one multi-family asset for a gross acquisition price of $7,372. Under ASU No. 2017-01, the Company determined this transaction should be accounted for as an asset acquisitions. Accordingly, the Company capitalized transaction costs of approximately $72. The following table reflects the property acquired during the year ended December 31, 2020. Property Location Acquisition Date Acquisition Price The Sterling San Diego, California April 22, 2020 $ 7,372 The purchase price allocation has been recorded as follows: Total Land $ 1,849 Buildings and other improvements 5,407 Intangible assets, net 116 Total assets $ 7,372 During the year ended December 31, 2019, the Company acquired six multi-family assets for a gross acquisition price of $131,180, including capitalized transaction costs of approximately $480. The following table reflects the properties acquired during the year ended December 31, 2019. Property Location Acquisition Date Acquisition Price The Detroit and Detroit Terraces Denver, Colorado January 8, 2019 $ 19,070 The View San Diego, California April 5, 2019 16,420 Tennyson44 Denver, Colorado June 11, 2019 19,191 The Locale (1) Allendale, MI August 16, 2019 27,696 The Muse Denver, Colorado October 24, 2019 48,803 $ 131,180 The purchase price allocation has been recorded as follows: The Detroit and Detroit Terraces The View Tennyson44 The Locale The Muse Total Land $ 3,370 $ 7,272 $ 1,533 $ 4,295 $ 5,303 $ 21,773 Buildings and other improvements 15,006 8,862 17,410 22,460 42,809 106,547 Intangible assets, net 301 286 248 941 691 2,467 Total assets $ 18,677 $ 16,420 $ 19,191 $ 27,696 $ 48,803 $ 130,787 — Debt discount on mortgage assumption 393 — — — — 393 Total liabilities $ 393 $ — $ — $ — $ — $ 393 Total acquisition price $ 19,070 $ 16,420 $ 19,191 $ 27,696 $ 48,803 $ 131,180

Disposed Assets

Disposed Assets	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposed Assets	Disposed Assets The following table reflects the property disposition during the year ended December 31, 2020. Property Location Disposition Date Gross Disposition Price Sale Proceeds, Net Gain on Sale Citizens Providence, Rhode Island March 31, 2020 $ 1,425 $ 1,287 $ 82 The following table reflects the property dispositions during the year ended December 31, 2019. Property Location Disposition Date Gross Disposition Price Sale Proceeds, Net Gain on Sale RDU land Raleigh, North Carolina May 29, 2019 $ 600 $ 554 $ 29 Lincoln Center Lincoln, Rhode Island June 21, 2019 55,750 52,609 8,812 $ 56,350 $ 53,163 $ 8,841

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following: Year ended December 31, 2020 2019 Accrued real estate taxes $ 7,365 $ 6,372 Accrued compensation 3,762 3,606 Accrued interest payable 282 369 Other accrued expenses 1,544 1,188 Total accounts payable and accrued expenses $ 12,953 $ 11,535

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Leases Leasing as a lessor Revenue Recognition We lease multi-family properties under operating leases with terms of generally one year or less. We lease commercial properties (our net lease, office and retail segments) under operating leases with remaining lease terms that range from less than one year to sixteen years as of December 31, 2020 and terms that range from less than one year to twenty years as of December 31, 2019. We recognize rental income and rental abatements from our multi-family and commercial leases when earned on a straight-line basis over the lease term. Recognition of rental income commences when control of the leased space has been transferred to the tenant. We recognize cost reimbursement income from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are comprised of real estate taxes, operating expenses and common area maintenance costs which are reimbursed by tenants in accordance with specific allowable costs per tenant lease agreements. Parking revenues are derived from leases and monthly parking agreements. We recognize parking revenues from leases on a straight-line basis over the lease term and other parking revenues as earned. Upon adoption of ASU 2016-02, we elected not to bifurcate lease contracts into lease and non-lease components, since the timing and pattern of revenue is not materially different and the non-lease components are not the primary component of the lease. Accordingly, both lease and non-lease components are presented in rental income in our consolidated financial statements. The adoption of ASU 2016-02 did not result in a material change to our recognition of real estate rental revenue. Lease related receivables, which include contractual amounts accrued and unpaid from tenants and accrued straight-line rents receivable, are reduced for credit losses. Such amounts are recognized as a reduction to real estate rental revenues. The FASB clarified in July 2019 that, under ASC 842, lessors can continue to recognize a reserve (i.e., allowance for uncollectible operating lease receivables) under the loss contingency guidance in ASC 450-20 after applying the collectibility guidance in ASC 842. We evaluate the collectability of lease receivables monthly using several factors including a lessee’s creditworthiness. We recognize the credit loss on lease related receivables when, in the opinion of management, collection of substantially all lease payments is not probable. When collectability is determined not probable, any lease income subsequent to recognizing the credit loss is limited to the lesser of the lease income reflected on a straight-line basis or cash collected. In December 2019, the Company executed an amendment to its lease with Alta Devices, Inc. for one building of our office asset located in San Jose, California. The amendment with Alta Devices acknowledged Alta Devices was in payment default of its lease, and we collected on a letter of credit, in the amount of $1,701, that secured Alta Devices obligations under the lease. The letter of credit proceeds have been applied to rental income pursuant to the terms of the lease. During 2019, we wrote off all lease related assets related to the premises in the original lease with Alta Devices, Inc. including a lease inducement $1,249, lease commissions $1,169 and straight-line rent $1,649. The lease terminated during the first fiscal quarter of 2020 and $671 was recognized in rental income and $768 was recognized in other property income from the proceeds of the letter of credit that secured Alta's obligations under the lease. On August 2, 2019, we received a notice of non-renewal from The GEO Group, Inc. (“GEO”) indicating that it would not be seeking an extension of its lease on our Hudson correctional facility asset. The lease on this asset expired in January, 2020 and GEO has vacated the facility. The facility remains vacant as of December 31, 2020. For the year ended December 31, 2019, 26.7% of our revenue was derived from GEO's net lease on our Hudson correctional facility asset. We recorded a full impairment of the asset of $16,804 during the fourth quarter of 2020. While we will seek to re-lease or find alternative users for this asset, given the nature of the property, its location and its extended period of vacancy, we expect it will be very difficult to re-lease or find alternative users for this property. Even if we are successful in finding alternative users, we expect it will take an extended period of time to do so, if at all. Further, we believe it is unlikely that we will be able to find alternative users on similar terms. As we do not expect to find alternative users, re-lease the property, or re-lease on similar terms in the foreseeable future, we expect the expiration of this lease to continue to have a material adverse effect on our financial condition, cash flows and results of operations. Notwithstanding the expiration of this lease, we believe we have sufficient liquidity and capital resources to fund our operations for the foreseeable future. Lease income related to the Company's operating leases is comprised of the following: Year ended December 31, 2020 2019 Lease income related to fixed lease payments $ 23,291 $ 30,391 Lease income related to variable lease payments 3,939 6,235 Other (1) 1,712 727 Lease income $ 28,942 $ 37,353 (1) For the year ended December 31, 2020 and 2019, respectively, other is primarily comprised of parking revenues and termination fees related to early lease expirations. Future Minimum Rental Income As of December 31, 2020, commercial operating leases provide for future minimum rental income, assuming no expiring leases are renewed, as follows. Apartment leases are not included as the terms are generally for one year or less. 2021 $ 9,087 2022 8,188 2023 7,223 2024 6,758 2025 5,758 Thereafter 20,239 Total $ 57,253 Leasing as a Lessee We lease a portion of the land underlying one of our retail assets, Sherman Plaza, from a third party through a ground lease covering such land with a lease term expiring in October 2042. Upon adoption of ASU 2016-02, we recognized a right of use asset (included in deferred costs and other assets) and lease liability (included in other liabilities). At December 31, 2020, the balances were $287 and were recorded in the consolidated balance sheets. We used a discount rate of approximately 4.5%, reflecting the Company's incremental borrowing rate. During the twelve months ended December 31, 2020, we recognized a right of use asset (included in deferred costs and other assets) and lease liability (included in other liabilities The following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments on our operating ground lease at December 31, 2020 and a reconciliation of those cash flows to the operating lease liability at December 31, 2020. 2021 $ 200 2022 21 2023 21 2024 21 2025 21 Thereafter 352 636 Imputed interest (170) Lease liability $ 466
Leases	Leases Leasing as a lessor Revenue Recognition We lease multi-family properties under operating leases with terms of generally one year or less. We lease commercial properties (our net lease, office and retail segments) under operating leases with remaining lease terms that range from less than one year to sixteen years as of December 31, 2020 and terms that range from less than one year to twenty years as of December 31, 2019. We recognize rental income and rental abatements from our multi-family and commercial leases when earned on a straight-line basis over the lease term. Recognition of rental income commences when control of the leased space has been transferred to the tenant. We recognize cost reimbursement income from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are comprised of real estate taxes, operating expenses and common area maintenance costs which are reimbursed by tenants in accordance with specific allowable costs per tenant lease agreements. Parking revenues are derived from leases and monthly parking agreements. We recognize parking revenues from leases on a straight-line basis over the lease term and other parking revenues as earned. Upon adoption of ASU 2016-02, we elected not to bifurcate lease contracts into lease and non-lease components, since the timing and pattern of revenue is not materially different and the non-lease components are not the primary component of the lease. Accordingly, both lease and non-lease components are presented in rental income in our consolidated financial statements. The adoption of ASU 2016-02 did not result in a material change to our recognition of real estate rental revenue. Lease related receivables, which include contractual amounts accrued and unpaid from tenants and accrued straight-line rents receivable, are reduced for credit losses. Such amounts are recognized as a reduction to real estate rental revenues. The FASB clarified in July 2019 that, under ASC 842, lessors can continue to recognize a reserve (i.e., allowance for uncollectible operating lease receivables) under the loss contingency guidance in ASC 450-20 after applying the collectibility guidance in ASC 842. We evaluate the collectability of lease receivables monthly using several factors including a lessee’s creditworthiness. We recognize the credit loss on lease related receivables when, in the opinion of management, collection of substantially all lease payments is not probable. When collectability is determined not probable, any lease income subsequent to recognizing the credit loss is limited to the lesser of the lease income reflected on a straight-line basis or cash collected. In December 2019, the Company executed an amendment to its lease with Alta Devices, Inc. for one building of our office asset located in San Jose, California. The amendment with Alta Devices acknowledged Alta Devices was in payment default of its lease, and we collected on a letter of credit, in the amount of $1,701, that secured Alta Devices obligations under the lease. The letter of credit proceeds have been applied to rental income pursuant to the terms of the lease. During 2019, we wrote off all lease related assets related to the premises in the original lease with Alta Devices, Inc. including a lease inducement $1,249, lease commissions $1,169 and straight-line rent $1,649. The lease terminated during the first fiscal quarter of 2020 and $671 was recognized in rental income and $768 was recognized in other property income from the proceeds of the letter of credit that secured Alta's obligations under the lease. On August 2, 2019, we received a notice of non-renewal from The GEO Group, Inc. (“GEO”) indicating that it would not be seeking an extension of its lease on our Hudson correctional facility asset. The lease on this asset expired in January, 2020 and GEO has vacated the facility. The facility remains vacant as of December 31, 2020. For the year ended December 31, 2019, 26.7% of our revenue was derived from GEO's net lease on our Hudson correctional facility asset. We recorded a full impairment of the asset of $16,804 during the fourth quarter of 2020. While we will seek to re-lease or find alternative users for this asset, given the nature of the property, its location and its extended period of vacancy, we expect it will be very difficult to re-lease or find alternative users for this property. Even if we are successful in finding alternative users, we expect it will take an extended period of time to do so, if at all. Further, we believe it is unlikely that we will be able to find alternative users on similar terms. As we do not expect to find alternative users, re-lease the property, or re-lease on similar terms in the foreseeable future, we expect the expiration of this lease to continue to have a material adverse effect on our financial condition, cash flows and results of operations. Notwithstanding the expiration of this lease, we believe we have sufficient liquidity and capital resources to fund our operations for the foreseeable future. Lease income related to the Company's operating leases is comprised of the following: Year ended December 31, 2020 2019 Lease income related to fixed lease payments $ 23,291 $ 30,391 Lease income related to variable lease payments 3,939 6,235 Other (1) 1,712 727 Lease income $ 28,942 $ 37,353 (1) For the year ended December 31, 2020 and 2019, respectively, other is primarily comprised of parking revenues and termination fees related to early lease expirations. Future Minimum Rental Income As of December 31, 2020, commercial operating leases provide for future minimum rental income, assuming no expiring leases are renewed, as follows. Apartment leases are not included as the terms are generally for one year or less. 2021 $ 9,087 2022 8,188 2023 7,223 2024 6,758 2025 5,758 Thereafter 20,239 Total $ 57,253 Leasing as a Lessee We lease a portion of the land underlying one of our retail assets, Sherman Plaza, from a third party through a ground lease covering such land with a lease term expiring in October 2042. Upon adoption of ASU 2016-02, we recognized a right of use asset (included in deferred costs and other assets) and lease liability (included in other liabilities). At December 31, 2020, the balances were $287 and were recorded in the consolidated balance sheets. We used a discount rate of approximately 4.5%, reflecting the Company's incremental borrowing rate. During the twelve months ended December 31, 2020, we recognized a right of use asset (included in deferred costs and other assets) and lease liability (included in other liabilities The following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments on our operating ground lease at December 31, 2020 and a reconciliation of those cash flows to the operating lease liability at December 31, 2020. 2021 $ 200 2022 21 2023 21 2024 21 2025 21 Thereafter 352 636 Imputed interest (170) Lease liability $ 466

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets and Liabilities The following table summarizes the Company's identified intangible assets and intangible liabilities as of December 31, 2020 and 2019. Balance as of December 31, 2020 2019 Intangible Assets: Acquired in-place lease $ 22,281 $ 22,165 Accumulated amortization (22,245) (20,826) Intangible assets, net $ 36 $ 1,339 Intangible liabilities: Acquired below market leases $ 2,629 $ 2,629 Accumulated amortization (1,886) (1,787) Intangible Liabilities, net $ 743 $ 842 The portion of the purchase price allocated to acquired above market lease costs and acquired below market lease costs are amortized on a straight-line basis over the life of the related lease, including the respective renewal period for below market lease costs with fixed rate renewals, as an adjustment to rental income. Amortization pertaining to the above market lease costs was applied as a reduction to rental income. Amortization pertaining to the below market lease costs was applied as an increase to other rental income. The portion of the purchase price allocated to acquired in-place lease intangibles is amortized on a straight line basis over the life of the related lease and is recorded as amortization expense. The following table summarizes the amortization related to acquired above and below market lease costs and acquired in-place lease intangibles for the years ended December 31, 2020 and 2019. Year ended December 31, 2020 2019 Amortization of: Acquired above market lease $ — $ (1) Acquired below market lease 99 267 Net revenues increase $ 99 $ 266 Acquired in-place lease intangibles $ 1,419 $ 1,529 The following table presents the amortization during the next five years and thereafter related to intangible assets and liabilities as of December 31, 2020. 2021 2022 2023 2024 2025 Thereafter Total Amortization of: Acquired below market lease $ 85 $ 85 $ 85 $ 85 $ 78 $ 325 $ 743 Net revenues increase $ 85 $ 85 $ 85 $ 85 $ 78 $ 325 $ 743 Acquired in-place lease intangibles $ 36 $ — $ — $ — $ — $ — $ 36

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt During the years ended December 31, 2020 and 2019, the following principal debt transactions occurred: Balance at December 31, 2018 $ 35,443 Assumption of mortgage debt on acquired properties — 11,449 Proceeds from credit agreement 30,000 Proceeds from mortgage debt 18,750 Paydown of debt (716) Balance at December 31, 2019 94,926 Paydown of term loan related to credit agreement (30,000) Proceeds from credit agreement 20,000 Paydown of debt (1,028) Balance at December 31, 2020 $ 83,898 Total debt outstanding as of December 31, 2020 and 2019, net of unamortized deferred financing costs and debt discounts, was $82,761 and $93,203, respectively, and had a weighted average interest rate of 3.78% and 4.00% per annum, respectively. Deferred financing costs, net, as of December 31, 2020 and 2019 were $834 and $1,374, respectively. Debt discounts as of December 31, 2020 and December 31, 2018 were $303 and $349, respectively. As of December 31, 2020, scheduled maturities for the Company’s outstanding mortgage indebtedness and the credit facility had various due dates through August 2027, as follows: For the year ended December 31, As of December 31, 2020 Weighted average 2021 $ — — % 2022 28,957 3.35 % 2023 18,282 3.28 % (1) 2024 — — % 2025 — — % Thereafter 36,659 4.38 % Total $ 83,898 3.78 % (1) See below for discussion of the swap agreement entered into with the mortgage loan obtained in connection with the acquisition of the The Locale asset. The weighted average interest rate reflected is the strike rate. The Company's ability to pay off mortgages when they become due is dependent upon the Company's ability either to refinance the related mortgage debt or to sell the related asset. With respect to each loan, if the applicable subsidiary is unable to refinance or sell the related asset, or in the event that the estimated asset value is less than the mortgage balance, we may, if appropriate, satisfy a mortgage obligation by transferring title of the asset to the lender or permitting a lender to foreclose. As of December 31, 2020 and December 31, 2019, none of our mortgage debt was recourse to the Company, although Highlands or its subsidiaries may act as guarantor under customary, non-recourse carve-out guarantees in connection with obtaining mortgage loans on certain of our properties. Some of the mortgage loans require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of December 31, 2020 and 2019, the Company is in compliance with such covenants in all material respects. On January 8, 2019, the Company assumed a mortgage loan in the principal amount of $11,089, net of a debt discount of $360, in connection with the acquisition of The Detroit and Detroit Terraces. The contractual rate and terms of the assumed debt was marked to market as of the acquisition date. According to the terms of the note agreement, the contractual fixed interest rate is 3.99% and payments are interest only through September 30, 2022. The maturity date of the mortgage loan is on August 31, 2027. We obtained a mortgage loan in the principal amount of $18,750 in connection with the acquisition of Locale on August 16, 2019. We entered into a swap agreement with respect to the loan, effective through its September 1, 2023 maturity date, to swap the variable interest rate to a fixed rate of approximately 3.27% per annum. The interest rate is based on the LIBOR plus the applicable spread. The effective interest rate as of December 31, 2020 and 2019 is approximately 1.90% and 3.46%, respectively. Credit Agreement On February 15, 2019, the Company entered into a Credit Agreement (the “Credit Agreement”) by and among the Company, as borrower, The Huntington National Bank (“HNB”), individually and as administrative agent, issuing lender, lead arranger, book manager and syndication agent, and certain other lenders thereunder. The Credit Agreement initially provided for (i) a secured revolving credit facility (the “Revolving Credit Facility”) with revolving commitments in an aggregate principal amount of $50,000, including a letter of credit subfacility for 10% of the then available revolving commitments, and (ii) a secured term loan credit facility (the “Term Loan Facility” and together with the Revolving Credit Facility, the “Credit Facility”) with term loan commitments in an aggregate principal amount of $50,000. On November 6, 2020, the Company entered into a Third Amendment to Credit Agreement (the “Third Amendment”) that amends that certain Credit Agreement, dated February 15, 2019 (as amended, the "Credit Agreement"), by and between the Company, as borrower, and certain of its subsidiaries, as guarantors, The Huntington National Bank, individually and as administrative agent, issuing lender, lead arranger, book manager and syndication agent, and the other lenders thereunder, pursuant to which the Company “right-sized” the Credit Agreement by eliminating the Term Loan (as defined in the Third Amendment) previously available under the Credit Agreement. In connection with the execution of the Third Amendment, the Company borrowed sufficient funds under the Revolving Credit Loan to repay all of its obligations under the Term Loan. Additionally, pursuant to the Third Amendment, the lender waived the Company’s obligation to comply with certain financial covenants for the period from July 1, 2020 to December 31, 2020 (the “Waiver Period”) and restricted the Company from drawing on the Revolving Credit Loan in amounts in excess of $20.0 million until the Company is in compliance with all such covenants. During the year ended December 31, 2020, the Company repaid $30,000 of the outstanding principal balance of the Term Loan. As of December 31, 2020, the Company had an outstanding principal balance of $20,000 under the Revolving Credit Loan. The Revolving Credit Loan has a maturity date of February 15, 2022, but can be extended at the Company’s option for two additional one The interest rates applicable to loans under the Revolving Credit Loan are, at the Company’s option, equal to either a base rate plus a margin ranging from 1.0% to 1.3% per annum or LIBOR plus a margin ranging from 2.0% to 2.3% per annum based on the debt to assets ratio of the Company and its consolidated subsidiaries. The Company has chosen the second option for the interest rate applicable to the current loan under the Revolving Credit Loan during the twelve months ended December 31, 2020. In addition, the Company pays (a) an unused facility fee on the revolving commitments under the Revolving Credit Loan ranging from 0.15% to 0.25% per annum, calculated daily based on the average unused commitments under the Revolving Credit Loan. The Credit Facility is guaranteed, jointly and severally, by certain subsidiaries of the Company (the “Subsidiary Guarantors”), and is secured by a pledge of equity interests in the Subsidiary Guarantors. The Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and its subsidiaries to incur indebtedness, grant liens on their assets, make certain types of investments, engage in acquisitions, mergers or consolidations, sell assets, enter into hedging transactions, enter into certain transactions with affiliates and make distributions. The Credit Agreement requires the Company to comply with financial covenants to be tested quarterly, including a maximum debt to asset value ratio, a minimum fixed charge coverage ratio, a minimum tangible net worth, a maximum variable rate debt to asset value ratio, a prohibition on recourse debt and a maximum amount of cross-collateralized non-recourse debt. The Credit Agreement also contains certain covenants around the value and diversity of the properties owned by the Subsidiary Guarantors. The Credit Agreement also contains certain customary events of default, including the failure to make timely payments under the Credit Facility or other material indebtedness, the failure to satisfy certain covenants and specified events of bankruptcy and insolvency.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements In accordance with ASC 820, Fair Value Measurement and Disclosures, the Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: • Level 1 - Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 - Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of debt funding and, to a limited extent, the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments, described below, are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company may use interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We do not enter into derivative financial instruments for speculative purposes. As of December 31, 2020 and 2019, we had one derivative financial instrument designated as a cash flow hedge, with a notional amount of $18,750 and a maturity date of September 1, 2023. This derivative is an interest rate swap that is measured at fair value on a recurring basis. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income on the consolidated balance sheets and is subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. The amount recorded as other comprehensive loss related to the unrealized loss on our derivative financial instrument was $666 for the year ended December 31, 2020. The amount recorded as other comprehensive income was $21 for the year ended December 31, 2019. Realized gains and losses will be recognized as they accrue in interest expense. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable rate debt. The Company estimates that $255 will be reclassified as a decrease to interest expense over the next twelve months. The table below presents the fair value of the Company’s derivative financial instrument as well as its classification on the consolidated balance sheets as of December 31, 2020 and 2019, respectively. December 31, 2020 Level 1 Level 2 Level 3 Total Derivative financial instruments designated as cash flow hedges: Classified as “Other Liabilities” $ — $ 645 $ — $ 645 December 31, 2019 Level 1 Level 2 Level 3 Total Derivative financial instruments designated as cash flow hedges: Classified as “Deferred costs and other assets” $ — $ 21 $ — $ 21 The fair value of our derivative financial instrument was determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While it was determined that the majority of the inputs used to value the derivative fall within Level 2 of the fair value hierarchy under authoritative accounting guidance, the credit valuation adjustments associated with the derivative also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of December 31, 2020, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instrument was assessed, and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instrument. As a result, it was determined that the derivative financial instrument in its entirety should be classified in Level 2 of the fair value hierarchy. Non-Recurring Measurements During the year ended December 31, 2020, the Company identified certain assets which may have a reduction in the expected holding period, a reduction in occupancy or a reduction in fair market value which represented an impairment trigger, and recorded a full impairment of investment properties of $16,804 on one net lease asset. No such impairments were recorded during the year ended December 31, 2019. The following table presents these assets measured at fair value on a nonrecurring basis as of December 31, 2020 aggregated by the level within the fair value hierarchy in which those measurements fall. Methods and assumptions used to estimate the fair value of these assets are described after the table. Fair Value Level 1 Level 2 Level 3 Total Provision for impairment December 31, 2020 Investment Properties $ — $ — $ — $ — $ 16,804 (a) The estimate of fair value relating to the correctional facility’s impairment was primarily based upon research and findings that there is currently no market demand for the property, nor will there be a market for the foreseeable future. A sales comparison approach was utilized to estimate the market value of the land, as vacant, after deducting market supported demolition costs. Financial Liabilities Disclosed at Fair Value on a Recurring Basis The table below represents the fair value of financial instruments presented at carrying values in the consolidated financial statements as of December 31, 2020 and 2019. December 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable and revolver $ 83,898 $ 81,703 $ 94,926 $ 94,934

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is taxed and operates in a manner that will allow the Company to continue to qualify as a REIT for U.S. federal income tax purposes. So long as it maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders each year. If the Company fails to continue to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and would not be able to re-elect REIT status during the four years following the year of the failure. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and U.S. federal income and excise taxes on its undistributed income. MB REIT is currently disregarded as a separate entity from the Company for U.S. federal income tax purposes and is a QRS of the Company. All assets, liabilities and items of income, deduction and credit of MB REIT are treated for U.S. federal income tax purposes as those of the Company. During the years ended December 31, 2020 and December 31, 2019, no income tax benefit or expense was included in the consolidated statements of operations and comprehensive income/loss. Uncertain Tax Positions The Company had no unrecognized tax benefits as of or during the two year period ended December 31, 2020. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2020. The Company has no material interest or penalties relating to income taxes recognized in the consolidated statements of operations and comprehensive income for the years ended December 31, 2020 and 2019 or in the consolidated balance sheets as of December 31, 2020 and 2019. As of December 31, 2020, the Company's, including its predecessors, 2019, 2018 and 2017 tax years remain subject to examination by U.S. and various state tax jurisdictions.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting GAAP has established guidance for reporting information about a company’s operating segments. The Company monitors and reviews its segment reporting structure in accordance with guidance under FASB ASC Topic 280, Segment Reporting (“ASC 280”) to determine whether any changes have occurred that would impact its reportable segments. The Company currently has four business segments, consisting of (i) net lease, (ii) retail, (iii) multi-tenant office and (iv) multi-family. The net lease segment consists of single-tenant office and industrial assets, as well as the Company’s correctional facility. The Company’s unimproved land asset is presented below in Other. The following table summarizes net operating income (loss) by segment for the year ended December 31, 2020. Total Net Lease Retail Multi-Tenant Office Multi-family Other Rental income $ 27,230 $ 2,717 $ 9,582 $ 699 $ 14,232 $ — Other property income 1,712 — 189 768 755 — Total income 28,942 2,717 9,771 1,467 14,987 — Operating expenses 14,731 1,375 5,199 777 6,836 544 Net operating income (loss) $ 14,211 $ 1,342 $ 4,572 $ 690 $ 8,151 $ (544) Non-allocated expenses (a) (26,905) Other income and expenses (b) (4,243) Provision for asset impairment (c) (16,804) Gain on sale of investment properties (d) 82 Net loss $ (33,659) Balance Sheet Data Real estate assets, net (e) $ 296,736 $ 15,214 $ 64,865 $ 25,892 $ 181,801 $ 8,964 Non-segmented assets (f) 59,324 Total assets $ 356,060 Capital expenditures $ 2,804 $ — $ 2,013 $ 23 $ 752 $ 16 (a) Non-allocated expenses consists of general and administrative expenses and depreciation and amortization. (b) Other income and expenses consists of interest income and interest expense. (c) Provision for asset impairment is related to one net lease asset. (d) Gain on the sale of investment properties is related to one other asset. (e) Real estate assets include intangible assets, net of amortization. (f) Non-segmented assets include cash and cash equivalents, restricted cash and escrows, accounts and rents receivable and deferred costs and other assets. The following table summarizes net operating income (loss) by segment for the year ended December 31, 2019. Total Net Lease Retail Multi-Tenant Office Multi-family Other Rental income $ 36,626 $ 12,450 $ 15,638 $ 79 $ 8,459 $ — Other property income 727 — 149 38 534 6 Total income 37,353 12,450 15,787 117 8,993 6 Operating expenses 13,180 618 7,245 760 3,963 594 Net operating income (loss) $ 24,173 $ 11,832 $ 8,542 $ (643) $ 5,030 $ (588) Non-allocated expenses (a) (25,921) Other income and expenses (b) (2,279) Gain on sale of investment properties (c) 8,841 Net income $ 4,814 Balance Sheet Data Real estate assets, net (d) $ 317,136 $ 34,755 $ 66,276 $ 26,400 $ 180,753 $ 8,952 Non-segmented assets (e) $ 83,096 Total assets $ 400,232 Capital expenditures $ 1,011 $ — $ 468 $ — $ 543 $ — (a) Non-allocated expenses consists of general and administrative expenses and depreciation and amortization. (b) Other income and expenses consists of interest income and interest expense. (c) Gain on the sale of investment properties is related to one retail asset and one other asset. (d) Real estate assets include intangible assets, net of amortization. (e) Non-segmented assets include cash and cash equivalents, restricted cash and escrows, accounts and rents receivable and deferred costs and other assets.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per common share is calculated by dividing net income attributable to Highlands REIT, Inc. common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to Highlands REIT, Inc. common stockholders by the weighted-average number of common shares outstanding during the period, plus any additional common shares that would have been outstanding if the dilutive potential common shares had been issued. The following table reconciles net income attributable to the Company to basic and diluted EPS (in thousands, except share and per share data): Year Ended December 31, 2020 2019 Numerator: Net (loss) income attributable to Highlands REIT, Inc. $ (33,589) $ 4,849 Denominator: Weighted average shares outstanding - basic and diluted 879,151,301 875,313,817 Basic and diluted income per share: Net (loss) income per common share $ (0.04) $ 0.01

Share Based Compensation

Share Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share Based Compensation	Share Based Compensation Incentive Award Plan On April 28, 2016, the board of directors adopted, ratified and approved the Highlands REIT, Inc. 2016 Incentive Award Plan (the “Incentive Award Plan”), under which the Company may grant cash and equity-based incentive awards to eligible employees, directors, and consultants. Prior to the Company’s spin-off from InvenTrust, the board of directors of the Company (then a wholly-owned subsidiary of InvenTrust) adopted, and InvenTrust, as the sole stockholder of Highlands, approved, the Incentive Awards Plan. For the year ended December 31, 2020, the Company granted 6,694,447 of fully vested shares of common stock with an aggregate value of $2,410 based on an estimated fair value per share of $0.36. Under the Incentive Award Plan, the Company is authorized to grant up to 43,000,000 shares of the Company's common stock pursuant to awards under the plan. At December 31, 2020, 10,423,768 shares were available for future issuance under the Incentive Award Plan. A summary of the Company's stock awards activity as of December 31, 2020 is as follows: Non-Vested stock awards Stock Awards Weighted Average Grant Date Fair Value Balance at January 1, 2020 357,143 $ 0.35 Granted 6,694,447 0.36 Vested (7,041,669) 0.36 Other (1) (9,921) — Balance at December 31, 2020 — $ — (1) Represents the change in the number of shares granted in 2019 based on an estimated net asset value per share of $0.33 and the actual shares vested in 2020 based on an estimated net asset value per share of $0.35.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters may have a material adverse effect on the financial statements of the Company. Highlands has also agreed to indemnify InvenTrust against all taxes related to the Company and its assets, including taxes attributable to periods prior to the separation and distribution. InvenTrust has agreed to indemnify the Company for any taxes attributable to InvenTrust’s or MB REIT’s failure to maintain its qualification as a REIT for any taxable year ending on or before December 31, 2016. In April 2020, the Company executed a lease with Northwestern Medical Group for approximately 29,000 square feet at our Sherman Plaza asset, replacing Barnes and Noble whose lease was terminated after the signing of this new lease. The lease requires a significant amount of landlord work, a tenant allowance and a broker commission. The total cost commitment is estimated to be approximately $3.9 million, however, costs could increase if additional landlord work becomes necessary to deliver the space to the tenant in the condition specified in the lease. As of December 31, 2020, we estimate that remaining costs under this commitment are approximately $2.0 million. In February 2021, the Company executed a lease with Veeco Instruments, Inc. for approximately 97,000 square feet at our Trimble office asset, replacing Alta, whose lease was terminated in early 2020. The lease requires a significant tenant allowance and broker commission. The total cost commitment is estimated to be approximately $9.1 million.

Quarterly Supplemental Financia

Quarterly Supplemental Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Supplemental Financial Information (unaudited)	Quarterly Supplemental Financial Information (unaudited) The following represents the results of operations, for each quarterly period, during 2020 and 2019. For the Quarter Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Total revenues $ 9,286 $ 5,873 $ 6,616 $ 7,167 Property operating expenses 2,199 1,793 2,434 2,276 Real estate taxes 1,651 1,066 1,548 1,764 Depreciation and amortization 3,295 3,259 3,118 3,102 General and administrative expenses 4,558 2,893 3,633 3,047 Provision for asset impairment — — — 16,804 Total expenses 11,703 9,011 10,733 26,993 Gain on sale of investment properties 82 — — — Loss from operations (2,335) (3,138) (4,117) (19,826) Interest income 186 26 19 11 Interest expense (1,080) (1,048) (1,099) (1,258) Net loss (3,229) (4,160) (5,197) (21,073) Net loss attributable to non-controlling interests 28 12 30 — Net loss attributable to Highlands REIT, Inc. common stockholders $ (3,201) $ (4,148) $ (5,167) $ (21,073) Net loss per common share, basic and diluted $ — $ — $ (0.01) $ (0.02) Weighted average number of common shares outstanding, basic and diluted (a) 878,071,826 879,636,248 879,932,514 878,958,154 For the Quarter Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total revenues $ 10,257 $ 10,401 $ 9,198 $ 7,497 Property operating expenses 1,904 1,985 1,565 2,035 Real estate taxes 1,306 1,317 1,156 1,912 Depreciation and amortization 2,730 2,729 3,109 4,446 General and administrative expenses 4,383 3,082 2,373 3,069 Total expenses 10,323 9,113 8,203 11,462 Gain on sale of investment properties — 8,841 — — (Loss) income from operations (66) 10,129 995 (3,965) Interest income 369 398 581 302 Interest expense (758) (1,006) (1,058) (1,107) Net (loss) income (455) 9,521 518 (4,770) Net loss (income) attributable to non-controlling interests $ — $ — $ (10) $ 45 Net (loss) income attributable to Highlands REIT, Inc. common stockholders $ (455) $ 9,521 $ 508 $ (4,725) Net (loss) income per common share, basic and diluted $ 0.00 $ 0.01 $ 0.00 $ (0.01) Weighted average number of common shares outstanding, basic and diluted (a) 873,379,003 875,755,799 876,007,008 876,074,038 (a) Quarterly income per common share amounts may not total the annual amounts due to rounding and the changes in number of weighted common shares outstanding.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 21, 2021, the Company repaid $5,000 of the outstanding principal balance of the Revolving Credit Loan. As of January 31, 2021, the Company has an outstanding principal balance of $15,000 under the Revolving Credit Loan. Effective January 22, 2021, the Company's board of directors appointed Robert J. Lange to serve as Chief Operating Officer of the Company. In addition to his duties as General Counsel and Secretary, Mr. Lange’s responsibilities have included and will continue to include a variety of operational functions, including strategic planning, non-core asset management, investor relations, certain human resources roles, as well as property insurance and corporate insurance.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	Initial Cost (A) Gross amount at which carried at end of period Encumbrance Land Buildings and Improvements Adjustments to Land Basis (B) Adjustments to Building Basis (B) Land Buildings and Improvements Total (C) Accumulated Depreciation (D,E) Date of Completion of Construction or Acquisition Retail BUCKHORN PLAZA $ 9,959 $ 1,651 $ 11,770 $ (35) $ 2,221 $ 1,616 $ 13,991 $ 15,607 $ 7,356 2006 Bloomsburg, PA SHERMAN PLAZA — 9,655 30,982 — 9,359 9,655 40,341 49,996 19,464 2006 Evanston, IL STATE STREET MARKET 8,957 3,950 14,184 — 1,822 3,950 16,006 19,956 8,520 2006 Rockford, IL THE MARKET AT HILLIARD 15,251 4,432 13,308 — 3,766 4,432 17,074 21,506 8,440 2005 Hilliard, OH Net Lease ATLAS - ST PAUL — 3,890 10,093 — — 3,890 10,093 13,983 4,680 2007 St. Paul, MN ATLAS-NEW ULM — 900 9,359 — — 900 9,359 10,259 4,347 2007 New Ulm, MN HUDSON CORRECTIONAL FACILITY — 1,382 — (1,382) — — — — — 2009 Hudson, CO Multi-tenant office TRIMBLE I — 12,732 10,045 — 5,784 12,732 15,829 28,561 2,693 2013 San Jose, CA Initial Cost (A) Gross amount at which carried at end of period Encumbrance Land Buildings and Improvements Adjustments to Land Basis (B) Adjustments to Building Basis (B) Land Buildings and Improvements Total (C) Accumulated Depreciation (D,E) Date of Completion of Construction or Acquisition Multi-family BUERGER BROTHER LOFTS — 3,117 7,114 — 267 3,117 7,381 10,498 878 2017 Denver, CO CHAMBER LOFTS — 2,797 6,388 — 158 2,797 6,546 9,343 779 2017 Denver, CO THE LAFAYETTE — 2,457 7,067 — 194 2,457 7,261 9,718 668 2018 Denver, CO KENILWORTH COURT — 2,496 3,203 — 7 2,496 3,210 5,706 264 2018 Denver, CO 1620 CENTRAL STREET — 3,075 17,140 — 105 3,075 17,245 20,320 1,507 2018 Evanston, IL THE DETROIT AND DETROIT TERRACES 11,449 3,370 15,006 — — 3,370 15,006 18,376 1,072 2019 Denver, CO TENNYSON 1,533 17,410 — — 1,533 17,410 18,943 978 2019 Denver, CO THE MUSE — 5,303 42,809 — 18 5,303 42,827 48,130 1,774 2019 Denver, CO THE VIEW — 7,272 8,862 — 145 7,272 9,007 16,279 601 2019 San Diego, CA THE LOCALE 18,282 4,294 22,461 — 336 4,294 22,797 27,091 1,343 2019 Allendale, MI THE STERLING — 1,849 5,407 — — 1,849 5,407 7,256 130 2020 San Diego, CA Other PALAZZO DEL LAGO — 8,938 — — 19 8,938 19 8,957 6 2010 Orlando, FL CORPORATE — — — — 13 — 13 13 1 2020 Totals $ 63,898 $ 85,093 $ 252,608 $ (1,417) $ 24,214 $ 83,676 $ 276,822 $ 360,498 $ 65,501 Notes to Schedule III: The aggregate cost of real estate owned at December 31, 2020 for U.S. federal income tax purposes was approximately $451,390 (unaudited). (A) The initial cost to the Company represents the original purchase price of the asset, including amounts incurred subsequent to acquisition which were contemplated at the time the asset was acquired. (B) Adjustments to basis include provisions for asset impairments, partial dispositions and costs capitalized subsequent to acquisitions. (C) Reconciliation of real estate owned: 2020 2019 Balance at January 1 $ 372,228 $ 314,527 Acquisitions and capital improvements 8,357 129,407 Dispositions and write-offs (1,596) (71,706) Asset impairments (18,491) — Balance at December 31, $ 360,498 $ 372,228 (D) Reconciliation of accumulated depreciation: 2020 2019 Balance at January 1 $ 56,431 $ 72,822 Depreciation expense 11,001 9,637 Dispositions and write-offs (244) (26,028) Asset impairments (1,687) — Balance at December 31, $ 65,501 $ 56,431 (E) Depreciation is computed based upon the following estimated lives: Buildings and improvements 30 years Tenant improvements Life of the lease Furniture, fixtures, & equipment 5-15 years

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying consolidated financial statements include the accounts of Highlands, as well as all of Highlands' consolidated subsidiaries (collectively, “the Company”).
Principles of Consolidation	Highlands consolidates its wholly-owned subsidiaries and any other entities which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if Highlands is the primary beneficiary of a variable interest entity (“VIE”). The portions of the equity and net income of consolidated subsidiaries that are not attributable to the Company are presented separately as amounts attributable to non-controlling interests in our consolidated financial statements. Entities which Highlands does not control and entities which are VIEs in which Highlands is not a primary beneficiary, if any, are accounted for under appropriate GAAP. Highlands' subsidiaries generally consist of limited liability companies (“LLCs”). The effects of all significant intercompany transactions have been eliminated.
Variable Interest Entities	Variable Interest Entities A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. Under Accounting Standards Codification (“ASC”) 810 - Consolidation, an entity that holds a variable interest in a VIE and meets certain requirements is considered the primary beneficiary of the VIE and is required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both the power to direct the activities that most significantly impact the economic performance of the VIE, and the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE.
Revenue Recognition	Revenue Recognition The Company commences revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of, or controls, the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If we conclude we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives which reduces revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. We consider a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or landlord retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; and • who constructs or directs the construction of the improvements. The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment. In making that determination, we consider all of the above factors. No one factor, however, necessarily establishes its determination. Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rents receivable in the accompanying consolidated balance sheets. Rental income related receivables, which include contractual amounts accrued and unpaid from tenants and accrued straight-line rents receivable, are reduced for credit losses. Such amounts are recognized as a reduction to real estate rental revenues. The Financial Accounting Standards Board (“FASB”) clarified in July 2019 that, under ASC 842, lessors can continue to recognize a reserve (i.e., allowance for uncollectible operating lease receivables) under the loss contingency guidance in ASC 450-20 after applying the collectibility guidance in ASC 842. We evaluate the collectability of lease receivables monthly using several factors including a lessee’s creditworthiness. We recognize the credit loss on lease-related receivables when, in the opinion of management, collection of substantially all lease payments is not probable. When collectability is determined not probable, any lease income subsequent to recognizing the credit loss is limited to the lesser of the lease income reflected on a straight-line basis or cash collected. The adoption of ASU 2016-02 resulted in an adjustment of $92 to rental income and property operating expenses associated with lease-related receivables where collection of substantially all operating lease payments is not probable during the fiscal year ended December 31, 2019. During the same period in 2020, the adjustment to reduce rental income was $181 and the adjustment to property operating expenses was $281, respectively, for receivables where collection was determined not probable. The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met and amounts due are considered collectible. Real Estate We allocate the purchase price of real estate to land, building, other building improvements, tenant improvements, and intangible assets and liabilities (such as the value of above- and below-market leases and in-place leases). The values of above- and below-market leases are recorded as intangible assets, net, and intangible liabilities, net, respectively, in the consolidated balance sheets, and are amortized as either a decrease (in the case of above-market leases) or an increase (in the case of below-market leases) to rental income over the remaining term of the associated tenant lease. The values associated with in-place leases are recorded in intangible assets, net in the consolidated balance sheets and are amortized to depreciation and amortization expense in the consolidated statements of operations and comprehensive income over the remaining lease term. The difference between the contractual rental rates and our estimate of market rental rates is measured over a period equal to the remaining non-cancelable term of the leases, including below-market renewal options for which exercise of the renewal option appears to be reasonably assured. The remaining term of leases with renewal options at terms below market reflect the assumed exercise of such below-market renewal options and assume the amortization period would coincide with the extended lease term. We perform, with the assistance of a third-party certified valuation specialist, the following procedures for properties we acquire: • Determine the accounting of the transaction as either a business combination or an asset acquisition; • Estimate the value of the property “as if vacant” as of the acquisition date; • Allocate the value of the property among land, building, and other building improvements and determine the associated useful life for each; • Calculate the value and associated life of above- and below-market leases on a tenant-by-tenant basis. The difference between the contractual rental rates and our estimate of market rental rates is measured over a period equal to the remaining term of the leases (using a discount rate which reflects the risks associated with the leases acquired, including geographical location, size of leased area, tenant profile and credit risk); • Estimate the fair value of the tenant improvements, legal expenses and leasing commissions incurred to obtain the leases and calculate the associated useful life for each; • Estimate the fair value of assumed debt, if any, and value the favorable or unfavorable debt position acquired; and • Estimate the intangible value of the in-place leases based on lease execution costs of similar leases as well as lost rent payments during an assumed lease-up period and their associated useful lives on a tenant-by-tenant basis.
Capitalization and Depreciation	Capitalization and Depreciation Real estate is reflected at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Depreciation expense is computed using the straight line method. Building and other improvements are depreciated based upon estimated useful lives of 30 years for building and improvements and 5-15 years for furniture, fixtures and equipment and site improvements. Tenant improvements are amortized on a straight line basis over the lesser of the life of the tenant improvement or the lease term as a component of depreciation and amortization expense. Leasing fees are amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. Loan fees are amortized on a straight-line basis, which approximates the effective interest method, over the life of the related loan as a component of interest expense. Direct and indirect costs that are clearly related to the construction and improvements of investment properties are capitalized. Costs incurred for property taxes and insurance are capitalized during periods in which activities necessary to get the asset ready for its intended use are in progress. Interest costs are also capitalized during such periods.
Assets Held for Sale	Assets Held for Sale In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale, in its present condition; (iii) the Company has initiated a program to locate a buyer; (iv) the Company believes that the sale of the investment property is probable; (v) the Company has received a significant non-refundable deposit for the purchase of the property; (vi) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its fair value; and (vii) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan.
Impairment	Impairment The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable, such as a reduction in the expected holding period of the asset. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed the carrying value, the Company records an impairment loss to the extent that the carrying value exceeds the property's fair value. The valuation and possible subsequent impairment of investment properties is a significant estimate that can and does change based on the Company’s continuous process of analyzing each asset and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the asset at a particular point in time.
Going Concern Basis of Accounting	Going Concern Basis of Accounting When preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making its evaluation, the Company considers, but is not limited to, any risks and/or uncertainties to its results of operations, contractual obligations in the form of near-term debt maturities, dividend requirements, or other factors impacting the Company’s liquidity and capital resources. No conditions or events that raised substantial doubt about the ability to continue as a going concern within one year were identified as of the issuance date of the financial statements contained in this Annual Report on Form 10-K.
Recently Issued Accounting Pronouncements and Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During March 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Recently Adopted Accounting Pronouncements On April 10, 2020, the FASB issued a document titled “Staff Q&A, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 pandemic” (“FASB Q&A document”), which focused on the application of lease guidance for concessions related to the effects of the coronavirus disease 2019 (“COVID-19”) pandemic. In this document, the FASB staff allowed entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842, Leases, (“Topic 842”) as though enforceable rights and obligations for those qualifying concessions existed. The FASB also acknowledged that some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. The FASB indicated that a deferral affects the timing of payments, but the amount of consideration is substantially the same as that required under the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes are more preferable than others. Two of those methods are: • Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables accrue. In its statements of operations, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period. • Account for the deferred payments as a variable lease payment. In cases where we granted a payment deferral as a result of COVID-19, we have accounted for most of the concessions as if no changes to the lease contract were made. Under that accounting, we increased our lease receivable as receivables accrued in our statements of operations and will continue to recognize rental income during the deferral period. Refer also to Note 1, Organization, and Note 6, Leases, for discussion related to the impact on the consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. This modifies the disclosure requirements on fair value measurements. The ASU removes the requirement to disclose: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. The adoption of this ASU on January 1, 2020 did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases”, which established ASC 842, Leases, which introduces a lessee model that brings most leases on the balance sheet and, among other changes, eliminates the requirement in current GAAP for an entity to use bright-line tests in determining lease classification. ASC 842 allows for several practical expedients which permit the following: no reassessment of lease classification or initial direct costs; use of the standard’s effective date as the date of initial application; and no separation of non-lease components from the related lease components and, instead, to account for those components as a single lease component if certain criteria are met. We elected these practical expedients, upon adoption, on January 1, 2019, using the effective date as our date of initial application and no transition adjustment was recognized. The Company elected the practical expedient, among others, to not separate lease and non-lease components for all qualifying leases. For leases with a term of twelve months or less, the Company has made a policy election to not recognize lease liabilities and lease assets. Due to the new standard’s narrowed definition of initial direct costs, beginning January 1, 2019, the Company recognizes expense as incurred on certain lease origination costs previously capitalized and amortized to expense over the lease term. Any costs no longer qualifying as initial direct costs are an increase to property operating expenses in the consolidated statements of operations and comprehensive income in the period of adoption and prospectively. As a lessee, beginning January 1, 2019, the Company recognized a right-of-use asset and lease liability included in deferred costs and other assets and other liabilities, respectively, on the consolidated balance sheets, with a balance upon adoption of approximately $305, which was estimated by utilizing an average discount rate of approximately 4.5%, reflecting the Company's incremental borrowing rate. As a lessor, the Company believes that substantially all of the Company's leases will continue to be classified as operating leases under the new standard and will continue to record revenues from rental properties on a straight-line basis. However, certain ground, anchor, and other long-term leases entered into or acquired have an increased likelihood of being classified as either sales-type or finance-type leases. In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting”. This ASU is intended to simplify aspects of share-based compensation issued to non-employees by making the guidance consistent with the accounting for employee share-based compensation. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. The adoption of ASU 2018-07 on January 1, 2019 did not have a material impact on our consolidated financial statements. In December 2018, the FASB issued ASU 2018-20, “Leases (Topic 842): Narrow-Scope Improvements for Lessors,” which addresses specific issues in the leasing guidance, including sales taxes and other similar taxes collected from lessees, certain lessor costs paid directly by lessees, and recognition of variable payments for contracts with lease and non-lease components. Prior to the adoption of ASU 2018-20, the Company recognized tenant recovery income regardless of whether the third party was paid by the lessor or lessee. Effective January 1, 2019, such tenant recoveries are only recognized to the extent that the Company pays the third party directly and are classified as rental income on the Company’s consolidated statements of operations and comprehensive loss. Other recently issued accounting standards or pronouncements not disclosed in the foregoing table have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on the consolidated financial statements of the Company.

Acquired Properties (Tables)

Acquired Properties (Tables)	12 Months Ended
	Dec. 31, 2020
Asset Acquisitions [Abstract]
Schedule Of Asset Acquisitions	The following table reflects the property acquired during the year ended December 31, 2020. Property Location Acquisition Date Acquisition Price The Sterling San Diego, California April 22, 2020 $ 7,372 The purchase price allocation has been recorded as follows: Total Land $ 1,849 Buildings and other improvements 5,407 Intangible assets, net 116 Total assets $ 7,372 During the year ended December 31, 2019, the Company acquired six multi-family assets for a gross acquisition price of $131,180, including capitalized transaction costs of approximately $480. The following table reflects the properties acquired during the year ended December 31, 2019. Property Location Acquisition Date Acquisition Price The Detroit and Detroit Terraces Denver, Colorado January 8, 2019 $ 19,070 The View San Diego, California April 5, 2019 16,420 Tennyson44 Denver, Colorado June 11, 2019 19,191 The Locale (1) Allendale, MI August 16, 2019 27,696 The Muse Denver, Colorado October 24, 2019 48,803 $ 131,180 The purchase price allocation has been recorded as follows: The Detroit and Detroit Terraces The View Tennyson44 The Locale The Muse Total Land $ 3,370 $ 7,272 $ 1,533 $ 4,295 $ 5,303 $ 21,773 Buildings and other improvements 15,006 8,862 17,410 22,460 42,809 106,547 Intangible assets, net 301 286 248 941 691 2,467 Total assets $ 18,677 $ 16,420 $ 19,191 $ 27,696 $ 48,803 $ 130,787 — Debt discount on mortgage assumption 393 — — — — 393 Total liabilities $ 393 $ — $ — $ — $ — $ 393 Total acquisition price $ 19,070 $ 16,420 $ 19,191 $ 27,696 $ 48,803 $ 131,180

Disposed Assets (Tables)

Disposed Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Sales Activity and Operations	The following table reflects the property disposition during the year ended December 31, 2020. Property Location Disposition Date Gross Disposition Price Sale Proceeds, Net Gain on Sale Citizens Providence, Rhode Island March 31, 2020 $ 1,425 $ 1,287 $ 82 The following table reflects the property dispositions during the year ended December 31, 2019. Property Location Disposition Date Gross Disposition Price Sale Proceeds, Net Gain on Sale RDU land Raleigh, North Carolina May 29, 2019 $ 600 $ 554 $ 29 Lincoln Center Lincoln, Rhode Island June 21, 2019 55,750 52,609 8,812 $ 56,350 $ 53,163 $ 8,841

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following: Year ended December 31, 2020 2019 Accrued real estate taxes $ 7,365 $ 6,372 Accrued compensation 3,762 3,606 Accrued interest payable 282 369 Other accrued expenses 1,544 1,188 Total accounts payable and accrued expenses $ 12,953 $ 11,535

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease Income	Lease income related to the Company's operating leases is comprised of the following: Year ended December 31, 2020 2019 Lease income related to fixed lease payments $ 23,291 $ 30,391 Lease income related to variable lease payments 3,939 6,235 Other (1) 1,712 727 Lease income $ 28,942 $ 37,353 (1) For the year ended December 31, 2020 and 2019, respectively, other is primarily comprised of parking revenues and termination fees related to early lease expirations.
Payments to be received under Topic 842	As of December 31, 2020, commercial operating leases provide for future minimum rental income, assuming no expiring leases are renewed, as follows. Apartment leases are not included as the terms are generally for one year or less. 2021 $ 9,087 2022 8,188 2023 7,223 2024 6,758 2025 5,758 Thereafter 20,239 Total $ 57,253
Operating lease liability under Topic 842	The following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments on our operating ground lease at December 31, 2020 and a reconciliation of those cash flows to the operating lease liability at December 31, 2020. 2021 $ 200 2022 21 2023 21 2024 21 2025 21 Thereafter 352 636 Imputed interest (170) Lease liability $ 466

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of identified intangible assets and intangible liabilities	The following table summarizes the Company's identified intangible assets and intangible liabilities as of December 31, 2020 and 2019. Balance as of December 31, 2020 2019 Intangible Assets: Acquired in-place lease $ 22,281 $ 22,165 Accumulated amortization (22,245) (20,826) Intangible assets, net $ 36 $ 1,339 Intangible liabilities: Acquired below market leases $ 2,629 $ 2,629 Accumulated amortization (1,886) (1,787) Intangible Liabilities, net $ 743 $ 842
Summary of amortization of identified intangible assets and liabilities	The following table summarizes the amortization related to acquired above and below market lease costs and acquired in-place lease intangibles for the years ended December 31, 2020 and 2019. Year ended December 31, 2020 2019 Amortization of: Acquired above market lease $ — $ (1) Acquired below market lease 99 267 Net revenues increase $ 99 $ 266 Acquired in-place lease intangibles $ 1,419 $ 1,529 The following table presents the amortization during the next five years and thereafter related to intangible assets and liabilities as of December 31, 2020. 2021 2022 2023 2024 2025 Thereafter Total Amortization of: Acquired below market lease $ 85 $ 85 $ 85 $ 85 $ 78 $ 325 $ 743 Net revenues increase $ 85 $ 85 $ 85 $ 85 $ 78 $ 325 $ 743 Acquired in-place lease intangibles $ 36 $ — $ — $ — $ — $ — $ 36
Summary of accretion income for below market leases	The following table summarizes the amortization related to acquired above and below market lease costs and acquired in-place lease intangibles for the years ended December 31, 2020 and 2019. Year ended December 31, 2020 2019 Amortization of: Acquired above market lease $ — $ (1) Acquired below market lease 99 267 Net revenues increase $ 99 $ 266 Acquired in-place lease intangibles $ 1,419 $ 1,529 The following table presents the amortization during the next five years and thereafter related to intangible assets and liabilities as of December 31, 2020. 2021 2022 2023 2024 2025 Thereafter Total Amortization of: Acquired below market lease $ 85 $ 85 $ 85 $ 85 $ 78 $ 325 $ 743 Net revenues increase $ 85 $ 85 $ 85 $ 85 $ 78 $ 325 $ 743 Acquired in-place lease intangibles $ 36 $ — $ — $ — $ — $ — $ 36

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt Transactions	During the years ended December 31, 2020 and 2019, the following principal debt transactions occurred: Balance at December 31, 2018 $ 35,443 Assumption of mortgage debt on acquired properties — 11,449 Proceeds from credit agreement 30,000 Proceeds from mortgage debt 18,750 Paydown of debt (716) Balance at December 31, 2019 94,926 Paydown of term loan related to credit agreement (30,000) Proceeds from credit agreement 20,000 Paydown of debt (1,028) Balance at December 31, 2020 $ 83,898
Scheduled Maturities of Mortgage Indebtedness	As of December 31, 2020, scheduled maturities for the Company’s outstanding mortgage indebtedness and the credit facility had various due dates through August 2027, as follows: For the year ended December 31, As of December 31, 2020 Weighted average 2021 $ — — % 2022 28,957 3.35 % 2023 18,282 3.28 % (1) 2024 — — % 2025 — — % Thereafter 36,659 4.38 % Total $ 83,898 3.78 % (1) See below for discussion of the swap agreement entered into with the mortgage loan obtained in connection with the acquisition of the The Locale asset. The weighted average interest rate reflected is the strike rate.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets Measured on a Non-Recurring Basis	December 31, 2019 Level 1 Level 2 Level 3 Total Derivative financial instruments designated as cash flow hedges: Classified as “Deferred costs and other assets” $ — $ 21 $ — $ 21 Fair Value Level 1 Level 2 Level 3 Total Provision for impairment December 31, 2020 Investment Properties $ — $ — $ — $ — $ 16,804
Schedule of the Fair Value of Financial Instruments	The table below represents the fair value of financial instruments presented at carrying values in the consolidated financial statements as of December 31, 2020 and 2019. December 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable and revolver $ 83,898 $ 81,703 $ 94,926 $ 94,934

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Summary of Net Property Operations	The following table summarizes net operating income (loss) by segment for the year ended December 31, 2020. Total Net Lease Retail Multi-Tenant Office Multi-family Other Rental income $ 27,230 $ 2,717 $ 9,582 $ 699 $ 14,232 $ — Other property income 1,712 — 189 768 755 — Total income 28,942 2,717 9,771 1,467 14,987 — Operating expenses 14,731 1,375 5,199 777 6,836 544 Net operating income (loss) $ 14,211 $ 1,342 $ 4,572 $ 690 $ 8,151 $ (544) Non-allocated expenses (a) (26,905) Other income and expenses (b) (4,243) Provision for asset impairment (c) (16,804) Gain on sale of investment properties (d) 82 Net loss $ (33,659) Balance Sheet Data Real estate assets, net (e) $ 296,736 $ 15,214 $ 64,865 $ 25,892 $ 181,801 $ 8,964 Non-segmented assets (f) 59,324 Total assets $ 356,060 Capital expenditures $ 2,804 $ — $ 2,013 $ 23 $ 752 $ 16 (a) Non-allocated expenses consists of general and administrative expenses and depreciation and amortization. (b) Other income and expenses consists of interest income and interest expense. (c) Provision for asset impairment is related to one net lease asset. (d) Gain on the sale of investment properties is related to one other asset. (e) Real estate assets include intangible assets, net of amortization. (f) Non-segmented assets include cash and cash equivalents, restricted cash and escrows, accounts and rents receivable and deferred costs and other assets. The following table summarizes net operating income (loss) by segment for the year ended December 31, 2019. Total Net Lease Retail Multi-Tenant Office Multi-family Other Rental income $ 36,626 $ 12,450 $ 15,638 $ 79 $ 8,459 $ — Other property income 727 — 149 38 534 6 Total income 37,353 12,450 15,787 117 8,993 6 Operating expenses 13,180 618 7,245 760 3,963 594 Net operating income (loss) $ 24,173 $ 11,832 $ 8,542 $ (643) $ 5,030 $ (588) Non-allocated expenses (a) (25,921) Other income and expenses (b) (2,279) Gain on sale of investment properties (c) 8,841 Net income $ 4,814 Balance Sheet Data Real estate assets, net (d) $ 317,136 $ 34,755 $ 66,276 $ 26,400 $ 180,753 $ 8,952 Non-segmented assets (e) $ 83,096 Total assets $ 400,232 Capital expenditures $ 1,011 $ — $ 468 $ — $ 543 $ — (a) Non-allocated expenses consists of general and administrative expenses and depreciation and amortization. (b) Other income and expenses consists of interest income and interest expense. (c) Gain on the sale of investment properties is related to one retail asset and one other asset. (d) Real estate assets include intangible assets, net of amortization. (e) Non-segmented assets include cash and cash equivalents, restricted cash and escrows, accounts and rents receivable and deferred costs and other assets.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Reconciliation of Net (Loss) Income to Basic and Diluted EPS	The following table reconciles net income attributable to the Company to basic and diluted EPS (in thousands, except share and per share data): Year Ended December 31, 2020 2019 Numerator: Net (loss) income attributable to Highlands REIT, Inc. $ (33,589) $ 4,849 Denominator: Weighted average shares outstanding - basic and diluted 879,151,301 875,313,817 Basic and diluted income per share: Net (loss) income per common share $ (0.04) $ 0.01

Share Based Compensation (Table

Share Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Summary of Stock Award Activity	A summary of the Company's stock awards activity as of December 31, 2020 is as follows: Non-Vested stock awards Stock Awards Weighted Average Grant Date Fair Value Balance at January 1, 2020 357,143 $ 0.35 Granted 6,694,447 0.36 Vested (7,041,669) 0.36 Other (1) (9,921) — Balance at December 31, 2020 — $ — (1) Represents the change in the number of shares granted in 2019 based on an estimated net asset value per share of $0.33 and the actual shares vested in 2020 based on an estimated net asset value per share of $0.35.

Quarterly Supplemental Financ_2

Quarterly Supplemental Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Financial Information	The following represents the results of operations, for each quarterly period, during 2020 and 2019. For the Quarter Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Total revenues $ 9,286 $ 5,873 $ 6,616 $ 7,167 Property operating expenses 2,199 1,793 2,434 2,276 Real estate taxes 1,651 1,066 1,548 1,764 Depreciation and amortization 3,295 3,259 3,118 3,102 General and administrative expenses 4,558 2,893 3,633 3,047 Provision for asset impairment — — — 16,804 Total expenses 11,703 9,011 10,733 26,993 Gain on sale of investment properties 82 — — — Loss from operations (2,335) (3,138) (4,117) (19,826) Interest income 186 26 19 11 Interest expense (1,080) (1,048) (1,099) (1,258) Net loss (3,229) (4,160) (5,197) (21,073) Net loss attributable to non-controlling interests 28 12 30 — Net loss attributable to Highlands REIT, Inc. common stockholders $ (3,201) $ (4,148) $ (5,167) $ (21,073) Net loss per common share, basic and diluted $ — $ — $ (0.01) $ (0.02) Weighted average number of common shares outstanding, basic and diluted (a) 878,071,826 879,636,248 879,932,514 878,958,154 For the Quarter Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Total revenues $ 10,257 $ 10,401 $ 9,198 $ 7,497 Property operating expenses 1,904 1,985 1,565 2,035 Real estate taxes 1,306 1,317 1,156 1,912 Depreciation and amortization 2,730 2,729 3,109 4,446 General and administrative expenses 4,383 3,082 2,373 3,069 Total expenses 10,323 9,113 8,203 11,462 Gain on sale of investment properties — 8,841 — — (Loss) income from operations (66) 10,129 995 (3,965) Interest income 369 398 581 302 Interest expense (758) (1,006) (1,058) (1,107) Net (loss) income (455) 9,521 518 (4,770) Net loss (income) attributable to non-controlling interests $ — $ — $ (10) $ 45 Net (loss) income attributable to Highlands REIT, Inc. common stockholders $ (455) $ 9,521 $ 508 $ (4,725) Net (loss) income per common share, basic and diluted $ 0.00 $ 0.01 $ 0.00 $ (0.01) Weighted average number of common shares outstanding, basic and diluted (a) 873,379,003 875,755,799 876,007,008 876,074,038 (a) Quarterly income per common share amounts may not total the annual amounts due to rounding and the changes in number of weighted common shares outstanding.

Organization (Details)

Organization (Details) $ / shares in Units, $ in Thousands	Aug. 16, 2019USD ($)	Apr. 28, 2016$ / sharesshares	Dec. 31, 2020USD ($)propertyparcel$ / shares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)tenantparcelproperty$ / shares	Dec. 31, 2019$ / shares
Conversion of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01		$ 0.01	$ 0.01
Number of assets (in property) | property			20		20
Parcels of land | parcel			1		1
Deferred Rent Receivable, COVID-19					$ 330
Deferred Rent Receivable, Number Of Tenants Impacted, COVID-19 | tenant					9
Proceeds from rent received, Covid-19					$ 50
Deferred rent receivable, amount unlikely to collect					130
Increase (decrease) allowance for bad debt, COVID-19					350
Aggregate abatements granted, COVID-19					$ 820
Aggregate abatements granted, number of tenants impacted, COVID-19 | tenant					10
LA Fitness, Sherman Plaza
Conversion of Stock [Line Items]
Aggregate abatements granted, COVID-19			$ 516
Forecast
Conversion of Stock [Line Items]
Proceeds from rent received, Covid-19				$ 150
Corvue Venture
Conversion of Stock [Line Items]
Ownership percentage	85.00%
Payments to acquire investments	$ 9,000
Common stock
Conversion of Stock [Line Items]
Shares issued for each share held at date of spin-off (in shares) | shares		1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended				12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	$ 356,060,000				$ 356,060,000	$ 400,232,000
Liabilities	98,997,000				98,997,000	109,635,000
Adjustment to rental income					181,000
Adjustment to property operating expense					281,000
Assets held for sale	0				0	0
Provision for asset impairment	16,804,000	$ 0	$ 0	$ 0	16,804,000	0
ROU asset	179,000				179,000
Lease liability	$ 466,000				$ 466,000
Adjustment To Rental Income And Property Operating Expense						92,000
Discount rate
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Measurement input	0.045				0.045
ASU 2016-02 | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
ROU asset	$ 287,000				$ 287,000	305,000
Lease liability						305,000
Variable Interest Entity, Primary Beneficiary | Corvue Venture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	26,449,000				26,449,000	28,073,000
Liabilities	$ 19,267,000				$ 19,267,000	$ 19,074,000
Buildings and improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful lives					30 years
Furniture, fixtures, equipment and site improvements | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful lives					5 years
Furniture, fixtures, equipment and site improvements | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful lives					15 years

Acquired Properties - Additiona

Acquired Properties - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)building	Dec. 31, 2019USD ($)
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties	$ 7,372	$ 119,725
Multi-family
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Number of properties acquired | building	1
Acquisition of investment properties	$ 7,372	131,180
Capitalized transaction costs	$ 72	$ 480

Acquired Properties - Propertie

Acquired Properties - Properties Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties	$ 7,372	$ 119,725
Multi-family
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties	7,372	131,180
The Sterling
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties	$ 7,372
The Detroit And Detroit Terraces
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties		19,070
The Detroit And Detroit Terraces | Multi-family
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties		19,070
The View
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties		16,420
The View | Multi-family
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties		16,420
The Tennyson44
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties		19,191
The Tennyson44 | Multi-family
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties		19,191
The Locale | Multi-family
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties		27,696
The Muse | Multi-family
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties		$ 48,803

Acquired Assets - Purchase Pric

Acquired Assets - Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Line Items]
Land	$ 83,676	$ 82,877
Building and other improvements	276,822	289,351
Real Estate Investment Property, at Cost	362,201	372,228
Payments to Acquire Real Estate	7,372	119,725
Multi-family
Real Estate [Line Items]
Land	1,849	21,773
Building and other improvements	5,407	106,547
Real Estate Investments, Other	116	2,467
Real Estate Investment Property, at Cost	7,372	130,787
Debt discounts on debt assumed		393
Real Estate Investment, Liabilities Assumed		393
Payments to Acquire Real Estate	$ 7,372	131,180
The Detroit And Detroit Terraces
Real Estate [Line Items]
Payments to Acquire Real Estate		19,070
The Detroit And Detroit Terraces | Multi-family
Real Estate [Line Items]
Land		3,370
Building and other improvements		15,006
Real Estate Investments, Other		301
Real Estate Investment Property, at Cost		18,677
Debt discounts on debt assumed		393
Real Estate Investment, Liabilities Assumed		393
Payments to Acquire Real Estate		19,070
The View
Real Estate [Line Items]
Payments to Acquire Real Estate		16,420
The View | Multi-family
Real Estate [Line Items]
Land		7,272
Building and other improvements		8,862
Real Estate Investments, Other		286
Real Estate Investment Property, at Cost		16,420
Debt discounts on debt assumed		0
Real Estate Investment, Liabilities Assumed		0
Payments to Acquire Real Estate		16,420
The Tennyson44
Real Estate [Line Items]
Payments to Acquire Real Estate		19,191
The Tennyson44 | Multi-family
Real Estate [Line Items]
Land		1,533
Building and other improvements		17,410
Real Estate Investments, Other		248
Real Estate Investment Property, at Cost		19,191
Debt discounts on debt assumed		0
Real Estate Investment, Liabilities Assumed		0
Payments to Acquire Real Estate		19,191
The Locale | Multi-family
Real Estate [Line Items]
Land		4,295
Building and other improvements		22,460
Real Estate Investments, Other		941
Real Estate Investment Property, at Cost		27,696
Debt discounts on debt assumed		0
Real Estate Investment, Liabilities Assumed		0
Payments to Acquire Real Estate		27,696
The Muse | Multi-family
Real Estate [Line Items]
Land		5,303
Building and other improvements		42,809
Real Estate Investments, Other		691
Real Estate Investment Property, at Cost		48,803
Debt discounts on debt assumed		0
Real Estate Investment, Liabilities Assumed		0
Payments to Acquire Real Estate		$ 48,803

Disposed Assets - Activity (Det

Disposed Assets - Activity (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross disposition price					$ 56,350					$ 56,350
Proceeds from sale of investment properties, net									$ 1,287	53,163
Gain on sale of investment properties	$ 0	$ 0	$ 0	$ 82	0	$ 0	$ 8,841	$ 0	82	8,841
Citizens
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross disposition price	$ 1,425								1,425
Proceeds from sale of investment properties, net									1,287
Gain on sale of investment properties									$ 82
RDU Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross disposition price					600					600
Proceeds from sale of investment properties, net										554
Gain on sale of investment properties										29
Lincoln Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross disposition price					$ 55,750					55,750
Proceeds from sale of investment properties, net										52,609
Gain on sale of investment properties										$ 8,812

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued real estate taxes	$ 7,365	$ 6,372
Accrued compensation	3,762	3,606
Accrued interest payable	282	369
Other accrued expenses	1,544	1,188
Total accounts payable and accrued expenses	$ 12,953	$ 11,535

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Impairment of asset	$ 16,804
Lease liability	$ 466		$ 466
Discount rate	3.30%		3.30%
Lessor, Operating Lease Termination, Rental Income		$ 671
Lessor, Operating Lease Termination, Other Property Income		$ 768
ROU asset	$ 179		$ 179
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities		us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Minimum
Lessor, Lease, Description [Line Items]
Lease terms	1 year		1 year	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lease terms	16 years		16 years	20 years
ASU 2016-02 | Cumulative Effect, Period of Adoption, Adjustment
Lessor, Lease, Description [Line Items]
Lease liability				$ 305
Discount rate	4.50%		4.50%
ROU asset	$ 287		$ 287	305
Alta Devices, Inc.
Lessor, Lease, Description [Line Items]
Letters of credit				$ 1,701
Lease inducement	$ 1,249		1,249
lease commissions			1,169
Rent expense			$ 1,649
Customer concentration risk | Revenue | The GEO Group, Inc
Lessor, Lease, Description [Line Items]
Concentration percentage				26.70%

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Lease income related to fixed lease payments	$ 23,291	$ 30,391
Lease income related to variable lease payments	3,939	6,235
Other	1,712	727
Lease income	$ 28,942	$ 37,353

Leases - Receivable Maturity (D

Leases - Receivable Maturity (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 9,087
2022	8,188
2023	7,223
2024	6,758
2025	5,758
Thereafter	20,239
Total	$ 57,253

Leases - Operating Lease Liabil

Leases - Operating Lease Liability Maturity (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 200
2022	21
2023	21
2024	21
2025	21
Thereafter	352
Total	636
Imputed interest	(170)
Lease liability	$ 466

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amortization of:
Accumulated amortization	$ (22,245)	$ (20,826)
Intangible assets, net	36	1,339
Intangible liabilities:
Acquired below market leases	2,629	2,629
Accumulated amortization	(1,886)	(1,787)
Total	743	842
Acquired in-place lease
Amortization of:
Intangible assets	22,281	$ 22,165
Intangible assets, net	$ 36

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Lease Amortization, Rental Income Increase, and Lease Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Amortization of:
Acquired below market lease	$ 99	$ 267
Net revenues increase	99	266
Acquired above market lease
Amortization of:
Intangible assets	0	1
Acquired in-place lease
Amortization of:
Intangible assets	$ 1,419	$ 1,529

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Amortization Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amortization of:
Intangible assets, net	$ 36	$ 1,339
Acquired below market lease
2019	85
2020	85
2021	85
2022	85
2023	78
Thereafter	325
Total	743	$ 842
Net rental income increase, 2019	85
Net rental income increase, 2020	85
Net rental income increase, 2021	85
Net rental income increase, 2022	85
Net rental income increase, 2023	78
Net rental income increase, Thereafter	325
Net rental income increase, Total	743
Acquired in-place lease
Amortization of:
2019	36
2020	0
2021	0
2022	0
2023	0
Thereafter	0
Intangible assets, net	$ 36

Debt - Transactions (Details)

Debt - Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Movement in Debt [Roll Forward]
Beginning Balance	$ 94,926	$ 35,443
Repayments of Lines of Credit	(30,000)
Assumptions of Mortgage Debt on Acquired Properties		11,449
Proceeds from credit agreement	20,000	30,000
Proceeds from mortgage debt		18,750
Repayments of Debt	(1,028)	(716)
Ending Balance	$ 83,898	$ 94,926

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	Aug. 16, 2019USD ($)	Feb. 15, 2019USD ($)extension_option	Jan. 08, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Nov. 06, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Debt, net				$ 82,761	$ 82,761		$ 93,203
Debt discounts				$ (303)	(303)		(349)
Repayments of Lines of Credit					$ 30,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity						$ 20,000
Mortgages
Debt Instrument [Line Items]
Debt, net							$ 93,203
Weighted average interest rate				3.78%	3.78%		4.00%
Deferred financing costs, net				$ (834)	$ (834)		$ (1,374)
The Detroit And Detroit Terraces
Debt Instrument [Line Items]
Business combination, liabilities incurred			$ 11,089
Debt discounts on debt assumed			$ 360
The Detroit And Detroit Terraces | Mortgages
Debt Instrument [Line Items]
Interest rate			3.99%
The Locale
Debt Instrument [Line Items]
Business combination, liabilities incurred	$ 18,750
The Locale | Mortgages
Debt Instrument [Line Items]
Interest rate	3.27%
Effective interest rate				1.90%	1.90%		3.46%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity		$ 50,000		$ 20,000	$ 20,000
Repayments of Lines of Credit				30,000
Number of extension options | extension_option		2
Extension period		1 year
Extension fee percentage		0.15%
Letter of credit subfacility | Line of Credit
Debt Instrument [Line Items]
Percentage of capacity		10.00%
Term Loan Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity		$ 50,000
Line of Credit Facility, Current Borrowing Capacity				$ 20,000	$ 20,000
Minimum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Unused commitment fee percentage		0.15%
Maximum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Unused commitment fee percentage		0.25%
Base rate | Minimum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Variable rate		1.00%
Base rate | Maximum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Variable rate		1.30%
LIBOR | Minimum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Variable rate		2.00%
LIBOR | Maximum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Variable rate		2.30%

Debt - Scheduled Maturities (De

Debt - Scheduled Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total	$ 83,898	$ 94,926	$ 35,443
Mortgages
Debt Instrument [Line Items]
2021	0
2022	28,957
2023	18,282
2024	0
2025	0
Thereafter	36,659
Total	$ 83,898
Weighted average interest rate
2021	0.00%
2022	3.35%
2023	3.28%
2024	0.00%
2025	0.00%
Thereafter	4.38%
Total	3.78%	4.00%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)derivative_instrument	Dec. 31, 2019USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash flow hedge gain (loss)	$ 255
Unrealized (loss) gain on derivatives	(666)	$ 21
Incentive Award Plan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stock-based compensation expense	$ 2,618	$ 2,242
Discount rate | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt measurement input	0.0433	0.0393
Discount rate | Long-term debt | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt measurement input	0.0263	0.0342
Discount rate | Long-term debt | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt measurement input	0.0621	0.0493
Interest Rate Swap | Cash Flow Hedging
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of instruments held | derivative_instrument	1
Notional amount	$ 18,750

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Assets (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred costs and other assets	$ 645	$ 21
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred costs and other assets	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred costs and other assets	645	21
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred costs and other assets	$ 0	$ 0

Fair Value Measurements - Non-R

Fair Value Measurements - Non-Recurring Measurements (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)leased_asset	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for asset impairment	$ 16,804	$ 0	$ 0	$ 0	$ 16,804	$ 0
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for asset impairment					16,804
Investment properties	0				0
Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment properties	0				0
Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment properties	0				0
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment properties	$ 0				$ 0
Fair Value, Measurements, Nonrecurring | Level 3 | Net Lease
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of leased assets, impaired | leased_asset					1

Fair Value Measurements - Not M

Fair Value Measurements - Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable and revolver	$ 83,898	$ 94,926
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable and revolver	$ 81,703	$ 94,934

Income Taxes (Details)

Income Taxes (Details)	Dec. 31, 2020USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	12 Months Ended
	Dec. 31, 2020segment	Dec. 31, 2019leased_asset
Concentration Risk [Line Items]
Number of business segments (in segments) | segment	4
Other
Concentration Risk [Line Items]
Number of leased assets | leased_asset		1

Segment Reporting - Net Propert

Segment Reporting - Net Property Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Rental income									$ 27,230	$ 36,626
Total revenues	$ 7,167	$ 6,616	$ 5,873	$ 9,286	$ 7,497	$ 9,198	$ 10,401	$ 10,257
Operating expenses									14,731	13,180
Net operating income (loss)									14,211	24,173
Provision for asset impairment	(16,804)	0	0	0					(16,804)	0
Gain on sale of investment properties	0	0	0	82	0	0	8,841	0	82	8,841
Net (loss) income	(21,073)	$ (5,197)	$ (4,160)	$ (3,229)	(4,770)	$ 518	$ 9,521	$ (455)	(33,659)	4,814
Balance Sheet Data
Total assets	356,060				400,232				356,060	400,232
Capital expenditures									2,804	1,011
Other
Segment Reporting Information [Line Items]
Rental income									0	0
Operating expenses									544	594
Net operating income (loss)									(544)	(588)
Balance Sheet Data
Total assets	8,964				8,952				8,964	8,952
Capital expenditures									16	0
Reconciling items
Segment Reporting Information [Line Items]
Non-allocated expenses									(26,905)	(25,921)
Other income and expenses									(4,243)	(2,279)
Balance Sheet Data
Total assets	59,324				83,096				59,324	83,096
Operating segments and corporate, non-segment
Balance Sheet Data
Total assets	296,736				317,136				296,736	317,136
Net Lease | Operating segments
Segment Reporting Information [Line Items]
Rental income									2,717	12,450
Operating expenses									1,375	618
Net operating income (loss)									1,342	11,832
Balance Sheet Data
Total assets	15,214				34,755				15,214	34,755
Capital expenditures									0	0
Retail | Operating segments
Segment Reporting Information [Line Items]
Rental income									9,582	15,638
Operating expenses									5,199	7,245
Net operating income (loss)									4,572	8,542
Balance Sheet Data
Total assets	64,865				66,276				64,865	66,276
Capital expenditures									2,013	468
Multi-Tenant Office | Operating segments
Segment Reporting Information [Line Items]
Rental income									699	79
Operating expenses									777	760
Net operating income (loss)									690	(643)
Balance Sheet Data
Total assets	25,892				26,400				25,892	26,400
Capital expenditures									23	0
Multi-family | Operating segments
Segment Reporting Information [Line Items]
Rental income									14,232	8,459
Operating expenses									6,836	3,963
Net operating income (loss)									8,151	5,030
Balance Sheet Data
Total assets	$ 181,801				$ 180,753				181,801	180,753
Capital expenditures									752	543
Other property income
Segment Reporting Information [Line Items]
Total revenues									1,712	727
Other property income | Other
Segment Reporting Information [Line Items]
Total revenues									0	6
Other property income | Net Lease | Operating segments
Segment Reporting Information [Line Items]
Total revenues									0	0
Other property income | Retail | Operating segments
Segment Reporting Information [Line Items]
Total revenues									189	149
Other property income | Multi-Tenant Office | Operating segments
Segment Reporting Information [Line Items]
Total revenues									768	38
Other property income | Multi-family | Operating segments
Segment Reporting Information [Line Items]
Total revenues									755	534
Total revenues
Segment Reporting Information [Line Items]
Total revenues									28,942	37,353
Total revenues | Other
Segment Reporting Information [Line Items]
Total revenues									0	6
Total revenues | Net Lease | Operating segments
Segment Reporting Information [Line Items]
Total revenues									2,717	12,450
Total revenues | Retail | Operating segments
Segment Reporting Information [Line Items]
Total revenues									9,771	15,787
Total revenues | Multi-Tenant Office | Operating segments
Segment Reporting Information [Line Items]
Total revenues									1,467	117
Total revenues | Multi-family | Operating segments
Segment Reporting Information [Line Items]
Total revenues									$ 14,987	$ 8,993

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net (loss) income attributable to Highlands REIT, Inc. common stockholders	$ (21,073)	$ (5,167)	$ (4,148)	$ (3,201)	$ (4,725)	$ 508	$ 9,521	$ (455)	$ (33,589)	$ 4,849
Denominator:
Weighted average shares outstanding - basic and diluted (in shares)	878,958,154	879,932,514	879,636,248	878,071,826	876,074,038	876,007,008	875,755,799	873,379,003	879,151,301	875,313,817
Basic and diluted income per share:
Net income per common share, basic and diluted (in dollars per share)	$ (0.02)	$ (0.01)	$ 0	$ 0	$ (0.01)	$ 0	$ 0.01	$ 0	$ (0.04)	$ 0.01

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Apr. 28, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payment for tax withholding for share-based compensation		$ 1,147	$ 1,177
Stock repurchased and retired (in shares)	2,304,547
Stock repurchased and retired (in dollars per share)			$ 0.36
Share-based payment arrangement, expense adjustment		$ 184
Estimated share price (in dollars per share)		$ 0.28
Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 2,618	$ 2,242
Incentive awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to grant (up to) (in shares)				43,000,000
Shares available for future issuance (in shares)		10,423,768
Stock Awards
Beginning balance (in shares)		357,143
Granted (in shares)		6,694,447
Vested (in shares)		(7,041,669)
Forfeited (in shares)		(9,921)
Ending balance (in shares)	357,143	0	357,143
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)		$ 0.35
Granted (in dollars per share)		0.36	$ 0.28
Vested (in dollars per share)		0.36
Forfeited (in dollars per share)		0
Ending balance (in dollars per share)	$ 0.35	$ 0	$ 0.35
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of shares granted		$ 2,410
Stock Awards
Granted (in shares)		6,694,447
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 0.36

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended
	Apr. 30, 2020ft²	Dec. 31, 2020USD ($)
Lessor, Lease, Description [Line Items]
Contractual Obligation | $		$ 2
Northwestern Medical Group
Lessor, Lease, Description [Line Items]
Lessor, Operating Lease, Leased Area | ft²	29,000
Contractual Obligation | $		$ 3.9
Veeco Instruments, Inc
Lessor, Lease, Description [Line Items]
Lessor, Operating Lease, Leased Area | ft²	97,000

Quarterly Supplemental Financ_3

Quarterly Supplemental Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 7,167	$ 6,616	$ 5,873	$ 9,286	$ 7,497	$ 9,198	$ 10,401	$ 10,257
Property operating expenses	2,276	2,434	1,793	2,199	2,035	1,565	1,985	1,904
Real estate taxes	1,764	1,548	1,066	1,651	1,912	1,156	1,317	1,306	$ 6,029	$ 5,691
Depreciation and amortization	3,102	3,118	3,259	3,295	4,446	3,109	2,729	2,730	12,774	13,014
General and administrative expenses	3,047	3,633	2,893	4,558	3,069	2,373	3,082	4,383	14,131	12,907
Provision for asset impairment	16,804	0	0	0					16,804	0
Total expenses	26,993	10,733	9,011	11,703	11,462	8,203	9,113	10,323	58,440	39,101
Gain on sale of investment properties	0	0	0	82	0	0	8,841	0	82	8,841
Loss from operations	(19,826)	(4,117)	(3,138)	(2,335)	(3,965)	995	10,129	(66)	(29,416)	7,093
Interest income	11	19	26	186	302	581	398	369	242	1,650
Interest expense	(1,258)	(1,099)	(1,048)	(1,080)	(1,107)	(1,058)	(1,006)	(758)	(4,485)	(3,929)
Net loss	(21,073)	(5,197)	(4,160)	(3,229)	(4,770)	518	9,521	(455)	(33,659)	4,814
Net loss attributable to non-controlling interests	0	30	12	28	45	(10)	0	0	70	35
Net (loss) income attributable to Highlands REIT, Inc. common stockholders	$ (21,073)	$ (5,167)	$ (4,148)	$ (3,201)	$ (4,725)	$ 508	$ 9,521	$ (455)	$ (33,589)	$ 4,849
Net (loss) income per common share, basic and diluted (in dollars per share)	$ (0.02)	$ (0.01)	$ 0	$ 0	$ (0.01)	$ 0	$ 0.01	$ 0	$ (0.04)	$ 0.01
Weighted average number of common shares outstanding, basic and diluted (in shares)	878,958,154	879,932,514	879,636,248	878,071,826	876,074,038	876,007,008	875,755,799	873,379,003	879,151,301	875,313,817

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Jan. 21, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Repayments of Debt		$ 1,028	$ 716
Debt, net		$ 82,761	$ 93,203
Revolving Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Repayments of Debt	$ 5,000
Debt, net	$ 15,000

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrance			$ 63,898
Initial Cost, Land			85,093
Initial Cost, Buildings and Improvements			252,608
Adjustments to Land Basis			(1,417)
Adjustments to Building Basis			24,214
Gross amount at which carried at end of period, Land and Improvements			83,676
Gross amount at which carried at end of period, Buildings and Improvements			276,822
Gross amount at which carried at end of period, Total	$ 360,498	$ 314,527	360,498
Accumulated Depreciation	56,431	56,431	65,501
Notes to Schedule III
Cost of real estate owned			451,390
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning balance	372,228	314,527
Acquisitions and capital improvements	8,357	129,407
Dispositions and write-offs	(1,596)	(71,706)
Asset impairments	(18,491)	0
Ending balance	360,498	372,228
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning balance	56,431	72,822
Depreciation expense	11,001	9,637
Dispositions and write-offs	(244)	(26,028)
Asset impairments	(1,687)	0
Ending balance	$ 65,501	$ 56,431
Buildings and improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Investment in real estate and accumulated depreciation, life used for depreciation	30 years
Furniture, fixtures, & equipment | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Investment in real estate and accumulated depreciation, life used for depreciation	5 years
Furniture, fixtures, & equipment | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Investment in real estate and accumulated depreciation, life used for depreciation	15 years
Retail | BUCKHORN PLAZA | Bloomsburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrance			9,959
Initial Cost, Land			1,651
Initial Cost, Buildings and Improvements			11,770
Adjustments to Land Basis			(35)
Adjustments to Building Basis			2,221
Gross amount at which carried at end of period, Land and Improvements			1,616
Gross amount at which carried at end of period, Buildings and Improvements			13,991
Gross amount at which carried at end of period, Total	$ 15,607		15,607
Accumulated Depreciation	7,356		7,356
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	15,607
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	7,356
Retail | SHERMAN PLAZA | Evanston, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			9,655
Initial Cost, Buildings and Improvements			30,982
Adjustments to Building Basis			9,359
Gross amount at which carried at end of period, Land and Improvements			9,655
Gross amount at which carried at end of period, Buildings and Improvements			40,341
Gross amount at which carried at end of period, Total	49,996		49,996
Accumulated Depreciation	19,464		19,464
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	49,996
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	19,464
Retail | STATE STREET MARKET | Rockford, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrance			8,957
Initial Cost, Land			3,950
Initial Cost, Buildings and Improvements			14,184
Adjustments to Building Basis			1,822
Gross amount at which carried at end of period, Land and Improvements			3,950
Gross amount at which carried at end of period, Buildings and Improvements			16,006
Gross amount at which carried at end of period, Total	19,956		19,956
Accumulated Depreciation	8,520		8,520
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	19,956
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	8,520
Retail | THE MARKET AT HILLIARD | Hilliard, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrance			15,251
Initial Cost, Land			4,432
Initial Cost, Buildings and Improvements			13,308
Adjustments to Building Basis			3,766
Gross amount at which carried at end of period, Land and Improvements			4,432
Gross amount at which carried at end of period, Buildings and Improvements			17,074
Gross amount at which carried at end of period, Total	21,506		21,506
Accumulated Depreciation	8,440		8,440
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	21,506
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	8,440
Net Lease | ATLAS - ST PAUL | St. Paul, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			3,890
Initial Cost, Buildings and Improvements			10,093
Gross amount at which carried at end of period, Land and Improvements			3,890
Gross amount at which carried at end of period, Buildings and Improvements			10,093
Gross amount at which carried at end of period, Total	13,983		13,983
Accumulated Depreciation	4,680		4,680
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	13,983
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	4,680
Net Lease | ATLAS-NEW ULM | New Ulm, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			900
Initial Cost, Buildings and Improvements			9,359
Gross amount at which carried at end of period, Land and Improvements			900
Gross amount at which carried at end of period, Buildings and Improvements			9,359
Gross amount at which carried at end of period, Total	10,259		10,259
Accumulated Depreciation	4,347		4,347
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	10,259
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	4,347
Net Lease | HUDSON CORRECTIONAL FACILITY | Hudson, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			1,382
Adjustments to Land Basis			(1,382)
Adjustments to Building Basis			0
Gross amount at which carried at end of period, Land and Improvements			0
Gross amount at which carried at end of period, Buildings and Improvements			0
Gross amount at which carried at end of period, Total	0		0
Accumulated Depreciation	0		0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	0
Multi-Tenant Office | TRIMBLE I | San Jose, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			12,732
Initial Cost, Buildings and Improvements			10,045
Adjustments to Building Basis			5,784
Gross amount at which carried at end of period, Land and Improvements			12,732
Gross amount at which carried at end of period, Buildings and Improvements			15,829
Gross amount at which carried at end of period, Total	28,561		28,561
Accumulated Depreciation	2,693		2,693
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	28,561
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	2,693
Multi-family | BUERGER BROTHER LOFTS | Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			3,117
Initial Cost, Buildings and Improvements			7,114
Adjustments to Building Basis			267
Gross amount at which carried at end of period, Land and Improvements			3,117
Gross amount at which carried at end of period, Buildings and Improvements			7,381
Gross amount at which carried at end of period, Total	10,498		10,498
Accumulated Depreciation	878		878
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	10,498
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	878
Multi-family | CHAMBER LOFTS | Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			2,797
Initial Cost, Buildings and Improvements			6,388
Adjustments to Building Basis			158
Gross amount at which carried at end of period, Land and Improvements			2,797
Gross amount at which carried at end of period, Buildings and Improvements			6,546
Gross amount at which carried at end of period, Total	9,343		9,343
Accumulated Depreciation	779		779
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	9,343
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	779
Multi-family | THE LAFAYETTE | Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			2,457
Initial Cost, Buildings and Improvements			7,067
Adjustments to Building Basis			194
Gross amount at which carried at end of period, Land and Improvements			2,457
Gross amount at which carried at end of period, Buildings and Improvements			7,261
Gross amount at which carried at end of period, Total	9,718		9,718
Accumulated Depreciation	668		668
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	9,718
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	668
Multi-family | KENILWORTH COURT | Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			2,496
Initial Cost, Buildings and Improvements			3,203
Adjustments to Building Basis			7
Gross amount at which carried at end of period, Land and Improvements			2,496
Gross amount at which carried at end of period, Buildings and Improvements			3,210
Gross amount at which carried at end of period, Total	5,706		5,706
Accumulated Depreciation	264		264
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	5,706
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	264
Multi-family | 1620 CENTRAL STREET | Evanston, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			3,075
Initial Cost, Buildings and Improvements			17,140
Adjustments to Building Basis			105
Gross amount at which carried at end of period, Land and Improvements			3,075
Gross amount at which carried at end of period, Buildings and Improvements			17,245
Gross amount at which carried at end of period, Total	20,320		20,320
Accumulated Depreciation	1,507		1,507
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	20,320
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	1,507
Multi-family | The Detroit And Detroit Terraces | Evanston, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrance			11,449
Initial Cost, Land			3,370
Initial Cost, Buildings and Improvements			15,006
Adjustments to Building Basis			0
Gross amount at which carried at end of period, Land and Improvements			3,370
Gross amount at which carried at end of period, Buildings and Improvements			15,006
Gross amount at which carried at end of period, Total	18,376		18,376
Accumulated Depreciation	1,072		1,072
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	18,376
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	1,072
Multi-family | Tennyson | Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			1,533
Initial Cost, Buildings and Improvements			17,410
Adjustments to Building Basis			0
Gross amount at which carried at end of period, Land and Improvements			1,533
Gross amount at which carried at end of period, Buildings and Improvements			17,410
Gross amount at which carried at end of period, Total	18,943		18,943
Accumulated Depreciation	978		978
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	18,943
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	978
Multi-family | The Muse | Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			5,303
Initial Cost, Buildings and Improvements			42,809
Adjustments to Building Basis			18
Gross amount at which carried at end of period, Land and Improvements			5,303
Gross amount at which carried at end of period, Buildings and Improvements			42,827
Gross amount at which carried at end of period, Total	48,130		48,130
Accumulated Depreciation	1,774		1,774
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	48,130
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	1,774
Multi-family | The View | Sand Diego, California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			7,272
Initial Cost, Buildings and Improvements			8,862
Adjustments to Building Basis			145
Gross amount at which carried at end of period, Land and Improvements			7,272
Gross amount at which carried at end of period, Buildings and Improvements			9,007
Gross amount at which carried at end of period, Total	16,279		16,279
Accumulated Depreciation	601		601
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	16,279
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	601
Multi-family | The Locale | Allendale MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrance			18,282
Initial Cost, Land			4,294
Initial Cost, Buildings and Improvements			22,461
Adjustments to Building Basis			336
Gross amount at which carried at end of period, Land and Improvements			4,294
Gross amount at which carried at end of period, Buildings and Improvements			22,797
Gross amount at which carried at end of period, Total	27,091		27,091
Accumulated Depreciation	1,343		1,343
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	27,091
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	1,343
Multi-family | The Sterling | Sand Diego, California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			1,849
Initial Cost, Buildings and Improvements			5,407
Adjustments to Building Basis			0
Gross amount at which carried at end of period, Land and Improvements			1,849
Gross amount at which carried at end of period, Buildings and Improvements			5,407
Gross amount at which carried at end of period, Total	7,256		7,256
Accumulated Depreciation	130		130
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	7,256
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	130
Other | PALAZZO DEL LAGO | Orlando, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land			8,938
Adjustments to Building Basis			19
Gross amount at which carried at end of period, Land and Improvements			8,938
Gross amount at which carried at end of period, Buildings and Improvements			19
Gross amount at which carried at end of period, Total	8,957		8,957
Accumulated Depreciation	6		6
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	8,957
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	6
Other | Corporate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Adjustments to Building Basis			13
Gross amount at which carried at end of period, Land and Improvements			0
Gross amount at which carried at end of period, Buildings and Improvements			13
Gross amount at which carried at end of period, Total	13		13
Accumulated Depreciation	1		$ 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	13
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	$ 1