Highlands REIT (HHDS) 10-K 16 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 15, 2022	Jun. 30, 2021
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	1 South Dearborn Street
Entity Address, Address Line Two	20th Floor
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60603
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	false
ICFR Auditor Attestation Flag	true
Entity Well-known Seasoned Issuer	No
Entity Shell Company	false
Entity Public Float			$ 246.9
Entity Common Stock, Shares Outstanding		885,221,996
Entity Central Index Key	0001661458
Document Period End Date	Dec. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
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 2022 Annual Meeting of Stockholders expected to be held on June 10, 2022.

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Location	Chicago, Illinois
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investment properties
Land	$ 83,168	$ 83,676
Building and other improvements	270,387	276,822
Construction in progress	6,542	1,703
Total	360,097	362,201
Less accumulated depreciation	(67,478)	(65,501)
Net investment properties	292,619	296,700
Cash and cash equivalents	18,321	50,236
Restricted cash and escrows	3,689	3,401
Accounts receivable (net of allowance of $153 and $620 as of December 31, 2021 and 2020, respectively)	2,739	2,930
Intangible assets, net	0	36
Deferred costs and other assets	3,645	2,757
Total assets	321,013	356,060
Liabilities
Debt, net	62,130	82,761
Accounts payable and accrued expenses	9,526	12,953
Intangible liabilities, net	658	743
Other liabilities	2,162	2,540
Total liabilities	74,476	98,997
Commitments and contingencies
Stockholders’ Equity
Common stock, $0.01 par value, 1,000,000 shares authorized, 885,222 and 877,759 shares issued and outstanding as of December 31, 2021 and 2020, respectively	8,852	8,778
Additional paid-in capital	1,411,818	1,409,767
Accumulated distributions in excess of net income	(1,173,905)	(1,160,859)
Non-controlling interests	246,537	257,063
Accumulated Other Comprehensive Income (Loss), Net of Tax	(202)	(548)
Stockholders' Equity Attributable to Parent	246,563	257,138
Stockholders' Equity Attributable to Noncontrolling Interest	(26)	(75)
Total liabilities and equity	$ 321,013	$ 356,060

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for accounts and rent receivables	$ 153	$ 620
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	885,221,996	877,759,145
Common stock, shares outstanding	885,221,996	877,759,145

Combined Consolidated Statement

Combined Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 28,629	$ 28,942
Expenses
Property operating expenses	8,195	8,702
Real estate taxes	5,557	6,029
Depreciation and amortization	10,586	12,774
General and administrative expenses	12,716	14,131
Provision for asset impairment	1,412	16,804
Total expenses	38,466	58,440
Gain on sale of investment properties	0	82
Loss from operations	(9,837)	(29,416)
Interest income	30	242
Interest expense	(3,251)	(4,485)
Net loss	(13,058)	(33,659)
Net loss attributable to non-controlling interests	12	70
Net loss attributable to Highlands REIT, Inc. common stockholders	$ (13,046)	$ (33,589)
Net income per common share, basic (in dollars per share)	$ (0.01)	$ (0.04)
Net income per common share, diluted (in dollars per share)	$ (0.01)	$ (0.04)
Weighted average number of common shares outstanding, basic (in shares)	881,388,000	879,151,000
Weighted average number of common shares outstanding, diluted (in shares)	881,388,000	879,151,000
Unrealized gain (loss) on derivatives	$ 407	$ (666)
Total other comprehensive income (loss)	407	(666)
Comprehensive loss	(12,651)	(34,325)
Comprehensive (income) loss attributable to non-controlling interests	(49)	170
Comprehensive loss attributable to Highlands REIT, Inc. common stockholders	(12,700)	(34,155)
Other property income
Revenues
Total revenues	937	1,712
Lease income
Revenues
Total revenues	$ 27,692	$ 27,230

Combined Consolidated Stateme_2

Combined Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Distributions in Excess of Net Income	Accumulated Other Comprehensive Income	Parent [Member]	Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2019		876,074
Beginning balance at Dec. 31, 2019	$ 290,597	$ 8,761	$ 1,408,993	$ (1,127,270)	$ 18	$ 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
Non-controlling interest equity contributions	791	$ 17	774			791
Ending balance (in shares) at Dec. 31, 2020		877,759
Ending balance at Dec. 31, 2020	257,063	$ 8,778	1,409,767	(1,160,859)	(548)	257,138	(75)
Net income	(13,058)			(13,046)		(13,046)	(12)
Other Comprehensive Income (Loss), Net of Tax	407				346	346	61
Share-based compensation (in shares)		7,463
Non-controlling interest equity contributions	2,125	$ 74	2,051			2,125
Ending balance (in shares) at Dec. 31, 2021		885,222
Ending balance at Dec. 31, 2021	$ 246,537	$ 8,852	$ 1,411,818	$ (1,173,905)	$ (202)	$ 246,563	$ (26)

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (13,058)	$ (33,659)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	10,586	12,774
Amortization of above and below market leases, net	(85)	(99)
Amortization of debt discounts and financing costs	221	348
Straight-line rental income	(294)	55
Write-off of debt issuance costs	225	332
Gain on sale of investment properties, net	0	(82)
Provision for asset impairment	1,412	16,804
Stock-based compensation expense	3,852	2,563
Changes in assets and liabilities:
Accounts receivable, net	485	120
Deferred costs and other assets	270	(517)
Accounts payable and accrued expenses	(3,427)	1,438
Other liabilities	30	(2,183)
Net cash flows provided by (used in) operating activities	217	(2,106)
Cash flows from investing activities:
Capital expenditures and tenant improvements	(7,724)	(2,804)
Proceeds from sale of investment properties, net	0	1,287
Acquisition of investment properties	0	(7,372)
Payment of leasing fees	(1,316)	(509)
Net cash flows used in investing activities	(9,040)	(9,398)
Cash flows from financing activities:
Payment of debt issuance costs	0	(94)
Proceeds from credit agreement	0	20,000
Payoff of debt	(20,000)	(30,000)
Principal payments of debt	(1,077)	(1,028)
Common stock repurchased	0	(645)
Payment for tax withholding for share-based compensation	(1,727)	(1,147)
Net cash flows used in financing activities	(22,804)	(12,914)
Net decrease in cash and cash equivalents and restricted cash and escrows	(31,627)	(24,418)
Cash and cash equivalents and restricted cash and escrows, at beginning of year	53,637	78,055
Cash and cash equivalents	18,321	50,236
Restricted cash	3,689	3,401
Cash and cash equivalents and restricted cash and escrows, at end of year	22,010	53,637
Supplemental disclosure of cash flow information:
Cash paid for interest	2,872	3,892
Supplemental schedule of non-cash activities:
Accruals for capital costs and investment in development	414	0
Disposal of lease related assets	0	351
Lease assets and liabilities arising from the recognition of right-of-use assets	$ 0	$ 179

Organization

Organization	12 Months Ended
	Dec. 31, 2021
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 assets including multi-family, retail, office and industrial properties, 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, 2021, 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 and Note 14 for additional information regarding our interest in the Corvue Venture, which is consolidated in the accompanying consolidated financial statements. As of December 31, 2021 and 2020, the Company owned 20 properties and one parcel of unimproved land. Impact of COVID-19 Pandemic The COVID-19 pandemic had a less pronounced impact on our results of operations and financial condition during the year ended December 31, 2021, as compared to the year ended December 31, 2020. The primary impact of the pandemic was and continues to be related to our tenants' ability to make rental payments in a timely fashion or at all. We have been working with our tenants to collect rental payments pursuant to our contractual rights under our lease agreements. At this time, given the uncertainty related to variants of the virus, we are unable to predict whether cases of COVID-19 in our markets will decrease, increase, or remain the same, whether the approved COVID-19 vaccines will be effective against new variants of the virus, efficiently distributed in our markets and widely accepted by the public, and whether local governments will mandate closures of our tenants' businesses or implement other restrictive measures on their and our operations in the future in response to any future resurgence of the pandemic. We have taken and will continue to take a number of measures to mitigate the impact of the pandemic on our business and financial condition.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation 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. The accompanying consolidated financial statements include the accounts of Highlands and its consolidated subsidiaries. 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. Reclassifications The Company has made certain reclassifications to the consolidated statements of cash flows as of December 31, 2020, to conform to the 2021 presentation. 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, 2021 and 2020, 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 and liabilities on the Company’s consolidated balance sheets as of December 31, 2021 is $25,396 and $18,521, respectively, related to the Corvue Venture. Included in total assets and liabilities on the Company’s consolidated balance sheets as of December 31, 2020 is $26,449 and $19,267, 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 accounts for leases under the provisions of ASC 842. The Company commences revenue recognition on leases when the lessee takes possession of, or controls the physical use of, the leased asset, unless the lessee is constructing improvements for which we are deemed to be the owner for accounting purposes. If we are deemed the owner for accounting purposes, the leased asset is the finished space and revenue recognition commences when the lessee takes possession of it, typically when the improvements are substantially complete. Alternatively, if the lessee is deemed to be the owner of the improvements for accounting purposes, then the leased asset is the unimproved space, and any tenant improvement allowances funded under the lease are treated as lease incentives which reduce lease income recognized over the lease term, and we commence revenue recognition when the lessee takes possession of the unimproved space. The determination of who owns the tenant improvements, for accounting purposes, is based on contractual rights and is subject to significant judgment. In making that determination, we consider all of the following factors. No one factor, however, necessarily establishes its determination. • 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. 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 receivable in the accompanying consolidated balance sheets. 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. 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 lease 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. The Company reviews the collectability of amounts due from its tenants on a regular basis. Such reviews consider the tenant's financial condition and payment history and other economic conditions impacting the tenant. Changes in collectability occur when the Company no longer believes it is probable that substantially all the lease payments will be collected over the term of the lease. If collection is not probable, regardless of whether the Company has entered into an amendment to provide the tenant with COVID-19 related rent relief, the lease payments will be accounted for on a cash basis, and revenue will be recorded as cash is received. If reassessed, and the collection of substantially all of the lease payments from the tenant becomes probable, the accrual basis of revenue recognition is reestablished. 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. The Company accounted for payment deferrals as a result of COVID-19 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 continued to recognize lease income during the deferral period. Acquisition of Real Estate We evaluate the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and amortized over the useful life of the acquired assets. Generally, acquisition of real estate qualifies as an asset acquisition. 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 lease 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. Real Estate 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. Once the improvements are ready for their intended use, the amounts are reclassified to the appropriate fixed asset accounts. Depreciation begins when the improvement is placed in service. Sale of Real Estate 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. Assets Held for Sale A long-lived asset (disposal group) to be sold shall be classified as held for sale in the period in which all of the following criteria are met: • Management, having the authority to approve the action, commits to a plan to sell the asset (disposal group); • The asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (disposal groups); • An active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; • The sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale, within one year, except as permitted by paragraph 360-10-45-11; • The asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value. The price at which a long-lived asset (disposal group) is being marketed is indicative of whether the entity currently has the intent and ability to sell the asset (disposal group). A market price that is reasonable in relation to fair value indicates that the asset (disposal group) is available for immediate sale, whereas a market price in excess of fair value indicates that the asset (disposal group) is not available for immediate sale; and • Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. 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, 2021 and 2020. 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 of Real Estate 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 $1,412 of impairments during the year ended December 31, 2021 and $16,804 during the year ended December 31, 2020. See Note 9 to the consolidated financial statements for additional information. 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. 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 January 2021 and March 2020, the FASB issued ASU 2021-01 and ASU 2020-04, respectively, “Reference Rate Reform (Topic 848)”. These pronouncements contain practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance 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 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. Other recently issued accounting standards or pronouncements not discussed above 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

Acquired Properties	12 Months Ended
	Dec. 31, 2021
Asset Acquisitions [Abstract]
Acquired Properties	Acquired Properties There were no property acquisitions during the year ended December 31, 2021. 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 was allocated as follows: Total Land $ 1,849 Buildings and other improvements 5,407 Intangible assets, net 116 Total assets $ 7,372

Disposed Assets

Disposed Assets	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposed Assets	Disposed Properties There were no property dispositions during the year ended December 31, 2021. The following table reflects the property dispositions 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

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Accrued real estate taxes $ 6,593 $ 7,365 Accrued compensation 1,140 3,762 Accrued interest payable 215 282 Other accrued expenses 1,578 1,544 Total accounts payable and accrued expenses $ 9,526 $ 12,953

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Leases Leasing as a lessor We lease multi-family properties under operating leases with terms of generally one year or less. We lease commercial properties under operating leases with remaining lease terms that range from less than one year to sixteen years as of December 31, 2021 and 2020. Lease income related to the Company's operating leases is comprised of the following: Year ended December 31, 2021 2020 Lease income related to fixed lease payments $ 23,527 $ 23,291 Lease income related to variable lease payments 4,165 3,939 Total lease income $ 27,692 $ 27,230 Future Minimum Rental Income As of December 31, 2021, 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. 2022 $ 8,376 2023 9,422 2024 9,115 2025 8,378 2026 8,023 Thereafter 48,180 Total $ 91,494 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, 2021, the balances were $282 and were recorded in the consolidated balance sheets. We used a discount rate of approximately 4.5%, reflecting the Company's incremental borrowing rate. 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, 2021 and a reconciliation of those cash flows to the operating lease liability. 2022 $ 21 2023 21 2024 21 2025 21 2026 21 Thereafter 331 Total $ 436 Imputed interest (154) Lease liability $ 282
Leases	Leases Leasing as a lessor We lease multi-family properties under operating leases with terms of generally one year or less. We lease commercial properties under operating leases with remaining lease terms that range from less than one year to sixteen years as of December 31, 2021 and 2020. Lease income related to the Company's operating leases is comprised of the following: Year ended December 31, 2021 2020 Lease income related to fixed lease payments $ 23,527 $ 23,291 Lease income related to variable lease payments 4,165 3,939 Total lease income $ 27,692 $ 27,230 Future Minimum Rental Income As of December 31, 2021, 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. 2022 $ 8,376 2023 9,422 2024 9,115 2025 8,378 2026 8,023 Thereafter 48,180 Total $ 91,494 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, 2021, the balances were $282 and were recorded in the consolidated balance sheets. We used a discount rate of approximately 4.5%, reflecting the Company's incremental borrowing rate. 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, 2021 and a reconciliation of those cash flows to the operating lease liability. 2022 $ 21 2023 21 2024 21 2025 21 2026 21 Thereafter 331 Total $ 436 Imputed interest (154) Lease liability $ 282

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities The following table summarizes the Company's identified intangible assets and intangible liabilities as of December 31, 2021 and 2020. Balance as of December 31, 2021 2020 Intangible Assets: Acquired in-place lease $ 22,281 $ 22,281 Accumulated amortization (22,281) (22,245) Intangible assets, net $ — $ 36 Intangible liabilities: Acquired below market leases $ 2,629 $ 2,629 Accumulated amortization (1,971) (1,886) Intangible Liabilities, net $ 658 $ 743 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 lease income. Amortization pertaining to the above market lease costs was applied as a reduction to lease income. Amortization pertaining to the below market lease costs was applied as an increase to lease 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, 2021 and 2020. Year ended December 31, 2021 2020 Amortization of: Acquired below market lease $ 85 $ 99 Net revenues increase $ 85 $ 99 Acquired in-place lease intangibles $ 36 $ 1,419 The following table presents the amortization during the next five years and thereafter related to intangible assets and liabilities as of December 31, 2021. 2022 2023 2024 2025 2026 Thereafter Total Amortization of: Acquired below market lease $ 85 $ 85 $ 85 $ 79 $ 74 $ 250 $ 658 Net revenues increase $ 85 $ 85 $ 85 $ 79 $ 74 $ 250 $ 658

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Total debt outstanding as of December 31, 2021 and 2020 was as follows: 2021 2020 Debt, gross $ 62,821 $ 83,898 Mortgage discount (257) (303) Deferred financing costs, net (434) (834) Total Debt, net $ 62,130 $ 82,761 During the years ended December 31, 2021 and 2020, the following principal debt transactions occurred: 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 Paydown of term loan related to credit agreement (20,000) Paydown of debt (1,077) Balance at December 31, 2021 $ 62,821 As of December 31, 2021, the Company's outstanding mortgage indebtedness included five mortgage loans with various maturities through August 2027, as follows: For the year ended December 31, As of December 31, 2021 Weighted average 2022 $ 8,736 5.24 % 2023 17,893 3.28 % (1) 2024 — — % 2025 — — % 2026 24,743 4.56 % Thereafter 11,449 3.99 % Total $ 62,821 4.18 % (1) See below for discussion of the swap agreement entered into with the mortgage loan obtained in connection with the acquisition of the Locale asset. The weighted average interest rate reflected is the strike rate. The Company's ability to pay off the 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 mortgage loan, if the applicable wholly-owned property-owning 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, the applicable wholly-owned property-owning subsidiary 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, 2021 and 2020, 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. The loan documents governing the mortgage encumbering the State Street property includes a “cash trap” provision that is triggered if DICK'S Sporting Goods, which was an anchor tenant at the property, failed to renew its lease agreement. During September 2020, we were informed that DICK'S Sporting Goods would not renew its lease at the State Street property. As a result, we received notice that the lender under the State Street mortgage exercised its right to trigger this “cash trap” provision, and, beginning in the fourth quarter of 2020, all of the cash flows from the State Street property which would otherwise have been available for our use were trapped into a blocked account controlled by the lender pending approval of a substitute lease. If, during that period, the terms of the loan agreement are not satisfied, those funds will be swept by the lender in mandatory prepayment of the mortgage. As of the date of this filing, a replacement tenant has not been identified. Net cash held by the lender is included in restricted cash and escrows on our consolidated balance sheets as of December 31, 2021 and 2020 and totaled $541 and $293, respectively. This arrangement does not impact the accounting for this asset on our consolidated statements of operations and comprehensive loss. As described in more detail in Note 14 (Subsequent Events) to the consolidated financial statements, the State Street property was sold on March 10, 2022 and the associated mortgage debt has been repaid in full. Some of the mortgage loans require compliance with certain covenants, such as debt service coverage and net worth ratios. As of December 31, 2021 and 2020, the Company is in compliance with such covenants. Termination of Credit Agreement On November 6, 2020, the Company entered into the Third Amendment to the Credit Agreement (the "Credit Agreement"), 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 (as defined in the Third Amendment) to repay all of its obligations under the Term Loan. Additionally, pursuant to the Third Amendment, the lender under the Credit Agreement 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 $20,000 until the Company is in compliance with all such covenants. On January 21, 2021, the Company repaid $5,000 of the outstanding principal balance of the Revolving Credit Loan and on March 29, 2021, repaid in full all of the remaining outstanding indebtedness consisting of approximately $15,000 of principal plus accrued and unpaid interest thereon. The Credit Agreement and related security interests, and all commitments thereunder, were terminated in conjunction with such payment in full. LIBOR Reform In July 2017, the Financial Conduct Authority (“FCA”) that regulates LIBOR announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee ("ARRC"), which identified the Secured Overnight Financing Rate ("SOFR") as its preferred alternative rate for USD LIBOR in derivatives and other financial contracts. The Company is not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form. The Company obtained a mortgage loan in the principal amount of $18.8 million in connection with the acquisition of The Locale in 2019. Because that loan is indexed to LIBOR the Company is monitoring and evaluating the related risks that have arisen in connection with transitioning to an alternative rate, including any resulting value transfer that may occur. The value of derivative instruments tied to LIBOR, as well as interest rates on our current or future indebtedness, may also be impacted if LIBOR is limited or discontinued. For some instruments the method of transitioning to an alternative reference rate may be challenging, especially if we cannot agree with the respective counterparty about how to make the transition. While we expect LIBOR to be available in substantially its current form until at least the end of June 2023, it is possible that LIBOR will become unavailable prior to that point. This could result, for example, if sufficient banks decline to make submissions to the LIBOR administrator. In that case, the risks associated with the transition to an alternative reference rate will be accelerated and magnified. Alternative rates and other market changes related to the replacement of LIBOR, including the introduction of financial products and changes in market practices, may lead to risk modeling and valuation challenges, such as adjusting interest rate accrual calculations and building a term structure for an alternative rate. The introduction of an alternative rate also may create additional basis risk and increased volatility as alternative rates are phased in and utilized in parallel with LIBOR. Adjustments to systems and mathematical models to properly process and account for alternative rates will be required, which may strain the model risk management and information technology functions and result in substantial incremental costs for the company.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsIn 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, 2021 and 2020, 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 amounts recorded as other comprehensive income related to our derivative financial instrument was $407 and other comprehensive loss was $666 for the years ended December 31, 2021 and 2020, respectively. Realized gains and losses will be recognized as they accrue in interest expense. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on our variable rate debt. The Company estimates that $191 will be reclassified as an increase 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, 2021 and 2020, respectively. December 31, 2021 Level 1 Level 2 Level 3 Total Derivative financial instruments designated as cash flow hedges: Classified as “Other liabilities” $ — $ 238 $ — $ 238 December 31, 2020 Level 1 Level 2 Level 3 Total Derivative financial instruments designated as cash flow hedges: Classified as “Other liabilities” $ — $ 645 $ — $ 645 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, 2021, 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 years ended December 31, 2021 and 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. During the year ended December 31, 2021, an impairment adjustment in the amount of $1,412 was recorded on our State Street Market retail asset and during the year ended December 31, 2020 a full impairment adjustment of $16,804 on our correctional facility asset was recorded. The following tables present these assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 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 (1) Level 1 Level 2 Level 3 Total Provision for impairment December 31, 2021 Investment Properties $ — $ — $ 9,000 $ 9,000 $ 1,412 Fair Value (2) Level 1 Level 2 Level 3 Total Provision for impairment December 31, 2020 Investment Properties $ — $ — $ — $ — $ 16,804 (1) The estimate of fair value relating to State Street Market was based on recent negotiations for the sale of the asset to a third party. (2) 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, 2021 and 2020. December 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable and revolver $ 62,821 $ 61,052 $ 83,898 $ 81,703 The Company estimates the fair value of its debt instruments using a weighted average market effective interest rate of 5.05% and 4.33% per annum as of December 31, 2021 and 2020, respectively. The Company estimates the fair value of its mortgage loans by discounting the anticipated future cash flows of each instrument at rates currently offered to the Company by its lenders for similar debt instruments of comparable maturities. The rates used are based on credit spreads observed in the marketplace during the quarter for similar debt instruments, and a floor rate that the Company has derived using its subjective judgment for each asset segment. Based on this, the Company determines the appropriate rate for each of its individual mortgage loans based upon the specific terms of the agreement, including the term to maturity, the quality and nature of the underlying property and its leverage ratio. The weighted average market effective interest rates used a range from 3.38% to 6.87% and 2.63% to 6.21% as of December 31, 2021 and 2020, respectively. The assumptions reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to the Company’s. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
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. Although 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 Qualified REIT Subsidiary ("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, 2021 and 2020, 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 for the years ended December 31, 2021 and 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, 2021. The Company has no material interest or penalties relating to income taxes recognized in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2021 and 2020 or in the consolidated balance sheets as of December 31, 2021 and 2020. As of December 31, 2021, the Company's, including its predecessors, 2020, 2019 and 2018 tax years remain subject to examination by U.S. and various state tax jurisdictions.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingGAAP 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. During the fourth fiscal quarter of 2021, the Company concluded that its properties no longer fit into four business segments, but rather two, multi-family and other. The Company continues to focus its efforts on maximizing the value of its portfolio by reinvesting proceeds from the sale of its legacy "non-core" assets, or "other" segment into its multi-family segment to generate more stable cash flows. Management believes this way of analyzing its portfolio is more useful to the Company and its shareholders. The following table summarizes net operating income (loss) by segment for the years ended December 31, 2021 and 2020. For the year ended December 31, 2021 For the year ended December 31, 2020 Total Multi-family Other Total Multi-family Other Lease income $ 27,692 $ 14,768 $ 12,924 $ 27,230 $ 14,232 $ 12,998 Other property income 937 856 81 1,712 755 957 Total revenues 28,629 15,624 13,005 28,942 14,987 13,955 Operating expenses 13,752 7,410 6,342 14,731 6,836 7,895 Net operating income $ 14,877 $ 8,214 $ 6,663 $ 14,211 $ 8,151 $ 6,060 Non-allocated expenses (1) (23,302) (26,905) Other income and expenses (2) (3,221) (4,243) Provision for asset impairment (3) (1,412) (16,804) Gain on sale of investment properties (4) — 82 Net loss $ (13,058) $ (33,659) Balance Sheet Data Real estate assets, net (5) $ 292,619 $ 176,462 $ 116,157 $ 296,736 $ 181,801 $ 114,935 Non-segmented assets (6) 28,394 59,324 Total assets $ 321,013 $ 356,060 Capital expenditures $ 1,176 $ 478 $ 698 $ 2,804 $ 752 $ 2,052 (1) Non-allocated expenses consists of general and administrative expenses and depreciation and amortization. (2) Other income and expenses consists of interest income and interest expense. (3) Provision for asset impairment is related to one retail asset and one other asset. (4) Gain on the sale of investment properties is related to one other asset. (5) Real estate assets include intangible assets, net of amortization. (6) Non-segmented assets include cash and cash equivalents, restricted cash and escrows, accounts receivable and deferred costs and other assets.

Share Based Compensation

Share Based Compensation	12 Months Ended
	Dec. 31, 2021
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, 2021, the Company granted 13,237 of fully vested shares of common stock with an aggregate value of 3,770 based on a weighted average estimated fair value per share of $0.28. During the year ended December 31, 2020, the Company granted 6,694 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 was initially authorized to grant up to 43,000 shares of the Company's common stock pursuant to awards under the plan. On August 12, 2021, the board of directors increased the authorized number of shares of its Common Stock under the Incentive Award Plan from 43,000 to 67,000 pursuant to that certain Second Amendment to Highlands REIT, Inc. 2016 Incentive Award Plan, dated as of August 12, 2021. At December 31, 2021, 21,544 shares were available for future issuance under the Incentive Award Plan. A summary of the Company's stock awards activity as of December 31, 2021 is as follows: Non-Vested stock awards Stock Awards Weighted Average Grant Date Fair Value Balance at January 1, 2021 — $ — Granted 13,237 0.28 Vested (13,237) — Other — Balance at December 31, 2021 — $ — The Company recognized stock-based compensation expense for the years ended December 31, 2021 and 2020 of $3,852 and $2,618, respectively, related to the Incentive Award Plan. For the years ended December 31, 2021 and 2020, the Company paid $1,727 and $1,147, respectively, related to tax withholding for share-based compensation.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
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 will not 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. The lease required 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. As of December 31, 2021, we estimate that remaining costs under this commitment are approximately $1.3 million. In February 2021, the Company executed a lease with Veeco Instruments, Inc. for approximately 97,000 square feet at our Trimble office asset. The lease requires a significant tenant allowance and broker commission. The total cost commitment is estimated to be approximately $9.1 million. As of December 31, 2021, we estimate that remaining costs under this commitment are approximately $1.7 million.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On March 10, 2022, the State Street property was sold to a third-party buyer for a total purchase price of $9,000 and, in connection therewith, the mortgage that had encumbered the State Street property was repaid in full. After considering closing expenses and debt repayment costs, we received no proceeds in connection with the sale of the State Street property. Effective as of February 1, 2022, we have agreed to an amendment of the operating agreement of the Corvue Venture that, among other things, reduces our interest in the Corvue Venture from approximately 85% to approximately 75%. We are currently evaluating the impact this amendment will have on our financial condition and results of operations in future periods.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate 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 Multi-family 1620 Central Street $ — $ 3,075 $ 17,140 $ — $ 108 $ 3,075 $ 17,248 $ 20,323 $ 2,151 2018 Buerger Brothers Lofts — 3,117 7,114 — 293 3,117 7,407 10,524 1,157 2017 Chamber Lofts — 2,797 6,388 — 180 2,797 6,568 9,365 1,026 2017 Kenilworth Court — 2,496 3,203 — 7 2,496 3,210 5,706 379 2018 Tennyson — 1,533 17,410 — 3 1,533 17,413 18,946 1,607 2019 The Detroit and Detroit Terraces 11,449 3,370 15,006 — 33 3,370 15,039 18,409 1,614 2019 The Lafayette — 2,457 7,067 — 198 2,457 7,265 9,722 937 2018 The Locale 17,893 4,294 22,461 — 409 4,294 22,870 27,164 2,371 2019 The Muse — 5,303 42,809 — 34 5,303 42,843 48,146 3,269 2019 The Sterling — 1,849 5,407 — 1 1,849 5,408 7,257 319 2020 The View — 7,272 8,862 — 573 7,272 9,435 16,707 977 2019 Other Buckhorn Plaza 9,767 1,651 11,770 (35) 2,292 1,616 14,062 15,678 7,929 2006 Hudson Correctional Facility — 1,382 — (1,382) — — — — — 2009 Palazzo Del Lago — 8,938 — — 19 8,938 19 8,957 8 2010 Sherman Plaza — 9,655 30,982 — 11,233 9,655 42,215 51,870 21,046 2006 State Street Market 8,736 3,950 14,184 (508) (7,353) 3,442 6,831 10,273 681 2006 The Market at Hilliard 14,976 4,432 13,308 — 3,949 4,432 17,257 21,689 9,068 2005 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 Trimble — 12,732 10,045 — 5,784 12,732 15,829 28,561 3,224 2013 Versacold USA - St. Paul — 3,890 10,093 — — 3,890 10,093 13,983 5,034 2007 Versacold USA - New Ulm — 900 9,359 — — 900 9,359 10,259 4,676 2007 Corporate — — — — 16 — 16 16 5 N/A Totals $ 62,821 $ 85,093 $ 252,608 $ (1,925) $ 17,779 $ 83,168 $ 270,387 $ 353,555 $ 67,478 Notes to Schedule III: The aggregate cost of real estate owned at December 31, 2021 for U.S. federal income tax purposes was approximately $454,832 (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: 2021 2020 Balance at January 1 $ 360,498 $ 372,228 Acquisitions and capital improvements 2,885 8,357 Dispositions and write-offs — (1,596) Asset impairments (9,828) (18,491) Balance at December 31, $ 353,555 $ 360,498 D. Reconciliation of accumulated depreciation: 2021 2020 Balance at January 1 $ 65,501 $ 56,431 Depreciation expense 10,393 11,001 Dispositions and write-offs — (244) Asset impairments (8,416) (1,687) Balance at December 31, $ 67,478 $ 65,501 E. Depreciation is computed based upon the following estimated lives: Buildings and improvements 30 years Tenant improvements Life of the lease Furniture, fixtures, & equipment and site improvements 5-15 years

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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	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.
Reclassifications	Reclassifications The Company has made certain reclassifications to the consolidated statements of cash flows as of December 31, 2020, to conform to the 2021 presentation.
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 accounts for leases under the provisions of ASC 842. The Company commences revenue recognition on leases when the lessee takes possession of, or controls the physical use of, the leased asset, unless the lessee is constructing improvements for which we are deemed to be the owner for accounting purposes. If we are deemed the owner for accounting purposes, the leased asset is the finished space and revenue recognition commences when the lessee takes possession of it, typically when the improvements are substantially complete. Alternatively, if the lessee is deemed to be the owner of the improvements for accounting purposes, then the leased asset is the unimproved space, and any tenant improvement allowances funded under the lease are treated as lease incentives which reduce lease income recognized over the lease term, and we commence revenue recognition when the lessee takes possession of the unimproved space. The determination of who owns the tenant improvements, for accounting purposes, is based on contractual rights and is subject to significant judgment. In making that determination, we consider all of the following factors. No one factor, however, necessarily establishes its determination. • 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. 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 receivable in the accompanying consolidated balance sheets. 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. 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 lease 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. The Company reviews the collectability of amounts due from its tenants on a regular basis. Such reviews consider the tenant's financial condition and payment history and other economic conditions impacting the tenant. Changes in collectability occur when the Company no longer believes it is probable that substantially all the lease payments will be collected over the term of the lease. If collection is not probable, regardless of whether the Company has entered into an amendment to provide the tenant with COVID-19 related rent relief, the lease payments will be accounted for on a cash basis, and revenue will be recorded as cash is received. If reassessed, and the collection of substantially all of the lease payments from the tenant becomes probable, the accrual basis of revenue recognition is reestablished. 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	Acquisition of Real Estate We evaluate the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and amortized over the useful life of the acquired assets. Generally, acquisition of real estate qualifies as an asset acquisition. 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 lease 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. Real Estate 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. Once the improvements are ready for their intended use, the amounts are reclassified to the appropriate fixed asset accounts. Depreciation begins when the improvement is placed in service. Sale of Real Estate
Assets Held for Sale	Assets Held for Sale A long-lived asset (disposal group) to be sold shall be classified as held for sale in the period in which all of the following criteria are met: • Management, having the authority to approve the action, commits to a plan to sell the asset (disposal group); • The asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (disposal groups); • An active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; • The sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale, within one year, except as permitted by paragraph 360-10-45-11; • The asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value. The price at which a long-lived asset (disposal group) is being marketed is indicative of whether the entity currently has the intent and ability to sell the asset (disposal group). A market price that is reasonable in relation to fair value indicates that the asset (disposal group) is available for immediate sale, whereas a market price in excess of fair value indicates that the asset (disposal group) is not available for immediate sale; and • Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
Impairment	Impairment of Real Estate 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.
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.
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 January 2021 and March 2020, the FASB issued ASU 2021-01 and ASU 2020-04, respectively, “Reference Rate Reform (Topic 848)”. These pronouncements contain practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance 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 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. Other recently issued accounting standards or pronouncements not discussed above 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, 2021
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 was allocated as follows: Total Land $ 1,849 Buildings and other improvements 5,407 Intangible assets, net 116 Total assets $ 7,372

Disposed Assets (Tables)

Disposed Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Sales Activity and Operations	The following table reflects the property dispositions 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

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following: Year ended December 31, 2021 2020 Accrued real estate taxes $ 6,593 $ 7,365 Accrued compensation 1,140 3,762 Accrued interest payable 215 282 Other accrued expenses 1,578 1,544 Total accounts payable and accrued expenses $ 9,526 $ 12,953

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lease Income	Lease income related to the Company's operating leases is comprised of the following: Year ended December 31, 2021 2020 Lease income related to fixed lease payments $ 23,527 $ 23,291 Lease income related to variable lease payments 4,165 3,939 Total lease income $ 27,692 $ 27,230
Payments to be received under Topic 842	As of December 31, 2021, 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. 2022 $ 8,376 2023 9,422 2024 9,115 2025 8,378 2026 8,023 Thereafter 48,180 Total $ 91,494
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, 2021 and a reconciliation of those cash flows to the operating lease liability. 2022 $ 21 2023 21 2024 21 2025 21 2026 21 Thereafter 331 Total $ 436 Imputed interest (154) Lease liability $ 282

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020. Balance as of December 31, 2021 2020 Intangible Assets: Acquired in-place lease $ 22,281 $ 22,281 Accumulated amortization (22,281) (22,245) Intangible assets, net $ — $ 36 Intangible liabilities: Acquired below market leases $ 2,629 $ 2,629 Accumulated amortization (1,971) (1,886) Intangible Liabilities, net $ 658 $ 743
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, 2021 and 2020. Year ended December 31, 2021 2020 Amortization of: Acquired below market lease $ 85 $ 99 Net revenues increase $ 85 $ 99 Acquired in-place lease intangibles $ 36 $ 1,419 The following table presents the amortization during the next five years and thereafter related to intangible assets and liabilities as of December 31, 2021. 2022 2023 2024 2025 2026 Thereafter Total Amortization of: Acquired below market lease $ 85 $ 85 $ 85 $ 79 $ 74 $ 250 $ 658 Net revenues increase $ 85 $ 85 $ 85 $ 79 $ 74 $ 250 $ 658
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, 2021 and 2020. Year ended December 31, 2021 2020 Amortization of: Acquired below market lease $ 85 $ 99 Net revenues increase $ 85 $ 99 Acquired in-place lease intangibles $ 36 $ 1,419 The following table presents the amortization during the next five years and thereafter related to intangible assets and liabilities as of December 31, 2021. 2022 2023 2024 2025 2026 Thereafter Total Amortization of: Acquired below market lease $ 85 $ 85 $ 85 $ 79 $ 74 $ 250 $ 658 Net revenues increase $ 85 $ 85 $ 85 $ 79 $ 74 $ 250 $ 658

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Total debt outstanding as of December 31, 2021 and 2020 was as follows: 2021 2020 Debt, gross $ 62,821 $ 83,898 Mortgage discount (257) (303) Deferred financing costs, net (434) (834) Total Debt, net $ 62,130 $ 82,761
Schedule of Debt Transactions	During the years ended December 31, 2021 and 2020, the following principal debt transactions occurred: 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 Paydown of term loan related to credit agreement (20,000) Paydown of debt (1,077) Balance at December 31, 2021 $ 62,821
Scheduled Maturities of Mortgage Indebtedness	As of December 31, 2021, the Company's outstanding mortgage indebtedness included five mortgage loans with various maturities through August 2027, as follows: For the year ended December 31, As of December 31, 2021 Weighted average 2022 $ 8,736 5.24 % 2023 17,893 3.28 % (1) 2024 — — % 2025 — — % 2026 24,743 4.56 % Thereafter 11,449 3.99 % Total $ 62,821 4.18 % (1) See below for discussion of the swap agreement entered into with the mortgage loan obtained in connection with the acquisition of 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, 2021
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	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, 2021 and 2020, respectively. December 31, 2021 Level 1 Level 2 Level 3 Total Derivative financial instruments designated as cash flow hedges: Classified as “Other liabilities” $ — $ 238 $ — $ 238 December 31, 2020 Level 1 Level 2 Level 3 Total Derivative financial instruments designated as cash flow hedges: Classified as “Other liabilities” $ — $ 645 $ — $ 645
Schedule of Assets Measured on a Non-Recurring Basis	The following tables present these assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 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 (1) Level 1 Level 2 Level 3 Total Provision for impairment December 31, 2021 Investment Properties $ — $ — $ 9,000 $ 9,000 $ 1,412 Fair Value (2) Level 1 Level 2 Level 3 Total Provision for impairment December 31, 2020 Investment Properties $ — $ — $ — $ — $ 16,804 (1) The estimate of fair value relating to State Street Market was based on recent negotiations for the sale of the asset to a third party.
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, 2021 and 2020. December 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable and revolver $ 62,821 $ 61,052 $ 83,898 $ 81,703

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Summary of Net Property Operations	The following table summarizes net operating income (loss) by segment for the years ended December 31, 2021 and 2020. For the year ended December 31, 2021 For the year ended December 31, 2020 Total Multi-family Other Total Multi-family Other Lease income $ 27,692 $ 14,768 $ 12,924 $ 27,230 $ 14,232 $ 12,998 Other property income 937 856 81 1,712 755 957 Total revenues 28,629 15,624 13,005 28,942 14,987 13,955 Operating expenses 13,752 7,410 6,342 14,731 6,836 7,895 Net operating income $ 14,877 $ 8,214 $ 6,663 $ 14,211 $ 8,151 $ 6,060 Non-allocated expenses (1) (23,302) (26,905) Other income and expenses (2) (3,221) (4,243) Provision for asset impairment (3) (1,412) (16,804) Gain on sale of investment properties (4) — 82 Net loss $ (13,058) $ (33,659) Balance Sheet Data Real estate assets, net (5) $ 292,619 $ 176,462 $ 116,157 $ 296,736 $ 181,801 $ 114,935 Non-segmented assets (6) 28,394 59,324 Total assets $ 321,013 $ 356,060 Capital expenditures $ 1,176 $ 478 $ 698 $ 2,804 $ 752 $ 2,052 (1) Non-allocated expenses consists of general and administrative expenses and depreciation and amortization. (2) Other income and expenses consists of interest income and interest expense. (3) Provision for asset impairment is related to one retail asset and one other asset. (4) Gain on the sale of investment properties is related to one other asset. (5) Real estate assets include intangible assets, net of amortization. (6) Non-segmented assets include cash and cash equivalents, restricted cash and escrows, accounts receivable and deferred costs and other assets.

Share Based Compensation (Table

Share Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 is as follows: Non-Vested stock awards Stock Awards Weighted Average Grant Date Fair Value Balance at January 1, 2021 — $ — Granted 13,237 0.28 Vested (13,237) — Other — Balance at December 31, 2021 — $ —

Organization (Details)

Organization (Details) $ / shares in Units, $ in Thousands	Aug. 16, 2019USD ($)	Apr. 28, 2016$ / sharesshares	Dec. 31, 2021parcelproperty$ / shares	Dec. 31, 2020$ / shares
Conversion of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01	$ 0.01
Number of assets (in property) | property			20
Parcels of land | parcel			1
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

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	$ 321,013,000	$ 356,060,000
Liabilities	74,476,000	98,997,000
Assets held for sale	0	0
Provision for asset impairment	1,412,000	16,804,000
Variable Interest Entity, Primary Beneficiary | Corvue Venture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	25,396,000	26,449,000
Liabilities	$ 18,521,000	$ 19,267,000
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, 2021USD ($)building	Dec. 31, 2020USD ($)
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties	$ 0	$ 7,372
Multifamily [Member]
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Number of properties acquired | building	1
Acquisition of investment properties	$ 7,372
Capitalized transaction costs	$ 72

Acquired Properties - Propertie

Acquired Properties - Properties Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties	$ 0	$ 7,372
Land	83,168	83,676
Building and other improvements	270,387	276,822
Real Estate Investment Property, at Cost	360,097	$ 362,201
Multifamily [Member]
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties	7,372
Land	1,849
Building and other improvements	5,407
Real Estate Investments, Other	116
Real Estate Investment Property, at Cost	7,372
The Sterling
Schedule of Asset Acquisitions, by Acquisition [Line Items]
Acquisition of investment properties	$ 7,372

Disposed Assets - Activity (Det

Disposed Assets - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross disposition price	$ 0
Proceeds from sale of investment properties, net	0	$ 1,287
Gain on sale of investment properties	0	$ 82
Citizens
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross disposition price	1,425
Proceeds from sale of investment properties, net	1,287
Gain on sale of investment properties	$ 82

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued real estate taxes	$ 6,593	$ 7,365
Accrued compensation	1,140	3,762
Accrued interest payable	215	282
Other accrued expenses	1,578	1,544
Total accounts payable and accrued expenses	$ 9,526	$ 12,953

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	Dec. 31, 2021USD ($)
Cumulative Effect, Period of Adoption, Adjustment | ASU 2016-02
Lessor, Lease, Description [Line Items]
ROU asset	$ 282
Discount rate	4.50%
Minimum
Lessor, Lease, Description [Line Items]
Lease terms	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lease terms	16 years

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Lease income related to fixed lease payments	$ 23,527	$ 23,291
Lease income related to variable lease payments	4,165	3,939
Lease income	$ 27,692	$ 27,230

Leases - Receivable Maturity (D

Leases - Receivable Maturity (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 8,376
2023	9,422
2024	9,115
2025	8,378
2026	8,023
Thereafter	48,180
Total	$ 91,494

Leases - Operating Lease Liabil

Leases - Operating Lease Liability Maturity (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 21
2023	21
2024	21
2025	21
2026	21
Thereafter	331
Total	436
Imputed interest	(154)
Lease liability	$ 282
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortization of:
Accumulated amortization	$ (22,281)	$ (22,245)
Intangible assets, net	0	36
Intangible liabilities:
Acquired below market leases	2,629	2,629
Accumulated amortization	(1,971)	(1,886)
Total	658	743
Acquired in-place lease
Amortization of:
Intangible assets	$ 22,281	$ 22,281

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, 2021	Dec. 31, 2020
Amortization of:
Acquired below market lease	$ 85	$ 99
Net revenues increase	85	99
Acquired in-place lease
Amortization of:
Intangible assets	$ 36	$ 1,419

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Amortization Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Acquired below market lease
2022	$ 85
2023	85
2024	85
2025	79
2026	74
Thereafter	250
Total	658	$ 743
Net rental income increase, 2022	85
Net rental income increase, 2023	85
Net rental income increase, 2024	85
Net rental income increase, 2025	79
Net rental income increase, 2026	74
Net rental income increase, Thereafter	250
Net rental income increase, Total	$ 658

Debt - Schedule of Debt Outstan

Debt - Schedule of Debt Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt, gross	$ 62,821	$ 83,898	$ 94,926
Mortgage discount	(257)	(303)
Deferred financing costs, net	(434)	(834)
Debt, net	$ 62,130	$ 82,761

Debt - Transactions (Details)

Debt - Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Movement in Debt [Roll Forward]
Beginning Balance	$ 83,898	$ 94,926
Paydown of term loan related to credit agreement	(20,000)	(30,000)
Proceeds from credit agreement		20,000
Paydown of debt	(1,077)	(1,028)
Ending Balance	$ 62,821	$ 83,898

Debt - Scheduled Maturities (De

Debt - Scheduled Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total	$ 62,821	$ 83,898	$ 94,926
Mortgages
Debt Instrument [Line Items]
2022	8,736
2023	17,893
2024	0
2025	0
2026	24,743
Thereafter	11,449
Total	$ 62,821
Weighted average interest rate
2022	5.24%
2023	3.28%
2024	0.00%
2025	0.00%
2026	4.56%
Thereafter	3.99%
Total	4.18%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	Mar. 29, 2021	Jan. 21, 2021	Dec. 31, 2021	Dec. 31, 2020	Nov. 06, 2020
Debt Instrument [Line Items]
Restricted cash			$ 3,689	$ 3,401
Repayments of Debt			1,077	1,028
Cash Held By Lender
Debt Instrument [Line Items]
Restricted cash			541	$ 293
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity					$ 20,000
Repayments of Debt	$ 15,000	$ 5,000
Mortgage Loan in Connection with Acquisition of The Locale | Mortgages
Debt Instrument [Line Items]
Mortgage loan			$ 18,800

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)derivative_instrument	Dec. 31, 2020USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized gain (loss) on derivatives	$ 407	$ (666)
Cash flow hedge gain (loss)	191
Provision for asset impairment	$ 1,412	16,804
Fair Value, Measurements, Nonrecurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Provision for asset impairment		$ 16,804
Discount rate | Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt measurement input	0.0505	0.0433
Discount rate | Long-term debt | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt measurement input	0.0338	0.0263
Discount rate | Long-term debt | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term debt measurement input	0.0687	0.0621
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, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred costs and other assets	$ 238	$ 645
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	238	645
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) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for asset impairment	$ 1,412	$ 16,804
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment properties	9,000	0
Provision for asset impairment		16,804
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	$ 9,000	$ 0

Fair Value Measurements - Not M

Fair Value Measurements - Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable and revolver	$ 62,821	$ 83,898
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages payable and revolver	$ 61,052	$ 81,703

Income Taxes (Details)

Income Taxes (Details)	Dec. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) - segment	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Segment Reporting [Abstract]
Number of business segments (in segments)	2	4

Segment Reporting - Net Propert

Segment Reporting - Net Property Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Lease income	$ 27,692	$ 27,230
Total revenues	28,629	28,942
Operating expenses	13,752	14,731
Net operating income	14,877	14,211
Provision for asset impairment	(1,412)	(16,804)
Gain on sale of investment properties	0	82
Net loss	(13,058)	(33,659)
Balance Sheet Data
Total assets	321,013	356,060
Capital expenditures	1,176	2,804
Reconciling items
Segment Reporting Information [Line Items]
Non-allocated expenses	(23,302)	(26,905)
Other income and expenses	(3,221)	(4,243)
Balance Sheet Data
Total assets	28,394	59,324
Operating segments and corporate, non-segment
Balance Sheet Data
Total assets	292,619	296,736
Multi-family | Operating segments
Segment Reporting Information [Line Items]
Total revenues	15,624	14,987
Operating expenses	7,410	6,836
Net operating income	8,214	8,151
Balance Sheet Data
Total assets	176,462	181,801
Capital expenditures	478	752
Other | Operating segments
Segment Reporting Information [Line Items]
Total revenues	13,005	13,955
Operating expenses	6,342	7,895
Net operating income	6,663	6,060
Balance Sheet Data
Total assets	116,157	114,935
Capital expenditures	698	2,052
Other property income
Segment Reporting Information [Line Items]
Total revenues	937	1,712
Other property income | Multi-family | Operating segments
Segment Reporting Information [Line Items]
Total revenues	856	755
Other property income | Other | Operating segments
Segment Reporting Information [Line Items]
Total revenues	81	957
Lease income
Segment Reporting Information [Line Items]
Total revenues	27,692	27,230
Lease income | Multi-family | Operating segments
Segment Reporting Information [Line Items]
Total revenues	14,768	14,232
Lease income | Other | Operating segments
Segment Reporting Information [Line Items]
Total revenues	$ 12,924	$ 12,998

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Aug. 12, 2021	Apr. 28, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payment for tax withholding for share-based compensation	$ 1,727	$ 1,147
Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,852	2,618
Incentive awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of shares granted		$ 2,410
Number of shares authorized to grant (up to) (in shares)			67,000,000	43,000,000
Shares available for future issuance (in shares)	21,544,000
Stock Awards
Beginning balance (in shares)	0
Granted (in shares)	13,237,000	6,694,000
Vested (in shares)	(13,237,000)
Forfeited (in shares)
Ending balance (in shares)	0	0
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	0.28	$ 0.36
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	$ 0	$ 0
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of shares granted	$ 3,770
Stock Awards
Granted (in shares)	13,237,000
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 0.28

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended
	Apr. 30, 2020ft²	Dec. 31, 2021USD ($)	Feb. 28, 2021USD ($)
Lessor, Lease, Description [Line Items]
Contractual obligation		$ 1.3
Veeco Instrument, Inc. Lease
Lessor, Lease, Description [Line Items]
Contractual obligation			$ 9.1
Contractual obligation, re-estimated remaining obligation		1.7
Northwestern Medical Group
Lessor, Lease, Description [Line Items]
Leased area | ft²	29,000
Contractual obligation		$ 3.9
Veeco Instruments, Inc
Lessor, Lease, Description [Line Items]
Leased area | ft²	97,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Feb. 01, 2022	Mar. 10, 2022	Dec. 31, 2021	Aug. 16, 2019
Subsequent Event [Line Items]
Gross Disposition Price			$ 0
Corvue Venture
Subsequent Event [Line Items]
Ownership percentage				85.00%
Subsequent Event | Variable Interest Entity, Primary Beneficiary | Corvue Venture
Subsequent Event [Line Items]
Variable interest entity, ownership percentage	75.00%
Subsequent Event | State Street Market Rockford IL
Subsequent Event [Line Items]
Gross Disposition Price		$ 9

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 62,821
Initial Cost, Land	85,093
Initial Cost, Buildings and Improvements	252,608
Adjustments to Land Basis	(1,925)
Adjustments to Building Basis	17,779
Gross amount at which carried at end of period, Land and Improvements	83,168
Gross amount at which carried at end of period, Buildings and Improvements	270,387
Gross amount at which carried at end of period, Total	353,555	$ 360,498
Accumulated Depreciation	67,478	65,501
Notes to Schedule III
Cost of real estate owned	454,832
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning balance	360,498	372,228
Acquisitions and capital improvements	2,885	8,357
Dispositions and write-offs	0	(1,596)
Asset impairments	(9,828)	(18,491)
Ending balance	353,555	360,498
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning balance	65,501	56,431
Depreciation expense	10,393	11,001
Dispositions and write-offs	0	(244)
Asset impairments	(8,416)	(1,687)
Ending balance	$ 67,478	$ 65,501
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 and site improvements | 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 and site improvements | 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
Multi-family | Buckhorn Plaza Bloomsburg, PA | Bloomsburg, Pennsylvania [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 9,767
Initial Cost, Land	1,651
Initial Cost, Buildings and Improvements	11,770
Adjustments to Land Basis	(35)
Adjustments to Building Basis	2,292
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	14,062
Gross amount at which carried at end of period, Total	15,678
Accumulated Depreciation	7,929
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	15,678
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	7,929
Multi-family | Sherman Plaza Evanston, IL | Evanston, Illinois [Member]
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	11,233
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	42,215
Gross amount at which carried at end of period, Total	51,870
Accumulated Depreciation	21,046
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	51,870
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	21,046
Multi-family | State Street Market Rockford IL | Rockford, Illinois [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	8,736
Initial Cost, Land	3,950
Initial Cost, Buildings and Improvements	14,184
Adjustments to Land Basis	(508)
Adjustments to Building Basis	(7,353)
Gross amount at which carried at end of period, Land and Improvements	3,442
Gross amount at which carried at end of period, Buildings and Improvements	6,831
Gross amount at which carried at end of period, Total	10,273
Accumulated Depreciation	681
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	10,273
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	681
Multi-family | The Market at Hilliard Hilliard, OH | Hilliard, Ohio [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	14,976
Initial Cost, Land	4,432
Initial Cost, Buildings and Improvements	13,308
Adjustments to Building Basis	3,949
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	17,257
Gross amount at which carried at end of period, Total	21,689
Accumulated Depreciation	9,068
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	21,689
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	9,068
Net Lease [Member] | Versacold USA - St. Paul St. Paul, MN | St. Paul, Minnesota [Member]
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
Accumulated Depreciation	5,034
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	5,034
Net Lease [Member] | Versacold USA - New Ulm New Ulm, MN | New Ulm, Minnesota [Member]
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
Accumulated Depreciation	4,676
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	4,676
Net Lease [Member] | Hudson Correctional Facility Hudson, CO | Hudson, Colorado [Member]
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
Accumulated Depreciation	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 [Member] | Trimble San Jose, CA | San Jose, California [Member]
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
Accumulated Depreciation	3,224
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	3,224
Multifamily [Member] | Buerger Brothers Lofts Denver, CO | Denver, Colorado [Member]
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	293
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	7,407
Gross amount at which carried at end of period, Total	10,524
Accumulated Depreciation	1,157
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	10,524
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	1,157
Multifamily [Member] | Chamber Lofts Denver, CO | Denver, Colorado [Member]
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	180
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	6,568
Gross amount at which carried at end of period, Total	9,365
Accumulated Depreciation	1,026
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	9,365
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	1,026
Multifamily [Member] | The Lafayette Denver, CO | Denver, Colorado [Member]
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	198
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	7,265
Gross amount at which carried at end of period, Total	9,722
Accumulated Depreciation	937
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	9,722
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	937
Multifamily [Member] | Kenilworth Court Denver, CO | Denver, Colorado [Member]
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
Accumulated Depreciation	379
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	379
Multifamily [Member] | 1620 Central Street Evanston, IL | Evanston, Illinois [Member]
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	108
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	17,248
Gross amount at which carried at end of period, Total	20,323
Accumulated Depreciation	2,151
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	20,323
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	2,151
Multifamily [Member] | The Detroit And Detroit Terraces | Evanston, Illinois [Member]
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	33
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	15,039
Gross amount at which carried at end of period, Total	18,409
Accumulated Depreciation	1,614
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	18,409
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	1,614
Multifamily [Member] | Tennyson | Denver, Colorado [Member]
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	3
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	17,413
Gross amount at which carried at end of period, Total	18,946
Accumulated Depreciation	1,607
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	18,946
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	1,607
Multifamily [Member] | The Muse | Denver, Colorado [Member]
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	34
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	42,843
Gross amount at which carried at end of period, Total	48,146
Accumulated Depreciation	3,269
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	48,146
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	3,269
Multifamily [Member] | 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	573
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	9,435
Gross amount at which carried at end of period, Total	16,707
Accumulated Depreciation	977
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	16,707
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	977
Multifamily [Member] | The Locale | Allendale MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	17,893
Initial Cost, Land	4,294
Initial Cost, Buildings and Improvements	22,461
Adjustments to Building Basis	409
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	22,870
Gross amount at which carried at end of period, Total	27,164
Accumulated Depreciation	2,371
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	27,164
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	2,371
Multifamily [Member] | 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	1
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	5,408
Gross amount at which carried at end of period, Total	7,257
Accumulated Depreciation	319
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	7,257
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	319
Other | Palazzo Del Lago Orlando, FL | Orlando, Florida [Member]
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
Accumulated Depreciation	8
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	8
Other | Corporate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Adjustments to Building Basis	16
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	16
Gross amount at which carried at end of period, Total	16
Accumulated Depreciation	5
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Ending balance	16
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	$ 5