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Schedule III Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III Real Estate and Accumulated Depreciation
Behringer Harvard Opportunity REIT I, Inc.
Real Estate and Accumulated Depreciation
Schedule III
December 31, 2015
($ in thousands)
 
 
 
 
 
 
Initial Cost
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
Location
 
Encumbrances
 
Land and
improvements
 
Building and
improvements
 
Cost capitalized
subsequent
to acquisition(1)
 
Gross amount
carried at
close of period
 
Accumulated
depreciation
 
Year of
construction
 
Date
acquired
 
Depreciable
life
Chase Park Plaza
 
St. Louis, MO
 
$
62,182

 
$
3,612

 
$
50,143

 
$
40,915

 
$
94,670

 
$
21,200

 
1922 - 1931
 
12/8/2006
 
(2)
The Lodge & Spa at Cordillera
 
Edwards, CO
 
—

 
9,398

 
7,468

 
(6,603
)
 
10,263

 
1,810

 
1988
 
6/6/2007
 
(2)
Frisco Square
 
Frisco, TX
 
30,578

 
40,098

 
27,907

 
10,525

 
78,530

 
16,387

 
2002 - 2003
 
8/3/2007
 
(3)
Northpoint Central
 
Houston, TX
 
11,720

(5)
750

 
19,849

 
(5,403
)
 
15,196

 
2,397

 
1982
 
9/13/2007
 
(3)
Northborough Tower
 
Houston, TX
 
18,516

 
1,400

 
31,401

 
(19,748
)
 
13,053

 
194

 
1983
 
2/26/2008
 
(3)
Royal Island
 
Commonwealth
of Bahamas
 
13,872

 
21,158

 
2,842

 
—

 
24,000

 
2,099

 
—
 
6/6/2012
 
(3)
The Ablon at Frisco Square
 
Frisco, TX
 
18,679

 
—

 
—

 
39,102

 
39,102

 
—

 
2014 -2015
 
(4)
 
(4)
Sub-total
 
 
 
155,547

 
76,416

 
139,610

 
58,788

 
274,814

 
44,087

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Held for Sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Las Colinas Commons
 
Irving, TX
 
14,900

(5)
2,785

 
9,718

 
3,507

 
16,010

 
4,864

 
1979 - 2001
 
12/20/2006
 
(3)
Totals
 
 
 
$
170,447

 
$
79,201

 
$
149,328

 
$
62,295

 
$
290,824

 
$
48,951

 
 
 
 
 
 
_______________________________________________________________________________

(1)
Includes adjustment to basis, such as impairment losses
(2)
Hotels are depreciated according to Company policy, which uses the straight-line method over their estimated useful life of 39 years.
(3)
Buildings are depreciated according to Company policy, which uses the straight-line method over their estimated useful life of 25 years.
(4)
Construction of a 275-unit multifamily project at The Ablon at Frisco Square development began on September 2, 2014.
(5)
Las Colinas Commons and Northpoint Central are both borrowers under a loan that matures in May 2017. The Las Colinas Commons loan balance at December 31, 2015 is $11.3 million. Under the terms of the loan, the lender requires a release price payment of $14.9 million to release the Las Colinas Commons property from the loan. The $3.6 million excess principal payment amount is used to reduce Northpoint Central's loan balance. We have reclassified the full release price as a liability associated with our real estate held for sale as of December 31, 2015.
A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2015, 2014 and 2013 is as follows:
Real Estate and Accumulated Depreciation
Schedule III
(in thousands)


 
Year Ended December 31,
 
2015
 
2014
 
2013
Real Estate:
 
 
 
 
 
Balance at beginning of period
$
278,558

 
$
284,532

 
$
292,737

Acquisitions
—

 
—

 
—

Improvements
34,587

 
14,519

 
4,222

Write-offs
(3,378
)
 
(759
)
 
(1,635
)
       Establishment of new basis for impaired assets
(18,943
)
(1)
(18,467
)
(2)
(119
)
Cost of real estate sold
—

 
(1,267
)
 
(10,673
)
Balance at end of the period
$
290,824

 
$
278,558

 
$
284,532

Accumulated depreciation:
 
 
 
 
 
Balance at beginning of period
$
49,258

 
$
48,652

 
$
41,186

Depreciation expense
10,366

 
9,931

 
9,073

Write-offs
(3,270
)
 
(440
)
 
(1,607
)
Reclassification
(7,403
)
(1)
(8,885
)
(2)
—

Disposals
—

 
—

 
—

Balance at end of the period
$
48,951

 
$
49,258

 
$
48,652

_______________________________________________________________________________

(1)
During the year ended December 31, 2015, we recorded non-cash impairment charges for our Frisco Square land and our Northborough Tower and Northpoint Central office buildings of $6.8 million, $2.1 million and $2.7 million, respectively, for a total of $11.6 million. The accumulated depreciation for Northborough Tower and Northpoint Central of $0.8 million and $6.6 million, respectively, were offset against the basis of the assets.
(2)
During the year ended December 31, 2014, we recorded non-cash impairment charges for our Northborough Tower office building of $9.4 million. The accumulated depreciation for the asset, of $8.9 million, was offset against the basis of the asset. The carrying value of the asset also includes a reclass of $0.2 million.