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(December 31, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 195.70 636.20 Td (ASSETS) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.00 636.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.50 636.20 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 622.21 Td (Investment property, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 622.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 622.21 Td (74,315,009) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 622.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 622.21 Td (21,355,421) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 608.21 Td (Cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 608.21 Td (3,206,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 608.21 Td (2,726,742) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 594.21 Td (Restricted cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 594.21 Td (2,947,792) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 594.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 580.21 Td (Derivative instruments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.25 580.21 Td (15,317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 580.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 566.21 Td (Tenant and other receivables, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 566.21 Td (1,060,430) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 566.21 Td (68,160) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 552.21 Td (Intangible lease assets, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 552.21 Td (54,461,873) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 552.21 Td (3,945,291) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 538.21 Td (Deferred leasing costs, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.25 538.21 Td (13,154) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 538.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 524.21 Td (Deferred financing costs, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 524.21 Td (566,884) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 524.21 Td (8,925) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 510.21 Td (Other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.25 510.21 Td (34,885) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 510.21 Td (446,275) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 496.20 Td (Total assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 496.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 496.21 Td (136,622,134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 496.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 496.21 Td (28,550,814) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 155.35 482.20 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 468.20 Td (Liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 454.21 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 454.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 454.21 Td (1,403,610) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 454.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 454.21 Td (259,111) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 440.21 Td (Due to affiliates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 440.21 Td (4,287,872) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 440.21 Td (5,213,634) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 426.21 Td (Intangible lease liabilities, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 426.21 Td (2,653,613) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 426.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 412.21 Td (Other liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 412.21 Td (741,630) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 412.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 398.21 Td (Distributions payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 398.21 Td (343,684) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 398.21 Td (18,371) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 384.21 Td (Note payable to affiliate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 384.21 Td (13,860,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 384.21 Td (24,200,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 370.21 Td (Note payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 370.21 Td (62,061,360) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 370.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 356.20 Td (Total liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 356.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 356.21 Td (85,351,769) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 356.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 356.21 Td (29,691,116) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 328.21 Td (Commitments and contingencies \(Note 11\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 328.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 328.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 300.20 Td (Equity:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 300.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 300.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 286.21 Td (Stockholders equity \(deficit\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 286.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 286.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 272.21 Td (Preferred shares, $0.001 par value; 500,000,000 preferred shares authorized, none issued) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 263.21 Td (or outstanding as of September 30, 2015 and December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 263.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 263.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 249.21 Td (Class A common stock, $0.001 par value; 600,000,000 authorized; 7,471,683 and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 240.21 Td (420,541 issued and outstanding as of September 30, 2015 and December 31, 2014,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 231.21 Td (respectively) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 231.21 Td (7,472) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 231.21 Td (421) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 217.21 Td (Class T common stock, $0.001 par value; 900,000,000 authorized; 3,175 and none) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 208.21 Td (issued and outstanding as of September 30, 2015 and December 31, 2014, respectively) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 208.21 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 208.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 194.21 Td (Additional paid-in capital) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 194.21 Td (58,178,707) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 194.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 180.21 Td (Accumulated deficit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 180.21 Td (\(6,806,176) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 180.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 180.21 Td (\(1,140,723) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 180.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 166.21 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.75 166.21 Td (\(109,641) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 166.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 166.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 152.21 Td (Total stockholders equity \(deficit\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 152.21 Td (51,270,365) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 152.21 Td (\(1,140,302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 152.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 138.21 Td (Noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 138.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 138.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 124.21 Td (Total equity \(deficit\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 124.21 Td (51,270,365) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 124.21 Td (\(1,140,302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 124.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 110.20 Td (Total liabilities and equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 110.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 110.21 Td (136,622,134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 110.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 110.21 Td (28,550,814) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 82.25 Td (See notes to the condensed consolidated financial statements.) Tj ET Q endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.60 742.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 312.46 742.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 339.23 742.25 Td ( II, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 184.11 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 218.66 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 225.14 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 290.06 730.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 326.82 730.25 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 359.89 730.25 Td (AND COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.65 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 175.02 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.17 718.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 209.65 718.25 Td (ee and Nine) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.65 718.25 Td ( Months Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.73 718.25 Td (September) Tj ET Q q 0 0 0 rg BT 373.65 718.25 Td (30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.27 718.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 706.25 Td (\(UNAUDITED\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 643.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 643.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 643.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 643.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 643.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 613.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 613.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 613.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 613.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 613.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 583.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 583.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 583.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 583.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 583.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 553.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 553.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 553.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 553.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 553.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 553.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 553.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 553.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 523.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 523.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 523.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 523.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 523.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 523.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 523.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 523.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 493.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 493.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 493.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 493.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 493.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 463.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 463.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 463.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 463.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 463.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 463.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 463.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 463.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 433.75 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 433.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 433.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 433.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 433.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 433.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 433.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 433.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 404.75 280.00 -15.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 502.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 374.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 344.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 344.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 344.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 344.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 344.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 314.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 314.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 314.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 314.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 314.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 284.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 284.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 284.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 284.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 284.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 284.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 284.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 284.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 254.75 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 254.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 254.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 254.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 254.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 254.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 254.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 254.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 225.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 225.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 225.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 225.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 225.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 225.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 225.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 225.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 195.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 195.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 195.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 195.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 195.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 195.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 195.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 195.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 155.75 280.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 155.75 55.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 155.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 155.75 55.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 155.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 155.75 55.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 155.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 155.75 55.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 657.75 m 384.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 657.75 m 443.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 657.75 m 502.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 657.75 m 561.5 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 613.75 m 384.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 613.75 m 443.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 613.75 m 502.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 613.75 m 561.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 613.75 m 443.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 463.75 m 384.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 463.75 m 443.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 463.75 m 502.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 463.75 m 561.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 463.75 m 384.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 463.75 m 443.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 448.75 m 443.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 463.75 m 502.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 448.75 m 502.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 448.75 m 561.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 448.75 m 384.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 448.75 m 443.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 448.75 m 502.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 448.75 m 561.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 359.75 m 384.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 359.75 m 443.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 359.75 m 502.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 359.75 m 561.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 359.75 m 384.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 359.75 m 443.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 359.75 m 502.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 359.75 m 561.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 329.75 m 443.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 329.75 m 502.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 329.75 m 561.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 329.75 m 384.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 315.75 m 384.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 313.75 m 384.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 329.75 m 443.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 315.75 m 443.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 313.75 m 443.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 329.75 m 502.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 315.75 m 502.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 313.75 m 502.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 329.75 m 561.5 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 315.75 m 561.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 313.75 m 561.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 313.75 m 443.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 315.75 m 443.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 313.75 m 502.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 315.75 m 502.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 313.75 m 561.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 315.75 m 561.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 300.75 m 561.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 298.75 m 561.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 298.75 m 384.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 300.75 m 384.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 285.75 m 384.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 283.75 m 384.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 298.75 m 443.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 300.75 m 443.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 285.75 m 443.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 283.75 m 443.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 298.75 m 502.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 300.75 m 502.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 285.75 m 502.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 283.75 m 502.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 298.75 m 561.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 300.75 m 561.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 285.75 m 561.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 283.75 m 561.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 283.75 m 384.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 285.75 m 384.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 270.75 m 384.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 268.75 m 384.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 283.75 m 443.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 285.75 m 443.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 270.75 m 443.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 268.75 m 443.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 283.75 m 502.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 285.75 m 502.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 270.75 m 502.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 268.75 m 502.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 283.75 m 561.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 285.75 m 561.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 270.75 m 561.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 268.75 m 561.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 268.75 m 384.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 270.75 m 384.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 255.75 m 384.5 255.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 253.75 m 384.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 268.75 m 443.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 270.75 m 443.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 255.75 m 443.5 255.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 253.75 m 443.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 268.75 m 502.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 270.75 m 502.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 255.75 m 502.5 255.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 253.75 m 502.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 268.75 m 561.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 270.75 m 561.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 255.75 m 561.5 255.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 253.75 m 561.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 195.75 m 384.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 195.75 m 443.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 195.75 m 502.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 195.75 m 561.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 155.75 m 384.5 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 155.75 m 443.5 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 155.75 m 502.5 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 155.75 m 561.5 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 132.75 m 384.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 130.75 m 384.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 155.75 m 443.5 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 132.75 m 443.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 130.75 m 443.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 155.75 m 502.5 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 132.75 m 502.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 130.75 m 502.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 155.75 m 561.5 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 132.75 m 561.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 130.75 m 561.5 130.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.50 686.43 Td (Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.50 676.43 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.20 686.43 Td (Nine Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.50 676.43 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 662.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.50 662.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.50 662.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.50 662.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 648.43 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 633.42 Td (Rental revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 633.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.60 633.42 Td (2,657,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 633.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 633.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 633.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 633.42 Td (6,545,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 633.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 633.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 618.42 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 618.42 Td (41,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 618.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 618.42 Td (93,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 618.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 603.42 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.60 603.42 Td (2,698,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 603.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 603.42 Td (6,638,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 603.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 588.43 Td (Expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 588.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 588.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 573.42 Td (Property operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 573.42 Td (466,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 573.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 573.42 Td (1,274,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 573.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 558.42 Td (Real property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 558.42 Td (78,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 558.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 558.42 Td (227,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 558.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 543.42 Td (Property management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 543.42 Td (36,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 543.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 543.42 Td (92,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 543.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 528.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.60 528.42 Td (1,183,116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 528.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 528.42 Td (3,020,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 528.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 513.42 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 513.42 Td (159,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 513.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 513.42 Td (2,827,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 513.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 498.42 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 498.42 Td (115,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 498.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 498.42 Td (2,694,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 498.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 483.42 Td (Organizational expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 483.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 483.42 Td (64,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 483.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 483.42 Td (64,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 468.42 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 468.42 Td (289,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 468.42 Td (218,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 468.42 Td (1,030,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 468.42 Td (218,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 453.42 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.60 453.42 Td (2,330,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 453.42 Td (283,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.60 453.42 Td (11,169,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 453.42 Td (283,389) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 438.43 Td (Income \(loss\) before other income \(expenses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 438.42 Td (368,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 438.47 Td (\(283,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 438.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 438.47 Td (\(4,530,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 438.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 438.47 Td (\(283,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 438.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 424.43 Td (Other income \(expenses\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 409.42 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.80 409.47 Td (\(17,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 409.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 409.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 409.47 Td (\(31,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 409.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 409.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 394.42 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 394.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 394.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.30 394.47 Td (\(234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 394.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 394.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 379.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 379.47 Td (\(349,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 379.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 379.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 379.47 Td (\(1,096,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 379.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 379.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 364.42 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 364.42 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 364.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 364.42 Td (2,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 364.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 349.43 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 349.42 Td (1,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 349.47 Td (\(283,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 349.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 349.47 Td (\(5,656,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 349.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 349.47 Td (\(283,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 349.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 334.42 Td (Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 334.47 Td (\(3,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 334.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 334.42 Td (190,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 334.47 Td (\(9,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 334.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 334.42 Td (190,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 319.43 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 319.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 319.47 Td (\(1,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 319.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 319.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.80 319.47 Td (\(93,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 319.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 319.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 319.47 Td (\(5,665,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 319.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 319.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 319.47 Td (\(93,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 319.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 304.42 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 304.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 304.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 304.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 304.47 Td (\(7.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 304.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 304.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 304.47 Td (\(1.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 304.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 304.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 304.47 Td (\(18.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 304.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 289.42 Td (Cash distributions declared per Class A Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 289.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 289.42 Td (0.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 289.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 289.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 289.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 289.42 Td (0.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 289.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 289.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 274.42 Td (Cash distributions declared per Class T Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 274.42 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 274.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 274.42 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 274.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 259.42 Td (Weighted average number of common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.60 259.42 Td (6,582,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 259.42 Td (13,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 259.42 Td (3,930,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 259.42 Td (5,181) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 245.43 Td (Comprehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 230.42 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 230.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 230.42 Td (1,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 230.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 230.47 Td (\(283,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 230.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 230.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 230.47 Td (\(5,656,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 230.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 230.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 230.47 Td (\(283,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 230.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 215.42 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 200.42 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 200.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 200.42 Td (569,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 200.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 200.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 200.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 200.47 Td (\(109,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 200.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 200.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 200.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 185.43 Td (Comprehensive income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 185.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 185.42 Td (570,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 185.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 185.47 Td (\(283,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 185.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 185.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 185.47 Td (\(5,766,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 185.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 185.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 185.47 Td (\(283,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 185.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 170.42 Td (Comprehensive \(income\) loss attributable to noncontrolling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 160.42 Td (interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 160.47 Td (\(3,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 160.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 160.42 Td (190,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 160.47 Td (\(9,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 160.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 160.42 Td (190,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 146.43 Td (Comprehensive income \(loss\) attributable to common) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 136.43 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 136.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 136.42 Td (567,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 136.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.80 136.47 Td (\(93,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 136.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 136.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 136.47 Td (\(5,775,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 136.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 136.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 136.47 Td (\(93,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 136.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 108.25 Td (See notes to the condensed consolidated financial statements.) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.60 740.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 312.46 740.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 339.23 740.25 Td ( II, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.25 728.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 269.36 728.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 303.91 728.25 Td (A) Tj ET Q q 0 0 0 rg BT 310.39 728.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 375.31 728.25 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 416.89 728.25 Td ( \(DEFICIT\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.80 716.25 Td (For) Tj ET Q q 0 0 0 rg BT 198.17 716.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.50 716.25 Td (Nine Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.07 716.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.57 716.25 Td (September) Tj ET Q q 0 0 0 rg BT 350.49 716.25 Td (30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.99 716.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.11 716.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 704.25 Td (\(UNAUDITED\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 32.50 641.75 120.00 -20.00 re f 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518.50 414.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 414.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.50 390.75 120.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 390.75 39.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 390.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 390.75 33.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 390.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 390.75 28.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 390.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 390.75 33.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 390.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 390.75 43.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 390.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 390.75 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 390.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 390.75 56.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 390.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 390.75 56.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 390.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 390.75 56.00 -20.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 679.75 m 191.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 665.75 m 191.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 679.75 m 195.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 665.75 m 195.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 679.75 m 228.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 665.75 m 228.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 679.75 m 232.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 665.75 m 232.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 679.75 m 260.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 665.75 m 260.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 679.75 m 264.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 665.75 m 264.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 679.75 m 297.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 665.75 m 297.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 679.75 m 301.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 679.75 m 344.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 679.75 m 348.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 679.75 m 398.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 679.75 m 402.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 679.75 m 458.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 679.75 m 462.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 679.75 m 518.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 653.75 m 191.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 653.75 m 195.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 653.75 m 228.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 653.75 m 260.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 653.75 m 264.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 653.75 m 297.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 641.75 m 191.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 641.75 m 228.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 653.75 m 260.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 641.75 m 260.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 653.75 m 264.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 653.75 m 297.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 641.75 m 297.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 641.75 m 344.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 641.75 m 398.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 641.75 m 458.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 641.75 m 518.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 641.75 m 578.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 533.75 m 191.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 514.75 m 191.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 512.75 m 191.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 533.75 m 228.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 514.75 m 228.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 512.75 m 228.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 533.75 m 260.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 514.75 m 260.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 512.75 m 260.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 533.75 m 297.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 514.75 m 297.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 512.75 m 297.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 533.75 m 344.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 514.75 m 344.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 512.75 m 344.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 533.75 m 398.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 514.75 m 398.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 512.75 m 398.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 533.75 m 458.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 514.75 m 458.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 512.75 m 458.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 533.75 m 518.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 514.75 m 518.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 512.75 m 518.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 533.75 m 578.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 514.75 m 578.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 512.75 m 578.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 484.75 m 191.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 470.75 m 191.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 484.75 m 195.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 470.75 m 195.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 484.75 m 228.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 470.75 m 228.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 484.75 m 232.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 470.75 m 232.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 484.75 m 260.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 470.75 m 260.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 484.75 m 264.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 470.75 m 264.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 484.75 m 297.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 470.75 m 297.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 484.75 m 301.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 484.75 m 344.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 484.75 m 348.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 484.75 m 398.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 484.75 m 402.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 484.75 m 458.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 484.75 m 462.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 484.75 m 518.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 458.75 m 191.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 458.75 m 195.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 458.75 m 228.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 458.75 m 260.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 458.75 m 264.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 458.75 m 297.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 446.75 m 191.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 446.75 m 228.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 458.75 m 260.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 446.75 m 260.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 458.75 m 264.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 458.75 m 297.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 446.75 m 297.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 446.75 m 344.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 446.75 m 398.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 446.75 m 458.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 446.75 m 518.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 446.75 m 578.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 390.75 m 191.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 371.75 m 191.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 369.75 m 191.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 390.75 m 228.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 371.75 m 228.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 369.75 m 228.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 390.75 m 260.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 371.75 m 260.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 369.75 m 260.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 390.75 m 297.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 371.75 m 297.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 369.75 m 297.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 390.75 m 344.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 371.75 m 344.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 369.75 m 344.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 390.75 m 398.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 371.75 m 398.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 369.75 m 398.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 390.75 m 458.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 371.75 m 458.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 369.75 m 458.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 390.75 m 518.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 371.75 m 518.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 369.75 m 518.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 390.75 m 578.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 371.75 m 578.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 369.75 m 578.5 369.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.40 684.20 Td (Hines Global REIT II, Inc. Stockholders) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 669.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 192.70 670.20 Td (Common Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 305.40 660.87 Td (Additional) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 310.80 653.37 Td (Paid-in) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 310.60 645.87 Td (Capital) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 351.75 653.37 Td (Accumulated) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 362.35 645.87 Td (Deficit) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 408.75 668.37 Td (Accumulated) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 420.45 660.87 Td (Other) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 405.05 653.37 Td (Comprehensive) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 407.35 645.87 Td (Income \(Loss\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 481.80 660.87 Td (Total) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 468.15 653.37 Td (Stockholders) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 465.10 645.87 Td (Equity \(Deficit\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 525.85 653.37 Td (Noncontrolling) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 536.10 645.87 Td (Interests) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 178.20 657.87 Td (Class A) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 252.65 657.87 Td (Class T) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 160.70 645.87 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 198.35 645.87 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 235.20 645.87 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 267.35 645.87 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 35.00 633.37 Td (Balance as of ) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 35.00 625.87 Td (January 1, 2015) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 164.10 625.90 Td (420,541) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 198.00 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 214.25 625.90 Td (421) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.00 625.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 267.00 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 287.00 625.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 304.00 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 334.00 625.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 351.00 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 363.00 625.90 Td (\(1,140,722) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 395.50 625.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 405.00 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 448.00 625.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 465.00 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 483.00 625.90 Td (\(1,140,301) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 515.50 625.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 525.00 625.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 568.00 625.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 613.90 Td (Issuance of common shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 158.50 613.90 Td (7,051,142) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 208.60 613.90 Td (7,051) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 240.60 613.90 Td (3,175) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 290.75 613.90 Td (3) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 307.75 613.90 Td (70,220,658) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 388.00 613.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 448.00 613.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 481.75 613.90 Td (70,227,712) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 568.00 613.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 601.90 Td (Distributions declared) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 181.00 601.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 218.00 601.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.00 601.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 287.00 601.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 309.00 601.90 Td (\(1,664,551) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 341.50 601.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 388.00 601.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 448.00 601.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 483.00 601.90 Td (\(1,664,551) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 515.50 601.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 556.10 601.90 Td (\(9,080) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 575.50 601.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 589.40 Td (Selling commissions and dealer) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 581.90 Td (manager fees) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 181.00 581.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 218.00 581.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.00 581.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 287.00 581.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 309.00 581.90 Td (\(6,819,327) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 341.50 581.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 388.00 581.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 448.00 581.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 483.00 581.90 Td (\(6,819,327) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 515.50 581.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 568.00 581.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 569.90 Td (Issuer costs) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 181.00 569.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 218.00 569.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.00 569.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 287.00 569.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 309.00 569.90 Td (\(3,558,073) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 341.50 569.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 388.00 569.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 448.00 569.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 483.00 569.90 Td (\(3,558,073) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 515.50 569.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 568.00 569.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 557.90 Td (Net income \(loss\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 181.00 557.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 218.00 557.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.00 557.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 287.00 557.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 334.00 557.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 363.00 557.90 Td (\(5,665,454) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 395.50 557.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 448.00 557.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 483.00 557.90 Td (\(5,665,454) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 515.50 557.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 558.60 557.90 Td (9,080) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 545.40 Td (Foreign currency translation) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 537.90 Td (adjustment) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 181.00 537.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 218.00 537.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.00 537.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 287.00 537.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 334.00 537.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 388.00 537.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.60 537.90 Td (\(109,641) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 455.50 537.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 488.60 537.90 Td (\(109,641) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 515.50 537.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 568.00 537.90 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 35.00 525.37 Td (Balance as of ) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 35.00 517.87 Td (September) Tj ET Q q 0 0 0 rg BT 69.44 517.87 Td ( 30, 2015) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 158.50 517.90 Td (7,471,683) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 198.00 517.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 208.60 517.90 Td (7,472) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 240.60 517.90 Td (3,175) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 267.00 517.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 290.75 517.90 Td (3) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 304.00 517.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 307.75 517.90 Td (58,178,707) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 351.00 517.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 363.00 517.90 Td (\(6,806,176) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 395.50 517.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 405.00 517.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.60 517.90 Td (\(109,641) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 455.50 517.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 465.00 517.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 481.75 517.90 Td (51,270,365) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 525.00 517.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 568.00 517.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.40 489.20 Td (Hines Global REIT II, Inc. Stockholders) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 474.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 192.70 475.20 Td (Common Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 305.40 465.87 Td (Additional) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 310.80 458.37 Td (Paid-in) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 310.60 450.87 Td (Capital) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 351.75 458.37 Td (Accumulated) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 362.35 450.87 Td (Deficit) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 408.75 473.37 Td (Accumulated) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 420.45 465.87 Td (Other) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 405.05 458.37 Td (Comprehensive) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 407.35 450.87 Td (Income \(Loss\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 481.80 465.87 Td (Total) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 468.15 458.37 Td (Stockholders) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 465.10 450.87 Td (Equity \(Deficit\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 525.85 458.37 Td (Noncontrolling) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 536.10 450.87 Td (Interests) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 178.20 462.87 Td (Class A) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 252.65 462.87 Td (Class T) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 160.70 450.87 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 198.35 450.87 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 235.20 450.87 Td (Shares) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 267.35 450.87 Td (Amount) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 35.00 438.37 Td (Balance as of ) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 35.00 430.87 Td (January 1, 2014) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 171.60 430.90 Td (1,111) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 198.00 430.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 221.75 430.90 Td (1) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.00 430.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 267.00 430.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 287.00 430.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 304.00 430.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 324.60 430.90 Td (9,999) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 351.00 430.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 388.00 430.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 405.00 430.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 448.00 430.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 465.00 430.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 494.85 430.90 Td (10,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 525.00 430.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 551.10 430.90 Td (190,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 418.90 Td (Issuance of common shares) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 164.10 418.90 Td (222,222) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 214.25 418.90 Td (222) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.00 418.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 287.00 418.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.50 418.90 Td (1,999,778) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 388.00 418.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 448.00 418.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 485.50 418.90 Td (2,000,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 568.00 418.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 406.90 Td (Issuer costs) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 181.00 406.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 218.00 406.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.00 406.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 287.00 406.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 309.00 406.90 Td (\(2,000,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 341.50 406.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 388.00 406.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 483.00 406.90 Td (\(2,000,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 515.50 406.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 568.00 406.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 35.00 394.90 Td (Net income \(loss\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 181.00 394.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 218.00 394.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.00 394.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 287.00 394.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 334.00 394.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 372.35 394.90 Td (\(93,389) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 395.50 394.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 448.00 394.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 492.35 394.90 Td (\(93,389) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 515.50 394.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 548.60 394.90 Td (\(190,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 575.50 394.90 Td (\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 35.00 382.37 Td (Balance as of ) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 35.00 374.87 Td (September) Tj ET Q q 0 0 0 rg BT 69.44 374.87 Td ( 30, 2014) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 164.10 374.90 Td (223,333) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 198.00 374.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 214.25 374.90 Td (223) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.00 374.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 267.00 374.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 287.00 374.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 304.00 374.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 324.60 374.90 Td (9,777) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 351.00 374.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 372.35 374.90 Td (\(93,389) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 395.50 374.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 405.00 374.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 448.00 374.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 465.00 374.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 492.35 374.90 Td (\(83,389) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 515.50 374.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 525.00 374.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 568.00 374.90 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 347.25 Td (See notes to the condensed consolidated financial statements.) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.60 742.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 312.46 742.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 339.23 742.25 Td ( II, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.00 730.25 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 315.66 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 322.14 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 387.06 730.25 Td ( CASH FLOWS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.80 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 198.17 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.50 718.25 Td (Nine Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.07 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.57 718.25 Td (September) Tj ET Q q 0 0 0 rg BT 350.49 718.25 Td (30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.99 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.11 718.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 706.25 Td (\(UNAUDITED\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 669.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 669.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 669.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 669.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 643.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 643.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 643.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 643.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 617.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 617.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 617.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 617.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 591.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 591.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 591.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 591.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 565.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 565.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 565.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 539.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 539.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 539.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 539.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 513.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 513.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 513.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 513.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 487.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 487.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 487.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 487.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 461.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 461.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 461.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 461.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 435.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 435.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 435.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 435.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 409.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 409.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 409.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 409.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 383.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 383.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 383.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 383.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 357.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 357.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 357.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 357.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 331.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 331.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 331.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 331.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 305.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 305.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 305.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 305.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 279.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 279.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 279.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 279.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 253.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 253.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 253.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 253.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 227.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 227.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 227.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 227.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 200.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 200.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 200.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 200.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 173.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 173.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 173.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 173.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 147.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 147.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 147.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 147.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 121.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 121.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 121.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 121.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 95.75 348.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 95.75 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 95.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 95.75 80.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 682.75 m 477.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 682.75 m 561.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 513.75 m 477.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 500.75 m 477.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 513.75 m 561.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 500.75 m 561.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 448.75 m 477.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 435.75 m 477.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 448.75 m 561.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 435.75 m 561.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 292.75 m 477.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 292.75 m 477.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 279.75 m 477.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 292.75 m 561.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 279.75 m 561.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 240.75 m 477.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 228.75 m 477.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 226.75 m 477.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 240.75 m 561.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 228.75 m 561.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 226.75 m 561.5 226.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 687.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.00 686.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.00 686.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 673.98 Td (CASH FLOWS FROM OPERATING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 661.00 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 661.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.60 661.00 Td (\(5,656,374) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 661.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 661.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.60 661.00 Td (\(283,389) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 661.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 648.00 Td (Adjustments to reconcile net income \(loss\) to net cash from operating activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 635.00 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.30 635.00 Td (2,860,346) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 635.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 622.00 Td (Foreign currency \(gains\) losses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 622.00 Td (234) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 622.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 609.00 Td (\(Gain\) loss on derivative instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 609.00 Td (31,985) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 609.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 596.00 Td (Changes in assets and liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 583.00 Td (Change in other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 583.00 Td (47,725) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 583.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 570.00 Td (Change in tenant and other receivables) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.60 570.00 Td (\(620,017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 570.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 570.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 557.00 Td (Change in deferred leasing costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.60 557.00 Td (\(13,013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 557.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 557.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 544.00 Td (Change in accounts payable and accrued expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 544.00 Td (956,842) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 544.00 Td (66,638) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 531.00 Td (Change in other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 531.00 Td (252,278) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 531.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 518.00 Td (Change in due to affiliates) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.60 518.00 Td (\(238,876) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 518.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.30 518.00 Td (216,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 505.00 Td (Net cash from operating activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.60 505.00 Td (\(2,378,870) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 505.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 505.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 491.98 Td (CASH FLOWS FROM INVESTING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 492.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 492.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 479.00 Td (Investments in acquired properties and lease intangibles) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.60 479.00 Td (\(102,689,457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 479.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 479.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 466.00 Td (Capital expenditures at operating property) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.60 466.00 Td (\(35,969) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 466.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 466.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 453.00 Td (Change in restricted cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.60 453.00 Td (\(2,915,310) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 453.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 453.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 440.00 Td (Net cash from investing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.60 440.00 Td (\(105,640,736) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 440.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 440.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 426.98 Td (CASH FLOWS FROM FINANCING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 427.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 427.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 414.00 Td (Proceeds from issuance of common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 414.00 Td (69,212,936) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 414.00 Td (2,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 401.00 Td (Payment of issuer costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.60 401.00 Td (\(3,958,124) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 401.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 401.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 388.00 Td (Payment of selling commissions and dealer manager fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.60 388.00 Td (\(6,793,915) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 388.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 388.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 375.00 Td (Distributions paid to stockholders and noncontrolling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.60 375.00 Td (\(688,266) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 375.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 375.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 362.00 Td (Proceeds from notes payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 362.00 Td (61,768,800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 362.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 349.00 Td (Proceeds from related party note payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 349.00 Td (50,300,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 349.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 336.00 Td (Payments on related party notes payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.60 336.00 Td (\(60,640,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 336.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 336.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 323.00 Td (Change in security deposit liability) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 323.00 Td (21,997) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 323.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 310.00 Td (Deferred financing costs paid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.60 310.00 Td (\(625,876) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 310.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 310.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 297.00 Td (Payments related to interest rate contracts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.60 297.00 Td (\(47,876) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 297.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 297.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 284.00 Td (Net cash from financing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.30 284.00 Td (108,549,676) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 284.00 Td (2,000,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 270.98 Td (Effect of exchange rate changes on cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.60 271.00 Td (\(50,022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 271.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 271.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 257.98 Td (Net change in cash and cash equivalents) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 258.00 Td (480,048) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 258.00 Td (2,000,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 244.98 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.30 245.00 Td (2,726,742) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.30 245.00 Td (200,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 231.98 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 232.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.30 232.00 Td (3,206,790) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 232.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 232.00 Td (2,200,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 204.98 Td (Supplemental Disclosure of Cash Flow Information) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 192.00 Td (Cash paid for interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 192.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 192.00 Td (853,919) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 192.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 192.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 164.98 Td (Supplemental Schedule of Non-Cash Investing and Financing Activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 152.00 Td (Distributions declared and unpaid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 152.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 152.00 Td (343,684) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 152.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 152.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 139.00 Td (Distributions reinvested) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 139.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 139.00 Td (660,052) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 139.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 139.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 126.00 Td (Offering proceeds due from transfer agent) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 126.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 126.00 Td (409,870) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 126.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 126.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 113.00 Td (Non-cash net liabilities acquired) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 113.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 113.00 Td (470,144) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 113.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 113.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 100.00 Td (Offering costs payable to the Advisor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 100.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.30 100.00 Td (3,193,373) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 100.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.30 100.00 Td (3,056,977) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 87.00 Td (Accrued capital additions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 87.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.30 87.00 Td (181,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 87.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 87.00 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 59.25 Td (See notes to the condensed consolidated financial statements.) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.60 742.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 312.46 742.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 339.23 742.25 Td ( II, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.95 730.25 Td (NOTES) Tj ET Q q 0 0 0 rg BT 167.17 730.25 Td (T) Tj ET Q q 0 0 0 rg BT 173.66 730.25 Td (O ) Tj ET Q q 0 0 0 rg BT 183.76 730.25 Td (THE CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 332.49 730.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 411.67 730.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 425.66 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 432.14 730.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.65 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 175.02 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.17 718.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 209.65 718.25 Td (ee and Nine) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.65 718.25 Td ( Months Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.73 718.25 Td (September) Tj ET Q q 0 0 0 rg BT 373.65 718.25 Td (30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.27 718.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (1.ORGANIZA) Tj ET Q q 0 0 0 rg BT 116.76 694.25 Td (TION ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 670.25 Td (The accompanying interim unaudited condensed consolidated financial information has been pr) Tj ET Q q 0 0 0 rg BT 452.58 670.25 Td (epar) Tj ET Q q 0 0 0 rg BT 470.53 670.25 Td (ed accor) Tj ET Q q 0 0 0 rg BT 504.87 670.25 Td (ding to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (rules and r) Tj ET Q q 0 0 0 rg BT 93.52 658.25 Td (egulations of the United States Securities and Exchange Commission \(SEC\). In the opinion of management, all ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (adjustments and eliminations, consisting only of normal r) Tj ET Q q 0 0 0 rg BT 280.19 646.25 Td (ecurring adjustments, necessary to pr) Tj ET Q q 0 0 0 rg BT 430.63 646.25 Td (esent fairly and in conformity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (with GAAP) Tj ET Q q 0 0 0 rg BT 95.09 634.25 Td ( the financial position of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 272.40 634.25 Td ( II, Inc. as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.00 634.25 Td (September30, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.71 634.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.71 634.25 Td (December31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.30 634.25 Td (, the r) Tj ET Q q 0 0 0 rg BT 527.53 634.25 Td (esults of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (operations for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.17 622.25 Td (thr) Tj ET Q q 0 0 0 rg BT 135.46 622.25 Td (ee and nine) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.56 622.25 Td ( months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 241.83 622.25 Td (September30, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.53 622.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 341.53 622.25 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.53 622.25 Td ( and cash flows for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.87 622.25 Td (nine months ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.85 622.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (September30, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.71 610.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.71 610.25 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.71 610.25 Td ( have been included. The r) Tj ET Q q 0 0 0 rg BT 277.92 610.25 Td (esults of operations for such interim periods ar) Tj ET Q q 0 0 0 rg BT 466.16 610.25 Td (e not necessarily ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (indicative of the r) Tj ET Q q 0 0 0 rg BT 120.44 598.25 Td (esults for the full year) Tj ET Q q 0 0 0 rg BT 207.10 598.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 145.58 574.25 Td ( II, Inc. \(the Company\), was formed as a Maryland corporation on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.32 574.25 Td (July31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.49 574.25 Td ( for the purpose of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (engaging in the business of investing in and owning commercial real estate properties and other real estate investments. ) Tj ET Q q 0 0 0 rg BT 533.01 562.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Company intends to conduct substantially all of its operations through Hines Global REIT) Tj ET Q q 0 0 0 rg BT 410.88 550.25 Td ( II Properties, LP) Tj ET Q q 0 0 0 rg BT 479.38 550.25 Td ( \(the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (Partnership\). Beginning with its taxable year ended December 31, 2015, the Company intends to operate in a manner to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (qualify as a real estate investment trust \(REIT\) for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 382.19 526.25 Td (The business of the Company is managed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 127.58 514.25 Td ( II ) Tj ET Q q 0 0 0 rg BT 138.69 514.25 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 188.60 514.25 Td ( \(the Advisor\), an af) Tj ET Q q 0 0 0 rg BT 278.11 514.25 Td (filiate of Hines Interests Limited Partnership \(Hines\), pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.17 502.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 103.33 502.25 Td (Agreement, dated as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.02 502.25 Td (August15, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.41 502.25 Td (, between the Company) Tj ET Q q 0 0 0 rg BT 358.18 502.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 377.35 502.25 Td (Advisor and the Operating Partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (\(defined below\). ) Tj ET Q q 0 0 0 rg BT 120.53 490.25 Td (An af) Tj ET Q q 0 0 0 rg BT 142.84 490.25 Td (filiate of the ) Tj ET Q q 0 0 0 rg BT 193.66 490.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 225.48 490.25 Td (, Hines Global REIT) Tj ET Q q 0 0 0 rg BT 308.06 490.25 Td ( II ) Tj ET Q q 0 0 0 rg BT 319.17 490.25 Td (Associates Limited Partnership \(HALP) Tj ET Q q 0 0 0 rg BT 480.16 490.25 Td ( II\), owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.18 490.25 Td (0.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.01 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (limited partner interest in the Operating Partnership as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.77 478.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.03 478.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.17 454.25 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.56 454.25 Td (, the Company commenced an of) Tj ET Q q 0 0 0 rg BT 280.56 454.25 Td (fering of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.55 454.25 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.66 454.25 Td ( of its common stock \(the Of) Tj ET Q q 0 0 0 rg BT 505.90 454.25 Td (fering\). ) Tj ET Q q 0 0 0 rg BT 544.87 454.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 442.25 Td (fering was amended in ) Tj ET Q q 0 0 0 rg BT 153.12 442.25 Td (August 2015 such that the Company is of) Tj ET Q q 0 0 0 rg BT 318.76 442.25 Td (fering its common stock in any combination of Class ) Tj ET Q q 0 0 0 rg BT 532.34 442.25 Td (A) Tj ET Q q 0 0 0 rg BT 539.01 442.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.99 430.25 Td (T) Tj ET Q q 0 0 0 rg BT 79.92 430.25 Td ( shares, at a price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.38 430.25 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.88 430.25 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 231.26 430.25 Td (A) Tj ET Q q 0 0 0 rg BT 237.93 430.25 Td ( share of common stock \(Class ) Tj ET Q q 0 0 0 rg BT 367.35 430.25 Td (A) Tj ET Q q 0 0 0 rg BT 374.02 430.25 Td ( Shares\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.39 430.25 Td ($9.4489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.89 430.25 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 504.65 430.25 Td (T) Tj ET Q q 0 0 0 rg BT 510.58 430.25 Td ( share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (common stock \(Class ) Tj ET Q q 0 0 0 rg BT 142.86 418.25 Td (T) Tj ET Q q 0 0 0 rg BT 148.79 418.25 Td ( Shares\). ) Tj ET Q q 0 0 0 rg BT 190.54 418.25 Td (The Company also issues shares pursuant to the Company) Tj ET Q q 0 0 0 rg BT 426.06 418.25 Td (s distribution reinvestment plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (at a price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.97 406.25 Td ($9.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.47 406.25 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 163.86 406.25 Td (A) Tj ET Q q 0 0 0 rg BT 170.53 406.25 Td ( Share and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.23 406.25 Td ($9.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.73 406.25 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 279.49 406.25 Td (T) Tj ET Q q 0 0 0 rg BT 285.42 406.25 Td ( Share. ) Tj ET Q q 0 0 0 rg BT 318.01 406.25 Td (The Company engaged Hines Securities, Inc. \(HSI\), an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 394.25 Td (filiate of the ) Tj ET Q q 0 0 0 rg BT 108.40 394.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 140.22 394.25 Td (, to serve as the dealer manager for the Of) Tj ET Q q 0 0 0 rg BT 307.74 394.25 Td (fering and market its shares. ) Tj ET Q q 0 0 0 rg BT 425.21 394.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 394.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.92 394.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (Company had raised suf) Tj ET Q q 0 0 0 rg BT 146.74 382.25 Td (ficient of) Tj ET Q q 0 0 0 rg BT 182.93 382.25 Td (fering proceeds to satisfy the minimum of) Tj ET Q q 0 0 0 rg BT 350.49 382.25 Td (fering requirements for the Of) Tj ET Q q 0 0 0 rg BT 470.82 382.25 Td (fering with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (all states other than Pennsylvania. ) Tj ET Q q 0 0 0 rg BT 190.62 370.25 Td (The Company will not accept subscriptions from Pennsylvania residents until the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (has received at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.73 358.25 Td ($100.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.63 358.25 Td ( in aggregate gross proceeds from investors in the Of) Tj ET Q q 0 0 0 rg BT 403.33 358.25 Td (fering who are not Pennsylvania ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (residents. ) Tj ET Q q 0 0 0 rg BT 92.50 346.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 346.25 Td (November6, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.65 346.25 Td (, the Company had received gross of) Tj ET Q q 0 0 0 rg BT 337.81 346.25 Td (fering proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.06 346.25 Td ($82.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.95 346.25 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.98 346.25 Td (8.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 334.25 Td ( shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td (The Company intends to invest the net proceeds from the Of) Tj ET Q q 0 0 0 rg BT 309.98 310.25 Td (fering in a diversified portfolio of quality commercial real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (estate properties and other real estate investments throughout the United States and internationally) Tj ET Q q 0 0 0 rg BT 442.57 298.25 Td (. ) Tj ET Q q 0 0 0 rg BT 449.52 298.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.96 298.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.22 298.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (the Company owned direct investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.08 286.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.08 286.25 Td ( properties. ) Tj ET Q q 0 0 0 rg BT 285.88 286.25 Td (These properties consist of 2819 Loker ) Tj ET Q q 0 0 0 rg BT 444.18 286.25 Td (A) Tj ET Q q 0 0 0 rg BT 450.66 286.25 Td (venue East, a Class ) Tj ET Q q 0 0 0 rg BT 529.81 286.25 Td (A) Tj ET Q q 0 0 0 rg BT 536.48 286.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (industrial building located in Carlsbad, California and Bishop) Tj ET Q q 0 0 0 rg BT 299.40 274.25 Td (s Square, a Class ) Tj ET Q q 0 0 0 rg BT 369.12 274.25 Td (A) Tj ET Q q 0 0 0 rg BT 375.79 274.25 Td ( of) Tj ET Q q 0 0 0 rg BT 386.44 274.25 Td (fice building located in Dublin, Ireland.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (2. SUMMAR) Tj ET Q q 0 0 0 rg BT 107.75 250.25 Td (Y) Tj ET Q q 0 0 0 rg BT 114.60 250.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 130.62 250.25 Td ( SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 199.62 250.25 Td ( ) Tj ET Q q 0 0 0 rg BT 201.57 250.25 Td (ACCOUNTING POLICIES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 226.25 Td (International Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 202.25 Td (The Euro \(EUR\) is the functional currency for the Company) Tj ET Q q 0 0 0 rg BT 320.47 202.25 Td (s subsidiary operating in Ireland. ) Tj ET Q q 0 0 0 rg BT 456.65 202.25 Td (This subsidiary has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (translated its financial statements into U.S. dollars for reporting purposes. ) Tj ET Q q 0 0 0 rg BT 348.88 190.25 Td (Assets and liabilities are translated at the exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (rate in ef) Tj ET Q q 0 0 0 rg BT 84.85 178.25 Td (fect as of the balance sheet date while income statement accounts are translated using the average exchange rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (are included in accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 388.37 154.25 Td ( equity) Tj ET Q q 0 0 0 rg BT 415.22 154.25 Td (. Upon disposal of this subsidiary) Tj ET Q q 0 0 0 rg BT 550.96 154.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (the Company will remove the accumulated translation adjustment from stockholders) Tj ET Q q 0 0 0 rg BT 390.06 142.25 Td ( equity and include it in the gain or loss on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (disposal in its consolidated statement of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 106.25 Td (This subsidiary may have transactions denominated in currencies other than its functional currency) Tj ET Q q 0 0 0 rg BT 462.84 106.25 Td (. In these instances, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (assets and liabilities are remeasured into the functional currency at the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 408.61 94.25 Td (fect at the end of the period and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (income statement accounts are remeasured at the average exchange rate for the period. ) Tj ET Q q 0 0 0 rg BT 400.53 82.25 Td (These gains or losses are included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 70.25 Td (s results of operations.) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (This subsidiary also records gains or losses in the income statement when a transaction with a third party) Tj ET Q q 0 0 0 rg BT 486.47 742.10 Td (, denominated in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (currency other than its functional currency) Tj ET Q q 0 0 0 rg BT 219.06 730.10 Td (, is settled and the functional currency cash flows realized are more or less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (expected based upon the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 225.62 718.10 Td (fect when the transaction was initiated.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 694.10 Td (Restricted Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 670.10 Td (The Company has restricted cash primarily related to certain escrow accounts required by Bishop) Tj ET Q q 0 0 0 rg BT 459.87 670.10 Td (s Square mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (agreement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 634.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.14 634.10 Td (enant and Other Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 610.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 610.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.21 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.65 610.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.23 610.10 Td (, in addition to the straight-line rent receivable discussed below) Tj ET Q q 0 0 0 rg BT 522.84 610.10 Td (, tenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (and other receivables also consisted of a receivable from the Company) Tj ET Q q 0 0 0 rg BT 334.95 598.10 Td (s transfer agent related to of) Tj ET Q q 0 0 0 rg BT 446.66 598.10 Td (fering proceeds not yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (received of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.69 586.10 Td ($409,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.19 586.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.63 586.10 Td ($62,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.13 586.10 Td (, respectively) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.44 586.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 562.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 93.15 562.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 538.10 Td (Other assets included the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 512.60 299.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 512.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 512.60 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 512.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 482.60 299.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 482.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 482.60 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 482.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 512.6 m 445 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 512.6 m 548 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 467.6 m 445 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 467.6 m 548 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 453.6 m 445 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 451.6 m 445 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 453.6 m 548 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 451.6 m 548 451.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 517.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.75 517.28 Td (September 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 517.28 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 502.27 Td (Deferred issuer costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 502.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 502.27 Td (364,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 487.27 Td (Prepaid insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 487.27 Td (28,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 487.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 472.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 472.27 Td (6,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 472.27 Td (81,574) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 550.50 477.43 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 457.27 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 457.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 457.27 Td (34,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 457.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 457.27 Td (446,275) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 429.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 429.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.94 429.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.53 429.10 Td (, this primarily consisted of excess cash held in an escrow account related to timing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 417.10 Td (dif) Tj ET Q q 0 0 0 rg BT 78.43 417.10 Td (ferences with respect to the acquisition of 2819 Loker ) Tj ET Q q 0 0 0 rg BT 295.86 417.10 Td (A) Tj ET Q q 0 0 0 rg BT 302.34 417.10 Td (venue East.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 393.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 369.10 Td (The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any) Tj ET Q q 0 0 0 rg BT 542.80 369.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.10 Td (Straight-line rent receivables were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.44 357.10 Td ($467,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.94 357.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.38 357.10 Td ($5,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.88 357.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.04 357.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.30 357.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.74 357.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.32 357.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 528.98 357.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 333.10 Td (Issuer ) Tj ET Q q 0 0 0 rg BT 94.44 333.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 309.10 Td (The Company reimburses the ) Tj ET Q q 0 0 0 rg BT 187.48 309.10 Td (Advisor and its af) Tj ET Q q 0 0 0 rg BT 258.67 309.10 Td (filiates for any issuer costs related to the Of) Tj ET Q q 0 0 0 rg BT 432.88 309.10 Td (fering that it pays on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 297.10 Td (s behalf. Such costs consist of, among other costs, expenses of the Company) Tj ET Q q 0 0 0 rg BT 402.22 297.10 Td (s or) Tj ET Q q 0 0 0 rg BT 416.77 297.10 Td (ganization, actual legal, accounting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.10 Td (bona fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.10 Td (fees, data processing fees, advertising and sales literature and other of) Tj ET Q q 0 0 0 rg BT 328.66 273.10 Td (fering-related costs. ) Tj ET Q q 0 0 0 rg BT 412.88 273.10 Td (The Company did not have an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.10 Td (obligation to reimburse the ) Tj ET Q q 0 0 0 rg BT 159.48 261.10 Td (Advisor for any issuer costs until it achieved its minimum of) Tj ET Q q 0 0 0 rg BT 402.04 261.10 Td (fering requirements on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.62 261.10 Td (September26, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 249.10 Td (. ) Tj ET Q q 0 0 0 rg BT 76.82 249.10 Td (Therefore, the Company did not record issuer costs within its financial statements until that time. Or) Tj ET Q q 0 0 0 rg BT 480.43 249.10 Td (ganizational issuer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.10 Td (costs, such as expenses associated with the formation of the Company and its board of directors, are expensed as incurred, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.10 Td (andof) Tj ET Q q 0 0 0 rg BT 74.59 225.10 Td (fering-related issuer costs are recorded as an of) Tj ET Q q 0 0 0 rg BT 262.93 225.10 Td (fset to additional paid-in capital. From inception to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.77 225.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.03 225.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.10 Td (issuer costs incurred by the ) Tj ET Q q 0 0 0 rg BT 160.31 213.10 Td (Advisor on the Company) Tj ET Q q 0 0 0 rg BT 263.91 213.10 Td (s behalf totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.50 213.10 Td ($7.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.39 213.10 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.16 213.10 Td ($45,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.66 213.10 Td ( related to or) Tj ET Q q 0 0 0 rg BT 502.29 213.10 Td (ganizational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.10 Td (issuer costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 189.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 177.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 97.02 177.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 154.69 177.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 153.10 Td (In ) Tj ET Q q 0 0 0 rg BT 77.78 153.10 Td (April 2015 and ) Tj ET Q q 0 0 0 rg BT 140.27 153.10 Td (August 2015, the Financial ) Tj ET Q q 0 0 0 rg BT 250.54 153.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 381.16 153.10 Td (ASB\) issued amendments to change the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.10 Td (prior guidance concerning the presentation of debt issuance costs in the financial statements. Under this revised guidance, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.10 Td (entity will present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.10 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 151.21 117.10 Td (fective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.10 Td (early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 164.29 105.10 Td (The Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.66 105.10 Td ($544,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.16 105.10 Td ( in deferred financing costs presented as an asset on its condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.10 Td (consolidated balance sheet as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.28 93.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.54 93.10 Td ( that it will be required to present as a direct deduction from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 81.10 Td (s debt liabilities once this guidance is adopted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 57.10 Td (In June 2015, F) Tj ET Q q 0 0 0 rg BT 128.98 57.10 Td (ASB made technical corrections and improvements to provide clarification, correct unintended application ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 45.10 Td (of guidance, and make minor improvements to the ) Tj ET Q q 0 0 0 rg BT 253.06 45.10 Td (Accounting Standards Codification \(ASC or the Codification\) that are ) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (not expected to have a significant ef) Tj ET Q q 0 0 0 rg BT 193.70 742.10 Td (fect on current accounting practice. ) Tj ET Q q 0 0 0 rg BT 339.84 742.10 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 441.55 742.10 Td (fective for fiscal years, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (interim periods within those years, beginning after December 15, 2015 and early adoption is permitted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.10 Td (In September 2015, F) Tj ET Q q 0 0 0 rg BT 153.41 706.10 Td (ASB issued new guidance that eliminates the requirement that an acquirer in a business combination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (account for measurement-period adjustments retrospectively) Tj ET Q q 0 0 0 rg BT 290.98 694.10 Td (. Instead, an acquirer will recognize a measurement-period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (adjustment during the period in which it determines the amount of the adjustment. ) Tj ET Q q 0 0 0 rg BT 382.86 682.10 Td (This new guidance is ef) Tj ET Q q 0 0 0 rg BT 477.65 682.10 Td (fective for fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 509.74 670.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (Company does not expect this new guidance to have a material impact on its financial statements upon adoption.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (3. INVESTMENT) Tj ET Q q 0 0 0 rg BT 129.56 634.10 Td ( PROPER) Tj ET Q q 0 0 0 rg BT 172.81 634.10 Td (TY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (Investment property consisted of the following amounts as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.01 610.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.27 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.71 610.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.29 610.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 572.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 572.60 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 572.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 542.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 542.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 542.60 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 542.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 512.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 512.60 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 512.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 572.6 m 458.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 572.6 m 562.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 572.6 m 562.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 542.6 m 458.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 542.6 m 562.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 512.6 m 458.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 512.6 m 562.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 498.6 m 458.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 496.6 m 458.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 498.6 m 562.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 496.6 m 562.5 496.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.25 577.28 Td (September 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 577.28 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.27 Td (Buildings and improvements ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 171.05 566.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 562.27 Td (68,176,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 562.27 Td (14,170,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 547.27 Td (Less: accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.30 547.32 Td (\(1,061,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 547.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 547.32 Td (\(14,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 547.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.27 Td (Buildings and improvements, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 532.27 Td (67,115,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 532.27 Td (14,155,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 517.27 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 517.27 Td (7,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 517.27 Td (7,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.27 Td (Investment property, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 502.27 Td (74,315,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 502.27 Td (21,355,421) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.90 Td (Included in buildings and improvements is approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.57 478.90 Td ($141,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.07 478.90 Td ( of construction-in-progress related to a planned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.90 Td (expansion at Bishop's Square. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.90 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.83 442.90 Td (March 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.43 442.90 Td (, the Company acquired Bishop) Tj ET Q q 0 0 0 rg BT 256.57 442.90 Td (s Square, a Class ) Tj ET Q q 0 0 0 rg BT 326.29 442.90 Td (A) Tj ET Q q 0 0 0 rg BT 332.96 442.90 Td ( of) Tj ET Q q 0 0 0 rg BT 343.61 442.90 Td (fice building, located in the central business district of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.90 Td (Dublin, Ireland. ) Tj ET Q q 0 0 0 rg BT 118.41 430.90 Td (The net purchase price was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.75 430.90 Td (92.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.64 430.90 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.73 430.90 Td ($103.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.62 430.90 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.66 430.90 Td ($1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.16 430.90 Td ( per EUR as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.90 Td (of the transaction date\), exclusive of transaction costs and working capital reserves. ) Tj ET Q q 0 0 0 rg BT 388.87 418.90 Td (The building contains approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.90 Td (153,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 406.90 Td ( square feet of net rentable area and is currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.18 406.90 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.51 406.90 Td ( leased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.77 406.90 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.32 406.90 Td ( tenants. See Note 4 Recent ) Tj ET Q q 0 0 0 rg BT 481.24 406.90 Td (Acquisitions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.90 Td (Real Estate for additional information on Bishop) Tj ET Q q 0 0 0 rg BT 247.74 394.90 Td (s Square.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 370.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 370.90 Td (, the cost basis and accumulated amortization related to lease intangibles are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 303.40 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 303.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 303.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 303.40 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 303.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 303.40 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 273.40 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 273.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 273.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 273.40 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 273.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 273.40 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 333.4 m 402.5 333.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 333.4 m 406.5 333.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 333.4 m 482.5 333.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 333.4 m 486.5 333.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 333.4 m 562.5 333.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 303.4 m 402.5 303.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 303.4 m 482.5 303.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 303.4 m 562.5 303.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 273.4 m 402.5 273.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 273.4 m 482.5 273.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 273.4 m 562.5 273.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 259.4 m 402.5 259.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 257.4 m 402.5 257.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 259.4 m 482.5 259.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 257.4 m 482.5 257.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 259.4 m 562.5 259.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 257.4 m 562.5 257.4 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 338.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.60 338.08 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 323.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.80 308.08 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.05 318.08 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.45 308.08 Td (Lease ) Tj ET Q q 0 0 0 rg BT 443.84 308.08 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 318.08 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.10 308.08 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 308.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 293.07 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 293.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 293.07 Td (56,007,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 293.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 293.07 Td (427,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 293.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 293.12 Td (\(2,901,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 293.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 278.07 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.30 278.12 Td (\(1,939,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 278.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 278.12 Td (\(32,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 278.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 278.07 Td (248,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 263.07 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 263.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 263.07 Td (54,067,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 263.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 263.07 Td (394,424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 263.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 263.12 Td (\(2,653,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 263.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 234.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 234.90 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 234.90 Td (, the cost basis and accumulated amortization related to lease intangibles were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 167.40 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 167.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 167.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 167.40 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 167.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 167.40 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 137.40 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 137.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 137.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 137.40 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 137.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 137.40 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 197.39999999999998 m 402.5 197.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 197.39999999999998 m 406.5 197.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 197.39999999999998 m 482.5 197.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 197.39999999999998 m 486.5 197.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 197.39999999999998 m 562.5 197.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 167.39999999999998 m 402.5 167.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 167.39999999999998 m 482.5 167.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 167.39999999999998 m 562.5 167.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 137.39999999999998 m 402.5 137.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 137.39999999999998 m 482.5 137.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 137.39999999999998 m 562.5 137.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 123.39999999999998 m 402.5 123.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 121.39999999999998 m 402.5 121.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 123.39999999999998 m 482.5 123.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 121.39999999999998 m 482.5 121.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 123.39999999999998 m 562.5 123.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 121.39999999999998 m 562.5 121.39999999999998 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 202.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.60 202.08 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 187.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.80 172.08 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.05 182.08 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.45 172.08 Td (Lease ) Tj ET Q q 0 0 0 rg BT 443.84 172.08 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 182.08 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.10 172.08 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 172.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 157.07 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 157.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 157.07 Td (3,980,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 157.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 157.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 157.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 157.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 142.07 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 142.12 Td (\(34,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 142.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 142.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 142.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 127.07 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 127.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 127.07 Td (3,945,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 127.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 127.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 127.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 127.07 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 98.90 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.49 98.90 Td ($759,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.99 98.90 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.37 98.90 Td (three months ended September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.44 98.90 Td (. Net amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.90 Td (of out-of-market leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.24 86.90 Td (resulted in an increase to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.64 86.90 Td ( rental revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.38 86.90 Td ($92,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.88 86.90 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.26 86.90 Td (three months ended September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.33 86.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.90 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.22 74.90 Td ( amortization expense was incurred related to in-place or out-of-market leases for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.13 74.90 Td (three months ended September 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.90 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 62.90 Td (.) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.49 742.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.38 742.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.76 742.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.30 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.80 742.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.06 742.10 Td (. Net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (amortization of out-of-market leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.28 730.10 Td (resulted in an increase to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.68 730.10 Td ( rental revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.42 730.10 Td ($221,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.92 730.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 730.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.84 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 718.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.76 718.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.99 718.10 Td ( amortization expense was incurred related to in-place or out-of-market leases for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.90 718.10 Td (nine months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.88 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 706.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.64 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (Anticipated amortization of the Company) Tj ET Q q 0 0 0 rg BT 237.40 682.10 Td (s in-place leases and out-of-market leases, net for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.30 682.10 Td (October 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (2015 through December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.69 670.10 Td ( and for each of the years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.55 670.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.55 670.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.25 670.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.25 670.10 Td ( are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 611.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 611.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 611.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 581.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 581.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 581.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 581.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 551.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 551.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 551.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 551.60 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 611.6 m 482.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 611.6 m 562.5 611.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.75 616.28 Td (In-Place Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 626.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.80 616.28 Td (Leases, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 601.27 Td (October 1, 2015 through December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 601.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 601.27 Td (754,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 601.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 601.32 Td (\(82,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 601.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 586.27 Td (3,016,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 586.32 Td (\(328,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 586.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 571.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 571.27 Td (2,783,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 571.32 Td (\(270,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 571.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 556.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 556.27 Td (2,383,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 556.32 Td (\(171,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 556.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 541.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 541.27 Td (2,024,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 541.32 Td (\(171,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 541.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.00 513.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 489.10 Td (The Company has entered into non-cancelable lease agreements with tenants for space. ) Tj ET Q q 0 0 0 rg BT 421.20 489.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.64 489.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.91 489.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.10 Td (approximate fixed future minimum rentals for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.31 477.10 Td (October 1, 2015 through December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.71 477.10 Td (, for each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.90 465.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.90 465.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.01 465.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.01 465.10 Td ( and thereafter are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 418.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 418.60 90.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 403.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 388.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 388.60 90.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 373.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 358.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 358.60 90.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 343.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 328.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 328.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 418.6 m 562.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 328.6 m 562.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 314.6 m 562.5 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 312.6 m 562.5 312.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 423.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 433.28 Td (Fixed Future) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.25 423.28 Td (Minimum Rentals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.27 Td (October 1, 2015 through December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 408.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 408.27 Td (1,998,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 393.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 393.27 Td (8,039,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 378.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 378.27 Td (8,309,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 363.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 363.27 Td (8,011,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 348.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 348.27 Td (7,277,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 333.27 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 333.27 Td (43,657,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 318.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 318.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 318.27 Td (77,294,467) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 290.10 Td (Of the Company) Tj ET Q q 0 0 0 rg BT 137.43 290.10 Td (s total rental revenue for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.38 290.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.93 290.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.43 290.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.69 290.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.95 290.10 Td (44%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.28 290.10 Td ( was earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (from the Commissioner of Public ) Tj ET Q q 0 0 0 rg BT 186.20 278.10 Td (W) Tj ET Q q 0 0 0 rg BT 194.83 278.10 Td (orks in Ireland, a state agency of Ireland, whose lease expires in 2028, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.07 278.10 Td (27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.40 278.10 Td ( was earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.39 266.10 Td (Acushnet, a tenant in the manufacturing industry) Tj ET Q q 0 0 0 rg BT 265.96 266.10 Td (, whose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.01 266.10 Td (lease expires in 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 266.10 Td (, and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.35 266.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.68 266.10 Td ( was earned from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (International Financial Data Services, an investor record-keeping and transfer agency provider) Tj ET Q q 0 0 0 rg BT 427.50 254.10 Td (, whose lease expires in 2024.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (4. RECENT) Tj ET Q q 0 0 0 rg BT 103.99 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.94 230.10 Td (ACQUISITIONS OF) Tj ET Q q 0 0 0 rg BT 195.87 230.10 Td ( REAL) Tj ET Q q 0 0 0 rg BT 225.60 230.10 Td ( EST) Tj ET Q q 0 0 0 rg BT 246.26 230.10 Td (A) Tj ET Q q 0 0 0 rg BT 252.74 230.10 Td (TE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 206.10 Td (The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (price of each property acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.71 194.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.71 194.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 194.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.15 194.10 Td ( as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 140.60 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 140.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 140.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 140.60 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 140.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 140.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 140.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 140.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 140.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 140.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 140.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 140.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 140.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 98.60 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 98.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 98.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 98.60 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 98.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 98.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 98.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 98.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 98.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 98.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 98.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 98.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 98.60 59.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 154.60000000000002 m 175.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 154.60000000000002 m 227.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 154.60000000000002 m 305.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 154.60000000000002 m 356.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 154.60000000000002 m 424.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 154.60000000000002 m 499.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 154.60000000000002 m 562.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 140.60000000000002 m 175.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 98.60000000000002 m 175.5 98.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 86.25 158.83 Td (Property Name) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 183.40 166.83 Td (Acquisition) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 195.00 158.83 Td (Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.85 166.83 Td (Building and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.50 158.83 Td (Impr) Tj ET Q q 0 0 0 rg BT 261.13 158.83 Td (ovements) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 293.13 162.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.70 158.83 Td (Land) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 337.93 162.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.50 174.83 Td (In-place) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.70 166.83 Td (Lease) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.70 158.83 Td (Intangibles) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 411.93 162.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.80 174.83 Td (Out-of-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.80 166.83 Td (Market Lease) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.70 158.83 Td (Intangibles, Net) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 486.93 162.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.05 158.83 Td (T) Tj ET Q q 0 0 0 rg BT 524.65 158.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 537.54 162.46 Td ( \(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 103.50 145.05 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 131.06 Td (Bishops Square) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 186.95 131.06 Td (3/3/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 131.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.50 131.06 Td (53,643,075) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.00 131.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.00 131.06 Td () Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 359.00 135.70 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.00 131.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.50 131.06 Td (51,994,603) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 131.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 131.06 Td (\(2,478,077) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 131.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.00 131.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.00 131.06 Td (103,159,601) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 103.50 103.05 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 89.06 Td (2819 Loker Avenue East) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 182.45 89.06 Td (12/17/2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 89.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.50 89.06 Td (14,170,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.00 89.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.00 89.06 Td (7,200,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.00 89.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.00 89.06 Td (3,980,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 89.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 89.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.00 89.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.50 89.06 Td (25,350,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 65.90 Td (For acquisitions denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 271.74 65.90 Td (, amounts have been translated at an exchange rate based on the rate in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 53.90 Td (ef) Tj ET Q q 0 0 0 rg BT 75.59 53.90 Td (fect on the acquisition date.) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (The land at Bishop) Tj ET Q q 0 0 0 rg BT 146.60 730.10 Td (s Square is subject to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.47 730.10 Td (999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.47 730.10 Td (-year ground lease with the local municipality in Ireland. Since the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (Company does not have title to the land, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.39 718.10 Td ($33.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.29 718.10 Td ( has been recorded to in-place lease intangibles and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (will be amortized over the remaining term of the ground lease.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (The purchase price allocation for each of the Company) Tj ET Q q 0 0 0 rg BT 290.69 682.10 Td (s acquisitions is preliminary and subject to change as it finalizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (the allocation, which will be no later than twelve months from the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (The weighted average amortization period for the intangible assets and liabilities acquired in connection with the 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (2014 acquisitions, as of the date of the respective acquisition, was as follows \(in years\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 585.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 585.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 585.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 585.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 585.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 585.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 585.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 541.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 541.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 541.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 541.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 541.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 541.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 541.60 122.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 599.6 m 297.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 599.6 m 429.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 599.6 m 561.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 585.6 m 164.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 599.6 m 429.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 541.6 m 164.5 541.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.80 604.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.15 614.28 Td (Above-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 604.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.70 614.28 Td (Below-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.60 604.28 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 590.28 Td (2015 Acquisition:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 575.27 Td (Bishop) Tj ET Q q 0 0 0 rg BT 83.12 575.27 Td (s Square) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 117.28 579.80 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.25 575.27 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.75 575.27 Td (7.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.75 575.27 Td (8.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 546.28 Td (2014 Acquisition:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 531.27 Td (2819 Loker Avenue East) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.75 531.27 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 531.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 531.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 507.90 Td (Excludes the ef) Tj ET Q q 0 0 0 rg BT 129.46 507.90 Td (fect of the ground lease, which significantly increases the weighted average useful life for these intangibles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 483.90 Td (The table below includes the amounts of revenue and net income \(loss\) of the acquisition completed during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.82 483.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.82 483.90 Td ( which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.90 Td (included in the Company) Tj ET Q q 0 0 0 rg BT 153.59 471.90 Td (s condensed consolidated statements of operations and comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.93 471.90 Td (three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.90 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.22 459.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.04 459.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.31 459.90 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 420.40 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 420.40 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 420.40 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 420.40 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 420.40 156.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 420.40 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 420.40 144.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 420.4 m 411.5 420.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 420.4 m 562.5 420.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 420.4 m 411.5 420.4 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.75 440.08 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.35 440.08 Td (For the Nine Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.00 425.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.25 425.08 Td (September 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.25 425.08 Td (September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 410.07 Td (Bishops Square) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.00 410.07 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 410.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 410.07 Td (2,104,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 410.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 410.07 Td (4,848,418) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 395.08 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.00 395.07 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 395.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 395.07 Td (467,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 395.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 395.12 Td (\(2,050,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 395.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 366.90 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.69 366.90 Td (fect to the Company) Tj ET Q q 0 0 0 rg BT 443.83 366.90 Td (s 2015 acquisition as if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.90 Td (acquisition had occurred on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.30 354.90 Td (January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.89 354.90 Td (. ) Tj ET Q q 0 0 0 rg BT 234.21 354.90 Td (The pro forma net income \(loss\) was adjusted to exclude acquisition-related fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.90 Td (and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.37 342.90 Td ($12,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.87 342.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.31 342.90 Td ($5.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.20 342.90 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.57 342.90 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.21 342.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.04 342.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 342.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 498.96 342.90 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.57 342.90 Td (nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.90 Td (months ended September 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.59 330.90 Td (, the pro forma net loss was adjusted to include acquisition fees and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.73 330.90 Td ($5.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 318.90 Td (, relating to the 2015 acquisition, as if these fees and expenses had been incurred as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.72 318.90 Td (January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.32 318.90 Td (. ) Tj ET Q q 0 0 0 rg BT 496.64 318.90 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.38 318.90 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.38 318.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.90 Td (acquisition fees and expenses included for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.33 306.90 Td (three months ended September 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 306.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 282.90 Td (The information below is not necessarily indicative of what the actual results of operations would have been had the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.90 Td (Company completed this acquisition on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.37 270.90 Td (January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.97 270.90 Td (, nor does it purport to represent the Company) Tj ET Q q 0 0 0 rg BT 462.43 270.90 Td (s future operations:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 208.40 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 208.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 208.40 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 208.40 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 208.40 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 208.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 208.40 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 208.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 208.40 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 178.40 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 178.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 178.40 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 178.40 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 178.40 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 178.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 178.40 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 178.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 178.40 63.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 208.39999999999998 m 355.5 208.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 208.39999999999998 m 423.5 208.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 208.39999999999998 m 495.5 208.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 208.39999999999998 m 562.5 208.39999999999998 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.25 251.08 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.85 251.08 Td (For the Nine Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.00 237.08 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 237.08 Td (September 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 213.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.10 223.08 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.50 213.08 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.10 223.08 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 213.08 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.60 223.08 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 213.08 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.10 223.08 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.50 213.08 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 198.07 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.00 198.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 198.07 Td (2,698,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 198.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 198.07 Td (2,104,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 198.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 198.07 Td (8,034,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 198.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 198.07 Td (6,243,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 183.07 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.00 183.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 183.07 Td (10,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 183.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.80 183.12 Td (\(2,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 183.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 183.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 183.12 Td (\(739,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 183.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 183.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 183.12 Td (\(4,524,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 183.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 168.07 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.00 168.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 168.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 168.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 168.12 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 168.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 168.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 168.12 Td (\(0.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 168.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 168.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 168.12 Td (\(35.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 168.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (5. DEBT) Tj ET Q q 0 0 0 rg BT 89.55 742.25 Td ( FINANCING) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 718.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.15 718.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.73 718.25 Td (, the Company had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.03 718.25 Td ($75.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.92 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.36 718.25 Td ($24.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.25 718.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (debt outstanding with a weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.09 706.25 Td (1.42%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.92 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.36 706.25 Td (2.16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.19 706.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 402.85 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 410.17 706.25 Td (The following table describes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 694.25 Td (s debt outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.66 694.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.92 694.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.36 694.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.94 694.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 638.75 89.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 638.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.50 638.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 638.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 638.75 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 638.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 638.75 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 638.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 638.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 638.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 638.75 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 638.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 638.75 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 638.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 638.75 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.75 89.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.50 614.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 614.75 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 614.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 614.75 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 614.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 614.75 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 614.75 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 614.75 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.75 146.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 590.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 590.75 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 590.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 590.75 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 590.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 590.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 590.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 590.75 68.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 590.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 590.75 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 590.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 590.75 64.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 650.75 m 139.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 650.75 m 196.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 650.75 m 238.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 650.75 m 294.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 650.75 m 353.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 650.75 m 425.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 650.75 m 494.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 650.75 m 562.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 626.75 m 494.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 614.75 m 494.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 626.75 m 562.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 614.75 m 562.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 590.75 m 494.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 590.75 m 562.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 590.75 m 494.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 578.75 m 494.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 590.75 m 562.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 567.75 m 494.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 565.75 m 494.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 578.75 m 562.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 567.75 m 562.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 565.75 m 562.5 565.75 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 53.00 654.81 Td (Description) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 147.85 668.81 Td (Origination or) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 151.60 661.81 Td (Assumption) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 162.50 654.81 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.35 661.81 Td (Maturity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 212.00 654.81 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 256.90 675.81 Td (Maximum) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 255.25 668.81 Td (Capacity in) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 256.35 661.81 Td (Functional) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.15 654.81 Td (Currency) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.00 661.81 Td (Interest Rate) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.15 654.81 Td (Description) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 363.75 661.81 Td (Interest Rate as of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 361.80 654.81 Td (September 30, 2015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 428.00 654.81 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 447.65 668.81 Td (Principal) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.00 661.81 Td (Outstanding at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 432.30 654.81 Td (September 30, 2015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.15 668.81 Td (Principal) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 507.50 661.81 Td (Outstanding at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.75 654.81 Td (December 31, 2014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 53.00 642.81 Td (Secured Mortgage Debt) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 193.00 642.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 203.00 642.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 360.00 642.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 428.00 642.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.00 642.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 642.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 630.80 Td (Bishops Square) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 157.05 630.80 Td (3/3/2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 206.55 630.80 Td (3/2/2022) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 254.00 630.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 260.10 630.80 Td (55,200,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.40 630.80 Td (Euribor + 1.30 ) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 344.23 633.97 Td (\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.95 630.80 Td (1.30%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.00 630.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.15 630.80 Td (62,061,360) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 630.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 552.65 630.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 59.00 618.81 Td (Note Payable) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 219.00 618.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 391.00 618.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.00 618.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.15 618.80 Td (62,061,360) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 618.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 552.65 618.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 53.00 606.81 Td (Affiliate Note Payable) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 594.80 Td (Credit Facility with Hines) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 153.55 594.80 Td (12/15/2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 203.05 594.80 Td (12/15/2016) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 241.00 598.37 Td (\(2\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 254.00 594.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 260.10 594.80 Td (75,000,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 313.80 594.80 Td (Variable) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.95 594.80 Td (1.94%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.15 594.80 Td (13,860,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 528.15 594.80 Td (24,200,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 59.00 582.81 Td (Total Note Payable to Affiliate) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.00 582.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.15 582.80 Td (13,860,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 582.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 528.15 582.80 Td (24,200,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.00 570.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.15 570.80 Td (75,921,360) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 570.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 528.15 570.80 Td (24,200,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 548.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 548.05 Td (The Company entered into an interest rate cap agreement as an economic hedge against the variability of future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 536.05 Td (interest rates on its variable interest rate borrowing. See Note 6 Derivative Instruments for additional information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 524.05 Td (regarding the Company) Tj ET Q q 0 0 0 rg BT 183.20 524.05 Td (s interest rate cap.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 500.05 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 500.05 Td (Each advance under the credit facility with Hines \(the Hines Credit Facility\) must be repaid within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.98 500.05 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 500.05 Td ( months, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 488.05 Td (subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.10 488.05 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.54 488.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.04 488.05 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.71 488.05 Td (-month extension and subject to the satisfaction of certain conditions. Notwithstanding that each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 476.05 Td (advance under the Hines Credit Facility matures six months after it is made, Hines Global II is required to repay each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 464.05 Td (advance under the Hines Credit Facility with proceeds from its public of) Tj ET Q q 0 0 0 rg BT 375.46 464.05 Td (fering as such proceeds are raised, unless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 452.05 Td (Hines Global II, through the Operating Partnership, enters into a revolving credit facility \(the OP) Tj ET Q q 0 0 0 rg BT 477.74 452.05 Td ( Facility\), at which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 440.05 Td (point Hines Global II may use such proceeds from its public of) Tj ET Q q 0 0 0 rg BT 337.71 440.05 Td (fering to repay the OP) Tj ET Q q 0 0 0 rg BT 426.20 440.05 Td ( Facility) Tj ET Q q 0 0 0 rg BT 458.60 440.05 Td (, if any) Tj ET Q q 0 0 0 rg BT 486.00 440.05 Td (, prior to repaying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 428.05 Td (any advances under its credit facility with Hines. ) Tj ET Q q 0 0 0 rg BT 286.31 428.05 Td (The Hines Credit Facility also permits voluntary prepayment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 416.05 Td (principal and accrued interest.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 392.05 Td (Bishop) Tj ET Q q 0 0 0 rg BT 97.82 392.05 Td (s Squar) Tj ET Q q 0 0 0 rg BT 127.73 392.05 Td (e Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 368.05 Td (In connection with the acquisition of Bishop) Tj ET Q q 0 0 0 rg BT 248.53 368.05 Td (s Square, a wholly-owned subsidiary of the Company entered into a secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.05 Td (facility agreement \(the Bishop) Tj ET Q q 0 0 0 rg BT 178.56 356.05 Td (s Square Facility\) with DekaBank Deutsche Girozentrale totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.26 356.05 Td (55.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 356.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.05 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.59 344.05 Td ($62.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.48 344.05 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.51 344.05 Td ($1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.01 344.05 Td ( per EUR as of the transaction date\). ) Tj ET Q q 0 0 0 rg BT 418.33 344.05 Td (The Bishop) Tj ET Q q 0 0 0 rg BT 467.50 344.05 Td (s Square Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.05 Td (requires quarterly interest payments, which commenced in July 2015, and repayment of principal upon the maturity of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.05 Td (Bishop) Tj ET Q q 0 0 0 rg BT 81.12 320.05 Td (s Square Facility on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.33 320.05 Td (March2, 2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.93 320.05 Td (. ) Tj ET Q q 0 0 0 rg BT 229.25 320.05 Td (The Bishop's Square Facility has a floating interest rate of EURIBOR plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.33 320.05 Td (1.30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.16 320.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.05 Td (and is subject to an interest rate cap with a strike rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.20 308.05 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.03 308.05 Td (. ) Tj ET Q q 0 0 0 rg BT 303.34 308.05 Td (The Bishop) Tj ET Q q 0 0 0 rg BT 352.51 308.05 Td (s Square Facility may be repaid in full prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.05 Td (maturity) Tj ET Q q 0 0 0 rg BT 83.23 296.05 Td (, subject to a prepayment premium if it is repaid in the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.50 296.05 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.49 296.05 Td ( years.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 272.05 Td (Hines Cr) Tj ET Q q 0 0 0 rg BT 104.02 272.05 Td (edit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 248.05 Td (For the period from January 2015 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.80 248.05 Td (September 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.06 248.05 Td (, the Company made draws of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.79 248.05 Td ($50.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.69 248.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.05 Td (payments of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.91 236.05 Td ($60.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.81 236.05 Td ( under the Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 341.52 236.05 Td (. ) Tj ET Q q 0 0 0 rg BT 348.47 236.05 Td (Additionally) Tj ET Q q 0 0 0 rg BT 398.37 236.05 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.31 236.05 Td (October 1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.51 236.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.01 236.05 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.01 236.05 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.05 Td (November9, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.71 224.05 Td (, the Company repaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.30 224.05 Td ($6.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.19 224.05 Td ( under the Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 387.90 224.05 Td (. ) Tj ET Q q 0 0 0 rg BT 395.22 224.05 Td (The borrowings and payments resulted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.05 Td (an outstanding principal balance of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.27 212.05 Td ($7.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.16 212.05 Td ( under the Hines Credit Facility as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.68 212.05 Td (November9, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.39 212.05 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 188.05 Td (Financial Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 164.05 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 164.05 Td (s mortgage and other loan documents for the debt described in the table above contain customary events of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.05 Td (default, with corresponding grace periods, including payment defaults, bankruptcy-related defaults, and customary covenants, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.05 Td (including limitations on liens and indebtedness and maintenance of certain financial ratios. ) Tj ET Q q 0 0 0 rg BT 418.05 140.05 Td (The Company is not aware of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.05 Td (instances of noncompliance with financial covenants as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.48 128.05 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.74 128.05 Td (.) Tj ET Q endstream endobj 27 0 obj <><>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Principal Payments on Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (The Companyis requiredto make the following principal payments on its outstanding notes payable for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (October 1, 2015 through December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.40 706.10 Td (, for each of the years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.82 706.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.82 706.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.51 706.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.51 706.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (for the period thereafter) Tj ET Q q 0 0 0 rg BT 144.67 694.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 632.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 147.50 632.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 632.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 632.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 632.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 632.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 632.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 656.6 m 265.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 656.6 m 269.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 656.6 m 327.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 656.6 m 331.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 656.6 m 384.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 656.6 m 388.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 656.6 m 441.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 656.6 m 445.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 656.6 m 498.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 656.6 m 502.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 656.6 m 562.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 632.6 m 265.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 632.6 m 327.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 632.6 m 384.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 632.6 m 441.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 632.6 m 498.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 632.6 m 562.5 632.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.30 661.28 Td (Payments Due by Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 637.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.95 647.28 Td (October 1, 2015 through) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.65 637.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.00 637.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.50 637.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.50 637.28 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.50 637.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.10 637.28 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 622.27 Td (Principal payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 622.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.60 622.27 Td (13,860,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 622.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 622.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 622.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 622.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 622.27 Td (62,061,360) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (6. DERIV) Tj ET Q q 0 0 0 rg BT 93.44 594.10 Td (A) Tj ET Q q 0 0 0 rg BT 99.92 594.10 Td (TIVE INSTRUMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 570.10 Td (The Company entered into an interest rate cap agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.57 570.10 Td (Chatham Financial Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.21 570.10 Td ( in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (Bishop) Tj ET Q q 0 0 0 rg BT 81.12 558.10 Td (s Square acquisition. ) Tj ET Q q 0 0 0 rg BT 168.98 558.10 Td (The interest rate cap agreement was entered into as an economic hedge against the variability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (future interest rates on one of its variable interest rate borrowings.) Tj ET Q q 0 0 0 rg BT 318.90 546.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 378.61 546.10 Td (s interest rate cap contract has economically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (limited the interest rate on the loan to which it relates.) Tj ET Q q 0 0 0 rg BT 270.59 534.10 Td (The Company has not designated this derivative as a hedge for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (accounting purposes. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.36 522.10 Td (Note 9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.30 522.10 Td ( Fair ) Tj ET Q q 0 0 0 rg BT 216.73 522.10 Td (V) Tj ET Q q 0 0 0 rg BT 222.84 522.10 Td (alue Measurements for additional information regarding the fair value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 510.10 Td (s interest rate contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 486.10 Td (The table below provides additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 361.26 486.10 Td (s interest rate contract.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 436.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 436.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 436.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 436.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 436.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 436.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 436.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 436.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 436.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 436.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 436.60 58.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 460.6 m 137.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 460.6 m 141.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 460.6 m 244.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 436.6 m 137.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 436.6 m 244.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 436.6 m 351.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 436.6 m 413.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 436.6 m 500.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 436.6 m 562.5 436.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 465.28 Td (Interest Rate Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.00 465.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 465.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 465.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 465.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 441.28 Td (Type) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.35 441.28 Td (Effective Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.15 441.28 Td (Expiration Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 451.28 Td (Notional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.45 441.28 Td (Amount ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 398.95 445.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 451.28 Td (Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.30 441.28 Td (Received) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.05 451.28 Td (Pay Rate /) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.70 441.28 Td (Strike Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 426.27 Td (Interest rate cap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.20 426.27 Td (March 3, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 426.27 Td (April 25, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 426.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.60 426.27 Td (62,061,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.55 426.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 426.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 426.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 402.90 Td (For notional amounts denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 293.12 402.90 Td (, amounts have been translated at a rate based on the rate in ef) Tj ET Q q 0 0 0 rg BT 540.61 402.90 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 390.90 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.50 390.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.76 390.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 366.90 Td (The Company has not entered into a master netting arrangement with its third-party counterparty and does not of) Tj ET Q q 0 0 0 rg BT 519.08 366.90 Td (fset on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.90 Td (consolidated condensed balance sheets the fair value amount recorded for its derivative instrument. ) Tj ET Q q 0 0 0 rg BT 451.62 354.90 Td (The table below presents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.90 Td (the fair value of the Company) Tj ET Q q 0 0 0 rg BT 172.46 342.90 Td (s derivative instrument included in AssetsDerivative Instruments on the Company) Tj ET Q q 0 0 0 rg BT 522.11 342.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.90 Td (condensed consolidated balance sheets, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.88 330.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.14 330.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.58 330.90 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.17 330.90 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 255.40 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 255.40 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 255.40 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 255.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 255.40 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 294.4 m 489.5 294.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 294.4 m 561.5 294.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 294.4 m 489.5 294.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 270.4 m 489.5 270.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 294.4 m 493.5 294.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 294.4 m 561.5 294.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 270.4 m 561.5 270.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 240.39999999999998 m 489.5 240.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 226.39999999999998 m 489.5 226.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 224.39999999999998 m 489.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 240.39999999999998 m 561.5 240.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 226.39999999999998 m 561.5 226.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 224.39999999999998 m 561.5 224.39999999999998 l s BT /F2 1.00 Tf ET q 0 0 0 rg BT 52.00 297.12 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 416.00 297.12 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.45 299.08 Td (Derivative Assets) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 52.00 273.12 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 416.00 273.12 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.50 285.08 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 275.08 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.90 285.08 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 275.08 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 260.07 Td (Derivatives not designated as hedging instruments:) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 416.00 258.16 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 245.07 Td ( Interest rate cap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 245.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 245.07 Td (15,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 245.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 245.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 230.07 Td (Total derivatives) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 416.00 228.16 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 230.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 230.07 Td (15,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 230.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 230.07 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 201.90 Td (The table below presents the ef) Tj ET Q q 0 0 0 rg BT 192.49 201.90 Td (fects of the changes in fair value of the Company) Tj ET Q q 0 0 0 rg BT 392.15 201.90 Td (s derivative instrument in the Company) Tj ET Q q 0 0 0 rg BT 552.95 201.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.90 Td (condensed consolidated statements of operations and comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.95 189.90 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.59 189.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 177.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.70 177.90 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.70 177.90 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 100.40 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 100.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 100.40 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 100.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 100.40 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 100.40 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 100.40 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 100.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 100.40 71.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 153.39999999999998 m 337.5 153.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 153.39999999999998 m 341.5 153.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 153.39999999999998 m 409.5 153.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 153.39999999999998 m 419.5 153.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 153.39999999999998 m 487.5 153.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 153.39999999999998 m 491.5 153.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 153.39999999999998 m 562.5 153.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 139.39999999999998 m 337.5 139.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 139.39999999999998 m 341.5 139.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 139.39999999999998 m 409.5 139.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 139.39999999999998 m 487.5 139.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 139.39999999999998 m 491.5 139.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 139.39999999999998 m 562.5 139.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 115.39999999999998 m 337.5 115.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 115.39999999999998 m 409.5 115.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 139.39999999999998 m 487.5 139.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 115.39999999999998 m 487.5 115.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 115.39999999999998 m 562.5 115.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 85.39999999999998 m 337.5 85.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 71.39999999999998 m 337.5 71.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 69.39999999999998 m 337.5 69.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 85.39999999999998 m 409.5 85.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 71.39999999999998 m 409.5 71.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 69.39999999999998 m 409.5 69.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 85.39999999999998 m 487.5 85.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 71.39999999999998 m 487.5 71.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 69.39999999999998 m 487.5 69.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 85.39999999999998 m 562.5 85.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 71.39999999999998 m 562.5 71.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 69.39999999999998 m 562.5 69.39999999999998 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.95 158.08 Td (Gain \(Loss\) Recorded on Derivative Instruments) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 53.00 142.12 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 269.00 142.12 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.00 144.08 Td (Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.70 144.08 Td (Nine Months Ended) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 53.00 118.12 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 269.00 118.12 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.00 130.08 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.50 120.08 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 130.08 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.00 120.08 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.50 130.08 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.00 120.08 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 120.08 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 130.08 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 120.08 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 105.07 Td (Derivatives not designated as hedging instruments:) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 269.00 103.16 Td () Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 490.00 103.16 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 90.07 Td ( Interest rate cap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 90.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.80 90.12 Td (\(17,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 90.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 90.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 90.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 90.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 90.12 Td (\(31,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 90.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 90.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 90.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 75.07 Td (Total gain \(loss\) on derivatives) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 269.00 73.16 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 75.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.80 75.12 Td (\(17,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 75.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 75.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 75.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 75.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 75.12 Td (\(31,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 75.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 75.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 75.07 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (7. DISTRIBUTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 718.25 Td (ith the authorization of its board of directors, the Company declared distributions to its stockholders and HALP) Tj ET Q q 0 0 0 rg BT 521.86 718.25 Td ( II for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 706.25 Td (October1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.69 706.25 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.80 706.25 Td (November30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.51 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 287.83 706.25 Td (These distributions were or will be calculated based on stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (of record for each day in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.93 694.25 Td ($0.001575342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.43 694.25 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 328.81 694.25 Td (A) Tj ET Q q 0 0 0 rg BT 335.48 694.25 Td ( Share, per day) Tj ET Q q 0 0 0 rg BT 394.81 694.25 Td (. ) Tj ET Q q 0 0 0 rg BT 401.76 694.25 Td (Also, with the authorization of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (board of directors, the Company declared distributions with respect to Class ) Tj ET Q q 0 0 0 rg BT 356.42 682.25 Td (T) Tj ET Q q 0 0 0 rg BT 362.34 682.25 Td ( Shares of the Company) Tj ET Q q 0 0 0 rg BT 461.22 682.25 Td (s common stock for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.43 670.25 Td (August24, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.83 670.25 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.93 670.25 Td (November30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.64 670.25 Td (. Distributions for the Company's Class ) Tj ET Q q 0 0 0 rg BT 443.81 670.25 Td (T) Tj ET Q q 0 0 0 rg BT 449.74 670.25 Td ( Shares were or will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (calculated based on stockholders of record each day in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.61 658.25 Td ($0.001575342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.11 658.25 Td ( per share, per day less the distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (and stockholder servicing fees that are payable with respect to such Class ) Tj ET Q q 0 0 0 rg BT 345.83 646.25 Td (T) Tj ET Q q 0 0 0 rg BT 351.76 646.25 Td ( Shares \(as calculated on a daily basis\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (All distributions were or will be paid in cash or reinvested in shares of the Company) Tj ET Q q 0 0 0 rg BT 408.21 622.25 Td (s common stock for those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (participating in the Company) Tj ET Q q 0 0 0 rg BT 169.70 610.25 Td (s distribution reinvestment plan and have been or will be paid or issued, respectively) Tj ET Q q 0 0 0 rg BT 507.29 610.25 Td (, on the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (business day following the completion of the month to which they relate. Distributions reinvested pursuant to the distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (reinvestment plan will be reinvested in shares of the same class as the shares on which the distributions are being made. Some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (or all of the cash distributions may be paid from sources other than cash flows from operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.25 Td (In addition to the distributions described above, the Company) Tj ET Q q 0 0 0 rg BT 317.68 550.25 Td (s board of directors authorized special stock dividends to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.62 538.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 538.25 Td ( stockholders as of daily record dates for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.94 538.25 Td (October1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.64 538.25 Td ( through June30, 2015. Stock dividends for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 526.25 Td (s Class ) Tj ET Q q 0 0 0 rg BT 136.39 526.25 Td (A) Tj ET Q q 0 0 0 rg BT 143.06 526.25 Td ( Shares were calculated based on stockholders of record each day in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.26 526.25 Td (0.0000273973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.76 526.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (of a share of common stock per share, per day) Tj ET Q q 0 0 0 rg BT 233.73 514.25 Td (. Shares issued related to the Company) Tj ET Q q 0 0 0 rg BT 394.25 514.25 Td (s stock dividends were issued on the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (business day of the month following the quarter to which they related.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 Td (Cash Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 Td (The following table outlines the Company) Tj ET Q q 0 0 0 rg BT 239.91 454.25 Td (s total cash distributions declared to stockholders and noncontrolling interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (\(HALP) Tj ET Q q 0 0 0 rg BT 79.07 442.25 Td ( II\) for each of the quarters during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.90 442.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.90 442.25 Td ( and the quarter ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.83 442.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.83 442.25 Td (, including the breakout between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (distributions declared in cash and those reinvested pursuant to the Company) Tj ET Q q 0 0 0 rg BT 357.15 430.25 Td (s distribution reinvestment plan.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 347.75 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 347.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 347.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 347.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 347.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 347.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 347.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 347.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 347.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 319.75 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 319.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 319.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 319.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 319.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 319.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 319.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 319.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 319.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 263.75 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 263.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 263.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 263.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 263.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 263.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 263.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 263.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 263.75 69.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 384.75 m 363.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 384.75 m 367.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 384.75 m 426.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 384.75 m 430.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 384.75 m 489.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 384.75 m 562.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 361.75 m 300.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 361.75 m 363.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 361.75 m 426.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 361.75 m 489.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 361.75 m 562.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 305.75 m 426.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 305.75 m 489.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 305.75 m 562.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 305.75 m 363.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 292.75 m 363.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 290.75 m 363.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 305.75 m 426.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 292.75 m 426.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 290.75 m 426.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 305.75 m 489.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 292.75 m 489.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 290.75 m 489.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 305.75 m 562.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 292.75 m 562.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 290.75 m 562.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 263.75 m 300.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 263.75 m 300.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 249.75 m 363.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 236.75 m 363.5 236.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 234.75 m 363.5 234.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 249.75 m 426.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 236.75 m 426.5 236.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 234.75 m 426.5 234.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 249.75 m 489.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 236.75 m 489.5 236.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 234.75 m 489.5 234.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 249.75 m 562.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 236.75 m 562.5 236.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 234.75 m 562.5 234.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 389.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.45 389.20 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.55 398.20 Td (Noncontrolling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 510.80 389.20 Td (Interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 366.20 Td (Distributions for the Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.70 375.20 Td (Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.20 366.20 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.20 375.20 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.50 366.20 Td (Reinvested) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.65 375.20 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.30 366.20 Td (Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.35 366.20 Td (Total Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 352.20 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 338.21 Td (September 30, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.00 338.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.75 338.21 Td (457,698) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 338.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 338.21 Td (489,796) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 338.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 338.21 Td (947,494) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 338.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 338.21 Td (3,060) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 324.21 Td (June 30, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.75 324.21 Td (279,432) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 324.21 Td (287,799) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 324.21 Td (567,231) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 324.21 Td (3,027) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 310.21 Td (March 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.25 310.21 Td (91,135) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.25 310.21 Td (58,691) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 310.21 Td (149,826) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 310.21 Td (2,993) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 296.21 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.00 296.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.75 296.21 Td (828,265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 296.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 296.21 Td (836,286) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 296.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 296.21 Td (1,664,551) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 296.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 296.21 Td (9,080) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 268.20 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 254.21 Td (December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.00 254.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.25 254.21 Td (40,377) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 254.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.75 254.21 Td (1,841) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 254.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 254.21 Td (42,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 254.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 254.21 Td (3,060) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 240.21 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.00 240.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.25 240.21 Td (40,377) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 240.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.75 240.21 Td (1,841) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 240.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 240.21 Td (42,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 240.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 240.21 Td (3,060) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 212.25 Td (Stock Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 188.25 Td (The following table outlines the Company) Tj ET Q q 0 0 0 rg BT 239.91 188.25 Td (s stock dividends declared to Class ) Tj ET Q q 0 0 0 rg BT 381.56 188.25 Td (A) Tj ET Q q 0 0 0 rg BT 388.23 188.25 Td ( stockholders:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 149.75 338.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 149.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 149.75 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 149.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 149.75 35.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 149.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 149.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 121.75 338.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 121.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 121.75 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 121.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 121.75 35.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 121.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 121.75 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 163.75 m 507.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 163.75 m 511.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 163.75 m 561.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 149.75 m 387.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 149.75 m 468.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 149.75 m 507.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 149.75 m 561.5 149.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 168.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.45 168.20 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 154.20 Td (Dividends for the Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.85 154.20 Td (Issuance Date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.55 154.20 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.70 154.20 Td (Amount ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 549.45 158.28 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 140.21 Td (June 30, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.45 140.21 Td (7/1/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.75 140.21 Td (9,866) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.00 140.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 140.21 Td (98,663) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 126.21 Td (March 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.45 126.21 Td (4/1/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.75 126.21 Td (2,604) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.00 126.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 126.21 Td (26,037) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 112.21 Td (December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.45 112.21 Td (1/1/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 112.21 Td (737) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.00 112.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 112.21 Td (7,367) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 89.05 Td (Amount based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.05 89.05 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.55 89.05 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 209.93 89.05 Td (A) Tj ET Q q 0 0 0 rg BT 216.60 89.05 Td ( Share Of) Tj ET Q q 0 0 0 rg BT 254.74 89.05 Td (fering price.) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (8. RELA) Tj ET Q q 0 0 0 rg BT 89.54 742.25 Td (TED P) Tj ET Q q 0 0 0 rg BT 117.97 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 132.06 742.25 Td (TY) Tj ET Q q 0 0 0 rg BT 145.58 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.90 742.25 Td (TRANSACTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The table below outlines feesand expense reimbursements incurred that are payable by the Company to Hines and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 706.25 Td (filiates for the periods indicated below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 623.75 175.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 623.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 623.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 623.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 623.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 623.75 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 623.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 623.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 623.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 623.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 623.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 623.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 623.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 595.75 175.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 595.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 595.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 595.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 595.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 595.75 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 595.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 595.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 595.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 595.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 595.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 595.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 595.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 558.75 175.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 558.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 558.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 558.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 558.75 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 558.75 5.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 558.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 558.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 558.75 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 558.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 558.75 59.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 558.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 558.75 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 521.75 175.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 521.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 521.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 521.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 521.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 521.75 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 521.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 521.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 521.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 521.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 521.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 521.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 521.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 493.75 175.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 493.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 493.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 493.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 493.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 493.75 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 493.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 493.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 493.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 493.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 493.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 493.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 493.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 447.75 175.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 447.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 447.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 447.75 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 447.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 447.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 447.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 447.75 58.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 669.75 m 279.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 669.75 m 283.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 669.75 m 328.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 669.75 m 333.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 669.75 m 383.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 669.75 m 387.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 669.75 m 437.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 669.75 m 279.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 646.75 m 279.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 669.75 m 283.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 646.75 m 283.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 669.75 m 328.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 646.75 m 328.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 646.75 m 383.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 646.75 m 387.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 646.75 m 437.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 646.75 m 500.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 646.75 m 504.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 646.75 m 562.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 623.75 m 225.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 623.75 m 279.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 623.75 m 328.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 623.75 m 383.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 623.75 m 437.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 646.75 m 500.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 623.75 m 500.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 623.75 m 562.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 623.75 m 279.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 447.75 m 500.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 447.75 m 562.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 434.75 m 500.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 432.75 m 500.5 432.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 434.75 m 562.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 432.75 m 562.5 432.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 315.80 674.20 Td (Incurred) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 237.55 660.20 Td (Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.05 651.20 Td (September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.45 660.20 Td (Nine Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.55 651.20 Td (September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.20 651.20 Td (Unpaid as of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 628.20 Td (Type and Recipient) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 628.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.50 628.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.00 628.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 403.00 628.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.80 637.20 Td (September) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.75 628.20 Td (30, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 513.55 637.20 Td (December) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.25 628.20 Td (31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 614.21 Td (Selling Commissions- Dealer Manager) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.00 614.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.00 614.21 Td (1,428,616) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 614.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 614.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.00 614.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.00 614.21 Td (4,748,095) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 614.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 614.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 614.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 614.21 Td (34,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 614.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 614.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 600.21 Td (Dealer Manager Fee- Dealer Manager) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.75 600.21 Td (624,837) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 600.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.00 600.21 Td (2,071,232) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 600.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 600.21 Td (1,520) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 600.21 Td (10,323) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 586.21 Td (Issuer and Organization Costs- the Advisor) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.00 586.21 Td (1,344,860) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 586.21 Td (3,056,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.00 586.21 Td (3,193,373) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.00 586.21 Td (3,056,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 586.21 Td (3,388,637) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 586.21 Td (4,153,388) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 572.21 Td (Acquisition Fee- the Advisor and affiliates of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 563.21 Td (Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 267.00 563.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 563.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.00 563.21 Td (2,327,715) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 563.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.75 563.21 Td (413,742) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 563.21 Td (570,375) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 549.21 Td (Asset Management Fee- the ) Tj ET Q q 0 0 0 rg BT 155.47 549.21 Td (Advisor and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 540.21 Td (af) Tj ET Q q 0 0 0 rg BT 59.83 540.21 Td (filiates of Hines ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 119.56 544.29 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 126.38 540.21 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.75 540.21 Td (115,343) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 540.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.75 540.21 Td (367,184) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 540.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.75 540.21 Td (191,801) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 540.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 526.21 Td (Other ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 75.74 530.29 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.56 526.21 Td ( - the ) Tj ET Q q 0 0 0 rg BT 102.81 526.21 Td (Advisor) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.75 526.21 Td (158,280) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.75 526.21 Td (216,751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.75 526.21 Td (607,430) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 526.21 Td (216,751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.75 526.21 Td (128,922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 526.21 Td (365,960) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 512.21 Td (Interest Expense- Hines ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 141.22 516.29 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.75 512.21 Td (109,658) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 512.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.75 512.21 Td (540,994) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 512.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 512.21 Td (8,963) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 512.21 Td (20,328) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 498.21 Td (Property Management Fee- Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.25 498.21 Td (11,600) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 498.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.25 498.21 Td (34,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 498.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.00 498.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 498.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 484.21 Td (Construction Management Fee- Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.25 484.21 Td (33,366) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 484.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.25 484.21 Td (33,366) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 484.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 484.21 Td (33,729) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 484.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 470.21 Td (Expense Reimbursement- Hines \(with respect) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 461.21 Td (to management and operations of the) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 452.21 Td (Company's properties\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.75 452.21 Td (110,674) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.00 452.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.75 452.21 Td (230,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 452.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 452.21 Td (86,343) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 452.21 Td (93,260) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 438.20 Td (Due to Affiliates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.00 438.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 438.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.00 438.21 Td (4,287,872) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 438.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 438.21 Td (5,213,634) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 415.05 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 415.05 Td (s ) Tj ET Q q 0 0 0 rg BT 133.55 415.05 Td (Advisor has agreed to waive asset management fees for each quarter in 2015 to the extent that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 403.05 Td (Company) Tj ET Q q 0 0 0 rg BT 109.67 403.05 Td (s modified funds from operations \(MFFO\) is less than the distributions declared for each respective quarter) Tj ET Q q 0 0 0 rg BT 546.49 403.05 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 391.05 Td (As a result of this waiver) Tj ET Q q 0 0 0 rg BT 167.85 391.05 Td (, the ) Tj ET Q q 0 0 0 rg BT 187.02 391.05 Td (Advisor waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.12 391.05 Td ($138,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.62 391.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.06 391.05 Td ($129,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.56 391.05 Td ( in asset management fees payable to it during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 379.05 Td (three months ended September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.07 379.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.51 379.05 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.11 379.05 Td (, respectively) Tj ET Q q 0 0 0 rg BT 364.77 379.05 Td (. However) Tj ET Q q 0 0 0 rg BT 408.52 379.05 Td (, since MFFO exceeded distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 367.05 Td (declared to the Company) Tj ET Q q 0 0 0 rg BT 171.02 367.05 Td (s stockholders during the three months ended June 30, 2015, no asset management fees were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 355.05 Td (waived by the ) Tj ET Q q 0 0 0 rg BT 126.04 355.05 Td (Advisor for that period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.05 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 337.05 Td (Includes amounts the ) Tj ET Q q 0 0 0 rg BT 154.93 337.05 Td (Advisor paid on behalf of the Company such as general and administrative expenses, acquisition-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 325.05 Td (related expenses and or) Tj ET Q q 0 0 0 rg BT 161.39 325.05 Td (ganizational expenses. ) Tj ET Q q 0 0 0 rg BT 256.17 325.05 Td (These amounts are generally reimbursed to the ) Tj ET Q q 0 0 0 rg BT 445.28 325.05 Td (Advisor during the month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 313.05 Td (following the period in which they are incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 289.05 Td (The Company reimburses the ) Tj ET Q q 0 0 0 rg BT 187.98 289.05 Td (Advisor for all expenses paid or incurred by the ) Tj ET Q q 0 0 0 rg BT 380.98 289.05 Td (Advisor in connection with the services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 277.05 Td (provided to the Company) Tj ET Q q 0 0 0 rg BT 169.28 277.05 Td (, subject to the limitation that the Company will not reimburse the ) Tj ET Q q 0 0 0 rg BT 435.07 277.05 Td (Advisor for any amount by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 265.05 Td (which its operating expenses \(including the asset management fee\) at the end of the four preceding fiscal quarters exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 253.05 Td (the greater of: \(A\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.96 253.05 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.79 253.05 Td ( of its average invested assets, or \(B\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.47 253.05 Td (25.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.30 253.05 Td ( of its net income determined without reduction for any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 241.05 Td (additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 229.05 Td (the Company) Tj ET Q q 0 0 0 rg BT 124.38 229.05 Td (s assets for that period \(the 2%/25% Limitation\). Notwithstanding the above, the Company may reimburse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 217.05 Td (the ) Tj ET Q q 0 0 0 rg BT 82.17 217.05 Td (Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 205.05 Td (expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended September 30, 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 193.05 Td (the Company) Tj ET Q q 0 0 0 rg BT 124.38 193.05 Td (s total operating expenses exceeded the 2%/25% Limitation. Based upon a review of unusual and non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 181.05 Td (recurring factors, including but not limited to the Company being in the early stages of raising and deploying capital, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 169.05 Td (limited number of assets acquired to date and the timing of those acquisitions, a majority of the Company) Tj ET Q q 0 0 0 rg BT 492.91 169.05 Td (s independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 157.05 Td (directors determined that the excess expenses were justified and thus reimbursable to the ) Tj ET Q q 0 0 0 rg BT 424.83 157.05 Td (Advisor) Tj ET Q q 0 0 0 rg BT 456.50 157.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.05 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 139.05 Td (Includes amounts paid related to the Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 298.41 139.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.05 Td ( ) Tj ET Q endstream endobj 33 0 obj <><>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (9.F) Tj ET Q q 0 0 0 rg BT 67.87 742.25 Td (AIR ) Tj ET Q q 0 0 0 rg BT 88.52 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 94.45 742.25 Td (ALUE MEASUREMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (As described in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.71 718.25 Td (Note 6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.65 718.25 Td ( Derivative Instruments, the Company entered into an interest rate cap agreement as an economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (hedge against the variability of future interest rates on one of its variable interest rate borrowings. ) Tj ET Q q 0 0 0 rg BT 445.24 706.25 Td (The valuation of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (derivative instrument is determined based on assumptions that management believes market participants would use in pricing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flow of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (derivative. ) Tj ET Q q 0 0 0 rg BT 97.30 670.25 Td (This analysis reflects the contractual terms of the derivative, including the period to maturity) Tj ET Q q 0 0 0 rg BT 467.65 670.25 Td (, and uses observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (market-based inputs, including interest rate curves and implied volatilities. ) Tj ET Q q 0 0 0 rg BT 353.63 658.25 Td (The fair value of the interest rate cap agreement has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (been determined using the market standard methodology of netting the discounted future fixed cash receipts \(or payments\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (the discounted expected variable cash payments \(or receipts\). ) Tj ET Q q 0 0 0 rg BT 300.27 634.25 Td (The variable cash payments \(or receipts\) are based on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (expectation of future interest rates \(forward curves\) derived from observable market interest rate curves.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.25 Td (Although the Company has determined the majority of the inputs used to value its interest rate cap agreement fall within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 185.95 586.25 Td (, the credit valuation adjustments associated with its derivative utilize Level 3 inputs, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty) Tj ET Q q 0 0 0 rg BT 481.44 574.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.44 574.25 Td (Chatham ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (Financial Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.04 562.25 Td (. In adjusting the fair value of its derivative contract for the ef) Tj ET Q q 0 0 0 rg BT 387.21 562.25 Td (fect of nonperformance risk, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (guarantees. However) Tj ET Q q 0 0 0 rg BT 136.50 538.25 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.16 538.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.43 538.25 Td (, the Company has assessed the significance of the impact of the credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (valuation adjustments on the overall valuation of its derivative position and has determined that the credit valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (adjustments are not significant to the overall valuation of its derivative. ) Tj ET Q q 0 0 0 rg BT 339.65 514.25 Td (As a result, the Company has determined its derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (valuation is classified in Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 285.37 502.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 Td (The following table sets forth the Company) Tj ET Q q 0 0 0 rg BT 245.19 478.25 Td (s derivative which was measured at fair value on a recurring basis, by level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (within the fair value hierarchy as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.22 466.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.48 466.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 372.75 186.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 372.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 372.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 372.75 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 372.75 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 440.75 m 389.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 440.75 m 393.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 440.75 m 478.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 440.75 m 482.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 440.75 m 562.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 386.75 m 236.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 386.75 m 310.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 386.75 m 389.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 386.75 m 478.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 386.75 m 562.5 386.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 445.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 445.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.40 445.43 Td (Basis of Fair Value Measurements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 391.43 Td (Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.30 411.43 Td (Fair Value of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.65 401.43 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.25 391.43 Td (\(Liabilities\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.35 431.43 Td (Quoted Prices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 421.43 Td (In Active) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.90 411.43 Td (Markets for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.40 401.43 Td (Identical Items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.75 391.43 Td (\(Level 1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 411.43 Td (Significant Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.05 401.43 Td (Observable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.60 391.43 Td (Inputs \(Level 2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.90 411.43 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.55 401.43 Td (Unobservable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.10 391.43 Td (Inputs \(Level 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 377.43 Td (September 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 377.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.50 377.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 377.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.00 377.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 362.42 Td (Interest rate caps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 362.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 362.42 Td (15,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 362.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 362.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.00 362.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 362.42 Td (15,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 362.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 362.42 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 Td (Other) Tj ET Q q 0 0 0 rg BT 93.37 334.25 Td ( Items) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td (Financial Instruments Fair V) Tj ET Q q 0 0 0 rg BT 184.38 310.25 Td (alue Disclosur) Tj ET Q q 0 0 0 rg BT 242.62 310.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.25 Td (Fair values determined by Level 1 inputs utilize quoted prices \(unadjusted\)in active markets for identical assets or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (prices included in Level 1 that are observable for the asset or liability) Tj ET Q q 0 0 0 rg BT 326.47 262.25 Td (, either directly or indirectly) Tj ET Q q 0 0 0 rg BT 438.28 262.25 Td (. Level 2 inputs include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (liability) Tj ET Q q 0 0 0 rg BT 80.46 238.25 Td (, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (inputs for the asset or liability) Tj ET Q q 0 0 0 rg BT 169.05 226.25 Td (, and include situations where there is little, if any) Tj ET Q q 0 0 0 rg BT 368.07 226.25 Td (, market activity for the asset or liability) Tj ET Q q 0 0 0 rg BT 527.93 226.25 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (instances in which the inputs used to measure fair value may fall into dif) Tj ET Q q 0 0 0 rg BT 340.02 214.25 Td (ferent levels of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 494.84 214.25 Td (, the level in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (input significant to the fair value measurement in its entirety) Tj ET Q q 0 0 0 rg BT 291.23 190.25 Td (. ) Tj ET Q q 0 0 0 rg BT 298.54 190.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 358.26 190.25 Td (s assessment of the significance of a particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability) Tj ET Q q 0 0 0 rg BT 535.87 178.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 154.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 154.25 Td (, the Company estimated that the book value of its notes payable approximates its fair value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to af) Tj ET Q q 0 0 0 rg BT 429.66 130.25 Td (filiates and distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (payable. ) Tj ET Q q 0 0 0 rg BT 88.41 118.25 Td (The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (short-term maturities. Due to the short-term nature of these instruments, Level 1 inputs are utilized to estimate the fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (the cash and cash equivalents and restricted cash and Level 2 inputs are utilized to estimate the fair value of the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (financial instruments.) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (10. REPOR) Tj ET Q q 0 0 0 rg BT 102.15 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 108.08 742.25 Td (ABLE SEGMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (As described previously) Tj ET Q q 0 0 0 rg BT 164.00 718.25 Td (, the Company intends to invest the net proceeds from the Of) Tj ET Q q 0 0 0 rg BT 407.65 718.25 Td (fering in a diversified portfolio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (quality commercial real estate properties and other real estate investments throughout the United States and internationally) Tj ET Q q 0 0 0 rg BT 540.02 706.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Management evaluates the operating performance of each of its real estate investments individually and considers each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (investment to be an operating segment. Management expects to aggregate all of its operating segments into two reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (segments, primarily based on the location of each segment. ) Tj ET Q q 0 0 0 rg BT 291.04 670.25 Td (As a result, the Company) Tj ET Q q 0 0 0 rg BT 395.20 670.25 Td (s operating segments have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (reclassified into one of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.86 658.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.86 658.25 Td ( reportable segments: domestic real estate investments and international real estate investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.25 Td (The tables below provide additional information related to each of the Company) Tj ET Q q 0 0 0 rg BT 392.07 634.25 Td (s segments and a reconciliation to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 622.25 Td (s net loss, as applicable. Corporate-Level ) Tj ET Q q 0 0 0 rg BT 265.22 622.25 Td (Accounts includes amounts incurred by the corporate-level entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (which are not allocated to any of the reportable segments.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 542.75 183.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 542.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 542.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 542.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 542.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.75 183.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 512.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 512.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 512.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 512.75 79.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 572.75 m 316.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 572.75 m 320.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 572.75 m 398.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 572.75 m 479.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 572.75 m 483.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 572.75 m 562.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 572.75 m 316.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 557.75 m 316.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 572.75 m 398.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 557.75 m 398.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 557.75 m 479.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 557.75 m 562.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 542.75 m 233.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 512.75 m 316.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 498.75 m 316.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 496.75 m 316.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 512.75 m 398.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 498.75 m 398.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 496.75 m 398.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 512.75 m 479.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 498.75 m 479.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 496.75 m 479.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 512.75 m 562.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 498.75 m 562.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 496.75 m 562.5 496.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.30 577.43 Td (Three Months Ended September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 577.43 Td (Nine Months Ended September 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.50 562.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.00 562.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 562.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.50 562.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 547.43 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 547.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 547.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.42 Td (Domestic real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.00 532.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 532.42 Td (594,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 532.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 532.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 532.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 532.42 Td (1,790,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 532.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 532.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 517.42 Td (International real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 517.42 Td (2,104,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 517.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 517.42 Td (4,848,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 517.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 502.43 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.00 502.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 502.42 Td (2,698,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 502.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 502.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 502.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 502.42 Td (6,638,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 502.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 502.42 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 474.25 Td (For the three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.53 474.25 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.07 474.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.57 474.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.84 474.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.28 474.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.28 474.25 Td (, the Company) Tj ET Q q 0 0 0 rg BT 397.66 474.25 Td (s total revenue was attributable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.25 Td (following countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 409.75 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 409.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 409.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 409.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 409.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 409.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 409.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 409.75 81.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 437.75 m 310.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 437.75 m 314.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 437.75 m 401.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 437.75 m 480.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 437.75 m 310.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 423.75 m 310.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 437.75 m 314.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 437.75 m 401.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 423.75 m 401.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 437.75 m 476.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 423.75 m 476.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 437.75 m 561.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 423.75 m 561.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 409.75 m 233.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 409.75 m 233.5 409.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.80 442.43 Td (Three Months Ended September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.50 442.43 Td (Nine Months Ended September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.50 428.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.50 428.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 428.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.50 428.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 414.43 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 399.42 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 399.42 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 399.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 399.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 399.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 399.42 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 399.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 399.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 399.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 384.42 Td (Ireland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 384.42 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 384.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 384.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 384.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 384.42 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 384.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 384.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 384.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 356.25 Td (For the three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.53 356.25 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.07 356.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.57 356.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.84 356.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.28 356.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.28 356.25 Td (, the Company) Tj ET Q q 0 0 0 rg BT 397.66 356.25 Td (s property revenues in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (expenses by segment were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 288.75 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 288.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 288.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 288.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 288.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 288.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 288.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 288.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 258.75 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 258.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 258.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 258.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 258.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 258.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 258.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 258.75 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 318.75 m 315.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 318.75 m 319.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 318.75 m 402.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 318.75 m 482.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 318.75 m 486.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 318.75 m 561.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 318.75 m 315.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 303.75 m 315.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 318.75 m 402.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 303.75 m 402.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 303.75 m 482.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 303.75 m 561.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 288.75 m 241.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 258.75 m 315.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 244.75 m 315.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 242.75 m 315.5 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 258.75 m 402.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 244.75 m 402.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 242.75 m 402.5 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 258.75 m 482.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 244.75 m 482.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 242.75 m 482.5 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 258.75 m 561.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 244.75 m 561.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 242.75 m 561.5 242.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 323.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.30 323.43 Td (Three Months Ended September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.00 323.43 Td (Nine Months Ended September 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 308.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.00 308.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.50 308.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.00 308.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 308.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 293.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.37 293.43 Td (operty r) Tj ET Q q 0 0 0 rg BT 96.89 293.43 Td (evenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 220.21 297.96 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 293.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 278.42 Td (Domestic real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.00 278.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 278.42 Td (447,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 278.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 278.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 278.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 278.42 Td (1,297,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 278.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 278.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 263.42 Td (International real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.65 263.42 Td (1,668,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 263.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 263.42 Td (3,746,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 263.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 248.43 Td (Property revenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.00 248.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.65 248.42 Td (2,115,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 248.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 248.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 248.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 248.42 Td (5,043,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 248.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 248.42 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 225.05 Td (Revenues less property operating expenses, real property taxes and property management fees.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 742.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.15 742.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.73 742.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 332.11 742.10 Td (s total assets by segment were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 689.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 689.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 689.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 689.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 659.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 659.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 659.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 704.6 m 467.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 704.6 m 561.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 689.6 m 377.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 644.6 m 467.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 630.6 m 467.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 628.6 m 467.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 644.6 m 561.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 630.6 m 561.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 628.6 m 561.5 628.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 709.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.25 709.28 Td (September 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 709.28 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 694.28 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 694.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 694.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 679.27 Td (Domestic real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 679.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 679.27 Td (24,895,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 679.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 679.27 Td (25,388,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 664.27 Td (International real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 664.27 Td (110,153,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 664.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 649.27 Td (Corporate-level accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 649.27 Td (1,573,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 649.27 Td (3,162,633) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 634.28 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 634.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 634.27 Td (136,622,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 634.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 634.27 Td (28,550,814) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 606.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 606.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 606.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.15 606.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.73 606.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 332.11 606.10 Td (s total assets were attributable to the following countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 567.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 567.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 567.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 567.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 581.6 m 467.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 581.6 m 561.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 567.6 m 377.5 567.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.25 586.28 Td (September 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 586.28 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 572.28 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 557.27 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 557.27 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 557.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 557.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 557.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 542.27 Td (Ireland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 542.27 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 542.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 542.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 542.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (For the three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.53 514.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.07 514.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.57 514.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.84 514.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.28 514.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.28 514.10 Td ( the Company) Tj ET Q q 0 0 0 rg BT 395.16 514.10 Td (s reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 525.69 514.10 Td (s net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (loss is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 446.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 446.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 446.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 446.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 446.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 416.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 416.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 416.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 416.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 416.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 386.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 386.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 386.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 386.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 386.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 356.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 356.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 356.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 356.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 356.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 326.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 326.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 326.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 326.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 326.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 296.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 296.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 296.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 296.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 296.60 82.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 476.6 m 320.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 476.6 m 403.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 476.6 m 320.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 461.6 m 320.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 476.6 m 324.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 476.6 m 403.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 461.6 m 403.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 476.6 m 476.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 461.6 m 476.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 476.6 m 480.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 476.6 m 562.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 461.6 m 562.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 446.6 m 242.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 446.6 m 242.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 296.6 m 320.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 282.6 m 320.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 280.6 m 320.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 296.6 m 403.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 282.6 m 403.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 280.6 m 403.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 296.6 m 476.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 282.6 m 476.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 280.6 m 476.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 296.6 m 562.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 282.6 m 562.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 280.6 m 562.5 280.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 481.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.30 481.28 Td (Three Months Ended September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.00 481.28 Td (Nine Months Ended September 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 466.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.00 466.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.50 466.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 466.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.00 466.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 451.28 Td (Reconciliation to net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 451.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 451.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.27 Td (Total property revenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 436.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 436.27 Td (2,115,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 436.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 436.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 436.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 436.27 Td (5,043,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 436.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 436.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.30 421.32 Td (\(1,183,116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 421.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 421.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.30 421.32 Td (\(3,020,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 421.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 421.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 406.27 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.80 406.32 Td (\(159,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 406.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 406.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.30 406.32 Td (\(2,827,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 406.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 406.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 391.27 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.80 391.32 Td (\(115,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 391.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 391.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.30 391.32 Td (\(2,694,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 391.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 391.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 376.27 Td (Organizational expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 376.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.80 376.32 Td (\(64,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 376.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 376.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 376.32 Td (\(64,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 376.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 361.27 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.80 361.32 Td (\(289,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 361.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 361.32 Td (\(218,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 361.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.30 361.32 Td (\(1,030,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 361.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 361.32 Td (\(218,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 361.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 346.27 Td (Gain \(loss\) on derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.80 346.32 Td (\(17,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 346.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 346.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 346.32 Td (\(31,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 346.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 346.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 331.27 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 331.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 331.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 331.32 Td (\(234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 331.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 331.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.80 316.32 Td (\(349,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 316.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 316.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.30 316.32 Td (\(1,096,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 316.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 316.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 301.27 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 301.27 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 301.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 301.27 Td (2,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 301.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 286.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 286.27 Td (1,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 286.32 Td (\(283,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 286.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.30 286.32 Td (\(5,656,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 286.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 286.32 Td (\(283,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 286.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 258.10 Td (1. COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 148.90 258.10 Td (AND CONTINGENCIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 234.10 Td (The Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. ) Tj ET Q q 0 0 0 rg BT 531.31 234.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (matters are generally covered by insurance. ) Tj ET Q q 0 0 0 rg BT 228.62 222.10 Td (While the resolution of these matters cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 513.98 222.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (management believes the final outcome of such matters will not have a material adverse ef) Tj ET Q q 0 0 0 rg BT 412.46 210.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 498.82 210.10 Td (s condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 174.10 Td (*****) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item2.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 742.25 Td (Management) Tj ET Q q 0 0 0 rg BT 142.03 742.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 213.62 742.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The following discussion and analysis of our financial condition and r) Tj ET Q q 0 0 0 rg BT 348.75 718.25 Td (esults of operations should be r) Tj ET Q q 0 0 0 rg BT 474.21 718.25 Td (ead in conjunction ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (with our unaudited condensed consolidated financial statements and the notes ther) Tj ET Q q 0 0 0 rg BT 381.25 706.25 Td (eto included in Item 1 in this Quarterly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Report on Form 10-Q. The following discussion should also be r) Tj ET Q q 0 0 0 rg BT 310.74 694.25 Td (ead in conjunction with our audited consolidated financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (statements and the notes ther) Tj ET Q q 0 0 0 rg BT 166.28 682.25 Td (eto and Management) Tj ET Q q 0 0 0 rg BT 258.31 682.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 328.41 682.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Operations included in our ) Tj ET Q q 0 0 0 rg BT 166.48 670.25 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.84 670.25 Td (December31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.43 670.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Cautionary NoteRegarding Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (This Quarterly Report on Form10-Q includes forward-looking statements within the meaning of Section27A) Tj ET Q q 0 0 0 rg BT 506.81 622.25 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.38 610.25 Td (Act of 1933 \(the Securities ) Tj ET Q q 0 0 0 rg BT 205.52 610.25 Td (Act\), as amended, and Section21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 461.54 610.25 Td (Act of 1934, as amended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (\(the Exchange ) Tj ET Q q 0 0 0 rg BT 113.86 598.25 Td (Act\), as amended. Such statements include statements concerning future financial performance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (distributions, future debt and financing levels, acquisitions and investment objectives, payments toHines Global REIT) Tj ET Q q 0 0 0 rg BT 524.45 586.25 Td ( II ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 99.91 574.25 Td ( \(the Advisor\), and its af) Tj ET Q q 0 0 0 rg BT 206.36 574.25 Td (filiates and other plans and objectives of management for future operations or economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (performance, or assumptions or forecasts related thereto as well as all other statements that are not historical statements. ) Tj ET Q q 0 0 0 rg BT 535.49 562.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (statements are only predictions. ) Tj ET Q q 0 0 0 rg BT 181.45 550.25 Td (W) Tj ET Q q 0 0 0 rg BT 190.09 550.25 Td (e caution that forward-looking statements are not guarantees. ) Tj ET Q q 0 0 0 rg BT 438.89 550.25 Td (Actual events or our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (investments and results of operations could dif) Tj ET Q q 0 0 0 rg BT 236.45 538.25 Td (fer materially from those expressed or implied in forward-looking statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (Forward-looking statements are typically identified by the use of terms such as may) Tj ET Q q 0 0 0 rg BT 389.26 526.25 Td (, should, expect, could, intend, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (plan, anticipate, estimate, believe, continue, predict, potential or the negative of such terms and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (comparable terminology) Tj ET Q q 0 0 0 rg BT 147.37 502.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 Td (The forward-looking statements included in this Quarterly Report on Form10-Q are based on our current expectations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. ) Tj ET Q q 0 0 0 rg BT 404.66 466.25 Td (Assumptions relating to the foregoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (involve judgments with respect to, among other things, future economic, competitive and market conditions, the availability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (future financing and future business decisions, all of which are dif) Tj ET Q q 0 0 0 rg BT 314.46 442.25 Td (ficult or impossible to predict accurately and many of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (are beyond our control. ) Tj ET Q q 0 0 0 rg BT 147.75 430.25 Td (Any of the assumptions underlying forward-looking statements could prove to be inaccurate. ) Tj ET Q q 0 0 0 rg BT 524.14 430.25 Td (T) Tj ET Q q 0 0 0 rg BT 529.55 430.25 Td (o the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (extent that our assumptions dif) Tj ET Q q 0 0 0 rg BT 173.13 418.25 Td (fer from actual results, our ability to meet such forward-looking statements, including our ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (to generate positive cash flow from operations, pay distributions to our shareholders and maintain the value of any real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (investments and real estate-related investments in which we may hold an interest in the future, may be significantly hindered.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td (The following are some of the risks and uncertainties, which could cause actual results to dif) Tj ET Q q 0 0 0 rg BT 438.26 370.25 Td (fer materially from those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (presented in certain forward-looking statements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 338.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 337.42 Td (Our current offering is a best efforts offering and as such, the risk that we will not be able to accomplish our) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 327.42 Td (business objectives and that the poor performance of a single investment will materially adversely affect our overall) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 317.42 Td (investment performance, will increase if only a small number of shares are purchased in the offering;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 299.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 298.42 Td (Whether we will have the opportunity to invest offering anddistribution reinvestment plan proceeds to acquire) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 288.42 Td (properties or other investments or whether such proceeds will be needed to redeem shares or for other purposes, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 278.42 Td (if proceeds are available for investment, our ability to make such investments in a timely manner and at appropriate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 268.42 Td (amounts that provide acceptable returns;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 250.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 249.42 Td (Competition for tenants and real estate investment opportunities, including competition with Hines Global REIT,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 239.42 Td (Inc. and other programs sponsored by or affiliated with Hines Interests Limited Partnership \(Hines\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 220.42 Td (Our reliance on our Advisor, Hines and affiliates of Hines for our day-to-day operations and the selection of real) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 210.42 Td (estate investments, and our Advisors ability to attract and retain high-quality personnel who can provide service at a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 200.42 Td (level acceptable to us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 182.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 181.42 Td (Risks associated with conflicts of interests that result from our relationship with our Advisor and Hines, as well as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 171.42 Td (conflicts of interests certain of our officers and directors face relating to the positions they hold with other entities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 153.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 152.42 Td (The potential need to fund tenant improvements, lease-up costs or other capital expenditures, as well as increases in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 142.42 Td (property operating expenses and costs of compliance with environmental matters or discovery of previously) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 132.42 Td (undetected environmentally hazardous or other undetected adverse conditions at our properties;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 114.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 113.42 Td (The availability and timing of distributions we may pay is uncertain and cannot be assured;) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 739.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 738.17 Td (Our distributions have been paid using cash flows from financing activities, including proceeds from our public) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 728.17 Td (offering, as well as cash from the waiver of fees by our Advisor, and some or all of the distributions we pay in the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 718.17 Td (future may be paid from similar sources or sources such as cash advances by our Advisor, cash resulting from a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 708.17 Td (waiver or deferral of fees, borrowings and/or proceeds from the offering. When we pay distributions from sources) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 698.17 Td (other than our cash flow from operations, we will have less funds available for the acquisition of properties, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 688.17 Td (your overall return may be reduced;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 669.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 669.17 Td (Risks associated with debt and our ability to secure financing;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 651.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 650.17 Td (Risks associated with adverse changes in general economic or local market conditions, including terrorist attacks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 640.17 Td (and other acts of violence, which may affect the markets in which we and our tenants operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 611.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 621.17 Td (Catastrophic events, such as hurricanes, earthquakes, tornadoes and terrorist attacks; and our ability to secure) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 611.17 Td (adequate insurance at reasonable and appropriate rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 593.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 592.17 Td (The failure of any bank in which we deposit our funds could reduce the amount of cash we have available to pay) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 582.17 Td (distributions and make additional investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 564.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 563.17 Td (Changes in governmental, tax, real estate and zoning laws and regulations and the related costs of compliance and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 553.17 Td (increases in our administrative operating expenses, including expenses associated with operating as a public) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 543.17 Td (company;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 525.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 524.17 Td (International investment risks, including the burden of complying with a wide variety of foreign laws and the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 514.17 Td (uncertainty of such laws, the tax treatment of transaction structures, political and economic instability, foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 504.17 Td (currency fluctuations, and inflation and governmental measures to curb inflation may adversely affect our) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 494.17 Td (operations and our ability to make distributions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 476.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 475.17 Td (The lack of liquidity associated with our assets; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 457.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 456.17 Td (Our ability to qualify as a real estate investment trust \(REIT\) for federal income tax purposes.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 428.00 Td (These risks are more fully discussed in, and all forward-looking statements should be read in light of, all of the risk factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.00 Td (discussed in Risk Factors in our ) Tj ET Q q 0 0 0 rg BT 188.32 416.00 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.66 416.00 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.24 416.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 392.00 Td (Y) Tj ET Q q 0 0 0 rg BT 74.22 392.00 Td (ou are cautioned not to place undue reliance on any forward-looking statements included in this Quarterly Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.00 Td (Form10-Q. ) Tj ET Q q 0 0 0 rg BT 101.67 380.00 Td (All forward-looking statements are made as of the date of this Quarterly Report on Form10-Q and the risk that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.00 Td (actual results will dif) Tj ET Q q 0 0 0 rg BT 133.96 368.00 Td (fer materially from the expectations expressed in this Quarterly Report on Form10-Q may increase with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.00 Td (the passage of time. In light of the significant uncertainties inherent in the forward-looking statements included in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.00 Td (Quarterly Report on Form10-Q, the inclusion of such forward-looking statements should not be regarded as a representation by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.00 Td (us or any other person that the objectives and plans set forth in this Quarterly Report on Form10-Q will be achieved. ) Tj ET Q q 0 0 0 rg BT 522.67 332.00 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.00 Td (subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.00 Td (qualified in their entirety by reference to these risks and uncertainties. Each forward-looking statement speaks only as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.00 Td (date of the particular statement, and we do not undertake to update any forward-looking statement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.00 Td (Executive Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 248.00 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 145.58 248.00 Td ( II, Inc. \(Hines Global II and, together with its consolidated subsidiaries, we, us or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.00 Td (Company\) was formed in July 2013 to invest in a diversified portfolio of quality commercial real estate properties and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.00 Td (real estate investments located throughout the United States and internationally) Tj ET Q q 0 0 0 rg BT 366.21 224.00 Td (. In ) Tj ET Q q 0 0 0 rg BT 381.48 224.00 Td (August 2014, we commenced an of) Tj ET Q q 0 0 0 rg BT 522.93 224.00 Td (fering of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.00 Td (up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.78 212.00 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.89 212.00 Td ( of our common stock \(the Of) Tj ET Q q 0 0 0 rg BT 242.01 212.00 Td (fering\). ) Tj ET Q q 0 0 0 rg BT 280.98 212.00 Td (The Of) Tj ET Q q 0 0 0 rg BT 309.39 212.00 Td (fering was amended in ) Tj ET Q q 0 0 0 rg BT 402.14 212.00 Td (August 2015 such that we are of) Tj ET Q q 0 0 0 rg BT 531.38 212.00 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.00 Td (our common stock in any combination of Class ) Tj ET Q q 0 0 0 rg BT 241.09 200.00 Td (A) Tj ET Q q 0 0 0 rg BT 247.76 200.00 Td ( and Class ) Tj ET Q q 0 0 0 rg BT 291.19 200.00 Td (T) Tj ET Q q 0 0 0 rg BT 297.11 200.00 Td ( shares, at a price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.58 200.00 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.08 200.00 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 448.46 200.00 Td (A) Tj ET Q q 0 0 0 rg BT 455.13 200.00 Td ( share of common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.00 Td (\(Class ) Tj ET Q q 0 0 0 rg BT 81.39 188.00 Td (A) Tj ET Q q 0 0 0 rg BT 88.06 188.00 Td ( Shares\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.42 188.00 Td ($9.4489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.92 188.00 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 218.68 188.00 Td (T) Tj ET Q q 0 0 0 rg BT 224.61 188.00 Td ( share of common stock \(Class ) Tj ET Q q 0 0 0 rg BT 354.40 188.00 Td (T) Tj ET Q q 0 0 0 rg BT 360.33 188.00 Td ( Shares\). ) Tj ET Q q 0 0 0 rg BT 401.70 188.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 188.00 Td (November6, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.85 188.00 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.00 Td (had received gross of) Tj ET Q q 0 0 0 rg BT 135.06 176.00 Td (fering proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.31 176.00 Td ($82.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.20 176.00 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.23 176.00 Td (8.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.12 176.00 Td ( shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 152.00 Td (Our cash flow from operations has been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 346.08 152.00 Td (ficient to fund distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 525.88 152.00 Td (W) Tj ET Q q 0 0 0 rg BT 534.51 152.00 Td (e may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.00 Td (choose to use advances, deferrals or waivers of fees, if available, from our ) Tj ET Q q 0 0 0 rg BT 348.77 140.00 Td (Advisor or af) Tj ET Q q 0 0 0 rg BT 401.91 140.00 Td (filiates, borrowings and/or proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.00 Td (the Of) Tj ET Q q 0 0 0 rg BT 75.09 128.00 Td (fering or other sources to fund distributions to our stockholders. Our ) Tj ET Q q 0 0 0 rg BT 353.10 128.00 Td (Advisor has agreed to waive the asset management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.00 Td (fees otherwise payable to it for each quarter in 2015, to the extent that our modified funds from operations \(MFFO\), as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.00 Td (disclosed in each Quarterly Report on Form 10-Q, for a particular quarter) Tj ET Q q 0 0 0 rg BT 343.39 104.00 Td (, amounts to less than 100% of the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.00 Td (distributions declared to our stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 280.78 92.00 Td (. ) Tj ET Q q 0 0 0 rg BT 287.72 92.00 Td (As a result of this waiver) Tj ET Q q 0 0 0 rg BT 387.58 92.00 Td (, our ) Tj ET Q q 0 0 0 rg BT 407.86 92.00 Td (Advisor waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.96 92.00 Td ($138,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.46 92.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.00 Td ($129,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 80.00 Td ( in asset management fees payable to it during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.66 80.00 Td (three months ended September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.73 80.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.17 80.00 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.77 80.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 68.00 Td (. However) Tj ET Q q 0 0 0 rg BT 141.41 68.00 Td (, since MFFO exceeded distributions declared to our stockholders during the three months ended June ) Tj ET Q endstream endobj 43 0 obj <><>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (30, 2015, no asset management fees were waived for that period. ) Tj ET Q q 0 0 0 rg BT 311.95 742.10 Td (There can be no assurances that our ) Tj ET Q q 0 0 0 rg BT 456.62 742.10 Td (Advisor will continue this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (waiver) Tj ET Q q 0 0 0 rg BT 76.81 730.10 Td (, and if not, cash available to pay distributions in future periods may be reduced. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 706.10 Td (e intend to meet our primary investment objectives by investing in a portfolio of real estate properties and other real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (estate investments that related to properties that are generally diversified by geographic area, lease expirations and tenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (industries. ) Tj ET Q q 0 0 0 rg BT 96.21 682.10 Td (The following table provides additional information regarding each of the properties in which we owned an interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.66 670.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.92 670.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 622.60 140.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 622.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 622.60 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 622.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 622.60 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 622.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 622.60 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 622.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 622.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 622.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 622.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 622.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 622.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 596.60 215.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 596.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 596.60 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 596.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 596.60 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 596.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 596.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 596.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 596.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 596.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 596.60 42.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 622.6 m 189.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 622.6 m 264.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 622.6 m 314.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 622.6 m 393.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 622.6 m 460.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 622.6 m 515.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 622.6 m 561.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 596.6 m 515.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 596.6 m 561.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 596.6 m 515.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 584.6 m 515.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 582.6 m 515.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 596.6 m 561.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 584.6 m 561.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 582.6 m 561.5 582.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 626.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.29 626.83 Td (operty) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 82.51 630.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 626.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.85 634.83 Td (Investment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.60 626.83 Td (Type) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.65 642.83 Td (Date ) Tj ET Q q 0 0 0 rg BT 340.20 642.83 Td (Acquir) Tj ET Q q 0 0 0 rg BT 364.06 642.83 Td (ed/ Net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.90 634.83 Td (Pur) Tj ET Q q 0 0 0 rg BT 342.64 634.83 Td (chase Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.25 626.83 Td (\(in millions\)) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 372.37 630.46 Td ( \(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.15 650.83 Td (Estimated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.35 642.83 Td (Going-in ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.25 634.83 Td (Capitalization ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.80 626.83 Td (Rate) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 432.79 630.46 Td ( \(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.35 634.83 Td (Leasable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.00 626.83 Td (Square Feet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.95 634.83 Td (Percent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.00 626.83 Td (Leased) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 613.85 Td (2819 Loker Avenue East) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.00 613.85 Td (Carlsbad, California) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.65 613.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.25 613.85 Td (12/2014; $25.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.15 613.85 Td (6.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 613.85 Td (161,310) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.30 613.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 613.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 600.85 Td (Bishop's Square) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.00 600.85 Td (Dublin, Ireland) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.85 600.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.25 600.85 Td (3/2015; $103.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.15 600.85 Td (6.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 600.85 Td (153,569) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.30 600.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 600.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 587.83 Td (Total for All Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.00 587.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 587.85 Td (314,879) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.30 587.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 587.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 564.90 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.72 564.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.99 564.90 Td (, we ef) Tj ET Q q 0 0 0 rg BT 189.73 564.90 Td (fectively owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.31 564.90 Td (99.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.14 564.90 Td ( interest in these properties through our ownership interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 552.90 Td (Operating Partnership as its sole general partner) Tj ET Q q 0 0 0 rg BT 259.61 552.90 Td (. Hines Global REIT) Tj ET Q q 0 0 0 rg BT 344.69 552.90 Td ( II ) Tj ET Q q 0 0 0 rg BT 355.80 552.90 Td (Associates Limited Partnership \(HALP) Tj ET Q q 0 0 0 rg BT 516.78 552.90 Td ( II\), an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 540.90 Td (af) Tj ET Q q 0 0 0 rg BT 75.59 540.90 Td (filiate of Hines, owned the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.49 540.90 Td (0.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.32 540.90 Td ( interest in the Operating Partnership.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.90 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 516.90 Td (The net purchase price for Bishop) Tj ET Q q 0 0 0 rg BT 206.56 516.90 Td (s Square was denominated in Euros and has been translated at an exchange rate based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 504.90 Td (the rate in ef) Tj ET Q q 0 0 0 rg BT 118.07 504.90 Td (fect on the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.90 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 480.90 Td (The estimated going-in capitalization rate is determined as of the date of acquisition by dividing the projected property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 468.90 Td (revenues in excess of expenses for the first fiscal year by the net purchase price \(excluding closing costs and taxes\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 456.90 Td (Property revenues in excess of expenses includes all projected operating revenues \(rental income, tenant reimbursements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 444.90 Td (parking and any other property-related income\) less all projected operating expenses \(property operating and maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 432.90 Td (expenses, property taxes, insurance and property management fees\). ) Tj ET Q q 0 0 0 rg BT 345.49 432.90 Td (The projected property revenues in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 420.90 Td (expenses includes assumptions which may not be indicative of the actual future performance of the property) Tj ET Q q 0 0 0 rg BT 500.27 420.90 Td (, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 408.90 Td (assumption that the tenants will perform under their lease agreements during the 12months following our acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 396.90 Td (the properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.90 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 372.90 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 136.10 372.90 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 348.90 Td (Each of our critical accounting policies involves the use of estimates that require management to make assumptions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.90 Td (are subjective in nature. Management relies on its experience, collects historical and current market data, and analyzes these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.90 Td (assumptions in order to arrive at what it believes to be reasonable estimates. In addition, application of these accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.90 Td (policies involves the exercise of judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 423.24 312.90 Td (Actual results could materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.90 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 300.90 Td (fer from these estimates. For a discussion of recent accounting pronouncements, see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.21 300.90 Td (Note 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 300.90 Td ( Summary of Significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.90 Td (Accounting Policies, to the accompanying condensed consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 406.02 288.90 Td (Also, a disclosure of our critical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.90 Td (accounting policies is included in our ) Tj ET Q q 0 0 0 rg BT 201.64 276.90 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.97 276.90 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.56 276.90 Td ( in Management) Tj ET Q q 0 0 0 rg BT 544.32 276.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.90 Td (Discussion and ) Tj ET Q q 0 0 0 rg BT 112.78 264.90 Td (Analysis of Financial Condition and Results of Operations. ) Tj ET Q q 0 0 0 rg BT 354.24 264.90 Td (There have been no significant changes to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.90 Td (policies during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.21 252.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.21 252.90 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.90 Td (FinancialCondition, ) Tj ET Q q 0 0 0 rg BT 140.30 228.90 Td (Liquidityand ) Tj ET Q q 0 0 0 rg BT 201.44 228.90 Td (Capital ) Tj ET Q q 0 0 0 rg BT 235.61 228.90 Td (Resour) Tj ET Q q 0 0 0 rg BT 265.98 228.90 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 204.90 Td (Our principal demands for funds are to purchase real estate properties and make other real estate investments, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.90 Td (payment of operating expenses and distributions, and for the payment of principal and interest on any indebtedness we incur) Tj ET Q q 0 0 0 rg BT 546.81 192.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.90 Td (Generally) Tj ET Q q 0 0 0 rg BT 88.77 180.90 Td (, we expect to meet operating cash needs from our cash flows from operating activities, and we expect to meet cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.90 Td (needs for acquisitions and investments from the net proceeds of the Of) Tj ET Q q 0 0 0 rg BT 332.24 168.90 Td (fering and from debt proceeds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 144.90 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 144.90 Td (e expect that once we have fully invested the proceeds of the Of) Tj ET Q q 0 0 0 rg BT 332.46 144.90 Td (fering and other potential subsequent of) Tj ET Q q 0 0 0 rg BT 491.40 144.90 Td (ferings, our debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.90 Td (financing, including our pro rata share of the debt financing of entities in which we invest, will be in the range of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.90 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 120.90 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.59 120.90 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.37 120.90 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.70 120.90 Td ( of the aggregate value of our real estate investments and other assets. Financing for acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.90 Td (and investments may be obtained at the time an asset is acquired or an investment is made or at such later time as determined to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.90 Td (be appropriate. In addition, debt financing may be used from time to time for property improvements, lease inducements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.90 Td (tenant improvements and other working capital needs. ) Tj ET Q q 0 0 0 rg BT 271.33 84.90 Td (Additionally) Tj ET Q q 0 0 0 rg BT 321.23 84.90 Td (, the amount of debt placed on an individual property or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.90 Td (related to a particular investment, including our pro rata share of the amount of debt incurred by an individual entity in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.90 Td (we invest, may be less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.92 60.90 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.25 60.90 Td ( or more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.34 60.90 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.67 60.90 Td ( of the value of such property/investment or the value of the assets owned by ) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (such entity) Tj ET Q q 0 0 0 rg BT 92.95 742.10 Td (, depending on market conditions and other factors. Our aggregate borrowings, secured and unsecured, must be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (reasonable in relation to our net assets and must be reviewed by our board of directors at least quarterly) Tj ET Q q 0 0 0 rg BT 463.10 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (Our charter limits our borrowing to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.86 706.10 Td (300%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.19 706.10 Td ( of our net assets \(which approximates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.54 706.10 Td (75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.87 706.10 Td ( of the cost of our assets\) unless any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (excess borrowing is approved by a majority of our independent directors and is disclosed to our stockholders in our next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (quarterly report along with justification for the excess. Our independent directors have approved borrowings in excess of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (limitations in connection with our first two investments, as we are in the early stages of raising capital through the Of) Tj ET Q q 0 0 0 rg BT 519.43 670.10 Td (fering. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (January 2015, our board of directors, including all of our independent directors, approved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.01 658.10 Td ($45.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.90 658.10 Td ( of additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (borrowings under the Hines Credit Facility and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.29 646.10 Td (55.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.18 646.10 Td ( secured credit facility \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.13 646.10 Td ($62.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.03 646.10 Td ( using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.70 646.10 Td ($1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.20 646.10 Td ( per Euro as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the transaction date\) for the purchase of Bishop) Tj ET Q q 0 0 0 rg BT 242.44 634.10 Td (s Square in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.38 634.10 Td (March 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.97 634.10 Td (. In total, these borrowings represented approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (104%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.33 622.10 Td ( of the cost of Bishop) Tj ET Q q 0 0 0 rg BT 161.93 622.10 Td (s Square based on the contract purchase price. ) Tj ET Q q 0 0 0 rg BT 350.75 622.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.20 622.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.46 622.10 Td (, our portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 610.10 Td (56%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.59 610.10 Td ( leveraged based on the value of our real estate investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (Notwithstanding the above, depending on market conditions and other factors, we may choose not to place debt on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (portfolio or our assets and may choose not to borrow to finance our operations or to acquire properties. ) Tj ET Q q 0 0 0 rg BT 466.00 574.10 Td (Any indebtedness we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (do incur will likely be subject to continuing covenants, and we will likely be required to make continuing representations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (warranties about our Company in connection with such debt. Moreover) Tj ET Q q 0 0 0 rg BT 337.58 550.10 Td (, some or all of our debt may be secured by some or all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (of our assets. If we default in the payment of interest or principal on any such debt, breach any representation or warranty in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (connection with any borrowing or violate any covenant in any loan document, our lender may accelerate the maturity of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (debt requiring us to immediately repay all outstanding principal. If we are unable to make such payment, our lender could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (foreclose on our assets that are pledged as collateral to such lender) Tj ET Q q 0 0 0 rg BT 315.73 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 323.05 502.10 Td (The lender could also sue us or force us into bankruptcy) Tj ET Q q 0 0 0 rg BT 546.78 502.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Any such event would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 246.41 490.10 Td (fect on the value of an investment in our common shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (The discussions below provide additional details regarding our cash flows.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 442.10 Td (Cash Flows from Operating ) Tj ET Q q 0 0 0 rg BT 176.43 442.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (Our real estate properties generate cash flow in the form of rental revenues, which are used to pay direct leasing costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (property-level operating expenses and interest payments. Property-level operating expenses consist primarily of salaries and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (wages of property management personnel, utilities, cleaning, insurance, security and building maintenance costs, property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (management and leasing fees, and property taxes. ) Tj ET Q q 0 0 0 rg BT 253.26 382.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 303.16 382.10 Td (, we incur general and administrative expenses, acquisition fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (and expenses and asset management fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 346.10 Td (used in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.82 346.10 Td ( operating activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.05 346.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.60 346.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.10 346.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.36 346.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.91 346.10 Td ($2.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 346.10 Td (. Net cash provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (by operating activities was reduced by the payment of acquisition fees and acquisition-related expenses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.02 334.10 Td ($5.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.92 334.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 322.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.42 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.92 322.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.18 322.10 Td (. Under GAAP) Tj ET Q q 0 0 0 rg BT 298.29 322.10 Td (, acquisition fees and expenses and acquisition-related expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (are expensed and therefore reduce cash flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 376.12 310.10 Td (, we fund these expenses with proceeds from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (our of) Tj ET Q q 0 0 0 rg BT 73.98 298.10 Td (fering and/or acquisition-related indebtedness.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 274.10 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 173.10 274.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td (Net cash used in investing activitieswas primarily due to the payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.54 250.10 Td ($102.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.43 250.10 Td ( related to the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Bishop) Tj ET Q q 0 0 0 rg BT 81.12 238.10 Td (s Square and its related lease intangibles in March 2015. ) Tj ET Q q 0 0 0 rg BT 311.06 238.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 360.96 238.10 Td (, the increase in restricted cash of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.01 238.10 Td ($2.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.90 238.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.72 226.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.26 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.76 226.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.02 226.10 Td ( primarily relates to rents at Bishop) Tj ET Q q 0 0 0 rg BT 366.88 226.10 Td (s Square that had not been released to us yet by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (the lender as of the end of that period, but have been subsequently released.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 190.10 Td (Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 178.11 190.10 Td (Activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (Initial Public Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 142.10 Td (e commenced the Of) Tj ET Q q 0 0 0 rg BT 159.47 142.10 Td (fering in ) Tj ET Q q 0 0 0 rg BT 195.58 142.10 Td (August 2014 and met our minimum of) Tj ET Q q 0 0 0 rg BT 349.27 142.10 Td (fering requirements for every state, except ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Pennsylvania and ) Tj ET Q q 0 0 0 rg BT 122.58 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 131.22 130.10 Td (ashington, in September 2014 \(the minimum of) Tj ET Q q 0 0 0 rg BT 320.74 130.10 Td (fering requirements were met in March 2015 with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (the state of ) Tj ET Q q 0 0 0 rg BT 96.19 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.83 118.10 Td (ashington\). During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.09 118.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.63 118.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.13 118.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.40 118.10 Td (, we raised gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.42 118.10 Td ($69.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.31 118.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (the Of) Tj ET Q q 0 0 0 rg BT 75.09 106.10 Td (fering, excluding proceeds from the distribution reinvestment plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 Td (In addition to the investing activities described previously) Tj ET Q q 0 0 0 rg BT 299.25 82.10 Td (, we use proceeds from the Of) Tj ET Q q 0 0 0 rg BT 419.30 82.10 Td (fering to make certain payments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.28 70.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 97.10 70.10 Td (, our Dealer Manager and Hines and their af) Tj ET Q q 0 0 0 rg BT 273.23 70.10 Td (filiates during the various phases of our or) Tj ET Q q 0 0 0 rg BT 442.18 70.10 Td (ganization and operation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (During the or) Tj ET Q q 0 0 0 rg BT 103.70 58.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 172.93 58.10 Td (fering stage, these include payments to our Dealer Manager for selling commissions and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (dealer manager fee and payments to our ) Tj ET Q q 0 0 0 rg BT 211.88 46.10 Td (Advisor for reimbursement of issuer costs. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.94 46.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.49 46.10 Td ( ) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 742.10 Td (, we made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.23 742.10 Td ($10.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.13 742.10 Td ( for selling commissions, dealer manager fees and issuer costs related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (to the Of) Tj ET Q q 0 0 0 rg BT 85.37 730.10 Td (fering.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (Our board of directors authorized us to declare distributions with respect to Class ) Tj ET Q q 0 0 0 rg BT 394.87 682.10 Td (A) Tj ET Q q 0 0 0 rg BT 401.54 682.10 Td ( Shares of our common stock for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 670.10 Td (October1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.69 670.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.80 670.10 Td (November30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.51 670.10 Td (, which have been or will be calculated based on stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (record each day in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.94 658.10 Td ($0.001575342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.44 658.10 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 303.82 658.10 Td (A) Tj ET Q q 0 0 0 rg BT 310.49 658.10 Td ( Share, per day) Tj ET Q q 0 0 0 rg BT 369.82 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 377.14 658.10 Td (The board of directors also authorized us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (declare distributions with respect to Class ) Tj ET Q q 0 0 0 rg BT 219.23 646.10 Td (T) Tj ET Q q 0 0 0 rg BT 225.16 646.10 Td ( Shares of our common stock for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.89 646.10 Td (August24, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.28 646.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (November30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.71 634.10 Td (, which have been or will be calculated based onstockholders of record each day in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td ($0.001575342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.50 622.10 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 149.26 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 155.19 622.10 Td ( Share, per day less the distribution and stockholder servicing fees, that are payable with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (such Class ) Tj ET Q q 0 0 0 rg BT 94.82 610.10 Td (T) Tj ET Q q 0 0 0 rg BT 100.75 610.10 Td ( Shares \(as calculated on a daily basis\). ) Tj ET Q q 0 0 0 rg BT 259.68 610.10 Td (The distribution and stockholder servicing fees were insignificant for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (three months ended September 30, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (All distributions were or will be paid in cash or reinvested in shares of our common stock for those participating in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (distribution reinvestment plan and will be paid or issued, respectively) Tj ET Q q 0 0 0 rg BT 327.62 562.10 Td (, on the first business day following the completion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (month to which they relate. Distributions reinvested pursuant to the distribution reinvestment plan will be reinvested in shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (of the same class as the shares on which the distributions are being made. Distributions paid to stockholders \(including those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (reinvested in shares pursuant to our distribution reinvestment plan\) during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.54 526.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.19 526.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.01 526.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.27 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 514.10 Td ($835,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.43 514.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.87 514.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.76 514.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 230.42 514.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (In addition to the distributions described above, our board of directors authorized special stock dividends as of daily record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (dates for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.91 478.10 Td (October1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.62 478.10 Td ( through June30, 2015. Stock dividends for our common stock were calculated based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (on stockholders of record each day in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.31 466.10 Td (0.0000273973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.81 466.10 Td ( of a Class ) Tj ET Q q 0 0 0 rg BT 382.70 466.10 Td (A) Tj ET Q q 0 0 0 rg BT 389.37 466.10 Td ( Share per share, per day) Tj ET Q q 0 0 0 rg BT 487.56 466.10 Td (. Shares issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (related to our stock dividends were issued on the first business day of the month following the quarter to which they related.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 430.10 Td (e have not generated suf) Tj ET Q q 0 0 0 rg BT 173.63 430.10 Td (ficient cash flow from operations to fully fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 438.41 430.10 Td (Therefore, particularly in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (earlier part of the Of) Tj ET Q q 0 0 0 rg BT 132.00 418.10 Td (fering, some or all of our distributions have been and may continue to be paid from other sources, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (proceeds from our debt financings, proceeds from the Of) Tj ET Q q 0 0 0 rg BT 277.24 406.10 Td (fering, cash advances by our ) Tj ET Q q 0 0 0 rg BT 393.31 406.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 425.13 406.10 Td (, cash resulting from a waiver or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (deferral of fees and/or proceeds from the sale of assets. For example, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.60 394.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.14 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.64 394.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.91 394.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.27 382.10 Td (91%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.60 382.10 Td ( of total distributions with cash flows from operating activities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.71 382.10 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.04 382.10 Td ( were funded with cash flows from financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (activities, which includes of) Tj ET Q q 0 0 0 rg BT 162.01 370.10 Td (fering proceeds. Our ) Tj ET Q q 0 0 0 rg BT 248.93 370.10 Td (Advisor has agreed to waive asset management fees for each quarter in 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (to the extent that our MFFO, for a particular quarter) Tj ET Q q 0 0 0 rg BT 257.31 358.10 Td (, is less than our distributions declared for such quarter) Tj ET Q q 0 0 0 rg BT 476.15 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 483.10 358.10 Td (As a result of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (waiver) Tj ET Q q 0 0 0 rg BT 76.81 346.10 Td (, our ) Tj ET Q q 0 0 0 rg BT 97.08 346.10 Td (Advisor waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.18 346.10 Td ($138,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.68 346.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.12 346.10 Td ($129,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.62 346.10 Td ( in asset management fees payable to it during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.78 346.10 Td (three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 334.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.70 334.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.30 334.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 265.96 334.10 Td (. However) Tj ET Q q 0 0 0 rg BT 309.71 334.10 Td (, since MFFO exceeded distributions declared to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (stockholders during the three months ended June 30, 2015, no asset management fees were waived by our ) Tj ET Q q 0 0 0 rg BT 475.72 322.10 Td (Advisor for that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 82.87 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 91.50 310.10 Td (e have not placed a cap on the amount of our distributions that may be paid from any of these sources.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (Cash Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (The following table outlines our total cash distributions declared to stockholders and noncontrolling interests \(HALP) Tj ET Q q 0 0 0 rg BT 535.31 262.10 Td ( II\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (each of the quarters during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.68 250.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.68 250.10 Td ( and the quarter ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.61 250.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.61 250.10 Td (, including the breakout between the distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (declared in cash and those reinvested pursuant to our distribution reinvestment plan.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 169.60 102.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 169.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 169.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 169.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 169.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 169.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 169.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 169.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 169.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 169.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 169.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 169.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 169.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 169.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 169.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 169.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.50 169.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 141.60 102.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 141.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 141.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 141.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 141.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 141.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 141.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 141.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 141.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 141.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 141.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 141.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 141.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 141.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 141.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 141.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.50 141.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 85.60 102.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 85.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 85.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 85.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 85.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 85.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 85.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 85.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 85.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 85.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 85.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 85.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 85.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 85.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 85.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 85.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.50 85.60 33.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 204.60000000000002 m 209.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 204.60000000000002 m 213.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 204.60000000000002 m 268.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 204.60000000000002 m 272.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 204.60000000000002 m 321.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 204.60000000000002 m 391.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 204.60000000000002 m 443.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 204.60000000000002 m 447.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 204.60000000000002 m 480.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 204.60000000000002 m 484.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 204.60000000000002 m 525.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 204.60000000000002 m 529.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 204.60000000000002 m 562.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 183.60000000000002 m 152.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 204.60000000000002 m 209.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 183.60000000000002 m 209.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 204.60000000000002 m 268.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 183.60000000000002 m 268.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 183.60000000000002 m 321.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 183.60000000000002 m 391.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 183.60000000000002 m 443.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 183.60000000000002 m 447.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 183.60000000000002 m 480.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 183.60000000000002 m 525.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 183.60000000000002 m 529.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 183.60000000000002 m 562.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 127.60000000000002 m 209.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 114.60000000000002 m 209.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 112.60000000000002 m 209.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 127.60000000000002 m 268.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 114.60000000000002 m 268.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 112.60000000000002 m 268.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 127.60000000000002 m 321.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 114.60000000000002 m 321.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 112.60000000000002 m 321.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 127.60000000000002 m 391.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 114.60000000000002 m 391.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 112.60000000000002 m 391.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 127.60000000000002 m 443.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 114.60000000000002 m 443.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 112.60000000000002 m 443.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 127.60000000000002 m 480.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 114.60000000000002 m 480.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 112.60000000000002 m 480.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 127.60000000000002 m 525.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 114.60000000000002 m 525.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 112.60000000000002 m 525.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 127.60000000000002 m 562.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 114.60000000000002 m 562.5 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 112.60000000000002 m 562.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 85.60000000000002 m 152.5 85.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 85.60000000000002 m 152.5 85.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 71.60000000000002 m 209.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 58.60000000000002 m 209.5 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 56.60000000000002 m 209.5 56.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 71.60000000000002 m 268.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 58.60000000000002 m 268.5 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 56.60000000000002 m 268.5 56.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 71.60000000000002 m 321.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 58.60000000000002 m 321.5 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 56.60000000000002 m 321.5 56.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 71.60000000000002 m 391.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 58.60000000000002 m 391.5 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 56.60000000000002 m 391.5 56.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 71.60000000000002 m 443.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 58.60000000000002 m 443.5 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 56.60000000000002 m 443.5 56.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 71.60000000000002 m 480.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 58.60000000000002 m 480.5 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 56.60000000000002 m 480.5 56.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 71.60000000000002 m 525.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 58.60000000000002 m 525.5 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 56.60000000000002 m 525.5 56.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 71.60000000000002 m 562.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 58.60000000000002 m 562.5 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 56.60000000000002 m 562.5 56.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 208.85 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.45 209.05 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.05 218.05 Td (Noncontrolling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 341.30 209.05 Td (Interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.55 209.05 Td (Sources) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 195.83 Td (Distributions for the Three) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 187.83 Td (Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.80 195.83 Td (Cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 160.05 187.83 Td (Distributions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.05 195.83 Td (Distributions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 221.80 187.83 Td (Reinvested) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.75 195.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.20 187.83 Td (Declared) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.00 187.83 Td (Total Declared) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.35 195.83 Td (Cash Flows From) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.15 187.83 Td (Operating Activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.85 195.83 Td (Cash Flows From) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.10 187.83 Td (Financing Activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 174.05 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 160.06 Td (September 30, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 160.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 176.75 160.06 Td (457,698) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 216.00 160.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.75 160.06 Td (489,796) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 275.00 160.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.75 160.06 Td (947,494) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 160.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 160.06 Td (3,060) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.00 160.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.75 160.06 Td (950,554) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.00 160.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.50 160.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 160.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.00 160.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 160.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 146.06 Td (June 30, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 176.75 146.06 Td (279,432) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.75 146.06 Td (287,799) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.75 146.06 Td (567,231) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 146.06 Td (3,027) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.75 146.06 Td (570,258) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.00 146.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.50 146.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.00 146.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 146.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 146.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 132.06 Td (March 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.25 132.06 Td (91,135) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.25 132.06 Td (58,691) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.75 132.06 Td (149,826) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 132.06 Td (2,993) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 132.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 132.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.50 132.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.75 132.06 Td (152,819) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 132.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 132.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 118.06 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 118.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 176.75 118.06 Td (828,265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 216.00 118.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.75 118.06 Td (836,286) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 275.00 118.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.00 118.06 Td (1,664,551) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 118.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 118.06 Td (9,080) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.00 118.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.00 118.06 Td (1,520,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 118.06 Td (91) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.50 118.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 118.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.75 118.06 Td (152,819) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 118.06 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 118.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 90.05 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 76.06 Td (December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 76.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.25 76.06 Td (40,377) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 216.00 76.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.75 76.06 Td (1,841) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 275.00 76.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.25 76.06 Td (42,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 76.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 76.06 Td (3,060) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.00 76.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 76.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 76.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.50 76.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 76.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.25 76.06 Td (45,278) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 76.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 76.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 62.06 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 62.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.25 62.06 Td (40,377) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 216.00 62.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.75 62.06 Td (1,841) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 275.00 62.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.25 62.06 Td (42,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.00 62.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 62.06 Td (3,060) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.00 62.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 62.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 62.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.50 62.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 62.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.25 62.06 Td (45,278) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 62.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 62.06 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 49 0 obj <><>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Stock Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (The following table outlines our total special stock dividends declared to Class ) Tj ET Q q 0 0 0 rg BT 385.15 718.10 Td (A) Tj ET Q q 0 0 0 rg BT 391.82 718.10 Td ( stockholders:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 679.60 338.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 679.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 679.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 679.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 679.60 35.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 679.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 679.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 651.60 338.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 651.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 651.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 651.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 651.60 35.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 651.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 651.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 693.6 m 507.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 693.6 m 511.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 693.6 m 561.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 679.6 m 387.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 679.6 m 468.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 679.6 m 507.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 679.6 m 561.5 679.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 698.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.45 698.05 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 684.05 Td (Dividends for the Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.85 684.05 Td (Issuance Date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.55 684.05 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.70 684.05 Td (Amount ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 549.45 688.13 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 670.06 Td (June 30, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.45 670.06 Td (7/1/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.75 670.06 Td (9,866) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.00 670.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 670.06 Td (98,663) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 656.06 Td (March 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.45 656.06 Td (4/1/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.75 656.06 Td (2,604) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.00 656.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 656.06 Td (26,037) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 642.06 Td (December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.45 642.06 Td (1/1/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.50 642.06 Td (737) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.00 642.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 642.06 Td (7,367) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 618.90 Td (Amount based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.05 618.90 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.55 618.90 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 209.93 618.90 Td (A) Tj ET Q q 0 0 0 rg BT 216.60 618.90 Td ( Share Of) Tj ET Q q 0 0 0 rg BT 254.74 618.90 Td (fering price.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 594.90 Td (Debt Financings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 570.90 Td (As mentioned previously) Tj ET Q q 0 0 0 rg BT 167.89 570.90 Td (, our portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.27 570.90 Td (56%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.60 570.90 Td ( leveraged based on the value of our real estate investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 558.90 Td ( with a weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.97 558.90 Td (1.42%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.80 558.90 Td (. Below is additional information regarding our loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.90 Td (activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.48 546.90 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.02 546.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.52 546.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.78 546.90 Td (. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.22 546.90 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.16 546.90 Td ( Debt Financing for additional information regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.90 Td (our outstanding debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 507.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 507.90 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 507.90 Td (e entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.56 507.90 Td ($61.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.45 507.90 Td ( of permanent mortgage financing and borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.77 507.90 Td ($50.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.66 507.90 Td ( under our Hines Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 495.90 Td (Facility related to the acquisition of Bishop) Tj ET Q q 0 0 0 rg BT 253.08 495.90 Td (s Square for a net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.91 495.90 Td ($103.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 495.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 480.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 480.90 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 480.90 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.39 480.90 Td ($60.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.28 480.90 Td ( on our Hines Credit Facility using net proceeds from our public of) Tj ET Q q 0 0 0 rg BT 489.82 480.90 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 465.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 465.90 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 465.90 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.39 465.90 Td ($625,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.89 465.90 Td ( for financing costs related to our loans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.67 465.90 Td ($47,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.17 465.90 Td ( for an interest rate cap related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 453.90 Td (mortgage loan secured by Bishop) Tj ET Q q 0 0 0 rg BT 213.64 453.90 Td (s Square.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.90 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 402.90 Td (Our results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.52 402.90 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.16 402.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.99 402.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.25 402.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.69 402.90 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.69 402.90 Td ( are not indicative of those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.90 Td (expected in future periods as we did not meet our minimum of) Tj ET Q q 0 0 0 rg BT 299.48 390.90 Td (fering requirements until September 2014 \(or March 2015 with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.90 Td (respect to ) Tj ET Q q 0 0 0 rg BT 90.91 378.90 Td (W) Tj ET Q q 0 0 0 rg BT 99.55 378.90 Td (ashington and have not met our minimum of) Tj ET Q q 0 0 0 rg BT 277.40 378.90 Td (fering requirements with respect to Pennsylvania\) and did not make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.90 Td (our first real estate investment until December 2014. ) Tj ET Q q 0 0 0 rg BT 265.31 366.90 Td (W) Tj ET Q q 0 0 0 rg BT 273.95 366.90 Td (e completed our second acquisition on March 3, 2015. ) Tj ET Q q 0 0 0 rg BT 495.56 366.90 Td (Amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.90 Td (recorded in our consolidated statements of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.20 354.90 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.84 354.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.67 354.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.93 354.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.37 354.90 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.37 354.90 Td ( are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.90 Td (due to the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 318.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 318.90 Td (T) Tj ET Q q 0 0 0 rg BT 82.41 318.90 Td (otal revenues, property operating expenses, real property taxes, property management fees, depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 306.90 Td (amortization, and interest expense relate to the operation of 2819 Loker ) Tj ET Q q 0 0 0 rg BT 365.23 306.90 Td (A) Tj ET Q q 0 0 0 rg BT 371.71 306.90 Td (venue East and Bishop) Tj ET Q q 0 0 0 rg BT 465.86 306.90 Td (s Square.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 282.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 282.90 Td (Acquisition-related expenses represent costs incurred on properties we have acquired and those which we may acquire in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 270.90 Td (future periods. ) Tj ET Q q 0 0 0 rg BT 140.13 270.90 Td (W) Tj ET Q q 0 0 0 rg BT 148.77 270.90 Td (e incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.53 270.90 Td ($139,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.03 270.90 Td ( \(approximately $131,000 during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.44 270.90 Td (three months ended September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.51 270.90 Td (\) in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 258.90 Td (acquisition expenses related to the planned acquisition of ) Tj ET Q q 0 0 0 rg BT 307.86 258.90 Td (The Domain ) Tj ET Q q 0 0 0 rg BT 360.08 258.90 Td (Apartments. ) Tj ET Q q 0 0 0 rg BT 414.05 258.90 Td (W) Tj ET Q q 0 0 0 rg BT 422.69 258.90 Td (e elected not to acquire this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 246.90 Td (property in September 2015. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.02 246.90 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.91 246.90 Td ( of the acquisition-related expenses incurred during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.61 246.90 Td (nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 234.90 Td (months ended September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.59 234.90 Td ( relate to Stamp Duty taxes incurred as a result of the acquisition of Bishop) Tj ET Q q 0 0 0 rg BT 518.85 234.90 Td (s Square ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 222.90 Td (in March 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 198.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 198.90 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 198.90 Td (e expect to pay monthly asset management fees to our ) Tj ET Q q 0 0 0 rg BT 303.90 198.90 Td (Advisor based on an annual fee equal to 0.75% of the cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 186.90 Td (our real estate investments. ) Tj ET Q q 0 0 0 rg BT 190.30 186.90 Td (As described previously) Tj ET Q q 0 0 0 rg BT 286.30 186.90 Td (, our ) Tj ET Q q 0 0 0 rg BT 306.58 186.90 Td (Advisor agreed to waive asset management fees for each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 174.90 Td (quarter in 2015, to the extent that our MFFO for a particular quarter is less than our distributions declared for such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 162.90 Td (quarter) Tj ET Q q 0 0 0 rg BT 104.76 162.90 Td (. ) Tj ET Q q 0 0 0 rg BT 111.71 162.90 Td (As a result of this waiver) Tj ET Q q 0 0 0 rg BT 211.57 162.90 Td (, our ) Tj ET Q q 0 0 0 rg BT 231.84 162.90 Td (Advisor waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.94 162.90 Td ($138,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.44 162.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.88 162.90 Td ($129,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.38 162.90 Td ( in asset management fees payable to it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 150.90 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.33 150.90 Td (three months ended September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.40 150.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.84 150.90 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.44 150.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 417.10 150.90 Td (. However) Tj ET Q q 0 0 0 rg BT 460.85 150.90 Td (, since MFFO exceeded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 138.90 Td (distributions declared to our stockholders during the three months ended June 30, 2015, no asset management fees were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 126.90 Td (waived by our ) Tj ET Q q 0 0 0 rg BT 136.16 126.90 Td (Advisor for that period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 102.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 102.90 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 102.90 Td (e incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.39 102.90 Td ($64,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.89 102.90 Td ( in or) Tj ET Q q 0 0 0 rg BT 181.82 102.90 Td (ganizational costs, which consisted of expenses associated with our formation and the board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 90.90 Td (directors during both the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.09 90.90 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.73 90.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.55 90.90 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.82 90.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 66.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 66.90 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 66.90 Td (e pay our ) Tj ET Q q 0 0 0 rg BT 124.79 66.90 Td (Advisor acquisition fees equal to 2.25% of the purchase price of our real estate investments. ) Tj ET Q q 0 0 0 rg BT 497.46 66.90 Td (Acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 54.90 Td (fees for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.48 54.90 Td (nine months ended September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.78 54.90 Td ( are comprised of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.69 54.90 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.58 54.90 Td ( acquisition fee paid in relation to ) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (our acquisition of Bishop) Tj ET Q q 0 0 0 rg BT 181.16 742.10 Td (s Square in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.10 742.10 Td (March 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.70 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 284.02 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 292.65 742.10 Td (e did not incur any acquisition fees during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.44 742.10 Td (three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.26 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td (General and administrative expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.27 706.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.91 706.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.73 706.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 706.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.43 706.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.43 706.10 Td ( primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.10 Td (consist of legal and accounting fees, costs and expenses associated with our board of directors, and insurance costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.10 Td (Certain of these costs are variable and will increase in the future as we continue to raise capital and make additional real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (estate investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 646.10 Td (e have entered into an interest rate cap agreement as an economic hedge against the variability of future interest rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 634.10 Td (on one of our variable interest rate borrowings. ) Tj ET Q q 0 0 0 rg BT 270.09 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 278.73 634.10 Td (e have not designated this contract as a hedge for accounting purposes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.10 Td (Changes in the fair value of this interest rate cap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.04 622.10 Td (resulted in a loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.97 622.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.30 622.10 Td ($17,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.80 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.24 622.10 Td ($31,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.74 622.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.57 622.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.21 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 610.10 Td (months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.33 610.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.59 610.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 268.25 610.10 Td (, and are recorded in our condensed consolidated statement of operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 598.10 Td (and comprehensive income \(loss\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 574.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 574.10 Td (T) Tj ET Q q 0 0 0 rg BT 82.41 574.10 Td (otal income attributable to noncontrolling interests for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.24 574.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.88 574.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.70 574.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.97 574.10 Td ( relates to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 562.10 Td (our allocation of our net loss to HALP) Tj ET Q q 0 0 0 rg BT 230.22 562.10 Td ( II based on its ownership in the Operating Partnership.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 538.10 Td (e reimburse the ) Tj ET Q q 0 0 0 rg BT 140.23 538.10 Td (Advisor for all expenses paid or incurred by the ) Tj ET Q q 0 0 0 rg BT 333.23 538.10 Td (Advisor in connection with the services provided to us, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (subject to the limitation that we will not reimburse the ) Tj ET Q q 0 0 0 rg BT 268.85 526.10 Td (Advisor for any amount by which its operating expenses \(including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (asset management fee\) at the end of the four preceding fiscal quarters exceeds the greater of: \(A\) 2.0% of its average invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (assets, or \(B\) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, bad debts or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (other similar non-cash reserves and excluding any gain from the sale of our assets for that period \(the 2%/25% Limitation\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Notwithstanding the above, we may reimburse the ) Tj ET Q q 0 0 0 rg BT 253.29 478.10 Td (Advisor for expenses in excess of this limitation if a majority of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (four fiscal quarters ended September 30, 2015, our total operating expenses exceeded the 2%/25% Limitation. Based upon a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (review of unusual and non-recurring factors, including but not limited to us being in the early stages of raising and deploying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (capital, the limited number of assets acquired to date and the timing of those acquisitions, a majority of our independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (directors determined that the excess expenses were justified and thus reimbursable to the ) Tj ET Q q 0 0 0 rg BT 406.83 418.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 438.50 418.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 394.10 Td (Funds from Operations and Modified Funds from Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Funds from Operations \(FFO\) is a non-GAAP) Tj ET Q q 0 0 0 rg BT 260.94 370.10 Td ( financial performance measure defined by the National ) Tj ET Q q 0 0 0 rg BT 485.85 370.10 Td (Association of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 144.51 358.10 Td (T) Tj ET Q q 0 0 0 rg BT 150.27 358.10 Td (rusts \(NAREIT\) and is widely recognized by investors and analysts as one measure of operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (performance of a real estate company) Tj ET Q q 0 0 0 rg BT 199.55 346.10 Td (. FFO excludes items such as real estate depreciation and amortization. Depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (amortization, as applied in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 252.44 334.10 Td (, implicitly assumes that the value of real estate assets diminishes predictably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (over time and also assumes that such assets are adequately maintained and renovated as required in order to maintain their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (value. Since real estate values have historically risen or fallen with market conditions such as occupancy rates, rental rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (inflation, interest rates, the business cycle, unemployment and consumer spending, it is management) Tj ET Q q 0 0 0 rg BT 454.90 298.10 Td (s view) Tj ET Q q 0 0 0 rg BT 480.08 298.10 Td (, and we believe the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (view of many industry investors and analysts, that the presentation of operating results for real estate companies using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (historical cost accounting alone is insuf) Tj ET Q q 0 0 0 rg BT 207.84 274.10 Td (ficient. In addition, FFO excludes gains and losses from the sale of real estate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 262.10 Td (ges related to depreciable real estate assets and in-substance real estate equity investments, which we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (provides management and investors with a helpful additional measure of the historical performance of our real estate portfolio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (as it allows for comparisons, year to year) Tj ET Q q 0 0 0 rg BT 213.99 238.10 Td (, that reflect the impact on operations from trends in items such as occupancy rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (rental rates, operating costs, general and administrative expenses and interest costs. ) Tj ET Q q 0 0 0 rg BT 387.39 226.10 Td (A) Tj ET Q q 0 0 0 rg BT 394.06 226.10 Td ( property will be evaluated for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (impairment if events or circumstances indicate that the carrying amount may not be recoverable \(i.e. the carrying amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (exceeds the total estimated undiscounted future cash flows from the property\). Undiscounted future cash flows are based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (anticipated operating performance, including estimated future net rental and lease revenues, net proceeds on the sale of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 178.10 Td (, and certain other ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 245.21 178.10 Td (While impairment char) Tj ET Q q 0 0 0 rg BT 337.76 178.10 Td (ges are excluded from the calculation of FFO as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (described above, stockholders are cautioned that due to the limited term of our operations, it could be dif) Tj ET Q q 0 0 0 rg BT 468.86 166.10 Td (ficult to recover any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 154.10 Td (ges.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (In addition to FFO, management uses MFFO, as defined by the Investment Program ) Tj ET Q q 0 0 0 rg BT 407.13 130.10 Td (Association, \(the IP) Tj ET Q q 0 0 0 rg BT 489.80 130.10 Td (A\), as a non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.86 118.10 Td ( supplemental financial performance measure to evaluate our operating performance. ) Tj ET Q q 0 0 0 rg BT 421.52 118.10 Td (The IP) Tj ET Q q 0 0 0 rg BT 447.54 118.10 Td (A) Tj ET Q q 0 0 0 rg BT 454.21 118.10 Td ( has recommended the use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (of MFFO as a supplemental measure for publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 357.84 106.10 Td (s to enhance the assessment of the operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (performance of a non-listed REIT) Tj ET Q q 0 0 0 rg BT 184.76 94.10 Td (. MFFO is not equivalent to our net income or loss as determined under GAAP) Tj ET Q q 0 0 0 rg BT 501.94 94.10 Td (, and MFFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (may not be useful as a measure of the long-term operating performance of our investments or as a comparative measure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (other publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 216.76 70.10 Td (s if we do not continue to operate with a limited life and tar) Tj ET Q q 0 0 0 rg BT 454.01 70.10 Td (geted exit strategy) Tj ET Q q 0 0 0 rg BT 526.67 70.10 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (currently intended and described herein. MFFO includes funds generated by the operations of our real estate investments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (funds used in our corporate-level operations. MFFO is based on FFO, but includes certain additional adjustments which we ) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (believe are appropriate. Such items include reversing the ef) Tj ET Q q 0 0 0 rg BT 289.72 742.10 Td (fects of straight-line rent revenue recognition, fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (adjustments to derivative instruments that do not qualify for hedge accounting treatment and certain other items as described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 718.10 Td (. Some of these adjustments are necessary to address changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 525.79 718.10 Td ( such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (the accounting for acquisition-related expenses from a capitalization/depreciation model to an expensed-as-incurred model that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (were put into ef) Tj ET Q q 0 0 0 rg BT 112.85 694.10 Td (fect in 2009 and other changes to GAAP) Tj ET Q q 0 0 0 rg BT 274.94 694.10 Td ( rules for real estate subsequent to the establishment of NAREIT) Tj ET Q q 0 0 0 rg BT 535.98 694.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (definition of FFO. ) Tj ET Q q 0 0 0 rg BT 127.88 682.10 Td (These changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 390.48 682.10 Td ( af) Tj ET Q q 0 0 0 rg BT 400.57 682.10 Td (fected all industries, and as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (these changes, acquisition fees and expenses are typically accounted for as operating expenses under GAAP) Tj ET Q q 0 0 0 rg BT 481.24 670.10 Td (. Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (believes these fees and expenses do not af) Tj ET Q q 0 0 0 rg BT 217.81 658.10 Td (fect our overall long-term operating performance. ) Tj ET Q q 0 0 0 rg BT 421.43 658.10 Td (These changes also have prompted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (a significant increase in the magnitude of non-cash and non-operating items included in FFO, as defined. Such items include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (amortization of out-of-market lease intangible assets and liabilities and certain tenant incentives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (Other adjustments included in MFFO are necessary to address issues that are common to publicly registered, non-listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.52 598.10 Td (s. Publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 227.18 598.10 Td (s typically have a significant amount of acquisition activity and are substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (more dynamic during their initial years of investment and operations. ) Tj ET Q q 0 0 0 rg BT 331.97 586.10 Td (While other start-up entities may also experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (significant acquisition activity during their initial years, we believe that non-listed REIT) Tj ET Q q 0 0 0 rg BT 401.99 574.10 Td (s like us are unique in that they have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (limited life with tar) Tj ET Q q 0 0 0 rg BT 127.30 562.10 Td (geted exit strategies within a relatively limited time frame after the acquisition activity ceases. ) Tj ET Q q 0 0 0 rg BT 508.65 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 517.29 562.10 Td (e will use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (the proceeds raised in our of) Tj ET Q q 0 0 0 rg BT 163.39 550.10 Td (ferings to make real estate investments, and intend to begin the process of considering our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (alternatives for the execution of a Liquidity Event \(i.e., a sale of our assets, our sale or mer) Tj ET Q q 0 0 0 rg BT 412.75 538.10 Td (ger) Tj ET Q q 0 0 0 rg BT 425.12 538.10 Td (, a listing of our shares on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (national securities exchange, or another similar transaction\) five to eight years following the commencement of the Of) Tj ET Q q 0 0 0 rg BT 523.27 526.10 Td (fering. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Thus, as a limited life REIT) Tj ET Q q 0 0 0 rg BT 161.46 514.10 Td ( we will not continuously purchase assets and will have a limited life.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (The purchase of properties, and the corresponding expenses associated with that process, including acquisition fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (expenses, is a key operational feature of our business plan to generate operational income and cash flows in order to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (distributions to our stockholders. MFFO excludes acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 378.01 466.10 Td (Advisor and acquisition expenses. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.12 454.10 Td (, acquisition fees and expenses are characterized as operating expenses in determining operating net income. ) Tj ET Q q 0 0 0 rg BT 514.65 454.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (expenses are paid in cash by us, and therefore such funds will not be available to distribute to our stockholders. ) Tj ET Q q 0 0 0 rg BT 499.05 442.10 Td (All paid and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (accrued acquisition fees and expenses with respect to the acquisition of a property negatively impact our operating performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (during the period in which the property is acquired and will have negative ef) Tj ET Q q 0 0 0 rg BT 356.11 418.10 Td (fects on returns to our stockholders, the potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (for future distributions, and future cash flows, unless earnings from operations or net sales proceeds from the disposition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (other properties are generated to cover the purchase price of the property) Tj ET Q q 0 0 0 rg BT 340.60 394.10 Td (, the related acquisition fees and expenses and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (costs related to such property) Tj ET Q q 0 0 0 rg BT 166.54 382.10 Td (. In addition, if we acquire a property after all of) Tj ET Q q 0 0 0 rg BT 362.11 382.10 Td (fering proceeds from the Of) Tj ET Q q 0 0 0 rg BT 473.55 382.10 Td (fering have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (invested, there will not be any of) Tj ET Q q 0 0 0 rg BT 181.17 370.10 Td (fering proceeds to pay the corresponding acquisition-related costs. ) Tj ET Q q 0 0 0 rg BT 451.09 370.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 500.42 370.10 Td (, unless our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Advisor determines to waive the payment of any then-outstanding acquisition-related costs otherwise payable to our ) Tj ET Q q 0 0 0 rg BT 516.82 358.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 548.64 358.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (such costs will be paid from additional debt, operational earnings or cash flow) Tj ET Q q 0 0 0 rg BT 362.32 346.10 Td (, net proceeds from the sale of properties, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 137.29 334.10 Td (Therefore, MFFO may not be an accurate indicator of our operating performance, especially during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (periods in which properties are being acquired. Since MFFO excludes acquisition fees and expenses, MFFO would only be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (comparable to the operations of non-listed REIT) Tj ET Q q 0 0 0 rg BT 243.13 310.10 Td (s that have completed their acquisition activity and have other similar operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (characteristics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (Management uses MFFO to evaluate the financial performance of our investment portfolio, including the impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (potential future investments. In addition, management uses MFFO to evaluate and establish our distribution policy and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (sustainability thereof. Further) Tj ET Q q 0 0 0 rg BT 170.68 250.10 Td (, we believe MFFO is one of several measures that may be useful to investors in evaluating the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (potential performance of our portfolio following the conclusion of the acquisition phase, as it excludes acquisition fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (expenses, as described herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (MFFO has limitations as a performance measure in an of) Tj ET Q q 0 0 0 rg BT 295.82 202.10 Td (fering such as ours where the price of a share of common stock is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (a stated value and there is no net asset value determination during the of) Tj ET Q q 0 0 0 rg BT 338.33 190.10 Td (fering stage and for a period thereafter) Tj ET Q q 0 0 0 rg BT 491.59 190.10 Td (. MFFO is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (useful in assisting management and investors in assessing the sustainability \(that is, the capacity to continue to be maintained\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (of operating performance in future operating periods, and in particular) Tj ET Q q 0 0 0 rg BT 330.60 166.10 Td (, after the of) Tj ET Q q 0 0 0 rg BT 379.28 166.10 Td (fering and acquisition stages are complete ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (and net asset value is disclosed. MFFO is not a useful measure in evaluating net asset value because impairments are taken into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (account in determining net asset value but not in determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td (FFO and MFFO should not be construed to be more relevant or accurate than the current GAAP) Tj ET Q q 0 0 0 rg BT 451.98 118.10 Td ( methodology in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (calculating net income or in its applicability in evaluating our operating performance. In addition, FFO and MFFO should not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (be considered as alternatives to net income \(loss\) or income \(loss\) from continuing operations as an indication of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (performance or as alternatives to cash flows from operating activities as an indication of our liquidity) Tj ET Q q 0 0 0 rg BT 454.50 82.10 Td (, but rather should be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (reviewed in conjunction with these and other GAAP) Tj ET Q q 0 0 0 rg BT 259.30 70.10 Td ( measurements. Further) Tj ET Q q 0 0 0 rg BT 355.54 70.10 Td (, FFO and MFFO are not intended to be used as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (liquidity measures indicative of cash flow available to fund our cash needs, including our ability to make distributions to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (stockholders. Please see the limitations listed below associated with the use of MFFO:) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (As we are currently in the acquisition phase of our life cycle, acquisition costs and other adjustments that are increases to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 Td (MFFO are, and may continue to be, a significant use of cash and dilutive to the value of an investment in our shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 694.10 Td (MFFO excludes acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 268.35 694.10 Td (Advisor and acquisition expenses. ) Tj ET Q q 0 0 0 rg BT 409.44 694.10 Td (Although these amounts reduce net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 682.10 Td (income, we generally fund such costs with proceeds from our of) Tj ET Q q 0 0 0 rg BT 333.69 682.10 Td (fering and/or acquisition-related indebtedness and do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (consider these fees and expenses in the evaluation of our operating performance and determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 646.10 Td (e use an interest rate cap as an economic hedge against the variability of interest rates on one of our variable interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 634.10 Td (rate borrowings. ) Tj ET Q q 0 0 0 rg BT 146.99 634.10 Td (Although we expect to hold this instrument to maturity) Tj ET Q q 0 0 0 rg BT 366.31 634.10 Td (, if we were to settle this instrument currently) Tj ET Q q 0 0 0 rg BT 547.55 634.10 Td (, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 622.10 Td (would have an impact on our operating performance. ) Tj ET Q q 0 0 0 rg BT 293.59 622.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 343.49 622.10 Td (, this derivative instrument is measured at fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 610.10 Td (on a quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 261.67 610.10 Td (. MFFO excludes gains \(losses\) related to changes in the estimated value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 598.10 Td (of our derivative instrument because such adjustments may not be reflective of ongoing operations and may reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 586.10 Td (unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 562.10 Td (e utilize the definition of FFO as set forth by NAREIT) Tj ET Q q 0 0 0 rg BT 303.20 562.10 Td ( and the definition of MFFO as set forth by the IP) Tj ET Q q 0 0 0 rg BT 500.87 562.10 Td (A. Our FFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 550.10 Td (and MFFO as presented may not be comparable to amounts calculated by other REIT) Tj ET Q q 0 0 0 rg BT 418.15 550.10 Td (s, if they use dif) Tj ET Q q 0 0 0 rg BT 482.13 550.10 Td (ferent approaches.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 526.10 Td (Our business is subject to volatility in the real estate markets and general economic conditions, and adverse changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 514.10 Td (those conditions could have a material adverse impact on our business, results of operations and MFFO. ) Tj ET Q q 0 0 0 rg BT 497.75 514.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 547.09 514.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 502.10 Td (the predictive nature of MFFO is uncertain and past performance may not be indicative of future results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (Neither the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 175.02 478.10 Td ( nor any regulatory body has passed judgment on the acceptability of the adjustments that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (use to calculate FFO or MFFO. In the future, the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 309.51 466.10 Td ( or a regulatory body may decide to standardize the allowable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (adjustments across the non-listed REIT) Tj ET Q q 0 0 0 rg BT 207.01 454.10 Td ( industry and we would have to adjust our calculation and characterization of FFO or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (The following section presents our calculation of FFO and MFFO attributable to common stockholders and provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (additional information related to our operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.04 406.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.69 406.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.51 406.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.77 406.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.21 406.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.21 406.10 Td ( and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (period from inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.31 394.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.57 394.10 Td (. ) Tj ET Q q 0 0 0 rg BT 260.52 394.10 Td (As we are in the capital raising and acquisition phase of our operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (FFO and MFFO are not useful in comparing operations for the periods presented below) Tj ET Q q 0 0 0 rg BT 399.56 382.10 Td (. ) Tj ET Q q 0 0 0 rg BT 406.88 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 415.52 382.10 Td (e expect revenues and expenses to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (increase in future periods as we raise additional of) Tj ET Q q 0 0 0 rg BT 250.85 370.10 Td (fering proceeds and use them to acquire additional investments.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 320.60 194.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 320.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 320.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 320.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 320.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 320.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 320.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 320.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 320.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 320.60 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 292.60 194.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 292.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 292.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 292.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 292.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 292.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 292.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 292.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 292.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 292.60 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 255.60 194.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 255.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 255.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 255.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 255.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 255.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 255.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 255.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 255.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 255.60 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 227.60 194.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 227.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 227.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 227.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 227.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 227.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 227.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 227.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 227.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 227.60 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 199.60 194.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 199.60 53.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 199.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 199.60 54.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 199.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 199.60 51.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 199.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 199.60 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 199.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 199.60 89.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 162.60 194.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 162.60 53.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 162.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 162.60 54.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 162.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 162.60 51.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 162.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 162.60 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 162.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 162.60 89.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 116.60 194.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 116.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 116.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 116.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 116.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 116.60 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 116.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 116.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 116.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 116.60 89.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 336.6 m 297.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 336.6 m 301.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 336.6 m 355.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 336.6 m 410.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 336.6 m 414.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 336.6 m 469.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 320.6 m 297.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 320.6 m 355.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 320.6 m 410.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 320.6 m 469.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 320.6 m 562.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 320.6 m 355.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 278.6 m 297.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 278.6 m 355.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 278.6 m 410.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 278.6 m 469.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 278.6 m 562.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 199.60000000000002 m 297.5 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 199.60000000000002 m 355.5 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 199.60000000000002 m 410.5 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 199.60000000000002 m 469.5 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 199.60000000000002 m 562.5 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 177.60000000000002 m 297.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 175.60000000000002 m 297.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 177.60000000000002 m 355.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 175.60000000000002 m 355.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 177.60000000000002 m 410.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 175.60000000000002 m 410.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 177.60000000000002 m 469.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 175.60000000000002 m 469.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 177.60000000000002 m 562.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 175.60000000000002 m 562.5 175.60000000000002 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 341.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.05 350.05 Td (Three months ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.05 341.05 Td (September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.95 350.05 Td (Nine months ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.55 341.05 Td (September 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.05 351.00 Td (Period from July 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.75 342.00 Td (2013 \(date of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.70 333.00 Td (inception\) through) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.95 324.00 Td (September 30, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.50 325.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.00 325.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.50 325.05 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 325.05 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 311.06 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.00 311.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.75 311.06 Td (1,295) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 311.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 319.75 311.06 Td (\(283,389) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 311.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 311.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 311.06 Td (\(5,656,374) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.00 311.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 311.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.75 311.06 Td (\(283,389) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 311.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 311.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.00 311.06 Td (\(6,984,044) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 311.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 297.06 Td (Depreciation and amortization ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 184.95 301.14 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.00 297.06 Td (1,183,116) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 297.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.00 297.06 Td (3,020,954) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 297.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 297.06 Td (3,070,241) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 283.06 Td () Tj ET Q q 0 0 0 rg BT 72.75 283.06 Td (Adjustments for noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 218.48 287.14 Td ( \(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.50 283.06 Td (\(502) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 283.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.75 283.06 Td (190,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.25 283.06 Td (38,399) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.75 283.06 Td (190,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 283.06 Td (222,983) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 269.06 Td (Funds From Operations attributable to common) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 260.06 Td (stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.00 260.06 Td (1,183,909) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.25 260.06 Td (\(93,389) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 260.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 260.06 Td (\(2,597,021) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.00 260.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.25 260.06 Td (\(93,389) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 260.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.00 260.06 Td (\(3,690,820) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 260.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 246.06 Td (Loss \(gain\) on derivative instruments) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 205.47 250.14 Td ( \(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 269.25 246.06 Td (17,474) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 246.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.25 246.06 Td (31,985) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 246.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 246.06 Td (31,985) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 232.06 Td (Other components of revenues and expenses) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 231.20 236.14 Td ( \(4\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.75 232.06 Td (\(266,276) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 232.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 232.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.75 232.06 Td (\(675,920) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.00 232.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 232.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.75 232.06 Td (\(681,815) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 232.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 218.06 Td (Acquisition fees and expenses ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 181.97 222.14 Td (\(5\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 269.25 218.06 Td (12,486) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 218.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.00 218.06 Td (5,007,737) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 218.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 218.06 Td (5,706,566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 204.06 Td (Adjustments for noncontrolling interests ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 218.98 208.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.00 204.06 Td (\(99) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 204.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 343.00 204.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.25 204.06 Td (\(39,659) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.00 204.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 204.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 204.06 Td (\(72,781) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 204.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 190.06 Td (Modified Funds From Operations attributable to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 181.06 Td (common stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.00 181.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.75 181.06 Td (947,494) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 181.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.25 181.06 Td (\(93,389) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 181.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 181.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.00 181.06 Td (1,727,122) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 181.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.25 181.06 Td (\(93,389) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 181.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 181.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 181.06 Td (1,293,135) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 167.06 Td (Basic and diluted loss per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.00 167.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.00 167.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 167.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.25 167.06 Td (\(7.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 167.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 167.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.25 167.06 Td (\(1.44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.00 167.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 167.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 167.06 Td (\(18.02) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 167.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 167.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.25 167.06 Td (\(4.66) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 167.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 153.06 Td (Funds From Operations attributable to common) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 144.06 Td (stockholders per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.00 144.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.25 144.06 Td (0.18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 144.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.25 144.06 Td (\(7.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 144.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 144.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.25 144.06 Td (\(0.66) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.00 144.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 144.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 144.06 Td (\(18.02) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 144.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 144.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.25 144.06 Td (\(2.53) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 144.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 130.06 Td (Modified Funds From Operations attributable to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 121.06 Td (common stockholders per common share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.00 121.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.25 121.06 Td (0.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.00 121.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.25 121.06 Td (\(7.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 121.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 121.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.25 121.06 Td (0.44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 121.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 121.06 Td (\(18.02) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 121.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 121.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.25 121.06 Td (0.89) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 107.06 Td (Weighted average shares outstanding) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 258.00 107.06 Td (6,582,900) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.25 107.06 Td (13,188) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.00 107.06 Td (3,930,427) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.75 107.06 Td (5,181) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 107.06 Td (1,459,302) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Notes to the table:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (Represents the depreciation and amortization of real estate assets. Historical cost accounting for real estate assets in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (accordance with GAAP) Tj ET Q q 0 0 0 rg BT 162.59 706.10 Td ( implicitly assumes that the value of real estate assets diminishes predictably over time. Since real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (estate values have historically risen or fallen with market conditions, we believe that such depreciation and amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (may be of limited relevance in evaluating current operating performance and, as such, these items are excluded from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (determination of FFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Includes income attributable to noncontrolling interests and all adjustments to eliminate the noncontrolling interests) Tj ET Q q 0 0 0 rg BT 533.54 646.10 Td ( share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (of the adjustments to convert our net loss to FFO and MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (Represents components of net income \(loss\) related to the estimated changes in the values of our interest rate contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (derivative. ) Tj ET Q q 0 0 0 rg BT 115.30 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 123.94 598.10 Td (e have excluded this change in value from our evaluation of our operating performance and MFFO because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (such adjustments may not be reflective of our ongoing performance and may reflect unrealized impacts on our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Includes the following components of revenues and expenses that we do not consider in evaluating our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (performance and determining MFFO for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.39 538.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.04 538.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.86 538.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.12 538.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.56 538.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.56 538.10 Td ( and the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (from inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.26 526.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.52 526.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 477.60 169.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 477.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 477.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 477.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 477.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 477.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 477.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 477.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 477.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 477.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 477.60 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 447.60 169.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 447.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 447.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 447.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 447.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 447.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 447.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 447.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 447.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 447.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 447.60 125.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 491.6 m 273.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 491.6 m 277.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 491.6 m 326.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 491.6 m 379.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 491.6 m 383.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 491.6 m 433.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 477.6 m 273.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 477.6 m 326.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 477.6 m 379.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 477.6 m 433.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 477.6 m 562.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 447.6 m 273.5 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 447.6 m 326.5 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 447.6 m 379.5 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 447.6 m 433.5 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 447.6 m 562.5 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 433.6 m 273.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 431.6 m 273.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 433.6 m 326.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 431.6 m 326.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 433.6 m 379.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 431.6 m 379.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 433.6 m 433.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 431.6 m 433.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 433.6 m 562.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 431.6 m 562.5 431.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 496.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.65 506.28 Td (Three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.00 496.28 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.35 506.28 Td (Nine months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.00 496.28 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.45 502.28 Td (Period from July 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.20 492.28 Td (\(date of inception\) through) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.75 482.28 Td (September 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.00 482.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.50 482.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 482.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 482.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 468.17 Td (Straight-line rent adjustment ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 169.92 472.70 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 467.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.80 467.27 Td (\(174,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 467.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 467.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 467.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 467.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.80 467.32 Td (\(454,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 467.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 467.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 467.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 467.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 467.32 Td (\(460,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 467.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 453.17 Td (Amortization of out-of-market leases) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 201.56 457.70 Td ( \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.80 452.27 Td (\(92,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 452.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 452.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.80 452.32 Td (\(221,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 452.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 452.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 452.32 Td (\(221,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 452.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 437.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 437.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.80 437.27 Td (\(266,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 437.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 437.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 437.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 437.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.80 437.32 Td (\(675,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 437.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 437.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 437.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 437.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 437.32 Td (\(681,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 437.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 413.90 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 413.90 Td (Represents the adjustments to rental revenue as required by GAAP) Tj ET Q q 0 0 0 rg BT 344.06 413.90 Td ( to recognize minimum lease payments on a straight-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 401.90 Td (line basis over the respective lease terms. ) Tj ET Q q 0 0 0 rg BT 247.03 401.90 Td (W) Tj ET Q q 0 0 0 rg BT 255.67 401.90 Td (e have excluded these adjustments from our evaluation of our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 389.90 Td (performance and in determining MFFO because we believe that the rent that is billable during the current period is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 377.90 Td (more relevant measure of our operating performance for such period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 353.90 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 353.90 Td (Represents the amortization of out-of-market leases.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.90 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 329.90 Td (Represents acquisition expenses and acquisition fees paid to our ) Tj ET Q q 0 0 0 rg BT 326.55 329.90 Td (Advisor that are expensed in our condensed consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 317.90 Td (statements of operations. ) Tj ET Q q 0 0 0 rg BT 172.52 317.90 Td (W) Tj ET Q q 0 0 0 rg BT 181.15 317.90 Td (e fund such costs with proceeds from our of) Tj ET Q q 0 0 0 rg BT 356.49 317.90 Td (fering and/or acquisition-related indebtedness, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 305.90 Td (therefore do not consider these expenses in evaluating our operating performance and determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 281.90 Td (As noted previously) Tj ET Q q 0 0 0 rg BT 147.90 281.90 Td (, our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 438.19 281.90 Td (ficient to fund distributions to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.90 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 107.87 269.90 Td (W) Tj ET Q q 0 0 0 rg BT 116.50 269.90 Td (e may continue to choose to use proceeds from our debt financings, proceeds from the Of) Tj ET Q q 0 0 0 rg BT 473.99 269.90 Td (fering, cash advances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.90 Td (from our ) Tj ET Q q 0 0 0 rg BT 87.22 257.90 Td (Advisor) Tj ET Q q 0 0 0 rg BT 119.04 257.90 Td (, cash resulting from a waiver or deferral of fees and/or proceeds from the sale of assets to fund distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.90 Td (to our stockholders. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.26 245.90 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.81 245.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.31 245.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.57 245.90 Td (, we funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 245.90 Td (91%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.33 245.90 Td ( of total distributions with cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.90 Td (from operating activities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.74 233.90 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.07 233.90 Td ( were funded with cash flows from financing activities, which includes of) Tj ET Q q 0 0 0 rg BT 475.25 233.90 Td (fering proceeds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.90 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 221.90 Td (, our ) Tj ET Q q 0 0 0 rg BT 120.18 221.90 Td (Advisor waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.28 221.90 Td ($138,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.78 221.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.22 221.90 Td ($129,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.72 221.90 Td ( in asset management fees payable to it during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.90 Td (September 30, 2015 and March 31, 2015, respectively) Tj ET Q q 0 0 0 rg BT 265.96 209.90 Td (. However) Tj ET Q q 0 0 0 rg BT 309.71 209.90 Td (, since MFFO exceeded distributions declared to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.90 Td (stockholders during the three months ended June 30, 2015, no asset management fees were waived for this period. ) Tj ET Q q 0 0 0 rg BT 511.92 197.90 Td (W) Tj ET Q q 0 0 0 rg BT 520.56 197.90 Td (e have not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.90 Td (placed a cap on the amount of our distributions that may be paid from sources other than cash flows from operations, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.90 Td (proceeds from our debt financings, proceeds from the Of) Tj ET Q q 0 0 0 rg BT 277.24 173.90 Td (fering, cash advances by our ) Tj ET Q q 0 0 0 rg BT 393.31 173.90 Td (Advisor and cash resulting from a waiver ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.90 Td (or deferral of fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 137.90 Td (From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.49 137.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.75 137.90 Td (, we declared cash distributions \(including those reinvested in shares pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.90 Td (to our distribution reinvestment plan\) to our stockholders totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.13 125.90 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.02 125.90 Td (, compared to our total aggregate FFO loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.90 Td ($3.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 113.90 Td (. During our of) Tj ET Q q 0 0 0 rg BT 161.20 113.90 Td (fering and investment stages, we incur acquisition fees and expenses in connection with our real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.90 Td (estate investments, which are recorded as reductions to net income \(loss\) and FFO. From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.07 101.90 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 89.90 Td (, we incurred acquisition fees and expenses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.54 89.90 Td ($5.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.44 89.90 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.04 89.90 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.59 89.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.09 89.90 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.35 89.90 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.90 Td (declared cash distributions \(including those reinvested in shares pursuant to our distribution reinvestment plan\) to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.90 Td (stockholders totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.10 65.90 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.99 65.90 Td (, compared to our total aggregate FFO loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.39 65.90 Td ($2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.29 65.90 Td (.) Tj ET Q endstream endobj 59 0 obj <><>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Related-Party ) Tj ET Q q 0 0 0 rg BT 112.29 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 118.22 742.25 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 187.69 742.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 204.17 742.25 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 718.25 Td (e have entered into agreements with our ) Tj ET Q q 0 0 0 rg BT 238.52 718.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 270.34 718.25 Td (, Dealer Manager and Hines or its af) Tj ET Q q 0 0 0 rg BT 415.66 718.25 Td (filiates, whereby we pay certain fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (and reimbursements to these entities during the various phases of our or) Tj ET Q q 0 0 0 rg BT 337.25 706.25 Td (ganization and operation. During the or) Tj ET Q q 0 0 0 rg BT 497.30 706.25 Td (ganization and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 694.25 Td (fering stage, these include payments to our Dealer Manager for selling commissions, the dealer manager fee, distribution and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (shareholder servicing fees, and payments to our ) Tj ET Q q 0 0 0 rg BT 242.72 682.25 Td (Advisor for reimbursement of issuer costs. During the acquisition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (operational stages, these include payments for certain services related to acquisitions, financing and management of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (investments and operations provided to us by our ) Tj ET Q q 0 0 0 rg BT 248.86 658.25 Td (Advisor and Hines and its af) Tj ET Q q 0 0 0 rg BT 362.83 658.25 Td (filiates pursuant to various agreements we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (entered into with these entities. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.63 646.25 Td (Note 8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.56 646.25 Td ( Related Party ) Tj ET Q q 0 0 0 rg BT 295.03 646.25 Td (T) Tj ET Q q 0 0 0 rg BT 300.79 646.25 Td (ransactions in this Quarterly Report on Form 10-Q for additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (information concerning our related-party transactions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 610.25 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 586.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 586.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.15 586.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.73 586.25 Td (, we had no of) Tj ET Q q 0 0 0 rg BT 327.48 586.25 Td (f-balance sheet arrangements that have or are reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (likely to have a current or future ef) Tj ET Q q 0 0 0 rg BT 189.48 574.25 Td (fect on our financial condition, changes in financial condition, revenues or expenses, results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (of operations, liquidity) Tj ET Q q 0 0 0 rg BT 140.73 562.25 Td (, capital expenditures or capital resources.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (Item3.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 538.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 254.63 538.25 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (equity prices and other market changes that af) Tj ET Q q 0 0 0 rg BT 233.91 502.25 Td (fect market-sensitive instruments. In pursuing our business plan, we believe that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (interest rate risk, currency risk and real estate valuation risk are the primary market risks to which we are or will be exposed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 478.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.71 478.25 Td (, we were exposed to the market risks described below) Tj ET Q q 0 0 0 rg BT 372.32 478.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 87.07 454.25 Td (est ) Tj ET Q q 0 0 0 rg BT 100.68 454.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 121.50 454.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 430.25 Td (e are exposed to the ef) Tj ET Q q 0 0 0 rg BT 166.13 430.25 Td (fects of interest rate changes primarily as a result of debt used to maintain liquidity and fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (expansion of our real estate investment portfolio and operations. ) Tj ET Q q 0 0 0 rg BT 311.88 418.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.32 418.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.58 418.25 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.68 418.25 Td ($75.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.57 418.25 Td ( of variable-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (rate debt outstanding. If interest rates were to increase by 1%, we would incur an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.26 406.25 Td ($759,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.76 406.25 Td ( in interest expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 394.25 Td (, we entered into an interest rate cap to limit our exposure to rising interest rates related to our mortgage loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (secured by Bishop) Tj ET Q q 0 0 0 rg BT 126.66 382.25 Td (s Square. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.25 382.25 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.19 382.25 Td ( Debt Financing in the Notes to the Condensed Consolidated Financial Statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (for more information concerning our outstanding debt.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 346.25 Td (For) Tj ET Q q 0 0 0 rg BT 82.63 346.25 Td (eign ) Tj ET Q q 0 0 0 rg BT 102.35 346.25 Td (Curr) Tj ET Q q 0 0 0 rg BT 121.43 346.25 Td (ency ) Tj ET Q q 0 0 0 rg BT 142.24 346.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td (Our investment in Bishop) Tj ET Q q 0 0 0 rg BT 173.83 322.25 Td (s Square is subject to the ef) Tj ET Q q 0 0 0 rg BT 283.07 322.25 Td (fects of exchange rate movements between the Euro and the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (dollar) Tj ET Q q 0 0 0 rg BT 72.92 310.25 Td (, which may af) Tj ET Q q 0 0 0 rg BT 132.17 310.25 Td (fect future costs and cash flows as well as amounts translated into U.S. dollars for inclusion in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (condensed consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 234.76 298.25 Td (W) Tj ET Q q 0 0 0 rg BT 243.40 298.25 Td (e have entered into a mortgage loan denominated in Euros for this investment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (which provides a natural hedge with regard to changes in exchange rates between the Euro and U.S. dollar and reduces our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (exposure to exchange rate dif) Tj ET Q q 0 0 0 rg BT 167.54 274.25 Td (ferences. ) Tj ET Q q 0 0 0 rg BT 207.80 274.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 257.70 274.25 Td (, we are typically a net receiver of Euros, and, as a result, our foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (operations benefit from a weaker U.S. dollar and are adversely af) Tj ET Q q 0 0 0 rg BT 310.82 262.25 Td (fected by a stronger U.S. dollar) Tj ET Q q 0 0 0 rg BT 435.51 262.25 Td (. Based upon our analysis, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (10% immediate, unfavorable change in the exchange rate between the Euro and U.S. dollar would have decreased the net book ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (value of our investment in Bishop) Tj ET Q q 0 0 0 rg BT 188.59 238.25 Td (s Square by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.01 238.25 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.90 238.25 Td ( and would have reduced the year) Tj ET Q q 0 0 0 rg BT 481.09 238.25 Td (-to-date net income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (\(loss\) of Bishop) Tj ET Q q 0 0 0 rg BT 116.67 226.25 Td (s Square by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.83 226.25 Td ($212,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.33 226.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 202.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 93.83 202.25 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.25 Td (As described elsewhere in this Quarterly Report on Form 10-Q, our ) Tj ET Q q 0 0 0 rg BT 340.16 178.25 Td (Advisor has agreed to waive asset management fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (otherwise payable to it for each quarter in 2015, to the extent that our MFFO, as disclosed in each Quarterly Report on Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (10-Q for a particular quarter) Tj ET Q q 0 0 0 rg BT 162.88 154.25 Td (, amounts to less than 100% of the aggregate distributions declared to our stockholders for such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.76 142.25 Td (. ) Tj ET Q q 0 0 0 rg BT 85.08 142.25 Td (There can be no assurances that our ) Tj ET Q q 0 0 0 rg BT 229.75 142.25 Td (Advisor will continue this waiver) Tj ET Q q 0 0 0 rg BT 363.21 142.25 Td (, and if not, cash available to pay distributions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (future periods may be reduced.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 106.25 Td (e invest proceeds we receive from our public of) Tj ET Q q 0 0 0 rg BT 266.94 106.25 Td (ferings in short-term, highly-liquid investments until we use such funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (to make real estate investments. ) Tj ET Q q 0 0 0 rg BT 181.90 94.25 Td (Although we do not expect that income we earn on these temporary investments will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (substantial, our earnings will be subject to the fluctuations of interest rates and their ef) Tj ET Q q 0 0 0 rg BT 395.00 82.25 Td (fect on these investments.) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item4.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 742.25 Td (Controls and Procedures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.82 718.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 122.13 718.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.29 718.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.55 718.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (In accordance with Exchange ) Tj ET Q q 0 0 0 rg BT 187.94 694.25 Td (Act Rules13a-15 and 15d-15, we carried out an evaluation, under the supervision and with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (the participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 318.34 682.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 430.90 682.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 448.81 682.25 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 486.95 682.25 Td (fectiveness of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 658.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 658.25 Td (ficer concluded that our disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 483.73 658.25 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 646.25 Td (, to provide reasonable assurance that information required to be disclosed in our reports filed or submitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (under the Exchange ) Tj ET Q q 0 0 0 rg BT 131.36 634.25 Td (Act is \(i\)recorded, processed, summarized and reported within the time periods specified in the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (and Exchange Commission) Tj ET Q q 0 0 0 rg BT 162.21 622.25 Td (s rules and forms, and \(ii\)accumulated and communicated to our management, including our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 610.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 610.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 233.32 610.25 Td (, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (Change in Internal Contr) Tj ET Q q 0 0 0 rg BT 158.99 586.25 Td (ols) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (No changes have occurred in our internal controls over financial reporting \(asdefined in Rule13a-15\(f\) of the Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Act\) during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.79 550.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.05 550.25 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 337.50 550.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 518.92 550.25 Td (fect, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (internal controls over financial reporting.) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 55.37 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 69.46 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 75.95 742.25 Td ( II- OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 178.82 742.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item 1. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 718.25 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (From time to time in the ordinary course of business, we or our subsidiaries may become subject to legal proceedings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (claims or disputes. ) Tj ET Q q 0 0 0 rg BT 129.16 682.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.60 682.25 Td (November9, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.31 682.25 Td (, neither us nor any of our subsidiaries were a party to any material pending legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (proceedings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (Item1A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 89.21 646.25 Td (Risk Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 622.25 Td (e are subject to a number of risks and uncertainties, which are discussed in Part I, Item 1A, Risk Factors in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.62 622.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.62 622.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.84 610.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.42 610.25 Td (. ) Tj ET Q q 0 0 0 rg BT 331.74 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 340.78 610.25 Td (ith the exception of the risk factors set forth below) Tj ET Q q 0 0 0 rg BT 542.01 610.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (there have been no material changes from the risk factors set forth under Part I, Item 1A, Risk Factors in our ) Tj ET Q q 0 0 0 rg BT 494.08 598.25 Td (Annual Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.18 586.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.77 586.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 562.25 Td (The availability and timing of distributions to our stockholders is uncertain and cannot be assured.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 538.25 Td (There is no assurance that distributions will continue to be authorized and paid. ) Tj ET Q q 0 0 0 rg BT 389.74 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 398.37 538.25 Td (e cannot assure you that we will have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (suf) Tj ET Q q 0 0 0 rg BT 61.54 526.25 Td (ficient cash to pay distributions to you or that the amount of any such distributions will increase over time. In addition, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (distribution and stockholder servicing fees payable with respect to Class ) Tj ET Q q 0 0 0 rg BT 340.92 514.25 Td (T) Tj ET Q q 0 0 0 rg BT 346.84 514.25 Td ( Shares issued in the primary of) Tj ET Q q 0 0 0 rg BT 473.30 514.25 Td (fering will reduce the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (amount of funds available for distribution with respect to all Class ) Tj ET Q q 0 0 0 rg BT 316.77 502.25 Td (T) Tj ET Q q 0 0 0 rg BT 322.69 502.25 Td ( Shares \(including Class ) Tj ET Q q 0 0 0 rg BT 421.95 502.25 Td (T) Tj ET Q q 0 0 0 rg BT 427.87 502.25 Td ( Shares issued pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (distribution reinvestment plan\). Should we fail for any reason to distribute at least 90% of our REIT) Tj ET Q q 0 0 0 rg BT 451.45 490.25 Td ( taxable income, we would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (not qualify for the favorable tax treatment accorded to REIT) Tj ET Q q 0 0 0 rg BT 290.09 478.25 Td (s.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 454.25 Td (e have and may continue to pay distributions from sources other than our cash flow from operations, including ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (advances, deferrals or waivers of fees from our ) Tj ET Q q 0 0 0 rg BT 244.94 442.25 Td (Advisor or af) Tj ET Q q 0 0 0 rg BT 298.65 442.25 Td (filiates, borrowings and/or proceeds of this of) Tj ET Q q 0 0 0 rg BT 485.43 442.25 Td (fering. ) Tj ET Q q 0 0 0 rg BT 517.75 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 525.90 442.25 Td (e have ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (not placed a cap on the amount of our distributions that may be paid from any of these sources. The use of sources other ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (than our cash flow from operations to fund distributions could adversely impact our ability to pay distributions in future ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (periods, decrease the amount of cash we have available for operations and new investments and/or potentially impact the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (value or result in dilution of your investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 370.25 Td (In our initial quarters of operations, and from time to time thereafter) Tj ET Q q 0 0 0 rg BT 339.79 370.25 Td (, our cash flow from operations may be insuf) Tj ET Q q 0 0 0 rg BT 519.28 370.25 Td (ficient to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (fund distributions to stockholders. Our or) Tj ET Q q 0 0 0 rg BT 217.36 358.25 Td (ganizational documents permit us to make distributions from any source and we may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (choose to pay distributions when we do not have suf) Tj ET Q q 0 0 0 rg BT 259.01 346.25 Td (ficient cash flow from operations to fund such distributions. ) Tj ET Q q 0 0 0 rg BT 503.50 346.25 Td (W) Tj ET Q q 0 0 0 rg BT 512.14 346.25 Td (e may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (choose to use advances, deferrals or waivers of fees, if available, from our ) Tj ET Q q 0 0 0 rg BT 348.27 334.25 Td (Advisor or af) Tj ET Q q 0 0 0 rg BT 401.41 334.25 Td (filiates, borrowings and/or proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (this of) Tj ET Q q 0 0 0 rg BT 74.60 322.25 Td (fering or other sources to fund distributions to you. For example, we funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.43 322.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.76 322.25 Td ( of total distributions for 2014 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.46 322.25 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.79 322.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.38 310.25 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.92 310.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.42 310.25 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.68 310.25 Td ( with cash flows from financing activities which includes of) Tj ET Q q 0 0 0 rg BT 476.17 310.25 Td (fering proceeds. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (addition, the ) Tj ET Q q 0 0 0 rg BT 101.44 298.25 Td (Advisor has agreed to waive the asset management fees otherwise payable to it pursuant to our ) Tj ET Q q 0 0 0 rg BT 482.43 298.25 Td (Advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (Agreement for each quarter in 2015, to the extent that our MFFO, as disclosed in each Quarterly Report on Form 10-Q or our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (Annual Report on Form 10-K, for a particular quarter) Tj ET Q q 0 0 0 rg BT 263.20 274.25 Td (, amounts to less than 100% of the aggregate distributions declared to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 165.30 262.25 Td (. ) Tj ET Q q 0 0 0 rg BT 172.25 262.25 Td (As a result of this waiver) Tj ET Q q 0 0 0 rg BT 272.10 262.25 Td (, our ) Tj ET Q q 0 0 0 rg BT 292.38 262.25 Td (Advisor waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.48 262.25 Td ($138,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.98 262.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.42 262.25 Td ($129,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.92 262.25 Td ( in asset management fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (payable to it during the three months ended September 30, 2015 and March31, 2015, respectively) Tj ET Q q 0 0 0 rg BT 441.53 250.25 Td (. ) Tj ET Q q 0 0 0 rg BT 448.85 250.25 Td (W) Tj ET Q q 0 0 0 rg BT 457.48 250.25 Td (e have not placed a cap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (on the amount of our distributions that may be paid from sources other than cash flows from operations, including proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (from our debt financings, proceeds from our public of) Tj ET Q q 0 0 0 rg BT 265.09 226.25 Td (ferings, cash advances by our ) Tj ET Q q 0 0 0 rg BT 385.05 226.25 Td (Advisor and cash resulting from a waiver or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (deferral of fees. However) Tj ET Q q 0 0 0 rg BT 153.76 214.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 172.93 214.25 Td (Advisor and af) Tj ET Q q 0 0 0 rg BT 232.18 214.25 Td (filiates are under no obligation to advance funds to us or to defer or) Tj ET Q q 0 0 0 rg BT 501.41 214.25 Td (, subsequent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (the third quarter of 2015, to continue to waive fees in order to support our distributions. ) Tj ET Q q 0 0 0 rg BT 404.52 202.25 Td (When we pay distributions in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (earnings and we use cash flows from financing activities, including of) Tj ET Q q 0 0 0 rg BT 329.52 190.25 Td (fering proceeds and borrowings, to fund distributions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (then we will have less funds available for operations and for acquiring properties and other investments, which could adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (impact our ability to pay distributions in future periods, may reduce your overall return and may result in the dilution of your ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (investment. In addition, our ) Tj ET Q q 0 0 0 rg BT 164.76 154.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 229.85 154.25 Td (filiates could choose to receive shares of our common stock or interests in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (Operating Partnership in lieu of cash or deferred fees or the repayment of advances to which they are entitled, and the issuance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (of such securities may dilute your interest in us. Furthermore, to the extent distributions exceed cash flow from operations, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (stockholder) Tj ET Q q 0 0 0 rg BT 96.53 118.25 Td () Tj ET Q q 0 0 0 rg BT 99.30 118.25 Td (s basis in our stock will be reduced and, to the extent distributions exceed a stockholder) Tj ET Q q 0 0 0 rg BT 450.14 118.25 Td () Tj ET Q q 0 0 0 rg BT 452.92 118.25 Td (s basis, the stockholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (may recognize capital gain.) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 123.61 742.25 Td (filiates may face conflicts of interest caused by compensation arrangements with us, which could result in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (actions that are not in your best interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.25 Td (Hines, our ) Tj ET Q q 0 0 0 rg BT 111.11 706.25 Td (Advisor and their af) Tj ET Q q 0 0 0 rg BT 191.18 706.25 Td (filiates receive substantial fees from us in return for their services and these fees could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (influence our ) Tj ET Q q 0 0 0 rg BT 104.48 694.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 137.07 694.25 Td () Tj ET Q q 0 0 0 rg BT 139.85 694.25 Td (s advice to us. ) Tj ET Q q 0 0 0 rg BT 200.96 694.25 Td (Among other matters, the compensation arrangements could af) Tj ET Q q 0 0 0 rg BT 452.36 694.25 Td (fect their judgment with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (respect to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 658.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 658.25 Td (Public of) Tj ET Q q 0 0 0 rg BT 121.71 658.25 Td (ferings of equity by us, which allow the Dealer Manager to earn additional dealer manager fees;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 646.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 646.25 Td (Property dispositions in circumstances where Hines or an af) Tj ET Q q 0 0 0 rg BT 325.26 646.25 Td (filiate of Hines manages the property and earns significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 634.25 Td (fees for managing the property;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 622.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 622.25 Td (Property acquisitions, which may allow our ) Tj ET Q q 0 0 0 rg BT 261.86 622.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 326.95 622.25 Td (filiates to earn additional acquisition, asset management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 610.25 Td (and other fees; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 598.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 598.25 Td (V) Tj ET Q q 0 0 0 rg BT 91.61 598.25 Td (arious liquidity events.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 571.85 Td (Further) Tj ET Q q 0 0 0 rg BT 96.54 571.85 Td (, our ) Tj ET Q q 0 0 0 rg BT 116.82 571.85 Td (Advisor may recommend that we invest in a particular asset or pay a higher purchase price for the asset than it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 559.85 Td (would otherwise recommend if it did not receive an acquisition fee. Similarly) Tj ET Q q 0 0 0 rg BT 361.26 559.85 Td (, our ) Tj ET Q q 0 0 0 rg BT 381.54 559.85 Td (Advisor has incentives to recommend that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.85 Td (we purchase properties using debt financing since the acquisition fees that we pay to the ) Tj ET Q q 0 0 0 rg BT 404.11 547.85 Td (Advisor could increase if we raise the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 535.85 Td (level of debt financing in connection with the acquisition of certain properties. Certain potential acquisition fees and asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.85 Td (management fees paid to our ) Tj ET Q q 0 0 0 rg BT 166.96 523.85 Td (Advisor and property management and leasing fees paid to Hines and its af) Tj ET Q q 0 0 0 rg BT 467.25 523.85 Td (filiates would be paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.85 Td (irrespective of the quality of the underlying real estate or property management services during the term of the related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 499.85 Td (agreement. Our ) Tj ET Q q 0 0 0 rg BT 116.14 499.85 Td (Advisor is also entitled to a fee equal to a percentage of the total consideration paid in connection with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 487.85 Td (disposition. ) Tj ET Q q 0 0 0 rg BT 100.72 487.85 Td (This fee may incentivize our ) Tj ET Q q 0 0 0 rg BT 217.06 487.85 Td (Advisor to recommend the disposition of a property or properties through a sale, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.85 Td (mer) Tj ET Q q 0 0 0 rg BT 64.87 475.85 Td (ger) Tj ET Q q 0 0 0 rg BT 77.23 475.85 Td (, or other transaction that may not be in our best interests at the time. In addition, the premature disposition of an asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.85 Td (may add concentration risk to the portfolio or may be at a price lower than if we held the property) Tj ET Q q 0 0 0 rg BT 440.11 463.85 Td (. Moreover) Tj ET Q q 0 0 0 rg BT 486.63 463.85 Td (, our ) Tj ET Q q 0 0 0 rg BT 506.91 463.85 Td (Advisor has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.85 Td (considerable discretion with respect to the terms and timing of acquisition, disposition and leasing transactions. ) Tj ET Q q 0 0 0 rg BT 499.78 451.85 Td (The Dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.85 Td (Manager will be paid an annual distribution and stockholder servicing fee with respect to Class ) Tj ET Q q 0 0 0 rg BT 432.27 439.85 Td (T) Tj ET Q q 0 0 0 rg BT 438.20 439.85 Td ( Shares until the earliest to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.85 Td (occur of several events, including \(i\) a listing of the Class ) Tj ET Q q 0 0 0 rg BT 282.22 427.85 Td (A) Tj ET Q q 0 0 0 rg BT 288.89 427.85 Td ( Shares on a national securities exchange, and \(ii\) such Class ) Tj ET Q q 0 0 0 rg BT 534.19 427.85 Td (T) Tj ET Q q 0 0 0 rg BT 540.12 427.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 415.85 Td (Shares no longer being outstanding, which may incentivize our ) Tj ET Q q 0 0 0 rg BT 303.89 415.85 Td (Advisor not to recommend a sale, mer) Tj ET Q q 0 0 0 rg BT 456.72 415.85 Td (ger or other liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 403.85 Td (event until the Dealer Manager has been paid all distribution and stockholder servicing fees, because the completion of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 391.85 Td (transactions would cause the Dealer Manager to no longer be paid such fees. In evaluating investments and other management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.85 Td (strategies, the opportunity to earn these fees may lead our ) Tj ET Q q 0 0 0 rg BT 281.93 379.85 Td (Advisor to place undue emphasis on criteria relating to its and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.85 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 367.85 Td (filiates) Tj ET Q q 0 0 0 rg BT 86.89 367.85 Td ( compensation at the expense of other criteria, such as preservation of capital, in order to achieve higher short-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.85 Td (compensation. Considerations relating to compensation from us to our ) Tj ET Q q 0 0 0 rg BT 335.29 355.85 Td (Advisor and its af) Tj ET Q q 0 0 0 rg BT 406.48 355.85 Td (filiates could result in decisions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.85 Td (are not in your best interests, which could hurt our ability to pay you distributions or result in a decline in the value of your ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.85 Td (investment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 307.85 Td (If we fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 181.20 307.85 Td (, our operations and our ability to pay distributions to our stockholders would be adversely ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 295.85 Td (impacted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 271.85 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 271.85 Td (e intend to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 191.48 271.85 Td ( for U.S. federal income tax purposes commencing with the taxable year ending on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.85 Td (December 31, 2015. ) Tj ET Q q 0 0 0 rg BT 135.40 259.85 Td (W) Tj ET Q q 0 0 0 rg BT 144.04 259.85 Td (e have received the opinion of our U.S. federal income tax counsel, Greenber) Tj ET Q q 0 0 0 rg BT 452.90 259.85 Td (g ) Tj ET Q q 0 0 0 rg BT 460.22 259.85 Td (T) Tj ET Q q 0 0 0 rg BT 465.98 259.85 Td (raurig, LLP) Tj ET Q q 0 0 0 rg BT 511.53 259.85 Td (, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.85 Td (connection with this of) Tj ET Q q 0 0 0 rg BT 141.25 247.85 Td (fering and with respect to our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 354.05 247.85 Td (. ) Tj ET Q q 0 0 0 rg BT 361.37 247.85 Td (The opinion of Greenber) Tj ET Q q 0 0 0 rg BT 460.32 247.85 Td (g ) Tj ET Q q 0 0 0 rg BT 467.63 247.85 Td (T) Tj ET Q q 0 0 0 rg BT 473.39 247.85 Td (raurig, LLP) Tj ET Q q 0 0 0 rg BT 519.68 247.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.85 Td (represents only the view of our counsel based on our counsel) Tj ET Q q 0 0 0 rg BT 296.10 235.85 Td (s review and analysis of existing law and on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.85 Td (representations as to factual matters and covenants made by us, including representations relating to the values of our assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.85 Td (the sources of our income and is not binding on the Internal Revenue Service or any court. Greenber) Tj ET Q q 0 0 0 rg BT 453.36 211.85 Td (g ) Tj ET Q q 0 0 0 rg BT 460.68 211.85 Td (T) Tj ET Q q 0 0 0 rg BT 466.43 211.85 Td (raurig, LLP) Tj ET Q q 0 0 0 rg BT 512.72 211.85 Td ( has no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.85 Td (obligation to advise us or the holders of our common stock of any subsequent change in the matters stated, represented or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.85 Td (assumed in its opinion or of any subsequent change in applicable law) Tj ET Q q 0 0 0 rg BT 325.73 187.85 Td (. Furthermore, both the validity of the opinion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.85 Td (Greenber) Tj ET Q q 0 0 0 rg BT 86.52 175.85 Td (g ) Tj ET Q q 0 0 0 rg BT 93.84 175.85 Td (T) Tj ET Q q 0 0 0 rg BT 99.59 175.85 Td (raurig LLP) Tj ET Q q 0 0 0 rg BT 143.38 175.85 Td ( and our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 271.49 175.85 Td ( will depend on our satisfaction of numerous requirements \(some on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.85 Td (annual and quarterly basis\) established under highly technical and complex provisions of the Internal Revenue Code of 1986, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.85 Td (amended \(the Code\), for which there are only limited judicial or administrative interpretations, and involves the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.85 Td (determination of various factual matters and circumstances not entirely within our control. ) Tj ET Q q 0 0 0 rg BT 415.87 139.85 Td (The complexity of these provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.85 Td (and of the applicable income tax regulations that have been promulgated under the Code is greater in the case of a REIT) Tj ET Q q 0 0 0 rg BT 529.97 127.85 Td ( that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.85 Td (holds its assets through a partnership, as we do and that issues multiple classes of stock, as we do. Moreover) Tj ET Q q 0 0 0 rg BT 484.85 115.85 Td (, no assurance can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.85 Td (be given that legislation, new regulations, administrative interpretations or court decisions will not change the tax laws with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.85 Td (respect to qualification as a REIT) Tj ET Q q 0 0 0 rg BT 183.44 91.85 Td ( or the U.S. federal income tax consequences of that qualification. ) Tj ET Q q 0 0 0 rg BT 452.33 91.85 Td (While we have not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.85 Td (requested a ruling from the IRS as to our REIT) Tj ET Q q 0 0 0 rg BT 237.33 79.85 Td ( status, we have applied for a ruling from the IRS with respect to our multi-class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.85 Td (stock structure, our ability to deduct dividend payments in connection with that structure and its possible ef) Tj ET Q q 0 0 0 rg BT 478.39 67.85 Td (fect on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 55.85 Td (qualification as a REIT) Tj ET Q q 0 0 0 rg BT 141.78 55.85 Td (.) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.10 Td (If we were considered to actually or constructively pay a preferential dividend to certain of our stockholders, our status ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (as a REIT could be adversely af) Tj ET Q q 0 0 0 rg BT 180.41 718.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.10 Td (As discussed above, in order to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 265.04 694.10 Td (, we must distribute annually to our stockholders at least 90% of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.54 682.10 Td ( taxable income \(which may not equal net income as calculated in accordance with GAAP\), determined without regard for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (the deduction for distributions paid and excluding net capital gains. In order for distributions to be counted as satisfying the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (annual distribution requirements for REIT) Tj ET Q q 0 0 0 rg BT 217.65 658.10 Td (s, and to provide us with a REIT) Tj ET Q q 0 0 0 rg BT 346.71 658.10 Td (-level tax deduction, the distributions must not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (preferential dividends. ) Tj ET Q q 0 0 0 rg BT 152.79 646.10 Td (A) Tj ET Q q 0 0 0 rg BT 159.46 646.10 Td ( dividend is not a preferential dividend if the distribution is pro rata among all outstanding shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (stock within a particular class, and in accordance with any preferences among dif) Tj ET Q q 0 0 0 rg BT 374.47 634.10 Td (ferent classes of stock as set forth in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (or) Tj ET Q q 0 0 0 rg BT 57.65 622.10 Td (ganizational documents. Currently) Tj ET Q q 0 0 0 rg BT 197.52 622.10 Td (, there is uncertainty as to the IRS) Tj ET Q q 0 0 0 rg BT 335.82 622.10 Td (s position regarding whether certain arrangements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (involving REIT) Tj ET Q q 0 0 0 rg BT 111.85 610.10 Td (s could give rise to the inadvertent payment of a preferential dividend \(e.g., the pricing methodology for stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (purchased under a distribution reinvestment plan, the terms of stock redemptions or the allocation of certain fees among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 586.10 Td (ferent classes of stock\), except as otherwise set forth with respect to a particular REIT) Tj ET Q q 0 0 0 rg BT 404.29 586.10 Td ( in a private letter ruling issued by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (IRS to such REIT) Tj ET Q q 0 0 0 rg BT 120.14 574.10 Td (. ) Tj ET Q q 0 0 0 rg BT 127.09 574.10 Td (Although we have not obtained a private letter ruling with respect to the allocation to the Class ) Tj ET Q q 0 0 0 rg BT 508.75 574.10 Td (T) Tj ET Q q 0 0 0 rg BT 514.68 574.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (stockholders of the expense attributable to payment of the distribution fee, we have applied for such a ruling from the IRS with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (respect to our multi-class stock structure, our ability to deduct dividend payments in connection with that structure and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (possible ef) Tj ET Q q 0 0 0 rg BT 92.37 538.10 Td (fect on our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 230.46 538.10 Td (. ) Tj ET Q q 0 0 0 rg BT 237.78 538.10 Td (While we believe based on advice of our counsel that our class structure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (complies with current tax law requirements and that dividend payments by us will be deductible and will not adversely af) Tj ET Q q 0 0 0 rg BT 535.02 526.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 157.61 514.10 Td (, no assurance can be provided as to whether or when such a ruling will be issued by the IRS. If the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (IRS were to rule adversely) Tj ET Q q 0 0 0 rg BT 155.48 502.10 Td (, or if it otherwise declines to rule favorably on our existing structure, this could, depending upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (circumstances at the time, adversely af) Tj ET Q q 0 0 0 rg BT 204.25 490.10 Td (fect the conclusions set forth in the opinion of Greenber) Tj ET Q q 0 0 0 rg BT 427.62 490.10 Td (g ) Tj ET Q q 0 0 0 rg BT 434.93 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 440.69 490.10 Td (raurig, LLP) Tj ET Q q 0 0 0 rg BT 486.98 490.10 Td ( and our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (issue additional shares in this of) Tj ET Q q 0 0 0 rg BT 177.36 478.10 Td (fering in accordance with our class structure described herein. ) Tj ET Q q 0 0 0 rg BT 430.13 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 438.76 478.10 Td (e have received the opinion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (Greenber) Tj ET Q q 0 0 0 rg BT 86.52 466.10 Td (g ) Tj ET Q q 0 0 0 rg BT 93.84 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 99.59 466.10 Td (raurig, LLP) Tj ET Q q 0 0 0 rg BT 145.88 466.10 Td ( with respect to our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 317.86 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 325.18 466.10 Td (This opinion has been issued in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (Of) Tj ET Q q 0 0 0 rg BT 59.87 454.10 Td (fering. Opinions of counsel are not binding on the IRS or on any court. ) Tj ET Q q 0 0 0 rg BT 350.75 454.10 Td (Therefore, if the IRS were to successfully assert that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (we paid a preferential dividend, we may be deemed to have either \(a\) distributed less than 100% of our REIT) Tj ET Q q 0 0 0 rg BT 485.83 442.10 Td ( taxable income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (and therefore be subject to tax on the undistributed portion, or \(b\) distributed less than 90% of our REIT) Tj ET Q q 0 0 0 rg BT 466.17 430.10 Td ( taxable income, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (which case our status as a REIT) Tj ET Q q 0 0 0 rg BT 177.06 418.10 Td ( could be terminated if we were unable to cure such failure.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Item2. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.49 394.10 Td (Unregistered Sales of Equity Securities and Use of Proceeds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 370.10 Td (three months ended September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.62 370.10 Td (, we did not sell or issue any equity securities that were not registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (under the Securities ) Tj ET Q q 0 0 0 rg BT 131.37 358.10 Td (Act of 1933, as amended.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (Use of Pr) Tj ET Q q 0 0 0 rg BT 105.96 334.10 Td (oceeds fr) Tj ET Q q 0 0 0 rg BT 141.96 334.10 Td (om Register) Tj ET Q q 0 0 0 rg BT 189.64 334.10 Td (ed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.17 310.10 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.56 310.10 Td (, the Registration Statement on Form S-1) Tj ET Q q 0 0 0 rg BT 312.34 310.10 Td (1 \(File No. 333-191) Tj ET Q q 0 0 0 rg BT 391.41 310.10 Td (106\) for the Of) Tj ET Q q 0 0 0 rg BT 451.49 310.10 Td (fering was declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 298.10 Td (fective under the Securities ) Tj ET Q q 0 0 0 rg BT 168.66 298.10 Td (Act of 1933. ) Tj ET Q q 0 0 0 rg BT 223.75 298.10 Td (The Of) Tj ET Q q 0 0 0 rg BT 252.16 298.10 Td (fering commenced on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.30 298.10 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.69 298.10 Td ( and is currently expected to terminate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (on or before ) Tj ET Q q 0 0 0 rg BT 100.82 286.10 Td (August 20, 2016, unless extended by our board of directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.62 262.10 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.01 262.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.12 262.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.38 262.10 Td (, we received gross proceeds of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.64 262.10 Td ($74.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.54 262.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.59 250.10 Td (7.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.49 250.10 Td ( Class ) Tj ET Q q 0 0 0 rg BT 163.60 250.10 Td (A) Tj ET Q q 0 0 0 rg BT 170.27 250.10 Td ( Shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.87 250.10 Td ($30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.37 250.10 Td ( through the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.07 250.10 Td (3,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.57 250.10 Td ( Class ) Tj ET Q q 0 0 0 rg BT 380.06 250.10 Td (T) Tj ET Q q 0 0 0 rg BT 385.99 250.10 Td ( Shares to the public in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 238.10 Td (fering. Since ) Tj ET Q q 0 0 0 rg BT 115.91 238.10 Td (August 20, 2014, we have used proceeds from the Of) Tj ET Q q 0 0 0 rg BT 328.74 238.10 Td (fering to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.33 238.10 Td ($6.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.22 238.10 Td ( of selling commissions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (dealer manager fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.38 226.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.28 226.10 Td ( of issuer costs related to the Of) Tj ET Q q 0 0 0 rg BT 325.00 226.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 356.20 226.10 Td (The selling commissions and dealer manager fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (were not paid with respect to the shares sold through our distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 406.41 214.10 Td (The selling commissions and dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (manager fees were paid to our dealer manager) Tj ET Q q 0 0 0 rg BT 234.22 202.10 Td (, which is an af) Tj ET Q q 0 0 0 rg BT 294.86 202.10 Td (filiate of Hines and is wholly-owned, indirectly) Tj ET Q q 0 0 0 rg BT 483.89 202.10 Td (, by) Tj ET Q q 0 0 0 rg BT 498.24 202.10 Td (, or for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (benefit of, our Chairman, Jef) Tj ET Q q 0 0 0 rg BT 165.34 190.10 Td (frey C. Hines and his father) Tj ET Q q 0 0 0 rg BT 275.46 190.10 Td (, Gerald D. Hines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (Net proceeds available for investment after the payment of the costs described above were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 166.10 Td ($62.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.89 166.10 Td (. ) Tj ET Q q 0 0 0 rg BT 552.84 166.10 Td (A) Tj ET Q q 0 0 0 rg BT 559.51 166.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (portion of these proceeds, along with proceeds from debt financing, were used to make approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.70 154.10 Td ($73.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.59 154.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (investments in real estate, including the cost of completing the acquisitions of 2819 Loker ) Tj ET Q q 0 0 0 rg BT 411.87 142.10 Td (A) Tj ET Q q 0 0 0 rg BT 418.34 142.10 Td (venue East and Bishop) Tj ET Q q 0 0 0 rg BT 512.50 142.10 Td (s Square, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (acquisition fees and expenses and costs of leveraging each real estate investment. ) Tj ET Q q 0 0 0 rg BT 379.88 130.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 429.79 130.10 Td (, we used these proceeds to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (make payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.81 118.10 Td ($61.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.70 118.10 Td (, including principal and interest, on our Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 425.95 118.10 Td (. ) Tj ET Q q 0 0 0 rg BT 433.27 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 441.90 118.10 Td (e also used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.28 118.10 Td ($1.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.17 118.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 106.10 Td (fering proceeds to fund asset management fees, general and administrative expenses and to provide working capital for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (real estate investments. ) Tj ET Q q 0 0 0 rg BT 147.84 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 156.48 94.10 Td (e had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.62 94.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.51 94.10 Td ( in uninvested of) Tj ET Q q 0 0 0 rg BT 356.26 94.10 Td (fering proceeds as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.33 94.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 94.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 70.10 Td (, we have not generated suf) Tj ET Q q 0 0 0 rg BT 227.12 70.10 Td (ficient cash flow from operations to fully fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 491.52 70.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (September30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 58.10 Td (, as discussed in "Item 2. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 355.28 58.10 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (Operations Financial Condition, Liquidity and Capital Resources Distributions," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.04 46.10 Td (91%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.37 46.10 Td ( of our distributions were funded ) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (with cash flows from operating activities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.01 742.10 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.34 742.10 Td ( were funded with cash flows from financing activities, which includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 730.10 Td (fering proceeds.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Item 3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 706.10 Td (Defaults Upon Senior Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Item 4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 658.10 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Item 5. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 610.10 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Item 6. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 562.10 Td (Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (The exhibits required by this item are set forth on the ExhibitIndex attached hereto.) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 276.05 718.25 Td (Act of 1934, the registrant has duly caused this report to be signed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (its behalf by the undersigned thereunto duly authorized.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 641.75 m 314.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 641.75 m 397.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 585.75 m 314.5 585.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 585.75 m 397.5 585.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 674.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 674.32 Td (HINES GLOBAL REIT II, INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 660.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 660.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 660.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 660.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 660.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.32 Td (November 9, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 646.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 646.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 646.32 Td (/s/ Sherri W. Schugart) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 646.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 632.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 632.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 632.32 Td (Sherri W. Schugart) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 632.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 618.32 Td (President and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 604.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 604.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 604.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 604.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 590.32 Td (November 9, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 590.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 590.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 590.32 Td (/s/ Ryan T. Sims) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 590.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 590.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 576.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 576.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 576.32 Td (Ryan T. Sims) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 576.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 562.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 562.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 562.32 Td (Chief Financial Officer and Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 562.32 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.15 742.25 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 290.70 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 297.19 742.25 Td (O EXHIBITS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 695.75 51.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 101.50 695.75 15.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 695.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.75 51.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 101.50 635.75 15.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 635.75 446.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 101.50 585.75 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 585.75 446.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.75 51.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 101.50 535.75 15.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 535.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 465.75 51.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 101.50 465.75 15.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 465.75 446.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 403.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 101.50 403.75 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 403.75 446.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 353.75 51.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 101.50 353.75 15.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 353.75 446.00 -55.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 695.75 m 101.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 116.5 695.75 m 562.5 695.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.65 710.43 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.10 700.43 Td (No.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.25 700.43 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.25 686.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 686.32 Td (Articles of Amendment and Restatement of Hines Global REIT II, Inc. \(filed as Exhibit 3.1 to Pre- Effective) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 676.32 Td (Amendment No. 5 to the Registrant's Registration Statement on Form S-11, File No. 333-191106 \(the) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 666.32 Td (Registration Statement\) on August 15, 2014 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 69.25 651.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 651.32 Td (Articles Supplementary of Hines Global REIT II, Inc. \(filed as Exhibit 3.1 to Post-Effective Amendment No.) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 641.32 Td (1 to the Registration Statement on December 12, 2014 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 69.25 626.32 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 626.32 Td (Amended and Restated Bylaws of Hines Global REIT II, Inc. \(filed as Exhibit 3.2 to Pre-Effective) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 616.32 Td (Amendment No. 5 to the Registration Statement on August 15, 2014 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 69.25 601.32 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 601.32 Td (Articles Supplementary of Hines Global REIT II, Inc. \(filed as Exhibit 3.1 to Post-Effective Amendment No.) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 591.32 Td (6 to the Registration Statement on August 12, 2015 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 66.75 576.32 Td (3.5*) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 576.32 Td (Amendment to Amended and Restated Bylaws of Hines Global REIT II, Inc., dated September 23, 2015.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 69.25 561.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 561.32 Td (Forms of Subscription Agreement \(filed as Appendix B-1 and Appendix B-2 to the Prospectus filed on) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 551.32 Td (August 12, 2015 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 69.25 526.32 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 526.32 Td (Hines Global REIT II, Inc. Distribution Reinvestment Plan \(filed as Appendix C to the Prospectus filed on) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 516.32 Td (August 12, 2015 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 66.75 491.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 491.32 Td (Second Amended and Restated Agreement of Limited Partnership of Hines Global REIT II Properties LP,) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 481.32 Td (dated as of August 12, 2015 \(filed as Exhibit 10.1 to Post-Effective Amendment No. 6 to the Registration) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 471.32 Td (Statement on August 12, 2015 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 66.75 456.32 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 456.32 Td (Amendment No. 2 to Selected Dealer Agreement, dated as of September 3, 2015, by and between Hines) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 446.32 Td (Global REIT II, Inc., Hines Securities, Inc., Hines Global REIT II Advisors LP and Ameriprise Financial) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 436.32 Td (Services, Inc. \(filed as Exhibit 10.1 to the Registrants Current Report on Form 8-K filed on September 10,) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 426.32 Td (2015 and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 64.25 409.32 Td (31.1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 409.32 Td (Certification) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.25 394.32 Td (31.2*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 394.32 Td (Certification) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.25 379.32 Td (32.1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 379.32 Td (Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18U.S.C., Section 1350, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 369.32 Td (adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Pursuant to SEC Release 34-47551 this) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 359.32 Td (Exhibit is furnished to the SEC herewith and shall not be deemed to be filed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.50 344.32 Td (101*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 344.32 Td (The following materials from Hines Global REIT II, Inc.s Quarterly Report on Form 10-Q for the quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 334.32 Td (ended September 30, 2015, filed on November 9, 2015, formatted in XBRL \(eXtensible Business Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 324.32 Td (Language\): \(i\) Condensed Consolidated Balance Sheets, \(ii\) Condensed Consolidated Statements of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 314.32 Td (Operations, \(iii\) Condensed Consolidated Statements of Equity \(Deficit\), \(iv\) Condensed Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 304.32 Td (Statements of Cash Flows, and \(v\) Notes to the Condensed Consolidated Financial Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 274.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 274.32 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.35 713.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 524.96 713.25 Td (3.5) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 222.75 682.5720703125 m 389.25 682.5720703125 l s q 0 0 0 rg BT 222.75 684.45 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 313.78 684.45 Td ( REIT) Tj ET Q q 0 0 0 rg BT 345.91 684.45 Td ( II, INC.) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 212.15 668.1720703125 m 399.84921875 668.1720703125 l s q 0 0 0 rg BT 212.15 670.05 Td (AMENDMENT) Tj ET Q q 0 0 0 rg BT 293.26 670.05 Td ( NO. 1 ) Tj ET Q q 0 0 0 rg BT 329.04 670.05 Td (T) Tj ET Q q 0 0 0 rg BT 336.83 670.05 Td (O BYLA) Tj ET Q q 0 0 0 rg BT 381.18 670.05 Td (WS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 619.65 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 273.00 605.25 Td (AR) Tj ET Q q 0 0 0 rg BT 289.91 605.25 Td (TICLE X) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 166.05 578.85 Td (EXCLUSIVE FORUM FOR CER) Tj ET Q q 0 0 0 rg BT 340.64 578.85 Td (T) Tj ET Q q 0 0 0 rg BT 347.75 578.85 Td (AIN LITIGA) Tj ET Q q 0 0 0 rg BT 415.21 578.85 Td (TION) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 148.50 552.45 Td (Unless the Corporation consents in writing to the selection of an alternative ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 538.05 Td (forum, the Circuit Court for Baltimore City) Tj ET Q q 0 0 0 rg BT 279.52 538.05 Td (, Maryland, or) Tj ET Q q 0 0 0 rg BT 347.69 538.05 Td (, if that Court does not have ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 523.65 Td (jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 509.25 Td (shall be the sole and exclusive forum for \(a\) any derivative action or proceeding brought on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 494.85 Td (behalf of the Corporation, \(b\) any action asserting a claim of breach of any duty owed by any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 480.45 Td (director or of) Tj ET Q q 0 0 0 rg BT 135.09 480.45 Td (ficer or other employee of the Corporation to the Corporation or to the stockholders ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.05 Td (of the Corporation, \(c\) any action asserting a claim against the Corporation or any director or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 451.65 Td (of) Tj ET Q q 0 0 0 rg BT 81.78 451.65 Td (ficer or other employee of the Corporation arising pursuant to any provision of the MGCL, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 437.25 Td (Charter or these Bylaws, or \(d\) any action asserting a claim against the Corporation or any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 422.85 Td (director or of) Tj ET Q q 0 0 0 rg BT 135.09 422.85 Td (ficer or other employee of the Corporation that is governed by the internal af) Tj ET Q q 0 0 0 rg BT 503.07 422.85 Td (fairs ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 408.45 Td (doctrine.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.35 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.25 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.70 718.25 Td (CER) Tj ET Q q 0 0 0 rg BT 286.46 718.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 320.72 718.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.05 706.25 Td (PURSUANT) Tj ET Q q 0 0 0 rg BT 284.32 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 286.64 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 293.13 706.25 Td (O SECTION302 OF) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.55 694.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 333.04 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 334.99 694.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 355.92 694.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 371.93 694.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (I, Sherri ) Tj ET Q q 0 0 0 rg BT 85.09 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 93.61 670.25 Td (. Schugart, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.25 Td (I have reviewed this quarterly report on Form 10-Q of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 382.41 646.25 Td ( II, Inc.;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.25 Td (Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.25 Td (fact necessary to make the statements made, in light of the circumstances under which such statements were made, not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 Td (misleading with respect to the period covered by this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (3. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (Based on my knowledge, the financial statements, and other financial information included in this report, fairly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.25 Td (present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.25 Td (for) Tj ET Q q 0 0 0 rg BT 97.26 550.25 Td (, the periods presented in this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td (4. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 144.59 526.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 223.55 526.25 Td (ficer\(s\) and I are responsible for establishing and maintaining disclosure controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.25 Td (and procedures \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 247.60 514.25 Td (Act Rules 13a-15\(e\) and 15d-15\(e\)\) for the registrant and have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 490.25 Td (a. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 490.25 Td (designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 478.25 Td (designed under our supervision, to ensure that material information relating to the registrant, including its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 466.25 Td (consolidated subsidiaries, is made known to us by others within those entities, particularly during the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 454.25 Td (in which this report is being prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 430.25 Td (b. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 430.25 Td (intentionally omitted;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 406.25 Td (c. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 406.25 Td (evaluated the ef) Tj ET Q q 0 0 0 rg BT 185.12 406.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 298.13 406.25 Td (s disclosure controls and procedures and presented in this report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 394.25 Td (our conclusions about the ef) Tj ET Q q 0 0 0 rg BT 234.57 394.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 382.25 Td (covered by this report based on such evaluation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 358.25 Td (d. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 358.25 Td (disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 328.61 358.25 Td (s internal control over financial reporting that occurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 346.25 Td (during the registrant) Tj ET Q q 0 0 0 rg BT 205.87 346.25 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 374.69 346.25 Td (s fourth fiscal quarter in the case of an annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 334.25 Td (report\) that has materially af) Tj ET Q q 0 0 0 rg BT 235.66 334.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 417.07 334.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 492.32 334.25 Td (s internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 322.25 Td (over financial reporting; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 298.25 Td (5. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 144.59 298.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 223.55 298.25 Td (ficer\(s\) and I have disclosed, based on our most recent evaluation of internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td (over financial reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 250.94 286.25 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 457.00 286.25 Td (s board of directors \(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td (persons performing the equivalent functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 250.25 Td (a. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 250.25 Td (all significant deficiencies and material weaknesses in the design or operation of internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 238.25 Td (financial reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 370.05 238.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 442.80 238.25 Td (s ability to record, process, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 226.25 Td (summarize and report financial information; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 202.25 Td (b. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 202.25 Td (any fraud, whether or not material, that involves management or other employees who have a significant role ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 190.25 Td (in the registrant) Tj ET Q q 0 0 0 rg BT 187.54 190.25 Td (s internal control over financial reporting.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 153.75 m 360.5 153.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 158.32 Td (November 9, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 158.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 158.32 Td (/s/ Sherri W. Schugart) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 158.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 158.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 144.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 144.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 144.32 Td (Sherri W. 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