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ET q 0 0 0 rg BT 379.00 622.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 622.21 Td (73,815,770) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 622.21 Td ($) 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 (4,355,229) 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 440.25 594.21 Td (88,517) 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 (32,544) 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 (2,305,425) 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 (54,555,574) 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 financing costs, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 538.21 Td (585,318) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 538.21 Td (8,925) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 524.21 Td (Other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.25 524.21 Td (54,203) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 524.21 Td (446,275) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 510.20 Td (Total assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 510.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 510.21 Td (135,792,580) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 510.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 510.21 Td (28,550,814) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 155.35 496.20 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 482.20 Td (Liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 468.21 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 468.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 468.21 Td (1,203,395) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 468.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 468.21 Td (259,111) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 454.21 Td (Due to affiliates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 454.21 Td (4,236,908) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 454.21 Td (5,213,634) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 440.21 Td (Intangible lease liabilities, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 440.21 Td (2,724,205) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 440.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 426.21 Td (Other liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 426.21 Td (1,780,515) 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 (Distributions payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 412.21 Td (231,649) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 412.21 Td (18,371) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 398.21 Td (Note payable to affiliate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 398.21 Td (30,717,714) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 398.21 Td (24,200,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 384.21 Td (Note payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 384.21 Td (61,238,880) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 384.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 370.20 Td (Total liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 370.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 370.21 Td (102,133,266) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 370.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 370.21 Td (29,691,116) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 342.21 Td (Commitments and contingencies \(Note 11\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 342.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 342.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 314.20 Td (Equity:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 314.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 314.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 300.21 Td (Stockholders equity \(deficit\):) 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 (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 52.00 277.21 Td (or outstanding as of June 30, 2015 and December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 277.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 277.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 264.01 Td (Class A common stock, $0.001 par value; 1,500,000,000 authorized; 5,319,207 and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 255.01 Td (420,541 issued and outstanding as of June 30, 2015 and December 31, 2014,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 246.01 Td (respectively) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 246.21 Td (5,319) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 246.21 Td (421) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 232.21 Td (Additional paid-in capital) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 232.21 Td (41,137,558) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 232.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 218.21 Td (Accumulated deficit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 218.21 Td (\(6,804,416) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 218.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 218.21 Td (\(1,140,723) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 218.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 204.21 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.75 204.21 Td (\(679,147) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 204.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 204.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 190.21 Td (Total stockholders equity \(deficit\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 190.21 Td (33,659,314) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 190.21 Td (\(1,140,302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 190.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 176.21 Td (Noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 176.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 176.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 162.21 Td (Total equity \(deficit\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 162.21 Td (33,659,314) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 162.21 Td (\(1,140,302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 162.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 148.20 Td (Total liabilities and equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 148.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 148.21 Td (135,792,580) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 148.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.50 148.21 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 183.25 120.25 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 175.65 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 191.02 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.17 718.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 225.65 718.25 Td (ee and Six) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.99 718.25 Td ( Months Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.07 718.25 Td (June30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.13 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.26 718.25 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 50.50 653.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 653.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 653.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 653.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 653.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 653.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 653.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 653.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 623.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 623.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 623.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 623.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 623.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 623.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 623.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 623.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 593.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 593.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 593.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 593.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 593.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 593.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 593.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 593.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 563.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 563.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 563.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 563.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 563.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 533.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 533.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 533.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 533.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 503.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 503.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 503.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 503.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 473.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 473.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 473.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 473.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 444.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 444.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 444.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 444.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 444.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 444.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 444.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 444.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 414.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 414.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 414.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 414.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 414.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 414.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 414.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 414.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 384.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 384.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 384.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 384.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 384.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 384.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 384.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 384.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 344.75 216.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 344.75 71.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 344.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 344.75 71.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 344.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 344.75 71.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 344.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 344.75 71.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 295.75 216.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 295.75 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 295.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 295.75 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 295.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 295.75 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 295.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 295.75 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 245.75 216.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 245.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 245.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 245.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 245.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 245.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 245.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 245.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 216.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 216.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 216.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 216.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 216.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 216.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 216.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 216.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 186.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 186.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 186.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 186.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 186.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 186.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 186.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 186.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 146.75 216.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 146.75 71.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 146.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 146.75 71.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 146.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 146.75 71.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 146.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 146.75 71.00 -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 266.5 667.75 m 337.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 667.75 m 412.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 667.75 m 487.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 667.75 m 562.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 623.75 m 337.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 623.75 m 412.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 623.75 m 487.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 623.75 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 341.5 623.75 m 412.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 488.75 m 337.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 488.75 m 412.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 488.75 m 487.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 488.75 m 562.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 488.75 m 337.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 488.75 m 412.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 473.75 m 412.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 488.75 m 487.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 473.75 m 487.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 473.75 m 562.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 473.75 m 337.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 473.75 m 412.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 473.75 m 487.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 473.75 m 562.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 384.75 m 337.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 384.75 m 412.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 384.75 m 487.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 384.75 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 266.5 384.75 m 337.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 384.75 m 412.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 384.75 m 487.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 384.75 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 341.5 344.75 m 412.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 344.75 m 487.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 344.75 m 562.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 344.75 m 337.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 321.75 m 337.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 319.75 m 337.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 344.75 m 412.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 321.75 m 412.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 319.75 m 412.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 344.75 m 487.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 321.75 m 487.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 319.75 m 487.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 344.75 m 562.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 321.75 m 562.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 319.75 m 562.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 296.75 m 337.5 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 294.75 m 337.5 294.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 296.75 m 412.5 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 294.75 m 412.5 294.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 296.75 m 487.5 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 294.75 m 487.5 294.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 296.75 m 562.5 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 294.75 m 562.5 294.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 271.75 m 337.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 269.75 m 337.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 271.75 m 412.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 269.75 m 412.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 271.75 m 487.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 269.75 m 487.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 271.75 m 562.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 269.75 m 562.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 246.75 m 337.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 244.75 m 337.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 246.75 m 412.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 244.75 m 412.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 246.75 m 487.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 244.75 m 487.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 246.75 m 562.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 244.75 m 562.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 186.75 m 337.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 186.75 m 412.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 186.75 m 487.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 186.75 m 562.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 186.75 m 337.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 186.75 m 412.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 146.75 m 337.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 146.75 m 412.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 146.75 m 487.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 146.75 m 562.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 123.75 m 337.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 121.75 m 337.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 123.75 m 412.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 121.75 m 412.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 123.75 m 487.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 121.75 m 487.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 123.75 m 562.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 121.75 m 562.5 121.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.45 686.43 Td (Three Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 686.43 Td (Six Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.50 672.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.50 672.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.50 672.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 672.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 658.43 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 643.42 Td (Rental revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 643.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 643.42 Td (2,654,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 643.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 643.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 643.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 643.42 Td (3,888,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 643.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 643.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.42 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.15 628.42 Td (40,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 628.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 628.42 Td (52,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 628.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.42 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 613.42 Td (2,695,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 613.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 613.42 Td (3,940,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 613.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 598.43 Td (Expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 598.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 598.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 583.42 Td (Property operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 583.42 Td (542,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 583.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 583.42 Td (807,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 583.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 568.42 Td (Real property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.15 568.42 Td (74,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 568.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 568.42 Td (148,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 568.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.42 Td (Property management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.15 553.42 Td (36,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 553.42 Td (55,921) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 538.42 Td (1,211,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 538.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 538.42 Td (1,837,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 538.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.42 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 523.42 Td (105,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 523.42 Td (2,667,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.42 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 508.42 Td (251,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 508.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 508.42 Td (2,579,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 508.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 493.42 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 493.42 Td (332,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 493.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 493.42 Td (741,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 493.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 478.42 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 478.42 Td (2,553,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 478.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 478.42 Td (8,839,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 478.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 463.43 Td (Income \(loss\) before other income \(expenses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 463.42 Td (141,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 463.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 463.47 Td (\(4,898,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 463.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 463.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 449.43 Td (Other income \(expenses\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 434.42 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.15 434.42 Td (12,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 434.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 434.47 Td (\(14,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 434.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 434.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 419.42 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 419.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 419.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 419.47 Td (\(234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 419.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 419.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 404.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 404.47 Td (\(445,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 404.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 404.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 404.47 Td (\(746,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 404.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 404.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 389.42 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 389.42 Td (157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 389.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 389.42 Td (2,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 389.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 374.43 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 374.47 Td (\(291,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 374.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 374.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 374.47 Td (\(5,657,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 374.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 374.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 359.42 Td (Net \(income\) loss attributable to noncontrolling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.42 Td (interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 349.47 Td (\(3,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 349.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 349.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 349.47 Td (\(6,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 349.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 349.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 335.43 Td (Net income \(loss\) attributable to common) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 325.43 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 325.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 325.47 Td (\(294,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 325.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 325.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 325.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 325.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 325.47 Td (\(5,663,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 325.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 325.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 325.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 310.42 Td (Basic and diluted income \(loss\) per Class A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 300.42 Td (common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 300.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.80 300.47 Td (\(0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 300.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 300.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 300.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 300.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 300.47 Td (\(2.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 300.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 300.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 300.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 285.42 Td (Cash distributions declared per Class A common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 275.42 Td (share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 275.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 275.42 Td (0.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 275.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 275.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 275.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 275.42 Td (0.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 275.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 275.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 260.42 Td (Weighted average number of common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 250.42 Td (outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 250.42 Td (4,051,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 250.42 Td (1,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 250.42 Td (2,592,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 250.42 Td (1,114) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 236.43 Td (Comprehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 221.42 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 221.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 221.47 Td (\(291,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 221.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 221.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 221.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 221.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 221.47 Td (\(5,657,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 221.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 221.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 221.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 206.42 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 191.42 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 191.42 Td (918,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 191.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 191.47 Td (\(679,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 191.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 191.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 176.43 Td (Comprehensive income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 176.42 Td (627,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 176.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 176.47 Td (\(6,336,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 176.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 176.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 161.42 Td (Comprehensive \(income\) loss attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 151.42 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 151.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 151.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 151.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 151.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 137.43 Td (Comprehensive income \(loss\) attributable to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 127.43 Td (common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 127.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 127.42 Td (627,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 127.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 127.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 127.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 127.47 Td (\(6,336,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 127.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 127.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 127.42 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 99.25 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 198.85 716.25 Td (For) Tj ET Q q 0 0 0 rg BT 214.22 716.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.55 716.25 Td (Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.46 716.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.96 716.25 Td (June30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.02 716.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 716.25 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 26.50 637.75 137.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.50 637.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 637.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 637.75 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 637.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 637.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 637.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 637.75 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 637.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 637.75 69.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 637.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 637.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 637.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 637.75 66.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 26.50 616.75 137.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 525.75 137.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.50 525.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 525.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 525.75 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 525.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 525.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 525.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 525.75 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 525.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 525.75 69.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 525.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 525.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 525.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 525.75 66.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 490.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.50 490.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 490.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 490.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 490.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 490.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 490.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 490.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 490.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 490.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 490.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 490.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 490.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 490.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 455.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.50 455.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 455.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 455.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 455.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 455.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 455.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 455.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 455.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 455.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 455.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 455.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 455.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 455.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 427.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.50 427.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 427.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 427.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 427.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 427.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 427.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 427.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 427.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 427.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 427.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 427.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 427.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 427.75 66.00 -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 163.5 679.75 m 208.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 665.75 m 208.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 679.75 m 212.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 665.75 m 212.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 679.75 m 250.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 665.75 m 250.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 679.75 m 254.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 679.75 m 314.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 679.75 m 318.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 679.75 m 377.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 679.75 m 381.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 679.75 m 450.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 679.75 m 454.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 679.75 m 514.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 651.75 m 208.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 651.75 m 212.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 651.75 m 250.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 637.75 m 208.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 637.75 m 250.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 637.75 m 314.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 637.75 m 377.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 637.75 m 450.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 637.75 m 514.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 637.75 m 584.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 616.75 m 208.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 596.75 m 208.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 594.75 m 208.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 616.75 m 250.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 596.75 m 250.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 594.75 m 250.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 616.75 m 314.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 596.75 m 314.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 594.75 m 314.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 616.75 m 377.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 596.75 m 377.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 594.75 m 377.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 616.75 m 450.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 596.75 m 450.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 594.75 m 450.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 616.75 m 514.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 596.75 m 514.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 594.75 m 514.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 616.75 m 584.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 596.75 m 584.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 594.75 m 584.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 567.75 m 208.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 553.75 m 208.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 567.75 m 212.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 553.75 m 212.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 567.75 m 250.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 553.75 m 250.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 567.75 m 254.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 567.75 m 314.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 567.75 m 318.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 567.75 m 377.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 567.75 m 381.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 567.75 m 450.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 567.75 m 454.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 567.75 m 514.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 539.75 m 208.5 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 539.75 m 212.5 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 539.75 m 250.5 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 525.75 m 208.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 525.75 m 250.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 525.75 m 314.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 525.75 m 377.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 525.75 m 450.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 525.75 m 514.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 525.75 m 584.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 413.75 m 208.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 393.75 m 208.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 391.75 m 208.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 413.75 m 250.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 393.75 m 250.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 391.75 m 250.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 413.75 m 314.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 393.75 m 314.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 391.75 m 314.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 413.75 m 377.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 393.75 m 377.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 391.75 m 377.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 413.75 m 450.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 393.75 m 450.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 391.75 m 450.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 413.75 m 514.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 393.75 m 514.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 391.75 m 514.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 413.75 m 584.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 393.75 m 584.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 391.75 m 584.5 391.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.40 684.20 Td (Hines Global REIT II, Inc. 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q 0 0 0 rg BT 468.25 530.20 Td (\(Deficit\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.05 539.20 Td (Noncontrolling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.30 530.20 Td (Interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 192.35 544.20 Td (Class A) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 172.55 530.20 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 215.20 530.20 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 516.98 Td (Balance as of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 508.98 Td (January 1, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.75 509.21 Td (420,541) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 215.00 509.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 233.50 509.21 Td (421) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.00 509.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.00 509.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.00 509.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.00 509.21 Td (\(1,140,723) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.00 509.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 509.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 509.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 509.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 509.21 Td (\(1,140,302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.00 509.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.00 509.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 509.21 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 495.00 Td (Issuance of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.00 495.21 Td (4,898,666) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.75 495.21 Td (4,898) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.50 495.21 Td (48,833,704) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 495.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 495.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.50 495.21 Td (48,838,602) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 495.21 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 481.00 Td (Distributions declared) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 481.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.00 481.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.75 481.21 Td (\(717,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.00 481.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 481.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 481.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 481.21 Td (\(717,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.00 481.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.75 481.21 Td (\(6,020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 481.21 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 468.00 Td (Selling commissions and dealer) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 460.00 Td (manager fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 460.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.00 460.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 460.21 Td (\(4,765,876) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.00 460.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 460.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 460.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 460.21 Td (\(4,765,876) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.00 460.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 460.21 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 446.00 Td (Issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 446.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.00 446.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 446.21 Td (\(2,213,213) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.00 446.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 446.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 446.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 446.21 Td (\(2,213,213) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.00 446.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 446.21 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 432.00 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 432.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.00 432.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.00 432.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.00 432.21 Td (\(5,663,693) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.00 432.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 432.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 432.21 Td (\(5,663,693) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.00 432.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.75 432.21 Td (6,020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 418.00 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.00 418.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.00 418.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.00 418.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.00 418.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.75 418.21 Td (\(679,147) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.00 418.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 418.21 Td (\(679,147) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.00 418.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 418.21 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 404.98 Td (Balance as of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 396.98 Td (June 30, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.00 397.21 Td (5,319,207) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 215.00 397.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.75 397.21 Td (5,319) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.00 397.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.50 397.21 Td (41,137,558) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.00 397.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.00 397.21 Td (\(6,804,416) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.00 397.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 397.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.75 397.21 Td (\(679,147) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.00 397.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 397.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.50 397.21 Td (33,659,314) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.00 397.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 397.21 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 369.25 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 198.85 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 214.22 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.55 718.25 Td (Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.46 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.96 718.25 Td (June30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.02 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 718.25 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 49.50 667.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 667.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 667.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 667.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 639.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 639.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 639.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 639.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 611.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 611.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 611.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 583.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 583.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 583.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 583.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 555.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 555.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 555.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 555.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 527.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 527.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 527.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 527.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 499.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 499.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 499.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 499.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 471.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 471.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 471.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 471.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 443.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 443.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 443.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 443.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 415.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 415.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 415.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 415.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 387.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 387.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 387.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 387.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 359.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 359.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 359.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 359.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 331.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 331.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 331.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 331.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 303.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 303.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 303.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 303.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 275.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 275.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 275.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 275.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 247.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 247.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 247.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 247.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 219.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 219.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 219.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 219.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 191.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 191.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 191.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 191.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 163.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 163.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 163.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 163.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 135.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 135.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 135.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 135.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 107.75 348.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 107.75 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 107.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 107.75 80.00 -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 397.5 681.75 m 477.5 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 681.75 m 561.5 681.75 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 397.5 499.75 m 477.5 499.75 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 481.5 499.75 m 561.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 457.75 m 477.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 443.75 m 477.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 457.75 m 561.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 443.75 m 561.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 289.75 m 477.5 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 289.75 m 477.5 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 275.75 m 477.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 289.75 m 561.5 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 275.75 m 561.5 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 233.75 m 477.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 220.75 m 477.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 218.75 m 477.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 233.75 m 561.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 220.75 m 561.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 218.75 m 561.5 218.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 686.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.00 686.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.00 686.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 672.20 Td (CASH FLOWS FROM OPERATING ACTIVITIES:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 658.21 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 658.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 658.21 Td (\(5,657,673) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 658.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 658.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 658.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 644.21 Td (Adjustments to reconcile net income \(loss\) to net cash from operating activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 630.21 Td (Depreciation and amortization) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 630.21 Td (1,743,525) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 630.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 616.21 Td (Foreign currency \(gains\) losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 616.21 Td (234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 616.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 602.21 Td (\(Gain\) loss on derivative instruments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 602.21 Td (14,511) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 602.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 588.21 Td (Changes in assets and liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 574.21 Td (Change in other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 574.21 Td (28,118) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 574.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 560.21 Td (Change in tenant and other receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 560.21 Td (\(2,036,576) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 560.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 560.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 546.21 Td (Change in accounts payable and accrued expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 546.21 Td (896,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 546.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 532.21 Td (Change in other liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 532.21 Td (1,346,621) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 532.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 518.21 Td (Change in due to affiliates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.75 518.21 Td (\(254,916) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 518.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 518.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 504.21 Td (Net cash from operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 504.21 Td (\(3,919,412) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 504.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 504.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 490.20 Td (CASH FLOWS FROM INVESTING ACTIVITIES:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 490.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 490.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 476.21 Td (Investments in acquired properties and lease intangibles) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 476.21 Td (\(102,689,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 476.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 476.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 462.21 Td (Change in restricted cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.25 462.21 Td (\(87,984) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 462.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 462.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 448.21 Td (Net cash from investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.00 448.21 Td (\(102,777,441) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 448.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 448.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 434.20 Td (CASH FLOWS FROM FINANCING ACTIVITIES:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 434.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 434.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 420.21 Td (Proceeds from issuance of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.50 420.21 Td (48,421,015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 420.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 406.21 Td (Payment of issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 406.21 Td (\(2,580,038) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 406.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 406.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 392.21 Td (Payment of selling commissions and dealer manager fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 392.21 Td (\(4,766,817) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 392.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 392.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 378.21 Td (Distributions paid to stockholders and noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.75 378.21 Td (\(279,449) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 378.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 378.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 364.21 Td (Proceeds from notes payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.50 364.21 Td (61,768,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 364.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 350.21 Td (Proceeds from related party note payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.50 350.21 Td (50,300,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 350.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 336.21 Td (Payments on related party notes payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 336.21 Td (\(43,782,286) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 336.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 336.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 322.21 Td (Change in security deposit liability) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.50 322.21 Td (\(247) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 322.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 322.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 308.21 Td (Deferred financing costs paid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.75 308.21 Td (\(625,876) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 308.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 308.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 294.21 Td (Payments related to interest rate contracts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.25 294.21 Td (\(47,876) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 294.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 294.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 280.21 Td (Net cash from financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 280.21 Td (108,407,226) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 280.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 266.20 Td (Effect of exchange rate changes on cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.25 266.21 Td (\(81,886) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 266.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 266.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 252.20 Td (Net change in cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 252.21 Td (1,628,487) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 252.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 238.20 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 238.21 Td (2,726,742) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 238.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 224.20 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 224.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 224.21 Td (4,355,229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 224.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 224.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 196.20 Td (Supplemental Disclosure of Cash Flow Information) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 182.21 Td (Cash paid for interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 182.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 182.21 Td (445,077) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 182.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 182.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 154.20 Td (Supplemental Schedule of Non-Cash Investing and Financing Activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 140.21 Td (Distributions declared and unpaid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 140.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 140.21 Td (231,649) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 140.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 140.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 126.21 Td (Distributions reinvested) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 126.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 126.21 Td (230,350) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 126.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 126.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 112.21 Td (Offering proceeds due from transfer agent) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 112.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 112.21 Td (249,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 112.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 112.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 98.21 Td (Non-cash net liabilities acquired) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 98.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 98.21 Td (470,144) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 98.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 98.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 84.21 Td (Offering costs payable to the Advisor) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 84.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 84.21 Td (1,848,513) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 84.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 84.21 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 56.25 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 175.65 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 191.02 718.25 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.17 718.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 225.65 718.25 Td (ee and Six) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.99 718.25 Td ( Months Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.07 718.25 Td (June30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.13 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.26 718.25 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 (June30, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.38 634.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.38 634.25 Td (December31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.97 634.25 Td (, the r) Tj ET Q q 0 0 0 rg BT 504.20 634.25 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 six) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.45 622.25 Td ( months ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.72 622.25 Td (June30, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.09 622.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.09 622.25 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.09 622.25 Td ( and cash flows for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.43 622.25 Td (six months ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.31 622.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 496.81 622.25 Td (June30, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.18 622.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 610.25 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.50 610.25 Td ( have been included. The r) Tj ET Q q 0 0 0 rg BT 195.71 610.25 Td (esults of operations for such interim periods ar) Tj ET Q q 0 0 0 rg BT 383.95 610.25 Td (e not necessarily indicative of the r) Tj ET Q q 0 0 0 rg BT 524.10 610.25 Td (esults for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (the full year) Tj ET Q q 0 0 0 rg BT 97.21 598.25 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 (0.4%) 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 (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.60 478.25 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 ($2,500,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.05 454.25 Td ( of Class ) Tj ET Q q 0 0 0 rg BT 440.00 454.25 Td (A) Tj ET Q q 0 0 0 rg BT 446.67 454.25 Td ( common stock, at a price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 442.25 Td ( per share for sale to the public \(the Of) Tj ET Q q 0 0 0 rg BT 236.42 442.25 Td (fering\). ) Tj ET Q q 0 0 0 rg BT 275.39 442.25 Td (The Company engaged Hines Securities, Inc. \(HSI\), an af) Tj ET Q q 0 0 0 rg BT 514.84 442.25 Td (filiate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.17 430.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 95.99 430.25 Td (, to serve as the dealer manager for the Of) Tj ET Q q 0 0 0 rg BT 263.51 430.25 Td (fering and market its shares. ) Tj ET Q q 0 0 0 rg BT 380.97 430.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.42 430.25 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.25 430.25 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (raised suf) Tj ET Q q 0 0 0 rg BT 88.42 418.25 Td (ficient of) Tj ET Q q 0 0 0 rg BT 124.61 418.25 Td (fering proceeds to satisfy the minimum of) Tj ET Q q 0 0 0 rg BT 292.17 418.25 Td (fering requirements for the Of) Tj ET Q q 0 0 0 rg BT 412.50 418.25 Td (fering with respect to all states other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (than Pennsylvania. ) Tj ET Q q 0 0 0 rg BT 130.36 406.25 Td (The Company will not accept subscriptions from Pennsylvania residents until the Company has received at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.83 394.25 Td ($100.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.72 394.25 Td ( in aggregate gross proceeds from investors in the Of) Tj ET Q q 0 0 0 rg BT 341.42 394.25 Td (fering who are not Pennsylvania residents. ) Tj ET Q q 0 0 0 rg BT 515.83 394.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (August10, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.39 382.25 Td (, the Company had received gross of) Tj ET Q q 0 0 0 rg BT 262.56 382.25 Td (fering proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.80 382.25 Td ($63.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.69 382.25 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.73 382.25 Td (6.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.62 382.25 Td ( Class ) Tj ET Q q 0 0 0 rg BT 529.74 382.25 Td (A) Tj ET Q q 0 0 0 rg BT 536.41 382.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (common shares. See Note 12 Subsequent Events regarding the amendment to the Company) Tj ET Q q 0 0 0 rg BT 433.53 370.25 Td (s initial registration statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (to of) Tj ET Q q 0 0 0 rg BT 68.43 358.25 Td (fer a combination of Class ) Tj ET Q q 0 0 0 rg BT 175.90 358.25 Td (A) Tj ET Q q 0 0 0 rg BT 182.57 358.25 Td ( shares and Class ) Tj ET Q q 0 0 0 rg BT 253.49 358.25 Td (T) Tj ET Q q 0 0 0 rg BT 259.42 358.25 Td ( shares, which was declared ef) Tj ET Q q 0 0 0 rg BT 380.85 358.25 Td (fective by the SEC on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.56 358.25 Td (August 12, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.95 358.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 Td (The Company intends to invest the net proceeds from the Of) Tj ET Q q 0 0 0 rg BT 309.98 334.25 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 50.00 322.25 Td (estate properties and other real estate investments throughout the United States and internationally) Tj ET Q q 0 0 0 rg BT 442.57 322.25 Td (. ) Tj ET Q q 0 0 0 rg BT 449.52 322.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.96 322.25 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.79 322.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (Company owned direct investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.36 310.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.36 310.25 Td ( properties. ) Tj ET Q q 0 0 0 rg BT 271.17 310.25 Td (These properties consist of 2819 Loker ) Tj ET Q q 0 0 0 rg BT 429.46 310.25 Td (A) Tj ET Q q 0 0 0 rg BT 435.94 310.25 Td (venue East, a Class ) Tj ET Q q 0 0 0 rg BT 515.09 310.25 Td (A) Tj ET Q q 0 0 0 rg BT 521.76 310.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (industrial building located in Carlsbad, California and Bishop) Tj ET Q q 0 0 0 rg BT 299.40 298.25 Td (s Square, a Class ) Tj ET Q q 0 0 0 rg BT 369.12 298.25 Td (A) Tj ET Q q 0 0 0 rg BT 375.79 298.25 Td ( of) Tj ET Q q 0 0 0 rg BT 386.44 298.25 Td (fice building located in Dublin, Ireland.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (2. SUMMAR) Tj ET Q q 0 0 0 rg BT 107.75 274.25 Td (Y) Tj ET Q q 0 0 0 rg BT 114.60 274.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 130.62 274.25 Td ( SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 199.62 274.25 Td ( ) Tj ET Q q 0 0 0 rg BT 201.57 274.25 Td (ACCOUNTING POLICIES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 250.25 Td (International Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 226.25 Td (The Euro \(EUR\) is the functional currency for the Company) Tj ET Q q 0 0 0 rg BT 320.47 226.25 Td (s subsidiary operating in Ireland. ) Tj ET Q q 0 0 0 rg BT 456.65 226.25 Td (This subsidiary has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (translated its financial statements into U.S. dollars for reporting purposes. ) Tj ET Q q 0 0 0 rg BT 348.88 214.25 Td (Assets and liabilities are translated at the exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (rate in ef) Tj ET Q q 0 0 0 rg BT 84.85 202.25 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 49.50 190.25 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 49.50 178.25 Td (are included in accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 388.37 178.25 Td ( equity) Tj ET Q q 0 0 0 rg BT 415.22 178.25 Td (. Upon disposal of this subsidiary) Tj ET Q q 0 0 0 rg BT 550.96 178.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (the Company will remove the accumulated translation adjustment from stockholders) Tj ET Q q 0 0 0 rg BT 390.06 166.25 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 49.50 154.25 Td (disposal in its consolidated statement of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 130.25 Td (This subsidiary may have transactions denominated in currencies other than its functional currency) Tj ET Q q 0 0 0 rg BT 462.84 130.25 Td (. In these instances, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 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 408.61 118.25 Td (fect at the end of the period and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (income statement accounts are remeasured at the average exchange rate for the period. ) Tj ET Q q 0 0 0 rg BT 400.53 106.25 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 94.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 94.25 Td (s results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 70.25 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 70.25 Td (, denominated in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (currency other than its functional currency) Tj ET Q q 0 0 0 rg BT 219.06 58.25 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 46.25 Td (expected based upon the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 225.62 46.25 Td (fect when the transaction was initiated.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.14 730.10 Td (enant and Other Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 706.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.77 706.10 Td (, tenant and other receivables primarily consisted of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.36 706.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.25 706.10 Td ( receivable from the trust manager of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (Bishop) Tj ET Q q 0 0 0 rg BT 80.62 694.10 Td (s Square, which was collected in July 2015. ) Tj ET Q q 0 0 0 rg BT 259.75 694.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 309.66 694.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.32 694.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.58 694.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.17 694.10 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (recorded a receivable from its transfer agent related to of) Tj ET Q q 0 0 0 rg BT 276.70 682.10 Td (fering proceeds not yet received of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.30 682.10 Td ($249,438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.24 682.10 Td ($62,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.74 682.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (respectively) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.81 670.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 646.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 93.15 646.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 622.10 Td (Other assets included the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 596.60 314.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 596.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 596.60 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 596.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 566.60 314.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 566.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 566.60 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 566.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 536.60 314.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 536.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 536.60 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 536.60 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 368 596.6 m 445 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 596.6 m 548 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 536.6 m 445 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 536.6 m 548 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 522.6 m 445 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 520.6 m 445 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 522.6 m 548 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 520.6 m 548 520.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 601.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.95 601.28 Td (June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 601.28 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 586.27 Td (Deferred issuer costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.50 586.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 586.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 586.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 586.27 Td (364,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 571.27 Td (Prepaid insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 571.27 Td (23,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 571.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 556.27 Td (Prepaid officer and director insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 556.27 Td (26,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 556.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 541.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 541.27 Td (4,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 541.27 Td (81,574) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 550.50 546.43 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 526.27 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.50 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 526.27 Td (54,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 526.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 526.27 Td (446,275) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 498.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 498.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.94 498.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.53 498.10 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 67.50 486.10 Td (dif) Tj ET Q q 0 0 0 rg BT 78.43 486.10 Td (ferences with respect to the acquisition of 2819 Loker ) Tj ET Q q 0 0 0 rg BT 295.86 486.10 Td (A) Tj ET Q q 0 0 0 rg BT 302.34 486.10 Td (venue East.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 462.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 438.10 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 542.80 438.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.10 Td (Straight-line rent receivables were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.44 426.10 Td ($288,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.94 426.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.38 426.10 Td ($5,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.88 426.10 Td ( as of June30, 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 426.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.89 426.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 504.55 426.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 402.10 Td (Issuer ) Tj ET Q q 0 0 0 rg BT 94.44 402.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 378.10 Td (The Company reimburses the ) Tj ET Q q 0 0 0 rg BT 187.48 378.10 Td (Advisor and its af) Tj ET Q q 0 0 0 rg BT 258.67 378.10 Td (filiates for any issuer costs related to the Of) Tj ET Q q 0 0 0 rg BT 432.88 378.10 Td (fering that it pays on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 366.10 Td (s behalf. Such costs consist of, among other costs, expenses of the Company) Tj ET Q q 0 0 0 rg BT 402.22 366.10 Td (s or) Tj ET Q q 0 0 0 rg BT 416.77 366.10 Td (ganization, actual legal, accounting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.10 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 49.50 342.10 Td (fees, data processing fees, advertising and sales literature and other of) Tj ET Q q 0 0 0 rg BT 328.66 342.10 Td (fering-related costs. ) Tj ET Q q 0 0 0 rg BT 412.88 342.10 Td (The Company did not have an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.10 Td (obligation to reimburse the ) Tj ET Q q 0 0 0 rg BT 159.48 330.10 Td (Advisor for any issuer costs until it achieved its minimum of) Tj ET Q q 0 0 0 rg BT 402.04 330.10 Td (fering requirements on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.62 330.10 Td (September26, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 318.10 Td (. ) Tj ET Q q 0 0 0 rg BT 76.82 318.10 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 480.43 318.10 Td (ganizational issuer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 306.10 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 49.50 294.10 Td (andof) Tj ET Q q 0 0 0 rg BT 74.59 294.10 Td (fering-related issuer costs are recorded as an of) Tj ET Q q 0 0 0 rg BT 262.93 294.10 Td (fset to additional paid-in capital. From inception to June30, 2015, issuer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.10 Td (costs incurred by the ) Tj ET Q q 0 0 0 rg BT 134.48 282.10 Td (Advisor on the Company) Tj ET Q q 0 0 0 rg BT 238.08 282.10 Td (s behalf totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.67 282.10 Td ($6.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.56 282.10 Td (, of which approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.59 282.10 Td ($45,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.09 282.10 Td ( related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.10 Td (or) Tj ET Q q 0 0 0 rg BT 57.65 270.10 Td (ganizational issuer costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 246.10 Td (Per Shar) Tj ET Q q 0 0 0 rg BT 102.96 246.10 Td (e Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 222.10 Td (Net income \(loss\) per common share is calculated by dividing the net income \(loss\) attributable to common stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.10 Td (for each period by the weighted average number of common shares outstanding during such period. Net income \(loss\) per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (common share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.10 Td (outstanding. Earnings per share have been restated for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.09 186.10 Td (13,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.59 186.10 Td ( shares in stock dividends issued through the date of issuance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td (the financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 150.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 97.02 150.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 154.69 150.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 126.10 Td (In ) Tj ET Q q 0 0 0 rg BT 77.78 126.10 Td (April 2015, the Financial ) Tj ET Q q 0 0 0 rg BT 180.26 126.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 310.88 126.10 Td (ASB\) issued amendments to change the prior guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (concerning the presentation of debt issuance costs in the financial statements. Under this revised guidance, an entity will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. ) Tj ET Q q 0 0 0 rg BT 504.99 102.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (amendments are ef) Tj ET Q q 0 0 0 rg BT 124.84 90.10 Td (fective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 141.43 78.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.88 78.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.71 78.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.15 78.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.73 78.10 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.77 78.10 Td ($585,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.27 78.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.71 78.10 Td ($8,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.21 78.10 Td ( in deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.10 Td (financing fees presented as assets on its condensed consolidated balance sheet that it will be required to present as direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.10 Td (deductions from the Company) Tj ET Q q 0 0 0 rg BT 173.65 54.10 Td (s debt liabilities as a result of the revised guidance.) 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 67.50 730.10 Td (In June 2015, F) Tj ET Q q 0 0 0 rg BT 128.98 730.10 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 49.50 718.10 Td (of guidance, and make minor improvements to the ) Tj ET Q q 0 0 0 rg BT 253.06 718.10 Td (Accounting Standards Codification \(ASC or the Codification\) that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (not expected to have a significant ef) Tj ET Q q 0 0 0 rg BT 193.70 706.10 Td (fect on current accounting practice. ) Tj ET Q q 0 0 0 rg BT 339.84 706.10 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 441.55 706.10 Td (fective for fiscal years, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (interim periods within those years, beginning after December 15, 2015 and early adoption is permitted.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (3. INVESTMENT) Tj ET Q q 0 0 0 rg BT 129.56 670.10 Td ( PROPER) Tj ET Q q 0 0 0 rg BT 172.81 670.10 Td (TY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 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 316.01 646.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.84 646.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.28 646.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.86 646.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 608.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 608.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 608.60 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 608.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 578.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 578.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 578.60 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 578.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 548.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 548.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 548.60 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 548.60 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 368.5 608.6 m 458.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 608.6 m 562.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 608.6 m 562.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 578.6 m 458.5 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 578.6 m 562.5 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 548.6 m 458.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 548.6 m 562.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 534.6 m 458.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 532.6 m 458.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 534.6 m 562.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 532.6 m 562.5 532.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.95 613.28 Td (June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 613.28 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 598.27 Td (Buildings and improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 598.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 598.27 Td (67,243,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 598.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 598.27 Td (14,170,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 583.27 Td (Less: accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 583.32 Td (\(627,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 583.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 583.32 Td (\(14,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 583.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 568.27 Td (Buildings and improvements, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 568.27 Td (66,615,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 568.27 Td (14,155,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.27 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 553.27 Td (7,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 553.27 Td (7,200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.27 Td (Investment property, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 538.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 538.27 Td (73,815,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 538.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 538.27 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 68.00 510.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.83 510.10 Td (March 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.43 510.10 Td (, the Company acquired Bishop) Tj ET Q q 0 0 0 rg BT 256.57 510.10 Td (s Square, a Class ) Tj ET Q q 0 0 0 rg BT 326.29 510.10 Td (A) Tj ET Q q 0 0 0 rg BT 332.96 510.10 Td ( of) Tj ET Q q 0 0 0 rg BT 343.61 510.10 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 50.00 498.10 Td (Dublin, Ireland. ) Tj ET Q q 0 0 0 rg BT 118.41 498.10 Td (The net purchase price was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.75 498.10 Td (92.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.64 498.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.73 498.10 Td ($103.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.62 498.10 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.66 498.10 Td ($1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.16 498.10 Td ( per EUR as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (of the transaction date\), exclusive of transaction costs and working capital reserves. ) Tj ET Q q 0 0 0 rg BT 388.87 486.10 Td (The building contains approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (153,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 474.10 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 275.18 474.10 Td (99%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.51 474.10 Td ( leased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.77 474.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.43 474.10 Td ( tenants. See Note 4 Recent ) Tj ET Q q 0 0 0 rg BT 477.35 474.10 Td (Acquisitions of Real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (Estate for additional information on Bishop) Tj ET Q q 0 0 0 rg BT 226.91 462.10 Td (s Square.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 438.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 438.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.27 438.10 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 50.50 370.60 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 370.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 370.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 370.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 340.60 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 340.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 340.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 340.60 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 312.5 400.6 m 402.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 400.6 m 406.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 400.6 m 482.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 400.6 m 486.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 400.6 m 562.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 370.6 m 402.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 370.6 m 482.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 370.6 m 562.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 340.6 m 402.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 340.6 m 482.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 340.6 m 562.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 326.6 m 402.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 324.6 m 402.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 326.6 m 482.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 324.6 m 482.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 326.6 m 562.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 324.6 m 562.5 324.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 405.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.60 405.28 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 390.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.80 375.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.05 385.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.45 375.28 Td (Lease ) Tj ET Q q 0 0 0 rg BT 443.84 375.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 385.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.10 375.28 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 375.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 360.27 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 360.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 360.27 Td (55,317,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 360.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 360.27 Td (421,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 360.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 360.32 Td (\(2,863,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 360.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.27 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.30 345.32 Td (\(1,165,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 345.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 345.32 Td (\(18,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 345.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 345.27 Td (139,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.27 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 330.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 330.27 Td (54,152,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 330.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 330.27 Td (403,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 330.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 330.32 Td (\(2,724,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 330.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 302.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 302.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 302.10 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 50.50 234.60 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 234.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 234.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 234.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 204.60 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 204.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 204.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 204.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 204.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 204.60 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 312.5 264.6 m 402.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 264.6 m 406.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 264.6 m 482.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 264.6 m 486.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 264.6 m 562.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 234.60000000000002 m 402.5 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 234.60000000000002 m 482.5 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 234.60000000000002 m 562.5 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 204.60000000000002 m 402.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 204.60000000000002 m 482.5 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 204.60000000000002 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 312.5 190.60000000000002 m 402.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 188.60000000000002 m 402.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 190.60000000000002 m 482.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 188.60000000000002 m 482.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 190.60000000000002 m 562.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 188.60000000000002 m 562.5 188.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 269.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.60 269.28 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 254.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.80 239.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.05 249.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.45 239.28 Td (Lease ) Tj ET Q q 0 0 0 rg BT 443.84 239.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 249.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.10 239.28 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 239.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 224.27 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 224.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 224.27 Td (3,980,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 224.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 224.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 224.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 224.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 209.27 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 209.32 Td (\(34,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 209.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 209.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 209.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 194.27 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 194.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 194.27 Td (3,945,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 194.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 194.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 194.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 194.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.49 166.10 Td ($792,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.99 166.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.37 166.10 Td (three months ended June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.01 166.10 Td (. Net amortization of out-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (of-market leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.30 154.10 Td (resulted in an increase to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.71 154.10 Td ( rental revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.44 154.10 Td ($96,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.94 154.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.32 154.10 Td (three months ended June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.96 154.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.46 154.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.68 154.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 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 390.41 142.10 Td (three months ended June 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.05 142.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.49 118.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.38 118.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.76 118.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.75 118.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.25 118.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.08 118.10 Td (. Net amortization of out-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (of-market leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.30 106.10 Td (resulted in an increase to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.71 106.10 Td ( rental revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.44 106.10 Td ($129,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.94 106.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.32 106.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.32 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.82 106.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 106.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 106.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.37 106.10 Td ( amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (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 337.37 94.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.37 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.87 94.10 Td (June30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.70 94.10 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 (Anticipated amortization of the Company) Tj ET Q q 0 0 0 rg BT 237.40 742.10 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 502.30 742.10 Td (July 1, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (through December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.19 730.10 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 354.05 730.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.05 730.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.75 730.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.75 730.10 Td ( are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 683.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 683.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 683.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 683.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 653.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 653.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 653.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 653.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 623.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 623.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 623.60 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 392.5 683.6 m 482.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 683.6 m 562.5 683.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.75 688.28 Td (In-Place Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 698.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.80 688.28 Td (Leases, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 673.27 Td (July 1, 2015 through December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 673.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 673.27 Td (1,493,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 673.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 673.32 Td (\(162,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 673.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 658.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 658.27 Td (2,987,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 658.32 Td (\(324,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 658.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 643.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 643.27 Td (2,757,787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 643.32 Td (\(266,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 643.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 628.27 Td (2,363,113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 628.32 Td (\(168,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 628.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 613.27 Td (2,004,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 613.32 Td (\(168,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 613.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.00 585.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 561.10 Td (The Company has entered into non-cancelable lease agreements with tenants for space. ) Tj ET Q q 0 0 0 rg BT 421.20 561.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.64 561.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.47 561.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.10 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 301.31 549.10 Td (July 1, 2015 through December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.18 549.10 Td (, for each of the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.10 Td (ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.30 537.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.30 537.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 537.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.41 537.10 Td ( and thereafter are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 490.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 490.60 90.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 475.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 460.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 460.60 90.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 445.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 430.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 430.60 90.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 415.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 400.60 422.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 400.60 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 472.5 490.6 m 562.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 400.6 m 562.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 386.6 m 562.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 384.6 m 562.5 384.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 495.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.15 505.28 Td (Fixed Future) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.25 495.28 Td (Minimum Rentals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 480.27 Td (July 1, 2015 through December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 480.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 480.27 Td (3,978,928) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 465.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 465.27 Td (8,004,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 450.27 Td (8,272,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 435.27 Td (7,977,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 420.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 420.27 Td (7,242,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 405.27 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 405.27 Td (43,406,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 390.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 390.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 390.27 Td (78,882,570) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 362.10 Td (Of the Company) Tj ET Q q 0 0 0 rg BT 137.43 362.10 Td (s total rental revenue for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.38 362.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.38 362.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.88 362.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.71 362.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.97 362.10 Td (31%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 362.10 Td ( was earned from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (Acushnet, a tenant in the manufacturing industry) Tj ET Q q 0 0 0 rg BT 244.58 350.10 Td (, whose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.63 350.10 Td (lease expires in 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.77 350.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.03 350.10 Td (42%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.36 350.10 Td ( was earned from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (Commissioner of Public ) Tj ET Q q 0 0 0 rg BT 149.54 338.10 Td (W) Tj ET Q q 0 0 0 rg BT 158.18 338.10 Td (orks in Ireland, a state agency of Ireland, whose lease expires in 2028, and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.61 338.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.94 338.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (earned from International Financial Data Services, an investor record-keeping and transfer agency provider) Tj ET Q q 0 0 0 rg BT 478.58 326.10 Td (, whose lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (expires in 2024.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (4. RECENT) Tj ET Q q 0 0 0 rg BT 103.99 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.94 290.10 Td (ACQUISITIONS OF) Tj ET Q q 0 0 0 rg BT 195.87 290.10 Td ( REAL) Tj ET Q q 0 0 0 rg BT 225.60 290.10 Td ( EST) Tj ET Q q 0 0 0 rg BT 246.26 290.10 Td (A) Tj ET Q q 0 0 0 rg BT 252.74 290.10 Td (TE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 266.10 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 50.00 254.10 Td (price of each property acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.71 254.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.71 254.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 254.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.15 254.10 Td ( as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 200.60 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 200.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 200.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 200.60 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 200.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 200.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 200.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 200.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 200.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 200.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 200.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 200.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 200.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 158.60 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 158.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 158.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 158.60 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 158.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 158.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 158.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 158.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 158.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 158.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 158.60 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 158.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 158.60 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 50.5 214.60000000000002 m 175.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 214.60000000000002 m 227.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 214.60000000000002 m 305.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 214.60000000000002 m 356.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 214.60000000000002 m 424.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 214.60000000000002 m 499.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 214.60000000000002 m 562.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 200.60000000000002 m 175.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 158.60000000000002 m 175.5 158.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 86.25 218.83 Td (Property Name) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 183.40 226.83 Td (Acquisition) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 195.00 218.83 Td (Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.85 226.83 Td (Building and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.50 218.83 Td (Impr) Tj ET Q q 0 0 0 rg BT 261.13 218.83 Td (ovements) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 293.13 222.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.70 218.83 Td (Land) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 337.93 222.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.50 234.83 Td (In-place) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.70 226.83 Td (Lease) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.70 218.83 Td (Intangibles) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 411.93 222.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.80 234.83 Td (Out-of-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.80 226.83 Td (Market Lease) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.70 218.83 Td (Intangibles, Net) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 486.93 222.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.05 218.83 Td (T) Tj ET Q q 0 0 0 rg BT 524.65 218.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 537.54 222.46 Td ( \(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 103.50 205.05 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 191.06 Td (Bishops Square) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 186.95 191.06 Td (3/3/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 191.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.50 191.06 Td (53,643,075) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.00 191.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.00 191.06 Td () Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 359.00 195.70 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.00 191.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.50 191.06 Td (51,994,603) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 191.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 191.06 Td (\(2,478,077) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 191.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.00 191.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.00 191.06 Td (103,159,601) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 103.50 163.05 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 149.06 Td (2819 Loker Avenue East) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 182.45 149.06 Td (12/17/2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 149.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.50 149.06 Td (14,170,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.00 149.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.00 149.06 Td (7,200,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.00 149.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.00 149.06 Td (3,980,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 149.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 149.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.00 149.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.50 149.06 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 50.00 125.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 125.90 Td (For acquisitions denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 271.74 125.90 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 68.00 113.90 Td (ef) Tj ET Q q 0 0 0 rg BT 75.59 113.90 Td (fect on the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.90 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 89.90 Td (The land at Bishop) Tj ET Q q 0 0 0 rg BT 146.60 89.90 Td (s Square is subject to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.47 89.90 Td (999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.47 89.90 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 77.90 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 77.90 Td ($33.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.29 77.90 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 65.90 Td (will be amortized over the remaining term of the ground lease.) 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 68.00 742.10 Td (The purchase price allocation for each of the Company) Tj ET Q q 0 0 0 rg BT 290.69 742.10 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 50.00 730.10 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 68.00 706.10 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 50.00 694.10 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 49.50 645.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 645.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 645.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 645.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 645.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 645.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 645.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 601.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 601.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 601.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 601.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 601.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 601.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 601.60 122.00 -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 175.5 659.6 m 297.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 659.6 m 429.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 659.6 m 561.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 645.6 m 164.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 659.6 m 429.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 601.6 m 164.5 601.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.80 664.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.15 674.28 Td (Above-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 664.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.70 674.28 Td (Below-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.60 664.28 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 650.28 Td (2015 Acquisition:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 635.27 Td (Bishop) Tj ET Q q 0 0 0 rg BT 83.12 635.27 Td (s Square) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 117.28 639.80 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.25 635.27 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.75 635.27 Td (7.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.75 635.27 Td (8.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 606.28 Td (2014 Acquisition:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 591.27 Td (2819 Loker Avenue East) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.75 591.27 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 591.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 591.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 567.90 Td (Excludes the ef) Tj ET Q q 0 0 0 rg BT 129.46 567.90 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 68.00 543.90 Td (The table below includes the amounts of revenue and net income \(loss\) of the acquisition completed during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.54 543.90 Td (three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 531.90 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.67 531.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.50 531.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.33 531.90 Td (, which are included in the Company) Tj ET Q q 0 0 0 rg BT 328.56 531.90 Td (s condensed consolidated statements of operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.90 Td (comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.56 519.90 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.66 519.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.48 519.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.31 519.90 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 480.40 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 480.40 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 480.40 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 480.40 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 480.40 156.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 480.40 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 480.40 144.00 -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 255.5 480.4 m 411.5 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 480.4 m 562.5 480.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 480.4 m 411.5 480.4 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.75 500.08 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 500.08 Td (For the Six Months Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.00 485.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.95 485.08 Td (June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.95 485.08 Td (June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 470.07 Td (Bishops Square) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.00 470.07 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 470.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 470.07 Td (2,094,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 470.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 470.07 Td (2,744,411) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 455.08 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.00 455.07 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 455.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 455.07 Td (307,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 455.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 455.12 Td (\(2,518,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 455.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 426.90 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.69 426.90 Td (fect to the current year acquisition through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.90 Td (June30, 2015 as if the acquisition occurred on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.84 414.90 Td (January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.44 414.90 Td (. ) Tj ET Q q 0 0 0 rg BT 309.76 414.90 Td (The pro forma net loss was adjusted to exclude acquisition-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.90 Td (related expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.13 402.90 Td ($105,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.63 402.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.07 402.90 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.96 402.90 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.34 402.90 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.43 402.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.26 402.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.09 402.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 486.75 402.90 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.36 402.90 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.90 Td (and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.61 390.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.43 390.90 Td (June30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.26 390.90 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 517.40 390.90 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.61 390.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.90 Td ($4.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 378.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 151.55 378.90 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 498.38 378.90 Td (January1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.90 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 366.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 342.90 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 50.00 330.90 Td (Company completed this acquisition on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.37 330.90 Td (January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.97 330.90 Td (, nor does it purport to represent the Company) Tj ET Q q 0 0 0 rg BT 462.43 330.90 Td (s future operations:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 268.40 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 268.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 268.40 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 268.40 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 268.40 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 268.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 268.40 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 268.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 268.40 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 238.40 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 238.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 238.40 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 238.40 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 238.40 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 238.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 238.40 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 238.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 238.40 69.00 -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 285.5 268.4 m 348.5 268.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 268.4 m 427.5 268.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 268.4 m 489.5 268.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 268.4 m 562.5 268.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 268.4 m 348.5 268.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 268.4 m 427.5 268.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 268.4 m 489.5 268.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 268.4 m 562.5 268.4 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.75 311.08 Td (For the Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 311.08 Td (For the Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.20 297.08 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.70 297.08 Td (June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 273.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.10 283.08 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.50 273.08 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.60 283.08 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 273.08 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.60 283.08 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 273.08 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.10 283.08 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 273.08 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 258.07 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.00 258.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 258.07 Td (2,695,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 258.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 258.07 Td (2,081,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 258.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.60 258.07 Td (5,335,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 258.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 258.07 Td (4,139,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 243.07 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.00 243.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.80 243.12 Td (\(185,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 243.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 243.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 243.07 Td (195,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 243.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 243.12 Td (\(2,263,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 243.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 243.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 243.12 Td (\(4,541,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 243.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 228.07 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.00 228.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 228.12 Td (\(0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 228.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 228.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 228.07 Td (1.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 228.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 228.12 Td (\(0.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 228.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 228.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 228.12 Td (\(35.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 228.07 Td (\)) 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 (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.27 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.71 718.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.30 718.25 Td (, the Company had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.60 718.25 Td ($92.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.49 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.93 718.25 Td ($24.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.82 718.25 Td ( of debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (outstanding, respectively) Tj ET Q q 0 0 0 rg BT 149.33 706.25 Td (, with a weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.53 706.25 Td (1.56%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.36 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.80 706.25 Td (2.16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.63 706.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 438.29 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 445.61 706.25 Td (The following table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (describes the Company) Tj ET Q q 0 0 0 rg BT 146.09 694.25 Td (s debt outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.08 694.25 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.91 694.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.35 694.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.93 694.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 638.75 101.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 638.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 638.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 638.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 638.75 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 638.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 638.75 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 638.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 638.75 59.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 638.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 638.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 638.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 638.75 59.00 -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 50.50 614.75 101.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.50 614.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 614.75 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 614.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 614.75 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 614.75 59.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 614.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 614.75 59.00 -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 50.50 590.75 158.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 590.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 590.75 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 590.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 590.75 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 590.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 590.75 59.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 590.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 590.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 590.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 590.75 59.00 -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 151.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 155.5 650.75 m 208.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 650.75 m 250.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 650.75 m 306.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 650.75 m 369.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 650.75 m 431.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 650.75 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 435.5 626.75 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 435.5 614.75 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 435.5 590.75 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 435.5 590.75 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 435.5 578.75 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 435.5 567.75 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 435.5 565.75 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 159.85 668.81 Td (Origination or) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 163.60 661.81 Td (Assumption) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 174.50 654.81 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 217.35 661.81 Td (Maturity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 224.00 654.81 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 268.90 675.81 Td (Maximum) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.25 668.81 Td (Capacity in) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 268.35 661.81 Td (Functional) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 270.15 654.81 Td (Currency) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 320.00 661.81 Td (Interest Rate) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 322.15 654.81 Td (Description) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 661.81 Td (Interest Rate as) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 377.85 654.81 Td (of June 30, 2015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.00 654.81 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 450.65 668.81 Td (Principal) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 442.00 661.81 Td (Outstanding at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 444.15 654.81 Td (June 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 205.00 642.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 215.00 642.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 376.00 642.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 434.00 642.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.00 642.80 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 169.05 630.80 Td (3/3/2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 218.55 630.80 Td (3/2/2022) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 266.00 630.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 272.10 630.80 Td (55,200,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 315.40 630.80 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 358.23 633.97 Td (\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.95 630.80 Td (1.38%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.00 630.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.15 630.80 Td (61,238,880) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 630.80 Td ($) 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 231.00 618.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 402.00 618.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.00 618.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.15 618.80 Td (61,238,880) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 618.80 Td ($) 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 165.55 594.80 Td (12/15/2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 215.05 594.80 Td (12/15/2016) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 253.00 598.37 Td (\(2\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 266.00 594.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 272.10 594.80 Td (75,000,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.80 594.80 Td (Variable) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 392.95 594.80 Td (1.93%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.15 594.80 Td (30,717,714) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 528.15 594.80 Td (24,200,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 59.00 582.81 Td (Total Note Payable to Affiliate) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.00 582.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.15 582.80 Td (30,717,714) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 582.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 528.15 582.80 Td (24,200,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.00 570.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.15 570.80 Td (91,956,594) 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 beginning in July 2015 and repayment of principal upon the maturity of the Bishop) Tj ET Q q 0 0 0 rg BT 531.28 332.05 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.05 Td (Square Facility on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.82 320.05 Td (March2, 2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.42 320.05 Td (. ) Tj ET Q q 0 0 0 rg BT 191.74 320.05 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 491.82 320.05 Td (1.30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 320.05 Td ( and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.05 Td (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 249.09 308.05 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.92 308.05 Td (. ) Tj ET Q q 0 0 0 rg BT 277.24 308.05 Td (The Bishop) Tj ET Q q 0 0 0 rg BT 326.40 308.05 Td (s Square Facility may be repaid in full prior to maturity) Tj ET Q q 0 0 0 rg BT 547.37 308.05 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.05 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 283.27 296.05 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.26 296.05 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 (June 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.63 248.05 Td (, the Company made draws of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.36 248.05 Td ($50.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 248.05 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 ($43.8 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 (July 1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.98 236.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.48 236.05 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.48 236.05 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.03 236.05 Td (August13, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.05 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 224.05 Td (, the Company repaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.59 224.05 Td ($7.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.48 224.05 Td ( under the Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 333.19 224.05 Td (. ) Tj ET Q q 0 0 0 rg BT 340.51 224.05 Td (The borrowings and payments resulted in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.05 Td (outstanding principal balance of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.33 212.05 Td ($23.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.22 212.05 Td ( under the Hines Credit Facility as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.19 212.05 Td (August13, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.58 212.05 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 (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.31 128.05 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 (July 1, 2015 through December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.86 706.10 Td (, for each of the years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.28 706.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.28 706.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.98 706.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.98 706.10 Td ( and for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (the period thereafter) Tj ET Q q 0 0 0 rg BT 130.51 694.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 633.60 116.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 633.60 104.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 633.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 633.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 633.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 633.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 633.60 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 166.5 657.6 m 270.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 657.6 m 274.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 657.6 m 327.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 657.6 m 331.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 657.6 m 384.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 657.6 m 388.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 657.6 m 441.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 657.6 m 445.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 657.6 m 498.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 657.6 m 502.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 657.6 m 562.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 633.6 m 270.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 633.6 m 327.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 633.6 m 384.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 633.6 m 441.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 633.6 m 498.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 633.6 m 562.5 633.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 662.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.80 662.28 Td (Payments Due by Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 638.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.15 648.28 Td (July 1, 2015 through) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.65 638.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.50 638.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.50 638.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.50 638.28 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.50 638.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.10 638.28 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 623.27 Td (Principal payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.65 623.27 Td (30,717,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 623.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 623.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 623.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 623.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 623.27 Td (61,238,880) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (6. DERIV) Tj ET Q q 0 0 0 rg BT 93.44 595.10 Td (A) Tj ET Q q 0 0 0 rg BT 99.92 595.10 Td (TIVE INSTRUMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 571.10 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 319.57 571.10 Td (Chatham Financial Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.21 571.10 Td ( in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (Bishop) Tj ET Q q 0 0 0 rg BT 81.12 559.10 Td (s Square acquisition. ) Tj ET Q q 0 0 0 rg BT 168.98 559.10 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 50.00 547.10 Td (future interest rates on one of its variable interest rate borrowings.) Tj ET Q q 0 0 0 rg BT 318.90 547.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 378.61 547.10 Td (s interest rate cap contract has economically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (limited the interest rate on the loan to which it relates.) Tj ET Q q 0 0 0 rg BT 270.59 535.10 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 50.00 523.10 Td (accounting purposes. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.36 523.10 Td (Note 9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.30 523.10 Td ( Fair ) Tj ET Q q 0 0 0 rg BT 216.73 523.10 Td (V) Tj ET Q q 0 0 0 rg BT 222.84 523.10 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 50.00 511.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 511.10 Td (s interest rate contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 487.10 Td (The table below provides additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 361.26 487.10 Td (s interest rate contract.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 437.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 437.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 437.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 437.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 437.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 437.60 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 50.5 461.6 m 137.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 461.6 m 141.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 461.6 m 244.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 437.6 m 137.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 437.6 m 244.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 437.6 m 351.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 437.6 m 413.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 437.6 m 500.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 437.6 m 562.5 437.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 466.28 Td (Interest Rate Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.00 466.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 466.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 466.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 466.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 442.28 Td (Type) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.35 442.28 Td (Effective Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.15 442.28 Td (Expiration Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 452.28 Td (Notional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.45 442.28 Td (Amount ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 398.95 446.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 452.28 Td (Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.30 442.28 Td (Received) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.05 452.28 Td (Pay Rate /) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.70 442.28 Td (Strike Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.27 Td (Interest rate cap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.20 427.27 Td (March 3, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 427.27 Td (April 25, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 427.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.60 427.27 Td (61,238,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.55 427.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 427.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 427.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 403.90 Td (For notional amounts denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 293.12 403.90 Td (, amounts have been translated at a rate based on the rate in ef) Tj ET Q q 0 0 0 rg BT 540.61 403.90 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 391.90 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.50 391.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.33 391.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 367.90 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 519.08 367.90 Td (fset on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.90 Td (consolidated condensed balance sheets the fair value amount recorded for its derivative instrument. ) Tj ET Q q 0 0 0 rg BT 451.62 355.90 Td (The table below presents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.90 Td (the fair value of the Company) Tj ET Q q 0 0 0 rg BT 172.46 343.90 Td (s derivative instrument included in AssetsDerivative Instruments on the Company) Tj ET Q q 0 0 0 rg BT 522.11 343.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.90 Td (condensed consolidated balance sheets, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.88 331.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.71 331.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 331.90 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.73 331.90 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 256.40 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 256.40 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 256.40 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 256.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 256.40 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 419.5 295.4 m 489.5 295.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 295.4 m 561.5 295.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 295.4 m 489.5 295.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 271.4 m 489.5 271.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 295.4 m 493.5 295.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 295.4 m 561.5 295.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 271.4 m 561.5 271.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 241.39999999999998 m 489.5 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 227.39999999999998 m 489.5 227.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 225.39999999999998 m 489.5 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 241.39999999999998 m 561.5 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 227.39999999999998 m 561.5 227.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 225.39999999999998 m 561.5 225.39999999999998 l s BT /F2 1.00 Tf ET q 0 0 0 rg BT 52.00 298.12 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 416.00 298.12 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.45 300.08 Td (Derivative Assets) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 52.00 274.12 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 416.00 274.12 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.20 286.08 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 276.08 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.90 286.08 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 276.08 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 261.07 Td (Derivatives not designated as hedging instruments:) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 416.00 259.16 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 246.07 Td ( Interest rate cap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 246.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 246.07 Td (32,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 246.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 246.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 231.07 Td (Total derivatives) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 416.00 229.16 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 231.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 231.07 Td (32,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 231.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 231.07 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.90 Td (The table below presents the ef) Tj ET Q q 0 0 0 rg BT 192.49 202.90 Td (fects of the changes in fair value of the Company) Tj ET Q q 0 0 0 rg BT 392.15 202.90 Td (s derivative instrument in the Company) Tj ET Q q 0 0 0 rg BT 552.95 202.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.90 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 412.95 190.90 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.04 190.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.87 190.90 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 178.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 178.90 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 178.90 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 101.40 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 101.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 101.40 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 101.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 101.40 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 101.40 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 101.40 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 101.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 101.40 65.00 -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 294.5 154.39999999999998 m 353.5 154.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 154.39999999999998 m 357.5 154.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 154.39999999999998 m 419.5 154.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 154.39999999999998 m 429.5 154.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 154.39999999999998 m 493.5 154.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 154.39999999999998 m 497.5 154.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 154.39999999999998 m 562.5 154.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 140.39999999999998 m 353.5 140.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 140.39999999999998 m 357.5 140.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 140.39999999999998 m 419.5 140.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 140.39999999999998 m 493.5 140.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 140.39999999999998 m 497.5 140.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 140.39999999999998 m 562.5 140.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 116.39999999999998 m 353.5 116.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 116.39999999999998 m 419.5 116.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 140.39999999999998 m 493.5 140.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 116.39999999999998 m 493.5 116.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 116.39999999999998 m 562.5 116.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 86.39999999999998 m 353.5 86.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 72.39999999999998 m 353.5 72.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 70.39999999999998 m 353.5 70.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 86.39999999999998 m 419.5 86.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 72.39999999999998 m 419.5 72.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 70.39999999999998 m 419.5 70.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 86.39999999999998 m 493.5 86.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 72.39999999999998 m 493.5 72.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 70.39999999999998 m 493.5 70.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 86.39999999999998 m 562.5 86.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 72.39999999999998 m 562.5 72.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 70.39999999999998 m 562.5 70.39999999999998 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.95 159.08 Td (Gain \(Loss\) Recorded on Derivative Instruments) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 53.00 143.12 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 293.00 143.12 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 145.08 Td (Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.00 145.08 Td (Six Months Ended) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 53.00 119.12 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 293.00 119.12 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.70 131.08 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.50 121.08 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.20 131.08 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.00 121.08 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.20 131.08 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 121.08 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 121.08 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.70 131.08 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 121.08 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 106.07 Td (Derivatives not designated as hedging instruments:) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 293.00 104.16 Td () Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 496.00 104.16 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 91.07 Td ( Interest rate cap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 91.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.15 91.07 Td (12,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.00 91.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 91.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.00 91.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 91.12 Td (\(14,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 91.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 91.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 91.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 76.07 Td (Total gain \(loss\) on derivatives) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 293.00 74.16 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 76.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.15 76.07 Td (12,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.00 76.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 76.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.00 76.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 76.12 Td (\(14,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 76.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 76.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 76.07 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 200.25 706.25 Td (August31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.64 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 273.96 706.25 Td (These distributions were or will be calculated based on stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (record for each day in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.10 694.25 Td ($0.001575342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.60 694.25 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 317.98 694.25 Td (A) Tj ET Q q 0 0 0 rg BT 324.65 694.25 Td ( common share, per day) Tj ET Q q 0 0 0 rg BT 419.80 694.25 Td (. ) Tj ET Q q 0 0 0 rg BT 426.75 694.25 Td (All distributions were or will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (paid in cash or reinvested in shares of the Company) Tj ET Q q 0 0 0 rg BT 259.67 682.25 Td (s common stock for those participating in the Company) Tj ET Q q 0 0 0 rg BT 484.63 682.25 Td (s distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (reinvestment plan and have been or will be paid or issued, respectively) Tj ET Q q 0 0 0 rg BT 332.59 670.25 Td (, on the first business day following the completion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (the month to which they relate. Some or all of the cash distributions may be paid from sources other than cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (In addition to the distributions described above, the Company) Tj ET Q q 0 0 0 rg BT 317.68 622.25 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 50.00 610.25 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 277.15 610.25 Td (October1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.86 610.25 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.96 610.25 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.79 610.25 Td (. Stock dividends for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 598.25 Td (s common 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 484.58 598.25 Td (0.0000273973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.08 598.25 Td ( of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (share of common stock per share, per day) Tj ET Q q 0 0 0 rg BT 215.96 586.25 Td (. Shares issued related to the Company) Tj ET Q q 0 0 0 rg BT 376.48 586.25 Td (s stock dividends were issued on the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 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 68.00 550.25 Td (Cash Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td (The following table outlines the Company) Tj ET Q q 0 0 0 rg BT 239.91 526.25 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 50.00 514.25 Td (\(HALP) Tj ET Q q 0 0 0 rg BT 79.07 514.25 Td ( II\) for each of the quarters during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.90 514.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.90 514.25 Td ( and the quarter ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.83 514.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.83 514.25 Td (, including the breakout between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (distributions declared in cash and those reinvested pursuant to the Company) Tj ET Q q 0 0 0 rg BT 357.15 502.25 Td (s distribution reinvestment plan.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 419.75 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 419.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 419.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 419.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 419.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 391.75 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 391.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 391.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 391.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 391.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 349.75 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 349.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 349.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 349.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 349.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 349.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 349.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 349.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 349.75 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 318.5 456.75 m 377.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 456.75 m 381.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 456.75 m 440.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 456.75 m 444.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 456.75 m 489.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 456.75 m 562.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 433.75 m 314.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 433.75 m 377.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 433.75 m 440.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 433.75 m 489.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 433.75 m 562.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 391.75 m 440.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 391.75 m 489.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 391.75 m 562.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 391.75 m 377.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 378.75 m 377.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 376.75 m 377.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 391.75 m 440.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 378.75 m 440.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 376.75 m 440.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 391.75 m 489.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 378.75 m 489.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 376.75 m 489.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 391.75 m 562.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 378.75 m 562.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 376.75 m 562.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 349.75 m 314.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 349.75 m 314.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 335.75 m 377.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 322.75 m 377.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 320.75 m 377.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 335.75 m 440.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 322.75 m 440.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 320.75 m 440.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 335.75 m 489.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 322.75 m 489.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 320.75 m 489.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 335.75 m 562.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 322.75 m 562.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 320.75 m 562.5 320.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 461.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.45 461.20 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.55 470.20 Td (Noncontrolling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 510.80 461.20 Td (Interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 438.20 Td (Distributions for the Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.70 447.20 Td (Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.20 438.20 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.20 447.20 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.50 438.20 Td (Reinvested) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.65 447.20 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.30 438.20 Td (Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.35 438.20 Td (Total Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 424.20 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 410.21 Td (June 30, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.00 410.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.75 410.21 Td (279,432) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 410.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 410.21 Td (287,799) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.00 410.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 410.21 Td (567,231) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 410.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 410.21 Td (3,027) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 396.21 Td (March 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 396.21 Td (91,135) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 396.21 Td (58,691) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 396.21 Td (149,826) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 396.21 Td (2,993) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 382.21 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.00 382.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.75 382.21 Td (370,567) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 382.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 382.21 Td (346,490) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.00 382.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 382.21 Td (717,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 382.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 382.21 Td (6,020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 354.20 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 340.21 Td (December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.00 340.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 340.21 Td (40,377) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 340.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 340.21 Td (1,841) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.00 340.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 340.21 Td (42,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 340.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 340.21 Td (3,060) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 326.21 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.00 326.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 326.21 Td (40,377) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 326.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 326.21 Td (1,841) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.00 326.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 326.21 Td (42,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 326.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 326.21 Td (3,060) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 298.25 Td (Stock Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.25 Td (The following table outlines the Company) Tj ET Q q 0 0 0 rg BT 239.91 274.25 Td (s total stock dividends declared to stockholders:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 235.75 338.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 235.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 235.75 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 235.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 235.75 35.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 235.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 235.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 207.75 338.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 207.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 207.75 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 207.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 207.75 35.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 207.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 207.75 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 472.5 249.75 m 507.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 249.75 m 511.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 249.75 m 561.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 235.75 m 387.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 235.75 m 468.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 235.75 m 507.5 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 235.75 m 561.5 235.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 254.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.45 254.20 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 240.20 Td (Dividends for the Three Months Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.85 240.20 Td (Issuance Date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.55 240.20 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.70 240.20 Td (Amount ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 549.45 244.28 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 226.21 Td (June 30, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.45 226.21 Td (7/1/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.75 226.21 Td (9,866) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.00 226.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 226.21 Td (98,663) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 212.21 Td (March 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.45 212.21 Td (4/1/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.75 212.21 Td (2,604) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.00 212.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 212.21 Td (26,037) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 198.21 Td (December 31, 2014) Tj ET Q BT /F1 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m 562.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 441.75 m 562.5 441.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.80 674.20 Td (Incurred) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 205.90 660.20 Td (Three Months Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.85 660.20 Td (Six Months Ended June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.20 660.20 Td (Unpaid as of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 637.20 Td (Type and Recipient) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.50 637.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.50 637.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 637.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.50 637.20 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.45 646.20 Td (June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.50 637.20 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.55 646.20 Td (December) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.25 637.20 Td (31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 622.21 Td (Selling Commissions- Dealer Manager) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 204.00 622.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.00 622.21 Td (1,938,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.00 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 622.42 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.00 622.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.00 622.21 Td (3,319,480) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.00 622.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 622.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.00 622.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.25 622.21 Td (18,122) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.00 622.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 622.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 607.21 Td (Dealer Manager Fee- Dealer Manager) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.75 607.21 Td (837,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 607.42 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.00 607.21 Td (1,446,395) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 607.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.75 607.21 Td (\(8,741) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.00 607.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 607.21 Td (10,323) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 593.21 Td (Issuer and Organization Costs- the) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 584.21 Td (Advisor) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.75 584.21 Td (883,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 584.42 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.00 584.21 Td (1,848,513) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 584.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 584.21 Td (3,421,864) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 584.21 Td (4,153,388) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 570.21 Td (Acquisition Fee- the Advisor and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 561.21 Td (affiliates of Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.00 561.21 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 561.42 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.00 561.21 Td (2,327,715) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 561.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.75 561.21 Td (408,259) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 561.21 Td (570,375) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 547.21 Td (Asset Management Fee- the ) Tj ET Q q 0 0 0 rg BT 155.47 547.21 Td (Advisor ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 538.21 Td (and af) Tj ET Q q 0 0 0 rg BT 75.07 538.21 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 134.81 542.29 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 141.63 538.21 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.75 538.21 Td (251,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 538.42 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.75 538.21 Td (251,841) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 538.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.75 538.21 Td (252,084) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 538.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 523.21 Td (Other ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 75.74 527.29 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.56 523.21 Td ( - the ) Tj ET Q q 0 0 0 rg BT 102.81 523.21 Td (Advisor) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.75 523.21 Td (119,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 523.42 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.75 523.21 Td (449,150) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 523.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.25 523.21 Td (85,258) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 523.21 Td (365,960) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 508.21 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 138.97 512.29 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.75 508.21 Td (206,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 508.42 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.75 508.21 Td (431,337) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 508.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.75 508.21 Td (6,587) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 508.21 Td (20,328) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 493.21 Td (Property Management Fee- Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.25 493.21 Td (11,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 493.42 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.25 493.21 Td (23,200) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 493.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 493.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 493.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 479.21 Td (Expense Reimbursement- Hines \(with) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 470.21 Td (respect to management and operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 461.21 Td (of the Company's properties\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.25 461.21 Td (85,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 461.42 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.75 461.21 Td (120,308) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 461.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.25 461.21 Td (53,475) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 461.21 Td (93,260) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 447.20 Td (Due to Affiliates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.00 447.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.00 447.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 447.21 Td (4,236,908) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.00 447.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 447.21 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 50.00 424.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 424.05 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 424.05 Td (s ) Tj ET Q q 0 0 0 rg BT 133.55 424.05 Td (Advisor has agreed to waive asset management fees for certain quarters in 2015 to the extent that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 412.05 Td (Company) Tj ET Q q 0 0 0 rg BT 109.67 412.05 Td (s modified funds from operations \(MFFO\) is less than the Company) Tj ET Q q 0 0 0 rg BT 393.52 412.05 Td (s distributions declared for each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 400.05 Td (respective quarter) Tj ET Q q 0 0 0 rg BT 138.80 400.05 Td (. Since MFFO exceeded distributions declared to the Company) Tj ET Q q 0 0 0 rg BT 395.97 400.05 Td (s stockholders during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.73 400.05 Td (three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 388.05 Td (ended June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.21 388.05 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.21 388.05 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.21 388.05 Td ( asset management fees were waived by the ) Tj ET Q q 0 0 0 rg BT 341.80 388.05 Td (Advisor for this period. However) Tj ET Q q 0 0 0 rg BT 476.93 388.05 Td (, the ) Tj ET Q q 0 0 0 rg BT 496.10 388.05 Td (Advisor waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 376.05 Td ($129,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 376.05 Td ( in asset management fees payable to it during the three months ended March 31, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.57 376.05 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.79 376.05 Td ( asset management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 364.05 Td (fees were payable to the ) Tj ET Q q 0 0 0 rg BT 166.56 364.05 Td (Advisor for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.16 364.05 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.26 364.05 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.08 364.05 Td (June30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.91 364.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.05 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.05 Td (Includes amounts the ) Tj ET Q q 0 0 0 rg BT 154.93 346.05 Td (Advisor paid on behalf of the Company such as general and administrative expenses and acquisition-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.05 Td (related expenses. ) Tj ET Q q 0 0 0 rg BT 141.12 334.05 Td (These amounts are generally reimbursed to the ) Tj ET Q q 0 0 0 rg BT 330.22 334.05 Td (Advisor during the month following the period in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.05 Td (they are incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.05 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 304.05 Td (Includes amounts paid related to the Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 298.41 304.05 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 280.05 Td (9.F) Tj ET Q q 0 0 0 rg BT 67.87 280.05 Td (AIR ) Tj ET Q q 0 0 0 rg BT 88.52 280.05 Td (V) Tj ET Q q 0 0 0 rg BT 94.45 280.05 Td (ALUE MEASUREMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 256.05 Td (As described in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.71 256.05 Td (Note 6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.65 256.05 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 50.00 244.05 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 445.24 244.05 Td (The valuation of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.05 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 50.00 220.05 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 50.00 208.05 Td (derivative. ) Tj ET Q q 0 0 0 rg BT 97.30 208.05 Td (This analysis reflects the contractual terms of the derivative, including the period to maturity) Tj ET Q q 0 0 0 rg BT 467.65 208.05 Td (, and uses observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.05 Td (market-based inputs, including interest rate curves and implied volatilities. ) Tj ET Q q 0 0 0 rg BT 353.63 196.05 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 50.00 184.05 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 50.00 172.05 Td (the discounted expected variable cash payments \(or receipts\). ) Tj ET Q q 0 0 0 rg BT 300.27 172.05 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 50.00 160.05 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 68.00 136.05 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 50.00 124.05 Td (Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 185.95 124.05 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 50.00 112.05 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 481.44 112.05 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.44 112.05 Td (Chatham ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.05 Td (Financial Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.04 100.05 Td (. In adjusting the fair value of its derivative contract for the ef) Tj ET Q q 0 0 0 rg BT 387.21 100.05 Td (fect of nonperformance risk, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.05 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 76.05 Td (guarantees. However) Tj ET Q q 0 0 0 rg BT 136.50 76.05 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.16 76.05 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.99 76.05 Td (, the Company has assessed the significance of the impact of the credit valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.05 Td (adjustments on the overall valuation of its derivative position and has determined that the credit valuation adjustments are not ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (significant to the overall valuation of its derivative. ) Tj ET Q q 0 0 0 rg BT 259.39 742.10 Td (As a result, the Company has determined its derivative valuation is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (classified in Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 236.49 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (The following table sets forth the Company) Tj ET Q q 0 0 0 rg BT 245.19 706.10 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 50.00 694.10 Td (within the fair value hierarchy as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.22 694.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.05 694.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 600.60 186.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 600.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 600.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 600.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 600.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 600.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 600.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 600.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 600.60 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 314.5 668.6 m 389.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 668.6 m 393.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 668.6 m 478.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 668.6 m 482.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 668.6 m 562.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 614.6 m 236.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 614.6 m 310.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 614.6 m 389.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 614.6 m 478.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 614.6 m 562.5 614.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 673.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 673.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.40 673.28 Td (Basis of Fair Value Measurements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 619.28 Td (Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.30 639.28 Td (Fair Value of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.65 629.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.25 619.28 Td (\(Liabilities\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.35 659.28 Td (Quoted Prices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 649.28 Td (In Active) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.90 639.28 Td (Markets for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.40 629.28 Td (Identical Items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.75 619.28 Td (\(Level 1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 639.28 Td (Significant Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.05 629.28 Td (Observable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.60 619.28 Td (Inputs \(Level 2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.90 639.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.55 629.28 Td (Unobservable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.10 619.28 Td (Inputs \(Level 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 605.28 Td (June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 605.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.50 605.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 605.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.00 605.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 590.27 Td (Interest rate caps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 590.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 590.27 Td (32,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 590.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 590.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.00 590.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 590.27 Td (32,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 590.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 590.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (Other) Tj ET Q q 0 0 0 rg BT 93.37 562.10 Td ( Items) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (Financial Instruments Fair V) Tj ET Q q 0 0 0 rg BT 184.38 538.10 Td (alue Disclosur) Tj ET Q q 0 0 0 rg BT 242.62 538.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 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 50.00 502.10 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 50.00 490.10 Td (prices included in Level 1 that are observable for the asset or liability) Tj ET Q q 0 0 0 rg BT 326.47 490.10 Td (, either directly or indirectly) Tj ET Q q 0 0 0 rg BT 438.28 490.10 Td (. Level 2 inputs include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 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 50.00 466.10 Td (liability) Tj ET Q q 0 0 0 rg BT 80.46 466.10 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 50.00 454.10 Td (inputs for the asset or liability) Tj ET Q q 0 0 0 rg BT 169.05 454.10 Td (, and include situations where there is little, if any) Tj ET Q q 0 0 0 rg BT 368.07 454.10 Td (, market activity for the asset or liability) Tj ET Q q 0 0 0 rg BT 527.93 454.10 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (instances in which the inputs used to measure fair value may fall into dif) Tj ET Q q 0 0 0 rg BT 340.02 442.10 Td (ferent levels of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 494.84 442.10 Td (, the level in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 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 50.00 418.10 Td (input significant to the fair value measurement in its entirety) Tj ET Q q 0 0 0 rg BT 291.23 418.10 Td (. ) Tj ET Q q 0 0 0 rg BT 298.54 418.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 358.26 418.10 Td (s assessment of the significance of a particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 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 535.87 406.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 382.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.27 382.10 Td (, the Company estimated that the book value of its notes payable approximates its fair value. Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, tenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (and other receivables, accounts payable and accrued expenses, other liabilities, due to af) Tj ET Q q 0 0 0 rg BT 402.72 358.10 Td (filiates and distributions payable. ) Tj ET Q q 0 0 0 rg BT 540.29 358.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or short-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (maturities. Due to the short-term nature of these instruments, Level 1 inputs are utilized to estimate the fair value of the cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (and cash equivalents and restricted cash and Level 2 inputs are utilized to estimate the fair value of the remaining financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (instruments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (10. REPOR) Tj ET Q q 0 0 0 rg BT 102.15 286.10 Td (T) Tj ET Q q 0 0 0 rg BT 108.08 286.10 Td (ABLE SEGMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (As described previously) Tj ET Q q 0 0 0 rg BT 164.00 262.10 Td (, the Company intends to invest the net proceeds from the Of) Tj ET Q q 0 0 0 rg BT 407.65 262.10 Td (fering in a diversified portfolio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 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 540.02 250.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 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 50.00 226.10 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 50.00 214.10 Td (segments, primarily based on the location of each segment. ) Tj ET Q q 0 0 0 rg BT 291.04 214.10 Td (As a result, the Company) Tj ET Q q 0 0 0 rg BT 395.20 214.10 Td (s operating segments have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (classified into one of two reportable segments: domestic real estate investments and international real estate investments. ) Tj ET Q q 0 0 0 rg BT 538.19 202.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (result, the Company) Tj ET Q q 0 0 0 rg BT 133.60 190.10 Td (s operating segments have been reclassified into one of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.58 190.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.58 190.10 Td ( reportable segments: domestic real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (investments and international real estate investments.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The tables below provide additional information related to each of the Company) Tj ET Q q 0 0 0 rg BT 392.07 742.10 Td (s segments and a reconciliation to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 730.10 Td (s net loss, as applicable. Corporate-Level ) Tj ET Q q 0 0 0 rg BT 265.22 730.10 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 50.00 718.10 Td (which are not allocated to any of the reportable segments.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 650.60 183.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 650.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 650.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 650.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 650.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 650.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 650.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 650.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 620.60 183.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 620.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 620.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 620.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 620.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 620.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 620.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 620.60 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 233.5 680.6 m 316.5 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 680.6 m 320.5 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 680.6 m 398.5 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 680.6 m 479.5 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 680.6 m 483.5 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 680.6 m 562.5 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 680.6 m 316.5 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 665.6 m 316.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 680.6 m 398.5 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 665.6 m 398.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 665.6 m 479.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 665.6 m 562.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 650.6 m 233.5 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 620.6 m 316.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 606.6 m 316.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 604.6 m 316.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 620.6 m 398.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 606.6 m 398.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 604.6 m 398.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 620.6 m 479.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 606.6 m 479.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 604.6 m 479.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 620.6 m 562.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 606.6 m 562.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 604.6 m 562.5 604.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 685.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.95 685.28 Td (Three Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.50 685.28 Td (Six Months Ended June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 670.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.50 670.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.00 670.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 670.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.50 670.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 655.28 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 655.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 655.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.27 Td (Domestic real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.00 640.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 640.27 Td (600,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 640.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 640.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 640.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 640.27 Td (1,196,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 640.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 640.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.27 Td (International real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 625.27 Td (2,094,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 625.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 625.27 Td (2,744,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 625.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 610.28 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.00 610.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 610.27 Td (2,695,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 610.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 610.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 610.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 610.27 Td (3,940,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 610.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 610.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 582.10 Td (For the three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.53 582.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.53 582.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.03 582.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.86 582.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.30 582.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 582.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 367.68 582.10 Td (s total revenue was attributable to the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 517.60 193.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 517.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 517.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 517.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 517.60 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 242.5 545.6 m 319.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 545.6 m 323.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 545.6 m 401.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 545.6 m 480.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 545.6 m 319.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 531.6 m 319.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 545.6 m 323.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 545.6 m 401.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 531.6 m 401.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 545.6 m 476.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 531.6 m 476.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 545.6 m 561.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 531.6 m 561.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 517.6 m 242.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 517.6 m 242.5 517.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.95 550.28 Td (Three Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.50 550.28 Td (Six Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.50 536.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 536.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 536.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.50 536.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 522.28 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 507.27 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 507.27 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 507.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 507.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 507.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 507.27 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 507.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 507.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 507.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 492.27 Td (Ireland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 492.27 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 492.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 492.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 492.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 492.27 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 492.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 492.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 492.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 464.10 Td (For the three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.53 464.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.53 464.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.03 464.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.86 464.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.30 464.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 464.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 367.68 464.10 Td (s property revenues in excess of expenses by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (segment were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 396.60 219.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 396.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 396.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 396.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 396.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 366.60 219.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 366.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 366.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 366.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 366.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 366.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 366.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 366.60 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 268.5 426.6 m 342.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 426.6 m 346.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 426.6 m 417.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 426.6 m 489.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 426.6 m 493.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 426.6 m 561.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 426.6 m 342.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 411.6 m 342.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 426.6 m 417.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 411.6 m 417.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 411.6 m 489.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 411.6 m 561.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 396.6 m 268.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 366.6 m 342.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 352.6 m 342.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 350.6 m 342.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 366.6 m 417.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 352.6 m 417.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 350.6 m 417.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 366.6 m 489.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 352.6 m 489.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 350.6 m 489.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 366.6 m 561.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 352.6 m 561.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 350.6 m 561.5 350.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 431.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.95 431.28 Td (Three Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 431.28 Td (Six Months Ended June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 416.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.00 416.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.50 416.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 416.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 416.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 401.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.37 401.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 96.89 401.28 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 220.21 405.81 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 401.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 386.27 Td (Domestic real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.00 386.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.15 386.27 Td (449,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 386.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 386.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 386.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 386.27 Td (849,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 386.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 386.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 371.27 Td (International real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 371.27 Td (1,592,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 371.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 371.27 Td (2,078,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 371.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 356.28 Td (Property revenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.00 356.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 356.27 Td (2,042,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 356.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 356.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 356.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 356.27 Td (2,928,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 356.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 356.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 332.90 Td (Revenues less property operating expenses, real property taxes and property management fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 308.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 308.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.27 308.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.71 308.90 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.30 308.90 Td (, the Company) Tj ET Q q 0 0 0 rg BT 307.68 308.90 Td (s total assets by segment were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 256.40 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 256.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 256.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 256.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 226.40 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 226.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 226.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 226.40 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 377.5 271.4 m 467.5 271.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 271.4 m 561.5 271.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 256.4 m 377.5 256.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 211.39999999999998 m 467.5 211.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 197.39999999999998 m 467.5 197.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 195.39999999999998 m 467.5 195.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 211.39999999999998 m 561.5 211.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 197.39999999999998 m 561.5 197.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 195.39999999999998 m 561.5 195.39999999999998 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 276.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.95 276.08 Td (June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 276.08 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 261.08 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 261.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 261.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 246.07 Td (Domestic real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 246.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 246.07 Td (25,027,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 246.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 246.07 Td (25,388,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 231.07 Td (International real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 231.07 Td (109,139,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 231.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 216.07 Td (Corporate-level accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 216.07 Td (1,625,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 216.07 Td (3,162,633) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 201.08 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 201.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 201.07 Td (135,792,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 201.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 201.07 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 68.00 172.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 172.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.27 172.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.71 172.90 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.30 172.90 Td (, the Company) Tj ET Q q 0 0 0 rg BT 307.68 172.90 Td (s total assets were attributable to the following countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 134.40 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 134.40 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 134.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 134.40 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 377.5 148.39999999999998 m 467.5 148.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 148.39999999999998 m 561.5 148.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 134.39999999999998 m 377.5 134.39999999999998 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.95 153.08 Td (June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 153.08 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 139.08 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 124.07 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 124.07 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 124.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 124.07 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 124.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 109.07 Td (Ireland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 109.07 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 109.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 109.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 109.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET 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 (For the three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.53 742.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.53 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.03 742.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.86 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.30 742.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 742.10 Td ( the Company) Tj ET Q q 0 0 0 rg BT 365.18 742.10 Td (s reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 495.71 742.10 Td (s net loss is as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 674.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 674.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 674.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 674.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 674.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 644.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 644.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 644.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 644.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 614.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 614.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 614.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 614.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 584.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 584.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 584.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 584.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 584.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 554.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 554.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 554.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 554.60 78.00 -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 251.5 704.6 m 327.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 704.6 m 407.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 704.6 m 327.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 689.6 m 327.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 704.6 m 331.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 704.6 m 407.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 689.6 m 407.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 704.6 m 480.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 689.6 m 480.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 704.6 m 484.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 704.6 m 562.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 689.6 m 562.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 674.6 m 251.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 674.6 m 251.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 539.6 m 327.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 525.6 m 327.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 523.6 m 327.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 539.6 m 407.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 525.6 m 407.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 523.6 m 407.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 539.6 m 480.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 525.6 m 480.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 523.6 m 480.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 539.6 m 562.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 525.6 m 562.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 523.6 m 562.5 523.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 709.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.45 709.28 Td (Three Months Ended June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 709.28 Td (Six Months Ended June 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 694.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 694.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.00 694.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 694.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.00 694.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 679.28 Td (Reconciliation to net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 679.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 679.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.27 Td (Total property revenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 664.27 Td (2,042,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 664.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 664.27 Td (2,928,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 664.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.30 649.32 Td (\(1,211,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 649.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 649.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 649.32 Td (\(1,837,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 649.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 649.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.27 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.80 634.32 Td (\(105,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 634.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 634.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 634.32 Td (\(2,667,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 634.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 634.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.27 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.80 619.32 Td (\(251,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 619.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 619.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 619.32 Td (\(2,579,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 619.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 619.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.27 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.80 604.32 Td (\(332,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 604.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 604.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.80 604.32 Td (\(741,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 604.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 604.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.27 Td (Gain \(loss\) on derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 589.27 Td (12,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 589.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 589.32 Td (\(14,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 589.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 589.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.27 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 574.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 574.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 574.32 Td (\(234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 574.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 574.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 559.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.80 559.32 Td (\(445,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 559.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 559.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.80 559.32 Td (\(746,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 559.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 559.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 544.27 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 544.27 Td (157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 544.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 544.27 Td (2,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 544.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 529.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.00 529.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.80 529.32 Td (\(291,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 529.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 529.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 529.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 529.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 529.32 Td (\(5,657,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 529.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 529.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 529.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 501.10 Td (1. COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 148.90 501.10 Td (AND CONTINGENCIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 477.10 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 531.31 477.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (matters are generally covered by insurance. ) Tj ET Q q 0 0 0 rg BT 228.62 465.10 Td (While the resolution of these matters cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 513.98 465.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 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 412.46 453.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 498.82 453.10 Td (s condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 Td (consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 417.10 Td (12. SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 134.07 417.10 Td ( EVENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 393.10 Td (Class T) Tj ET Q q 0 0 0 rg BT 97.61 393.10 Td ( Common Shar) Tj ET Q q 0 0 0 rg BT 157.25 393.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 369.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.67 369.10 Td (August6, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.06 369.10 Td (, the Company supplemented its ) Tj ET Q q 0 0 0 rg BT 273.60 369.10 Td (Articles of Incorporation to reclassify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.61 369.10 Td (900,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.61 369.10 Td ( authorized but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.10 Td (unissued shares of Class) Tj ET Q q 0 0 0 rg BT 148.94 357.10 Td (A) Tj ET Q q 0 0 0 rg BT 155.61 357.10 Td ( common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.71 357.10 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.21 357.10 Td ( par value per share, \(Class ) Tj ET Q q 0 0 0 rg BT 363.89 357.10 Td (A) Tj ET Q q 0 0 0 rg BT 370.56 357.10 Td ( Shares\) as Class) Tj ET Q q 0 0 0 rg BT 444.81 357.10 Td (T) Tj ET Q q 0 0 0 rg BT 450.74 357.10 Td ( common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.84 357.10 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.34 357.10 Td ( par ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.10 Td (value per share, \(Class ) Tj ET Q q 0 0 0 rg BT 146.78 345.10 Td (T) Tj ET Q q 0 0 0 rg BT 152.71 345.10 Td ( Shares\). ) Tj ET Q q 0 0 0 rg BT 196.58 345.10 Td (As a result of this reclassification, the total number of Class ) Tj ET Q q 0 0 0 rg BT 437.64 345.10 Td (A) Tj ET Q q 0 0 0 rg BT 444.31 345.10 Td ( Shares and Class ) Tj ET Q q 0 0 0 rg BT 516.90 345.10 Td (T) Tj ET Q q 0 0 0 rg BT 522.83 345.10 Td ( Shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.10 Td (which the Company has authority to issue are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.46 333.10 Td (600,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.46 333.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.90 333.10 Td (900,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.90 333.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 406.56 333.10 Td (. Pursuant to the Company) Tj ET Q q 0 0 0 rg BT 518.22 333.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.10 Td (prospectus dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.37 321.10 Td (August 12, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.76 321.10 Td (, the Company is now of) Tj ET Q q 0 0 0 rg BT 282.91 321.10 Td (fering up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.06 321.10 Td ($2,500,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.56 321.10 Td ( in any combination of Class ) Tj ET Q q 0 0 0 rg BT 511.22 321.10 Td (A) Tj ET Q q 0 0 0 rg BT 517.89 321.10 Td ( Shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.10 Td (and Class ) Tj ET Q q 0 0 0 rg BT 90.43 309.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.36 309.10 Td ( Shares at a price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.99 309.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.49 309.10 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 246.87 309.10 Td (A) Tj ET Q q 0 0 0 rg BT 253.54 309.10 Td ( Share and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.25 309.10 Td ($9.4489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.75 309.10 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 372.51 309.10 Td (T) Tj ET Q q 0 0 0 rg BT 378.44 309.10 Td ( Share for sale to the public in the Of) Tj ET Q q 0 0 0 rg BT 526.27 309.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.10 Td (and shares pursuant to the Company) Tj ET Q q 0 0 0 rg BT 197.53 297.10 Td (s distribution reinvestment plan at a price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.37 297.10 Td ($9.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.87 297.10 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 440.26 297.10 Td (A) Tj ET Q q 0 0 0 rg BT 446.93 297.10 Td ( Share and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.63 297.10 Td ($9.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.13 297.10 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 555.89 297.10 Td (T) Tj ET Q q 0 0 0 rg BT 561.82 297.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.10 Td (Share.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 261.10 Td (Domain ) Tj ET Q q 0 0 0 rg BT 102.04 261.10 Td (Apartments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 237.10 Td (In July 2015, the Company entered into a contract to acquire the Domain ) Tj ET Q q 0 0 0 rg BT 361.31 237.10 Td (Apartments, a multifamily asset located in Las ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.10 Td (V) Tj ET Q q 0 0 0 rg BT 55.61 225.10 Td (egas, Nevada. ) Tj ET Q q 0 0 0 rg BT 116.24 225.10 Td (The Domain ) Tj ET Q q 0 0 0 rg BT 168.45 225.10 Td (Apartments were constructed in 2014 and consist of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.95 225.10 Td (308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.95 225.10 Td ( apartments that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.03 225.10 Td (95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.36 225.10 Td ( leased. ) Tj ET Q q 0 0 0 rg BT 528.16 225.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.10 Td (contract purchase price for the Domain ) Tj ET Q q 0 0 0 rg BT 207.77 213.10 Td (Apartments is expected to be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.60 213.10 Td ($59.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.49 213.10 Td (, exclusive of transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.10 Td (costs and working capital reserves. ) Tj ET Q q 0 0 0 rg BT 194.00 201.10 Td (The Company expects the closing of this acquisition to occur during the third quarter of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.10 Td (2015, subject to a number of closing conditions. ) Tj ET Q q 0 0 0 rg BT 246.79 189.10 Td (The Company funded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.43 189.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.32 189.10 Td ( earnest money deposit on July 13, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.10 Td (There is no guarantee that this acquisition will be consummated nor that third-party financing will obtained. If the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.10 Td (were to elect not to close after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.95 165.10 Td (August21, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.34 165.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 299.72 165.10 Td (s deposit may not be refundable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 141.10 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 383.98 224.00 Td (August 2014, we commenced a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.29 224.00 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.40 224.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.00 Td (initial public of) Tj ET Q q 0 0 0 rg BT 111.47 212.00 Td (fering of our common stock \(the Of) Tj ET Q q 0 0 0 rg BT 258.47 212.00 Td (fering\). ) Tj ET Q q 0 0 0 rg BT 297.07 212.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.51 212.00 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.34 212.00 Td (, we had raised suf) Tj ET Q q 0 0 0 rg BT 451.86 212.00 Td (ficient of) Tj ET Q q 0 0 0 rg BT 488.05 212.00 Td (fering proceeds to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.00 Td (satisfy the minimum of) Tj ET Q q 0 0 0 rg BT 142.87 200.00 Td (fering requirements for the Of) Tj ET Q q 0 0 0 rg BT 263.19 200.00 Td (fering with respect to all states other than Pennsylvania. ) Tj ET Q q 0 0 0 rg BT 491.56 200.00 Td (W) Tj ET Q q 0 0 0 rg BT 500.20 200.00 Td (e will not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.00 Td (accept subscriptions from Pennsylvania residents until we have received at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.40 188.00 Td ($100.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.29 188.00 Td ( in aggregate gross proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.00 Td (from investors in the Of) Tj ET Q q 0 0 0 rg BT 145.91 176.00 Td (fering who are not Pennsylvania residents. ) Tj ET Q q 0 0 0 rg BT 320.32 176.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.21 176.00 Td (August10, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.60 176.00 Td (, we had received gross of) Tj ET Q q 0 0 0 rg BT 514.82 176.00 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.00 Td (proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.87 164.00 Td ($63.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.76 164.00 Td ( from the sale of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.05 164.00 Td (6.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.94 164.00 Td ( Class ) Tj ET Q q 0 0 0 rg BT 351.06 164.00 Td (A) Tj ET Q q 0 0 0 rg BT 357.73 164.00 Td ( common shares. See Subsequent Events below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.00 Td (regarding the amendment to our initial registration statement to of) Tj ET Q q 0 0 0 rg BT 313.91 152.00 Td (fer a combination of Class ) Tj ET Q q 0 0 0 rg BT 421.39 152.00 Td (A) Tj ET Q q 0 0 0 rg BT 428.06 152.00 Td ( shares of common stock, par ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.00 Td (value $0.001 per share, \(Class ) Tj ET Q q 0 0 0 rg BT 176.91 140.00 Td (A) Tj ET Q q 0 0 0 rg BT 183.58 140.00 Td ( Shares\) and Class ) Tj ET Q q 0 0 0 rg BT 263.94 140.00 Td (T) Tj ET Q q 0 0 0 rg BT 269.86 140.00 Td ( shares of common stock, par value $0.001 per share, \(Class ) Tj ET Q q 0 0 0 rg BT 516.84 140.00 Td (T) Tj ET Q q 0 0 0 rg BT 522.76 140.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.00 Td (Shares\), which was declared ef) Tj ET Q q 0 0 0 rg BT 178.37 128.00 Td (fective by the SEC on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.08 128.00 Td (August 12, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.47 128.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 104.00 Td (Our cash flow from operations has been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 346.08 104.00 Td (ficient to fund distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 525.88 104.00 Td (W) Tj ET Q q 0 0 0 rg BT 534.51 104.00 Td (e may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.00 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 92.00 Td (Advisor or af) Tj ET Q q 0 0 0 rg BT 401.91 92.00 Td (filiates, borrowings and/or proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.00 Td (the Of) Tj ET Q q 0 0 0 rg BT 75.09 80.00 Td (fering or other sources to fund distributions to our stockholders. Our ) Tj ET Q q 0 0 0 rg BT 353.10 80.00 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 68.00 Td (fees otherwise payable to it for each of the quarters ended March 31, 2015, June 30, 2015 and September 30, 2015, to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.00 Td (extent that our modified funds from operations \(MFFO\) for such quarters, as disclosed in our Quarterly Report on Form 10-) 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 (Q, for the respective quarter) Tj ET Q q 0 0 0 rg BT 162.05 742.10 Td (, amounts to less than 100% of the aggregate distributions declared to our stockholders for each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (respective quarter) Tj ET Q q 0 0 0 rg BT 120.80 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 128.12 730.10 Td (There can be no assurances that our ) Tj ET Q q 0 0 0 rg BT 272.78 730.10 Td (Advisor will continue this waiver) Tj ET Q q 0 0 0 rg BT 406.25 730.10 Td (, and if not, cash available to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (distributions in future periods may be reduced. ) Tj ET Q q 0 0 0 rg BT 241.35 718.10 Td (As a result of this waiver) Tj ET Q q 0 0 0 rg BT 341.20 718.10 Td (, our ) Tj ET Q q 0 0 0 rg BT 361.48 718.10 Td (Advisor waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.58 718.10 Td ($129,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.08 718.10 Td ( of asset management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (fees payable to it during the three months ended March 31, 2015. However) Tj ET Q q 0 0 0 rg BT 352.01 706.10 Td (, because MFFO exceeded distributions declared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (our stockholders during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.20 694.10 Td (three months ended June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.84 694.10 Td (, no asset management fees were waived for this period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 670.10 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 50.00 658.10 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 50.00 646.10 Td (industries. ) Tj ET Q q 0 0 0 rg BT 96.21 646.10 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 50.00 634.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.66 634.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.49 634.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 586.60 140.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 586.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 586.60 71.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 586.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 586.60 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 586.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 586.60 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 586.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 586.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 586.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 586.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 586.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 586.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 560.60 215.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 560.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 560.60 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 560.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 560.60 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 560.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 560.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 560.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 560.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 560.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 560.60 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 49.5 586.6 m 189.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 586.6 m 264.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 586.6 m 314.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 586.6 m 393.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 586.6 m 460.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 586.6 m 515.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 586.6 m 561.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 560.6 m 515.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 560.6 m 561.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 560.6 m 515.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 548.6 m 515.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 546.6 m 515.5 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 560.6 m 561.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 548.6 m 561.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 546.6 m 561.5 546.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 590.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.29 590.83 Td (operty) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 82.51 594.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 590.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.85 598.83 Td (Investment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.60 590.83 Td (Type) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.65 606.83 Td (Date ) Tj ET Q q 0 0 0 rg BT 340.20 606.83 Td (Acquir) Tj ET Q q 0 0 0 rg BT 364.06 606.83 Td (ed/ Net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.90 598.83 Td (Pur) Tj ET Q q 0 0 0 rg BT 342.64 598.83 Td (chase Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.25 590.83 Td (\(in millions\)) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 372.37 594.46 Td ( \(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.15 614.83 Td (Estimated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.35 606.83 Td (Going-in ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.25 598.83 Td (Capitalization ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.80 590.83 Td (Rate) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 432.79 594.46 Td ( \(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.35 598.83 Td (Leasable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.00 590.83 Td (Square Feet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.95 598.83 Td (Percent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.00 590.83 Td (Leased) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 577.85 Td (2819 Loker Avenue East) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.00 577.85 Td (Carlsbad, California) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.65 577.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.25 577.85 Td (12/2014; $25.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.15 577.85 Td (6.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 577.85 Td (161,310) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.30 577.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 577.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 564.85 Td (Bishop's Square) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.00 564.85 Td (Dublin, Ireland) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.85 564.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.25 564.85 Td (3/2015; $103.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.15 564.85 Td (6.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 564.85 Td (153,529) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 564.85 Td (99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 564.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 551.83 Td (Total for All Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.00 551.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 551.85 Td (314,839) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 551.85 Td (99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 551.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 528.90 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.72 528.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.55 528.90 Td (, we ef) Tj ET Q q 0 0 0 rg BT 165.30 528.90 Td (fectively owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.88 528.90 Td (99.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.71 528.90 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 68.00 516.90 Td (Operating Partnership as its sole general partner) Tj ET Q q 0 0 0 rg BT 259.61 516.90 Td (. Hines Global REIT) Tj ET Q q 0 0 0 rg BT 344.69 516.90 Td ( II ) Tj ET Q q 0 0 0 rg BT 355.80 516.90 Td (Associates Limited Partnership \(HALP) Tj ET Q q 0 0 0 rg BT 516.78 516.90 Td ( II\), an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 504.90 Td (af) Tj ET Q q 0 0 0 rg BT 75.59 504.90 Td (filiate of Hines, owned the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.49 504.90 Td (0.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.32 504.90 Td ( interest in the Operating Partnership.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.90 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 480.90 Td (The net purchase price for Bishop) Tj ET Q q 0 0 0 rg BT 206.56 480.90 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 68.00 468.90 Td (the rate in ef) Tj ET Q q 0 0 0 rg BT 118.07 468.90 Td (fect on the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.90 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 444.90 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 68.00 432.90 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 68.00 420.90 Td (Property revenues in excess of expenses includes all projected operating revenues \(rental income, tenant reimbursements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 408.90 Td (parking and any other property-related income\) less all projected operating expenses \(property operating and maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 396.90 Td (expenses, property taxes, insurance and property management fees\). ) Tj ET Q q 0 0 0 rg BT 345.49 396.90 Td (The projected property revenues in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 384.90 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 500.27 384.90 Td (, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 372.90 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 68.00 360.90 Td (the properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.90 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 336.90 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 136.10 336.90 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 312.90 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 50.00 300.90 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 50.00 288.90 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 50.00 276.90 Td (policies involves the exercise of judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 423.24 276.90 Td (Actual results could materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.90 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 264.90 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 402.21 264.90 Td (Note 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 264.90 Td ( Summary of Significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.90 Td (Accounting Policies, to the accompanying condensed consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 406.02 252.90 Td (Also, a disclosure of our critical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.90 Td (accounting policies is included in our ) Tj ET Q q 0 0 0 rg BT 201.64 240.90 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 397.97 240.90 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.56 240.90 Td ( in Management) Tj ET Q q 0 0 0 rg BT 544.32 240.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.90 Td (Discussion and ) Tj ET Q q 0 0 0 rg BT 112.78 228.90 Td (Analysis of Financial Condition and Results of Operations. ) Tj ET Q q 0 0 0 rg BT 354.24 228.90 Td (There have been no significant changes to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.90 Td (policies during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.21 216.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.21 216.90 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 192.90 Td (FinancialCondition, ) Tj ET Q q 0 0 0 rg BT 140.30 192.90 Td (Liquidityand ) Tj ET Q q 0 0 0 rg BT 201.44 192.90 Td (Capital ) Tj ET Q q 0 0 0 rg BT 235.61 192.90 Td (Resour) Tj ET Q q 0 0 0 rg BT 265.98 192.90 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 168.90 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 50.00 156.90 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 546.81 156.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.90 Td (Generally) Tj ET Q q 0 0 0 rg BT 88.77 144.90 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 50.00 132.90 Td (needs for acquisitions and investments from the net proceeds of the Of) Tj ET Q q 0 0 0 rg BT 332.24 132.90 Td (fering and from debt proceeds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 108.90 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 108.90 Td (e expect that once we have fully invested the proceeds of the Of) Tj ET Q q 0 0 0 rg BT 332.46 108.90 Td (fering and other potential subsequent of) Tj ET Q q 0 0 0 rg BT 491.40 108.90 Td (ferings, our debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.90 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 84.90 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 84.90 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.59 84.90 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.37 84.90 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.70 84.90 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 72.90 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 60.90 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 48.90 Td (tenant improvements and other working capital needs. ) Tj ET Q q 0 0 0 rg BT 271.33 48.90 Td (Additionally) Tj ET Q q 0 0 0 rg BT 321.23 48.90 Td (, the amount of debt placed on an individual property or ) 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 (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 50.00 730.10 Td (we invest, may be less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.92 730.10 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.25 730.10 Td ( or more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.34 730.10 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.67 730.10 Td ( of the value of such property/investment or the value of the assets owned by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (such entity) Tj ET Q q 0 0 0 rg BT 92.95 718.10 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 50.00 706.10 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 463.10 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (Our charter limits our borrowing to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.86 682.10 Td (300%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.19 682.10 Td ( of our net assets \(which approximates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.54 682.10 Td (75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.87 682.10 Td ( of the cost of our assets\) unless any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 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 50.00 658.10 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 50.00 646.10 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 519.43 646.10 Td (fering. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 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 411.01 634.10 Td ($45.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.90 634.10 Td ( of additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (borrowings under the Hines Credit Facility and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.29 622.10 Td (55.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.18 622.10 Td ( secured credit facility \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.13 622.10 Td ($62.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.03 622.10 Td ( using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.70 622.10 Td ($1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.20 622.10 Td ( per Euro as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (the transaction date\) for the purchase of Bishop) Tj ET Q q 0 0 0 rg BT 242.44 610.10 Td (s Square in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.38 610.10 Td (March 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.97 610.10 Td (. In total, these borrowings represent approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (104%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.33 598.10 Td ( of the cost of Bishop) Tj ET Q q 0 0 0 rg BT 161.93 598.10 Td (s Square based on the contract purchase price. ) Tj ET Q q 0 0 0 rg BT 350.75 598.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.20 598.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.03 598.10 Td (, our portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 586.10 Td (68%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.59 586.10 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 68.00 562.10 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 50.00 550.10 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 466.00 550.10 Td (Any indebtedness we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 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 50.00 526.10 Td (warranties about our Company in connection with such debt. Moreover) Tj ET Q q 0 0 0 rg BT 337.58 526.10 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 50.00 514.10 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 50.00 502.10 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 50.00 490.10 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 50.00 478.10 Td (foreclose on our assets that are pledged as collateral to such lender) Tj ET Q q 0 0 0 rg BT 315.73 478.10 Td (. ) Tj ET Q q 0 0 0 rg BT 323.05 478.10 Td (The lender could also sue us or force us into bankruptcy) Tj ET Q q 0 0 0 rg BT 546.78 478.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Any such event would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 246.41 466.10 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 68.00 442.10 Td (The discussions below provide additional details regarding our cash flows. ) Tj ET Q q 0 0 0 rg BT 371.64 442.10 Td (There were no cash flows related to the six ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (months ended June 30, 2014.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 406.10 Td (Cash Flows from Operating ) Tj ET Q q 0 0 0 rg BT 176.43 406.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 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 50.00 370.10 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 50.00 358.10 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 50.00 346.10 Td (management and leasing fees, and property taxes. ) Tj ET Q q 0 0 0 rg BT 253.26 346.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 303.16 346.10 Td (, we incur general and administrative expenses, acquisition fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (and expenses and asset management fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 310.10 Td (used in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.82 310.10 Td ( operating activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.05 310.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.05 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.55 310.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.38 310.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.93 310.10 Td ($3.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.82 310.10 Td (. Net cash provided by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (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 486.52 298.10 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.42 298.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.72 286.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.71 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.21 286.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.04 286.10 Td (. Under GAAP) Tj ET Q q 0 0 0 rg BT 254.15 286.10 Td (, acquisition fees and expenses and acquisition-related expenses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (expensed and therefore reduce cash flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 361.42 274.10 Td (, we fund these expenses with proceeds from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 262.10 Td (fering and/or acquisition-related indebtedness.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 238.10 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 173.10 238.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 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 361.54 214.10 Td ($102.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.43 214.10 Td ( related to the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Bishop) Tj ET Q q 0 0 0 rg BT 81.12 202.10 Td (s Square and its related lease intangibles in March 2015.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 178.10 Td (Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 178.11 178.10 Td (Activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (Initial Public Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 130.10 Td (e commenced the Of) Tj ET Q q 0 0 0 rg BT 159.47 130.10 Td (fering in ) Tj ET Q q 0 0 0 rg BT 195.58 130.10 Td (August 2014 and met our minimum of) Tj ET Q q 0 0 0 rg BT 349.27 130.10 Td (fering requirements for every state, except ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (Pennsylvania, in September 2014 \(March 2015 with respect to the state of ) Tj ET Q q 0 0 0 rg BT 348.36 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 357.00 118.10 Td (ashington\). During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.26 118.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.26 118.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.76 118.10 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 106.10 Td (, we raised proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.40 106.10 Td ($48.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.30 106.10 Td ( from the Of) Tj ET Q q 0 0 0 rg BT 267.82 106.10 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 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 (dealer manager fee and payments to our ) Tj ET Q q 0 0 0 rg BT 211.88 742.10 Td (Advisor for reimbursement of issuer costs. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.94 742.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.94 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.44 742.10 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 730.10 Td (, we made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.97 730.10 Td ($7.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.86 730.10 Td ( for selling commissions, dealer manager fees and issuer costs related to the Of) Tj ET Q q 0 0 0 rg BT 529.70 730.10 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 for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.74 682.10 Td (October1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.44 682.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 682.10 Td (August31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.39 682.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Distributions for shares of our common stock have been or will be calculated based on stockholders of record each day in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.93 658.10 Td ($0.001575342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.43 658.10 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 215.82 658.10 Td (A) Tj ET Q q 0 0 0 rg BT 222.49 658.10 Td ( Share, per day) Tj ET Q q 0 0 0 rg BT 281.81 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 288.76 658.10 Td (All distributions were or will be paid in cash or reinvested in shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (of our common stock for those participating in our distribution reinvestment plan and will be paid or issued, respectively) Tj ET Q q 0 0 0 rg BT 532.30 646.10 Td (, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the first business day following the completion of the month to which they relate. Distributions paid to stockholders \(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (those reinvested in shares pursuant to our distribution reinvestment plan\) during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 622.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.25 622.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.07 622.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.90 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 610.10 Td ($425,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.43 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.87 610.10 Td ($503,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.37 610.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 219.03 610.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (In addition to the distributions described above, our board of directors has authorized special stock dividends as of daily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (record dates for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.95 574.10 Td (October1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 574.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.76 574.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.59 574.10 Td (. Stock dividends for our common stock were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 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 349.61 562.10 Td (0.0000273973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.11 562.10 Td ( of a Class ) Tj ET Q q 0 0 0 rg BT 451.00 562.10 Td (A) Tj ET Q q 0 0 0 rg BT 457.67 562.10 Td ( Share per share, per day) Tj ET Q q 0 0 0 rg BT 555.86 562.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Shares issued related to our stock dividends were issued on the first business day of the month following the quarter to which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (they related.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 514.10 Td (e have not generated suf) Tj ET Q q 0 0 0 rg BT 173.63 514.10 Td (ficient cash flow from operations to fully fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 438.41 514.10 Td (Therefore, particularly in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (earlier part of the Of) Tj ET Q q 0 0 0 rg BT 132.00 502.10 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 50.00 490.10 Td (proceeds from our debt financings, proceeds from the Of) Tj ET Q q 0 0 0 rg BT 277.24 490.10 Td (fering, cash advances by our ) Tj ET Q q 0 0 0 rg BT 393.31 490.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 425.13 490.10 Td (, cash resulting from a waiver or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 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 359.60 478.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.59 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.09 478.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.92 478.10 Td (, we funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.35 478.10 Td (79%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.68 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 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 316.62 466.10 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.95 466.10 Td ( were funded with cash flows from financing activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (which includes of) Tj ET Q q 0 0 0 rg BT 120.91 454.10 Td (fering proceeds. Our ) Tj ET Q q 0 0 0 rg BT 207.83 454.10 Td (Advisor has agreed to waive asset management fees for each of the quarters ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (March 31, 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.60 442.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.43 442.10 Td ( and September 30, 2015, to the extent that our MFFO is less than our distributions declared for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (each of the respective quarters. Since MFFO exceeded distributions declared to our stockholders during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.59 430.10 Td (three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (ended June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.21 418.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.21 418.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.21 418.10 Td ( asset management fees were waived by our ) Tj ET Q q 0 0 0 rg BT 324.92 418.10 Td (Advisor for this period. However) Tj ET Q q 0 0 0 rg BT 460.04 418.10 Td (, our ) Tj ET Q q 0 0 0 rg BT 480.32 418.10 Td (Advisor waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td ($129,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 406.10 Td ( in asset management fees payable to it during the three months ended March 31, 2015. ) Tj ET Q q 0 0 0 rg BT 441.39 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 450.02 406.10 Td (e have not placed a cap on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (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 68.00 370.10 Td (Cash Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (The following table outlines our total cash distributions declared to stockholders and noncontrolling interests \(HALP) Tj ET Q q 0 0 0 rg BT 535.31 346.10 Td ( II\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (each of the quarters during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.68 334.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.68 334.10 Td ( and the quarter ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.61 334.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.61 334.10 Td (, including the breakout between the distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (declared in cash and those reinvested pursuant to our distribution reinvestment plan.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 253.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 253.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 253.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 253.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 253.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 253.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 253.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 253.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 253.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 253.60 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 225.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 225.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 225.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 225.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 225.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 225.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 225.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 225.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 225.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 225.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 225.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 225.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 225.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 225.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 225.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 225.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 225.60 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 183.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 183.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 183.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 183.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 183.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 183.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 183.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 183.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 183.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 183.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 183.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 183.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 183.60 33.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 183.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 183.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 183.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 183.60 36.00 -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 154.5 288.6 m 211.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 288.6 m 215.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 288.6 m 270.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 288.6 m 274.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 288.6 m 323.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 288.6 m 393.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 288.6 m 440.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 288.6 m 444.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 288.6 m 477.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 288.6 m 481.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 288.6 m 522.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 288.6 m 526.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 288.6 m 562.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 267.6 m 150.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154.5 267.6 m 211.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 267.6 m 270.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 267.6 m 323.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 267.6 m 393.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 267.6 m 440.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 267.6 m 444.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 267.6 m 477.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 267.6 m 522.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 267.6 m 526.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 267.6 m 562.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154.5 225.60000000000002 m 211.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154.5 212.60000000000002 m 211.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154.5 210.60000000000002 m 211.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 225.60000000000002 m 270.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 212.60000000000002 m 270.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 210.60000000000002 m 270.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 225.60000000000002 m 323.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 212.60000000000002 m 323.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 210.60000000000002 m 323.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 225.60000000000002 m 393.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 212.60000000000002 m 393.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 210.60000000000002 m 393.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 225.60000000000002 m 440.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 212.60000000000002 m 440.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 210.60000000000002 m 440.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 225.60000000000002 m 477.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 212.60000000000002 m 477.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 210.60000000000002 m 477.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 225.60000000000002 m 522.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 212.60000000000002 m 522.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 210.60000000000002 m 522.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 225.60000000000002 m 562.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 212.60000000000002 m 562.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 210.60000000000002 m 562.5 210.60000000000002 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 150.5 183.60000000000002 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 150.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154.5 169.60000000000002 m 211.5 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154.5 156.60000000000002 m 211.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154.5 154.60000000000002 m 211.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 169.60000000000002 m 270.5 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 156.60000000000002 m 270.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 154.60000000000002 m 270.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 169.60000000000002 m 323.5 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 156.60000000000002 m 323.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 154.60000000000002 m 323.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 169.60000000000002 m 393.5 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 156.60000000000002 m 393.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 154.60000000000002 m 393.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 169.60000000000002 m 440.5 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 156.60000000000002 m 440.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 154.60000000000002 m 440.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 169.60000000000002 m 477.5 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 156.60000000000002 m 477.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 154.60000000000002 m 477.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 169.60000000000002 m 522.5 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 156.60000000000002 m 522.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 154.60000000000002 m 522.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 169.60000000000002 m 562.5 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 156.60000000000002 m 562.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 154.60000000000002 m 562.5 154.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 292.85 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.45 293.05 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.05 302.05 Td (Noncontrolling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.30 293.05 Td (Interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.55 293.05 Td (Sources) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 279.83 Td (Distributions for the Three) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 271.83 Td (Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.80 279.83 Td (Cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 160.05 271.83 Td (Distributions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.05 279.83 Td (Distributions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 223.80 271.83 Td (Reinvested) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.75 279.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.20 271.83 Td (Declared) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.00 271.83 Td (Total Declared) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.85 279.83 Td (Cash Flows From) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.65 271.83 Td (Operating Activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.35 279.83 Td (Cash Flows From) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.60 271.83 Td (Financing Activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 258.05 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 244.06 Td (June 30, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 157.00 244.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.75 244.06 Td (279,432) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.00 244.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 244.06 Td (287,799) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 244.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.75 244.06 Td (567,231) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 244.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.75 244.06 Td (3,027) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 244.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 244.06 Td (570,258) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 244.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.50 244.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 244.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 244.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 244.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 244.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 230.06 Td (March 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.25 230.06 Td (91,135) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.25 230.06 Td (58,691) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.75 230.06 Td (149,826) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.75 230.06 Td (2,993) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.00 230.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 230.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.50 230.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.75 230.06 Td (152,819) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 230.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 230.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 216.06 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 157.00 216.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.75 216.06 Td (370,567) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.00 216.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 216.06 Td (346,490) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 216.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.75 216.06 Td (717,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 216.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.75 216.06 Td (6,020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 216.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 216.06 Td (570,258) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 216.06 Td (79) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.50 216.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 216.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.75 216.06 Td (152,819) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 216.06 Td (21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 216.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 188.05 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 174.06 Td (December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 157.00 174.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.25 174.06 Td (40,377) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.00 174.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.75 174.06 Td (1,841) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 174.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.25 174.06 Td (42,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 174.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.75 174.06 Td (3,060) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 174.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.00 174.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 174.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.50 174.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 174.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.25 174.06 Td (45,278) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 174.06 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 174.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 160.06 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 157.00 160.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.25 160.06 Td (40,377) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.00 160.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.75 160.06 Td (1,841) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 160.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.25 160.06 Td (42,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 160.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.75 160.06 Td (3,060) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 160.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.00 160.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 160.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.50 160.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 160.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.25 160.06 Td (45,278) 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 554.50 160.06 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 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 share Of) Tj ET Q q 0 0 0 rg BT 220.29 618.90 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 (68%) 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 524.45 570.90 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 558.90 Td ( with a weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.71 558.90 Td (1.56%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.54 558.90 Td (. Below is additional information regarding our loan activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.85 558.90 Td (six ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.90 Td (months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.83 546.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 546.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.16 546.90 Td (. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.59 546.90 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.53 546.90 Td ( Debt Financing for additional information regarding our outstanding debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 519.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 519.90 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 519.90 Td (e entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.56 519.90 Td ($61.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.45 519.90 Td ( of permanent mortgage financing and borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.77 519.90 Td ($50.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.66 519.90 Td ( under our Hines Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 507.90 Td (Facility related to the acquisition of Bishop) Tj ET Q q 0 0 0 rg BT 253.08 507.90 Td (s Square for a net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.91 507.90 Td ($103.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 507.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 492.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 492.90 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 492.90 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.39 492.90 Td ($43.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.28 492.90 Td ( on our Hines Credit Facility using net proceeds from our public of) Tj ET Q q 0 0 0 rg BT 489.82 492.90 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 477.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 477.90 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 477.90 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.39 477.90 Td ($625,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.89 477.90 Td ( for financing costs related to our loans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.67 477.90 Td ($47,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.17 477.90 Td ( related to an interest rate cap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 465.90 Td (purchased to cap the variable interest rate on our borrowing secured by Bishop) Tj ET Q q 0 0 0 rg BT 394.68 465.90 Td (s Square.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.90 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 414.90 Td (Our results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.52 414.90 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.62 414.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.44 414.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.27 414.90 Td ( are not indicative of those expected in future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.90 Td (periods as we did not meet our minimum of) Tj ET Q q 0 0 0 rg BT 224.79 402.90 Td (fering requirements until September 2014 \(or March 2015 with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 390.90 Td (ashington and have not met our minimum of) Tj ET Q q 0 0 0 rg BT 236.48 390.90 Td (fering requirements with respect to Pennsylvania\) and did not make our first real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.90 Td (estate investment until December 2014. ) Tj ET Q q 0 0 0 rg BT 213.38 378.90 Td (W) Tj ET Q q 0 0 0 rg BT 222.02 378.90 Td (e completed our second acquisition on March 3, 2015. ) Tj ET Q q 0 0 0 rg BT 443.64 378.90 Td (Amounts recorded in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.90 Td (consolidated statements of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.62 366.90 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.71 366.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.54 366.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.37 366.90 Td ( are due to the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 342.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 342.90 Td (T) Tj ET Q q 0 0 0 rg BT 82.41 342.90 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 77.00 330.90 Td (amortization, and interest expense relate to the operation of 2819 Loker ) Tj ET Q q 0 0 0 rg BT 365.23 330.90 Td (A) Tj ET Q q 0 0 0 rg BT 371.71 330.90 Td (venue East and Bishop) Tj ET Q q 0 0 0 rg BT 465.86 330.90 Td (s Square.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 306.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 306.90 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 77.00 294.90 Td (future periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.32 294.90 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.21 294.90 Td ( of the acquisition-related expenses incurred during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.91 294.90 Td (six months ended June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.23 294.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 282.90 Td (relate to Stamp Duty taxes incurred as a result of the acquisition of Bishop) Tj ET Q q 0 0 0 rg BT 377.76 282.90 Td (s Square in March 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 258.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 258.90 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 258.90 Td (e expect to pay monthly asset management fees to our ) Tj ET Q q 0 0 0 rg BT 303.90 258.90 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 77.00 246.90 Td (our real estate investments. ) Tj ET Q q 0 0 0 rg BT 190.30 246.90 Td (As described previously) Tj ET Q q 0 0 0 rg BT 286.30 246.90 Td (, our ) Tj ET Q q 0 0 0 rg BT 306.58 246.90 Td (Advisor agreed to waive asset management fees for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 234.90 Td (quarters ending March 31, 2015, June 30, 2015 and September 30, 2015 to the extent that our MFFO is less than our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 222.90 Td (distributions declared for each respective quarter) Tj ET Q q 0 0 0 rg BT 271.64 222.90 Td (. However) Tj ET Q q 0 0 0 rg BT 315.39 222.90 Td (, since MFFO exceeded distributions declared to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 210.90 Td (stockholders during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.37 210.90 Td (three months ended June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.01 210.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.01 210.90 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.01 210.90 Td ( asset management fees were waived by our ) Tj ET Q q 0 0 0 rg BT 502.72 210.90 Td (Advisor for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 198.90 Td (this period. Our ) Tj ET Q q 0 0 0 rg BT 144.50 198.90 Td (Advisor waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.59 198.90 Td ($129,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.09 198.90 Td ( in asset management fees payable to it during the three months ended March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 186.90 Td (31, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 162.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 162.90 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 162.90 Td (e pay our ) Tj ET Q q 0 0 0 rg BT 124.79 162.90 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 497.46 162.90 Td (Acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 150.90 Td (fees for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.48 150.90 Td (six months ended June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.80 150.90 Td ( are comprised of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.71 150.90 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.60 150.90 Td ( acquisition fee paid in relation to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 138.90 Td (acquisition of Bishop) Tj ET Q q 0 0 0 rg BT 165.33 138.90 Td (s Square in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.27 138.90 Td (March 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.87 138.90 Td (. ) Tj ET Q q 0 0 0 rg BT 268.19 138.90 Td (W) Tj ET Q q 0 0 0 rg BT 276.82 138.90 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 462.61 138.90 Td (three months ended June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 126.90 Td (30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 126.90 Td (.) 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 (General and administrative expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.27 102.90 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.36 102.90 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.19 102.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.02 102.90 Td ( primarily consist of legal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 90.90 Td (accounting fees, costs and expenses associated with our board of directors, and insurance costs. Certain of these costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 78.90 Td (are variable and will increase in the future as we continue to raise capital and make additional real estate investments.) 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 59.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 742.10 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 77.00 730.10 Td (on one of our variable interest rate borrowings. ) Tj ET Q q 0 0 0 rg BT 270.09 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 278.73 730.10 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 77.00 718.10 Td (Changes in the fair value of this interest rate cap resulted in a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.96 718.10 Td ($12,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.46 718.10 Td ( and a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.73 718.10 Td ($14,51) Tj ET Q q 0 0 0 rg BT 469.86 718.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.86 718.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.68 718.10 Td (three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.67 706.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 706.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.33 706.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 257.99 706.10 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 77.00 694.10 Td (and comprehensive income \(loss\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 82.41 670.10 Td (otal income attributable to noncontrolling interests for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.24 670.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.33 670.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.16 670.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.99 670.10 Td ( relates to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 658.10 Td (allocation of our net loss to HALP) Tj ET Q q 0 0 0 rg BT 214.39 658.10 Td ( II based on its ownership in the Operating Partnership.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 634.10 Td (Funds from Operations and Modified Funds from Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (Funds from Operations \(FFO\) is a non-GAAP) Tj ET Q q 0 0 0 rg BT 260.94 610.10 Td ( financial performance measure defined by the National ) Tj ET Q q 0 0 0 rg BT 485.85 610.10 Td (Association of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 144.51 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 150.27 598.10 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 50.00 586.10 Td (performance of a real estate company) Tj ET Q q 0 0 0 rg BT 199.55 586.10 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 50.00 574.10 Td (amortization, as applied in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 252.44 574.10 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 50.00 562.10 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 50.00 550.10 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 50.00 538.10 Td (inflation, interest rates, the business cycle, unemployment and consumer spending, it is management) Tj ET Q q 0 0 0 rg BT 454.90 538.10 Td (s view) Tj ET Q q 0 0 0 rg BT 480.08 538.10 Td (, and we believe the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 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 50.00 514.10 Td (historical cost accounting alone is insuf) Tj ET Q q 0 0 0 rg BT 207.84 514.10 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 50.00 502.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 502.10 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 50.00 490.10 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 50.00 478.10 Td (as it allows for comparisons, year to year) Tj ET Q q 0 0 0 rg BT 213.99 478.10 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 50.00 466.10 Td (rental rates, operating costs, general and administrative expenses and interest costs. ) Tj ET Q q 0 0 0 rg BT 387.39 466.10 Td (A) Tj ET Q q 0 0 0 rg BT 394.06 466.10 Td ( property will be evaluated for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (impairment if events or circumstances indicate that the carrying amount may not be recoverable \(i.e. the carrying amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (exceeds the total estimated undiscounted future cash flows from the property\). Undiscounted future cash flows are based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 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 50.00 418.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 418.10 Td (, and certain other ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 245.21 418.10 Td (While impairment char) Tj ET Q q 0 0 0 rg BT 337.76 418.10 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 50.00 406.10 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 468.86 406.10 Td (ficult to recover any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 394.10 Td (ges.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (In addition to FFO, management uses MFFO, as defined by the Investment Program ) Tj ET Q q 0 0 0 rg BT 407.13 370.10 Td (Association, \(the IP) Tj ET Q q 0 0 0 rg BT 489.80 370.10 Td (A\), as a non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.86 358.10 Td ( supplemental financial performance measure to evaluate our operating performance. ) Tj ET Q q 0 0 0 rg BT 421.52 358.10 Td (The IP) Tj ET Q q 0 0 0 rg BT 447.54 358.10 Td (A) Tj ET Q q 0 0 0 rg BT 454.21 358.10 Td ( has recommended the use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (of MFFO as a supplemental measure for publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 357.84 346.10 Td (s to enhance the assessment of the operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (performance of a non-listed REIT) Tj ET Q q 0 0 0 rg BT 184.76 334.10 Td (. MFFO is not equivalent to our net income or loss as determined under GAAP) Tj ET Q q 0 0 0 rg BT 501.94 334.10 Td (, and MFFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 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 50.00 310.10 Td (other publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 216.76 310.10 Td (s if we do not continue to operate with a limited life and tar) Tj ET Q q 0 0 0 rg BT 454.01 310.10 Td (geted exit strategy) Tj ET Q q 0 0 0 rg BT 526.67 310.10 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 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 50.00 286.10 Td (funds used in our corporate-level operations. MFFO is based on FFO, but includes certain additional adjustments which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (believe are appropriate. Such items include reversing the ef) Tj ET Q q 0 0 0 rg BT 289.72 274.10 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 50.00 262.10 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 50.00 250.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 250.10 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 525.79 250.10 Td ( such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 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 50.00 226.10 Td (were put into ef) Tj ET Q q 0 0 0 rg BT 112.85 226.10 Td (fect in 2009 and other changes to GAAP) Tj ET Q q 0 0 0 rg BT 274.94 226.10 Td ( rules for real estate subsequent to the establishment of NAREIT) Tj ET Q q 0 0 0 rg BT 535.98 226.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (definition of FFO. ) Tj ET Q q 0 0 0 rg BT 127.88 214.10 Td (These changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 390.48 214.10 Td ( af) Tj ET Q q 0 0 0 rg BT 400.57 214.10 Td (fected all industries, and as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 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 481.24 202.10 Td (. Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (believes these fees and expenses do not af) Tj ET Q q 0 0 0 rg BT 217.81 190.10 Td (fect our overall long-term operating performance. ) Tj ET Q q 0 0 0 rg BT 421.43 190.10 Td (These changes also have prompted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 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 50.00 166.10 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 68.00 142.10 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 50.00 130.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.52 130.10 Td (s. Publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 227.18 130.10 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 50.00 118.10 Td (more dynamic during their initial years of investment and operations. ) Tj ET Q q 0 0 0 rg BT 331.97 118.10 Td (While other start-up entities may also experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (significant acquisition activity during their initial years, we believe that non-listed REIT) Tj ET Q q 0 0 0 rg BT 401.99 106.10 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 94.10 Td (limited life with tar) Tj ET Q q 0 0 0 rg BT 127.30 94.10 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 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 517.29 94.10 Td (e will use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (the proceeds raised in our of) Tj ET Q q 0 0 0 rg BT 163.39 82.10 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 70.10 Td (alternatives for the execution of a Liquidity Event \(i.e., a sale of our assets, our sale or mer) Tj ET Q q 0 0 0 rg BT 412.75 70.10 Td (ger) Tj ET Q q 0 0 0 rg BT 425.12 70.10 Td (, a listing of our shares on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (national securities exchange, or another similar transaction\) eight to ten years following the commencement of the Of) Tj ET Q q 0 0 0 rg BT 519.94 58.10 Td (fering. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (Thus, as a limited life REIT) Tj ET Q q 0 0 0 rg BT 161.46 46.10 Td ( we will not continuously purchase assets and will have a limited life.) 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 68.00 730.10 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 50.00 718.10 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 50.00 706.10 Td (distributions to our stockholders. MFFO excludes acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 378.01 706.10 Td (Advisor and acquisition expenses. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.12 694.10 Td (, acquisition fees and expenses are characterized as operating expenses in determining operating net income. ) Tj ET Q q 0 0 0 rg BT 514.65 694.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 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 499.05 682.10 Td (All paid and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 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 50.00 658.10 Td (during the period in which the property is acquired and will have negative ef) Tj ET Q q 0 0 0 rg BT 356.11 658.10 Td (fects on returns to our stockholders, the potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 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 50.00 634.10 Td (other properties are generated to cover the purchase price of the property) Tj ET Q q 0 0 0 rg BT 340.60 634.10 Td (, the related acquisition fees and expenses and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (costs related to such property) Tj ET Q q 0 0 0 rg BT 166.54 622.10 Td (. In addition, if we acquire a property after all of) Tj ET Q q 0 0 0 rg BT 362.11 622.10 Td (fering proceeds from the Of) Tj ET Q q 0 0 0 rg BT 473.55 622.10 Td (fering have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (invested, there will not be any of) Tj ET Q q 0 0 0 rg BT 181.17 610.10 Td (fering proceeds to pay the corresponding acquisition-related costs. ) Tj ET Q q 0 0 0 rg BT 451.09 610.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 500.42 610.10 Td (, unless our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 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 516.82 598.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 548.64 598.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (such costs will be paid from additional debt, operational earnings or cash flow) Tj ET Q q 0 0 0 rg BT 362.32 586.10 Td (, net proceeds from the sale of properties, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 137.29 574.10 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 50.00 562.10 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 50.00 550.10 Td (comparable to the operations of non-listed REIT) Tj ET Q q 0 0 0 rg BT 243.13 550.10 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 50.00 538.10 Td (characteristics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 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 50.00 502.10 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 50.00 490.10 Td (sustainability thereof. Further) Tj ET Q q 0 0 0 rg BT 170.68 490.10 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 50.00 478.10 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 50.00 466.10 Td (expenses, as described herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (MFFO has limitations as a performance measure in an of) Tj ET Q q 0 0 0 rg BT 295.82 442.10 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 50.00 430.10 Td (a stated value and there is no net asset value determination during the of) Tj ET Q q 0 0 0 rg BT 338.33 430.10 Td (fering stage and for a period thereafter) Tj ET Q q 0 0 0 rg BT 491.59 430.10 Td (. MFFO is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 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 50.00 406.10 Td (of operating performance in future operating periods, and in particular) Tj ET Q q 0 0 0 rg BT 330.60 406.10 Td (, after the of) Tj ET Q q 0 0 0 rg BT 379.28 406.10 Td (fering and acquisition stages are complete ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 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 50.00 382.10 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 68.00 358.10 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 451.98 358.10 Td ( methodology in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 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 50.00 334.10 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 50.00 322.10 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 454.50 322.10 Td (, but rather should be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (reviewed in conjunction with these and other GAAP) Tj ET Q q 0 0 0 rg BT 259.30 310.10 Td ( measurements. Further) Tj ET Q q 0 0 0 rg BT 355.54 310.10 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 50.00 298.10 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 50.00 286.10 Td (stockholders. Please see the limitations listed below associated with the use of MFFO:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 262.10 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 77.00 250.10 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 59.00 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 226.10 Td (MFFO excludes acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 268.35 226.10 Td (Advisor and acquisition expenses. ) Tj ET Q q 0 0 0 rg BT 409.44 226.10 Td (Although these amounts reduce net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 214.10 Td (income, we generally fund such costs with proceeds from our of) Tj ET Q q 0 0 0 rg BT 333.69 214.10 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 77.00 202.10 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 59.00 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 178.10 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 77.00 166.10 Td (rate borrowings. ) Tj ET Q q 0 0 0 rg BT 146.99 166.10 Td (Although we expect to hold this instrument to maturity) Tj ET Q q 0 0 0 rg BT 366.31 166.10 Td (, if we were to settle this instrument currently) Tj ET Q q 0 0 0 rg BT 547.55 166.10 Td (, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 154.10 Td (would have an impact on our operating performance. ) Tj ET Q q 0 0 0 rg BT 293.59 154.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 343.49 154.10 Td (, this derivative instrument is measured at fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 142.10 Td (on a quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 261.67 142.10 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 77.00 130.10 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 77.00 118.10 Td (unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 94.10 Td (e utilize the definition of FFO as set forth by NAREIT) Tj ET Q q 0 0 0 rg BT 303.20 94.10 Td ( and the definition of MFFO as set forth by the IP) Tj ET Q q 0 0 0 rg BT 500.87 94.10 Td (A. Our FFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 82.10 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 82.10 Td (s, if they use dif) Tj ET Q q 0 0 0 rg BT 482.13 82.10 Td (ferent approaches.) 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 59.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 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 77.00 730.10 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 497.75 730.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 547.09 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 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 68.00 694.10 Td (Neither the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 175.02 694.10 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 50.00 682.10 Td (use to calculate FFO or MFFO. In the future, the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 309.51 682.10 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 50.00 670.10 Td (adjustments across the non-listed REIT) Tj ET Q q 0 0 0 rg BT 207.01 670.10 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 50.00 658.10 Td (MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 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 50.00 622.10 Td (additional information related to our operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.04 622.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.14 622.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.96 622.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.79 622.10 Td ( and the period from inception ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.61 610.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.44 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 146.39 610.10 Td (As we are in the capital raising and acquisition phase of our operations, FFO and MFFO are not useful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (in comparing operations for the periods presented below) Tj ET Q q 0 0 0 rg BT 275.12 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 282.44 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.07 598.10 Td (e expect revenues and expenses to increase in future periods as we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (raise additional of) Tj ET Q q 0 0 0 rg BT 122.02 586.10 Td (fering proceeds and use them to acquire additional investments.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 541.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 541.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 541.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 541.60 109.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 511.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 511.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 511.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 511.60 109.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 471.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 471.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 471.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 471.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 471.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 471.60 109.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 441.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 441.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 441.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 441.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 441.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 441.60 109.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 411.60 213.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 411.60 95.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 411.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 411.60 87.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 411.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 411.60 109.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 371.60 213.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 371.60 95.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 371.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 371.60 87.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 371.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 371.60 109.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 321.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 321.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 321.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 321.60 109.00 -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 263.5 541.6 m 358.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 541.6 m 449.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 541.6 m 562.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 496.6 m 358.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 496.6 m 449.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 496.6 m 562.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 411.6 m 358.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 411.6 m 449.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 411.6 m 562.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 387.6 m 358.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 385.6 m 358.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 387.6 m 449.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 385.6 m 449.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 387.6 m 562.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 385.6 m 562.5 385.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 546.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.65 556.28 Td (Three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.45 546.28 Td (June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.00 556.28 Td (Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.45 546.28 Td (June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.70 566.28 Td (Period from July 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.35 556.28 Td (2013 \(date of inception\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.05 546.28 Td (through June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 531.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.80 531.32 Td (\(291,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 531.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 531.32 Td (\(5,657,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 531.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 531.32 Td (\(6,985,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 516.27 Td (Depreciation and amortization ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 197.62 520.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 516.27 Td (1,211,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 516.27 Td (1,837,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 516.27 Td (1,887,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 501.27 Td () Tj ET Q q 0 0 0 rg BT 72.95 501.27 Td (Adjustments for noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 234.87 505.80 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 501.32 Td (\(439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 501.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 501.27 Td (38,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 501.27 Td (223,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 486.27 Td (Funds From Operations attributable to common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 476.27 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.15 476.27 Td (919,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 476.32 Td (\(3,780,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 476.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 476.32 Td (\(4,874,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 476.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 461.27 Td (Loss \(gain\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 220.41 465.80 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 461.32 Td (\(12,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 461.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 461.27 Td (14,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 461.27 Td (14,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 446.27 Td (Other components of revenues and expenses) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 249.00 450.80 Td ( \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.80 446.32 Td (\(269,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 446.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 446.32 Td (\(409,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 446.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 446.32 Td (\(415,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 446.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 431.27 Td (Acquisition fees and expenses ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 194.30 435.80 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.15 431.27 Td (105,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 431.27 Td (4,995,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 431.27 Td (5,694,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 416.27 Td (Adjustments for noncontrolling interests ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 235.42 420.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 416.27 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 416.32 Td (\(39,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 416.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 416.32 Td (\(72,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 416.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 401.27 Td (Modified Funds From Operations attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 391.27 Td (common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 391.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.15 391.27 Td (743,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 391.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 391.27 Td (779,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 391.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 391.27 Td (345,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 376.27 Td (Basic and diluted loss per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 376.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 376.32 Td (\(0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 376.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 376.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 376.32 Td (\(2.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 376.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 376.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 376.32 Td (\(9.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 376.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 361.27 Td (Funds From Operations attributable to common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 351.27 Td (stockholders per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 351.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 351.27 Td (0.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 351.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 351.32 Td (\(1.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 351.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 351.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 351.32 Td (\(6.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 351.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 336.27 Td (Modified Funds From Operations attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 326.27 Td (common stockholders per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 326.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 326.27 Td (0.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 326.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 326.27 Td (0.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 326.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 326.27 Td (0.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 311.27 Td (Weighted average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 311.27 Td (4,051,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 311.27 Td (2,592,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 311.27 Td (748,688) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (Notes to the table:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 259.10 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 68.00 247.10 Td (accordance with GAAP) Tj ET Q q 0 0 0 rg BT 162.59 247.10 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 68.00 235.10 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 68.00 223.10 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 68.00 211.10 Td (determination of FFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 187.10 Td (Includes income attributable to noncontrolling interests and all adjustments to eliminate the noncontrolling interests) Tj ET Q q 0 0 0 rg BT 533.54 187.10 Td ( share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 175.10 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 50.00 151.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 151.10 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 68.00 139.10 Td (derivative. ) Tj ET Q q 0 0 0 rg BT 115.30 139.10 Td (W) Tj ET Q q 0 0 0 rg BT 123.94 139.10 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 68.00 127.10 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 68.00 115.10 Td (performance.) Tj ET Q 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 (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 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 68.00 730.10 Td (performance and determining MFFO for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.39 730.10 Td (three and six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.49 730.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.31 730.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.14 730.10 Td ( and the period from inception ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.61 718.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.44 718.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 673.60 175.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 673.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 673.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 673.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.60 175.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 643.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 643.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 643.60 135.00 -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 229.5 673.6 m 323.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 673.6 m 423.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 673.6 m 562.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 643.6 m 323.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 643.6 m 423.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 643.6 m 562.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 629.6 m 323.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 627.6 m 323.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 629.6 m 423.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 627.6 m 423.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 629.6 m 562.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 627.6 m 562.5 627.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 678.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.15 688.28 Td (Three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.95 678.28 Td (June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 688.28 Td (Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.95 678.28 Td (June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.45 698.28 Td (Period from July 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.20 688.28 Td (\(date of inception\) through) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.45 678.28 Td (June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.17 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 169.92 668.70 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.00 663.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.80 663.32 Td (\(173,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 663.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 663.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.80 663.32 Td (\(280,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 663.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 663.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 663.32 Td (\(285,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 663.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.17 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 201.56 653.70 Td ( \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.80 648.32 Td (\(96,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 648.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.80 648.32 Td (\(129,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 648.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 648.32 Td (\(129,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 648.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 633.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.00 633.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.80 633.32 Td (\(269,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 633.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 633.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.80 633.32 Td (\(409,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 633.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 633.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 633.32 Td (\(415,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 633.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 609.90 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 609.90 Td (Represents the adjustments to rental revenue as required by GAAP) Tj ET Q q 0 0 0 rg BT 344.06 609.90 Td ( to recognize minimum lease payments on a straight-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 597.90 Td (line basis over the respective lease terms. ) Tj ET Q q 0 0 0 rg BT 247.03 597.90 Td (W) Tj ET Q q 0 0 0 rg BT 255.67 597.90 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 77.00 585.90 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 77.00 573.90 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 59.00 549.90 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 549.90 Td (Represents the amortization of out-of-market leases.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.90 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 525.90 Td (Represents acquisition expenses and acquisition fees paid to our ) Tj ET Q q 0 0 0 rg BT 326.55 525.90 Td (Advisor that are expensed in our condensed consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 513.90 Td (statements of operations. ) Tj ET Q q 0 0 0 rg BT 172.52 513.90 Td (W) Tj ET Q q 0 0 0 rg BT 181.15 513.90 Td (e fund such costs with proceeds from our of) Tj ET Q q 0 0 0 rg BT 356.49 513.90 Td (fering and/or acquisition-related indebtedness, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 501.90 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 68.00 477.90 Td (As noted previously) Tj ET Q q 0 0 0 rg BT 147.90 477.90 Td (, our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 438.19 477.90 Td (ficient to fund distributions to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.90 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 107.87 465.90 Td (W) Tj ET Q q 0 0 0 rg BT 116.50 465.90 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 473.99 465.90 Td (fering, cash advances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.90 Td (from our ) Tj ET Q q 0 0 0 rg BT 87.22 453.90 Td (Advisor) Tj ET Q q 0 0 0 rg BT 119.04 453.90 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 50.00 441.90 Td (to our stockholders. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.26 441.90 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.26 441.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.76 441.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.59 441.90 Td (, we funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.02 441.90 Td (79%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.35 441.90 Td ( of total distributions with cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.90 Td (operating activities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.80 429.90 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.13 429.90 Td ( were funded with cash flows from financing activities, which includes of) Tj ET Q q 0 0 0 rg BT 458.31 429.90 Td (fering proceeds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.90 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 417.90 Td (, our ) Tj ET Q q 0 0 0 rg BT 120.18 417.90 Td (Advisor waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.28 417.90 Td ($129,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.78 417.90 Td ( in asset management fees payable to it during the three months ended March 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.90 Td (2015. However) Tj ET Q q 0 0 0 rg BT 113.75 405.90 Td (, since MFFO exceeded distributions declared to our stockholders during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.57 405.90 Td (three months ended June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.21 405.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.90 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 393.90 Td ( asset management fees were waived by our ) Tj ET Q q 0 0 0 rg BT 237.71 393.90 Td (Advisor for this period. ) Tj ET Q q 0 0 0 rg BT 336.41 393.90 Td (W) Tj ET Q q 0 0 0 rg BT 345.04 393.90 Td (e have not placed a cap on the amount of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.90 Td (distributions that may be paid from sources other than cash flows from operations, including proceeds from our debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.90 Td (financings, proceeds from the Of) Tj ET Q q 0 0 0 rg BT 181.72 369.90 Td (fering, cash advances by our ) Tj ET Q q 0 0 0 rg BT 297.79 369.90 Td (Advisor and cash resulting from a waiver or deferral of fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 345.90 Td (From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.49 345.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.32 345.90 Td (, we declared cash distributions \(including those reinvested in shares pursuant to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.90 Td (distribution reinvestment plan\) to our stockholders totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.02 333.90 Td ($759,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.52 333.90 Td (, compared to our total aggregate FFO loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.92 333.90 Td ($4.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.81 333.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.90 Td (During our of) Tj ET Q q 0 0 0 rg BT 104.81 321.90 Td (fering and investment stages, we incur acquisition fees and expenses in connection with our real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.90 Td (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 461.30 309.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.13 309.90 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.90 Td (incurred acquisition fees and expenses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.38 297.90 Td ($5.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.28 297.90 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.88 297.90 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.88 297.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.38 297.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.21 297.90 Td (, we declared cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.90 Td (distributions \(including those reinvested in shares pursuant to our distribution reinvestment plan\) to our stockholders totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.90 Td ($717,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 273.90 Td (, compared to our total aggregate FFO loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.90 273.90 Td ($3.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.80 273.90 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.90 Td (Related-Party ) Tj ET Q q 0 0 0 rg BT 112.29 249.90 Td (T) Tj ET Q q 0 0 0 rg BT 118.22 249.90 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 187.69 249.90 Td (Agr) Tj ET Q q 0 0 0 rg BT 204.17 249.90 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 225.90 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 225.90 Td (e have entered into agreements with our ) Tj ET Q q 0 0 0 rg BT 238.52 225.90 Td (Advisor) Tj ET Q q 0 0 0 rg BT 270.34 225.90 Td (, Dealer Manager and Hines or its af) Tj ET Q q 0 0 0 rg BT 415.66 225.90 Td (filiates, whereby we pay certain fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.90 Td (and reimbursements to these entities during the various phases of our or) Tj ET Q q 0 0 0 rg BT 337.25 213.90 Td (ganization and operation. During the or) Tj ET Q q 0 0 0 rg BT 497.30 213.90 Td (ganization and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.90 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 201.90 Td (fering stage, these include payments to our Dealer Manager for selling commissions, the dealer manager fee and payments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.90 Td (our ) Tj ET Q q 0 0 0 rg BT 65.28 189.90 Td (Advisor for reimbursement of issuer costs. During the acquisition and operational stages, these include payments for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.90 Td (certain services related to acquisitions, financing and management of our investments and operations provided to us by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.90 Td (Advisor and Hines and its af) Tj ET Q q 0 0 0 rg BT 163.96 165.90 Td (filiates pursuant to various agreements we have entered into with these entities. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.03 165.90 Td (Note 8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.97 165.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.90 Td (Related Party ) Tj ET Q q 0 0 0 rg BT 106.47 153.90 Td (T) Tj ET Q q 0 0 0 rg BT 112.23 153.90 Td (ransactions in this Quarterly Report on Form 10-Q for additional information concerning our related-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.90 Td (transactions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 117.90 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 117.90 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 93.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 93.90 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.27 93.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.71 93.90 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.30 93.90 Td (, we had no of) Tj ET Q q 0 0 0 rg BT 303.04 93.90 Td (f-balance sheet arrangements that have or are reasonably likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.90 Td (to have a current or future ef) Tj ET Q q 0 0 0 rg BT 164.20 81.90 Td (fect on our financial condition, changes in financial condition, revenues or expenses, results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.90 Td (operations, liquidity) Tj ET Q q 0 0 0 rg BT 129.90 69.90 Td (, capital expenditures or capital resources.) 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 49.50 742.25 Td (Subsequent Events) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 718.25 Td (Class T) Tj ET Q q 0 0 0 rg BT 97.61 718.25 Td ( Common Shar) Tj ET Q q 0 0 0 rg BT 157.25 718.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.67 694.25 Td (August6, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.06 694.25 Td (, we supplemented our ) Tj ET Q q 0 0 0 rg BT 235.54 694.25 Td (Articles of Incorporation to reclassify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.54 694.25 Td (900,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.54 694.25 Td ( authorized but unissued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (Class) Tj ET Q q 0 0 0 rg BT 73.12 682.25 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 682.25 Td ( Shares as Class) Tj ET Q q 0 0 0 rg BT 146.27 682.25 Td (T) Tj ET Q q 0 0 0 rg BT 152.20 682.25 Td ( Shares. ) Tj ET Q q 0 0 0 rg BT 188.30 682.25 Td (As a result of this reclassification, the total number of Class ) Tj ET Q q 0 0 0 rg BT 429.36 682.25 Td (A) Tj ET Q q 0 0 0 rg BT 436.03 682.25 Td ( Shares and Class ) Tj ET Q q 0 0 0 rg BT 508.62 682.25 Td (T) Tj ET Q q 0 0 0 rg BT 514.55 682.25 Td ( Shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (which we have authority to issue are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.06 670.25 Td (600,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.06 670.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.50 670.25 Td (900,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 670.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 370.16 670.25 Td (. Pursuant to our prospectus dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.14 670.25 Td (August 12, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 658.25 Td (, we are now of) Tj ET Q q 0 0 0 rg BT 131.24 658.25 Td (fering up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.39 658.25 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.51 658.25 Td ( in any combination of Class ) Tj ET Q q 0 0 0 rg BT 343.16 658.25 Td (A) Tj ET Q q 0 0 0 rg BT 349.83 658.25 Td ( Shares and Class ) Tj ET Q q 0 0 0 rg BT 422.42 658.25 Td (T) Tj ET Q q 0 0 0 rg BT 428.35 658.25 Td ( Shares at a price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.98 658.25 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.48 658.25 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 646.25 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 646.25 Td ( Share and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 646.25 Td ($9.4489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.00 646.25 Td ( per Class ) Tj ET Q q 0 0 0 rg BT 198.75 646.25 Td (T) Tj ET Q q 0 0 0 rg BT 204.68 646.25 Td ( Share for sale to the public in the Of) Tj ET Q q 0 0 0 rg BT 352.51 646.25 Td (fering and shares pursuant to our distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (reinvestment plan at a price of $9.50 per Class ) Tj ET Q q 0 0 0 rg BT 237.22 634.25 Td (A) Tj ET Q q 0 0 0 rg BT 243.89 634.25 Td ( Share and $9.00 per Class ) Tj ET Q q 0 0 0 rg BT 352.86 634.25 Td (T) Tj ET Q q 0 0 0 rg BT 358.79 634.25 Td ( Share.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 610.25 Td (Domain ) Tj ET Q q 0 0 0 rg BT 102.04 610.25 Td (Apartments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 586.25 Td (In July 2015, we entered into a contract to acquire the Domain ) Tj ET Q q 0 0 0 rg BT 319.37 586.25 Td (Apartments, a multifamily asset located in Las ) Tj ET Q q 0 0 0 rg BT 508.02 586.25 Td (V) Tj ET Q q 0 0 0 rg BT 514.14 586.25 Td (egas, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (Nevada. ) Tj ET Q q 0 0 0 rg BT 87.36 574.25 Td (The Domain ) Tj ET Q q 0 0 0 rg BT 139.57 574.25 Td (Apartments were constructed in 2014 and consist of 308 apartments that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 574.25 Td (95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.48 574.25 Td ( leased. ) Tj ET Q q 0 0 0 rg BT 499.28 574.25 Td (The contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (purchase price for the Domain ) Tj ET Q q 0 0 0 rg BT 173.06 562.25 Td (Apartments is expected to be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.90 562.25 Td ($59.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.79 562.25 Td (, exclusive of transaction costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (working capital reserves. ) Tj ET Q q 0 0 0 rg BT 154.56 550.25 Td (W) Tj ET Q q 0 0 0 rg BT 163.20 550.25 Td (e expect the closing of this acquisition to occur during the third quarter of 2015, subject to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (number of closing conditions. ) Tj ET Q q 0 0 0 rg BT 173.75 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 182.39 538.25 Td (e funded a $1.5 million earnest money deposit on July 13, 2015. ) Tj ET Q q 0 0 0 rg BT 441.33 538.25 Td (There is no guarantee that this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (acquisition will be consummated nor that third-party financing will obtained. If we were to elect not to close after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.03 526.25 Td (August21, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 514.25 Td (, our deposit may not be refundable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Item3.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 490.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 254.63 490.25 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 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 50.00 454.25 Td (equity prices and other market changes that af) Tj ET Q q 0 0 0 rg BT 233.91 454.25 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 50.00 442.25 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 50.00 430.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 430.25 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.27 430.25 Td (, we were exposed to the market risks described below) Tj ET Q q 0 0 0 rg BT 347.89 430.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 406.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 87.07 406.25 Td (est ) Tj ET Q q 0 0 0 rg BT 100.68 406.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 121.50 406.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 382.25 Td (e are exposed to the ef) Tj ET Q q 0 0 0 rg BT 166.13 382.25 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 50.00 370.25 Td (expansion of our real estate investment portfolio and operations. ) Tj ET Q q 0 0 0 rg BT 311.88 370.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.32 370.25 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 370.25 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.25 370.25 Td ($92.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.14 370.25 Td ( of variable-rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (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 403.78 358.25 Td ($919,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.28 358.25 Td ( in interest expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 346.25 Td (, we have a notional amount of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.24 346.25 Td ($61.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.13 346.25 Td ( in an interest rate cap to cap our variable-rate debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (related to the Bishop) Tj ET Q q 0 0 0 rg BT 135.82 334.25 Td (s Square Facility) Tj ET Q q 0 0 0 rg BT 202.38 334.25 Td (. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.82 334.25 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.75 334.25 Td ( Debt Financing in the Notes to the Condensed Consolidated Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (Statements for more information concerning our outstanding debt.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 298.25 Td (For) Tj ET Q q 0 0 0 rg BT 82.63 298.25 Td (eign ) Tj ET Q q 0 0 0 rg BT 102.35 298.25 Td (Curr) Tj ET Q q 0 0 0 rg BT 121.43 298.25 Td (ency ) Tj ET Q q 0 0 0 rg BT 142.24 298.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 274.25 Td (e currently have a real estate investment located in Dublin, Ireland which is subject to the ef) Tj ET Q q 0 0 0 rg BT 444.38 274.25 Td (fects of exchange rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (movements between the Euro and the U.S. dollar) Tj ET Q q 0 0 0 rg BT 245.94 262.25 Td (, which may af) Tj ET Q q 0 0 0 rg BT 305.18 262.25 Td (fect future costs and cash flows as well as amounts translated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (into U.S. dollars for inclusion in our condensed consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 382.25 250.25 Td (W) Tj ET Q q 0 0 0 rg BT 390.89 250.25 Td (e have entered into a mortgage loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (denominated in Euros for this investment, which provides a natural hedge with regard to changes in exchange rates between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (Euro and U.S. dollar and reduces our exposure to exchange rate dif) Tj ET Q q 0 0 0 rg BT 318.33 226.25 Td (ferences. ) Tj ET Q q 0 0 0 rg BT 358.59 226.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 408.49 226.25 Td (, we are typically a net receiver of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (Euros, and, as a result, our foreign operations benefit from a weaker U.S. dollar and are adversely af) Tj ET Q q 0 0 0 rg BT 450.78 214.25 Td (fected by a stronger U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (dollar) Tj ET Q q 0 0 0 rg BT 72.77 202.25 Td (. Based upon our analysis, a 10% immediate, unfavorable change in the exchange rate between the Euro and U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (would have decreased the net book value or our investment in Bishop) Tj ET Q q 0 0 0 rg BT 331.32 190.25 Td (s Square by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.74 190.25 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.63 190.25 Td ( and would have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (reduced the year) Tj ET Q q 0 0 0 rg BT 115.87 178.25 Td (-to-date net income \(loss\) of Bishop) Tj ET Q q 0 0 0 rg BT 262.78 178.25 Td (s Square by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.94 178.25 Td ($258,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.44 178.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 154.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 93.83 154.25 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.25 Td (As described elsewhere in this Quarterly Report on Form 10-Q, our ) Tj ET Q q 0 0 0 rg BT 340.16 130.25 Td (Advisor has agreed to waive asset management fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (otherwise payable to it for each of the quarters ended March 31, 2015, June 30, 2015 and September 30, 2015, to the extent that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (our MFFO for such quarters, as disclosed in our Quarterly Report on Form 10-Q for each respective quarter) Tj ET Q q 0 0 0 rg BT 480.60 106.25 Td (, amounts to less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (than 100% of the aggregate distributions declared to our stockholders for each respective quarter) Tj ET Q q 0 0 0 rg BT 436.25 94.25 Td (. ) Tj ET Q q 0 0 0 rg BT 443.57 94.25 Td (There can be no assurances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (that our ) Tj ET Q q 0 0 0 rg BT 82.77 82.25 Td (Advisor will continue this waiver) Tj ET Q q 0 0 0 rg BT 216.24 82.25 Td (, and if not, cash available to pay distributions in future periods may be reduced.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 742.10 Td (e invest proceeds we receive from our public of) Tj ET Q q 0 0 0 rg BT 266.94 742.10 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 50.00 730.10 Td (to make real estate investments. ) Tj ET Q q 0 0 0 rg BT 181.90 730.10 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 50.00 718.10 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 395.00 718.10 Td (fect on these investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Item4.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 694.10 Td (Controls and Procedures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.82 670.10 Td (e Contr) Tj ET Q q 0 0 0 rg BT 122.13 670.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.29 670.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.55 670.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (In accordance with Exchange ) Tj ET Q q 0 0 0 rg BT 187.94 646.10 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 50.00 634.10 Td (the participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 318.34 634.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 430.90 634.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 448.81 634.10 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 486.95 634.10 Td (fectiveness of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 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 50.00 610.10 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 610.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 610.10 Td (ficer concluded that our disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 483.73 610.10 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.83 598.10 Td (, to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (the Exchange ) Tj ET Q q 0 0 0 rg BT 106.09 586.10 Td (Act is \(i\)recorded, processed, summarized and reported within the time periods specified in the Securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Exchange Commission) Tj ET Q q 0 0 0 rg BT 145.27 574.10 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 50.00 562.10 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 562.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 562.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 233.32 562.10 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 50.00 538.10 Td (Change in Internal Contr) Tj ET Q q 0 0 0 rg BT 158.99 538.10 Td (ols) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 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 50.00 502.10 Td (Act\) during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.79 502.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.62 502.10 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 313.07 502.10 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 494.48 502.10 Td (fect, our internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (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, the Company or its subsidiaries may become subject to legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (proceedings, claims or disputes. ) Tj ET Q q 0 0 0 rg BT 182.48 682.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.37 682.25 Td (August13, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.76 682.25 Td (, neither the Company nor any of its subsidiaries was a party to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (material pending legal 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 (There are no material changes from the risk factors set ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (forth under Part I, Item 1A, Risk Factors in our ) Tj ET Q q 0 0 0 rg BT 248.90 598.25 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 445.24 598.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.83 598.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Item2. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.49 574.25 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 68.00 550.25 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 550.25 Td (three months ended June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.19 550.25 Td (, we did not sell or issue any equity securities that were not registered under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (the Securities ) Tj ET Q q 0 0 0 rg BT 106.10 538.25 Td (Act of 1933, as amended.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (Use of Pr) Tj ET Q q 0 0 0 rg BT 105.96 514.25 Td (oceeds fr) Tj ET Q q 0 0 0 rg BT 141.96 514.25 Td (om Register) Tj ET Q q 0 0 0 rg BT 189.64 514.25 Td (ed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.17 490.25 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.56 490.25 Td (, the Registration Statement on Form S-1) Tj ET Q q 0 0 0 rg BT 312.34 490.25 Td (1 \(File No. 333-191) Tj ET Q q 0 0 0 rg BT 391.41 490.25 Td (106\) for the Of) Tj ET Q q 0 0 0 rg BT 451.49 490.25 Td (fering was declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 478.25 Td (fective under the Securities ) Tj ET Q q 0 0 0 rg BT 168.66 478.25 Td (Act of 1933. ) Tj ET Q q 0 0 0 rg BT 223.75 478.25 Td (The Of) Tj ET Q q 0 0 0 rg BT 252.16 478.25 Td (fering commenced on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.30 478.25 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.69 478.25 Td ( and is currently expected to terminate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (on or before ) Tj ET Q q 0 0 0 rg BT 100.82 466.25 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 68.00 442.25 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.62 442.25 Td (August20, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.01 442.25 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.12 442.25 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.95 442.25 Td (, we received gross proceeds of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.21 442.25 Td ($52.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 442.25 Td (through the sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 430.25 Td (5.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.72 430.25 Td ( Class ) Tj ET Q q 0 0 0 rg BT 130.84 430.25 Td (A) Tj ET Q q 0 0 0 rg BT 137.51 430.25 Td ( shares to the public in connection with the Of) Tj ET Q q 0 0 0 rg BT 322.01 430.25 Td (fering. Since ) Tj ET Q q 0 0 0 rg BT 377.55 430.25 Td (August 20, 2014, we have used proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (from the Of) Tj ET Q q 0 0 0 rg BT 97.03 418.25 Td (fering to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.62 418.25 Td ($4.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.51 418.25 Td ( of selling commissions and dealer manager fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.06 418.25 Td ($2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.95 418.25 Td ( of issuer costs related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (the Of) Tj ET Q q 0 0 0 rg BT 75.09 406.25 Td (fering. ) Tj ET Q q 0 0 0 rg BT 106.28 406.25 Td (The selling commissions and dealer manager fees were not paid with respect to the shares sold through our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 177.30 394.25 Td (The selling commissions and dealer manager fees were paid to our dealer manager) Tj ET Q q 0 0 0 rg BT 507.32 394.25 Td (, which is an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 382.25 Td (filiate of Hines and is wholly-owned, indirectly) Tj ET Q q 0 0 0 rg BT 246.62 382.25 Td (, by) Tj ET Q q 0 0 0 rg BT 260.97 382.25 Td (, or for the benefit of, our Chairman, Jef) Tj ET Q q 0 0 0 rg BT 421.01 382.25 Td (frey C. Hines and his father) Tj ET Q q 0 0 0 rg BT 531.13 382.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Gerald D. Hines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.25 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 492.00 346.25 Td ($45.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.89 346.25 Td (. ) Tj ET Q q 0 0 0 rg BT 552.84 346.25 Td (A) Tj ET Q q 0 0 0 rg BT 559.51 346.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 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 460.70 334.25 Td ($73.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.59 334.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (investments in real estate, including the cost of completing the acquisitions of 2819 Loker ) Tj ET Q q 0 0 0 rg BT 411.87 322.25 Td (A) Tj ET Q q 0 0 0 rg BT 418.34 322.25 Td (venue East and Bishop) Tj ET Q q 0 0 0 rg BT 512.50 322.25 Td (s Square, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (acquisition fees and expenses and costs of leveraging each real estate investment. ) Tj ET Q q 0 0 0 rg BT 380.25 310.25 Td (W) Tj ET Q q 0 0 0 rg BT 388.89 310.25 Td (e also used these proceeds to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.66 298.25 Td ($44.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.55 298.25 Td (, including principal and interest, on our Hines Credit Facility) Tj ET Q q 0 0 0 rg BT 401.79 298.25 Td (. ) Tj ET Q q 0 0 0 rg BT 409.11 298.25 Td (W) Tj ET Q q 0 0 0 rg BT 417.75 298.25 Td (e also used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.13 298.25 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.02 298.25 Td ( in of) Tj ET Q q 0 0 0 rg BT 533.95 298.25 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (proceeds to fund general and administrative expenses and to provide working capital for our real estate investments. ) Tj ET Q q 0 0 0 rg BT 519.39 286.25 Td (W) Tj ET Q q 0 0 0 rg BT 528.03 286.25 Td (e had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 274.25 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 274.25 Td ( in uninvested of) Tj ET Q q 0 0 0 rg BT 225.90 274.25 Td (fering proceeds as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.98 274.25 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.81 274.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 250.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 250.25 Td (, we have not generated suf) Tj ET Q q 0 0 0 rg BT 227.12 250.25 Td (ficient cash flow from operations to fully fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 491.52 250.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.96 250.25 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 238.25 Td (, as discussed in "Item 2. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 295.02 238.25 Td (Analysis of Financial Condition and Results of Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (Financial Condition, Liquidity and Capital Resources Distributions" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.67 226.25 Td (79%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 226.25 Td ( of our distributions were funded with cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (from operating activities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.74 214.25 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.07 214.25 Td ( were funded with cash flows from financing activities, which includes of) Tj ET Q q 0 0 0 rg BT 480.25 214.25 Td (fering proceeds.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (Item 3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 190.25 Td (Defaults Upon Senior Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (Item 4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 142.25 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (Item 5. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 94.25 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (Not applicable.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 6. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 742.25 Td (Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (The exhibits required by this item are set forth on the ExhibitIndex attached hereto.) 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 /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 (August 13, 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 (August 13, 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 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 /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 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 101.50 585.75 15.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 585.75 446.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 515.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 101.50 515.75 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 515.75 446.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 485.75 51.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 101.50 485.75 15.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 485.75 446.00 -35.00 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 69.25 576.32 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 119.00 576.32 Td (Forms of Subscription Agreement \(filed as Appendix B-1 and Appendix B-2 to the Prospectus included in) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 566.32 Td (Pre-Effective Amendment No. 1 to Post-Effective Amendment No. 5 to the Registration Statement on August) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 556.32 Td (7, 2015 and incorporated by reference herein\)) 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 69.25 541.32 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 119.00 541.32 Td (Hines Global REIT II, Inc. Distribution Reinvestment Plan \(filed as Appendix C to the Prospectus included in) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 531.32 Td (Pre-Effective Amendment No. 1 to Post-Effective Amendment No. 5 to the Registration Statement on August) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 119.00 521.32 Td (7, 2015 and incorporated by reference herein\)) 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 64.25 506.32 Td (31.1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 506.32 Td (Certification) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.25 491.32 Td (31.2*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 491.32 Td (Certification) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.25 476.32 Td (32.1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 476.32 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 119.00 466.32 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 119.00 456.32 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 65.50 441.32 Td (101*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 441.32 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 119.00 431.32 Td (ended June 30, 2015, filed on August 13, 2015, formatted in XBRL \(eXtensible Business Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 421.32 Td (Language\): \(i\) Condensed Consolidated Balance Sheets, \(ii\) Condensed Consolidated Statements of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 411.32 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 119.00 401.32 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 73.00 371.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 371.32 Td (Filed herewith) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 71 0 obj <> endobj 72 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.) 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